Trying to decide whether to rent or to buy? Trulia recently released their 2011 3rd Quarter numbers that calculates the price-to-rent ratios for the 50 largest U.S. cities using the median list price to buy compared with the median rent on two-bedroom apartments, condos and townhomes. In the July 2011 numbers Dallas was ranked 13 with a ratio of 12. Trulia categorizes cities between a 1-15 ratio to be much less expensive to buy than to rent. Overall according to the study, buying was cheaper than renting in 74 percent of the country’s 50 largest cities.
Oddly, Fort Worth ranks number 49 at an ratio of 32 which indicates that renting in this city is much less expensive than owning a home. To see more large cities and where they rank check out Trulia’s interactive map.
Our team has had several lease prospects turn into happy buyers over the past few months once we showed them the numbers. In today’s buyers market with softer real estate prices combined with rock-bottom interest rates a buyer in Dallas and Collin County can easily purchase a home with a lower monthly mortgage payment (including taxes and insurance) than compared to a rental rates in the current competitive rental market that continues to drive rental rates higher. Add that fact to some of the benefits of homeownership like building equity, more choices in location and stability for you and your family then it may make sense to start looking for a home to buy instead of renewing your lease.
Of course there are a few more things to consider before deciding to make a purchase:
Do you have cash for the closing? (visit with a mortgage consultant to see how much you will need – ask us for recommendations on who to call)
How long do you plan to stay?
Can you afford the added expenses of home ownership? (HOA dues, maintenance, etc…)
The ultimate decision depends on each person’s situation and their plans for their future, but if you need more information to make your decision contact The Marr Team, your real estate consultants, we would be happy to help. And even if leasing is a better option for you – we can help there too.
Today’s market offers great opportunities to find that perfect home you’ve been dreaming about. Give us a call and we’ll help you find the right home at the right price.
Don’t doubt that you can buy now. If you have not talked to a mortgage consultant I can give you the name of one to call that will give you straightforward information about purchasing today or preparing to purchase tomorrow. Some are saying that today’s interest rates may be the best we will see in our lifetime. If your current house still works for you – refinance! It is a great time to buy or invest!
Mortgage delinquenies continue to exist in high numbers, but TransUnion is reporting that we have had six consecutive quarters of decline in mortgage delinquencies. The rate at the end of the second quarter of 2011 was 5.8% for the national average. The rate is still about three times higher than pre-recession norms, but anytime we are moving in a positive direction it is worth talking about. The story also mentions that unemployment and lower home values keep pressure on the delinquency rates, but that tighter lending practices will continue to help improve the rates.
To see how the stricter guidelines are helping the numbers consider that according to the Federal Reserve Bank of Dallas, at the end of 2010 mortgage delinquency rates in Collin County were 5.9 percent for prime loans and 41.08 for subprime loans. Luckily the number of prime loans in Collin County were 114,093 and subprime only accounted for 2,354, but the numbers are similar throughout the North Texas area as to default rates for both types of loans. Dallas was one of the eight counties (out of 30 tracked) that had prime loans past due in the double-digit percentages at 10.19.
While Texas did not experience a drastic home appreciation and thus the region has not been into a mortgage crisis as severe as in other parts of the nation it has still changed the real estate market. Keep in mind that this means that in general about 6 out of every 100 people you know may be facing tough times paying their mortgage. If you or someone you know is facing foreclosure, talk to someone early in the process to help show you options whether it be loan modifications, short sale, selling, leasing or a variety of other options based on their specific circumstances. Tina Marr, of the Marr Team, has been certified as a Short Sale and Foreclosure Resource (SFR) and has helped other homeowners avoid foreclosure. Call today for a private, no-obligation consultation to discuss your situation.
Expansive Soils + Heat – Water = Moving Foundations. I have heard more than usual people talking about foundation issues and I have heard that foundation companies are extremely busy right now. So I just wanted to take a few minutes to share some information on the subject. I am certainly no expert in foundations, but I do talk to and meet with experts and learn things in my line of work from time to time and just thought I would share them. Please consult with true experts if you have additional questions or concerns.
1. Many people “water” their foundations incorrectly – I know I did too at one point. When the weather is so severe that you start seeing large cracks in the soil or the soil starts pulling away from your home you need to add moisture to keep the soil at a consistent level. Sometimes with the severe heat we have been having just watering your lawn may not do enough for your foundation and we pull out the soaker hoses. The soaker hoses should be placed 15-18 inches away from your foundation. Do not put soaker hoses up against your foundation as this can erode the soil at the base of the foundation and may not evenly provide the foundation moisture and cause additional problems. Using electric timers on the soaker hose will help regulate the amount of time and water.
2. Don’t forget about the flower beds and plants. Flowerbeds and areas with plants will require more water because the plants are thirsty too – you may need to turn up the sprinkler system on zones with trees and plants to ensure they aren’t stealing all the moisture from your foundation. You may not notice the ground separating in those hidden areas behind mulch or plants either if you don’t don’t pay close attention.
3. If you feel that you have foundation issues you can have free foundation estimates or you can have a structural engineer consult on the issue. If you have a foundation company come to look at the issues make sure you have more than one come out to get varying opinions – remember they have a product to sell you. Or you can make a $450 investment in a structural engineer consulation and they can let you know if you really have problems, options to remedy and guide you through the process ensure that any work completed is done correctly as well.
Keep in mind that expansive soil is like a living thing that grows with moisture and shrinks with lack of moisture and that doesn’t necessarily mean you have a problem. Strive to keep the soil around your home at a consistent moisture level year round.
Welcome home to peace and quiet on 3.8 acres. This home offers all the comforts of a custom home with all the space and amenities to start living the country life. This home is just off CR545 from Melissa and less than 15 miles to the McKinney 380/75 intersection or 5 miles from TX-78.
In addition to a custom home on this property there is also a 40’ x 50’ workshop with a 2 Bedroom Apartment or office space. The property is fenced and crossed fence with a 25’ x 30’ hay barn and 3 stall barn – so bring your horses with you.
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Custom Home on 3.8 Acres
4 Bedrooms
2.5 Baths
Granite and Stainless Appliances
40′ x 50′ Barn with 2 Bed 1 Bath Apt
25′ x 30′ Hay Barn
As you enter the home you are greeted by a formal dining room with an impressive lighting fixture to give you a grand entry. Continuing from the front door into the family room you will notice soft arches frame the doorways and a barrel ceiling leads down the hallways to the bedroom areas. The spacious family room features a cast stone fireplace, niches and windows with views to the back of the property.
The kitchen is open to the living area over a breakfast bar and provides a delightful space for the cook in the family. The light and bright area has honey-colored cabinets and granite. Appliances are all stainless and ready for the big meal with double ovens and a large 6-burner commercial stove. Adjacent to the kitchen is the sunny breakfast area which also has views to the back.
Two bedrooms are at each end of the hallway and the 4th bedroom makes a great office just off the master bedroom. The bathrooms also feature granite countertops and a ½ bath is great for guests. Or if you have guest or family that may need to stay a little longer they can make themselves comfortable in their own 2 bedroom apartment with its own full bathroom, kitchen and living area.
YOUR REALTOR® can be a great resource even when you aren’t currently buying or selling real estate.
Home Renovations, Add-ons, and Thinking of making some changes to your home? Even if you won’t be selling for a few years, you might want to know what current trends are so you can ensure your updates will add value to your home in the long run. You may also want to ensure you are not overbuilding (upgrading beyond the standard) for the neighborhood. Sometimes the question may be as simple as whether buyers favor wood or tile floors, what types of pools are popular or as in-depth as determining whether a room addition would be a good investment. YOUR REALTOR® can provide advice and information.
Neighborhood Information Your neighborhood has an enormous effect on the value of your home. Sometimes you want to know the price your neighbor received for his home or who is the owner of record for the vacant home with the overgrown grass. It is great to be updated with facts, not just neighbor gossip. Just ask YOUR REALTOR® for the information you want. We offer websites that provide up-to-date information on any real estate matters in your neighborhood or call for specific information.
Comparative Market Analysis (CMA)Thinking about refinancing, upsizing, or downsizing in the future? Want to know what your home would sell for in today’s market. YOUR REALTOR® can compare the specific amenities in your home to comparable homes that have recently sold to provide you the information you need to make an informed decision about your family’s future. If you or someone you know is facing difficulty in these tough times we can consult on various options for homeowners who may be “under water” on their mortgage or are facing difficulties making mortgage payments.
Protesting Homeowner TaxesIn May, when you open your tax bill you may first be elated to see the value of your home rising, then you remember you have to pay taxes based on this new assessed value. Is this a true current appreciation on your home or has the county overshot their numbers? Let YOUR REALTOR® know you are questioning the numbers and have them do an analysis to determine whether you might successfully protest your taxes. YOUR REALTOR® can prepare you with facts to show the appraiser when you meet with them. (Remember tax values are not a true indicator of market values as they vary widely in neighborhoods based on whether some homeowners have protested while others have not. Tax values should not be used as a basis of determining the sales price of a home so protesting your taxes will save you money and should not affect your market value.)
Finding an Agent in Another AreaLet YOUR REALTOR® do the work to connect you with a real estate expert in any location across the country to ensure you get excellent service and information at your new location.
For Sale By OwnerThinking of trying to first sell it yourself? Contact YOUR REALTOR® to provide you with some important documents and disclosures that you, as a seller, are required by law to provide to any buyer.
Let us be YOUR REALTOR® we provide no-obligation consultations, market analysis and neighborhood information to all our clients, neighbors and friends and we would be happy to do the same for you!
o rent or to buy? Trulia recently released their 2011 3rd Quarter numbers that calculates the price-to-rent ratios for the 50 largest U.S. cities using the median list price to buy compared with the median rent on two-bedroom apartments, condos and townhomes. In the July 2011 numbers Dallas was ranked 13 with a ratio of 12. Trulia categorizes cities between a 1-15 ratio to be much less expensive to buy than to rent. Overall according to the study, buying was cheaper than renting in 74 percent of the country’s 50 largest cities.
Expansive Soils + Heat – Water = Moving Foundations. I have heard more than usual people talking about foundation issues and I have heard that foundation companies are extremely busy right now. So I just wanted to take a few minutes to share some information on the subject. I am certainly no expert in foundations, but I do talk to and meet with experts and learn things in my line of work from time to time and just thought I would share them. Please consult with true experts if you have additional questions or concerns.