What Are DFW’s Top 10 Architectural Styles?

Texas is rich in history, and many architectural styles reflect this. When searching for a new home in Texas, you will see many different cultural influences in the architecture. Many early settlers’ traditions are still present in modern-day Texas architecture. And, while the Dallas-Fort Worth (DFW) metro area has grown to be one of the largest urban cities in the United States, many of the homes in the suburbs reflect the history and culture of Texas. Here are the top ten architectural styles you will discover when searching for a new home in DFW.

DFW Architectural Styles

Mediterranean Revival

Texans love Mediterranean-style homes, particularly in the luxury home market. Reminiscent of seaside houses and palazzos in Italy, France, and Spain, you will feel like you are always on a coastal European vacation if you purchase one of these beautifully designed homes. The balmy summer temperatures and mild winters in DFW are also similar to the Mediterranean climate!

The Mediterranean Revival style of architecture became popular in the United States and Texas during the 20th century. These homes are usually designed with white stucco exteriors and red clay tile roofs. They may feature tall arched windows and wrought-iron balconies. You may also find beautiful Romanesque columns and pergolas and a central courtyard. The look unites the indoors and the outdoors.

You will find this style of home throughout DFW, particularly in the Highland Park, Cedar Hill, and Southlake neighborhoods.

French Provencal

The French Provencal style of architecture is also referred to as French Country. The look is inspired by the cottage-like homes in Provence, France, or the southernmost region in France. This look originates in rural parts of France and combines a charming chateaux design with a rustic farmhouse look. It pairs well with a heavy use of Texas stone and the larger lot sizes you will find in luxury home neighborhoods.

Today, the French Country look is recognized by a high-pitched roofline, French pale blue wooden shutters and exterior accents. Light-washed colors, distressed wood, and antique accents complete the look. Inside, you will see stone fireplaces and exposed wooden beams.

American Colonial

The American Colonial style of architecture dates back to the 1600s. The first thirteen American colonies on the east coast inspire this look throughout the nation. This style has been popular throughout the centuries, both in residential and commercial real estate properties. The look we now know as Colonial was popular in the 1800s.

Today’s Colonial homes typically include flat facades and central doorways surrounded by symmetrical windows and gabled roofs. These homes are almost always two or three stories rather than a single story. You may find brick exterior or horizontal siding. In DFW, the Colonial-style homes have an added roofed porch on the front to shield the front of the house from the Texas sun.

Tudor Revival

The traditional Tudor design home dates back to the 1400s, but this style became popular in new homes built in the 1970s and 1980s. The exposed half-timbered wood exterior is the most noticeable feature of a Tudor Revival home. They also feature steeply pitched roofs and overlapping gables. White herringbone brick or creamy stucco facades accentuate the architecture with the exposed wooden frames, creating a cozy charm.

In DFW, you will often see Tudor Revival-style homes in Greenland Hills and Hollywood Heights.

Contemporary

The clean, crisp lines of Contemporary architecture appeal to those who like a modern and sophisticated look. It’s often minimalist in design. With open floor plans, glass, and steel materials, you will have a lot of natural light within the home.

You will find Contemporary homes throughout Dallas, particularly in Oak Lawn, Turtle Creek, and Northwest Dallas. It is becoming more common to transform older traditional homes in Dallas into a remodeled contemporary design.

Ranch Style and Texas Vernacular

Ranch-style homes are not just for the country. Urban areas and luxury home developers love them, too. These single-level homes are perfect for those who don’t want stairs. The floor plans are usually open and easy to navigate. You will see ranch-style architecture with combined materials such as stucco, brick, stone, and wood. They often have overhanging eaves and large windows that bring in natural light. With plenty of access to the backyard, you can create a beautiful landscape to enhance the look of a ranch-style home. These are commonly found in North Dallas. More recently, Texas Vernacular style homes have been very popular in DFW. An Austin influence from early immigration days, Texas Vernacular homes feature a palatial, rectangular design with projected porches, stone facades, exposed wooden beams and brackets, then finished with a metal roof.

American Craftsman

This style was created by the British Arts and Craft Movement in the 1920s, often compared to the “California Bungalow.” This style of architecture is laid back, classy and comfortable. These homes have a low-pitched roof, a wide front porch with exposed wooden beams, and horizontal siding exteriors. The design emphasizes craftsmanship, so many of these homes will feature decorative eaves, handcrafted stonework, and exposed woodwork. The floor plans are often centered around a fireplace, creating a welcoming atmosphere for gatherings. American craftsman homes exist in a variety of shapes and sizes.

Victorian

The Victorian era in England introduced this architectural style in the late nineteenth century. Queen Anne Victorian homes are known for their decorative trim, often resembling gingerbread houses. Victorian architecture is also present in hillside mansions in DFW. You will recognize this style by its asymmetrical shape, large wrap-around porches, and steep towers. Many times the exterior is painted in bright colors in two or three colors to accentuate the features of the home.

Mid-Century Modern

During the peak of the 20th century, architecture shifted toward a streamlined and modern look. This style increased in popularity between the 1930s and 1960s. Frank Lloyd Wright was a popular architect during that time. The John Gillin Residence is the only Dallas home designed by Frank Lloyd Wright, but his legacy remains in DFW.

The mid-century modern style consists of abstract lines, minimalist interiors, exteriors, and open floor plans. North Dallas and Northeast Dallas areas feature many mid-century modern homes.

Dallas Eclectic

Finally, we have the Dallas Eclectic architecture style. It’s a spin on the French Eclectic style, only bigger and better. These homes are often built with grand proportions. They are known for their deep-pitched roof, creating an elongated silhouette. The Dallas Eclectic style borrows from the Beaux-Arts movement with highly detailed sculptural elements. It differs from the French Provencal architectural style, which resembles more of a country cottage. The Dallas Eclectic designs are perfect for Dallas’ large lot sizes and luxury home buyers looking for monumental mansions with French design.

What is your favorite architectural design? Contact us today so we can help you search for the perfect home.

How to Know Whether an HOA is Best for Your Next Home

Person Reading HOA Rules And Regulations Document

Shopping for a new home is a fun and exciting time! It can also be overwhelming. There are many things you need to learn and know about before purchasing a home, so research is a must. One of the things that people don’t always remember to ask about or research is Homeowners’ Associations (HOAs) and their rules and regulations. The Dallas-Fort Worth (DFW) area has an abundance of communities that an HOA runs. It’s important to understand how HOAs work, their bylaws, and covenants. If you are considering buying a home with an HOA, it would be best to research the requirements so you are not caught off guard on what you can and cannot do with your property.

What Is An HOA?

An HOA is a membership offered (and in most cases required) for homeowners of many gated communities, developments, apartments, and condos. The purpose of HOAs is for the upkeep of the property and rules of uniformity. The HOA’s goal is to maintain the property value of the homes in the community. They may also manage the community’s common areas and improve the residents’ quality of life.

In most cases, when you buy a home with a community that has an HOA, you automatically become a member. Each resident under an HOA must pay yearly dues or fees. Those fees cover the maintenance and upkeep of the private property (homes and yards) and the common property areas (clubhouses and pools). The services may include services such as landscaping, lawn mowing, snow and ice removal, garbage collection, and street-cleaning. Some HOAs may even provide security, law enforcement, and home and property insurance. If your community has a common swimming pool and clubhouse, dues also cover maintaining those costs.

What Is An HOA Covenant?

An HOA covenant can sound a little scary if you’ve never heard the term. You may also hear them called a Declaration of Covenants, Conditions, and Restrictions (CC&R). They are also sometimes called “restrictive covenants” because of the restrictions associated with them. The covenants are essentially the rules of the community. They outline the HOA’s obligations and rights to its members and the member’s obligations and rights to the HOA. They are legally binding and often enforced by fines, CC&R’s.

Are There Any Benefits Of A Home Owner’s Association Covenant?

Restrictive covenants can have both benefits and drawbacks for homeowners, so it’s important to understand the reasoning behind them. HOAs ensure uniformity and protect and improve your property’s value. There is often a focus on curb appeal because when curb appeal drops, so do property values. These restrictive covenants may stop your neighbor from allowing their house to deteriorate and decay, lowering your home’s property value. Keeping the neighborhood in top shape may help you to sell your home later.

Things To Consider Before Buying A Home With An HOA Covenant

When you buy a home with an HOA covenant, you agree to their rules, whether you like them or not. Keep these things in mind when considering purchasing a home with an HOA covenant:

You have limited control over your own property. You may not like people telling you what you can and cannot do on your own property. However, if you move into a community with an HOA and don’t abide by their rules, you will face penalties.
A CC&R is a binding legal document. If you think you will take the risk and do what you want, understand that it would make you violate a legally binding document. The HOA may have multiple avenues to correct violations. You may be surprised at how easy it is for an HOA to see when you have violated a rule.
You pay for the rule enforcement. HOAs are funded by their monthly fees from everyone in the community. The HOA fees can run anywhere from $100 to several thousand dollars per month, depending on where you live.

Examples Of Common Restrictive Covenants

The types of covenants can vary, but these are just a few of the most common ones you may see when shopping for a new home that is under an HOA:

Rent and lease restrictions

You will have to check your CC&R if you ever want to rent your home out. If you were considering investing in this property to use as a rental property, you might not be allowed to do so. This includes using the property as an Airbnb rental.

Restrictions on business usage

Your CC&R may prohibit you from operating a business out of your home. If you are self-employed, this may be a problem for you. Most HOAs won’t mind if you turn a spare bedroom into a home office. A business that increases traffic in the neighborhood or even having a large work vehicle parked in your driveway may be a red flag to the HOA.

Limits on pets

Some HOAs limit the types of pets you can have on the property. They may restrict the size, the pet, or even the breed of dog you are allowed to own. HOAs may frown upon certain breeds of dogs that have a reputation for being more aggressive. You may also have restrictions on breeding your pet and selling them from your home. And you can most likely forget owning livestock or even small farm animals.

Limits on exterior maintenance and construction

Remember that HOAs like uniformity? They can be downright picky on the paint color, and you may have to stick with neutral shades from their list of approved choices. There may also be rules about how often you mow the lawn, when you can put trash out, and even your holiday lights and decorations. You may not be permitted to modify the home’s exterior, build a shed, build a fence, or build a detached garage without first getting the design approved by the HOA.

The bottom line is that you should seriously read and ensure you understand the HOAs CC&R during the timeframe in your purchase contract. Carefully decide if any rules may be a factor during the years you will live on the property.

Top Ways to Win in Today’s Competitive Housing Market

Today’s home buyers could really use some encouraging tips and advice when multiple offers, well over list price with full appraisal waivers, are the new norm. Working closely with an experienced realtor with market insights and superior offerings is critical in today’s market. Top ways to win in today’s competitive housing market are key to helping home buyers submit offers that are the preferred choice.

Top ways to win – who you partner with matters

First and foremost, work with a seasoned Realtor who is solutions driven. Experience counts.
If relocating from out of state, be prepared to tour the home virtually. Working with a seasoned Realtor who can be your eyes and ears is key. Great communication skills and going the extra mile can go a long way in removing the unknowns.
Be prepared to act quickly when a house that fits most of your criteria hits the market. Decide in advance what criteria you can forego in exchange for flexibility and home ownership.
Obtain a pre-approval letter from your lender showcasing you’ve already gone through underwriting. All that remains in an address. This shortens your financing timeframe considerably and makes you a stronger buyer. With proper preparation, some buyers could consider waiving the financing contingency altogether.
Be sure your agent follows the offer guidelines.

Crafting the offer

Be as flexible as possible offering terms and dates that best suit the seller’s needs.
Accommodate the seller with a free leaseback period.
Make the option period as short as possible for you to obtain an inspection and move forward. Some buyers are electing to waive the option period altogether. Since this bears risk, the home buyer would need to make this decision carefully.
Offer to pay items that are normally a seller cost, such as title policy and home warranty (if desired)
Make your offer non-contingent upon the sale of your current home. Ways to do this include a bridge loan product that allows you the freedom to buy first and sell second. This strategy is for well qualified home buyers.

Other considerations

Obtain conventional financing rather than FHA or VA. This allows you to pay over the appraisal amount should the property appraise lower than contract price. Provide proof of funds for both the downpayment and a potential appraisal shortage when your offer is submitted.
While some think cash is king, let’s be real…it’s all cash to the seller. With the appraisal waived and a solid pre-approval, it’s really about terms.

These top ways to win are key to successful homeownership in today’s competitive market. Whether you are relocating to North Texas , downsizing or just needing a better home for your needs today, contact Lynn Wilson now make your move as stress-free as possible. Enjoy access to private exclusive listings, creative financing options that position you for success and a host of other unique solutions.

Pros And Cons Of Owning The Smallest Vs. Biggest House In The Neighborhood

When shopping to purchase a home, most people don’t think too much about the size of the house other than whether it meets their needs. Does it have enough bedrooms and bathrooms for the size of your family? Will the home have a spacious kitchen and living space? While these are the main reasons you should think about the size of the house you are about to purchase, you might also want to consider what would happen if the house you choose is either the smallest house or the biggest house in the neighborhood. Let’s explore the pros and cons of both scenarios and why it matters.

Owning The Smallest House In The Neighborhood

A smaller house may be all you need if you are single, a couple, or a small family. Just make sure that you really aren’t planning to enlarge your family or move other family members in with you if you go small. For example, do you have aging parents that you may want to take in to care for when they are elderly? Do you think there is a possibility you will want children or more children in the future?

The con of owning a smaller home is that homeowners often outgrow it. Whether it’s due to family expansion or the need for more rooms, the truth is we don’t always know what the future holds for us. Our needs change as we live in the home. The recent trend is that many companies and businesses allow and prefer employees to work from home. When the COVID-19 pandemic hit, many people were left scrambling to create a home office. Those with smaller houses that didn’t have a spare room had to make a workspace in their kitchen, dining room, and some even had to use their own bedroom!

The pro of owning the smallest home in the neighborhood is the resale value. You will have more room to appreciate under the price cap set by the larger homes in the neighborhood. Any future improvements will increase home value. A smaller home may limit the number of possible prospective buyers who need a bigger floor plan or more bedrooms, but it shouldn’t be a major issue. The recent trends show that smaller home buyers are Generation X and millennials, who are driving the market.

Owning The Biggest House In The Neighborhood

The con of owning the largest house in the neighborhood is that the size puts you at the top of the pricing in the neighborhood. You will have less room to grow in appreciation versus a smaller home. Any home improvements you make will provide less return on investment. Keep in mind that the bigger the house, the more it costs in time, money, and energy. You will have higher utility costs and rising property taxes.

The pro of owning a larger home is the elbow room. Even as you raise your family and find yourself an empty-nester, many people choose to stay in the large home because of the sentimental value. You raise your kids there, and your kids will someday come to visit with their own families. There’s also more room for entertaining and guests to stay. If you have plenty of space, you can section off a portion of the house to use as an in-law suite for aging parents. The possibilities are endless of what you can do with a larger home. And when you do go to sell the home, there will still be those buyers who need the extra space and will choose your house over the smaller ones.

What About The Middle?

Houses in the middle of the size range offer the most possibilities for resale. Mid-size homes appeal to a broader group of buyers. These houses are not too tiny for a growing family and are not too big for families. There is more demand and a better appreciation for a mid-size home in most housing market areas.

Determine The Home’s Value

There’s more than just the size of the home that determines a home’s value. The home’s structure tends to depreciate over time, but the land it sits on appreciates in value. If you’re thinking about the future resale possibilities, don’t just think about the size of the house, but the location of the property the house sits on. For example, a house built at the end of a cul-de-sac may be in higher demand than a house built next to a busy intersection. Buyers may want a more private land that’s safer for children and further away from street noise.

When searching for your new home, working with a real estate agent is beneficial. They will run a comparative market analysis (CMA) to determine the best offering price. Your real estate agent can also negotiate the price and terms of your offer. They will be your best resource throughout the entire home search and through the purchase.

Talk to Lynn Wilson DFW Real Estate Group today to get started on your search for your future home!

5 Reasons To Consider School Districts When Buying Real Estate

With all of the excitement of buying real estate comes the need to do a lot of research, especially if you are a first-time buyer. If you’re relocating to an area you aren’t familiar with, you will need to research certain things like the best neighborhoods, crime rate, public transportation, and more. But did you know that you should also research the school districts when buying real estate, even if you don’t have children?

Find A Local Real Estate Community Expert When Buying Real Estate

First-time buyers and those relocating to a new area would benefit greatly by working with a real estate agent. Most of those things you need to research? They already know about it and can be a valuable resource to save you a lot of time and hassle. In fact, if you are relocating to a new state or even a county or neighborhood, it’s best to work with a real estate agent who knows that particular area well. They can help you to find contractors and home inspectors in the area. They will be more familiar with local tax rules and school districts, just to name a few.

Research The Local School Districts For The Best Education

The number one reason why you need to consider school districts is for those who have school-age children or plan to have children while living in the home. If you have children, it’s a given that you will want to research the local school districts in the area you want to buy. You want the best education for your children. If you move to an area with an unsatisfactory public school district, you may end up having to consider the cost of private schools instead.

If you are already planning on enrolling your children in private school, knowing you will have this expense, you should consider the property taxes. You could save money by buying property in an area that does not have higher property taxes. That money you save can go toward your child’s education and tuition costs.

You may also need to consider the school districts if your child has specific learning needs or interests. Some schools offer more accommodations and provide programs to enrich your child’s learning experience. Larger school districts closer to bigger cities will generally have more opportunities than small rural school districts.

Best School Districts Mean Best Neighborhoods When Buying Real Estate

Another reason to consider school districts is that the best neighborhoods to live in are usually located in locations with the best school districts. They may have walking and bike paths and sidewalks for children who walk to school and access to public transportation. You will find movie theaters, parks, and other fun places in these neighborhoods.

Consider How The Local School Districts Impact You Financially

When shopping for a home you want to live in, you might not think ahead about how your huge investment will pay off in the future. For one thing, a home in a good school district often means home value stability. The neighborhoods in an excellent school district often have a strong sense of community and values. They are filled with hard-working families that help fuel the local economy. Even when the real estate market fluctuates, homes in good school districts tend to keep a stable home value.

Have you considered what your resale value might look like in the future? Chances are you might not live in this home forever. If your home is located in a much sought-after school district, you will have an advantage when you list your home. Homes located in good school districts may continue to rise in value over time, which will ensure you get an excellent return on investment.

Recap Of Reasons To Consider School Districts When Buying Real Estate

To put it simply, these are five good reasons why you should consider the local school districts when buying real estate:

You want the best educational opportunities for your children or future children if you plan to raise a family.
Neighborhoods with good school districts are generally safer, with more fun things to do!
The great school districts attract families and a strong sense of community. You will find hard-working families with strong values who will fuel the local economy. And who doesn’t want to make friends with their neighbors?
You will likely have home value stability.
You can’t beat that resale value for an excellent return on investment!

If you are ready to search the Dallas-Fort Worth area for your dream home, contact a local real estate agent who knows the area and school districts well!

Texas Homestead Exemption

You may have heard about the Texas Homestead Exemption and changes to the rules effective January 1, 2022.

Why File:

Living in Texas has so many advantages. Texans enjoy an affordable cost of living, a very stable economy, and no state income taxes. In Texas, we view home ownership as practically sacred. Utilizing this homestead deduction is quick, easy and offers a huge benefit throughout your ownership of this property. Depending on your taxing jurisdiction, the reduction in taxable value can range from $25,000 to a percentage (up to 20%) of the home’s value. One of the best things about filing your homestead exemption is that it also caps the percent your taxes can rise annually.

In 2021, homebuyers were required to wait until January 1, 2022 to file their homestead exemption. If you bought a home with me in 2021, you received an email in January with the links to file your homestead exemption. This filing is only necessary once, not annually. The homestead exemption can only be filed on one property at a time in Texas.

New filing rules for 2022:

The new rules effective January 1, 2022 allow homebuyers to file for the exemption immediately after closing as long as the following conditions are met:

The home itself qualifies as a complete and habitable residence in January of the year purchased. So, new construction likely needs to wait until the following January to qualify.
Only individual homeowners (not corporations or other entities) may receive the exemption. Family trusts often qualify – check with the county appraisal district for requirements.
A homestead can be a house, condominium or manufactured home. It can also include up to 20 acres, if the land is also owned by the homeowner and used as a yard, or for another purpose related to the residential use of the home.

Homeowners can easily apply on the county website. Simply search for the Application for Residential Homestead Exemption or click on the link below. You’ll need to upload a copy of your driver’s license or identification card from the Texas Dept. of Public Safety. The address on your identification Must match the homestead address. There is no fee to file and the process is so easy. There is absolutely no need to pay anyone to do it for you.

Where to file:

If your home is in Tarrant County, click here to file your homestead exemption and to read their guidelines.

For homes in Denton County, click here to file your homestead exemption.

For homes in Collin County, click here to file your homestead exemption.

If your home is in Dallas County, their site functions a little differently. Rather than a direct link to the form, click here to review their guidelines and navigate their site to find your particular address and file there.

Have questions?

Need some help determining the value of your home? Reach out to Lynn Wilson at NorthTexasArea.com and I’ll be happy to assist you with all your home ownership needs.

Reflecting On The DFW Housing Market In 2021 And Looking Ahead To 2022

Homebuilders in the Dallas-Fort Worth metroplex continued to see a rise in demand for new houses through 2021. The DFW housing market is thriving! It doesn’t seem like this upward trend will end anytime soon. Despite the housing supply shortage that DFW experienced earlier in 2021, the housing market still managed to see great results. Building supplies are becoming available, which has also sped up the building process for new construction.

Current DFW Housing Market Conditions

Buyers are still taking advantage of lower mortgage rates. However, the current DFW housing market conditions tend to favor sellers. With so many people flocking to Texas, particularly the DFW metroplex, it can be pretty competitive with bidding wars. Sellers don’t have to worry about how long it will take for their home to sell once it’s listed.

Why Are So Many People Moving To DFW?

It may seem like more people relocated to DFW in 2021 due to the DFW housing market, but the truth is, people have been flocking here for quite a few years. The number one reason why is strictly business. The International Economic Development Council often surveys corporate executives. Executives continue to cite the overall business climate, favorable tax situation, the overall pro-business regulatory environment, and talent as the key drivers. In particular, there is a mass exodus coming from silicon valley.

The DFW housing market benefited during the first half of 2021 as California lost 53 of its corporate headquarters to other locations across the country. Almost half of those corporate headquarters relocated to Texas. In the last six years, the last five Fortune 500 companies to relocate their headquarters to DFW have all come from California.

Dallas, in particular, is leading the nation in terms of relocation. The top reasons why people are moving to Dallas are:

Job Market

Finding employment is much easier in Dallas. Many of these jobs pay above the national average. Dallas is home to the top Fortune 500 companies.

Low Cost of Living

Unlike most large cosmopolitan cities, Dallas still has a relatively lower cost of living. Rent is lower compared to New York City and San Francisco.

Affordable Housing and Land

The land supply is still abundant, and Texas has fewer regulations. It’s easy to get a building permit for the construction of your home. Existing homes are also more affordable than other large cities throughout the United States.

Low Taxes

Texas is one of the few states in the US where there is no personal state income tax. There are plenty of business tax incentives, as well. With the lower cost of living, higher salaries, and less income tax, you can stretch out more of your paycheck!

This list is primarily for financial reasons, but there are plenty more reasons why many people are relocating to DFW. The area is rich in diversity and culture, boasts beautiful weather all year long, and has great schools and universities. DFW is a great place to raise a family.

DFW has become the home to several corporate headquarters and large operations centers in recent years. Companies such as Charles Schwab, Deloitte, JP Morgan Chase, Liberty Mutual, State Farm, McKesson, and Toyota recently relocated or significantly expanded their operations there. These companies enjoy the lowest corporate tax rate in the US, leading to increased corporate profits of 5-7%.

DFW Housing Market and What’s Trending For 2022?

The nationwide housing forecast for 2022 will see homebuyers having a better chance of finding a home. However, there will still be stiff competition. Suburbs will still be the preferred location for housing. Millennials are ready to buy now, especially as many are relocating to DFW!

The COVID-19 pandemic created more flexibility in the workplace, with many offices allowing remote work or hybrid schedules. This caused a shift in more people relocating to the suburbs rather than the city, as they no longer need to be close to the office. The home-buying demand will remain strong despite the ongoing pandemic and economic downturn.

While existing home inventory will remain low due to population increase, builders are ready for new construction. The DFW economy will remain stable and thriving due to low unemployment rates and so many job opportunities as more corporations relocate there.

Get in touch with a realtor who knows the DFW housing market and will assist you whether you are buying or selling this year.

The Home Inspection Process And Why Buyers Should Have One

Buying a home is most likely the biggest investment you will make in your life. When you are about to drop a lot of money, you want to ensure you are getting your money’s worth, right? Often when we are about to make a high-cost purchase, we do some research before buying. We might even look at reviews, depending on what the product is. When buying a home, a necessary step is the home inspection process.

The Home Inspection Process

When closing a home sale, the buyer typically hires a home inspector to come to the house to perform a visible inspection. The purpose of this is to make sure the home complies with the state’s standards of health and safety or to identify mechanical issues. One of the benefits of working with a real estate agent is assisting the buyer with the home inspection process.

A buyer’s inspection occurs after the buyer has made an offer on the home and before the closing of the sale. Depending on the home inspection results, the buyer may be able to renegotiate their offer or request repairs if they find certain issues. Some sellers choose to get their homes inspected as they begin to prepare their houses for sale. Doing so allows them to fix any potential issues beforehand and save time in the closing process.

As a buyer, you may have a lot of questions about the home inspection process. You may have your heart set on a home and wonder what will happen if the home inspection process reveals too many problems with the house. You may be concerned about the inspection cost when you are already about to spend a lot of money on your new home. Is it okay to skip the home inspection process if the house is in newer condition or looks great when you and your realtor tour the home? These are all valid questions and concerns. However, skipping the home inspection may not be the wisest decision and could potentially cost you a lot more money in the long run.

Risks Of Skipping The Home Inspection Process

You might think you have a better chance of winning the bid on your dream home if you skip the home inspection. Experts agree this could be playing with fire. There are many risks of skipping the home inspection, such as unknown safety hazards you may not see when you tour the home. Common things home inspectors look for are:

Water damage
Structural issues
An old or damaged roof
Damaged electrical system
Plumbing problems
Insect and pest infestations
Issues with the HVAC system

Safety Issues To Consider

The home you are about to buy could have unknown safety issues such as fire hazards and carbon monoxide hazards, too. A common finding during the home inspection is animal nests blocking the chimney on the roof, which can cause carbon monoxide to leak into the home slowly. Most people don’t get up on the roof and inspect the chimney during the home tour.

Home Inspection Process As A Negotiating Tool

Some other reasons you shouldn’t skip the home inspection are that it can be a negotiation tool. It’s a way of protecting your assets. You may not be aware of future costs, so it’s best to find out before you sign the contract. Be prepared that the home inspection could reveal some deal-breakers, especially if the seller is unwilling to repair the issues or drop the price.

The Benefits Of A Home Inspection

There are many reasons why you should get a home inspection. The number one benefit of having a home inspection before you close on a home is the overall cost savings. If the inspector finds issues that need repairing, it can save you money down the road by asking the seller to do the repairs to complete the home purchase. Most sellers will fix issues to ensure the home is safe, and they want to sell it quickly, and for the best price they can get. If they are unwilling or unable to handle the repairs themselves, it may save you money if you can renegotiate a lower price on the home to offset the costs of the necessary repairs.

As a buyer, you want to feel confident about the home purchase. The home inspection will help you plan ahead and know what maintenance is needed eventually. In most cases, the inspector will be able to look at the condition of the roof and HVAC system and let you know that they may need replacing sooner than later. Or they may provide the peace of mind that the house is in excellent condition, and other than regular home maintenance, you may have some time to save up for the big jobs later down the road.

If you are a buyer or seller in the DFW area and have questions about the home inspection process, contact us for tips!

Top 5 Reasons To Work With A Real Estate Agent When Purchasing A New Home

You’ve been saving up for a downpayment and getting your finances in order, and now you’re ready to purchase your new home! Do you have a real estate agent? You may have a lot of questions and know there is a lot that goes into the process of buying a new home. When you work with an experienced realtor the process will go much smoother for you. Your agent can answer all of your questions and walk you through each step of the home buying process. They’ll help protect your assets and ensure you get the very best value. After all, buying a home is the biggest financial investment you will make!

A Real Estate Agent Will Help You Shop For The Perfect Home

Once you have your mortgage loan pre-approval in place, you can start house-hunting. It’s necessary to have your loan pre-approval in place because some sellers won’t wait for you to get through the pre-qualification process after you make an offer on a home.

Your real estate agent will take the time to learn about what type of home you’re seeking and what preferences you have. They will ask questions about what your ideal home looks like to you, if you need to consider local schools, and what your work commute would be like. Your real estate agent can help you locate homes within your price range and meet your needs. In some cases, local real estate agents will have an inside scoop on homes that aren’t listed yet because of their resources in the industry.

Real estate agents also use the MLS listing service to find homes after they hit the market for sale. They check it often and immediately notify you when they find a new listing that may suit you. So you are always getting the first notice of new home listings. They can also see which homes are coming soon to the market.

Your Agent Will Be Your Home Tour Guide

As you look over the listings that your agent sends to you, let them know the ones that interest you the most. Your agent will coordinate with the listing agent of those properties and schedule a time for you to tour the property. They will do their homework to learn about the property and tour it with you.

An agent will have your best interest in mind and be on the lookout for anything about the home that may be a big expense to you later down the road. With that knowledge, they can many times negotiate a better deal for you if you choose to put in an offer. This is also an opportunity for your agent to know your tastes even more as you tour homes together and vocalize what you like and dislike about the properties. An experienced real estate agent is like a personal shopper for your new home!

Your Source For All Of Your Questions

When touring the homes together, your agent will answer any questions you may have about the property and provide their thoughts about the property based on their experience. Your agent will also correspond with the seller’s agent or the seller directly (if for sale by owner) to ask questions you might not know to ask or if they see anything during the home tour that needs further explanation. They may be able to find out more about the seller’s circumstances, find out questions about the taxes and utilities, and other items that you might wonder about.

The Pricing Consultation Is Handled For You

Once you have found a home you want to put an offer on, your agent will ask the listing agent if there are any disclosures on the property. This includes any potential issues the seller has to disclose to potential buyers that they may not advertise immediately.

These issues could impact the pricing or change your desire to buy the home. Then, your agent will run a comparative market analysis (CMA) to determine an appropriate offering price. This CMA is based on similar properties that have recently been sold in the area. Next, your agent will recommend you make the particular offer based on the analysis and considerations for the property.

Your Real Estate Agent Negotiates For You

After making an offer on your behalf, your agent will negotiate the price and terms. They will inform you if there is a counteroffer from the seller. If there is a counteroffer, they’ll make a recommendation to accept or amend the offer further. Your agent will also inform you of any possible ways you can make your offer more competitive to the seller, such as eliminating contingencies or adjusting the closing date. Once your offer is accepted, your agent will draft the contracts and help you seal the deal!

The Closing

Your real estate agent isn’t finished working with you yet! The closing of the property is a whole other step in the home buying process. Closing day can be a little scary for the first-time homebuyer. There are many financial and legal documents to sign. Your agent will be there with you for this process as well. Prior to closing day, you may work with other professionals such as home inspectors or real estate attorneys in order to expedite the closing process.

As you can see, your real estate agent will be there to assist you from start to finish in your journey to purchasing your new home. You can rely on their expertise and professionalism to help you every step of the way.

Talk to a realtor today to start searching for your dream home!

The 2021 Housing Supply Shortage – What Does It Mean For Sellers?

prototype of a house and blueprints — 3D rendering of a classical house with an unfinished part on top of blueprints

Whether you are a buyer or seller, the housing supply shortage impacts both ends of the real estate market. There is always the choice to buy new construction or an existing home for buyers, and both options have their own pros and cons. And with a housing shortage in effect, there are many more potential buyers out there than there are sellers. So what does this mean for sellers?

As a seller, you may have heard that the housing supply shortage is a good thing for you. It could mean that your home will get more offers. Whereas buyers who bid on an existing home may generally have more room to negotiate on price, the seller may have the upper hand now. However, this trend may not stick around. The real estate market may have its ebbs and flows, but it’s not going anywhere. There is always a need for new homes as the population increases and more children become adults who will need a home to buy.

Why Is There A Housing Supply Shortage?

While the pandemic is partly the cause, the truth is that the shortage has been building for years. The pandemic did cause some sellers to hold off on putting their homes on the market due to the uncertainty of the economy. However, the real cause may be due to the long-term decline of the construction of single-family homes.

Trending Upward

While it could take years for the housing construction industry to catch up, we are already starting to see an increase in new construction as home builders ramp up construction based on demand. The mortgage rates are still low, so buyers still want to take advantage of that while they can. However, new construction homes can’t bridge the gap all on their own. New construction can only do so much to ease the short-term supply shortage. More existing single-family homes must come on the market to help with this demand.

What It Means For Sellers

So what does this mean for sellers now? It means your existing home is needed and highly valued in the real estate market. Buyers still want to take advantage of those low mortgage rates while they still can. And with a housing supply shortage of available homes for sale, your home may get a lot of offers and even be subject to a bidding war! You may have the advantage of turning down negotiations in price or upgrades if you choose.

So what does this mean for sellers now? It means your existing home is needed and highly valued in the real estate market. Buyers still want to take advantage of those low mortgage rates while they still can. And with a shortage of available homes for sale, your home may get a lot of offers and even be subject to a bidding war! You may have the advantage of turning down negotiations in price or upgrades if you choose.

Another bonus is homeowners can take advantage of the expected sustained growth of home prices to build on their equity. You can use your growing equity to make upgrades to your home to prepare for it to go on the market. Then, with the continued gap in the home supply shortage and buyer demand, you could sell your current home for a great price, then move into a better home!

A Look At The Dallas-Fort Worth Market

The DFW metroplex has been in great demand due to so many California transplants. Not only that, but many people are moving from New York and other states to join the great state of Texas. The DFW area is always in high demand as it’s the hub of many large corporations. Young professionals may be transferred to the area for promotions or general office reorganizations from their companies. With so many people moving to the area, the DFW metroplex will continue to be a sought-after location for buyers. If you’ve got an existing home to sell in the DFW area, you’ve got a great advantage!

Talk to a realtor today and make a plan for the best time to sell your home to take advantage of these seller advantages.