HOME IMPROVEMENT

REMODEL YOUR KITCHEN AND BATH ON A BUDGET

Two of the most popular rooms for home makeovers are the kitchen and bath. However, these can be pricey ventures. A minor kitchen remodel can hover around $22,000, while a bathroom can be around $16,000. Here are some alternatives that will give you a fresh, modern look without breaking the bank:

1. Refinishing or re-facing the fronts of cabinets and replacing knobs and drawer pulls can give cabinets a fresh new look.

2. A cost-effective approach to counter-tops might include solid surface materials such as granite. Silestone or ceramic granite tiles.

3. A fresh coat of wall paint in modern hues is also a sure bet.

4. Consider replacing sinks as well as fixtures in brushed nickel chrome or stainless steel.

5. Under-cabinet or track lighting can create a contemporary look.

6. Replace the old shower curtain.

7. A new mirror or medicine cabinet can also make a real difference.

You do not have to spend thousands of dollars to add pizzazz to your kitchen or bath. Just changing a few elements can make a significant statement to you and potential buyers down the road.

Contact me for a list of popular colors, Gloria Vargo at 214-789-1076. I have a list of client approved contractors too, with wholesale pricing.

HOMEBUYERS' ADVICE

Fall in Love With the Right Home

You're ready to fall in love with your first home. As you write your wish list, you may find that it grows longer than you'd imagined. You want more living space, a place to do your art and crafts, enough bedrooms to expand your family or accommodate relatives and friends, a separate master suite, and an entertaining area that will impress. All in the best neighborhood, of course!

Welcome to the first lesson of homebuying - you won't find the perfect home, but you'll find one that's perfect for you right now, and that may mean doing without a swimming pool or hilltop view. I recommend you choose three home essentials to begin your search.

1. Price range - Your lender will prequalify you and tell you how much you can afford, based on your down-payment, credit history and debt-to-income ratio. If your limit is $300,000, it won't benefit you to look at homes that are $400,000.

2. Neighborhood preference - Choose neighborhoods based on a radius of where you want to be, whether it's in a certain school district, close to work, or near family and friends.

3. Bedrooms and bath requirements. Start with three bedrooms and two baths, typical for a starter home.

By sticking to basics, you'll find you have plenty of homes to consider.  You'll narrow your selection more quickly if you're not distracted by showy or unnecessary features, and ultimately, you'll be more satisfied with your new home.

Option and Contingency Explained

Did You Ever Wonder Why That Zillow Listing is Not Available To You?

As you browse listings on GloriaVargo.com, BerkshireHathawayHS.com or  realtor.com, you may find homes you like that appear to be unavailable, due to some kind of contingency. If you find the perfect home, but it’s labeled Active Kick Out or Contingent, should you pursue it or forget it?
The reality is that contracts fall through sometimes. If you have a back-up contract, you can buy the home should it come “Back on Market” or “BOM.”

Active kick out
Active kick out means the seller has accepted a contingent offer, such as the buyer has a home to sell before they can close on the seller’s home. The seller can reserve the right to accept a better offer and “kick out” the previous buyer. They must give the first buyer 48 to 72 hours to either remove the contingency and move forward with the purchase, or back out of the contract.

Contingency
Nearly all offers-to-buy have contingencies. Typical contingencies include provisions that the home must meet the appraised value by the mortgage lender’s third-party appraiser, or it must pass a professional third-party home inspection to the buyer’s satisfaction. The buyer may make the contract contingent upon the lender funding the purchase.

Option period
Option periods give the buyer time to get financing and complete home inspections and the appraisal. Unless the buyer acts on a contingency, the home is considered out of option but it can still fall out of escrow.

You are welcome to text me, 214-789-1076, an address that interests you and I will quickly tell a history of that home. Happy house hunting!

Five Tips To Buying In A Fast Market

If you're a buyer in a hot housing market, you may have already lost out on several homes already. How can you get the upper hand? Here are five tips:

1. Get preapproved by a lender. Sharing financial information your lender requests will get you preapproved. You'll know the limits on how much home you can afford, how much money to put down, and what your interest rate will be. A preapproval letter will assure the seller that you're ready to buy.
2. Trust your real estate professional. As a Realor, I knows the market, can feed you new listings that fit your criteria, and have many contacts to learn about homes coming onto the market which you wouldn't get to see otherwise.
3. Make a realistic must-have list. Pick a neighborhood, house type and price range with a limited number of features. Be prepared to make compromises - smaller, fewer bedrooms or baths.
4. Consider less-than-perfect homes. Buying the worst house on the best block is a proven strategy. A home that needs repairs and updates will sell at a discount to other homes. Bringing your home up to the neighborhood standards is a quick route to building equity.
5. Buy under your means. If you get into a bidding war, you'll need a little wiggle room so you can compete. Many homes will sell above list price, so it's smart to keep your cool because you know you can go up if you need to.

HOMEBUYERS’ ADVICE

Three New Year’s Homebuyer Resolutions

This is the year you become a homeowner! To make the most of this most important step in your life, make these three New Year’s home buying resolutions now. I will check and repair my credit. Before you start shopping for homes, make sure you have no errors or unresolved credit issues that could prevent you from getting a good loan. The three credit reporting bureaus, Experian, Transunion and Equifax, don’t share data, nor do they correct errors without evidence. Order a full credit report from all three bureaus here. If you find an error, contact the appropriate bureau and mail copies of your payment, release of lien or other proof. I will get preapproved for a mortgage loan. Take two to four months of bank statements, pay stubs, and an account of your monthly debts and expenses to your lender. The lender calculates how much money you can safely borrow and at what interest rate. Preapproval also means a lot to sellers. It show’s that you’re serious about buying a home and that the closing process will be quicker and smoother because you already have a lender. I will buy within my means. It’s sensible to buy the most home you can afford, and your lender will help you get there, but it’s not wise to get a risky adjustable rate mortgage so you can buy more house. Being “house poor” means having no money available for other things in life, so stick to conforming loan guidelines to be safer financially.

Seller Tip

The Seller Who Tests the Market

When you see the market rising, it’s tempting to price your home even higher than nearby homes that recently sold. So you tell your listing agent that you want to "test" the market to see if you can get even more for your home.
Sometimes, it’s appropriate to choose a list price higher than recent comparable sold homes, but that strategy seldom works unless the market is climbing rapidly. If you’re looking for a quick, hassle-free sale, you need to decide which is more important – getting more for your home or moving on to your new life somewhere else.
Let’s say your neighborhood’s highest, most recent home sale was $500,000, and your agent suggests a listing price of $510,000. You want to test the market at $530,000 - which is $20,000 more than your agent recommends, and $30,000 over the latest comparable.
Your home hits the market at $530,000 and has tons of showings the first week. Your strategy is working, except that you don’t receive any offers. By the second week, there are few to no showings. Agents are reporting back to your listing agent that their buyers said your home “needs work,” or that they “found something more suited to their needs.”
After months of making two mortgage payments, your home finally sells at $518,000. Meanwhile, you paid months of overhead to get $9,000. You actually lost peace of mind and threw away a lot of money.
Overpriced homes simply take longer to sell. If you’re tempted to “test the market”, remember that the market will test you.

Increase in North Texas New Home Sales

Prices are Rising and Inventory is Down

Shortage of existing homes available to purchase has resulted in a jump in new home sales in North Texas. Those new build homes inventory is also very tight.

New home sales rose by 10% in the second half of the year, compared to last year, June 2013 vs. June 2014. Residential Strategies report stated that "The housing market remains vibrant in the D-FW area."

Existing homes in the same areas have seen less days on the market and increased prices, resulting from the housing shortage. 

"Buyers and Real Estate Agents are feeling the effects."

Consumer Financial Protection Bureau - National Real Estate Post

Watch dog needs watching! CFPB, Consumer Financial Protection Bureau - Our mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.  http://www.consumerfinance.gov/the-bureau/

Your thoughts!

Very Good Question to Ask!

Where did the 1.5 Billion go?

I have been working with buyers wanting to buy short sales or foreclosed homes. Because of working with the buyers we get to know the sellers of these homes.

It is becoming harder and harder to understand the banks and the government. Common sense is not very common.

The money needs to already be in the hands of those that where affected by the Banks. Who is really looking out for them?

Commentary with Frank Garay and Brian Stevens at the National Real Estate Post!
http://www.viddler.com/v/a65f6f84

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How To Sell High

Sell High - Buy Low

When it is time to sell your current home and find a new home that fits your current lifestyle, setting your asking price is one of the most important decisions you will make.

Location and Price is what buyer sees first. You can not change the location of your home, but you can control your pricing. Buying a home is truly an elimination process of what you need and want in a home. Often a house is discarded by prospective buyers as not being in the appropriate price range before they're even given a chance of it being show.

First impressions are important in life and homes. Your asking price is often your home's "first impression" and you want to make a good one. This is not as easy as it sounds, therefore pricing should not be taken lightly. Pricing too high can be as costly to a home seller as pricing too low. Your goal should be to sell your home at the highest price in the shortest time.

How is that done? First walk through your home as if you are the new buyer. You will be surprised at how as a perspective new buyer you will see all the details. Does it need new paint, carpet or appliances? Has it been updated within the past 10 years to market preferences? Does everything work? When you drive by your home from the curb, does it look equal to, better or worse than other homes in the neighborhood? Have your neighbors updated when you have not or visa versa? These are all questions you should ask yourself and your Realtor.

Next have your Realtor run the comparables for homes like yours, same neighborhood, same style, same age, same size, same condition. What are they selling for? Do you want to be at the market, above the market or slightly below your competition? How soon do you need to sell? The longer your home is on the market the lower you will have to drop the price to attract potential buyers. This alone wants you to set your original sales price right the first time! How do you do that. That is were Realtors are your best person to sit down with and help you make the tough sales price decision.

Find out what YOUR home is worth, www.GloriaVargo.com, Text 214-789-1076, or Email Gloria@GloriaVargo.com

Mortgage 101

As a Preferred Agent with Trulia, I am often asked and answer specific real estate questions. Today the question of should you shop around to find a Mortgage, was asked. Several Agents and myself quickly answered with almost the exact answer. YES, YES, YES.

Your Real Estate agent is generally your best resource for names. They see on a daily bases how having the right Mortgage Company and Agent makes the difference between a successful close and a bad experience. Take the time to call all three mortgage agents, check rates and see who calls you back quickly and answers your questions. Then go with the agent you like working with.

For a list of Mortgage names that my clients have liked working with, contact me at Gloria@gloriavargo.com or 214-789-1076.

LINK to Trulia Question:
http://www.trulia.com/voices/Financing/Should_we_shop_for_a_mortgage_In_the_very_distan-287892-p_1-recent?answerId=1062525&thisanswer=1#left_content

Blogging in Texas

Spring and Summer of 2010 has been my Blogging Time. I have been going to every training sessions in North Dallas and Fort Worth to sharpen my Blogging Skills.

The best advice I have heard over and over is to tell about myself, my life, my experiences.

YouTube has also been a great new tool to get picture video and information to my friends, family and clients. At YouTube you just have to in "Search" type: HomesbyGloria.

Video of Highland Shores features, Great homes, Gardens and Special Events are shown.

Picture above is my son on his first day as a Referee. He looks so official, his boss said he is good!