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Tammye J. Kuntz Keller Williams Fort Worth Texas' Blog

By Tammye J. Kuntz Fort Worth | Agent in Fort Worth, TX
  • NORTH TEXAS IS THE PLACE TO LIVE

    Posted Under: Home Buying  |  January 2, 2013 8:04 AM  |  72 views  |  No comments
    This November, there was a lot to be thankful for. Home buyers were thankful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery.

     Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.

    Here's the local scoop.New Listings in the North Texas region increased 4.1 percent to 7,699. Pending Sales were up 6.8 percent to 5,229. Inventory levels shrank 23.6 percent to 28,401 units. Prices moved higher.

     The Median Sales Price increased 10.6 percent to $155,975. Days on Market was down 18.0 percent to 87 days. Absorption rates improved as Months Supply of Inventory was down 33.9 percent to 4.2 months.
  • How is value determined?

    Posted Under: Property Q&A  |  April 19, 2012 10:29 AM  |  95 views  |  No comments

    How is value determined?


     

    In residential real estate value is determined by what buyers are willing to pay. There are two ways to do this: one is a Comparable Market Analysis and one is an Appraisal. They gather and compare the same information, but they require different licenses; either a real estate license or an Appraiser license.

    The information that is gathered is usually other properties in the same geographic area that are for sale now (Active listings), properties that were for sale but are not now (Expired listings) and those that have recently sold (Sold listings). The most important are the SOLD listings as this will give the most accurate picture of what buyers are willing to pay for similar properties in that area at this time.

    If one were to look at ten to twelve properties in their area that are similar to their own that have recently sold they would get a pretty good feel for the value.

    It doesn’t matter, it never HAS mattered and it never WILL matter how much money the buyer paid for the property or how much they improved it. it is only worth what a willing buyer will pay for it. That is determined by looking at the comparable sales.

    In commercial real estate the value is determined by the income produced by the property. The value of that income stream is different from investor to investor. That is why it is important to know what your investing criteria are. What are you looking for in terms of cash flow? Cash-on-cash? Internal rate (IRR)?, Cap rate?, Return on Equity (Initial and future)?


    To find the income, known as Net Operating Income (NOI), fill out and calculate using the Annual Property Operating Data (APOD) form, which we will cover in the upcoming Webinar on May 2nd that will show how to use it! So stay tuned!

     

    Thank you for taking the time to read!

     

    Wayne Morgan,
    Co-founder and CEO
    The Austin Institute of Real Estate (provider #0544/0040)
    The Business School for Real Estate Pros.

    The Texas Institute of Real Estate  www.txire.com

     

  • Important Season for buying or selling

    Posted Under: Home Buying, Home Selling  |  February 28, 2012 7:35 AM  |  114 views  |  No comments

    Spring is the time of year when sellers and buyers gear up for what has traditionally been the most important season for buying or selling a home. Following are some ways to prepare:

    Sellers

    Sellers should be aware that there’s a lot of competition for buyers in the spring. That means sellers should do everything possible to differentiate their home from others, including the following:

    • Polish windows and floors, rake the yard, mow the lawn, and add flowers in containers.

    • Wash blinds and curtains and have carpeting cleaned.

    • If a seller has spent the winter renovating to sell, new pictures should be taken to show the renovated space to best advantage. Be sure to add the new information to the feature sheets and advertising of real estate agents.

    • Consign dark linens and towels to storage and add bright or pastel accents in baths and bedrooms.

    Buyers

    Buyers should have a good idea of what they want, how much they can spend and the neighborhoods they’re interested in.

    Buyers should also:

    • Have a network of experts in place, such as a real estate agent, lawyer, home inspector and mortgage broker.

    • Obtain a copy of their credit report, and if there are errors, clear them up.

    • Approach several lenders for preapproval.

    • Decide before shopping for a home the most they’re prepared to pay, and resist the urge to pay more.

  • Those that can buy a home should consider buying now while rates are still at a record low

    Posted Under: Home Buying  |  August 18, 2011 7:45 AM  |  145 views  |  1 comment
    Daniel Wagner, AP Business Writer, On Thursday August 18, 2011, 10:26 am

    WASHINGTON (AP) -- The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971.

    The rate on the most popular mortgage dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November.

    The last time long-term rates were lower was in the 1950s, when 30-year loans weren't widely available. Most long-term home loans lasted 20 or 25 years.

    Few expect even record-low rates to energize the depressed home market. Over the past year, the average rate on the 30-year fixed mortgage has been below 5 percent for all but two weeks. Yet prices and sales remain unhealthy and are holding back the overall economy.

    Five years ago, the average 30-year fixed rate was near 6.5 percent. In 2000, it exceeded 8 percent.

    After previous recessions, housing accounted for 15 percent to 20 percent of overall economic growth. This time, in 2009 and 2010, housing contributed just 4 percent to the economy.

    Many would-be buyers can't take advantage of the low rates. The unemployment rate is 9.1 percent, few Americans are getting raises and many are struggling to shrink their debt loads.

    Banks are also insisting on higher credit scores and larger down payments for first-time buyers. Many repeat buyers have too little equity invested in their homes to qualify for loans. Others are too nervous about the economy or their job security to invest in a home.

    The average rate on a 15-year fixed mortgage, which is popular for refinancing, fell to 3.36 percent, also a record low. It's the third straight week of record lows for the popular refinancing option. Freddie Mac's records date to 1991, but analysts believe the new low on the 15-year mortgage is the lowest ever.

    Mortgage rates typically track the yield on the 10-year Treasury note. Economic fears have drawn investors to the safety of Treasurys, driving down the yield on the 10-year note to barely above 2 percent. That helped lower mortgage rates.

    The Federal Reserve offered a dim outlook of the economy last week, saying it expects growth will stay weak for two more years. As a result, the Fed said it expects to keep short-term rates near zero through mid-2013.

    Roughly 14 million Americans remain unemployed. And the economy isn't creating enough jobs to rapidly trim that figure. The economy grew at an annual rate of just 0.8 percent in the first six months of this year, the slowest such pace since the recession officially ended more than two years ago. In June, consumers cut spending for the first time in 20 months.

    Fewer Americans bought previously occupied homes in July for the third time in four months, the National Association of Realtors said Thursday in a separate report. It said sales fell 3.5 percent last month to a seasonally adjusted annual rate of 4.67 million homes.

  • TEXAS Real Estate

    Posted Under: Financing  |  July 28, 2011 7:02 AM  |  148 views  |  No comments

    The median sales price of a home jumped 5.8 percent to $235,000 last month from $222,400 in May. That means half of the homes purchased were sold at prices lower than $235,000 and half were sold above that price. At the current sales pace, it would take at least six months to sell all the new homes on the market. Plus, the number of newly completed homes ready for sale fell to a record low of 164,000 .

    Do you know what this means? First, keep in mind that since Texas has been leading the national market, our figures are likely better than the above. But what it means is that we're running out of inventory. The stabilization of home prices is great for sellers; bad for buyers.  

    That good old theory of "supply vs. demand" means that with less inventory, home prices will rise. So if you are a buyer sitting on the fence, you'd better jump into the housing market.

    With all the fighting going on in Washington, please don't follow the politicians' example when you go to negotiate either the purchase or sale of a home. With today's market, everyone's trying to get a deal. Sellers think buyers are buying at an all-time low and do not think they should have to do anything or accept anything but what their magic number is. Buyers are looking for a deal. They need closing costs paid, and feel they are entitled to a great rate.

    Both the seller and the buyer are correct. It is up to the realtor to see both sides and negotiate the best deal. Buyers are stuck with sticker lender practices, while the seller must wait for the closing.

    Getting a loan is not more difficult today in reality, it's just that all items are reviewed more stringently. Buyers still have low down payment requirements - sometimes of zero. Veterans can get 100% financing and the best rates available for both conforming and jumbo loans. FHA allows as little as 3.5% down and even that can be gifted. So as a buyer, you must help your savvy mortgage professional speed your approval along. Yes, there is a list of items that needs to be collected by the borrower and forwarded to the mortgage professional, but in the end, good home prices and low rates mean no worries.

    Recently, I've seen a lot of buyers lose contract offers. They are pre-qualified and ready to buy, but they think it's a buyer's market Well yes it may be, but remember you are not the only buyer! Look at the whole picture, the price, the interest rate, the closing costs the seller is paying, the title the seller is paying for, the home warranty the seller is paying for, etc., and be reasonable. Step into the seller's shoes, as I want the seller to step into the buyer's shoes.

    If nothing else, as Americans we negotiate our deals in the free world. Freedom to negotiate is our given right, but don't be stubborn. Remember that in less than a month the house will be your home - a place to raise a family, to play catch with your dog, or to hear your grandchildren laugh. Can you put a price on owning your own home?

    Remember, no matter how tough the negotiations get, surround yourself with professionals. The most important choice you may make is deciding on a REALTOR professional - the rest is easy.

  • May 2011 MLS Statistics gives promise of good things to Fort Worth

    Posted Under: Home Selling  |  July 8, 2011 2:23 PM  |  184 views  |  1 comment

    As media attention focuses on generally gloomy news in the United States housing market, the Dallas / Fort Worth May 2011 MLS statistics gave promise of good things to come in the Metroplex economy. Here are some interesting facts:

     

    Single Family Closed Sales by Area:

    Average Price of Dollars Per Square Foot Increased over May 2010:

    Area 105 (Southeast Fort Worth / Rosedale): 29%

    Area 106 (Fort Worth South: Everman / Forest Hill): 11%

    Area 107 (Fort Worth Central West and Southwest: TCU): 4%

    Area 108 (Fort Worth Central West): 11%

    Area 109 (Fort Worth Northwest: Eagle Mountain Lake / River Oaks / Azle): 8%

    -

    Pending Sales by Area Increase in Percent Change from May 2010:

    Area 102 (Fort Worth North Side / Saginaw): 68%

    Area 104 (Fort Worth East): 44%

    Area 105 (Southeast Fort Worth / Rosedale): 46%

    Area 106 (Fort Worth South: Everman / Forest Hill): 26%

    Area 107 (Fort Worth Central West and Southwest: TCU): 53%

    Area 108 (Fort Worth Central West): 28%

    Area 109 (Fort Worth Northwest: Eagle Mountain Lake / River Oaks / Azle): 23%

    Area 111 (Fort Worth South of I-20 / Crowley): 93%

    -

    Increase in Number of Sales from May 2010:

    Area 105 (Southeast Fort Worth / Rosedale): 40%

    Area 106 (Fort Worth South: Everman / Forest Hill): 7%

    -

    Increase in Average Sales Price from May 2010:

    Area 105 (Southeast Fort Worth / Rosedale): 5%

    Area 106 (Fort Worth South: Everman / Forest Hill): 23%

    Area 107 (Fort Worth Central West and Southwest: TCU): 25%

    Area 108 (Fort Worth Central West): 9%

    Area 109 (Fort Worth Northwest: Eagle Mountain Lake / River Oaks / Azle): 13%

     

    Condos & Townhomes

    The number of sales increased over May 2010 by the following percentages:

    Area 107 (Fort Worth Central West and Southwest: TCU): 33%

    Area 108 (Fort Worth Central West): 18%

    -

    The average price increased from May 2010 by the following percentages:

    Area 101 (Downtown Fort Worth): 30%

    Area 104 (Fort Worth East): 76%

    -

    The average price per square foot increased from May 2010 by the following percentages:

    Area 108 (Fort Worth Central West): 10%

     

    Note: These statistics were observed in those reported in May 2011 by NTREIS and the Real Estate Center.

  • Still Buyer Closing Costs up to 3.5% available until Oct. 31, 2011

    Posted Under: Home Buying  |  June 24, 2011 9:22 AM  |  148 views  |  No comments

    Fannie Mae is extending through October an offer to provide closing-cost assistance to buyers of homes it's repossessed, and will also match a $1,200 bonus that rival Freddie Mac is currently paying agents who bring buyers to transactions that help reduce its real estate owned (REO) inventory.

    Buyers who submit an initial offer on a Fannie Mae HomePath property on or after June 14 and close by Oct. 31 can receive closing-cost assistance equal to up to 3.5 percent of the purchase price. So on the purchase of a home priced at $150,000, HomePath will pay up to $5,250 toward closing costs.

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