Make Downsizing Easier

June 21, 2022 by chorton Leave a Comment

It can be difficult and time-consuming to downsize. These are three ways to prepare for moving into a smaller house.

Give yourself time

You should start planning as soon as possible to avoid feeling overwhelmed. Also, you will want to allow yourself to reflect on the precious items that you find when packing. Instead of worrying about the packing process, take the time to cherish the moments.

Make a list

Make a list of the rooms, including storage areas, that you need in your new home. Also note what furniture and essential items are needed for each room. To ensure that they fit, measure the rooms in advance.

Make Piles

Keep your possessions in one place. You can easily weed duplicates and dispose of what is not needed by sorting your possessions into piles. Donate, sell or toss the stuff that you don’t want.

Do not feel that you have to do it all yourself. Ask your REALTOR(r), for suggestions for reliable movers, professional organizers, and other relocation services.

Original blog: https://www.texasrealestate.com/members/posts/3-tips-to-make-downsizing-easier/?utm_medium=email&_hsmi=215731127&_hsenc=p2ANqtz-_CInhQeZCKGfqAu4gOIURNMj8oe93LaAp02fCz-jnOVxjTh7F3Yn3wlaAM0_C_FSRHP8_5rXCQN-Iu3N3uKdMKgZe1WQ&utm_content=215731127&utm_source=hs_email

First Time Mortgage

June 2, 2022 by chorton Leave a Comment

The process of buying your first home can be exciting and complicated. There are many things you need to know. The mortgage is one of the most important but also the most confusing item on this list.

We covered the basics of a mortgage in one of our articles about first-time homeownership. In this article we will go deeper into the subject and offer some tips and tricks to help you get through the process.

What criteria must I meet to get a first mortgage?

To be approved for a mortgage, homeowners must meet certain requirements. According to Investopedia, certain lenders offer Special loans and benefits for first time homebuyers

Many people are surprised to learn that there is a general definition for what a “first-time homebuyer” is. To be approved for loans for first-time homebuyers, you must meet these terms. The U.S. Department of Housing and Urban Development (HUD) has established the criteria.

Who hasn’t owned a primary residence for at least three years?
An individual who is the sole owner of a residence that is not permanently attached to a foundation
A single owner who has owned only with a spouse
An individual who only owns a property that is not compliant with building codes

There are many loan programs that can help you purchase a home if you fall into any of these categories.

Additional requirements must be met before a mortgage can be approved

Other than the requirements above, you will need to prove your income for at least two years, a down payment of 3.5% and a credit score below 620. There are many programs that will allow first-time buyers purchase without requiring them to meet these requirements.

What are the best mortgage options?

There are many mortgage options. The most popular type of home loan is the 30-year fixed mortgage. This is a traditional bank private loan. There are many other loan options. Check out the top-rated types to find one that suits your needs.

1) Federal Housing Administration loans (FHA): Insured Mortgages that require 3.5% down FHA loans are more competitive than conventional loans because they have lower interest rates, smaller downpayments, and lower closing costs.

2) U.S. 2) U.S. Department of Agriculture loans: This loan program for homebuyers is aimed at rural homes and comes with fixed payments.

3) U.S. U.S. Department of Veterans Affairs loans (VA): These loans are available for military personnel with no down-payment, including veterans and active-duty military personnel.

4) First-time homebuyer programs in Many states offer local lenders that are more suitable for the borrower’s location than national lenders. NerdWallet offers a comprehensive guide to first-time buyer programs for each state.

5) Home Renovation Loan: This loan is for homeowners who are looking to purchase and remodel their home.

6) Fannie Mae loans and Freddie Mac loans: Created in Congress, Fannie Mae loans and Freddie Mac loan are the backbone of our housing finance system. They support conventional loans with only 3% down.

Find the perfect property!

There are many options for mortgages for first-time buyers. It is important to research your options and consider your needs before you choose the right mortgage.

Contact Preferred Properties of Texas

Original blog: https://www.landhub.com/land-news/mortgages-for-first-time-homeowners/#comment-13055

Low Inventory, High Prices And ‘Ruthless’ Speeds Make The Market Ripe For Sellers

April 13, 2022 by chorton Leave a Comment

It’s still a sellers’ market. Good for the sellers, but unfortunately not so much for the buyers. The low inventory of homes for sale is still creating a sellers’ market throughout the entire country. The word that comes to mind when describing the last two years in our area alone is ‘ruthless! This market has been moving at mach speed. It has pretty much been the perfect storm with extremely low inventory all around and will still give the sellers the upper hand for 2022.

Real estate has been very good, it’s very robust. 2021 was a great year for real estate, expect similar activities to continue in 2022. There are more people looking to buy right now and fewer properties for sale. It is a good year for sellers.

Now is the time certainly for buyers to buy because of what is likely to happen with the mortgage interest rate as well as prices increasing. And now is the time for sellers to sell while we are kind of at the top of the market here now.

If your ready to sell give Preferred Properties of Texas a call! Let’s Get Started and Get Your Home SOLD!!

Original Blog: https://www.oswegocountybusiness.com/feature-stories/real-estate/sellers-are-dominating-the-real-estate-market/

Preparing Your Texas Land or Ranch for Sale

January 27, 2022 by chorton Leave a Comment

Preparing Your Texas Land or Ranch for Sale

You have now decided to sell your land or ranch. You have to prepare it just like a house seller. You have to make it as showcase-ready as possible and within the scope of work and money you can shell out.

First, find an experienced real estate agency that handles raw land and ranches. Experienced raw land and ranch realtors are more knowledgeable about the market and what buyers are looking for. They have a sharp eye for what needs to be developed or tweaked in the property before displaying it to prospects, as well as features that will add or subtract to the value of the land.

Now Let’s Get To Work

Put yourself in a buyer’s shoes – what key features or elements are you looking for in a ranch or land?

Your fence should be in top shape, or the best you can do. Fix loose or broken wires and replace posts that have seen better days. If you have electric fencing, make sure these are operational without you being electrocuted. Yearly cleanup of overgrowth of land near the fences would save you time and money; however, if you’ve neglected it, a once-over is advisable so buyers can see the fences. For areas without fences, mark them with “T” posts or stakes, so buyers will see the boundaries of the property.
Give them the grand entrance – Fix the gate. A working and presentable gate gives the impression that the property is well taken care of. A gate that opens and closes well without any insect nest or grass covering it gives a good first impression. It doesn’t have to be new, just working, not hard to open or close and fresh paint will do the trick. If you can spare the money and time to install a new one, that would be even better.
Buyers are always in awe whenever there are great views or water features on a property. Make sure river or lake banks are clean, free from trash, debris, and other obstacles. Enhance viewing spots by keeping them clean, trimmed, and mowed as well as the path to get there. It’s like when showcasing a house; you are enhancing the best features to stir up the imagination of buyers what they can do to the property – for them to imagine the further potential of the ranch.
Concerning the viewing pleasure of potential buyers, make sure all viewing spots to see the whole property are accessible without being tangled in shrubberies or anything that can deter them from touring or walking through the area.
Speaking of accessibility, if your property is landlocked, make sure you have a documented easement agreement with your neighbor or neighbors that gives access to the land. Aside from the agreement, make sure that easement access or the road leading to your land is accessible and direct, so as not to create confusion on which property is on sale and not enter your neighbor’s land.
Clear out all the trash and junk that stick up like sore thumbs from the pristine views. Junk and trash such as rusting vehicles, wires, or metal pipes should be cleared out. That also includes the shell casings of guns from the last shooting party with friends and family. You want to give the best impression to buyers that they are buying a prime piece of property that’s well taken care of. This will give them the idea of the potential of the land, and possibilities for income generation or leisure activities.
For still useable stockpiles of wood, pipes, bricks, automobile parts, and other knick-knacks, organize them in one place. These things can still look presentable as long as you arrange them in an orderly manner.
Of course, you also need to stage the main house, barn, or any other structure, adding to the curb appeal of the property. A fresh coat of paint, roofing repairs, amenities such as HVAC, insulation, water supply, and heating are the usual home features the buyers will be checking.

After tending to the physical aspects of the property, it’s time to look after the paperwork, documents you need to have on hand.

Land title, real property tax receipts, easement agreements, and water rights are the basic papers that need to be on hand, to be checked by your realtor. Without these papers, it will be difficult to sell the property.
Prepare records of Income statements, as well as documents of wildlife and fisheries in the property. These help target the right buyers.
List the livestock, equipment, and structural improvements that will be included with the ranch. You want prospective buyers to have a full picture of what they are getting with the land.

All these preparations will make it easier for you, your realtor, and the buyer to conclude terms of pricing, offer, and final decision on the sale. A ranch or land sale is just like selling a house. You have to stage it, both physically and on paper for you to get the optimal price.

Top Trends in Selling Ranches or Land in Texas

January 25, 2022 by chorton Leave a Comment

Top Trends in Selling Ranches or Land in Texas

This is the golden opportunity for selling ranches or land in Texas. Before the global COVID-19 pandemic, there was already an increased demand for land in the Lone Star State. The pandemic did not dampen this trend; instead, it boosted the search and sale of real estate.

Profile of New Buyers

Two major driving forces of buyers are heading for lands and ranches are: first, the necessity for a change of lifestyle, and second, as an investment due to the uncertainty of other portfolios. The year 2020 proved to be just a sneak peek into the future of real estate in Texas. The spread of the COVID-19 in urban and densely populated cities was a game-changer in terms of lifestyle and investment.

People are now looking at properties in less populated areas, no matter what amenities are available. Investors, in real estate and other portfolios, are pivoting towards open lands than high-rise apartments, stocks, or bonds. In other words, you are looking at a new breed of buyers – first-time homebuyers, millennials, and city folks.

Property buyers are looking for their piece of paradise, whether this means organic farming, ranches to keep wild game animals for hunting, and other leisure and alternative income-earning pursuits. These buyers, for the most part, are very much aware of the environmental impacts of these endeavors. Thus, the preservation of the land is a priority. In other words, they do not want to mess up the beauty of the wide-open space Texas has to offer.

Trending as One of the Best States to Live in

Pre-pandemic, Texas had already been hailed as one of the best states to live in. It has a balance of good schools, job opportunities, and leisure activities that many are looking for in communities. The urban areas and surrounding suburbs have all the right amenities and elements, while in keeping with a lower cost of living compared to other states such as California and New York.

Now, because of this, those who own properties near urban centers or within the vicinities pre-pandemic and the natives, of course, can sell at the most optimal rates to buyers. They can buy outskirt lands, ranches, or in more rural areas. Other land buyers are out of state, even from foreign countries, who want a piece of the American lifestyle at its best. They may be investors who want a secondary or tertiary residence. Investment to nest their eggs while other portfolios are still uncertain.

Land has always been the most stable investment that can turn into easy cash or passive income in the future. Land properties still offer more possibilities and opportunities than other investments. More people are realizing this as the wave of the pandemic has hit the country. Texas, with its hills, meadows, and prairies, is ideal while still enjoying the benefits of better healthcare and lifestyle options.

Social Unrest in Big Cities Resulted to in the Big Move

Uncertainty was not only felt in the financial districts in big cities but also in the streets. 2020 has been a year of unpredictability, where unrest and violence ruled some city streets. Families saw how more dangerous and potentially life-threatening urban living could be. This became the deal-breaking decision for some to move to the country, which would be more peaceful and more conducive to health and wellbeing.

Now The Numbers

Ranch lots were the first to go in the second half of 2020, as buyers bought at about 552,707 acres in rural areas of Texas. That is equal to $1.69 billion. The total value of sales in 2020 is 28.9% higher than the same time in 2019. These are sales and increases in prices across seven regions that include Austin/Waco/Hill Country. Sale and price averages have doubled for the past six years.

Now is the right time if you have land that you want to sell, while everything is still sunny and looking bright and clear like the big Texas sky.

Access and Easement 101 for Texas Land Buyers

July 21, 2021 by chorton Leave a Comment

Mr. Mac and Mr. Cheese were neighbors and friends. Mr. Mac bought a piece of land adjacent to Mr. Cheese’s property. However, to get to his newly bought asset, Mr. Mac must pass through Mr. Cheese’s area. Being good neighbors and friends, they agreed verbally that Mac could pass through the property so that he could get to and from his lot. For years, he was able to use the property as a right of way. Unfortunately, Mr. Cheese died and his heirs sold the property that served as a right of way. The new owners did not honor the verbal agreement that existed between the friends. Mr. Mac lost access to his lot, and for whatever use the land was to him, he cannot continue until he is given easement by the new landowners.

Sounds familiar? This is the classic case of easement – the right of way, and the dilemma of verbal agreements in such circumstances.

What is Easement?

An easement is a legal ability to use someone else’s land to use for a specific purpose. Landlocked properties are usually the kind of land that needs easement, to gain access. In the story, Mr. Mac bought a landlocked property and needed permission from Mr. Cheese to access it. Mr. Cheese permitted Mac to enter and exit to his property. In most cases, the agreement/permission would be written and recorded at a county clerk’s office. However, an implied or verbal agreement was sufficient for them as can be seen in this story.

When the easement is documented and registered, it becomes an encumbrance or a claim on the land’s title.

Kinds of Easement Including Right of Way

Easement is the right given by a landowner to another person to use his land for a specific purpose. It is also specific whether it is for the whole use or only a certain portion. Here are the different kinds of easements:

IN GROSS is given to specific individuals or companies for a specified use, intent, or purpose. This kind of easement agreement is not transferable with the property when sold or transferred in other means. A new agreement must be drawn.
Appurtenant is the kind of easement attached to the land. Right of way is an appurtenant easement that is passed with the property when it is transferred or sold. When buying land with an adjacent landlocked property, make sure to check for an easement agreement, especially before undergoing land development such as building facilities or improvements such as permanent fencing.
Utility Easement is most commonly used by utility companies. They are given the right to use a specific part of the land for utility purposes such as electrical poles.
Prescriptive easement is the right to use land without the permission of the landowner. Permission is given to an individual, at a specific period or length and the use of the portion of land meets requirements. Different states have different rulings on prescriptive easement.
By Necessity gives someone the legal right to use a portion of a property as long as the need is considered valid. This is usually used for landlocked residential property with no access to a road except via another property.
Private Easement is an agreement between individuals or companies that allows the person or company to access, build or maintain a structure on a property.

Effects of Easement to Property and Owner

If the easement agreement of Mr. Mac and Mr. Cheese was documented and registered, it would affect the sale of the property and its new owner.

Effect on Property Values

Easement affects the value of a property. When a property with easement is for sale, the land value would include it. When a property owner is offered an easement agreement by a landlocked owner, a real estate appraiser would be called to appraise the value of the property or portion of it. The appraiser adjusts the value based on the rights and easement used that will affect the surrounding property where the portion of easement will be enforced. Residential lots’ value is not affected by easements in most cases, because these usually on edges of the land or for utility management only.

Problems Property Owners Encounter

Be informed that if you have a property with an easement agreement, you cannot make improvements or build within the area where easement is enforced. Any structure that blocks access will be torn down. To ensure you will not encounter problems and develop the surrounding property optimally, know the placements or where the specific areas are.

If you are a buyer, find out in advance if there are existing agreements with adjacent landlocked properties, the kind of easement, locations, and with whom. Registered agreements are usually considered public documents, so research through the local registry office.

You can also ask for the assistance of a real estate agency, like Preferred Properties of Texas, to help you gather documents. Our Real estate agents at Preferred Properties of Texas are experienced with handling agricultural and industrial lands and know where to look and how to gather this information.