339 Preston Glen, Gunter

17 Jun

339 Preston Glen-23

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First Love, Second Wife or Third REALTOR

15 Jun

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There is a story of a real estate agent’s prayer: “Dear Lord, if I can’t be someone’s first love, or second wife, at least, please let me be their third REALTOR®.” In a normal market with a balanced supply of sellers and buyers, this describes the preference that it might be better to be the third listing agent to help the seller after they became more realistic about their list price.

In today’s market, it might have more to do with buyers because of the increased competition, their chance of having an accepted offer is greatly reduced and it is only after they have lost several that they become more aggressive in the negotiations.

Competition for homes being sold has greatly increased over the previous two years, according to a recent REALTORS® Confidence Index Survey from NAR. In April of 2021, there were nearly five offers for every home sold which increased from two offers in 2019 and 2020.

Utah reported the highest number of offers per home sold with seven while Arizona, Georgia, New Hampshire, and Washington had six. California, Colorado, Tennessee, and Texas each had five offers per home sold.

To make their offers appear more attractive, more buyers are making cash offers to eliminate financing contingencies and reduce the chance of rejection. Cash offers represented 25% of offers in April and 21% in the first quarter of 2021 compared to 18% in 2020.

Buyers who are not able to make cash offers are increasing their down payment. Nearly half of homebuyers are putting 20% or more down during the first quarter of 2021. Even first-time buyers are using an 80% mortgage to make their offers more attractive to sellers.

The median days on the market for listings was 17, down from 21 days a year ago. 31% of residential sales were made to first-time homebuyers which is down from 32% in March 2021 and down from 36% one year ago.

While nearly ¾ of homes closed on time, 5% were terminated and 22% were delayed but eventually went into settlement. Appraisal and financing issues were the major contributors to the delayed transactions. The two major factors for the terminated transactions were also appraisals and inspections issues.

Today’s environment requires a strong, sensitive agent who understands your goals as well as the intricacies of the market to be able to devise a plan to make it happen. Your agent and their recommendations for the other professionals involved are the boots on the ground necessary whether you are a buyer or a seller.

15905 Buffalo Creek Drive, Frisco

14 Jun

Buffalo Creek twilight front

LUXURY ABOUNDS IN THIS STUNNING HOME WITH RICH UPDATING

3 Bedrooms / 2 Baths / 2 Living Areas / Outside Kitchen
2905 sq ft / Built 2006 / Frisco Schools

CLICK HERE TO VIEW HD TOUR

This gorgeous Highland home on a corner lot in sought-after Hunters Creek offers rich updating and is within walking distance of 3 of Frisco’s finest schools. . Stone landscaping beds, as well as an upgraded leaded-glass front door and coach lights enhance the curb appeal and elevation of this home and upon entry your guests will be greeted by rich nail down hardwood flooring in the hall, study, formal dining area, family room and kitchen. The executive study offers privacy with French doors, vaulted ceilings and a beautiful view of the front yard. Host gatherings in the stunning formal dining room that boasts double-crown molding, a window seat with plantation shutters and adjacent built-in shelving. The kitchen offers an inviting environment for any chef that includes a granite island, sink with updated faucet, black appliances, gas cooktop and 42” cabinets with crown molding and walk-in pantry for plenty of storage. Enjoy a quiet morning breakfast at the breakfast bar under updated pendant lighting. Additional storage space is available in the butler’s pantry with glass–fronted cabinetry to display your most cherished items. Spend hours entertaining or relaxing in the spacious family room with 13’ ceilings, plantation shutters and surround sound that opens to the kitchen. In the cooler months stay warm by the fireplace with a double mantle and gas logs. The owner’s retreat is split from other areas of the home and boasts a 13’ ceiling, window seating area with Plantation shutters and a stunning master bath. Upgraded granite counter tops, a jetted tub, separate shower and vanities along with custom walk-in Elfa closet system make this your very own spa retreat! The secondary bedrooms have updated plush carpeting (2021) throughout and walk-in closets and a spacious quest bath has upgraded bronze hardware. The Texas sized-game room on the upper level offers the versatility to create the environment of your choosing, suitable as a media room, craft room or whatever your imagination can envision!

The back yard is perfect for entertaining with numerous outstanding features to include a fully custom covered stamped concrete patio with vaulted ceilings, coach-style lighting, stone gas fireplace and hearth with TV connections and bracket. A built-in gas-grill with a stone serving area and refrigerator make it perfect for those small or large casual or formal gatherings. Other features of the special home are an oversized garage with sink, utility room with cabinets and a door to the additional side yard for play and Board on Board fence. This home presents outstanding value and Hunters Creek is an incredible neighborhood with parks, pools, walking trails along the creek and community events.

Please contact Jeff Jacobs at 972.978.6539 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

5803 Glenmore Drive, Parker

12 Jun

5803 Glenmore-40

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1712 Pebblebrook Way, Little Elm

10 Jun

1712 Pebblebrook-30

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5578 Beacon Hill Drive, Frisco

10 Jun

5578 Beacon Hill-2

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Simple Rates of Return

8 Jun

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Looking for a simple way to determine if a rental property will give you the rate of return you want? This modified annual property operating data may be just what you’ve been looking for.

There are many different rates of return that investor’s consider to determine whether a property will generate the yield that they expect. Sometimes the simplest of calculations can tell you whether you want it or not and if you get the other things like tax advantages and appreciation, it just makes it that much better.

The first yield we will look at is commonly called the Cash-on-Cash rate of return. It is calculated by dividing the initial investment, usually down payment and closing costs, into the Cash Flow Before Tax.

To arrive at Net Operating Income, it is simply taking the gross scheduled income, less vacancy allowance and all operating expenses. From that is deducted the annual debt service which is the principal and interest payment times twelve. The remaining amount is referred to as Cash Flow Before Tax.

In this example , the initial investment of the down payment and closing costs, $66,000 was divided into the Cash Flow Before Taxes of $5,468 to get an 8.28% Cash-on-Cash rate of return.

The second yield to be considered is called Equity Build-up. Each payment made on an amortizing mortgage pays a portion toward the principal balance to retire the loan. It is calculated by dividing the initial investment into the principal contribution for the year.

Continuing with the example, $66,000 is divided into the principal reduction for year one of $4,606 to get a 6.98% Equity Build-up rate of return.

This approach is easy to understand because you are not considering depreciation, anticipated appreciation, holding period, recapture of depreciation or long-term capital gains. Simply rent the property, pay the bills and if there is money left over, it pays a return on the initial investment.

The same goes for the Equity Build-up. When you make the payment on the mortgage, the loan is reduced and while you don’t have access to the money like cash flow, it is definitely your equity and tangible.

To determine whether an ROI on a rental is good, compare it to what your initial investment is earning currently. Ten-year treasuries are earning less than 2%. Certificates of deposit are earning less than 1%.

For more information, download the Rental Income Properties guide and schedule an appointment with your real estate professional.

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5705 Blazing Star Road, Frisco

4 Jun

5705 Blazing Star EXT edit-9

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10811 Stone Canyon Road, Dallas

1 Jun

Stone Canyon Twilight front 04 edit

LUXURY ABOUNDS IN THIS STUNNING HOME WITH RICH UPDATING

3 Bedrooms / 2.5 Baths / 2 Dining Rooms / Pool
3,397 sq ft / .3 Acre Lot / Cul-de-Sac Lot

CLICK HERE TO VIEW HD TOUR

This gorgeous home nestled on an over-sized .3 acre cul-de-sac lot has striking curb appeal with a contemporary split-level elevation complimented by a professional landscape design and convenient circular drive. Upon entering, you will be struck by the elegant formal dining area with rich hardwoods and large windows that provide a beautiful front yard view. The gourmet kitchen would delight any chef with its 5-burner gas range, stainless steel microwave, oven, dishwasher and walk-in pantry with excellent storage space. Other upgrades include rich granite, painted cabinets and pulls, travertine floors, a Scotsman “Sonic” ice-maker and abundant cabinetry to include large pan drawers. Enjoy a solitary morning breakfast or entertain guests in the spacious breakfast area with a built-in granite buffet, upgraded trendy chandelier and adjoining patio with sliding doors.

The spacious and inviting game room enjoys extensive built-ins and for cool fall and winter nights, a sleek black tile and hearth fireplace. This room boasts rich hardwoods, crown molding, Plantation shutters and has its own private door to the patio area, making it a perfect spot for family gatherings or entertaining guests. And just down the hall, the powder room has a modern flair with an elegant vessel sink, upgraded granite, and travertine flooring. In addition, enjoy a pool view from the spacious family room with rich hardwoods, a built-in granite bar with pendant lights and beverage fridge. Guests will enjoy the beautiful gas log fireplace and mantle flanked by convenient built-in cabinets, Plantation shutters and built-in speakers.

A split and Texas-sized Owner’s Retreat boasts updated plush carpeting, built-in shelving and glass barn door leading into a completely remodeled stunning luxury bathroom. Relax in the spa bath with soaking tub under the beautiful designer lighting fixtures and LED dimmable mirrors or shower in the oversized frameless glass shower. Other upgrades include Level 4 granite counter tops, vessel sinks, dual custom his/hers closets with Elfa shelving with all custom hardware. Downstairs are two generously- sized bedrooms, both have walk-in closets and share an updated Jack and Jill bathroom with lovely granite counters, vessel sinks, framed mirrors and designer lighting.

Step outside to your very own relaxing and private oasis with lush landscaping and synthetic turf with two covered patio areas, a separate grassy yard area for play and all securely surrounded by an 8’ board-on-board fence with electric gate for security. Enjoy the many sunny Texas days in the sparkling modernly designed pool that includes a tanning ledge with bubblers, lounging chairs and extensive travertine deck area. The oversized garage (20×25) has more storage space with built-in shelving and the utility room has a sliding barn door, sink, granite folding area, additional cabinetry and luggage storage area. Other outstanding upgrades are Krestmark windows throughout (2015), updated front door, Hardie Plank siding, exterior paint and trim (2019) and complete replacement of the concrete circle drive, retaining wall and entry steps. This luxury home exudes character with unsurpassed luxury and quality! 

Please contact Jeff Jacobs at 972.978.6539 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

Is a Home Inventory Necessary?

1 Jun

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Most homeowners have insurance on their home that additionally, gives them coverage on their personal property. That is the first level of peace of mind to know that it is available to you if there is an unfortunate need for it from a burglary, fire, or some other insured circumstance.

Personal property is handled slightly different than real property. The claims adjustor could start by asking you for a list of the things lost. You are allowed to reconstruct it but there is a distinct possibility that you’ll forget things, sometimes for months or years after the claim was settled.

An interesting exercise would be for you to visualize two rooms, possibly, the kitchen and main living area. Without being in the room, create a list of all the personal items in plain sight and those in the closets and cabinets. When you’re through with the list, go into each room to check to see what kind of things were not on your list and what the value of those items amounted to. It could be substantial.

Remember, you are entitled to claim them regardless of how long it has been since you used them or if you do not intend on replacing them again.

When filing a claim, the more “proof” you have to substantiate it, the better off you are. Receipts are great but chances are, you may only have them for the big-ticket items. Photographs or video of the different rooms are great records that the items were in your home.

An itemized list of each room with a description of the content, cost and date of purchase, supported by pictures would be ideal. This type of documentation will make filing and settling a claim much easier. The more documentation you have, the more likely you are to have a favorable settlement.

The more expensive the item, the better it would be for you to have receipts, serial numbers and photographs. A simple count of some items like clothing will suffice like four pairs of jeans, 24 dress shirts, etc. More valuable items of clothing like a cashmere jacket or a silk dress should be listed individually.

Depending on the frequency that you purchase new items for the home or possessions, you’ll need to consider updating the list and photographs. Moving creates opportunities to get rid of things that haven’t been used for years and to acquire things for the new home. It is always a good idea to complete a home inventory after you’ve moved and settled into your new space.

If you would like to have more tips and a form to itemize your possessions, download the Home Inventory. This will even allow you to include pictures and store it in digital format for safe keeping.

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