blog.TxFamily.com

2016年5月9日星期一

You may never stop paying for some improvements

You've saved the money and are ready to pay cash to build a new pool for your home. However, that's just the beginning of your soon to be increased expenses which will include maintenance, higher utilities and higher taxes.

Homeowners obviously benefit by a larger equity when their home increases in value due to appreciation. A not-so-obvious effect that will also more than likely take place is that their property taxes will increase. In most cases, a property's assessed value is generally tied to market value to calculate the property taxes based on the tax rate for that year.

Similarly, a homeowner can affect the value of their home by making capital improvements. Some small items may never be recognized by the taxing authority but items that require a permit, certainly are brought to their attention. Items such as a fence, roof, remodeling, windows, new rooms or swimming pools can easily increase the assessed value of a property.

Most states have an established time frame in which to challenge the current tax assessment for that year. The process is relatively simple and doesn't require professional representation. It generally involves showing that there is an error which has overstated the value or that current comparable sales indicate a lower value.

If you'd like more information or need the comparable sales data, please let us know. We would be happy to help you investigate the possibility of lowering your property taxes.

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

Has your home value gone up in the past 6 months? Click here for a Free INSTANT Report ! '
Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

2016年5月5日星期四

10 ways to boost your home's resale value

10 Ways to Boost Your Home's Resale Value

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

2016年5月3日星期二

Your home may be worth a lot more than you think

Real estate lost a lot of value during the recession but most areas have rebounded considerably. In some cases, the homes are worth more than they were before the housing bubble burst.

The dynamics are classic for this type of market: inventories are low, mortgage rates are low and demand is high. All price ranges are on the rise with some at an even higher rate because the short supply is causing competition among buyers.

Another reason many homeowners' may have more equity is simply not staying current with what is going on in the market.

In a recent FNMA study, it indicates that 23% of owners believe they have negative equity in their home when actually, it is 9%. 37% believe they have greater than 20% equity in their home when actually 69% of homeowners do.

Even if you're not planning to sell your home, knowing the value helps you understand your financial position better.

Home equity debt up to a $100,000 limit is tax deductible and can be used for any purpose. Owner's commonly refinance to eliminate mortgage insurance, consolidate mortgages, pay off higher interest rate debt like credit cards or student loans or to buy out an ex-spouse's equity.

Be aware that an automated value model like Zillow Zestimates uses algorithms to determine a price and while it might be in the ballpark, AVM results may only be accurate about 20% of the time. A comparable marketing analysis or broker's price opinion will be more accurate due the subjective approach that will be used by an agent with personal experience in the area. An agent will consider factors like condition, floorplan, marketability and demand.

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

2016年4月25日星期一

Temporary Buy Down

There is an infrequently-used mortgage program available that could be the solution to a buyer's or seller's problem.

2-1 Buy Down - 2.png

A temporary buydown is fixed rate mortgage that the seller has prepaid interest at closing to lower the payments for a number of years. The borrower must qualify at the note rate but gets the benefit of lower payments for the early years.

A 2/1 is a common buydown that the first year's payment is calculated at 2% lower than the note rate and the second year's payment is calculated at 1% lower than the note rate. The third through thirtieth years' payments are the note rate.

Let's set the scene. A buyer is using their available cash for down payment and closing costs to get into the home. They'd like to put their own touches on the home when they move in but may not be able to for a year or two since most of their cash was used.
In this example, a $250,000 home is purchased with a 3.5% down payment and a 4% mortgage for 30-years. Normally, the principal and interest payment would be $1,151.76 for the full 30-year term. If the seller will pay the lender $4,736 at closing, it can be applied to pre-pay part of the interest for the first two years.

The first year, the buyer's P&I payment will be $891.71 for 12 months based on a 2% interest rate or 2% lower than the 4% note rate. It is $260.06 lower per month in the first year. The second year, the buyer's P&I payment will be $1,017.12 for the next 12 months based on a 3% interest rate or 1% lower than the 4% note rate. It is $134.64 lower per month in the second year.

A bonus for the buyer will be that the cost of the buydown paid at closing by the seller becomes prepaid interest that is deductible by the buyer in the year of purchase. The buyer gets lower than normal payments for the first two years and a sizable tax deduction.

This type of program can be very beneficial to a seller who wants to offer terms to improve the marketability of their home rather than lower the price. The challenge will be explaining it to not only potential buyers but even agents who are not familiar with this program.

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

2016年4月20日星期三

2802 Crystal Falls Dr ! A must see!

2802 Crystal Falls Dr, Garland, TX 75044

4 beds baths3,121 sqft

$360,000

2016年4月13日星期三

How Earnest Are You?

"If I tell you it's going to rain, you can put the buckets on the porch." If you grew up in the south, you made have heard this expression when a person is testifying to the veracity of his word. If you know a person and/or their reputation, you know whether you can trust their word or not.

However, with a stranger such as a buyer, the seller doesn't know whether they'll live up to the terms of the contract or not. Buyers submit earnest money along with a contract to demonstrate their commitment to the terms of the offer.

The more earnest money that the buyer deposits indicates to the seller a higher level of commitment to the contract. Except for stated contingencies in the sales contract, if the buyer fails to close on the sale, the earnest money may be forfeited. Significant earnest money makes the seller feels more secure that the contract will close.

There certainly are a lot of things that can dictate how much earnest money is appropriate. Local customs, price of the home and type of mortgage can all help to determine the proper amount. In some areas, it may be common for it to be 1-5 percent of the purchase price. In other areas, it might be a specific amount like $1,000 to $10,000 depending on the sales price. It really comes down to whatever the buyer and seller agree is the proper amount.

Another strategy is to put up an adequate amount initially until you get through the inspections or contingency period and then, to put up an additional amount when the contingencies have been removed.

The earnest money demonstrates the buyers' sincerity in making the offer and proceeding according to the agreement so the seller can take their home off the market and start making plans to move and give possession of their home. Ultimately, both parties want to close as anticipated according to the contract and the earnest money helps facilitate that.

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

2016年4月4日星期一

Components of a Credit Score

Credit scores are used by lenders to measure the credit worthiness of borrowers. While there are several different companies that offer scores, the FICO, Fair Isaacson Corporation, is the model that is used most often.

There are five key components that determine the overall score or rating. The most emphasis, 35% of the overall score, is placed on payment history which reflects whether the borrower paid on time and as agreed by the terms of the credit. Being late, missing payments or going into default would have adverse effects on this part of the score.

FICO score.png

The second largest component, 30%, is credit utilization or the amount owed in relation to amount available. A person might have a $4,000 outstanding balance on available credit of $20,000. This would be a 20% ratio and would be considered acceptable.

Owing $15,000 on $20,000 of available credit would be a 75% ratio and would negatively affect this part of the credit score. FICO says people with the best scores average around 7% credit utilization.

The length of time each account has been open and the account’s activity determines 15% of the total credit score. By having a longer credit history, the credit provider has a better indication of the borrower’s long-term financial behavior. Having an open account without activity doesn’t offer a provider much information.

New credit and types of credit each account for 10% of the total score. New credit can adversely affect a score because it is a new obligation without history of how it will affect the borrower’s ability to repay all of their liabilities. Types of credit include both revolving and installment debt. A good mixture of each can indicate less risk for lenders.

The combination of all five areas make up the total score which lenders use to determine credit worthiness. Another confusing issue is that all credit scores are not mortgage credit scores. This particular score determines not only whether the lender will make a mortgage but at what interest rate.

The best place to get your credit score if you’re planning on purchasing a home is from a trusted mortgage professional. This person will be able to suggest things to improve your score if necessary. Buying a home is one of the largest investments in most people’s lives; it is really not a do-it-yourself activity.

Wendy Huang, MBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame,

RE/MAX Lifetime Achievement ; Over 20 years' experience!

Helping Over 1000 Families Meet Their Real Estate Needs !!!

Direct: 972-365-7888

訂閱：文章 (Atom)

blog.TxFamily.com

2016年5月9日星期一

You may never stop paying for some improvements

2016年5月5日星期四

10 ways to boost your home's resale value

2016年5月3日星期二

Your home may be worth a lot more than you think

2016年4月25日星期一

Temporary Buy Down

2016年4月20日星期三

2802 Crystal Falls Dr ! A must see!

2802 Crystal Falls Dr, Garland, TX 75044

4 beds baths3,121 sqft

2016年4月13日星期三

How Earnest Are You?

2016年4月4日星期一

Components of a Credit Score

關於我自己

網誌存檔

2016年5月9日 星期一

2016年5月5日 星期四

2016年5月3日 星期二

2016年4月25日 星期一

2016年4月20日 星期三

2802 Crystal Falls Dr, Garland, TX 75044

4 beds 3.5 baths 3,121 sqft

2016年4月13日 星期三

2016年4月4日 星期一

2016年5月9日星期一

2016年5月5日星期四

2016年5月3日星期二

2016年4月25日星期一

2016年4月20日星期三

4 beds baths3,121 sqft

2016年4月13日星期三

2016年4月4日星期一