What Can You Really Afford?

Many people looking for homes in the Irving Las Colinas area have mistakenly taken the number they were given by their lender for the amount they were pre-approved for and used it as the number for the price of home they believe they can afford.

There usually is a difference between what you can afford and what would be a comfortable payment. You need to find the balance between what the maximum you qualify for and what you are truly comfortable in paying.

The most conservative way to figure out what you can afford is to figure out what payment would be most comfortable for you and then see what you qualify for. If the number you qualify for is above what you feel comfortable with, I suggest go with the latter. Better safe then sorry.

The Best Time to Sell a Home.

Spring? Summer? Fall? People often try to time the market as to when they should put their home up for sale. I can say, that after many years in the business, the Irving Las Colinas Real Estate market does not have much of a lull at any time during the year.

Springtime is great because people want out before summer.

Summer?... Well, people want to get set in their new home before school starts.

Fall?...Many have told me they want to be in their new home for the holidays.

Winter?...If it is the first of the year people are ready to move because of expectations of the new year and the holidays are over so time has been freed up for other projects.

This cycle seems to repeat itself year after year with rare exceptions;
During the middle of summer when the mercury rises high in Irving some people have the bunker mentality and close the blinds not to return until the heats lets up.

The other brief lull is from Thanksgiving to Christmas, many of us are extremely busy with the holidays. Yet I can say that I have had some of my best months as far as production is concerned in November and December.

So if the concern or question is "When should we put our home for sale?" the answer, at least in Irving Las Colinas is... pretty much anytime.

Secrets of the MLS Revealed

Many people including my clients call me up and say that they have seen a home on the Multiple Listing Service or “MLS” for short, and that they want to look at it. After looking up the property for myself, I find out that the property is under contract or even sold…so what gives?

The truth is that if you are not a Realtor who is also a member of MLS, then you do not have the instant streaming access to the data.

You see when I enter a listing or change a price, all agents who have access to the MLS can see that change immediately. All others, such as Homes.com, Realtor.com, or even the actual agents website that says “Search the MLS”, is really not the MLS.

It has the data that is downloaded from the MLS, but since these sites only download certain amounts of information at certain times. It may take a week or so to get all the updates. By that time there are many more changes that are missing from the information.

The best advice I can give you is have your agent set you up as a prospect and enter your criteria that you are looking for. The prospect program will email you the listings as soon as they come out or there is a price change.

Working With the Neighborhood Specialist

Over the years I have received a lot of advice from my Dad. He is pretty good at giving it whether you want it or not. But I must admit, whether it is about my family, my life, or my career he was right on about 99% of the time.

I remember when I moved to Irving Las Colinas and was looking to buy my first house. My Dad, who has been involved in Real Estate for over 45 years, told me how to find a good buy.

He told me to drive around the area I wanted to live in and find the Realtor who had the most listings. I assumed that any Realtor would be able to help me find a home. However he explained to me something that I have applied to my own Real Estate career. The Real Estate agent who has the most listings are, “the neighborhood specialists”.

These are the Realtors who know the area, know the prices of homes just by driving by a house, and can tell you pertinent information about each home that is listed. By finding these agents you are getting to work with the most informed Realtor in the area.

Finally, the greatest benefit of using the “neighborhood specialist” is that these Realtors usually have knowledge of properties that have not been put on the market yet. You are getting the first shot at a property, without having to compete with other buyers. If you are working with the “neighborhood specialist” chances are, you are privy to deals before others have chance to see them.

There are a lot of Realtors who claim to be the “neighborhood specialist” but it is pretty easy to find out for yourself. A little research, and a little time driving the area will prove who the true specialist is. Find this person and it will be worth your while.

Hidden Deals That Will "Motivate" You

My last post was about bank owned properties. After explaining the potential pitfalls of those types of properties I wanted to mention an alternative that can get you a great deal on a home.
Motivated sellers are by far my favorite type of purchase. Those people who have equity in their home but cannot make payments anymore.

Imagine if you will an Irving/Las Colinas homeowner that has been living in his home paying off his mortgage for 10 plus years. His home was purchased for $100,000 and his loan was originally $90,000. (he put down 10%) His current principle balance is $80,000. He has taken care of his home and it has appreciated to a value of $120,000. He has been unable to make payments and the bank is looking to foreclose.

Not many people want to go through a foreclosure, so the opportunity for a great buy is available as well as helping someone avoid foreclosure and losing all of their equity and down payment. If you pay him the balance of the loan plus his original down payment you are still buying a home $30,000 under value. Motivated sellers are everywhere, look for properties that have been on the market for a long time, ask the right questions, find the motivation and you just might get a heck of a deal.