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Home Buyers Put Trust In Dallas Real Estate Agents

Home Buyers Put Trust In Dallas Real Estate Agents | Dallas Texas Real Estate | Scoop.it
Prospective Dallas home buyers face a lot of choices during the buying process. Unfortunately, a lot of them have nothing to do with what kind of house they'd like to live in, how big of a kitchen they want, or how many bedrooms they'll need. That's because, for most of us, buying a house requires the help of a number of services and professionals that we aren't necessarily that familiar with or used to shopping for – including a home inspector, mortgage lender, real estate agent, appraiser, etc. Understanding what each does and who to trust can cause confusion for many buyers.

In fact, a recent survey from the National Association of Realtors®, found that nearly 30 percent of future home buyers do not feel knowledgeable about real-estate transactions, while another 22 percent said they don't understand the role played by various service providers. In other words, a lot of buyers know they'd like to own a house but aren't quite sure how to proceed. According to the survey, most of these home shoppers will lean on a real-estate agent for advice, guidance, and help finding affiliated services – with large majorities of respondents expressing a preference for working with professionals already affiliated with their agent's firm. Only family and friends ranked as highly as a source of Dallas real estate information. More here.

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Tim Stoll Real Estate 's insight:

Nearly 30 percent of future home buyers do not feel knowledgeable about real-estate transactions, while another 22 percent said they don't understand the role played by various service providers.

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Dallas texas real estate, home listings, news and information about buying homes and house selling in dallas texas. Tim stoll real estate agent Realtor® with keller williams urban dallas. Experience.Trust.Results #lgbt #kwri #dallastexas
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Who Buys Vacation Homes And Where They Buy

Who Buys Vacation Homes And Where They Buy | Dallas Texas Real Estate | Scoop.it

Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real, it's hard not to think about the joys of owning a place in your favorite town or getaway spot. But who's actually buying vacation homes and where are the most popular locations to have a house?

 

Well, the National Association of Realtors collects that info each year as part of their Investment and Vacation Home Buyers Survey. This year's results show that, among vacation home buyers, the South is the most popular area to buy. In fact, a full 47 percent of vacation homes bought last year were purchased in the South. The West came in second with 25 percent. Also, beach houses outpace all others, with sales more than doubling the number of homes purchased in the mountains, at a lake, or in the country.

 

And who's most likely to buy a vacation home? Not surprisingly, Lawrence Yun, NAR's chief economist, says older buyers. “Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year,” Yun said. In 2015, the median household income of a vacation home buyer was $103,700 and the property they purchased was a median distance of 200 miles away from their primary home.

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Tim Stoll Real Estate 's insight:

Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real.

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First-Time Buyers Spur Home Sales Gain

First-Time Buyers Spur Home Sales Gain | Dallas Texas Real Estate | Scoop.it

September sales of previously owned homes rose 3.2 percent from the month before, according to new numbers released by the National Association of Realtors. The gains were a welcome change after a two-month slide.

 

Lawrence Yun, NAR's chief economist, said the improvement was due to a boost in the number of first-time home buyers active near the end of summer. “The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of competition for the minimal amount of homes for sale,” Yun said. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.” In fact, the share of first-time buyers rose to 34 percent in September. That's the highest it's been since July 2012. Historically, new home buyers represent closer to 40 percent of all home sales. Because there have been fewer first timers active in the market recently, an increasing number is seen as good news and vital to housing's health.

 

Also encouraging, the number of homes available for sale rose in September. At the end of the month, inventory was 1.5 percent higher than the month before.

Tim Stoll Real Estate 's insight:

September sales of previously owned homes rose 3.2 percent from the month before, according to new numbers released by the National Association of Realtors. The gains were a welcome change after a two-month slide.

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Making Sense Out Of Selling Your House

Making Sense Out Of Selling Your House | Dallas Texas Real Estate | Scoop.it

Selling anything requires a good first impression. And most impressions are made on a sensory level. A familiar scent or some soothing music can set a mood and alter perceptions. That's why home sellers should pay extra attention to the details when trying to appeal to potential home buyers. But what are some of the things homeowners can do to make their home stand out? Well, a recent survey conducted by Trulia asked real estate agents for some tips.

 

The number one thing, according to nearly 75 percent of respondents, was cleanliness. A messy house makes it hard for buyers to see beyond the clutter and visualize living there. Keeping your home neat and tidy is a fairly obvious way to put your best foot forward, though. Some of the other, less evident, examples include using scents to make your house more inviting. The fresher smelling the better. Vanilla, for example, is a scent known to help lower stress and boost nostalgia. You might also pay attention to the color of your walls. Repainting is a pretty easy fix and buyers tend to have an easier time imagining their things in a space that seems clean and easily adaptable. For that reason, agents recommend repainting any bold color choices in an ivory or eggshell to help attract potential buyers.

 

Search Dallas homes for sale at www.thinkdallas.com 

Tim Stoll Real Estate 's insight:

Selling anything requires a good first impression. And most impressions are made on a sensory level. A familiar scent or some soothing music can set a mood and alter perceptions.

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Mortgage Rate Increase Slows Home Loan Demand

Mortgage Rate Increase Slows Home Loan Demand | Dallas Texas Real Estate | Scoop.it

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans.

 

The increase brought rates to their highest level in a month and caused a decline in demand for home loan applications. Michael Fratantoni, MBA's chief economist, told CNBC economic optimism led to the spike in mortgage rates. “As incoming economic data reassured investors regarding U.S. growth, and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week,” Fratantoni said. “Total and refinance application volume dropped to their lowest levels since June as a result.” In fact, refinance demand – which is generally more sensitive to rate fluctuations – dropped 8 percent from the week before, while demand for loans to buy homes fell 3 percent. The MBA's weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

 

www.thinkdallas.com | Dallas Texas Real Estate

Tim Stoll Real Estate 's insight:

The increase brought rates to their highest level in a month and caused a decline in demand for home loan applications.

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Home Purchase Contract Signings Slowdown

Home Purchase Contract Signings Slowdown | Dallas Texas Real Estate | Scoop.it

In August, the number of signed contracts to buy existing homes dropped 2.4 percent from the month before. The numbers, released by the National Association of Realtors, indicate a few things important to prospective buyers and home sellers. First, because contract signings precede closings, a decreasing number of pending sales is a good indicator of where home sales are headed. That means, a drop in August may show up as an upcoming decline in the number of recorded sales of previously owned homes. But why are sales slowing? Some of it is due to the natural ebb-and-flow of the market. As the summer season comes to a close, sales typically slow down.

 

The other reason is inventory. Currently much of the country has a lower-than-usual number of homes for sale. That means, fewer choices for buyers and more upward pressure on prices. Lawrence Yun, NAR's chief economist, says this is causing the housing market's momentum to slow. “Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” Yun said. In fact, the Northeast saw a 1.3 percent increase in contract signings, while the Midwest, South, and West all saw declines.

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Tim Stoll Real Estate 's insight:

The signed contract numbers, released by the National Association of Realtors, indicate a few things important to prospective buyers and home sellers.

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New Home Sales Fall After Spiking In July

New Home Sales Fall After Spiking In July | Dallas Texas Real Estate | Scoop.it

Sales of newly built, single-family homes fell in August after rising to the fastest sales pace in 9 years the month before. The data, released by the U.S. Census Bureau and the Department of Housing and Urban Development, shows new home sales down 7.6 percent month-over-month, though they remain nearly 21 percent higher than last year. But though the monthly decline may seem like a setback, there are a number of encouraging signs in the report for prospective home buyers.

 

For starters, the number of new homes on the market rose nearly 2 percent last month. With inventory low, an increasing number of new homes available for sale is a promising sign, especially when combined with the fact that building permits also rose in August. That may indicate future gains to inventory levels across the country. And, with rising inventory, price increases should begin to moderate. For example, this month's report shows the median price for a new home fell 5.4 percent from one year ago. In fact, the median sales price of new homes sold in August was $284,000; the average sales price was $353,600. Also in the report, new home sales were down sharply in the Northeast and South. The West saw an 8 percent increase and the Midwest fell 2.4 percent.

Tim Stoll Real Estate 's insight:

The number of new homes on the market rose nearly 2 percent last month. With inventory low, an increasing number of new homes available for sale is a promising sign, especially when combined with the fact that building permits also rose in August.

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Typical Home In August Sold In 36 Days

Typical Home In August Sold In 36 Days | Dallas Texas Real Estate | Scoop.it

In August, the typical home for sale sold in just 36 days, according to new data from the National Association of Realtors. That's 11 days quicker than last year. Additionally, nearly half of all homes sold were off the market in less than a month. Homes are selling faster and part of the reason is that, in many markets, there are fewer homes available for sale. With fewer homes on the market and buyer demand high, the homes that are for sale are likely to be swept up quickly. Unfortunately, too few homes for sale may also be responsible for overall sales slowing as the summer season draws to a close.

 

August numbers show sales of previously owned homes down 0.9 percent from the month before. Lawrence Yun, NAR's chief economist, says short supply is behind many of the housing market's current issues. “There's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold,” Yun said. Still, regional results show sales up slightly from one year ago everywhere but the Northeast, where they are unchanged from last year but up 6.1 percent month-over-month.

Tim Stoll Real Estate 's insight:

In August, the typical home for sale sold in just 36 days, according to new data from the National Association of Realtors. That's 11 days quicker than last year.

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Which Home Style Sells For The Highest Price?

Which Home Style Sells For The Highest Price? | Dallas Texas Real Estate | Scoop.it

No matter where you live, there are likely a number of different architectural styles represented in your area. You may live in a neighborhood of bungalows down the street from a row of old Victorians. Or maybe your neighborhood was built more recently and is dominated by Colonials and Mediterranean-style homes. Everybody has their own personal preference but which style sells for the most? A recent study looked at a number of popular home styles and determined which sells for the highest price and which have increased and decreased in popularity over the past four years.

 

The results show that Mediterranean-style homes have the highest median list price at $749,900. Known for their stucco walls and wrought-iron accents, these homes still garner the highest asking price but have fallen out of favor a bit since their heyday 15-to-20 years ago. In fact, median list price for a Mediterranean-style house has only risen 0.1 percent over the past four years. On the other hand, Modern homes are surging in popularity, with a 37.4 percent jump in median price. The median Modern house now goes for $425,850. The most affordable home style was Victorian at $285,000, while Colonials demanded close to $400,000. The median list price for all styles was $249,900, up from $200,000 in 2012.

 

Are you or someone you know in the market to buy or sell a home? If so, visit www.thinkdallas.com 

Tim Stoll Real Estate 's insight:

The results show that Mediterranean-style homes have the highest median list price at $749,900. Known for their stucco walls and wrought-iron accents, these homes still garner the highest asking price but have fallen out of favor a bit since their heyday 15-to-20 years ago.

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What First Time Home Buyers Can Expect

What First Time Home Buyers Can Expect | Dallas Texas Real Estate | Scoop.it

Because they are vital to the health of the housing market, first-time home buyers are a closely watched group. In recent years, they have been less active but there is new research indicating that the number of first timers is spiking. So what can new home buyers expect their first time through the home buying process? According to economist Jonathan Smoke, they may face more challenges in this market but can improve their chances by getting their finances in order, raising their credit score above 700, and planning for a down payment. “The market has seen growth despite higher prices in part because of pent-up demand from very qualified buyers who were able to meet the challenging mortgage qualifications that are the norm these days,” Smoke says. “A key question for the months ahead is whether a higher share of first-time buyers is ready or capable of qualifying for a loan and closing on a home.” In other words, if these potential buyers can get approved for a mortgage, there could be an upcoming surge in sales to younger Americans.

 

The good news is mortgage credit has generally been more available over the past few years. Unfortunately, the flip side is that, at the same time, a higher percentage of buyers report having trouble raising their credit score and difficulty saving for a down payment.

Tim Stoll Real Estate 's insight:

There is new research indicating that the number of first time home buyers is spiking.

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The Home Features Buyers Want Most

The Home Features Buyers Want Most | Dallas Texas Real Estate | Scoop.it

Whenever potential home buyers are asked what they most want in a new house, their responses tend to favor utility and function. It seems, when looking for a house to buy, luxury takes a backseat to lower energy bills and more storage space for most buyers. In fact, according to a recent survey of home shoppers, more than 80 percent agreed on a few familiar features they desired above all others. For example, a separate laundry room was named by 92 percent of buyers as a must in their next house. Having a dedicated area for collecting and cleaning laundry was a nearly unanimous choice and popular across all age groups and demographics.

 

Energy efficient appliances and windows were also near the top of the list, as was garage storage space – proving that, more than a gold-trimmed master suite, Americans want lower bills and places to store their stuff. But not all of the most-loved home features were purely utilitarian. In fact, 84 percent of respondents named outdoor living space among their must haves. A nice yard, patio, or deck provides outdoor space to enjoy and a place to entertain friends and family. Rounding out the list, exterior lighting, an eat-in kitchen, and hardwood floors were all near the top of buyers' wish lists.

 

Search homes for sale here www.thinkdallas.com

Tim Stoll Real Estate 's insight:

Whenever potential home buyers are asked what they most want in a new house, their responses tend to favor utility and function.

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Pending Home Sales Bounce Back In July

Pending Home Sales Bounce Back In July | Dallas Texas Real Estate | Scoop.it
The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes each month. Because the index tracks contract signings, and not closings, it is a good indicator of future existing home sales and an important barometer for the housing market.
 
In July, pending sales rose 1.3 percent and reached the second highest reading in more than a decade. Lawrence Yun, NAR's chief economist, says the news is encouraging but things could be even better. “Amidst tight inventory conditions that have lingered the entire summer, contract activity last month was able to pick up at least modestly in a majority of areas,” Yun said. “More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. There's little doubt there'd be more sales activity right now if there were more affordable listings on the market.” Regionally, the West, South, and Northeast all saw increases, with the West registering the largest gains. The Midwest was the only region that didn't improve month-over-month.
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Tim Stoll Real Estate 's insight:

“More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. There's little doubt there'd be more sales activity right now if there were more affordable listings on the market.” Lawrence Yun, NAR Economist

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Index Finds Home Prices Still On The Rise

Index Finds Home Prices Still On The Rise | Dallas Texas Real Estate | Scoop.it

The S&P Case-Shiller U.S. National Home Price Index – considered the leading measure of U.S. home prices – has been tracking home values for nearly 30 years. According to their most recent release, national home prices are up 5.1 percent year-over-year, with the biggest price increases seen in the West. David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones indices, says home prices show no sign of slowing down. “Home prices continued to rise across the country led by the West and the South,” Blitzer said. “In the strongest region, the Pacific Northwest, prices are rising at more than 10 percent; in the slower Northeast, prices are climbing a bit faster than inflation.

 

Nationally, home prices have risen at a consistent 4.8 percent annual pace over the last two years without showing any signs of slowing.” Overall, Blitzer believes the residential real estate market is in good shape, noting improvements in housing starts and home sales. Among individual cities included in the index, Denver, Seattle, and Portland led the way with the biggest year-over-year gains in home values.

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Tim Stoll Real Estate 's insight:

National home prices are up 5.1 percent year-over-year, with the biggest price increases seen in the West.

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Sales Of New Homes Surge In July

Sales Of New Homes Surge In July | Dallas Texas Real Estate | Scoop.it

New numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family houses up 12.4 percent in July from the month before. The improvement puts new home sales at a nine-year high. Rebounding strength in the housing market has analysts optimistic about the future. Millan Mulraine, deputy chief economist at TD Securities in New York, told Reuters that the residential real estate market is now one of the economy's strongest sectors. “A very rosy picture is beginning to emerge on the housing market, pointing to sustained buoyancy in the sector's recovery, which remains one of the few bright spots for the U.S. economy,” Mulraine said.

 

But though sales have been strong, the number of homes being built still lags behind other housing measures, which tempers some of the optimism surrounding this year's solid sales performance. Still, July's gain pushed new home sales 31.3 percent higher than they were at the same time last year and beat economists' expectations by nearly 75,000. Economists surveyed prior to the release forecast sales to fall in July. Also in the report, the median sales price of new houses sold in July was $294,600; the average sales price was $355,800.

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Tim Stoll Real Estate 's insight:

The median sales price of new houses sold in July was $294,600; the average sales price was $355,800.

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Garage Data Shows Us Where We Park It

Garage Data Shows Us Where We Park It | Dallas Texas Real Estate | Scoop.it
Having a car isn't really a choice for a lot of Americans – and even some of us that are lucky enough to choose whether or not to have a car decide to have one. Put simply, cars are a fact of life for most us. So it comes as no surprise that an analysis of Census Bureau construction data done by the National Association of Home Builders found that an increasing number of new homes have garages and the size of those garages is also on the rise. For example, the share of homes with a three or more car garage jumped from 11 percent in 1992 to 20 percent in 2005.
 
And, in the past decade, new homes built without a garage have become almost non-existent. Robert Dietz, NAHB's chief economist and senior vice president for economics and housing policy, breaks down the numbers in a recent article. “For new single-family completions in 2015, 61 percent of homes offered a two-car garage,” Dietz writes. “Another 24 percent of homes possessed a garage large enough to hold three or more cars. Just 6 percent of newly-built homes had a one-car garage, and only 1 percent possessed a carport. Another 9 percent of new homes had no garage or carport.” Additionally, of the 9 percent of homes without a garage, 23 percent were town homes.
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Tim Stoll Real Estate 's insight:

Analysis of Census Bureau construction data done by the National Association of Home Builders found that an increasing number of new homes have garages and the size of those garages is also on the rise.

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Home Buyers Not Deterred By Rate Increase

Home Buyers Not Deterred By Rate Increase | Dallas Texas Real Estate | Scoop.it

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose 3 percent last week despite a bump in mortgage rates. Average rates rose for 30-year fixed-rate loans with both conforming and jumbo balances, as well as 15-year fixed-rate loans. Rates for loans backed by the Federal Housing Administration were unchanged from one week earlier. Higher rates didn't stop buyers, however. In fact, the MBA's purchase index is now 13 percent above where it was last year at this time. That's due, in part, to the fact that rates – though at their highest level since June – are still low by historical standards.

 

Refinance activity, on the other hand, is more sensitive to rate increases and saw a 1 percent decrease last week. Michael Fratantoni, MBA's chief economist, says average mortgage rates are as high now as they were the week of the Brexit vote in June. “Refinance applications dropped to the lowest level since the week of the Brexit vote, as mortgage rates reached their highest level since then,” Fratantoni said. The MBA's weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

 

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Tim Stoll Real Estate 's insight:

Demand for loans to buy homes rose 3 percent last week despite a bump in mortgage rates. Average rates rose for 30-year fixed-rate loans with both conforming and jumbo balances, as well as 15-year fixed-rate loans.

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Do Most Buyers Rent Before Buying A Home?

Do Most Buyers Rent Before Buying A Home? | Dallas Texas Real Estate | Scoop.it

For a lot of people, renting an apartment or house before buying their first home serves as a type of practice run. In fact, before 2003, about 80 percent of first-time home buyers rented prior to becoming homeowners. Typically younger, first-time buyers can get a taste of autonomy and responsibility as a renter before taking on the added challenges of homeownership. These days, however, an increasing number of first timers are skipping that step and buying their first house after living with a parent, relative, or friend. That seems unusual, but is probably explained by the fact that it's easier to save for a down payment when living rent free. And – since a growing number of young Americans name saving for a down payment among the top obstacles preventing them from buying a house – this makes sense. But what about repeat buyers? Well, according to data from the National Association of Realtors' Profile of Home Buyers and Sellers nearly 30 percent of repeat buyers last year were renting prior to purchasing their home.

 

That's a dramatic change from years past when it's been as low as 10 percent. According to a report from Jessica Lautz, NAR's managing director of survey research and communication, recent economic history helps explain the upswing. “The increase in renting may have occurred as sellers waited during housing market uncertainty to purchase another home and tight inventory drew out that process until they were able to find the ideal home to purchase,” Lautz writes.

 

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Tim Stoll Real Estate 's insight:

For a lot of people, renting an apartment or house before buying their first home serves as a type of practice run. In fact, before 2003, about 80 percent of first-time home buyers rented prior to becoming homeowners.

 

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Top Projects To Boost Your Home's Value

Top Projects To Boost Your Home's Value | Dallas Texas Real Estate | Scoop.it

Home values aren't just important to prospective buyers looking for something that fits their needs and budget. Current homeowners also have to think about what their home is worth, should they decide to sell their house or refinance their loan. The good news is that projects that raise your home's worth are also going to be things that add to your quality of life while you're still living there. In other words, whether you've just bought your first home or are a baby boomer looking to sell, the following projects will be good investments for both your house and your bottom line.

 

According to a list from homes.com the number one area to focus on is the kitchen. Kitchen remodels recoup the largest percentage of their cost, whether you redo the entire room or just replace the countertops or cabinets. Bathrooms are also popular with buyers and, like kitchens, a tasteful remodel can recoup most of its costs. Think about re-grouting, updating fixtures and handles, or just applying a new coat of paint. Energy-efficient windows and appliances are something else to consider. Energy efficiency is popular with buyers and can save you money on utilities in the meantime. Finally, spend some time outside. Refreshing your home's exterior and landscaping can help with a good first impression and can be as simple as planting some flowers and repainting the front door.

 

Wondering what your home is worth ? Find out now takes just a couple minutes.

www.UrbanDallasHomeValues.com

Tim Stoll Real Estate 's insight:

Current homeowners also have to think about what their home is worth, should they decide to sell their house or refinance their loan. The good news is that projects that raise your home's worth are also going to be things that add to your quality of life while you're still living there.

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Survey Finds Average Mortgage Rates Down

Survey Finds Average Mortgage Rates Down | Dallas Texas Real Estate | Scoop.it
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates decreased last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Michael Fratantoni, MBA's chief economist, says the Fed's decision to leave rates unchanged led to the drop. “Treasury rates fell through the course of last week, as the Fed left their target rate unchanged, and concerns grew again about global growth, particularly in Europe and Japan,” Fratantoni said. “Refinance volume dipped for the week, but purchase application volume continues to show 2016 as a strong year.”
 
Last week, demand for loans to buy homes was up slightly from the week before and 10 percent higher than the same week one year earlier. The size of the average loan was also up, however – which indicates that much of the buying activity remains on the higher end of the market. Refinance activity, on the other hand, was down 2 percent from the previous week, despite declining rates. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
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Tim Stoll Real Estate 's insight:

Average mortgage rates decreased last week across all loan categories.

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Does The Home Buying Season Really Start In Fall?

Does The Home Buying Season Really Start In Fall? | Dallas Texas Real Estate | Scoop.it

Traditionally, the housing market heats up in the spring and continues to sizzle through the summer months. There are many reason this is true – including more favorable weather and the school year. However, if you're able to choose when you buy your next home, spring and summer may not be the best times to buy. In fact, according to an analysis from NerdWallet, sale prices peak in June and July then begin falling in autumn.

 

However, that's actual sale price, not what the home was listed for. The data showed home listing prices dropped less than half a percent in fall but sale prices fell nearly 3 percent by November. That's $8,300 less on a median-priced home. And if you can wait even later, winter offers the best savings. Because fall and winter see fewer buyers active in the market, there is less competition and more room for negotiating a better price. Realtor.com chief economist, Jonathan Smoke, says buying is best the later you wait. “If your circumstances give you the freedom to be able to choose the best time to look to sign a contract on a new home, there's no question that the market dynamics favor you the most to do that in the dead of winter, ideally in January or February, right before the activity starts to heat up,” Smoke said.

Tim Stoll Real Estate 's insight:

if you're able to choose when you buy your next home, spring and summer may not be the best times to buy.

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5 Home Features That Attract First-Time Buyers

5 Home Features That Attract First-Time Buyers | Dallas Texas Real Estate | Scoop.it
There's a growing number of young Americans who say they want to buy a house sometime in the next few years. In fact, a recent survey found large majorities of people between the ages of 18 and 34 who are planning to buy. That means, there's going to be growing demand for mid sized homes. Specifically, mid sized homes with features that millennial buyers want. But what are those? Well, for one, a backyard deck.
 
According to Trulia, 59 percent of millennial home buyers say they want one. An almost equal number of survey respondents said they'd like a balcony with a view. In other words, like most buyers, younger Americans want outdoor spaces that extend their living space and can be used for entertaining family and friends. Similarly, they also prefer an open floor plan and a gourmet kitchen. Kitchens, of course, are always important with buyers of any demographic. However, there is one feature nearly half of all surveyed millennial buyers wanted that is easy to add to your existing home without breaking the bank: A vegetable garden. A renewed interest in simple, healthy lifestyles has made vegetable gardens – or, at the very least, a good spot to start one – a must for 40 percent of younger home buyers. 
 
Dallas TX Homes For Sale | www.thinkdallas.com
 
Tim Stoll Real Estate 's insight:

There's going to be growing demand for mid sized homes. Specifically, mid sized homes with features that millennial buyers want. But what are those? Well, for one, a backyard deck.

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Few Tips For Home Buyers On Making A Successful Offer

Few Tips For Home Buyers On Making A Successful Offer | Dallas Texas Real Estate | Scoop.it

There are many steps in the home buying process. Arguably the most important step, however, is making a successful offer. The good news, according to Freddie Mac senior vice president, Chris Bowden, is that today's market is more traditional than it has been in recent years. In other words, there are fewer real-estate investors and cash sales, which means potential home buyers should see more opportunities.

 

Still, it's important to know what you're doing before making an offer on a house. Bowden offers a few tips in a recent article for Freddie Mac's Executive Perspectives series. Among them, he names fully understanding your finances as the most critical. A buyer needs to know how much house they can afford in order to know if their budget can cover, not only their prospective mortgage payment, but any unexpected maintenance costs that come up as well. Buyers also have to act fast. Though there are fewer investors competing for homes, there are also fewer homes for sale. And since inventory is low, there's going to be competition from other buyers. Being prepared for it can make the difference between a successful offer and a rejected one. Finally, Bowden says to rely on the expertise of a local real estate professional you've hired to help guide you through the process. They should be able to help you make your strongest offer by comparing it to other recent sales in the neighborhood. 

 

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Tim Stoll Real Estate 's insight:

Rely on the expertise of a local real estate professional you've hired to help guide you through the home buying process.

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More Americans Say It's A Good Time To Buy A Home

More Americans Say It's A Good Time To Buy A Home | Dallas Texas Real Estate | Scoop.it

According to Fannie Mae's August 2016 Home Purchase Sentiment Index, the number of Americans who say it's a good time to buy a house rose from the month before, marking three straight months of improvement. It's a sign that an increasing number of potential buyers are feeling secure in their jobs, optimistic about their futures, and eager to take advantage of mortgage rates still near record lows. It also bodes well for the housing market as it nears the end of its busiest season.

 

Overall, the survey found sentiment essentially flat from the month before, when it reached an all-time high. Doug Duncan, Fannie Mae's senior vice president and chief economist, said Americans are optimistic heading into the fall. “Consumers have a fairly optimistic, 12-month outlook on housing at the end of the summer home-buying season, supported by increased job confidence and more favorable expectations regarding their personal financial situations compared with this time last year,” Duncan said. “The return to a slight upward trend in the HPSI during the spring and summer is, thus far, in line with our forecast, which calls for 4 percent growth in home sales in 2016 to the best level since 2006 and continued improvement for 2017.”

 

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Tim Stoll Real Estate 's insight:

It's a sign that an increasing number of potential buyers are feeling secure in their jobs, optimistic about their futures, and eager to take advantage of mortgage rates still near record lows.

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Majority Of Housing Markets Show Improving Trend

Majority Of Housing Markets Show Improving Trend | Dallas Texas Real Estate | Scoop.it

Of the top 100 metropolitan areas included in Freddie Mac's Multi-Indicator Market Index, 84 percent are showing an improving three-month trend. The index – which compares current housing conditions to long-term norms – also found 42 of the 50 states on the upswing. Len Kiefer, Freddie Mac's deputy chief economist, says it was the 50th straight month the index registered year-over-year gains. “Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50th consecutive month of year-over-year increases,” Kiefer said. “Low mortgage rates and consistent job gains are helping to bolster home buyer demand, which is reflected in the MiMi purchase applications indicator.

 

Purchase applications, as measured by MiMi, rose 1.75 percent month-over-month in June to the highest level since December 2007.” But though the index's results are definitely positive, the upward trend was even stronger last year at this time when all of the top 100 metros were showing gains. Also in the report, the most improved metropolitan areas since last year at this time include Orlando, Denver, Tampa, Chattanooga, and Dallas. Among states, Oregon, Colorado, Florida, Tennessee, and New Jersey lead the list.

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Tim Stoll Real Estate 's insight:

Most improved metropolitan areas since last year at this time include Orlando, Denver, Tampa, Chattanooga, and Dallas. Among states, Oregon, Colorado, Florida, Tennessee, and New Jersey lead the list.

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Mortgage Rates Hold Steady Near Lows

Mortgage Rates Hold Steady Near Lows | Dallas Texas Real Estate | Scoop.it

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were relatively flat last week across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. With rates still hovering just above historic lows, demand for mortgage loan applications saw a bump over the week before.

 

In fact, the seasonally adjusted purchase index rose 1 percent from the week before, while the refinance index – which is generally more sensitive to rate movement – saw a 4 percent increase. Michael Fratantoni, MBA's chief economist, says with rates as low as they are, there should be an even greater increase in the number of borrowers taking advantage of favorable conditions. “The last time rates were at these levels, the refi index was almost twice as high,” Fratantoni told CNBC. “At these rate levels, there are borrowers who still stand to benefit, but there are many homeowners who have already taken advantage of refinancing and are not yet incentivized to do it again.” The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

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“The last time rates were at these levels, the refi index was almost twice as high” Michael Fratantoni, MBA's chief economist

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Rising Rent Motivates First Time Home Buyers

Rising Rent Motivates First Time Home Buyers | Dallas Texas Real Estate | Scoop.it
According to a recent survey of potential home buyers, the cost of renting is the main motivator for almost half of all first-time home buyers and nearly a quarter of respondents overall. That is nearly double what it was last year at this time. That's mostly due to the fact that, in recent years, rent has been rising at a rapid pace and – despite the fact that home prices have also been increasing – buying a home has generally remained the more affordable choice in many markets.
 
That, and mortgage rates that have been hovering near record lows for some time now, are driving renters to the housing market. But that doesn't mean there still aren't concerns about the cost of buying a home. In fact, affordability was named by 28 percent of survey participants as their top concern, with too much competition and a lack of homes to choose from following close behind. For first-time home buyers, in particular, affordability is a growing worry. For that reason, inventory levels and new home construction are the keys to the current housing market. As more homes become available for sale, the rate of price increases should begin to moderate, which will help balance the market and provide more opportunities for buyers.
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Tim Stoll Real Estate 's insight:

The cost of renting is the main motivator for almost half of all first-time home buyers.

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