CategoriesBlog, Local Information, Moving Tips

Should You Hire a Real Estate Agent To Find Your Perfect Property?

A real estate agent helps in taking the buyer to the right seller by finding a home that fits the buyer’s budget and lifestyle needs, helps in making an offer, negotiations, home inspection and closing the deal. Though it is not necessary for a buyer or a seller to hire a real estate agent, not hiring one could be a risky bet for either party. Both buyers and sellers can save some money by not hiring an agent since they would not have to pay any commission, but this might cause a number of difficulties. Let’s have a look at some of them.

1. Understanding the neighborhood
If you do not hire an agent, you may not be able to assess everything about your chosen neighborhood all by yourself. Most of the time, the sellers do not disclose the negative aspects of their area, and a real estate agent could come in very handy at this time. As an example, if you do not want to live in a very quiet and peaceful area, then your agent would tell you that you should choose to stay in Dallas or Allen.

2. Relocating to a new city
If you are moving to a new city altogether, then either you may not know much about the place, or you would take a long time to gather all the information. Hiring a local real estate agent can be very beneficial in such a situation. For example, when moving to Texas, you may be confused about staying in Frisco, McKinney or Prosper. An agent would be able to inform you about the pros and cons of each area, and this would help to simplify your selection process to a great extent.

3. Contacting the property owner
When buying a house in Plano or Dallas, you would have to get in touch with multiple sellers multiple times in order to know more about the property, inspect the house and continue till you close the deal. It can be quite a tedious task to coordinate with the sellers for everything, and if this task is done by an agent for you, it would save you a lot of time and effort.

4. Documentation and Financial matters
If you are new in the real estate business, then you may get overwhelmed with the legal requirements and documentation that is involved in buying or selling a house. Since the real estate agents do it on a daily basis, they are well versed with it and can be of great help in order to simplify and execute the entire process for you.

5. Looking for a single-family home
There is a high demand for single-family homes, and if that is what you are looking for, then be assured that you would have a hard time because the supply is immense, and making a choice can get extremely difficult. In such a scenario, a real estate agent who has access to multiple listing services can help you in making that choice easily.

6. Getting a good mortgage rate
Real estate agents have a very good idea of the best lenders available in all areas, be it McKinney, Prosper or Plano. They can help you in getting the lowest mortgage rate available, and this would significantly reduce your purchase cost. Moreover, if you are looking at buying a new construction house, then the agent can also negotiate with the builder’s lender on your behalf, and tell you if you should choose your lender or the builder’s lender.

Despite all the benefits of hiring a real estate agent, you should know that there is a cost involved in the same, and it can vary from city to city and locality to locality. Also, sometimes the cost is paid only by the seller, and sometimes it is shared by both the buyer and seller. Thus, make sure that you take all these factors into account when you start looking to buy or sell a house in Texas. 

CategoriesBlog, Local Information, Moving Tips, North Texas Luxury Living

Truths a Seller Should Not Share With The Buyers When Selling Their Home

Though the only right thing to do as a home seller is to disclose everything about the house to the buyer so that the buyer does not face any unforeseen issues, it is also important for the seller to understand that there are some things which he should not openly talk about.

In cases where an agent is involved, in any case, the seller does not have to meet the buyer directly. However, the seller could be living in the house which is up for sale and could come in contact with the buyer directly at the time of house inspection. In such a situation, buyers tend to ask some questions directly to the sellers, such as “Why do you want to sell your Plano home?”, or “How long have you been trying to sell your home in Prosper?” If as a seller you are not mindful in answering these kinds of questions, then it can lead to the buyer undermining your property value and in turn having a stronger hand when it comes to negotiating the final price.

Thus, let us look at the things that you should not discuss with a potential buyer:

1. How long has your house been in the market

This information is usually already available to the buyer at the time of shortlisting the house, but you should bring this as a topic of discussion because if your house has been on sale for a long time, it might give an impression to the buyer that you are desperate to sell or there is something wrong about the house that he is not aware of.

2. Reason for selling your house

Whatever is the reason for which you want to sell your house, be it personal or financial; you should not discuss it exclusively with the buyer. As an example, if you live in Allen but want to move to Frisco, and if your buyer is new to Texas, he might think that there is some problem with Allen and decide to not purchase a house there.

3. Talking about the neighborhood

Do not talk much about the neighborhood that you are living in. Some people like to live in places with an active nightlife such as Dallas, whereas some like a more peaceful place. Thus, disclosing too much about the area can make the buyer not like it altogether.

4. How soon are you moving

You might be willing to move to your new house in McKinney as soon as possible, but you should never inform your buyer about this, because he would then think that you are desperate to close the sale as soon as possible, and thus this would reduce your negotiating power.

5. How many offers have you received

You might have received many offers for the purchase of your house, or you may not have received any. The important thing is that this information should not be given to the buyer. The buyer is looking for the best deal, and if he gets to know that he’s the only one who has given an offer to you, he would not be willing to negotiate much from his offered price.

6. Being too rigid about the price

Do not give the impression that you are not flexible about the price that you have offered for the sale. Buyers like to negotiate, and they should get a feeling that they have cracked the best deal with you. You should come out as someone reasonable and realistic.

7. Things that might be wrong with the house

There could be some repair or maintenance work that is pending in your house and you’ve not been able to get it completed. These things should not be disclosed to the buyer because then he might ask you to get them completed before the sale or reduce the price offered by an amount equivalent to the cost of the repair. In either situation, you would lose financially.

The bottom line is that anything that you say can be used against you. Thus, one of the best things to do to avoid such situations is to hire an agent, and just ask the buyer to speak with your agent directly.

CategoriesBlog, Frisco, Local Information, Uptown Dallas Apartments

TOP 10 EXPERT TIPS FOR BUYING TOP HOMES FOR SALE IN TEXAS

Buying a home in Texas can be quite a daunting task primarily due to the availability of various kinds of houses: from condos in Dallas to apartments in Frisco, there is an immense supply of everything. Thus, it is important to take utmost care while selecting your dream house, and know exactly what to look for.

Here are some tips to help you with the purchase of your dream home.

1.      Be updated with all financial matters

Make yourself aware of all the costs related to the house purchase including the mortgage costs. Also, some sellers ask for bank statements to know if you can actually afford the house that you are looking for, or sometimes even if you are a cash buyer.  Thus, you should keep your statements handy at all times.

2.      Find the right agent

You must pair with the right agent for finding the right property. A right agent is the one who knows about every property in your chosen locality in detail, has testified reviews, has a good network of peers and home sellers, and also has a verified website. You should also ensure that the agent keeps all your personal details confidential. Your agent is also aware of new construction happening in your chosen locality because everyone does not want to move into an old house.

3.      Understand your need

Even if you find the best agent, he would not be able to choose the house for you. You must identify your tastes and lifestyle needs by asking yourself some questions like-

  • Do I want to stay in Allen or McKinney?
  • Are there good schools in the neighborhood?
  • What kind of property will be the best for me and my family?
  • Which property suits my taste?
  • Which property meets the quality of life that I’m looking for?

4.      Be patient and take your time

Take time to decide where exactly you want to live, because you do not buy a house again and again. There is a difference between living in Prosper and living in Plano, and thus you do not want to take a hasty decision and repent later. You also need to take time to estimate your budget properly and look for a property accordingly, so that you don’t get disappointed later by getting a feeling that you can’t afford your dream home.

5.      Look beyond the pictures

Don’t get carried away by beautiful pictures of a house. Some sellers hire professional photographers to click pictures of their houses in such a way that they look bigger and more luxurious. You must have a look at the house and its neighbouring areas in person, and you should also visit it at different times of the day.

6.      Focus on the Documentation

You must keep a track of all the documents required, including the financial documents from your bank. There is a lot of scrutiny in the high-end market, and especially if you are buying a luxury home, you should be careful that you have all your documents in place. It is important to know that if you are not a cash buyer, then you must take a pre-approval from your lender, and for that, you would need to hand over your tax returns for the last 2 years, bank statements, as well as proof of employment.

7.      Familiarise yourself with the neighborhood

Make yourself aware of the areas around your house, and also be aware of the construction work happening near it. You do not want to be surprised by a new building obstructing the beautiful view for which you bought the home in the first place.

8.      Check all titles

Check the developer’s titles, the property titles, land papers, approvals, floor plans, and all other necessary licenses associated with the property. Make sure that everything is in compliance with the law, and that all the important property documents are in place. Moreover, ensure that the seller pays for the home warranty which would cover all the household items for one year after the period of the sale.

9.      Get the house inspected

You must hire a professional home inspector to get every nook and corner of the house inspected. This is important not just to know about the current problems in the house, but also to know about the future repairs and maintenance that the house may require.

10.   Remember to negotiate

Buying a house is expensive, and sellers can sometimes command an unreasonable price too. Make yourself aware of the prices in the neighborhood for similar houses, and negotiate the deal to get the best price for yourself.

Always remember- There is only one dream home! 

CategoriesLocal Information, Mortgage

How Are Mortgage Rates Related To Home Buying in Texas?

When looking at buying a new home in Texas, people would consider a number of factors such as the price of the house, location, insurance cost or the maintenance cost. However, a very important factor that is mostly given only a second thought is the mortgage rates in the area. The mortgage rate is the annual rate of interest charged by a lender from the buyer for a loan given to purchase a house. Whether you choose to buy a house in Dallas or in Allen, mortgage rates would play a very important part in estimating the final cost of the house.

It is also important to understand that changes in the mortgage rates do not affect only the home buyers by changing their cost. It also affects home sellers. As an example, if the mortgage rate is higher in Frisco as compared to Prosper, then less number of people would be interested in buying a house in Frisco as compared to Prosper because of the higher mortgage cost associated with a Frisco house, and this would adversely affect the Frisco sellers.

Factors affecting the Mortgage Rate

  • Location: Mortgage rates vary depending on the location of the house. There would be a difference in the mortgage rate between Plano and McKinney or between Dallas and Allen.
  • Time of purchase: Mortgage rates change on a daily basis, even though the change may not always be substantial every day. Thus, to estimate the exact cost of buying a home in Texas, the calculation should be done on the day of taking the mortgage itself.
  • Loan Duration: The tenure of the mortgage taken by the borrower also affects the mortgage rate. Usually, smaller duration loans are associated with a higher mortgage rate as compared to those with a longer duration.
  • Down Payment: The mortgage rate would depend on the down payment amount that the borrower gives at the time of availing the loan. The amount of down payment required also differs from area to area, and from lender to lender. For example, a lender in Frisco might want a higher down payment as compared to the same lender in Prosper and thus impacting the mortgage rate.
  • Credit Score: The credit score or credit rating of the buyer/borrower also plays a very important role in the mortgage rate. Better the credit score, lower is the mortgage rate offered by the lender and vice versa. The credit score is determined by a number of factors such as the credit amount, payment trends and credit default history of the borrowers. Thus, in order to avail a mortgage at a low rate, home buyers should always keep their credit score in check.
  • Choice of lender: If you are looking at buying a new construction home, then you should also know that the builders work directly with some lenders to close their sale. If you chose the builder’s lender over your lender, the builder’s lender could offer you more incentives such as paying the cost of the title insurance and other closing costs (which could be up to $10,000 in some cases). However, your own lender may offer a lower mortgage rate to win your business and compete with the builder’s lender. Thus, you must weigh all these costs and benefits properly before deciding who to borrow from.

 

How to calculate the mortgage rate?

You can calculate the mortgage rate on your loan easily any time by using a mortgage calculator. You just need to enter the amount of the loan, duration, and the down payment amount to get the estimated rate. However, be aware that if you do not have a good credit score, then this rate could vary.

Once you have an estimate of the mortgage rate, you would be easily able to estimate the actual cost of purchasing your dream home in Texas.

CategoriesBlog, Local Information, Uptown Dallas Apartments

One Uptown – The Hottest New Apartment Complex in Dallas

Photo via One Uptown Youtube Video Screenshot

The Dallas metro area is quickly growing and transforming – in fact, it saw more population growth than any other American city from 2017 to 2018. Dallas is transforming into a sophisticated and diverse urban area, attracting young professionals and established tastemakers alike. The One Uptown Dallas apartment building is a new luxury development that embodies the sleek, modern design that Dallas residents are looking for. Here’s why One Uptown has become home to many of Dallas’ elite.

frisco apartments for rent
CategoriesBlog, Frisco, Local Information

New Luxury High Rise at Frisco Station Finally Underway

Rendering via Navaro Group
SkyHouse Frisco Station Rendering via Novare Group

The Atlanta-based Novare Group and BCDC’s much anticipated SkyHouse Frisco Station project has finally started to get underway. The 25-story luxury apartment building is being built on the 242-acre Frisco Station project right in the heart of Frisco. When it is completed, SkyHouse Frisco Station will officially be the tallest building in Frisco.

President of the Novare Group, Jim Borders, stated, “Frisco Station, as the vision of Hillwood, The Rudman Partnership, and VanTrust Real Estate, brings together intelligent interwoven design, melding, wellness, productivity, and creativity. SkyHouse Frisco Station will be urban mixed-use social center living at its best, combining all of the amenities expected from a premiere luxury development with the convenience and excitement of living within walking distance of work, restaurants, shopping, and of course, the neighboring mixed-use development The Star.”