PatO Homes - the Right Move!

You need representation when you buy a home

You need a REALTOR when you are buying a home. You need a REALTOR who totally represents you. Read the articles below before you try to buy on your own. It makes sense to have someone on your side that does this for a living and knows what is going on in the real estate market. Most people do not understand representation....don't buy a house without knowing what is going on!! And yes..I am an Accredited Buyer's Representative (ABR) Buying a home is a         big decision and a personal one.

to find a home that suits your needs. You need the right person

So you've decided to buy a home.  Purchasing real estate is a complex and major transaction with many details to be handled.  Depending on the laws in your state and the business arrangement you have with a licensed real estate agent, that agent may actually be negotiating for the seller, not you the buyer.  The best way to be certain that an agent is working in your best interests is by signing a buyer representation agreement with an agent.   Click to see article  http://www.rebac.net/Content.aspx?PageName=whyuseABR.htm

New Home Construction Deals

This is an example of what the builders are doing. This is a great time to be a buyer. Whether you are going for new construction or preowned. The deals are going your way because there is  a lot of inventory and sellers and builders are willing to deal. Call or email me for more information. This will not last forever. At some point the favor will go back to the seller. So stop putting it off. Now is the time to buy!!

And yes...you need a realtor to represent you with new construction.....

Centex Ranks Highest in 13 Major Markets in National Customer Satisfaction Study.

Trust...Don't Buy a Home Without it!!!

TRUST..define.. Why is it important to have a relationship of trust with a Realtor?? Buying a home is complicated. There are hundreds of things that can go wrong. Finding a Realtor that will keep your best in mind is monumental! Why… you see a home that you like and place a contract on it. The realtor suggest a Home Inspector ( always get a home inspected..I had a $10,000 lesson on this)..and the Inspector does find cracks in the outside brick and points out it may or may not be a problem. He and the Realtor kind of sugar coats it saying that it is typical of the area and you let it go only to find out it a $4500 problem two years later. Where is that Realtor and inspector today???

I build lasting relationships. I am interested in you today and two years from now, ten years from now. I am constantly working to be of value to my customers before, during and after they buy or sell their home.  I plan to be around to answer any questions today, two years from now or ten years from now.

New Home Construction...Need a Realtor??

A recent transaction verified again why you need a realtor with new home construction. Not only can I save you money when you negotiate the price of the home, I can help when there are problems with construction. At times someone needs to be the “bad” guy and I can play that role.  I had two clients buying new homes from the same (nameless) company. I have had dealings with this company before and for the most part they do a good job. The clients that have bought from this company are still happy.

Transaction one has problems getting the right brick in which delays closing and then we find out that the permit for the electric meter was not ordered. This holds up the closing another week. Things finally work out, the clients are in and there are still a few things undone. They love the home but they will have a bad taste in their mouth about the way it happened.

Client 2 had a different builder. This builder was all over it. Minor things needed to be fixed at the walk thru and he jumped all over them….They have a good taste in their mouth about this company.

It all depends on the builder. Staying in touch with him and asking questions while the house is being built is the answer. I can help stay in touch with the builder…

I can save you time, money and hassles!!!!

1st time home owner grants in Irving and Lewisville

In an effort to attract 1st time home owners and reduce the number of people renting, Irving and Lewisville are aggressively going after buyers with government loans. The best thing about these grants are that after a period of time they are forgiven....That's right, you pay nothing. Based on your income and the number of people in your family, in Irving you can qualify for up to $30,000. Not bad!!

City of Irving, TX

FY 2007-2008 CDBG, HOME, AND ESG APPLICATION

Housing and Human Services Department

The mission of the Housing and Human Services Department is to preserve and revitalize neighborhoods by working in partnership with the community to achieve our shared vision of Irving’s future.  The Housing and Human Services Department serves the diverse needs of residents through its participation in administering housing and community development grant programs funded by the U.S. Department of Housing and Urban Development (HUD). HUD provides eligible entitlement communities with annual grants that can be used to revitalize neighborhoods, expand affordable housing and economic opportunities and/or improve community facilities and services, principally to benefit low and moderate income persons. For the whole story click on http://cityofirving.org/text-only/Irving/housing-human-services/index.html Lewisville First Time Homebuyers Assistance Program You will require Adobe Acrobat Reader to view this. If you do not have Adobe Acrobat Reader you may download a FREE copy by visiting Adobe.com WELCOME TO THE CITY OF LEWISVILLE HOMEBUYER ASSISTANCE PROGRAM (HAP)! The purchase of your first home is one of the greatest investments made by individuals and families. Knowing that many people need help getting into that first home, the City of Lewisville created the First Time Homebuyer Assistance Program (FHAP) to support affordable homeownership by providing down payment, closing cost and principal reduction assistance for low to moderate-income first time homebuyers. The program is funded through an annual entitlement grant called Community Development Block Grant (CDBG) from the U.S. Department of Housing and Urban Development (HUD). Please do not hesitate to contact me if you have any questions. Good luck and thank you for your interest in the City of Lewisville’s First Time Homebuyer Assistance Program! To see more click on http://www.cityoflewisville.com/wcmsite/publishing.nsf/Content/First+Time+Home+Buyers Contact me for info on the grants and to see a list of homes in Irving and Lewisville....

The Housing Market Revealed

Recent article sent to me by Rich Hebert of Lending Edge Mortgage!!!

                                               The Housing Market Revealed

                                           Could Demographics Be the Secret

If we could see into the future, it would certainly be easier to make those life-changing decisions that keep us up at night. Where is the housing market headed? Should I advise clients to buy now, or would it be better to wait a couple of years, in case the bubble bursts? While no one has all of the answers, there are predictors we can use to make an informed decision. The current real estate expansion began when mortgage interest rates fell into the single digits, making housing much more affordable. While this certainly has contributed to home sales, there are additional causes we can isolate. Dr. David Lereah is a best-selling author and the Chief Economist for the National Association of REALTORS® (NAR). In a recent interview, Dr. Lereah revealed, "The biggest factor that affects real estate today, and has made it immune to some cyclical changes in the economy, has been demographics. The Baby Boom Generation - This generation is the largest so far, and their impact has been felt across the nation. Now that Baby Boomers have reached their peak earning years, they are purchasing larger primary residences as well as vacation homes and investment properties. The statistics for 2004 reflect this trend, with 36% of all home sales going toward second homes. Immigration - There has been a large influx of immigrants over the past three decades. According to Lereah, it typically takes at least a generation for immigrants to become fully active in the home buying market. Children of Baby Boomers - This generation, the second largest ever, is now in their twenties and looking to purchase their first homes. Retirees - While the demand for housing is expanding, the supply is decreasing. With advancements in medicine and treatments of diseases, retirees are living longer. This means that they are occupying their homes for more years, which decreases the supply of homes available for purchase. So if the current market can be explained primarily by the factors we just discussed, how do we know whether it will continue to thrive? Dr. Lereah says, "We are in the Golden Age of Real Estate. Even if the economy should slow and interest rates increase slightly in the coming years, the demand for houses is still strong. The biggest impact that such a change would have is to decrease the rate of price appreciation. The media likes to refer to the real estate boom in terms of bubbles and balloons. In keeping with that analogy, Lereah indicates that local markets may react to higher interest rates by letting some air out of the balloon. The double digit price appreciation we've experienced may decrease over the next year or two to a more typical 4-6% range. This is still a higher rate of return than found in the stock market, all things considered. So the next time a client asks you whether it's still a good time to invest in real estate, you can reassure them that it is. Please contact me if you would like to receive a copy of my Gift of Knowledge Interview with NAR Economist, David Lereah

Rich Hebert Vice President / Branch Mgr Lending Edge Mortgage

500 Grapevine Hwy. Suite 402 Hurst,TX 76054

817-485-4155 Office 817-849-8849 Fax 866-536-9299 Toll Free

email to:[email protected]

www.richhebert.com

Housing in Coppell....

Despite what the national media is saying there are certain areas of DFW that are flat out moving. Coppell is one of these areas. In the price range of $140,000 to $175000, in the past six months 65 homes have sold. Average days on market is 45 days. Average sales price per square feet is $98.16.

I have 3 buyers that want to live in the Coppell area in the $140,000 to $155,000. price range. Recently two houses came on the market. We went to one on the first day it was listed. Nice home, 1255 square feet with a pool for $159,000. My client was leaning towards it and the next day it had a contract on it. Before we could view the second home it had a contract.

Moral of the story is we need to move faster...If you own a house in Coppell between $140,000 and 160,000....now would be a good time to list it. I just might have a buyer for you....

To learn more about Coppell go to http://www.ci.coppell.tx.us/

Fed Lowers Rate!!!!

******Recent article sent to me by Rich Hebert of Lending Edge Mortgage. This is a great time to be a buyer in DFW!!! ***********

Fed Lowers Rate by .50 Point - Means Opportunities on the Rise

For the first time in more than four years, the Federal Reserve cut its Fed Funds Rate. And while this important decision has many implications, there's still some debate among experts about what this means to the economy as a whole. The Federal Reserve meets again in six weeks and no one is certain how market volatility and inflation concerns will affect their future policy and decision-making. Bottom line: Take advantage of this opportunity while you still can. Call your customers and let them know that rates are lower so right now is a good time to buy. If you're looking for a lower interest rate for refinancing or buying a home, this could be your best opportunity. If you have an Adjustable Rate Mortgage, now is the time to refinance into a fixed-rate loan. If you have a Home Equity Line of Credit (HELOC) or credit cards tied to the Prime Rate, the Fed's cut in the Fed Funds Rate just put a little money in your pocket. Borrowers waiting for a lower fixed-rate mortgage may be waiting for a long time. Fed Fund cuts do not translate into cuts in fixed-rate mortgages. In January 2001, the Fed Funds Rate was at 6% and 30-year fixed rates averaged 7.03%. By December 2001, following 4.25% in cuts throughout the year, home loan rates were actually up to 7.07%. Yes, we may experience some temporary improvements in rates in the coming weeks, but the markets will remain volatile as long as inflation and recession are a possible threat to the Federal Reserve's long-term economic policies If you're looking to refinance or buy a new home, call me. I will show you why waiting can cost you a lot of money. Contact Rich at [email protected] or visit his website at www.richhebert.com

Why use a REALTOR??

Recent article from Realtor.com....

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly. 

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement)

see more at www.realtor.com

Drop in DFW Home Prices Unlikely

This was sent to me by Bill Jackson who is the manager of the RE/MAX DFW Associates in Coppell. There is a lot of confusion out there about Real Estate in DFW. It has affected the way people are buying and selling. There is no problem in DFW. There are problems in other parts of the country but in our area we have not been affected. The only problem we have is the investors from Florida, Calif and other places can't sell their property there to buy here.....This is a great area to buy in....get the facts and buy if you are in the market! Do not be led by the media.

Drop in D-FW home prices unlikely Area's risk of decline is about a fifth of U.S. average, firm says 12:00 AM CDT on Wednesday, June 20, 2007 By STEVE BROWN / The Dallas Morning News [email protected]

Dallas-Fort Worth residents shouldn't worry too much about a housing price shakeout. And they can forget about a bubble, if the latest market analysis is on track. Dallas and Fort Worth ranked at the bottom of the list of U.S. cities rated for risk of home price decline, in a survey released Tuesday by PMI Group.The California-based company is one of the largest mortgage insurance firms and regularly ranks 50 of the biggest U.S. housing markets for price decline risk.Only Pittsburgh had a lower chance of falling home prices than D-FW in PMI's latest study.Cities with the strongest likelihood for a residential value correction are in Southern California, Arizona, Nevada and Florida. Some cities there have a 60 percent chance of home prices falling during the next two years, according to PMI.Home markets in Texas have less than a 10 percent chance of price drops, the same report says. The Dallas area has only about a 7.5 percent likelihood, PMI found. The areas that have had big run-ups in prices and have seen a significant slowdown in their appreciation rate are where the highest risks are, said PMI's Mark Milner. When you've had big run-up in prices, you tend to get affordability out of whack, and that adds risk.At the other end of the risk scale, cities with a history of low to moderate rates of volatility in house price appreciation have a lower risk of price declines, Mr. Milner said. The D-FW area -- which has seen very little price growth in the last two years -- has only about a fifth the risk of home value declines as PMI's U.S. average. A place like Dallas that's had good, steady appreciation is very affordable, Mr. Milner said.In the Dallas area, house prices have risen about 17 percent in the last five years, according to the latest estimate from the Office of Federal Housing Enterprise Oversight. The average nationwide increase was 53.5 percent during the same period.Dr. James Gaines, an economist with Texas A&M University's Real Estate Center, said Texas' sound economy is also a plus for the housing sector. Risk of price declines should be lower, Dr. Gaines said. Austin and San Antonio are slightly higher than Dallas, Fort Worth and Houston; he said, but not really enough to make much difference.

Check out more local real estate news at www.dallasnews.com