Five Best Lighting Tips when Selling your Home

When selling, lighting can make a dramatic difference in how you house shows and how buyers perceive the size and condition of your home. Every room should be lit to its potential. And as much as I love to be earth friendly, this is the time when you need to disregard that in favor of aesthetics.

Here are my best 5 lighting tips to help you make the most of your space:

1. Turn on every light fixture and lamp in the house for all showings. Buyers don't like dark, dreary spaces.
2. Open the window treatments and let natural light flood the space. Unless the view out the window is really awful, let the light in.
3. Increase the wattage in most of your lamps and fixtures. A little more bulb power really brightens up dark colored rooms. Crisp white light is better than blue or yellow tints.
4. Replace any spiral fluorescent bulbs with pretty clear or frosted bulbs. Save the energy efficient bulbs for your next house.
5. Chandeliers and pendants should be an appropriate size for the space. Chandeliers should hang approximately 30” above the table and wall sconces or fixtures should be just above eye level.

And one more thing - Since most buyers feel that a bright kitchen is a cheerful kitchen, be sure to light it up for a delicious sale.

 

[where: 75230]

Future Home of the Preston Royal Library

The Preston Royal Library is moving to the corner Forest Lane and Nuestra (just east of the tollway) and the former home of the Korean Presbyterian Church. I was wondering how they were going to remodel the church in to a library, but no need to ask about that any more. The old church is now a pile of rubble.

So now the big question is: what will the new library look like? I haven't heard of or seen of any renderings though I've heard that the library will be designed to meet the unique needs and architecture of the area. No word on the name of the library either. The current Preston Royal Library is still open.  [where: 75230]

How Poker is like Real Estate

This post comes from Las Vegas where I'm competing in the World Amateur Poker Championship. Real Estate is my passion and poker is my favorite hobby. Winning poker tournaments and selling homes actually have some common elements. Here are a few observations:

• First, don't compete with experts unless you know what you are doing or you can afford to loose a lot of money. The people who take it seriously are the ones who tend to do well. The more educated and up to date you are about trends in the industry, the better you will do. Never enter a game you don't really understand.
• Both real estate and poker involve the important element of timing. In poker, it's the old "know when to hold 'em and know when to fold 'em" adage. In real estate it's knowing when to sell and when to buy, when to give and when to take.
• Knowledge is power. The more you know about the other side, the better you are likely to do. Observation skills are crucial, as is the ability to respond correctly to those observations.
• Patience, flexibility, determination and the ability to switch gears quickly are essential in both poker and in negotiating real estate.
• Listen to your gut instincts, but never let emotions control your decisions.
• Some deals are harder than others. That's just the way it goes. But if you play smart, you'll come out ahead in the long run.
• And of course, there is the element of risk and luck. But never count on luck to determine your success. And never take a risk you are not willing to loose.

Whether it's at the final table or the closing table, the process of getting there always new and exciting.  [where: 75230]

Eco-Friendly Real Estate

The real estate industry has made strides to become earth friendly - in everything from consumer education to green construction. For years, the volume of paper, ink and other natural resources used in a real estate transaction was enormous.
Today, we complete many of the forms to list a house electronically. Many flyers and marketing materials are distributed electronically as well. And the piles of papers needed to fund and close a transaction have been reduced with scanning and e-signatures.

In Dallas, one of our most eco-friendly acts is to lessen the fuel used to visit homes by conducting internet searches to narrow our selections. On this Earth Day, there is still more we can do to lesson the footprint of buying and selling homes. But we seem to be improving on it every year. [where: 75230]

Preston Hollow Crime Alert

There as been a recent increase in crime activity in Preston Hollow in the mid afternoons. One suspect seems to be striking around 3:00 - when mom is out picking up the kids, people are at work, etc. Often they are either watching the houses or they ring the doorbells pretending to be selling something or looking for someone.

Most break-ins occur during the day in our neighborhood. Perhaps it's because there are so many delivery people and yard crews that the criminals can kind of blend in with the activity. When I'm pulling away from my house and there are strangers nearby (work crews, delivery trucks, etc), I wave back at the house as if someone is there. May seem a little crazy, but I haven't been robbed :)

Also of note is a recent theft of freon from a neighbor's outside AC unit. Apparently kids huff this to get high and freon can be taken from a unit and uploaded into a different unit. Therefore, it has street value. I don't know if you can really deter this kind of theft, but it might help to keep a look out for it.

Behind the Scenes: How Realtors work for homeowners

So many people think that most of what a Realtor does involves sticking a sign in a yard or show people around a house. Here is just one of the 'behind the scenes' jobs we do:  We work to help keep down a homeowner's cost of buying, selling and owning their property.

Home ownership is under attack in a way we’ve never seen before. Financially strapped federal, state and local governments are proposing transfer fees and other taxes on real estate to increase revenues and reduce homeowner tax exemptions. Since World War II, home ownership has been a priority in the United States. But that is changing. The way real estate is financed, taxed, and regulated will likely change in the next year or so - and not to the benefit of homeowners.

The Mortgage Interest Deduction is threatened under the tax reform that is part of current efforts to rewrite the federal budget. Mortgage backers Fannie Mae and Freddie Mac may be eliminated and leave no form of federal involvement, which would leave the FHA as the lone option to assist borrowers who can’t find financing in the conventional market. This elimination of a federal safety net will threaten the availability of  30-year, fixed-rate mortgages that so many middle class households rely on.

At the state level, we have successful fought a tax on real estate sales and services. But at the national level, there’s still talk of a national tax on real estate sales and other services. Among the proposals is a 4.5 percent tax on services.

Realtors not only contribute to our state and national PACs that fight for homeowners' rights, but we are also active in political activities to voice our concerns and influence legislation. So when your agent earns a commission, you can know that part of that money goes to our efforts to save you money. I don't know of another industry whose members contribute the way we do to help their customers financially. [where: 75230]

Preston Royal Sidewalk Sale this Saturday

The shops on the north side of Preston and Royal will be having their annual Sidewalk Sale this Saturday, April 15th from 10:00 a.m. until 4:00 p.m. I'll certainly be making a quick stop at the Dougherty's sale before heading to Austin to watch my eldest present his Plan II thesis at UT and then celebrating his induction into the Friar Society. What a great weekend!  [where: 75230]

Why you'll find my listings on Facebook

When trying to sell a house in today's market, it is wise to place it in front of as many potential buyers as possible. Posting a home for sale on facebook seemed like a crazy idea a couple of years ago. This chart shows why I like to do it now.

[where: 75230]

How a Governmental shut down will affect Real Estate

The possibility of a Federal Government shutdown tonight could have some adverse effects on buying or selling a home right now. The people affected are those applying for a mortgage or in the process of buying. Unless you are paying cash or your mortgage loan has already passed through underwriting, you may be in for a delay.

The primary reason is because IRS Tax Transcripts are now required on all loans under the Fannie/Freddie/FHA/VA/USDA guidelines. The IRS will not be able to process them and lenders will be not be able to close without these transcripts.

Also, many borrowers need to show a 2010 income from their newly filed tax return in order to qualify for a loan. If you need IRS verification of the submission or are providing proof of your 2010 Tax Return, you may be sidelined until the government is back up and running.  [where: 75230]

Success is not the key to happiness.

Happiness is the key to success.

If you love what you are doing,

you will be successful.

- Albert Schweitzer

[where: 75230]

Mortgage Insurance Premium increase in April

FHA loans are about to get more expensive. FHA loans are a  popular alternative to conventional loans, and they carry an annual mortgage insurance premium (MIP) that is collected as part of the monthly payments.

All fixed rate loans with case numbers assigned on or after April 18,  will see an increase of  .25% across the board, which adds about $30 to a borrower's payment each month. Current FHA loan customers are unaffected by these changes.

Depending on the term and LTV (loan-to-value ratio) of the loan, the new insurance premiums will be:

15-year fixed, LTV more than 90% = 0.50% per year
15-year fixed, LTV less than or equal to 90% = 0.25% per year
30-year fixed, LTV more than 95% = 1.15% per year
30-year fixed, LTV less than or equal to 95% = 1.10% per year

The upfront mortgage insurance premium will stay unchanged at 1% of the loan amount. Guidelines for FHA loans change often because of market conditions. This is the third price change to the MIP in the past year.  [where: 75230]

Dallas Housing Affordability in 2011

I keep telling folks that this is a great time to buy because homes are so affordable right now. But a lot of people don't think about affordability or get the difference between cost and price. They think prices could drop more and thus the house they want to buy will cost less. That isn't likely because interest rates and inflation rates have a big effect on the true cost of buying a house. And both are on their way up.

Affordability is an important factor to consider. Since 1963, it has cost the typical American an average of 43% of 'per capita' (or individual income) to finance the cost of a median priced home. That takes into consideration a typical 20% down payment and a 30 year fixed rate mortgage. Today, it's about about half of that cost at approximately 22% of individual income. Homes are simply more affordable, which is why so many people have jumped into the market over the past few years. As we know, some of those people shouldn't have. But should you now?

The housing market still faces many challenges, but Dallas is doing better than most areas. High unemployment and distress sales are keeping prices down. This of course is good news if you are looking to buy since the low mortgage rates and low prices have brought affordability to record levels. Who knows what will happen with interest rates, inflation and home prices tomorrow?  [where: 75230]

Worst Real Estate Photos - No Foolin'

It might be April Fool's Day but these photos are no joke. They are really photos of homes that people are really trying to sell.

This house is a dog. I mean this house has a dog. That's what I meant - has a dog.

You know you've stretched the photo too wide when the roll of toilet paper looks like a roll of paper towels.

Maybe you can tell me what this is.

I swear. The description of this photo actually says "Staged Dining Room".

[where: 75230]