homes for sale Archives | Preferred Properties of Texas Home & Ranch Properties Stephenville

Housing Shortage May Finally Be Starting To Lift

July 27, 2021 by chorton Leave a Comment

The massive housing shortage that started before the pandemic, and was then made worse by it, may finally be beginning to ease.

More supply is appearing on the market suddenly, which will undoubtedly help frustrated buyers and, in the long term, could take some of the heat off of home prices.

According to Realtor.com in June, new listings rose by 5.5% and 10.9% respectively year over year. The 10 larger cities with the highest number of new listings increased by 20% or more compared to last year were the most successful.

Our June data report indicates that buyers have good news, despite the fact that there’s still a lot of homes to sell and that home prices are at a record high.

As sellers entered the market with a variety price points across the country, inventory declined more than in the earlier pandemic.

It is not surprising that inventory has increased because most new listings fall between May-June, after the spring market. However, today’s housing market doesn’t follow the traditional rules. The pandemic caused unprecedented demand for larger suburban homes.

We noticed an improvement in the number of new listings between May and June. This suggests that sellers are entering market historically later in the season. It could also mean that we will see home buying continue into the autumn as buyers look for new opportunities.

Unexpected new supply is good news for homebuyers. Many have been left out in bidding battles. However, the market remains extremely tight. The inventory of homes on sale fell 43.1% over the past year, which is 415,000 less homes than were available on a typical June date. However, this is an improvement on the more than 50% declines that were seen in May, March, and April. Again, new listings were higher but still far below the June pre-pandemic average.

However, there is still more supply available for some buyers who are frustrated. The market is improving slightly. It means that more people have signed contracts to buy their next home. This in turn means there are more listings available because they are now able sell their home.

The month’s inventory, which is a calculation of how much has been sold compared to how much remains for sale, saw a slight increase, but not enough.

Housing boom will slowly recede if there are more homes on the market. It is unlikely that the housing boom will fall sharply or “bust” simply because of favorable demographics and historically low mortgage rates.

Another Great Property SOLD!

July 22, 2021 by chorton Leave a Comment

If you are considering selling your home, call Preferred Properties of Texas today for a free consultation or market analysis. Our agents are here to answer any questions you have on how we can help you get top dollar for your home.

https://www.preferredpropertiestx.com/listings/amazing-rock-home-on-40-acres-of-irrigated-coastal/

Is It A Good Idea To Go Over Asking Price?

July 16, 2021 by chorton Leave a Comment

It is important to consider the price of homes for sale when making an offer. You risk losing your offer if you offer too much and the bank might not value the home at the amount that you have offered. However, this does not mean that you should offer more than the asking prices for a home. This strategy might sound odd at first. The sticker price of a car is what you would offer, but the extra $100 for a barbecue at the shop is not something you would do. However, buying real estate is a different matter. Sometimes, it makes sense to offer more than the asking price.

There will be many offers. We are currently in a seller’s marketplace. This means that there are more buyers than homes available. Sellers receive multiple offers for their homes. They will accept the highest offer, naturally.
To be competitive in such a market, you will often need to offer more than the asking price. You are more likely to win the deal if there are three bids at the asking price but you offer 2% more than that.

The house is priced well below market. Sellers who are motivated and want to sell their house quickly will sometimes under-price their property. This will attract more attention and result in multiple offers.
If you or our real estate agent agree that a home should be priced lower than it is, then asking for more than the asking price makes sense. In order to score a deal, you will outcompete other buyers by offering higher asking prices. However, you won’t overpay.

A cash offer must be rejected. Imagine your agent talking to the buyer’s agent about the pending offer for the home. It’s a cash deal. Cash offers are difficult to beat. Cash offers are attractive because they require less work and take a much shorter time to close.
You can make a similar deal, but the seller will likely choose the financing offer. You can make it worth while for the seller to accept your offer by asking for more than the asking price

In the past, multiple offers were turned down by the seller. What if multiple offers have been made on the house but none have been accepted? Although the home is still available for sale, you don’t want another buyer to reject your offer. This behavior is commonly referred to as “unmotivated selling”. Sellers will only sell if they feel it is worth the effort. You can make an offer instead of asking if you truly want the house.

It is impossible to let go of your home. Perhaps this is the only house you have seen that suits your needs. Perhaps you have a deadline and can’t wait to make an offer. It’s a great way to get extra insurance and make sure you don’t lose your home by making an offer above the asking price.

Deciding how much to offer for a home isn’t always easy! It’s important to have a good agent on your side to help you make these decisions. Contact us if you’re looking for a reliable agent to guide you through the home buying process.

Over Improving Your Home May Not Be A Good Thing

June 12, 2021 by chorton Leave a Comment

You love good things, the finer things in life, fine information and all of the conveniences that a home provides. You purchased your house and updated to a top of this line everything on your Kitchen, on your Baths, your home’s floor, your fittings, your window coverings, your landscaping and so much more. It is your house and your need the very best.

When you look around the area, your neighbor’s home appears paltry compared to yours. You enjoy being the cream of this crop, the King of the Castle, so to speak.

Now you are thinking you wish to sell your property. You have been looking at current home sales. You have noticed that the local house sales are coming in considerably lower than that which you believe your house is worth. You are confident that your house will sell for much more that what other homes are selling for as well as when compared to larger houses with more bedrooms. Why could these shut sale costs be far off, you wonder? Regrettably, you probably over enhanced your house for the area. As mentioned previously, you decided the very best of all, because you worked hard and you’ll be able to afford it, but doing this is not a fantastic thing, if you are worried about resale value. Over improving a house that is located inside a neighborhood in which your house is the Castle in the area, will probably disappoint you if the time comes to put up your home for sale, since it’s going to be exceedingly tough to recover your upgrade prices when none of those other houses had the high end updates, compared to your house. This may lead to losses, since most buyers won’t wish to pay over market worth simply to receive your house’s upgrades. They might take their cash and purchase at a place where similar attributes are more common. Then, when it is time for them to market their house, they will not be confronted with the possibility of declines because of being over improved to your area.

Give Preferred Properties of Texas a call. We will provide you with additional Real Estate tips.

Creating a Better Home While Increasing Its Value

December 26, 2020 by chorton Leave a Comment

2020 continues to be a year where folks have spent time in the home lately memory. Turning the house to a livable space has to be the aim in this time period. The house should be regarded as a massive investment since it’s probably the majority of a individual’s net worth if they have the house outright or through home equity. Improving your house and its resale value concurrently should be the objective of every homeowner.

Flooring Change

Maintaining the carpet clean through the house can look to be a full-time task in itself. This job gets a lot more difficult with kids or even a pet operating around. Wood flooring may not be the most suitable choice for families with children or pets, because it could be scraped. Water left with no cleaned up can cause the floor buckling along with the floor with need to be replaced at any stage. A fantastic choice is really a faux wood tile that offers you a look of wood with no upkeep related. Tile can defy anything other than heavy items being lost but a cracked tile could be substituted at a sensible price. Make a list of pros and cons to determine which kind of flooring will really increase resale value when decreasing time spent keeping the flooring.

Garage Door Replacement

Garage door replacement may give a house that curb charm that things immensely when set a house. Painting a present garage door can aid with curb appeal however may not be needed. A home inspector will make notice of a garage door that may cost tens of thousands to replace. Look after this today by replacing your present garage door with a more modern choice.

Building a Deck

The deck may be a excellent spot to amuse if you’ve got a pool or not. The 1 aspect to remember is using the support of guaranteed contractors with past experience building decks. The last thing anybody needs is that a deck to fall when people are over contributing to numerous accidents. For all those who have pools, the pool can have an outside kitchen additional. Being in a position to amuse without worrying about spills at the house provides the greatest advantage for hosts.

Opening Up the Toilet and Including an Island

This is the point where a household congregates during foods and in which guests do the same. Having the ability to open the kitchen up may allow parents to observe their kids while they’re prepping meals. The kitchen island can help with prepping as additional counter area makes it quite simple to prep quite a few components. HGTV has popularized such islands and this station might have a bigger impact on a buyer’s checklist compared to their tastes. Movable islands would be the most versatile, since they may get in the way occasionally if not put in a handy place.

Finishing Your Basement

The reality is that the majority of the crap from the cellar could be thrown or sold out. Including a lot of square footage from livable space in the house by completing the cellar is sensible . The cellar is much too versatile of a room to be utilized for storage since it can readily be used for entertaining. A teen that yearning for solitude might observe the cellar as their flat. Placing a toilet in the basement may also enable for advantage if the cellar is become a coveted individual cave. A purchaser will see this distance for a bonus compared to other pristine rugs in houses they’ve been shown.

Taking the opportunity to make a list of developments which you wish to create within the upcoming few years is vital. The list may offer motivation to conserve cash for another job which will alter the power of a space or the whole house.

If your interested in selling or buying your home in Stephenville please give our office a call. We are here for all your Real Estate Needs!

Homes for Sale in Stephenville

Tips for First Time Buyers

November 13, 2020 by chorton Leave a Comment

Tips for first time buyers, like when choosing any new job, the more you understand and know, the better things are very likely to go. The exact same goes when purchasing a house for the first-time . Together with our first time buyer suggestions, you need to be able to prevent lots of the issues that could stop your purchase from moving nicely.

Let us take a peek at a few of the critical points to take into consideration before you jump to the housing market and purchase your first property.

Getting Ready
Among the most crucial methods for first-time homebuyers would be to be certain that you are able to afford to purchase. Renting an apartment is far different than owning a house. With homeownership comes a different amount of fiscal obligation. The necessity to have your fiscal house so well ahead of time of setting the deposit up to your residence is vital.

Down Payment
You have to have money stored for your deposit . The quantity you want will be based on the lender and the sort of loan that you select. Lenders prefer for you to get a down payment of 20 percent, however you can eliminate only 3% of the cost when you have good creditscore. But, even 3% will be tens of thousands of dollars for an average priced house.

Closing Expenses
There are lots of fees to pay if purchasing a house. A number of these will have to be paid at closing. You ought to budget for somewhere between 2% and 5% of the mortgage sum. Sometimes sellers are willing to assist with closing prices to make matters easier for the purchaser.

Moving In
The prices do not end as soon as you’ve purchased the house; you still will need to cover to proceed in. This may entail choosing a moving company , if you’re so inclined, you can do the transfer yourself. There might also be additional costs like repairs shortly after you have moved in.

Improving Your Credit Score
A lot hinges in your credit rating because it decides the mortgage you’ll be offered along with the rate of interest you’ll need to cover the loan. There are a number of things that you ought to do before applying for a loan to assist.

Check your credit reports and resolve any errors. Errors might be negatively affecting your score, get in touch with the proper agency to take out the issue. Be certain that you pay bills on time, and do not close any accounts or apply for fresh ones before closing on your property.

Picking a Mortgage
There are a couple of distinct kinds of mortgages to select from. They offer you an assortment of benefits for first-time buyers, from reduced down payments without down payments in any way.

Traditional Loans
Government applications do not back traditional mortgages, but there may still be great offers for first-time buyers. You ought to be able to locate mortgages with down payment requirements as low as 3%.

FHA
The Federal Housing Administration (FHA) backs the FHA loans application. Their greatest down payment deal requires 3.5 percentage of their cost to be supplied by buyers. FHA mortgage applications are among the most popular amongst first-time homebuyers. There are many advantages to FHA loans.

VA
If you’re a veteran or currently working out, the VA loans application provides great terms. They permit you to purchase with no cash down and also have lower prices too. Whenever you’ve served your nation, the VA mortgage program is among the most appropriate for first-time buyers.

USDA
The Department of Agriculture presents rural homebuyers the prospect of purchasing with no deposit too. If you reside in a region where the population is below 30K individuals, you may want to research a USDA loan.

First-Time Buyer Assistance
There may be help from your local or state authorities if you’re a first-time purchaser. There might be low-interest mortgages, in addition to help with down payments and closing prices. Check in your own county and city government sites to discover what’s available.

Comparing Loans
To be certain to have the best mortgage for you, compare prices from various lenders. They are going to have different charges and interest rates that may make a substantial difference to the amount you need to pay over the duration of this loan. Some lenders may give the opportunity to decrease your interest through purchasing discount points, and all this has to be compared.

Preapproval
When you’re pleased with what a creditor is offering, you will need to acquire pre-approval. A pre-approval letter will reveal real estate brokers that you’re a serious buyer that can find the loan required, which might provide you an edge over other buyers.

When you receive pre-approved, you will really discover how much you can afford to spend on a house. They’ll examine your earnings and expenses, to find the maximum they are willing to loan to you.

Finding Your New House
The very first step when beginning your search is to select your realtor. They’ll be working on your own side through all phases of this home-buying procedure, and that means you want to have confidence in them. It’d be best if you tried to get referrals from people that you know then contact the brokers to realize how they could assist you as a first-time purchaser.

Selecting Your Neighbors
Deciding which area to live in will earn a great deal of difference to your own experience of residing in your new residence. Pay attention to the place that you would like to move to so you are aware that it’s the type of place you will be pleased in. Visit at different times of the day to make sure and assess the accessible amenities in the region.

When you understand the place that you would like to proceed to, your realtor can help you to find the house you desire. Decide on a kind of house that meets your lifestyle requirements and your budget. A house in need of renovation will probably be more affordable, however you’ll require the budget to produce the required improvements. Tons of first-time buyers underestimate the expenses connected with fixer-upper houses.

Purchasing Your First Home Tips
Once you’ve found the ideal house for you and had an offer accepted by the vendor, you have to do a couple more things before the house is yours.

A house inspection is a good idea to be certain that there aren’t issues that will make you regret your choice. The contractor will thoroughly assess the principal elements of the house to evaluate the status. This will offer you a better comprehension of what it is that you’re hoping to purchase and alert you to any issues with it. Knowing the way the house inspection functions is vital to get a first-time homebuyer.

It’s possible to attend the review if you’d like. This enables you to ask questions to find out about the house’s problems and how severe they are.

Negotiations
If the home inspection finds any essential repairs, then you are able to negotiate with the vendor to get them fixed. When they don’t need to do so, it is possible to ask to decrease the home cost to pay for your future repair requirements.

If you’re fighting to save enough cash to cover both the deposit and the closing costs, you can ask the vendor to donate to your final costs. Should they do assist you, so which you are able to continue with the buy, you want to know about any rules your creditor might have concerning the amount they could contribute.

In any discussions you have with the vendor, you’ll be in a stronger position when there are fewer buyers in the market. Whenever there’s a great deal of competition for houses, with a number of buyers vying for every home, you’ll have a tricky time getting concessions by the vendor.

When the market is hot, you might discover the vendor won’t negotiate in any way. You are going to wind up having to choose in the event that you truly need the home or not. On occasion, whenever there are significant difficulties, it could be better simply to walk off and get your earnest money-back .

Home Insurance
Another thing you’ll have to cover is house insurance. This will be needed by the creditor to ensure that the expenses of rebuilding the house are insured should the worst occur. First-time homebuyers need to have a firm comprehension of the fundamentals of home improvement.

Final Thoughts About Buying Your First House
Purchasing a house for the very first time is an wonderful feeling. You’ve entered another phase of your life using much more responsibility. Nobody said homeownership was simple. It’ll be your responsibility to take advantage of it.

Hopefully, you’ve found these first-time homebuyer suggestions to be helpful. When you are ready to make that big purchase a home contact a Realtor with Preferred Properties of Texas