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Archives for March 2020

Three Things on Unrestricted Land

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These 3 Things to Know about Unrestricted Land

Rolling Hills

In a recent article on Land.com by Laura Mueller she details things one might need to keep in consideration when buying unrestricted land.  First and foremost “unrestricted” does not necessarily mean “unrestricted” the state or county may have certain criteria the soil or terrain of the land may need to meet in order to build certain structures on or to run certain types of businesses on – for instance in the county I live in of Erath in Texas there are quite a few dairies, this does not mean that you can just buy 100 acres and put a dairy on it.  There are certain factors the state and county look at when providing a license of a dairy, one such factor is water runoff and how the water may be processed into the water table.

Another thing you may want to consider is that your neighbors may know that you can do alot of different things on your land but you may want to consider their feeling about things before building something.  No one like a bad neighbor that does not consider the others around them.

These are only two things but if you want to check out what Laura Mueller suggest check out her article 3 Things You Need to Know About Buying Unrestricted Land

If you are wanting to see what is available in the area for Farm, Land, and Ranch properties CLICK HERE or if you want to learn the difference about a Farm and Ranch check out this article Farm or Ranch

 

The Realtors at Preferred Properties of Texas in Stephenville in Erath county in the Cross Timbers area of North Central Texas are here to help you buy and sell real estate for over 25 years!

7 Reasons Why You Should Have An Outdoor Kitchen

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Outdoor Kitchens

Outdoor Kitchen

In the Mediterranean, it is very common to see families cooking outdoors. Today, this style of outdoor cooking has become a popular trend in the United States. Homeowners are learning about the joys of using an outdoor kitchen in their own backyards. Have you considered the benefits of adding a patio kitchen to your home? Whether you’re building a new house, or simply making better use of the space you have, creating a place to cook outdoors could be a good investment to make. Here are seven advantages of outdoor kitchens to consider:

 

1. Good for Entertaining

A top benefit of having an outdoor kitchen is that they’re perfect spaces for entertaining. When food is grilled out on the patio, guests can gather around the BBQ grill and socialize as dinner is being prepared. It might get crowded in an indoor kitchen when everyone hangs out with the cook, but outside there’s much more space. You can increase the comfort for your party guests by adding patio heaters, outdoor furnishings, strings of lights, and some mood music.

2. Increases Value of Your Home

Because of the popularity of this home improvement, remodelers earn a high rate of return on their financial investment. Most of today’s BBQ grills and other patio appliances are made from stainless steel, which makes them able to handle the changing temperatures with the seasons. Stainless steel is also desirable because it is easy to clean. When you have a functional outdoor kitchen, you have an investment you can use and enjoy for many years to come.

3. Saves on Utility Bills

When you’re grilling outside during the summer, your air conditioner won’t have to work overtime to keep your house cool. When you bake, fry, roast, and broil foods in your inside-kitchen, the temperature in your house elevates several degrees, which kicks the AC into overdrive. When you cook outdoors, you will save on energy consumption.

4. Keeps Smells Outside

Some foods smell delicious while they’re cooking, while others are less desirable. When you cook especially odiferous foods such as fish or deep-fried items, those aromas can linger for days. When you prepare the same menu items outside, your house stays fresh smelling.

5. Expands Your Living Space

No need to add on a room with walls and a roof; simply incorporate the space you already have on your back porch. If you have a covered patio, you’re all set to bring in appliances and have the outdoor kitchen of your dreams. In your outdoor cooking area, you and your family members can celebrate birthdays, holidays, or just enjoy the great outdoors.

6. Improve the Taste of Healthier Food

Not only does grilling enhance the taste of food, this cooking technique is better for your waistline, as well. Because fat drips off of meats when they’re grilled, the end result will be healthier and contain few calories from fat.

7. Save Money on Restaurant Meals

When you have your own little patio cooking and dining area in your backyard, why would you want to go out to a restaurant to eat? Eating out at restaurants can drain your bank account pretty quickly, especially if you go out to eat on a regular basis. Every time you opt to dine at home rather than go out for a night on the town, you keep dollars in your wallet.

What You Need

Now that you have seven good reasons to add an outdoor kitchen to your home, you’ll need to make a few plans to get started. First, here’s a list of possibilities to think about including:

Design Considerations

You’ll need to give some thought to the design of your outdoor kitchen. For example, ventilation is important, so pay attention to the space above and below your grill. You want the smoke to blow away from your cooking area. Make sure to sketch out the dimensions of your kitchen layout before buying your appliances and accessories. Some additions to contemplate when planning your design are:

  • Built-in or Portable Grill:

    Decide how large of a grill you need or want, and whether you want one that’s permanently positioned or mobile. If you plan to cook for large crowds, you’ll need a larger size, but if you’ll just cook for your family, invest in a smaller BBQ.

  • Countertops:

    How much preparation space will you need in your outdoor kitchen? Plan your countertop space accordingly. Also, make sure you select a product that can withstand changes in weather.

  • Built-in Cabinets:

    You might need some help designing the layout of your patio cabinets. Don’t underestimate the need for cupboards outdoors, or you will be running back and forth between your indoor and outdoor kitchen, which will put a crimp in the convenience factor.

  • Lighting:

    Since you will probably be doing much of your meal preparation during the evening hours, you’ll need to have adequate lighting on your patio. You definitely don’t want to be chopping and slicing in the dark. Plus, you need to be able to see your grilled items clearly to make sure they’re rare, medium, or well done.

  • Sink:

    Having a sink with running water is essential to convenient meal preparation. Install yours near your prep station for ease in clean up and adding liquid to recipes.

  • Refrigerator:

    You might decide to have a small fridge or a full-sized one. It all depends on how much you plan to store outdoors.

  • Flooring:

    Concrete, natural stone, brick, and tile are good options for outdoor flooring. You don’t want a high-maintenance product outside, but you do want it to be stylish and weather-resistant.

Grill Aids and Dining Accessories

You’ll need aids and accessories to complete your outdoor kitchen, including:

  • Outdoor cups, plates, and utensils
  • Tongs
  • Serving spoons
  • Knives
  • Meat thermometer
  • Serving dishes
  • Griddle
  • Outdoor ice machine
  • Baskets for grilling vegetables and fish
  • Shish-kabob skewers

Once you have your outdoor kitchen up and running, you’ll wonder how you ever managed without it. If you ever decide to sell your home and move to a new location, your outdoor cooking space will be a sought-after selling feature. Now that you’ve experienced creating this extra space in your abode, you’ll be able to set up a new one wherever you move.

 

The Realtors at Preferred Properties of Texas in Stephenville in Erath county in the Cross Timbers area of North Central Texas are here to help you buy and sell real estate for over 25 years!

Common Repairs Needed After a Home Inspection: What Must Sellers Fix?

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Home Inspection Household Repairs

By  | Oct 16, 2019

repairs-after-inspection

If you’re selling your home, you might wonder if there are common repairs needed after a home inspection. Most buyers, after all, won’t commit to purchasing a place until there’s been a thorough inspection by a home inspector—and rest assured, if there are problems, this professional will find them!

So if your home inspection turns up flaws that your home buyer wants fixed, what then? To be sure, repair requests after an inspection are a hassle, and liable to cut into your profits. So for starters, make sure to read your inspection contract carefully to make sure you don’t get locked into mending something you don’t want to fix.

“As a seller, you should never sign an inspection contract until you fully understand its obligations, particularly where it concerns your responsibility for fixing things,” says Michele Lerner, author of “Homebuying: Tough Times, First Time, Any Time: Smart Ways to Make a Sound Investment.”

And rest assured, there’s no need for you to fix everything a home inspector thinks could stand for improvement; a home inspection report is not a to-do list. Basically inspection repairs fall into three categories: ones that are pretty much required, according to the inspector; ones that typically aren’t required; and ones that are up for debate. Here’s how to know which is which.

Common repairs required after a home inspection

There are some fixes that will be required by lenders before they will release funds to finance a buyer’s home purchase. Typically these address costly structural defects, building code violations, or safety issues, sometimes in the attic, crawl spaces, and basement, and those related to the chimney or furnace.

An inspector will also check whether your septic system and heater are in good condition and verify whether there’s a possible radon leak or the presence of termites (homeowners tend to have many questions on these topics). Other conditions of the home that an inspector may report on include those related to the roof, electrical systems, and plumbing lines and the condition of your HVAC system.

If a home inspection reveals such problems, odds are you’re responsible for fixing them. Start by getting some bids from contractors to see how much the work will cost. From there, you can fix these problems or—the more expedient route—offer the buyers a credit so they can pay for the fixes themselves. This might be preferable since you won’t have to oversee the process; you can move out and move on with your life.

Home inspection repairs that aren’t required

Cosmetic issues and normal wear and tear that’s found by the inspector usually don’t have to be fixed.

“Some inspection contracts will expressly state that the buyers cannot request any cosmetic fixes to be made and can only ask that structural defects, building code violations, or safety issues be addressed,” says Lerner. Furthermore, “state laws may also impact your liability as a seller for any issues uncovered during an inspection.”

Be sure to check your local ordinances to know which fix-its that are found during an inspection legally fall in your realm of responsibility.

Home inspection repairs that are negotiable

Between fixes that are typically required and those that aren’t is a gray area that’s up for grabs. How you handle those depends in part on the market you’re in. If you’re in a hot seller’s market, you have more power to call the shots.

“While buyers are always advised to have a home inspection so they know what they are buying, when there are a limited number of homes for sale and buyers need to compete for homes, they are more likely to waive their inspection right to ask a seller to make repairs,” says Lerner.

In fact, “the best contract for a seller would be for the buyer to agree to purchase your home as is or to request an ‘information only’ home inspection, thus absolving you of any need to pay for any fixes found by the inspector,” she adds.

However, in a normal market, you won’t be able to draw such a hard and fast line related to an inspection.

Work with your real estate agent to understand what items you should inspect and then tackle—and where you might want to push back. Don’t have an agent yet? Here’s how to find a real estate agent in your area.

Just remember: you’ll want to be reasonable when it comes to repairs because you may have already put a lot of time into the selling process, and it’s likely in your best interest to accommodate some fixes rather than allowing the buyer to walk away. Also, depending on the magnitude of the requested fix, it’s not likely to go away. Now that it’s been uncovered by the home inspector, you’ll need to disclose the issue to the next buyer.

How to negotiate home fixes

Here are two sneaky but totally effective ways to handle this home hurdle that’s been uncovered by your inspector:

  • Offer a home warranty. “I sometimes keep a $500 one-year home warranty in my back pocket as a token to ease concerns found during a home inspection,” says Kyle Springer, a Realtor® with Coldwell Banker in Bowling Green, KY. That can come in handy if there is an element that doesn’t truly need fixing but is still worrying the buyers, such as an aging HVAC unit.
  • Barter for something of value to the buyer. Often sellers will suggest their real estate agent ask the buyer’s agent if the buyers want appliances or furniture if they have no plans to move them. Springer advises sellers to wait to make that offer until after they get the list from the inspector, because they may be able to beg off certain fixes in exchange for items such as the washer and dryer.

A home inspection can turn up all kinds of issues, but nearly all can be addressed quickly, pleasing buyers and sellers alike.

 

 

How Interest Rates Can Impact Your Monthly Housing Payments

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Interest Rates and Home Payments

Spring is right around the corner, so flowers are starting to bloom, and many potential homebuyers are getting ready to step into the market. If you’re thinking of buying this season, here’s how mortgage interest rates are working in your favor.

Freddie Mac explains:

“If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…

Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.”

To put this in perspective, the following chart from the same article shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time:

Clearly, when rates are low – like they are today – qualified buyers can benefit significantly over time.

Keep in mind, if interest rates go up, this can push many potential homebuyers out of the market. The National Association of Home Builders (NAHB) notes:

“Prospective home buyers are also adversely affected when interest rates rise. NAHB’s priced-out estimates show that, depending on the starting rate, a quarter-point increase in the rate of 3.75% on a 30-year fixed rate mortgage can price over 1.3 million U.S. households out of the market for the median-priced new home.”

Bottom Line

You certainly don’t want to be priced out of the market this year, and waiting may mean a significant change in your potential mortgage payment should rates start to rise. If your financial situation allows, now may be a great time to lock in at a low mortgage rate to benefit greatly over the lifetime of your loan.

 

 

25th Year Upland Bird Extravaganza

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25th Annual Upland Bird Extravaganza

UBE 2020 Logo 25

Stephenville Evening Lion’s Club

Wow! Is it really going to be our 25th annual event? Started in 1996, the Upland Bird Extravaganza is an event that is looked forward to by countless citizens of Erath and the surrounding Cross Timbers area. Every year the event provides a place for people to share their love of the outdoors and amazing food. Initially hosted at Horton Ranch by Ed Horton, one of the founders of the UBE, the event has garnered significant attention every year, gaining more and more attendees. Started as a small fundraiser to raise money for the Boy Scouts, the event is now a large contributor to a variety of youth organizations. Well over 1 million dollars has now been raised for a variety youth  organizations throughout the county, and it all started from a simple idea by a group of local bird dog enthusiasts.

This idea, formed by Mr. Horton and his hunting friends Ron Burk, Calvin Hudson, James Wood, Gail Warren and Robert Hendrix was a friendly competition with three events: Retriever Trials, Pointer Trials, and a Multi-Station Skeet Shooting. And thus, the Upland Bird Extravaganza was born! Each year as the Upland Bird Extravaganza has been held, the events have slowly gravitated away from the bird dog competitions and have centered around various shooting sport events such as: Multi-Station Skeet Shooting, Business/Corporation Skeet Shooting, Individual Skeet Shooting, 5-stand, Sporting Clays, and Covey Flush Competition. Initially held at Horton Ranch, the event has been moved to Rough Creek Lodge just outside of Glen Rose to facilitate the larger crowds that gather each year. For over 20 years now, the Horton Ranch, Preferred Properties of Texas, Tanglewood Pharmacy and Medical Supplies have helped to nurture the Upland Bird Extravaganza. The Upland Bird Extravaganza has also evolved its non-competitive fun from a BBQ dinner and Social to include a Wild Game Dinner at City Hall at City Limits, silent auctions, and a “Rell of a Haffle!” Every sponsor and participant involved play an important role in helping this event give back to our community’s youth.

Over the years, the Upland Bird Extravaganza has been blessed with many local sponsors, and due to these charitable businesses and individuals the Evening Lions Club has been able to help organizations such as, Angel Tree, Fosters Home, Pasture to Packer, 4-H, FFA, The Stephenville Soccer Association, Back Pack Buddies, SHS Outdoor Class, TSU Wildlife Society, Stephenville HS Bass Club, as well as Boys & Girl Scouts of America. Because of this events success the Upland Bird Extravaganza the Stephenville Evening Lions Club adopted it and made it their sole fundraising event. More than $200,000 is raised each year and donated to many youth programs. These programs vary from ones that assist in funding activities which allow kids to learn about livestock and agriculture, to the Stephenville Parks and Recreation Department that puts on youth sport events and many others. Since 2014, they have been able to play a big part in the Stephenville Independent School District’s Education Foundation that helps fund our teachers so that they may afford the supplies necessary to teach. The Upland Bird Extravaganza has grown over the years, and the members of the Stephenville

Evening Lions Club have raised a tremendous amount of money and helped countless kids in the process. It’s been a lot of work, but well worth it to see the results. And it continues to show every year with all the generosity that sponsors and attendees of the UBE show for this fun event. In the end it all comes back to the kids, to helping to get them active in outdoor activities and supporting the leaders of tomorrow. This has always been the focus of the Upland Bird Extravaganza from the start. And why do we do it? Ed Horton probably said it best, “Because these folks believe in the youngsters of the future.”

This year’s shoot is on 3/28/2020 at Rough Creek Lodge and the dinner is on 4/3/2020 at City Hall @ City Limits.

Three Reasons Why This Is Not a Housing Crisis

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It’s Not a Crisis

In times of uncertainty, one of the best things we can do to ease our fears is to educate ourselves with research, facts, and data. Digging into past experiences by reviewing historical trends and understanding the peaks and valleys of what’s come before us is one of the many ways we can confidently evaluate any situation. With concerns of a global recession on everyone’s minds today, it’s important to take an objective look at what has transpired over the years and how the housing market has successfully weathered these storms.

1. The Market Today Is Vastly Different from 2008

We all remember 2008. This is not 2008. Today’s market conditions are far from the time when housing was a key factor that triggered a recession. From easy-to-access mortgages to skyrocketing home price appreciation, a surplus of inventory, excessive equity-tapping, and more – we’re not where we were 12 years ago. None of those factors are in play today. Rest assured, housing is not a catalyst that could spiral us back to that time or place.

According to Danielle Hale, Chief Economist at Realtor.com, if there is a recession:

“It will be different than the Great Recession. Things unraveled pretty quickly, and then the recovery was pretty slow. I would expect this to be milder. There’s no dysfunction in the banking system, we don’t have many households who are overleveraged with their mortgage payments and are potentially in trouble.”

In addition, the Goldman Sachs GDP Forecast released this week indicates that although there is no growth anticipated immediately, gains are forecasted heading into the second half of this year and getting even stronger in early 2021.

Both of these expert sources indicate this is a momentary event in time, not a collapse of the financial industry. It is a drop that will rebound quickly, a stark difference to the crash of 2008 that failed to get back to a sense of normal for almost four years. Although it poses plenty of near-term financial challenges, a potential recession this year is not a repeat of the long-term housing market crash we remember all too well.

2. A Recession Does Not Equal a Housing Crisis

Next, take a look at the past five recessions in U.S. history. Home values actually appreciated in three of them. It is true that they sank by almost 20% during the last recession, but as we’ve identified above, 2008 presented different circumstances. In the four previous recessions, home values depreciated only once (by less than 2%). In the other three, residential real estate values increased by 3.5%, 6.1%, and 6.6% (see below):

3. We Can Be Confident About What We Know

Concerns about the global impact COVID-19 will have on the economy are real. And they’re scary, as the health and wellness of our friends, families, and loved ones are high on everyone’s emotional radar.

According to Bloomberg,

“Several economists made clear that the extent of the economic wreckage will depend on factors such as how long the virus lasts, whether governments will loosen fiscal policy enough and can markets avoid freezing up.”

That said, we can be confident that, while we don’t know the exact impact the virus will have on the housing market, we do know that housing isn’t the driver.

The reasons we move – marriage, children, job changes, retirement, etc. – are steadfast parts of life. As noted in a recent piece in the New York Times, “Everyone needs someplace to live.” That won’t change.

Bottom Line

Concerns about a recession are real, but housing isn’t the driver. If you have questions about what it means for your family’s homebuying or selling plans, reach out to a local real estate professional to discuss your needs.

Preferred Properties of Texas

(254) 965-7775|Contact Preferred Properties of Texas