Rumor has it there’s a new broker at Preferred Properties of Texas in Stephenville, TX…..Rumors are right! Case Horton, MS, GRI – Realtor at Preferred Properties of Texas passed his broker test!
Now with two brokers, we can help even more with your real estate needs and that makes all of us on our team happy!
If you have any questions about the buying and selling process, get in touch with us.
www.preferredpropertiestx.com
For Stephenville listings text HOMES to 877-965-7775
When shelter-in-place orders brought the market to a screeching stop earlier this season, many considered the residential home market could follow suit. Countless analysts forecast buyer demand would evaporate and home values could depreciate for the very first time in nearly a decade. That, however, did not happen. It seems the reverse is happening.
After the bottom fell out of the actual real estate market immediately after the shutdown, it’s come roaring back and appears to still be gaining steam.
Monthly, NAHB releases its Housing Market Index, a poll of NAHB members that speed market requirements for the sale of new houses in the current time and within the subsequent six months, in addition to prospective buyer traffic to get new houses.
This monththey noted that builder confidence in the market to get newly-built single-family houses increased to the maximum reading from the 35-year history of this sequence.
The amount of newly constructed houses being constructed will be nearly at precisely the exact same amount as a year ago, though the financial shutdown crushed home construction earlier in the year.
Present Homes Are Additionally Selling Like Hotcakes
The report demonstrated that month-over-month earnings increased by 24.7%, putting another record for its group.
Home earnings rose by 8.7% .
Both the recently constructed and existing home sale niches are submitting numbers greater than one year ago. Real Estate is back. If you are considering purchasing or selling, today could be the opportunity to get in touch with a agent for expert counsel.
Each year, households across the nation make the decision to rent for one more season or take the jump into home ownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will almost certainly take into consideration monthly housing costs, tax benefits, and other incremental expenditures. With these measurements, recent studies show that it is still more cheap to own than rent in most of the nation.
There is, however, another financial advantage to owning a home that is often forgotten in the analysis — the wealth constructed through equity when you own a home.
The normal advantage in the sale of the house (equity) has improved significantly over the last five years.
The National Association of Realtors (NAR) just reported that now, the median-priced home in the country sells for $309,800.
As you make your plans for the coming calendar year, make certain to consider the equity benefits of house price appreciation since you weigh the financial benefits of buying over renting. When you do, you may find this is the best time to jump right into home ownership.
When your ready to become a homeowner contact our office and speak to one of our knowledgeable agents. We are here for all your real estate needs!
The COVID-19 pandemic is unlike any disaster the economy has experienced before. Neither the Great Depression nor any recession over the past two centuries caused such a steep economic decline in such a short time. Economic activity rebounded during third quarter 2020 after contracting sharply the previous quarter because of shelter-in-place restrictions. However, the recovery’s strength and pace slowed by the end of the third quarter due to the incomplete reopening of the economy, fiscal stimulus dissipating, and uncertainty regarding the pandemic’s future. Prospects for the economy’s reopening and recovery took an additional hit at the end of 2020 as the number of cases and deaths rose at an alarming rate.
Health outcomes will obviously be key to economic recovery in 2021. The pandemic is expected to be under control by the end of the year, in large part because of the distribution of the Pfizer and Moderna vaccines across the U.S. during the first of half of the year. This will allow for a gradual reopening of economy, especially in the service sector.
Click on link to read more:
https://www.recenter.tamu.edu/articles/special-report/2021-Texas-Housing-Economic-Outlook-2294
TITLE
Title refers to your legal ownership of a house –it provides you the right to reside there and sleep there and use it as you desire. “Title,” though it sounds just like a document you’d see in a three-ring binder somewhere, is a notion, not a piece of paper. In case this definition is still somewhat foggy, know that name identifies a”bundle of rights” to a house that gets transferred from seller to purchaser, such as:
The best of ownership
You own the property, it is yours!
The best of control
you are able to use the home as you please, provided that you don’t break the law.
The best of exclusion
Go ahead, be the cranky neighbor who tells people to get off your yard (we child, but technically it is your right). It’s also your call to say who can enter the property.
The right of pleasure
Play basketball in the driveway, sip coffee on the porch, throw a party! Do what you like, provided that it is not illegal.
The right of mood
What is yours to keep is yours to market. The right of mood provides you the ability to transfer possession of your home (with some exceptions, explained below).
Be aware that you simply”take title” to a home when you buy this, and the name provides you the lawful go-ahead to market it again someday. But there’s a hitch.
You can not transfer possession of a property before you”clear title.” This means you’ve shown your title to the house doesn’t have any clouds or defects such as liens, judgments, or bankruptcies.
Basically the buyer of your property (and the lender financing the transaction) doesn’t wish to take on some of your old IOUs that use the house as collateral. Before closing, a title company or property attorney will run a title search to test for any of these potential problems.
Any title issues identified in the title search need to be cleared before the purchase can move forward.
Common title flaws include:
Until you can confirm the absence of any flaws –or resolve the ones that do come to light, you do not have a”clear” or”marketable” name to move to the buyer, and your sale will probably come to a stop.
DEED
The deed is your physical record that conveys the name to the owner when you sell your house. Both you and the buyer will have to sign the deed to seal the real estate agreement.
As it’s a physical, legal document, the buyer of your home gets the true deed in their hands at the time of sale, which proves they have title to the house. There are a few main types of actions to notice:
General Warranty Deed
The General Warranty Deed is most commonly used in traditional home sales and provides the maximum protections for individuals buying your property. It usually means you, the owner, have clear title and a right to market the property, and no comprehension of any unforeseen issues that might think of the name to the life of their property, not just since the period you owned it. It also says that nobody else has rights to own the property.
Special Warranty Deed
A Special Warranty Deed is similar to the General Warranty Deed with a single exception–it merely promises clear title for the time you have owned the house. This is usually used for commercial property transactions, and can also be called a Covenant Deed.
A Grant Deed, like the two types of warranty deeds, reveals that you have clear title to market and no comprehension of anything that might affect the title. However, it does not include the guarantee that you’ll defend the title against other people who might end up having claims for it after the purchase takes place.
A Quitclaim Deed offers the least amount of protection for a buyer of your home. It is normally used when a property owner gifts a house to somebody else. The Quitclaim Deed transfers ownership and rights to the purchaser, but with no guarantee that the seller is actually able to achieve that. The seller might not even legally be permitted to market the home, but the buyer would not have the ability to take any recourse against the seller after the truth if this was the case.
If your house is being marketed at a tax sale or sale the house may be sold using a Bargain and Sale Deed. This usually means that the seller doesn’t need to clear name and there are no protections to the buyer–so, as an example, if you’ve obtained liens on the house, they stay with it once you sell and the purchaser is responsible for cleaning up everything after the actuality.
Abstract of title
While we’re talking about deed vs. title, there’s another expression worth explaining: abstract of title. Though”title” is a theory as opposed to a document, material facts related to a property’s name might be documented in the form of an abstract.
An abstract of title is the condensed form of a property abstract, which tracks your home’s legal history and past chain of ownership. As a homeowner you might have the abstract of name –potentially a thick pile of paperwork–stored in a file cabinet somewhere.
The abstract of title most often includes”a summary of the original grant, following changes in ownership and any encumbrances on the land, and finally a statement from the person preparing the abstract that it is accurate and complete,” based on online legal technician company Rocket Lawyer, which serves 20 million consumers.
Let’s say you put your house up on the market, bring an offer, and before closing the purchaser’s title company conducts a comprehensive title search to check for any exemptions or defects on the property per standard procedure. The name company comes back to you along with the purchaser and states,”You’re good to go! We did not find any difficulties. This sale will go ahead and move forward.”
Wonderful. The buyer goes forward with the purchase, and you sell the home no problem.
Until….
A year later, the buyer who thought they covered all their bases with their new house’s title, comes to find a hidden title issue with the home which will cost them thousands of dollars to remedy. And today they’re the ones on the hook to fix it.
Enter title insurance. After the name search on a house is completed, and even if the hunt indicates a clear and free title, the buyer of the home and the lender financing your home will probably use title insurance to get protection from an event such as the one described previously.
With title insurance, the notion is that a purchaser who faced an unexpected title issue could file a claim and get policy, instead of having to pay for the correct from pocket.
No corporation will guarantee the house until the easement issue is solved. For deed issues, you need to have a corrective deed drawn up, and get it notarized and recorded with the proper legal office locally.
Note that a title insurance policy does not negate the need for a title search, but is issued irrespective of the name search outcome. Typically the seller will cover the buyer’s title insurance plan , although the buyer pays for the lender’s title insurance, but this could be up for discussion.
The percentage of individuals who get a payment in their title insurance is low–only approximately 4% to 5 percent ; however, just about all lenders will require title insurance at a standard transaction. The most important thing is: the chance of hidden flaws remains large enough to call for insurance.
We are feeling the love this Valentine’s Day and giving away two yummy assorted strawberry & chocolate trays from Littlejohns Produce.
Go to our Facebook Page and follow steps to enter(make sure all steps are done):
like our Facebook page- Preferred Properties of Texas
Like & Share the giveaway post
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Two winners will be announced Feb. 12th at 10am
If you’re interested or know of anyone interested in selling or buying a home or have any questions about today’s market, give us a call. We are happy to help!
