Rich Patterson, Realtor, RE/MAX Urban, Downtown Dallas, Uptown Dallas, Oak Lawn, Oak Cliff

Tips for Home Sellers - Contact Rich Patterson, Downtown / Uptown Dallas Realtor

Friday, 09/03/2010


Real Estate News
Dallas & National


Market Update

Week of July 26 - August 01:

48 New Listings
49 Active Foreclosures
55 Price Reductions *
15 Sold **

* Price Change Facts: Average list prices on "Active Only Listings" are running at 91% of original price after 162 days on the market.

** Sold Property Facts: Average sales price is 96% of list price. Average days on the market were 124.

Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.

Read more about current Dallas Real Estate Market Activity.


2010
Annual School Report

This Annual School Report is provided by my friends at Republic Title


WR Starkey Mortgage News

This week the BUZZ is all about ‘deflation.’ Will it come? What will happen? While the directors at the Fed agree that the economy will remain weak for a while, they are split on the deflation issue. This week, the core CPI came in positive but just barely, underscoring why there’s disagreement. So, what does this mean for rates?

View rates like a set of stairs: In lending money, the more risk you take (horizontally), the higher rate of return you want (vertically). Risk equates to how soon you’ll be paid back and who you lend to. The longer you wait to get your money back, the more risk you take – therefore, you want a higher interest rate. For example, a 10 note pays a higher rate than a 1 year note. Also, the risker the creditor, the higher rate of return you demand. So a mortgage to you and me requires a higher rate than Uncle Sam’s T-bills. Following so far?

Back to the stairs: Each step represents a different level of risk, either time lent or borrower lent to. The1 yr. T-bills are at the bottom, 10 year notes are in the middle, and 30 year mortgages are at the top. Well, the 1 year T-Bills are basically at 0….so they can’t go any lower. And if THEY can’t go any lower, can any of the other steps on the interest-rate-stair-case (i.e. mortgages) go any lower? Not really. The only way for mortgages (the top steps) to drift lower would be for the size of the steps to shrink – i.e. investors would have to be willing to take less return for their added risk. This might happen to some degree, but not much.

But what IF, investors WERE willing to take less for their added risk and those steps DID shrink, thereby lowering rates further? Well, a funny thing happens to a monthly payment when rates are this low. The difference between a 4.0% payment and a 4.25% payment is less than the difference between a 5% and 5.25%. My point? IF rates DID drift lower, which in my opinion is not likely, it wouldn’t impact your borrower as much as it did when rates were in the 5’s.

So, when your clients ask, “Shouldn’t I wait for rates to go lower?” Now you can explain and tell them adamantly “NO!”.

This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points (notice how we’ve been here for about 4 weeks?). Have a great weekend and have your buyers call us so we can get them approved to buy.

This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.

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Rich Patterson

REALTOR®
RE/MAX Urban
(214) 563-1667 mobile
(214) 853-9497 fax

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Rich Patterson - RE/MAX Urban Dallas Texas Real Estate

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Home Seller Tips

Various tips and advice for the home selling process from your Downtown / Uptown Dallas, Texas REALTOR®.
Anytime's a Good Time to Show
Dealing with Lowball Offers
Disappear During Showings
Don't Be Offended
Fix It Up
Fresh Coat of Paint
Internet Presence
Keep Your Options Open
Landscaping Counts
Next Level of Clean
Protect Yourself During Showings
Selling a Vacant House
Spend Some Time in Your Kitchen
Traps to Avoid when Selling

More tips on getting your home ready to sell, repair and cleaning checklist & frequently asked questions.



Preparing your Home through the Eyes of a Buyer


The effort put into repairing and cleaning your property is likely to be returned in a fast sale at an attractive price.

  • As buyers approach your property the first time, impressions are formed quickly.
  • Paint house - this can do more for sales appeal than any other factor.
  • Yard - Remove all toys, garbage, garden tools and other items from view.
  • Mow lawn and keep edged.
  • Close garage doors.
  • Put colorful flowers in front of house.

Often, while waiting to be let in, the first thing a buyer looks at closely is the front door.

  • Put new paint on the front door.
  • Buy a new door mat.
  • Buyers take a close look at the basement of a home. They will look for bad wiring, leaky pipes and signs of decay.
  • Clean out basement and dispose of everything you are not going to move.
  • Ensure that there is plenty of lighting.
  • Sweep or vacuum floor.
  • Stack items neatly against walls.

The kitchen is often the most important room in the house. Make it bright and attractive.

  • Put a vase of fresh flowers on the table.
  • Replace curtains or clean existing ones.
  • Remove appliances from counters.
  • Create a pleasant fragrance in the kitchen (i.e. vanilla, cinnamon).

It is important that bathrooms are clean, bright and smell fresh.

  • Install a new shower curtain and replace worn throw rugs.
  • Polish all fixtures.
  • Open windows.
  • Hang bright, fresh towels.
  • Remove stains from toilets and bathtubs.
  • Use air freshener.
  • Display colorful soaps.

The living room

  • Clean out the fireplace and place logs in it.
  • Polish all woodwork.
  • Put big furniture in storage so rooms are not cluttered or crowded.

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Repair & Cleaning Checklist

  • Front Door:
    • Newly painted
    • Doorbell operating
    • Door brass polished
    • Hinges oiled
  • Exterior of House:
    • House recently painted
    • Gutters recently cleaned
    • Exterior lights operating
    • Missing shingles replaced
    • Moss removed from roof
  • Windows:
    • Window trims painted
    • Windows operating freely
    • Cracked windowpanes replaced
    • Windows washed
  • Driveway:
    • Resurfaced
    • Potholes patched
    • Recently sealed
  • Patios:
    • Wood stained or painted
    • Fencing secure
  • Lawn:
    • Lawn in good condition
    • Grass mowed
    • Edges trimmed
  • Trees/Shrubs:
    • Dead branches pruned
    • Dead shrubs replaced
    • Overgrown shrubs pruned
  • Entry:
    • Entry lights operating
    • Floors cleaned
    • Closet cleaned
    • Closet light operating
  • Living Room:
    • Recently painted
    • Cracks in ceiling/walls repaired
    • Leaks repaired & watermarks covered
    • Wallpaper secured
    • Woodwork repainted
    • Curtains/drapes/blinds cleaned
    • Drapes/blinds opened
    • Carpets cleaned
    • Furniture positioned to show space
  • Kitchen:
    • Sink free of stains
    • No dripping faucets
    • Appliances in good working order
    • Walls, cabinets free of stains
    • Countertops cleared and cleaned
    • Pantry neatly arranged
    • Pantry hardware replaced
    • Refrigerator defrosted

  • Family Room:
    • Cracks in ceiling/walls repaired
    • Leaks repaired & watermarks covered
    • Wallpaper secured
    • Woodwork repainted
    • Windows washed
    • Curtains/drapes/blinds cleaned
    • Windows operating freely
    • Drapes/blinds opened
    • Carpets cleaned
    • Hobby supplies put away
  • Bedrooms:
    • Cracks in ceiling/walls repaired
    • Leaks repaired & watermarks covered
    • Wallpaper secured
    • Woodwork repaired
    • Windows washed
    • Curtains/drapes/blinds cleaned
    • Floor waxed/refinished
    • Carpets cleaned
    • Beds made
    • Laundry put away
    • Floor free from clutter
  • Basement:
    • Cracks in ceiling/walls repaired
    • No evidence of water penetration
    • Dampness removed
    • Cold water pipes covered
    • Dehumidifier installed
    • Sump pump installed
    • No musty odors
    • Drains cleared
    • Furnace cleaned
    • Storage neatly arranged
    • Excess storage removed
    • Floor swept
    • Light fixtures operating
    • Handrail secure
    • Stairway runner secure
  • Dining Room:
    • Cracks in ceiling/walls repaired
    • Leaks repaired & watermarks covered
    • Wallpaper secured
    • Woodwork repaired
    • Windows washed
    • Drapes/blinds open to view
    • Floor waxed/refinished
    • Carpets cleaned
  • Bathrooms:
    • Sink stains removed
    • Leaky faucets repaired
    • Grouting stains removed
    • All joints caulked
    • Missing tiles replaced
    • All fixtures operating
    • Floors cleaned
    • New shower curtain
    • All supplies stored
    • Guest towels

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Possible work orders

The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements.

The following conditions may require a work order:

  • Broken windows.
  • Debris in crawl space.
  • Dry rot or deteriorated wood.
  • Earth-wood contact.
  • Overgrown shrubbery.
  • Electrical not in working condition.
  • Gutters and downspouts blocked or missing.
  • A hot water tank without a 3/4" discharge line.
  • Inadequate foundation ventilation.
  • Inadequate attic ventilation.
  • Less than four feet of waterproof material around tub enclosures (tile, formica, etc.).
  • Less than 18" clearance between soil and floor joists under entire house.
  • Peeling or missing paint.
  • Plumbing not in working condition.
  • Single oil or gas space heaters to heat entire house.
  • Water damage inside home.

You might have to:

  • Paint the exterior and interior if in bad condition.
  • Hook up to public water or sewer if available.
  • Get county certification if home is on septic or well.
  • Remove unused oil tanks or fill with cement-slurry or polyurethane foam.

Other items to remember:

  • Inspectors will need access to the attic.
  • Leased equipment cannot be included in the sale (i.e. hot water tank, alarm system, etc.).
  • All assessments must be paid.
  • Joint maintenance agreements will be required for common road easements for maintenance on home where property line is within 3' of structure.

* Check with local authorities for specific requirements.

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While your house is being shown

Before Your House Is Shown

  • Tag or remove items not included in sale (i.e. water conditioner, chandeliers, plants, drapes).
  • Open shades and curtains to let in light.
  • Turn on enough lights so home is well-lit during showing.
  • At night, turn on porch light and outdoor lighting.
  • Tidy all the rooms. Neatness makes a room easier to view.
  • Clean dirty dishes in the sink and put away any dishes on counter.
  • Keep toys in the children's rooms.
  • Put away items in the yard such as bicycles, gardening tools and skateboards.
  • If fall or winter, light a fire in the fireplace.

While Your House Is Being Shown

  • When possible, leave while the property is shown. If not, remain in an area not being shown by the sales associate.
  • Let the real estate expert show your house. Answer questions candidly when asked, but avoid questioning potential buyers.
  • Refer inquiries about seeing your house to your Realtor to take advantage of the agent's professional skills in selling your home.
  • Don't mention items you wish to dispose of unless asked.
  • It is best to be away when your agent is holding an open house.
  • Keep pets outdoors or in one area.
  • Keep children quiet and in one area.
  • Keep radio, stereo or TV on low volume.
  • Keep money and other valuable items out of sight.

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Answers to frequently asked questions

What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

What is a wood-destroying organism inspection report?
A wood-destroying organism inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisms or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisms include subterranean termites, dampwood termites, carpenter ants, wood boring beetles and wood decay fungus.

What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy or Lead Based Paint Pamphlet Download (PDF 671KB)

What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. Some of the closing costs you might encounter are: discount points, escrow fee, tax prorations, recording fees, courier fees, documentation fee, homeowners' association fees, pest/rot inspection, real estate commission and title insurance premium.

What is the difference between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified" it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of probable credit. If "pre-approved", credit, employment and funds have been approved by the lender.

What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation of the following:

1. Foundations
2. Roof
3. Heating and air conditioning systems
4. Ventilation
5. Common areas (for condominiums)
6. Septic tanks, wells or sewer lines*
7. Insulation
8. Plumbing and electrical systems
9. Ceiling, walls and floors
10. Doors
11. Hazardous materials concerns*

* There may be an additional fee for this.

What property details are usually included by Listing Services?
Usually, properties listed will include the following details:

  • Location
  • Photograph
  • Price
  • Utilities
  • Amenities
  • Annual property tax
  • Current financing (when assumable)
  • Listing company

What pages are generally included in the Purchase and Sales Agreement?

  • Agency Disclosure
  • Financing Addendum/Clause
  • Earnest Money Receipt
  • Inspection/Clause
  • Conditions/Disclosures Addendum
  • Contingency
  • Addendum Outlining Special Conditions
  • Lead-Base Paint Notification
  • Property Disclosure Form (completed by Sellers)

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Connecting home buyers and sellers in Dallas, Fort Worth and surrounding Metroplex communities.

RE/MAX Urban
1001 Ross Avenue, Suite 114
Dallas, Texas 75202
(214) 563-1667 mobile
(214) 853-9497 fax
(214) 999-1181 office

Send Email to Rich Patterson


Each RE/MAX Office is Independently Owned and Operated.

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