Jun 16, 2011 | Homeowners, Mortgage, Real Estate, Saving Money
Wise consumers are fleeing the insecurity of the adjustable rate mortgage (ARM) loan for fixed-rate loans. According to the latest mortgage application data from the Mortgage Bankers Association (MBA), borrowers are clearly choosing fixed-rate loans over adjustable rate loans – less than 7 percent of the total applications were for adjustable-rate loans. That leaves the vast majority of borrowers, whether refinancing or getting a new loan, choosing a fixed-rate loan for their purchase or refinance. Borrowers choosing fixed-rate loans will typically select a 30-year fixed-rate mortgage, but depending on your situation and needs, it could save you thousands to also “run the numbers” on a 15-year loan.The reasons many consumers choose a 30-year mortgage is because it will give them the highest buying power because it is the lowest monthly payment. These lower payments can free up money that you can pour into savings and other investments. The disadvantages to a 30-year mortgage versus a 15-year is that equity is built at a slower pace because payments during the first several years go largely toward interest rather than principal. This may not be a problem in areas with faster appreciation or when you plan to stay in your home for 7 or more years. Over the life of the loan you will also pay thousands more in interest in a 30-year loan, but the interest you do pay can be deducted at tax time each year, thereby reducing federal income tax liabilities.A 15-year loan has the advantages of saving thousands in interest over the life of the loan and also has a lower interest rate. Traditionally, your home is a safe vehicle for building personal wealth and the quicker you build the equity the faster the wealth can grow. Because payments are qualified as a percentage of monthly income, the drawback of the 15-year loan is that the higher payment can restrict you to a less expensive house than you might be able to afford with a longer term loan with lower monthly payments. The following illustration shows how some loan options could help you whether considering a new mortgage or refinancing.
*30 Year Loan Term on $165,000 at 6.5% interest is a monthly payment of $1,042.91 with a total interest of $210,411 over the life of the loan.
*15 Year Loan Term on $165,000 at 5.99% interest is a monthly payment of $1,391.47 with a total interest of $85,465 over the life of the loan.
Potential Saving from Refinancing
*30 Year Loan Term on $165,000 at 5.0% interest is a monthly payment of $885.76 with a total interest of $153,870 over the life of the loan.
* 15 Year Loan Term on $165,000 at 4.75% interest is a monthly payment of $1,283.42 with a total interest of $66,016 over the life of the loan.
This past month, rates have been hovering around 5. Now is an excellent time to look into refinancing your mortgage with a 30 or 15-year fixed. Depending on your monthly savings at our incredibly low interest rates it is not always true that you need to stay in your home for 2 more years to make a refinance a good idea. A mortgage advisor can analyze the amount of time you need to remain in your house to recoup the refinance charges and determine if it is the best plan for you right now. Let me know if you need the name of a trusted mortgage advisor – I have several.
*Interest rates used in these examples are fictional and for illustration purposes only and do not indicate any advertisement of an interest rate, please contact your lender to further discuss current rate information.
Jun 1, 2011 | Listings, Real Estate, SOLD
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Welcome to 9104 Clearview in the convenient Westridge golf community. This home is light and bright with premium paint throughout. Soaring two-story ceilings greet you at the entry and into the formal living area. Spaciousness continues through to the family room that opens to the kitchen and breakfast area. The breakfast area features windows to greet the morning sun and seating ledges for relaxing. The kitchen features dual ovens with a GE Profile Advantium® oven with microwave capabilities as well. The kitchen layout provides nice counter and cabinet space along with a serving/breakfast bar.
The spacious and luxurious master bedroom features wall alcoves and its own fireplace. The master bath has enough space for everyone on a busy morning with dual vanities, separate shower and garden tub. The master closet has an abundance of hanging space and built-in shelving. Two additional bedrooms and a bath are located upstairs. A 4th bedroom perfect for a guest or in-law bedroom is downstairs adjacent to the 3rd full bath. The additional flex room is available for use as a playroom, exercise room, study or in-law living room – it’s flexible! The large, secluded gameroom is located away from other living areas so not to disturb others when it’s time to play.
The seller has continued to upgrade the property after purchasing this Legacy Home including adding gutters, additional ceramic tile flooring, extending the open patio and even the garage has a painted finish. You must see this one to appreciate the care the owner has taken to maintain and prepare this home for you to move right in. The home is a short walk from the community pool, Westridge Golf Course club house and Hank Haney Golf Academy.
- 4 Bedrooms
- 3 Full Baths
- Guest Bedroom with Bath Downstairs
- Large and Secluded Gameroom
- Bonus Room for Play, Exercise or Study
- Large Master Suite with Fireplace
- 3,297 Square Feet per builder plan
- Frisco ISD means lower taxes
- Great Access to 121 and 380
For Pricing and More Photos Visit : www.9104Clearview.info
[map id=”map10″ w=”545″ h=”400″ z=”16″ address=”9104 Clearview Drive, McKinney Texas” marker=”yes” infowindow=”<strong>Hello World</strong><br><span style=font-size:18px;color:red>9104 Clearview Drive</span>]
May 27, 2011 | Listings, Real Estate, SOLD
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Fabulous home is back on the market due to buyer’s changed circumstances. It was under contract in only 27 days the first time so don’t delay in seeing it today because it is move-in ready!
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3 Bedrooms
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2 Baths
- Large Family Room
- Formal Dining Area
- Black/Stainless Appliances
- Separate Utility Room
- Corner Lot/Large Backyard
- Cul-de-Sac Street
- Minutes to Schools
- Convenient to 380 and 75
Well-designed floor plan with an abundance of well placed storage describes this 3bedroom, 2 bath single story home. Through the front door you enter into a spacious family room that is truly the heart of this home. This home is ready for the next owners with updated decorator paint colors, ceramic tile flooring and carpet.
The kitchen has light-colored cabinetry, black and stainless appliances and a small workspace. The kitchen adjoins the large dining area with window seat and nice views. The bayed breakfast area overlooks the large backyard.
The master bedroom is secluded and roomy. The light and bright master bath has great space for everyone in the morning with a large walk-in closet, dual vanities and two linen closets. The secondary bedrooms include good storage in the walk-in closets and the secondary bath is nicely updated.
The backyard of this corner lot has an extended covered patio as well as open yard area for pets or play. The serene south view is large trees and the McKinney Christian Academy open areas. In addition to all the backyard space for outdoor living, you can add some color or a small garden in the raised bed area.
This home is located in the subdivision of Glenwood Estates (no HOA) across from McKinney Christian Academy on a cul-de-sac street. Slaughter Elementary and Cockrill Middle school are nearby and you are minutes away from shopping and a wide variety of restaurant selections. You can also be on 75 or 380 within a few minutes of leaving your garage.
www.702LongHill.info
[map id=”map1″ w=”545″ h=”400″ z=”16″ address=”702 Long Hill, McKinney Texas” marker=”yes” infowindow=”<span style=font-size:18px;color:red>702 Long Hill</span>]
May 9, 2011 | Real Estate, Sellers
The April/May 2011 REALTOR magazine (a trade magazine for REALTORS from the National Assocation of Realtors) published an article titled “6 Worth the Price Fix-Ups”. The list comes from HomeGain’s annual home improvement and staging survey who asked 600 real estate professionals to see what DIY home improvement projects give sellers the biggest return for their money. These six projects under $1,000 investment made the list.
- Cleaning and Decluttering ($290 Cost, $1,990 Return) Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
- Brightening ($375 Cost, $1,550 Return) Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
- Smart Staging ($550 Cost, $2,194 Return) Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
- Landscaping Enhancements ($540 Cost, $1,932 Return) Punch up the home’s curb appeal in the front and back yard by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.
- Repairing Electrical or Plumbing ($535 Cost, $1,505 Return) Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
- Replacing or Shampooing Dity Carpets ($647 Cost, $1,739 Return) Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
This is a good list to show how sometimes it doesn’t take much money to increase your home’s value. In this very competitive real estate market pricing and condition are critical to successfully selling your home. We always tell our clients (and potential clients) to get us involved in the process early to make sure you spend the money where you will get the most return for your house. For one home cleaning the carpets may be the most important item, but in another the landscaping may need the money – get a professional’s opinion before you spend a dime. We also offer staging to each of our clients because sometimes with the help of our crafty and creative stager it may not cost anything to rearrage the furniture you already have or you may just need a few accessories to make your house look great.
Again, the key to the whole process is to have a professional that can guide you through the process and help you get that home sold. The Marr Team has great results getting homes sold quickly and for more money so let’s talk about how we can do it for you too!
May 5, 2011 | Listings, The Marr Team
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- 4 Bedroom,
- 3 Full Bath
- 2 Dining Areas
- Family Room, Study, Large Game/Media Combo
- 3 Car Tandem Garage
- Backs Greenbelt
This home has spacious rooms and an abundance of storage all in a well-designed floor plan. You are greeted by a stunning entry hallway defined with rounded corners and decorative archways. The study and dining areas are adjacent to this hallway.
The family room with a wall of windows that views the backyard is open to the kitchen area. More beautiful arches with venetian paint techniques lead into the kitchen and breakfast areas. The kitchen is lined with attractive maple-colored cabinetry with dark accents. The kitchen has multiple work areas allowing more than one cook in this kitchen. The kitchen also boasts great storage not only in the cabinets, but with two full size pantries and an oversized utility room allows space for an extra refrigerator or freezer.
At the top of the stairs a huge gameroom/media combo can be viewed through archways and provides ample space for the entire family’s activities. The front balcony is also off the gameroom and is perfect for a morning cup of coffee. The 19′ x 13′ master bedroom provides a relaxing retreat. The master bath features two sinks, separate shower and garden tub, a linen closet, a separate toilet room and is nicely sized to provide everyone their own space on busy mornings. Three additional bedrooms and a full bath are also upstairs each with spacious rooms and closet space.
The backyard has an open patio great for entertaining or barbequing space. The home backs the greenbelt of farm land for a tranquil view and extra shade. For more outdoor play, a small neighborhood park is at the corner and provides a basketball court and picnic grilling area. Within walking distance also is Providence’s great recreation complex including clubhouse, water park, sand beach, lake, playground and sports courts.
The Providence community is close to the growing West Frisco/Little Elm amenities and provides fast access to 380 and the Dallas North Tollway for quick travel. This area is also zoned for Denton ISD’s exemplary-rated Providence Elementary.
See more photos at www.820VernonDrive.info
[map id=”map2″ w=”545″ h=”400″ z=”16″ address=”820 Vernon Drive, Providence Village Texas” marker=”yes” infowindow=”<strong>Hello World</strong><br><span style=font-size:18px;color:red>820 Vernon Drive</span>]
Apr 28, 2011 | Real Estate
When visiting with someone who may be considering selling their home I typically ask how much they think their home is worth. Sellers have generally either talked to a neighbor that recently sold or researched on the internet to come up with their number. Some of that research may include the popular website Zillow.com. While Zillow is a good platform for real estate information, many people using their Zestimate function do not realize that there is a margin of error and the level of accuracy varies by location.
Zestimate Accuracy Table
Each location is given a star rating based on accuracy. Notice the Dallas-Fort Worth area has two stars which is considered a “Fair Zestimate”. Now let’s look at what is considered “fair”. Zillow estimates that its Zestimate is only within 5% of the sales price 22% of the time, within 10% 39% of the time and within 20% of the sales price 63%. That means that for more than half of the estimates given on the site they can be off by as much as 20% – that is huge! Consider a home priced at $200,000 – that’s a $40,000 difference!
You certainly don’t want to price your home 20% higher (or lower) than what home are actually selling for so ensure you consult a trusted REALTOR(r) when you begin considering a move to see where you really stand in the market. We are always happy to discuss your home’s current value in the market, so don’t hesitate to ask!
Apr 26, 2011 | Buyers, Homeowners, Property Valuation, Real Estate, Sellers
Frequently when showing buyers properties or discussing making an offer on a particular property a buyer will want to know the tax valuation on the home. Of course we always provide the answer, but remind them that the tax assessment on the home is not related to the market value, the two figures are mutually exclusive. Market valuation is the price currently set for a home based on recent neighborhood sales and the overall real estate market, it is what a buyer would pay to purchase the property. Property tax valuation is the basis for which an owner will pay property taxes.
The appraisal district for a county assesses homes based on an exterior analysis along with general market knowledge as of January 1st each year. Since Texas is a non-disclosure state (meaning the price you pay for a property is not public knowledge) the appraisal district is not able to use an actual sales price of a property unless a new property owner replies to the appraisal districts optional purchase price survey giving them that particular information. Homeowners will receive the districts assessment in May each year with their valuation for the year. In order to save money on property taxes owners will want the tax assessment value to be as low as possible and have the option protest the valuation if they believe it to be too high.
Market valuation is determined through an analysis of similar properties that have recently sold. The information used to determine this value is not public information so you will need a real estate agent or an appraisers to share the information and how your home fits into the market.
To further demonstrate the disconnect between these two numbers, consider two home owners in the same neighborhood with the same floor plan and amenities. Owner A has consistently and successfully protested to keep his tax valuation lower for several years while Owner B has accepted the ever increasing tax valuation each year without protest. When these owners put their homes on the market should it really matter what the property tax valuation is? In fact as a buyer you may prefer the home with the lower valuation so your taxes will also be lower, but it does not mean the property is worth any less on the real estate market.
Tax valuations will be coming out in May so if your home goes down in value, just breathe a sigh of relief for a lower tax bill and if you need a market valuation on your home contact us to provide you with our solid, market information and knowledge without any obligation.
(Of course, this information is most relevant to to the North Texas area where I specialize. If you live in another area, please consult a local REALTOR(r) for information about tax assessments and valuations in your area.)
Apr 13, 2011 | Foreclosures, Sellers, Short Sales
Sometimes selling your home may not be the only (or the best) option for you depending on your long and short-term real estate goals. When you have a knowledgeable, experienced real estate consultant we can help show you all the options that are available to you and how they could benefit you.
Options May Include:
Selling Your Property. Sometimes you just need to sell your property, and unfortunately that may not happen the first time you list it for sale. Let’s visit about why it may not have sold, make necessary corrections and get it back on the market with a customized marketing plan to get it sold.
Short Selling Your Property. If you are having trouble making the mortgage payments, facing foreclosure, owe more than you can sell your home for or must relocate immediately whether your home sells or not then you may be a candidate for a short sale, also referred to as pre-foreclosure sale. Your lender does not really want to own your home, that’s not their goal, so they may agree to accept less than what is currently owed on the note to not have to incur expensive foreclosure costs. Currently in the financing world lenders look at short sales more favorably on your credit report than a foreclosure and say you may be able to reapply for another mortage in as little as two years as opposed to the seven usually required for a foreclosure. I am a certified Short Sale and Foreclosure specialist with the coveted SFR designation meaning I have had the most up-to-date training available currently for the real estate industry in this new and specialized area. Even if the foreclosure is looming close – it still may not be too late!
Leasing Your Property. Maybe your neighborhood has experienced a recent decline in property values so now is not the best time for you to sell. The leasing market is very hot right now and may allow you to “cover” your mortgage and wait for a better time to sell in the future. Or maybe the investment option of gaining equity in a property without making the payment yourself is appealing to you. Our team can help with our leasing and/or property management services.
These are some of the most common options used by sellers to achieve their real estate goals, but it is not all of them. Call me to schedule an appointment to discuss your specific situation and goals and let’s see what we can do. How will you know if we can help, unless you call?
Apr 8, 2011 | Buyers
In a recent Forbes blog post, multimillionaire hedge fund manager John Paulson declared that today’s record-low interest rates made this the best time to buy homes in fifty years. “If you don’t own a home, buy one,” Paulson said. “If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.” Why should we care what Paulson thinks? Well, he was among the few to accurately predict the subprime collapse and, while no one has a crystal ball, a closer look at the numbers supports his call to action. Historically low interest rates are the key…and they aren’t likely to hang around for long.
Buyers who “choose to wait until prices come down more” are gambling that interest rates will hold steady or drop. The truth is even a 10 percent drop in home prices is nullified by a 1 percent increase in interest rates. The figure below illustrates how this works for a $250,000 home purchase and the relative likelihood of each scenario.
To figure out which was a smarter bet–counting on home prices to fall further or interest rates to rise– the Keller Williams research department took the last ten years of monthly home price and mortgage interest rate data and ran the numbers to see which was more likely: an increase in mortgage rates or a further drop in home prices.
Here’s what they found:A one percent increase in mortgage rates is ten times more likely to happen than a ten percent drop in home prices.A one percent rate increase more than offsets a ten percent reduction in home prices.When interest rates fall by one percent, the total interest paid is almost three times more than the interest savings from a ten percent drop in home prices.The probability of both happening at the same time is ridiculously small, and homeowners would still pay 15 percent more in interest over the life of the loan.
Interest rates have dominated the news in recent months as we’ve shattered record low after record low. Potential home buyers need to understand the positive financial impact low interest rates have on the cost of home ownership and the thousands of dollars that can be saved over the life of a typical mortgage loan. For those who can afford to buy, trade up, or invest, our current market presents a lifetime opportunity – call me, your local real estate consultant, to help provide you the information you need to make an informed decision.
Apr 5, 2011 | Sellers
Spring has sprung and the real estate market is moving. I need some more sellers! 2 listing under contract in the last few days with multiple offers on both properties – I need more great homes to sell. If you are thinking of selling this year – let’s talk
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