New Neighborhood Spotlight: Light Farms, Celina

Feb 16, 2017 | Real Estate

From swimming pools to tractors, Light Farms is a 1,070 acre master-planned community that has so much to offer families! This newer community located in Celina continues to grow and is located in Prosper ISD with an elementary school, Light Farms Elementary, located within the community. So many different builders and price ranges,you can’t miss this exciting new community!

Current home builders in Light Farms include American Legend Homes, Britton Homes, Darling Homes, Drees Custom Homes, Highland Homes, Horizon Homes, Huntington Homes, K Hovnanian Homes, Main Vue Homes, and Shaddock Homes. So many great floor plans and options to choose from, offered from these great builders!

Some of the highlights of this neighborhood include vast greenbelts, parks, trails, lakes, pools and central recreation center. Tennis courts, basketball courts, bocce ball courts, and volleyball courts…so much fun with any sport available here! Enjoy 18+ mils of hiking and biking trails throughout the community. And don’t forget to check out the FOUR, that’s right four, neighborhood pools they have in this community. The workout center is a plus as well as getting up to date information in their information center. This is an active community offering community events as they are designed around a passion of bringing people together to promote a healthy, lively lifestyle. In this community, you are able to stay connected with all that is happening at Light Farms throughout the year. Such a nice community for any size family! Give us a call today at 214-620-0411 for a VIP tour of this community as well as any and all home builders currently offering great floor plans. This is definitely a must-see!

Love is in the Air!

Feb 14, 2017 | Real Estate

Happy Valentines Day!!  While spreading the love, be sure to show your home some LOVE as well! Here are a few ways you can show your home some love this Valentines Day:

  1. Paint It! Don’t be afraid to add color. Whether is neutral color in a powder bath or pop of color with accent walls, showing your home some love with a small painting project to add a splash of color really brightens up your home!
  2. Purge It! Let your home breathe a bit better by purging a space, closet, or even that junk drawer! A small task can really make one feel accomplished while tending to the tidiness of your home with a boost of organization.
  3. Pretty It Up! Spring is almost here, so adding pops of colors inside your home will help prepare you for those Spring flowers outside in a few weeks. Changing out something such as a plant on a table or even adding a new wall hanging, will give your home that pretty feel.

There are many other simple ways you can show your home some love on this Valentine’s Day but make sure to save time for that date night, too! Save other, larger tasks for your Spring cleaning list and stay tuned for more tips!

 

 

 

While celebrating this day of LOVE, the Marr Team would like to show OUR love and appreciation, as we truly LOVE all of our clients!

We are very appreciative to you all for your continued business as well as all referrals…..THANK YOU!

We would LOVE to work with YOU, or someone you know, this year…just give us a call!

The Value of Pre-Qualification

Feb 6, 2017 | First Time Homebuyers, Lenders, Mortgage, Real Estate

For most home buyers, pre-qualification is the first step to buying a house whether you are ready to buy now or as you gather info to determine when you will be ready.  Here are three steps to help get you from pre-qualified buyer to homeowner.

Step 1: Pre-Qualification 

When preparing to buy a home, it is important to know how much house you can afford. The pre-qualification process is quick and free without taking much time at all. Speaking with a lender, you can help answer all necessary questions regarding your financial situation. With this info, the lender can determine how much house you can afford and give you a better idea where you stand when it comes to determining your buying capability.  Pre-qualification can be especially useful if you’re not sure you can afford a mortgage as the lender can also answer any questions you might have, as well. This step is crucial when deciding to buy a home and the Marr Team can provide a list of our preferred lenders to get you started!

Step 2: Pre-Approval

After you’re pre-qualified, your next step is to get pre-approved, which is more of an in-depth process. Your lender could ask you to submit paperwork about your income, assets, employment history and even your residency status. Getting pre-approved is almost like applying for a real loan, but it happens before you find the home you want to buy as you must have the pre-approval before making an offer.

Step 3: Shop & Offer

Home shopping time! You can shop for homes within your budget by using your pre-approval amount as a guide. Some sellers view pre-approved buyers more favorably, so with the help of the Marr Team you can now shop with confidence. Once you find a home you want to buy, we can help you put in an offer. If your offer is accepted, based on your pre-aproval you can then officially apply for the loan through your lender. This process will be faster since you have pre-approval because the lender will have just about all of your needed documents.

Don’t Forget: Keep everything “financially” steady! Be aware that changes in your financial situation can always affect your pre-approval. Like most loans, when you’re in the process of obtaining a home loan, do not take out any new debts or make big purchases, switch jobs, or make any big life changes that could affect your financial capabilities in question. If you’re looking to change jobs or buy something expensive, wait until after closing.

These are just a few of the major steps that show you the value of pre-qualification when preparing to buy a home. In the end, when those papers are signed, you can grab your new keys to your new home. Congratulations on becoming a Homeowner!

The Marr Team is here to help you every step of the way. Be sure to ask us about our buy/sell discounts, our preferred lender list, and if it applies, our first time home buyers guide! We have extensive resources to help make the home buying experience the BEST it can be!

Saving Money with Homestead Exemption

Jan 24, 2017 | Homeowners, Real Estate, Saving Money

Homesteading your primary residence property does two important things for homeowners in Texas.

First, it offers you protection from creditors in tough times especially in cases of bankruptcy. Second, it can save you money on your annual property tax bill.

Tax savings will vary based on your taxing entities, but for example a homeowner in McKinney with a home assessed at $250,000 would typically pay the following taxes:

City of McKinney $250,000 * 0.573% = $1,432.50

Collin County $250,000 * 0.208395% = $520.99

Collin College $250,000 * 0.01222% = $30.55

McKinney ISD $250,000 * 1.62% = $4,050

For a Total tax bill of $6,034.04 based on 2016 tax rates.

When you homestead your home you are able to reduce the assessed amount of your home by the homestead exemption amount. 

Both Collin County and McKinney ISD offer homestead tax breaks.  Collin County has a 5% assessment reduction with a $5,000 minimum and McKinney ISD offers a $25,000 assessment reduction.  So the same $250,000 assessed home with a homestead exemption would pay:

 City of McKinney $250,000 * 0.573% = $1,432.50

Collin County $237,500 * 0.208395 = $494.94

Collin College $250,000 * 0.01222% = $30.55

McKinney ISD $225,000 * 1.62 = $3,645.00

For a Total tax bill of $5602.99 and a savings of 7% or $431.05 per year based on 2016 tax rates and exemptions.

Those are great savings for taking 5 minutes and filling out a form then mailing it in.  You only have to do it once to continue to save money annually.

If you aren’t sure if you have completed your homestead exemption you can check online by searching your address at www.collincad.org.  Once under your address information look for Exemptions under the Owner Information section. 

Also at Collin County Appraisal District website you can use the link on the right side “Exemptions and Rates” to see current and historical tax rates for many local entities.  Homestead is not the only exemption there are also exemptions for Over 65 and Disabled Persons.

If you have any questions about home ownership, homestead filing or other real estate questions we would love to be your local experts.  If you bought a home last year and need assistance getting it filed just let us know.  You only have until April 30th to file so don’t delay!

Home Staging 101

Jan 19, 2017 | Real Estate

Home staging is essential when selling your home and helps to show off the true potential of your home. The overall thought of staging is to clear out clutter or other personal items that will distract buyers. You can also paint the walls a neutral tone, and furnish the space to show off how functional it is when staging. When buyers come through and imagine themselves there, you can bet an offer isn’t far behind. Lets talk about staging more in detail with a few great tips:

1. Boost curb appeal and welcome visitors with an inviting porch!  This is something you always hear, and with very good reason as the outside of your home is the very first thing a buyer sees. Many people thinking of touring your home will do a quick drive-by first, often deciding on the spot if it is even worth a look inside. This is why it is a good idea to make sure your home is ready to lure in onlookers by planting blooming flowers and fresh greenery. Keeping the lawn mowed and making sure your house number is easy to read are also great ways to attract home buyers. For an added bonus- wash those windows! As for the porch, even if you only have a tiny stoop, make sure to say “welcome home” with a clean doormat, potted plants in bloom and if you have room, even a piece or two of neat porch furniture. It is always good to keep your porch lights on in the evenings, in case potential buyers drive by and illuminating the front of the house makes it more inviting. 

2. Clean is key!  From shiny floors to clean counters, every surface should sparkle. This is the easiest way to help your home put its best foot forward, and the cheapest! Some may opt to hire pros to do the deep cleaning, especially if you have a large house. Definitely don’t skimp on cleaning- this step is key! And while cleaning….lets talk about clutter! If you are serious about staging your home, all clutter must go- bottom line. It’s not easy, and it may even require utilizing offsite storage or even garage space temporarily, but it is well worth the trouble. Clean and clear surfaces, floors, cupboards and closets equal more space in the eyes of potential buyers, so purge anything unnecessary or unsightly. It is easy to take this step personal and think that you are removing your “style” but when preparing to sell your home, you must remember that it may not be the style of those seeking to buy your home!! No worries, you can bring your personal style back into play in your new home. 

Before

Before

Before

After

After

After

3. Pops of Color! When cleaning and clearing out clutter, it is easy to leave rooms more bare than they once were. Don’t forget that those buyers will see the pictures online first and a space that pops will help entice people to want explore the whole house. By placing something that draws the eye at the top of the stairs, in hallways or in corners, you can pique curiosity and keep potential buyers interested throughout a whole home tour. A piece of artwork, a painted accent wall, a window seat, a vase of flowers, a hanging light or even a small, colorful rug can all work to draw. As seen in the picture above of some before/after staging pictures of a home, placing a simple plant or wall hanging can change the entire look of the space and make it seem more interesting. Pops of color help stage a once boring home and bring it to life! Keeping decor simple yet somewhat neutral or to match the space directly are definitely things to consider. It has been proven that even staging an empty home on the market helps it sell faster! Buyers sometimes need help imagining the space and since you have cleaned and cleared clutter while placing furniture to show functionality, they can see the space in its entirety and enjoy the decor that much more. 

These are just a few staging tips that can help as you prepare your home to sell. There are many more tips and advice we have to share with you as home staging is evolving and becoming more and more important in the real estate world. We, The Marr Team, stay up to date with all home staging trends as we do provide free home staging to all of our clients when we sell your home. Call us today at 214-620-0411 to get started, we would love to help!

FHA MIP Reduced

Jan 17, 2017 | Real Estate

UPDATE AS OF 1/20/2017: HUD Suspends FHA mortgage MIP Cut, see here for more details. 

On January 9, the Federal Housing Administration (FHA) announced that they will be reducing the annual mortgage insurance premiums (MIP) for most mortgages (closing on or after 1/27/17) by 0.25%!   This is GREAT news for eligible homebuyers!  These new rates are projected to save new FHA-insured homeowners an average of $500 in 2017.

HUD Secretary, Julian Castro, said consumers are facing higher credit costs as mortgage interest rates increase.

“After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” said Castro.

“This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.”

“We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers. Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families,” Ed Golding, principal deputy assistant secretary for HUD’s Office of Housing, said in the report.

Call The Marr Team at 214-620-0411 to help you find the home of your dreams, then call The Gail Hillman Mortgage Team to help you finance it!

For more information or questions, contact Gail Hillman NMLS# 312734 with Waterstone Mortgage at 972-200-3253 or ghillman@waterstonemortgage.com

www.GailHillman.com

 

NOTE: HUD Suspends FHA mortgage MIP Cut, see here for more details.