Archive | September, 2016

Upgraded Home On Half Acre Cul-de-Sac Lot!

30 Sep

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911 Bandera Court, Allen

5 Bedroom /4.1 Bath / 1/2 Acre Lot / Cul-de-Sac / Pool

 

THIS IS IT! Exquisite custom five Bedroom, 4.1 Bath home on half acre cul de sac lot in sought after Twin Creeks!

Beautiful hardwoods in entry, study & formals. Chef’s dream kitchen with wrap around bar, granite counters, stainless steel appliances, island, double ovens, TWO dishwashers, walk-in pantry and built-in Viking refrigerator plus tons of storage. The family room has a gas log fireplace with electric start and built-in entertainment cen-ter and storage. A mud room off the kitchen has a planning desk, coat & storage cub-bies for the kids and leads to the utility room with a sink, cabinets, and room for a freezer.

The Master is down with a sitting area and spa-like bath featuring a large shower, tub, double vanities and walk-in closet! A second bedroom down has access to a full bath.
Upstairs is a game room, small computer or craft room, plus 3 additional bedrooms and huge storage closet that leads to a floored attic space…for even more storage

The HUGE backyard boasts diving pool with slide, spa, play yard, covered patio & bas-ketball court! There’s plenty of room for everyone to have fun. The covered patio is the perfect spot for morning cup of coffee or a relaxing drink in the evening.
The Twin Creeks community has parks, playgrounds and a community pool!

You don’t want to miss this opportunity!  MLS 13469817

Please contact Shirl McKinney at 214-232-7174 for more information or click HERE.

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

When the rate goes up

27 Sep

It’s not “if” the rate goes up but “when” the rate goes up; it could make a big difference for some buyers. Freddie Mac predicts that mortgage rates will be at 4.5% a year from now.Mortgage Rate History0916.png

If buyers can afford a home with higher interest rates, it means higher payments. Higher payments might mean they won’t have the money to spend on other things like furniture or improvements to the home or an unrelated purchase like a new car.

When the rate moves 0.50% on a $250,000 mortgage, the payment goes up by $70.66 a month. If it moves 1.00%, the payment goes up by $143.74 per month, each and every month for the entire term of the mortgage which means paying over $50,000 more for the house.

The question facing every borrower in this situation is “How will you feel about having to pay more to live in the same house because you were not ready to commit?”

Then, there’s the borrower who is absolutely maxed out as to what they can qualify for or sometimes, it is a borrower who just refuses to pay a higher payment. When that’s the case, the buyer has to make a larger down payment. In the same example, a 0.50% increase in rate would require $14,873 more in down payment. That could make the purchase impossible or require the buyer to buy a lesser price home that will not have the same amenities.

Mortgage rates have been low for so long that some people think that is what they should be. There are some economists who believe that the economy will not be strong again until mortgage rates are in the 7% range.

To see how this type of scenario might affect you, go to the If the Rate Goes Up calculator.

Corner Lot With Lots Of Upgrades!

21 Sep

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2256 Meadowstone, Carrollton

3 Bedroom / 2.1 Bath / Media / Corner Lot

This gorgeous home located in a cul de sac &  just minutes from the North Dallas Tollway and the heart of Addison boasts rich updating and a sought-after floorplan with a media room.  Upgrades and features are….

  • A corner lot with mature landscaping, large trees and an extensive & private stamped concrete patio & yard area with a flagstone pathway for relaxing and entertaining.
  • An elegant formal dining with vaulted ceilings that leads to a kitchen that would delight any chef with its granite counter tops, tile backsplash, mocha-stained cabinetry & hardware, breakfast bar, abundant work areas, stainless appliances and window over the sink.
  • The spacious family room is open to the kitchen, has soaring ceilings, custom built-in shelving (2015), gas fireplace with stacked-stone FP surround (2015), upgraded ceiling fan and just around the corner is an updated powder bath with skip-trowel texturing, faucet and framed mirror.
  • A split Texas-sized master retreat features a trendy ceiling fan & a master bath with recently stained cabinetry (2016), dual vanities, a jetted tub, fixtures, linen storage & large walk-in closet.
  • Upstairs are two nice-sized bedrooms, one with a walk-in closet, an updated full bath with
    added hardware, towel racks, framed mirror, a media room with surround sound for movies and sports and….a bonus 9 x 15 walk-in storage area with hardwood flooring.

Other outstanding features are….rubbed-oil bronze hardware, neutral tones throughout, window screens & patio screen door (2016), water heater (2014), updated Trane HVAC system, privacy fence with steel supports, additional storage closet in garage and more.  This one is move-in ready and priced to sell!!

You don’t want to miss this opportunity!  MLS 13459547

Please contact Jeff C. 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 

Waiting to Buy…WHY?

20 Sep

Some people wait to buy a home until they have 20% down payment to avoid paying the mortgage insurance which is required by lenders when the loan-to-value ratio is greater than 80%, with the exception of VA loans. 9379386-250.jpg

To illustrate a typical situation, let’s assume that buyers have $10,000 for a down payment on a $200,000 home. They could purchase it today with a 95% loan or save another $30,000 in order to get an 80% loan without mortgage insurance.

If it took three years to save the additional down payment, the $200,000 home at 3% appreciation would cost $218,545. A 20% down payment on the increased sales price would be $43,709, less the $10,000 the buyers currently have leaves them $33,709 to save which would amount to $936.36 a month. They would secure a $174,836 mortgage at the then current mortgage rates, which in all likelihood, will be higher than today’s rates.

The alternative is for the buyer to purchase the home today with a 95% loan at today’s low interest rates plus approximately $85 a month for mortgage insurance depending on their credit score. At the end of three years, the unpaid balance would be $179,548. Assuming the home will be worth the same $218,545, the buyer’s equity would be almost $39,000. To reduce the mortgage to the same amount as the first example, the buyer would need to make an additional $125 a month principal contribution above the normal payment. Then, the mortgage would have an unpaid balance at the end of three years of $174,775.

When there is sufficient equity in the home, the mortgage insurance is no longer required. Some lenders may drop the mortgage insurance requirement with an appraisal to provide proof. In other situations, it may require refinancing to eliminate the insurance. Call to discuss options that may be available to you.

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Flexible 1.5 Story Darling Home!

19 Sep

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926 Rosemoor Lane, Allen

3 Bedroom / 3 Bath / Game / Darling Home

Flexible 1.5 story Darling Homes floorplan with split bedrooms on main floor. Large gameroom up with closet and full bath could be private fourth bedroom or media room! Excellent condition with new stamped concrete patio, new carpet in 2015, new handscraped hardwoods, chandelier fixtures, crown molding and paint. Open kitchen breakfast, butler bar and living areas. Gourmet kitchen with gas cooktop, granite and large island. Large garage with extra work area.

You don’t want to miss this opportunity!  MLS 13461561

Please contact George Jacobs at 214-385-8951 for more information or click HERE.

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

Stunning Hunters Creek 5 Bedroom Home

19 Sep

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15432 Mountain View Road, Frisco

5 Bedroom / 4.1 Bath / Media / Game / Guest Suite

This stunning Highland home in sought-after Hunters Creek has it all with extensive updating, a rare floorplan with two guest suites, immaculate condition and is within walking distance from 3 of Frisco’s best schools.  Upgrades and features are….

An upgraded stone elevation, mature landscaping with stone borders, elegant formals with double-crown molding, warm tones,  20’ ceilings, planation shutters, iron spindles & rich hardwoods in the entry as well as a private study with French doors.

An expansive gourmet kitchen with gas cooktop, Bosch dishwasher, stainless appliances, large pantry & island, sunny breakfast area, extensive & upgraded 42” cabs with dentil moldings, convection oven, abundant work areas and granite butler’s pantry with glass doors.

The family room boasts a toasty brick fireplace with a double mantle & gas logs, has a large entertainment niche, beautiful hardwoods and leads to a wonderful backyard with a covered patio featuring a motorized shade awning, nice flagstone patio, board on board fence with top cap rail, upgraded landscaping featuring artificial turf by Urban Turf & stone accents.

The Texas-Sized split master retreat enjoys a sitting area, plantation shutters, lush Frieze carpeting, double crown moldings and a master bath with a jetted tub, beautiful upgraded frameless glass shower, dual vanities, medicine cabinet, upgraded lighting & large master closet.

Upstairs is a huge gameroom for play and entertaining with storage closet, an adjoining media room wired for surround sound for movies and sports, two spacious bedrooms both with walk-in closets and a jack & jill bath and a convenient private guest suite with a full bath for guests.

Other upgrades & features are….a guest suite down with a full bath, solid-core doors down, 6” baseboards down, elegant powder bath with concrete vanity, large under stair storage, tankless water heater system, plantation shutters throughout, roof replaced 9/16 with Landmark AR Max Def shingles, 5-ton 16 SEER unit, 4-ton 14 SEER unit and gas furnaces (6/15), radiant barrier & increased soffit vents & solar fans, solar screens on south & west windows, St. Augustine grass, back-up generator transfer switch & insulated doors in garage,  mailbox with security door & more!

You don’t want to miss this opportunity!  MLS 13459533

Please contact Jeff Jacobs at 972-943-7302 for more information or click HERE.

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

Dust-Free Home

13 Sep

Having a dust-free home isn’t difficult, but it takes a serious commitment and a housekeeping strategy that addresses the dust and its causes. Whether your motive is cleanliness or to eliminate the cause of some allergies and asthma symptoms, it will be worth it. 10043513-250.jpg

  • Try to dust your home at least twice a week. Dust the tallest items and work your way down. Dust picture frames, blinds, baseboards and anything that stands out from the wall.
  • Feather dusters can spread more dust than they collect compared to microfiber cloths that attracts dust because they have an electrostatic charge.
  • Filters on heating and air-conditioning systems should be changed often not only to remove dust from the air but to increase the efficiency of the units themselves. Special HEPA filters can improve the overall indoor air quality.
  • Frequently changing the bag or emptying the container in your vacuum is helpful in eliminating dust.
  • Vacuum the floors at least once a week. Vacuum under furniture and periodically, move appliances to clean behind and underneath. Use the proper attachments to vacuum upholstered furniture and under cushions.
  • Eliminate dust magnets like carpet, heavy drapes and upholstered furniture. Consider hard surface flooring like wood or tile instead of carpet.
  • Keep windows closed to keep dust out.
  • Clean your pillows and drapes.
  • Damp mopping and dusting with plain water helps hold the dust and is environmentally friendly.
  • A humidifier can eliminate static electricity which holds dust.
  • Air purifiers circulate air and capture dust and other pollutants.

Getting to Value

6 Sep

Fair market value is the price that real estate would sell for on the open market without any unusual forces being involved. The definition is relatively simple but there certainly different methods of determining what it is.27939218-250.jpg

A homeowner could order an appraisal before they put their home on the market but would incur the expense of an appraisal and more likely than not, it won’t or can’t be used by the buyer or their lender. The advantage is that an appraisal is a professional approach by a disinterested party to establish value.

Licensed appraisers use three approaches to value: the market data, the replacement cost and the income approach. The appraiser can put more weight on one approach than another based on his/her assessment of what would be appropriate.

The replacement cost looks at what it would cost to rebuild the property today less the depreciation it has experienced by age and wear and tear plus the value of the lot.

The income approach uses a capitalization rate based on the net operating income of a property to determine value. It is more applicable to commercial properties than it is for homes used by homeowners and not rented.

The market data approach relies on recent sales of similar properties near the subject. The appraiser will make monetary adjustments for differences in the comparables that are used to create a more accurate comparison.

Real estate agents use a similar approach to determine fair market value by performing a Competitive Market Analysis, CMA. Like the market data approach of an appraisal, it looks at recent sales of similar properties, it also considers properties currently for sale and what homes were unsuccessful in their attempt to sell. This approach is sensitive to supply and demand and may be more reactive to rapidly rising or declining markets.

Both appraisals and CMAs have a distinct advantage because of the personal opinion as a professional compared to online website estimates using raw data and mathematical formulas. Regardless of which method is used, it is an estimate. Obviously, some estimates are more accurate based on the experience of the person making the estimate. A price is placed on the property by the seller but value is ultimately determined by the buyer when a final sale is achieved.

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