Which Mortgage is Right for You?

2021-07-20T01:17:36-05:00

When shopping for a mortgage loan, one size does not fit all. It’s important to understand your options and how they will affect your budget. Adjustable vs. Fixed One key decision is whether to select a fixed- or adjustable-rate loan. A fixed-rate mortgage keeps the same interest rate for the life of the loan; your monthly payments of principal and interest will not change. Because of this stability, fixed-rate mortgages can help you plan your finances far into the future. They also can be attractive when you’re able to lock in a low rate in a volatile market. An adjustable-rate mortgage typically offers an introductory period—for example, five years—with a rate lower than you could get with a fixed-rate loan. After this period, the rate adjusts annually based on the financial markets. Adjustable-rate mortgages can be a less expensive option if you don’t plan on living in a house for very long. You can also take advantage of falling rates without refinancing. Of course, if rates climb, you could owe more in later years. How Long? You may think that a 30-year mortgage is your only option, but 15-year mortgages are also available to many borrowers. The overall cost of a mortgage will be less over 15 years than 30 years—the shorter term means less total interest—but the monthly payments are higher. If you can afford to pay off the mortgage sooner, a 15-year loan might be a better choice. However, the lower monthly payments of a 30-year loan could let you use money to pursue other financial goals. Finding Your Loan These are just a few of the options available to finance your home purchase. The mortgage that’s right for one buyer might not be right for another. Be sure to talk to your lender about your life and plans to make sure you get the loan that is best for your situation.

Which Mortgage is Right for You?2021-07-20T01:17:36-05:00

Show You’re Proud to Call Texas Home

2021-07-06T02:18:18-05:00

A new real estate-themed license plate available to all Texas drivers proclaims that “Texas is Home.” Not only does it express your Texas pride, it also supports affordable housing—$22 of the $30 fee for the plate supports the Texas REALTORS® Housing Opportunity Foundation.  The Texas REALTORS® Housing Opportunity Foundation is a 501c(3) charity that provides financial support to individuals and organizations that encourage homeownership opportunities across the state. The foundation is funded through charitable donations and proceeds from the sale of these specialty license plates. Get your “Texas Is Home” plate today through the Texas Department of Motor Vehicles. 

Show You’re Proud to Call Texas Home2021-07-06T02:18:18-05:00

What to Know About Property Taxes

2021-06-22T02:21:11-05:00

No one wants to think about property taxes. But understanding your rights and responsibilities can ensure you pay no more than your fair share. Here are some aspects of property taxes to keep in mind: Your Tax Bill May Differ From Previous Owners’ and Current Neighbors’ Tax Bills You might try to gauge your future tax bill on what previous owners or current neighbors paid, but your bill could be significantly higher. Those others may qualify for exemptions you don’t meet, such as ones for homeowners aged 65 or older or homeowners who are disabled. Also, their property taxes may have been kept in check with a homestead exemption that provides a 10%-per-year cap on increases in the appraised value. Once ownership changes on the home, though, the assessed value may jump substantially. Make Sure You Apply for Exemptions and Special Uses Exemptions lower your taxable value. A lower taxable value means your tax bill will be lower than if you don’t have exemptions. But you have to apply for them. A house you use as your principal residence qualifies for a homestead exemption that reduces the taxable value of your property and caps the amount your taxable value can go up each year. There are exemptions for homeowners 65 or older, homeowners who are disabled, homeowners who are disabled veterans, and others. Some farm and ranch properties qualify to be appraised based on agricultural uses, which often is lower than the market value of the land. Think Your Appraisal is not Accurate? If you believe the appraisal district appraised your home incorrectly, you can protest. Many districts have an option to try to settle a protest informally prior to a formal hearing. If the formal hearing with the appraisal review board does not go your way, you may be able to appeal the decision to state district court, an independent arbitrator, or to the State Office of Administrative Hearings. Information about the property tax process, exemptions, and protests can be found on the Texas Comptroller’s website and on many county appraisal district websites. Texas REALTORS® works to fight for laws that make property taxes fairer and more transparent. To learn more about property taxes, visit knowyourtaxes.org.

What to Know About Property Taxes2021-06-22T02:21:11-05:00

The Pre-Listing Plan You May Be Neglecting

2021-06-08T01:16:49-05:00

If you’re selling your home, you’ve probably thought about the work that needs to be done before listing—painting, a deep clean, or yard work, for example. But have you put any thought into what you’ll need to do once the house sells? What if it Sells Fast? In the hottest markets in Texas, some homes are selling within hours of being listed. That’s great for sellers who know their next move. Do you? If you got an offer on your home the same day you listed it, would you be ready to accept it and find a new place to live? Consider Your Options If you aren’t ready to buy again, you could rent for a few months. But that means potentially moving everything you own twice. Maybe you could make arrangements with the new owner to temporarily lease the property, or you may be able to counter the buyer’s offer with a longer closing period to allow yourself time to find a new place. However, both options can mean more paperwork and a tight timeline for you to buy. Work With an Expert If you’re thinking of selling your home, first talk to a REALTOR®. He or she will help you prepare for your next step before you have to make a rushed decision. A little planning may help you avoid having to leave your home sooner than expected.

The Pre-Listing Plan You May Be Neglecting2021-06-08T01:16:49-05:00

Thinking of Selling Your Home Yourself?

2021-05-25T05:19:21-05:00

Most people hire a real estate agent to sell their home. In fact, 91% of Texans did so in 2020, according to research by the National Association of REALTORS®. If you are considering selling your home on your own, make sure you know what you are in for. The process can be complicated and the stakes high. Here are just a few of the many reasons a REALTOR® is the best choice to help you sell your home: Nobody Knows the Market Better Than a REALTOR® REALTORS® are engaged every day in buying and selling real estate. They know what factors help a property sell quickly and for the highest price. They also understand what causes homes to languish on the market. A REALTOR® will help you make the best decisions to realize your goals. A REALTOR® Can Help You Get Ready to Sell Wondering what updates to tackle before putting your home on the market? Unsure how to price your property? What you decide could lead to tens of thousands of dollars in gains or losses. A REALTOR® brings a wealth of experience to help you optimize your sale in these and many other areas. You won’t have to figure out on your own what disclosures are required, which forms to use, and other important considerations. REALTORS® Make the Whole Process Smoother It’s exciting when your home goes under contract. But there’s a long road from accepting an offer to successfully closing a sale. A REALTOR® is your trusted resource to guide you the rest of way. A REALTOR® can also help you deal with surprises that pop up with appraisals, inspections, insurance, your loan, and dozens of other steps required to successfully sell your home. Not All Agents are REALTORS® Only REALTORS® pledge to follow a strict code of ethics and are expected to maintain a high level of real estate knowledge. When you are thinking of selling your home, talk to a REALTOR®.

Thinking of Selling Your Home Yourself?2021-05-25T05:19:21-05:00

What’s that Remodel Worth?

2021-05-11T01:01:51-05:00

It’s exciting to update a kitchen, remodel a bathroom, add a master suite, convert a garage to a workout room, or add skylights. However, homeowners are sometimes surprised to learn how remodeling projects affect a home’s price when it comes time to sell. Consider the Personal Value You Get If you plan to live in your house for some time before you sell, don’t overlook the enjoyment or utility you will get from a remodeling job. Regardless of the eventual sales price, that may reason enough to embark upon the project. Appraised Value Matters, Too When a homebuyer applies for a loan, the lender usually requires an independent appraisal to determine if the value of the home is in line with the purchase price. That can be when the seller ultimately finds out the return on the project. For example, a pool that cost $85,000 to install could add only $30,000 to the appraised value of a home compared to a similar home nearby without a pool. Remodels May Improve Marketability Some improvements don’t raise the eventual sales price of a home but may still make the home more attractive to buyers. A remodel may even be the difference between not receiving any offers and getting multiple offers on a property a short time after it goes on the market. Don’t Assume a Dollar-for-Dollar Return Some projects add more value to a home than others—a new front door often tops the list—but a host of factors can influence how much any specific remodel pays off. Variables include the quality and appeal of the finished project as well as how it compares with similar features of other homes in the neighborhood. In many cases, a home’s sales price will increase but not by as much as the actual cost of the project. Your REALTOR® can help you understand how remodeling projects can affect marketability and sales prices of homes, and can offer guidance on all your options when considering buying or selling a home.

What’s that Remodel Worth?2021-05-11T01:01:51-05:00

Avoid These Mistakes Between Loan Approval and Closing

2021-05-04T09:15:51-05:00

You’ve been careful with your finances, saved for a downpayment, and finally received approval for a mortgage loan. It’s time to celebrate, right? Not yet. Your lender will recheck your credit right before closing. Don’t give him or her reason to question your creditworthiness by making these mistakes: 1. Changing Jobs Changing employers could mean delays due to employment and salary verifications. Of course, you shouldn’t ignore a great career opportunity. It means only that optional moves should wait. 2. Making a Big Purchase Your debt-to-income ratio is an important factor when being considered for a loan. If you add to your debt by purchasing a car or boat, you risk exceeding the ratio that your lender finds acceptable.  3. Opening Credit Accounts You might apply for a credit card so you’re ready to buy furniture for your new house. But similar to taking on new debt, applying for a new credit account can harm your mortgage approval. The credit inquiry necessary for the new account will ding your credit score a few points, and the lender might wonder just how much you plan on spending with that new account. Part of the mortgage process is a final check to ensure you can afford the loan. Neither you nor the lender wants the payments to be a struggle, so don’t give the lender any reason to doubt your creditworthiness. There are other ways a transaction can fall apart before closing. Be sure to consult with your REALTOR® about contract deadlines and other to-do items to ensure you close on your new property.

Avoid These Mistakes Between Loan Approval and Closing2021-05-04T09:15:51-05:00

What Does Fair Housing Mean?

2021-05-04T09:16:00-05:00

The federal Fair Housing Act makes it illegal to discriminate in housing based on race, color, national origin, religion, sex, familial status, or disability. Prohibited actions include refusing to sell or rent housing, setting different terms for housing or a mortgage, discouraging the purchase or rental of a property, and other discriminatory behaviors. Since 1968, all consumers have been protected by the Fair Housing Act from discrimination in housing transactions. Here’s how the act benefits you. It Protects Everyone The act protects you and everyone else from discrimination based on race, color, national origin, religion, sex, familial status, or disability— those are called the seven protected classes. What the Act Means Sellers and landlords can’t discriminate in the sale or rental of property on the basis of someone’s race, color, religion, sex, disability, familial status, or national origin. They also can’t tell their agents to limit the availability of property based on the same seven classes, establish terms or conditions in the purchase or rental that are discriminatory, or advertise that the property is available only to people of a certain race, color, national origin, religion, sex, familial status, or disability. Where to Report a Violation If you suspect your federal fair housing rights have been violated, you can file a complaint at hud.gov. If you believe a REALTOR® has not upheld the standards set out in the Code of Ethics, you can file a complaint at texasrealestate.com.

What Does Fair Housing Mean?2021-05-04T09:16:00-05:00

7 Steps to Successfully Sell Land Online

2021-05-04T09:16:10-05:00

This post is republished courtesy of the REALTORS® Land Institute, which elevates the level of professionalism in the land industry by providing all land professionals the expertise and camaraderie that are the foundation for becoming the best in the business. You can find this and more resources for land professionals and buyers at rliland.com. Selling land can be tough. Many buyers do not have the foresight, time, or financial means to properly develop a vacant tract. This can limit the market to a very specific segment. If you are struggling to find a buyer, consider the advantages of selling your land online. Not only does this put your land before the eyes of a worldwide audience, but digital technology allows you to showcase the land in a more flattering light than you ever could in person. Consider the following seven steps to most effectively sell your land online. 1. Use Drones to Give Virtual Tours Online real estate listings are not complete without drone footage. For land sales, in particular, aerial images are paramount. You simply cannot capture all of the land’s unique features online without giving buyers a thorough look from a bird’s-eye view. As such, hiring a professional in drone photography should be at the top of your checklist prior to listing your land for sale. 2. Make Buyers Aware of Development Prospects There are practically no buyers out there who are interested in buying land just to own land. Sure, the age-old concept of buying land as an investment likely compels most people to consider purchasing land, but very few will be content in sitting back and passively hoping that the land suddenly becomes coveted in their lifetime. They will want to actively develop the land to speed up their return on investment. Therefore, you should clearly highlight all of the features that your land boasts for development. Its proximity to trendy locations, prospects for getting utilities to buildings, and community plans for local expansion should all be featured prominently in your online listing. 3. Work with a Land Broker All land brokers are real estate agents, but not all real estate agents are land brokers. Land brokers are specialized real estate professionals who focus on the sale and transfer of land. They have a detailed understanding of building codes and zoning restrictions–among a host of other specializations–and can be extremely valuable to you in formulating a plan on how to most effectively market your land online. RLI’s Find a Land Consultant tool is an excellent resource for finding land brokers and Accredited Land Consultants who can effectively guide you through a land transaction. 4. Know Your Goals When Setting a Price The classic sentiment is that overpricing a piece of land can stall the sale process, as an exorbitantly high asking price can deter buyers from even making an offer they think you will consider. So if moving your land fast is your goal, then make sure you have a competitive price. However, do not shortchange yourself if capturing a tidy profit is important to you. The COVID-19 pandemic is causing millions of Americans to relocate, with those in expensive cities such as San Francisco and New York looking for more socially distanced spaces. Many in this demographic are scooping up properties sight-unseen to start a new life for themselves in the era of remote work, with your piece of land potentially fitting nicely into these plans. 5. Demark the Boundaries Clearly Simply listing the size of the lot will not resonate with many buyers. They want to be able to see exactly what they are getting. Be sure to include specific lot line dimensions, with boundaries drawn into aerial photographs an excellent way to highlight the lay of your land. 6. The More Information, the Better You can never be too descriptive when you sell land online. Videos, pictures, and detailed text should make it easy for online shoppers to find and comprehend what they are looking for. It is also important to remember that many buyers have their guards up against being duped online, so if there is anything about your land that may be problematic to some buyers, it is best to clearly convey that in your listing so that you do not waste time when a buyer gets cold feet later in the process. 7. Include Keywords in Your Listing No matter how great your online listing is, it is all for naught if buyers cannot find it in the myriad properties that crowd their internet searches. Therefore, research keywords that buyers use when shopping for land online. Some popular keywords that many shoppers use in their searches include “private,” “lake,” “mountain,” and “close to town.” Conclusion Selling land presents some challenges, but these difficulties can be effectively managed by creating an online listing. Not only does selling online get your land in front of a larger market, but it allows you to highlight key features of the property that would not stand out by placing a “Land for Sale” sign along the side of the road. By following the seven steps in this article, you have all of the tools you need to make your online listing shine.

7 Steps to Successfully Sell Land Online2021-05-04T09:16:10-05:00

Stage Your Outdoor Spaces

2021-05-04T09:16:15-05:00

When preparing for a sale, homeowners often focus on curb appeal and interior staging to entice buyers. Staging outdoor areas—decks, patios, and other gathering spots—can also add to your property’s appeal. An inviting outdoor space encourages buyers to see it as an extension of the indoor space, adding virtual square feet to the home. Wash Everything Start with a clean space. Use a hose, power washer, or damp cloth to get rid of pollen, cobwebs, wasp nests, and similar unwelcome things. If you have a deck, pergola, or other wooden feature, give it a fresh coat of stain. Are your chairs rusty or rotted? Replace or remove them. Make sure cushions are free of mold and mildew. Soften Your Space Hard materials, such as wood or concrete, can be cold or unwelcoming. Add an outdoor area rug— preferably one that adds texture and color—and accent pillows to seating. Is there a side to your space that overlooks a street, air conditioning unit, or similar unwanted view? Hang an outdoor curtain or sunshade. Light Up the Night People don’t only use their outdoor space during the day—especially in Texas. Install outdoor string lights, decorative lanterns, or solar powered lighting to illuminate your space. Place small, battery powered lamps on tables to brighten corners or add ambience. Liven Up With Plants Whether it’s flowers or succulents in pots, vines climbing a post, or well-groomed bushes, plants add appealing textures and colors to your space. Even a vase of bright artificial flowers is better than nothing. These tips can help you improve or transform your outdoor space into a place where buyers want to spend time. For more advice on preparing your home for sale, talk to a REALTOR®.

Stage Your Outdoor Spaces2021-05-04T09:16:15-05:00
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