Should I Redecorate my Frisco TX Home Before Putting It on the Market?

What is the answer to one of the most frequently asked questions by home sellers?

Yes, you should redecorate your Frisco TX home for sale. Before you react or get upset, here’s the reason why I am suggesting you redecorate.



I know you are proud of your Frisco home. It is one of your best financial assets and you have worked hard to make it comfortable and dreamy. You have created a lot of memories in that home.


When the time has come for you to sell your Frisco TX home, you might be apprehensive about what potential buyers may say when they come and visit your home. To make your home sell-worthy, you need to redecorate.


You must remember that potential home buyers have different tastes and preferences. No matter how artistic, exotic or unique your home decor may be, it must be toned down to make it more appealing to the potential buyer’s taste.


It must be done if you want to sell your home successfully.

How important is Redecorating?

Redecorating or staging is a must for any home for sale. It ensures that your home is sold successfully and potentially can add value to your home.


This process involves highlighting your home’s strengths and downplaying its weakness. It gives potential home buyers a chance to visualize what the house will look like once it’s theirs.


Consider staging similar to product packaging. You are packaging your Frisco TX home for sale so that it can be more attractive to buyers.


Staging does not need to be expensive. There are many budget-friendly things you can do to stage your home. The best thing is, staging your home properly yields higher return.

What are some basic staging techniques you can apply to your home?

Before your home goes on the market, here are some staging techniques you can do.

1. Deep clean and declutter. Do more than the regular home cleaning you are used to. Even the cleanest home has something to clean or get rid of.


This means getting rid of or putting into storage any knick-knacks or books that have been accumulating in the corner. Take out the excessive display of your children’s accomplishments that hang on all the walls of the living room. Remove 90% of your personal stuff in the home.


You want the home to look clean and tidy and with plenty of space, and decluttering accomplishes that. If your carpet has not been cleaned for a year, now is the perfect time to have it deep cleaned. If you don’t have time, consider getting a professional cleaning job.


2. A fresh coat of paint.  Paint is a miracle worker. It can make dirty walls look new. It gives new life to anything it touches.


A fresh can of paint can make the home look better, brighter and newer. Also, go neutral with the paint. If you wish to make it more lively, add a pop of color and use it as an accent.


3. Repair and maintain. Do not ignore the seemingly small repair issues.


Replace the leaking faucet and cracked tile in the kitchen. Change the bathroom’s broken door knob. Fix the rundown portion of the fence.


A good thing to do to know what to fix and improve is to walk from the street and look at your home with a buyer’s eye. Check out the roof, sidings, windows and walls.


4. Improve your home’s lighting. Buyers love homes that are bright, open and well-lighted.


Replace any busted light fixtures and upgrade to contemporary styled ones. Take out the dark, heavy draperies hanging on the windows to let in natural light. Not only does this trick brighten the home, it also makes the space look bigger.


5. Spruce up your home’s curb appeal. Mow the lawn, prune the shrubs and trees and plant some colorful flowers in the garden. Make sure that your walkway is clean and well-kept.



These staging techniques are inexpensive, simple and can add value to your Frisco TX home for sale. Visit our website www.316RealEstate.com for more helpful tips and techniques on home staging.


Call us, Loreena Yeo and Mike Yeo at (214) 783-2210 and let us help make your real estate journey easier.

In case you can not view this video here, please click the link below to view Should I Redecorate my Frisco TX Home Before Putting It on the Market? on my YouTube channel: https://www.youtube.com/watch?v=YQaux6j4hzs&feature=youtu.be

New Blog

I no longer maintain this blog. Please visit Serving Frisco.com for up to date real estate news and advice specifically for the Frisco greater Dallas TX real estate market.

It Boils Down To Perceived Value of Motivation

Texas is a non-disclosure state. By that, it means that real estate sales price are not public records. That means buyers and sellers have a more challenging time to figure value. Often times, real estate consumers rely on their realtors for this knowledge. Many homes are sold through the MLS system, thus sold record data may be held there.

Realtors perform comparative market analyses to figure out the value of houses. Again, value is only in a form of an opinion. What the actual house will sell for depends on the given buyer and seller under their own motivation and circumstances.

I have come to the conclusion that no matter how much market data, stats and comps you see (as a home buyer or seller), in the end, realtors may provide you with a suggested price range of which a house should sell for, it is ultimately a willing buyer and willing seller that determines the price. In this equation, one thing called the perceived value of a buyer's and a seller's motivation is often times difficult to evaluate, or in short, put a dollar value to it. How much it is worth to you, your realtor cannot tell you.

For example, if you are seller that needed your house sold 1 month ago has more motivation to sell when compared to a seller who wants to see if he can get what he wants. If you are Seller #1, and assuming you had the exact same house as Seller #2, most likely, your price would be lower than Seller #2.

When dealing with a buyer who just absolutely disregard a suggested price range of the market value and is a bargain hunter, there is nothing much to say other than testing how low a seller would go. A value is based on today's value yet so many buyers make offers based on the fact that this is a declining market. Is it really? You would have to prove it based on alot more market statistics and data to come up with the answer - if it is indeed a true declining market. Not just what newspapers and TV say.

Often times, sellers have their reasons to sell. Some have relocated, some want to move closer to family in a different place while others just want to upsize or downsize. Some have to sell for financial reasons while others seize the opportunity to cash out their equity. All these are reasons and in actual fact, has a dollar value denomination to a seller. What this number is depends on the individual.

As real estate professionals and the market area experts, we could only provide a somewhat systematic approach to our opinion. But the rest do obviously lie in the decisions of the buyers and sellers. Motivation truly has a value. Really.

Ask Not What I Charge But What I Can Do For You

Written by Loreena Yeo
3:16 team REALTY
Realtor/ Broker
Copyright 2008

So many times, potential sellers will call me on the phone and ask the fee I charge to sell their homes. The conversations may occur in some variations of this example:

Seller: I am thinking about selling my home and I would like to know how much you charge?

Me: Thank you for giving me this opportunity. However, I do not disclose this information over the phone. I much rather we talk face-to-face after I have seen your home.

Seller: Oh really? You can't tell me that - just over the phone?

Me: Not really. Do remember that I need to understand your clear objectives of the reason for your sale. If you want, we should set an appointment at our earliest convenience so that we can discuss this further.


The Sellers go on and on and try to get me to disclose my fee and again and again, I need to explain to them that I do not do that.



So many times, when potential Sellers call me on the phone, one of their very first question is, "What are your fees like?" Point Blank and cut to the chase. I respect that because they do not want to waste their time and neither do I mine. However, Sellers should consider the perspective/ their reason to sell: ie. to move on to the next phase of their lives. Do not get hung up about the fees. Even if I charge $10 as an example (all broker's fees in Texas are negotiable), and Sellers focus themselves on the FEE rather than what I can do to sell the house, when the house does not sell, it still does NOT meet the Sellers' main goal: SELL the house.


I have learnt in my experience not to work with clients whose sole focus is the fee. They often fail to see the value a good realtor can bring to the success of their sale. Besides just the fees, there are more important issues to consider:


Correct pre-listing action items such as staging and prepping the house for sale.

A good realtor knows what you must do to the house in order to sell it. They understand what Buyers are looking for and often provide solutions and suggestion to make the property more attractive.

Correct pricing of property.

This is the key to success. A good realtor will not let the Sellers determine what the house should lists for. A good realtor is very realistic on what is expected of the market. If it is too far away from a realistic number, it does no one in the transaction any benefit. When a realtor accepted an overpriced property, he or she is only giving false hopes and expectations to the client in hopes that one particular buyer would see through the overpricing and purchase that property.


Correct marketing for the property.

Understanding how to effectively market the property for maximum exposure and thus, bringing the most buyers for viewing and a contract is really what a Seller wants. Not necessarily how much he or she charges.


Correct closing of the property.

A good realtor knows the correct steps and procedures prior to accepting the offer from the Buyers. Then, a good realtor interviews the Buyer's lender is also a key success in closing on the property. An organized realtor has processes and procedures to ensure that closing will happen.


Thus, after disclosing what key steps are important to a successful real estate transaction, should the commission and fees be the sole determining factor in selecting your realtor? Think again. Evaluate this: 0.01% of nothing is nothing but would it fit your goal? Is your goal to sell your house or harp on fees?

Buyers, Buyers Everywhere in Frisco TX Real Estate

If you are actively participating in the Frisco TX real estate market - whether if you are taking positions as Buyers or Sellers, I have some exciting news for you.

Last year around this time (June 2007), the Buyers are out there looking at properties. However, the truth is that they are cautiously looking. Many are holding off on actually writing contracts and negotiating while this year (June 2008), buyers are out there actually BUYING!!!

Why is this?

Many inventories in the 4th Quarter of 2007 moved - and at amazingly attractive prices. For illustrative purposes, over 4,000 square foot homes sold for around $200,000. Many of these are foreclosed homes owned and sold by banks after they took possession. These homes took over 6 months to sell because the banks were pricing them around $250,000 6 months prior to selling. Thus, these have motivated buyers to actually placed the offers and successfully purchasing them.

Foreclosure homes continue to sell in the Frisco TX real estate market. However, not all foreclosure deals are good deals. Many foreclosed homes are dirty and nasty with animal and children stains. Some properties have been vandalized - often by the angry homeowners themselves who damage the properties right before they leave. Some removed the appliances while others break walls and windows. If you can see past that, then perhaps may be bought at attractive prices.

ALL buyers asked and discussed foreclosures with me as their realtor. Everyone has intentions to purchase foreclosures. However, a foreclosed home who may seem attractive on paper may not be as attractive to you as a buyer. My advice to a buyer is that you find a house that fits your needs and at a good price, it does not have to mean only limiting yourself to a foreclosure.
If you are a seller in the Frisco, TX real estate market, there is hope for you. Price your property well and staged it exceptionally, then let the Buyer's agents do their job. Houses do sell even in a Buyer's market.

Collin and Dallas counties Newly Available Properties at first glance

Based on the busy-ness of this Collin and Dallas County realtor's schedule, it is imperative that I make this BOLD statement. Most houses in these areas are typically overpriced to begin with. Some Sellers are more realistic than others often take their first price "adjustment" within 2 weeks while some do it around the 30-day mark. Some Sellers who may find it more difficult to accept this ugly fact choose to do it much, much later - and very often too late that it would not make much difference in its traffic except for new Buyers that come on the market at their price point.

With the amount of previews that I do for myself (as market knowledge) and my clients as well as my showings to my Buyers, I often have to express my honest feedbacks about my visits. After all, that is what a listing agent would be concerned about: Is this house listed correctly based on the features and location?

While trying to assist my other realtor co-workers, some of them have a hard time accepting the fact that I mentioned that it is overpriced. I had a realtor who responded to my feedback with irrelevant market "comparables". I used the word, "irrelevant" because he tried to compare houses in the same neighborhood (that's a good start) with a swimming pool (the subject property does not have a pool) but according to him, the subject property backs up to a "greenbelt". In actual fact, it was more of a drainage ditch. Then, he also tried to show comparisons with properties sold for "much more" per square feet over the LAST FEW YEARS. Ha! The market today is not the same as 6 months ago, yet this realtor tries to make comparisons with properties (and data) in the last few years. Wow. The property has been on the market for about 80 days now and it finally had its first price drop. When I made the feedback, it was about 1 week on the market.

Again, my advice to Sellers is to price it correctly to begin with. The further away you are from your initial listing date, the further you are in getting what you want for the property. It is a fact that Buyers these days are very unforgiving. When it is overpriced to begin with, they usually NEVER return for a second showing. There are just too many inventories out here to look.

Buyers and Sellers Rethink their Suburbia Strategy

The gas prices has gone up very significantly over the past year (now around $4.00 per gallon here in North Texas) and consumers are also a severe hit on grocery costs. The rising costs of living are definitely making consumers change their lifestyles and change their ways of running errands. Let's not even discuss vacation and other non-important luxuries in this picture.

Here in Texas, we stand proud with our gas guzzles. In the past, it is rather more common to see the Ford and Chevy trucks, the Ford Expeditions and other giant SUVs and large cars instead of the tiny Chevy Aveos, Toyota Yaris(es) and Ford Focuses. But our highway landscape has changed in the past year due to the rise of energy costs.

It is very common for residents in the Dallas-Fort Worth metroplex to drive over 30 minutes to get from one place to another. Many homeowners choose to live in one city and drive over many more only to work in the city at the other end of the metroplex. It takes over 1 hour to commute each way and many have chosen to do that. I have many friends and clients that drive from Frisco to their places of work in Irving, Hurst and Fort Worth.

However, buyers (and sellers) are rethinking their suburbia strategy these days. They are choosing to find houses closer to work to save on gas. In the past, buyers choose a house because of the features it offers, but today, location, location and location becomes a very hot topic. Gas and grocery prices will probably hover around the $4-5 per gallon price range for a while and there's not much possibility for it going back down to the levels we are used to.

In The Midst of Multiple Offers

Yes, in this Buyer's market, there are still ample possibilities of having multiple offers on a property. The key is pricing it very attractively. This blog is not about how to receive multiple offers on a property, but it is more geared for buyers - specifically if you are one of the multiple offer entries.

In the midst of multiple offers, be cautious! Because you know that there are multiple offers, many times, we get very involved in wanting a bite on it too. Since everyone wants it, it must be a great deal! Yes, chances are that it could be a great deal. But......... evaluate the property - if it is a great deal for you (and your family).

Go back to the basics. If you didn't want a LARGE yard to mow, it would still costs you more per month on hiring the mower to do that for you. If you didn't care for the odd-shaped kitchen and it does not fit your family's lifestyle, think carefully if it is a great house for you.

Calm down and re-think your evaluation. Sometimes it is truly indeed a great deal - in terms of price per square feet. But it is not just numbers that you are evaluating. A house you call home will have to fit your lifestyle, your tastes and your likings. Just because everyone else is jumping on the deal does not necessarily mean it is the deal for you.

First Outlook on Frisco TX real estate Spring 2008 market

Based on my constant research and monitoring of the Frisco, Texas real estate market, this is what I am noticing: The starting list prices of properties are hedging higher than they were a couple years ago. The good thing is that well-priced properties and especially updated properties are moving.

These days, more buyers are looking for great houses ie already updated with today's features than those who are looking for fixer-uppers. My guess is that with the lifestyles buyers are living these days - outdoor activities and pursuing hobbies, there are not much time left in the day for major remodeling. Plus, it costs alot more to put in hardwood floors, granite countertops and stainless appliances than to find houses that already have these highly-sought features.

The Frisco, TX real estate market has definitely improved now (April, May 2008) when compared to six months ago. The foreclosed properties now owned by banks are priced attractively and buyers are moving them FAST!


If you would like a more detailed analysis about specific areas of the Frisco TX real estate and/or surrounding cities, please contact me.

Loreena Yeo
Realtor(R)/Broker
loreena@loreenayeo.com
www.316teamREALTY.com

Will You Concur or Protest Your 2008 Tax Appraisals?

As of May 2 2008, the Collin County Tax Appraisal District office will mail out the 2008 Estimated Tax Assessment notices. With the competitive markets that we are experiencing, I am not surprised that the tax protests might be busier than previous years.
Get with your realtor for some SOLD comps of your neighborhood. If your estimated tax assessments are higher, do make a trip out there to have it lowered. Your dateline is May 30th 2008.
If you had purchased your property in 2007 or 2008, you can furnish the tax appraiser with your HUD settlement statement if the amount you paid if lower than what the County assessed it at. Otherwise, do have comps and photos of the properties you are making the comparison with.

Thinking about Selling?
If you have the slightest possibility of selling, leave the values as they are even if your realtor tells you that you are "worth" less. For whatever reason, Buyers who stumble upon the website do feel that this number is "real".

Value Your Time:
Depending on how far off your comps and your assessment values come in at, do consider having to take time off from work to protest your assessment. If the values are off by a few thousand, then you are only potentially saving very little money. Evaluate if your time is worth your effort.

When Foreclosure Hurts

Several years ago when the real estate investment hype was going strong, Collin County (Texas) realtors cashed in on selling real estate as investment properties. Some went to California, bought large billboard signs and phone calls/ "investors" came in by the hundreds, if not thousands. They conducted seminars about the real estate investment opportunities in this area. Many of them cashed in on their Californian home equities to purchase these properties. Business was hustling and bustling. Life was good.

Fast forward 2-3 years later, these properties continue to sit on the market VACANT. Ouch (not a pretty word for the investors).

Why????

You see, these California investors purchased properties by the dozens. Many of them bought existing homes and many more bought new properties. When you purchase 3-5 properties at one time, you betcha the Home Builders would cut you a pretty good deal on the houses. These are very large houses too (by that I mean 3,000-4,000 square foot homes). Corresponding to that, large homes tend to come with large rents. If you knew the Texas (or specifically Dallas) real estate market, you would know that generally, most renters do not rent huge McMansions and pay over $2500 - $3500 homes no matter how new they are. So, these homes become very difficult to lease and obviously sat on the market for over a year EMPTY. Ouch. So, these investors have to resort to selling them (at a very huge lost) or many of them have been foreclosed upon.

Just to quote a specific example: Panther Creek Estates in North Frisco has too many houses such as this. Back in 2004-2005, you could purchase a home for something close to $200,000 (and by that I mean, single-story starter homes). Fast forward 3 years later, you can now buy 4,000 square-feet homes for around $200,000. And these are available by the dozens. Quite a few for you to pick from.

Foreclosure hurts everyone. Not just these investors. It hurts the Sellers who are NOT in foreclosures, trying to sell their homes for whatever their reason. Granted, these non-foreclosure houses are alot better quality and have many finishing touches in them, these Sellers cannot justify a $50-$100K more in price no matter what you have in the house! Sellers who are not realistic with their expectations continue to sit on the market, awaiting this One-Special Buyer who thinks that their house is worth that much more.

This scenerio continues to grow all over the Dallas area real estate market. When investors are foreclosing by the hundreds, it hurts everyone. Buyers will seize the opportunity to purchase.

Lesson learnt?

Think twice when some salesperson sells you something. Do your due diligence in anything concerning money. And if you are interested in investing in real estate (which I still absolutely believe in), invest in your backyard to begin with. I personally do not advocate investing in unfamiliar territories and more so, some where you cannot get to easily.

For realtors, please take on a better job in discussing the pros and cons about investing in real estate. Do not just get these Investor buyers and leave them fending for themselves (I know several realtors in town that have done so). At the same time, I understand that it takes two to tango. So, investors, again do your due diligence.

Betting/ Gambling in real estate is NOT the way.

Frisco Real Estate Market Report - Summer 2007

With the children back in school, I have unofficially declared that the Summer is over. Here in Frisco, Texas, we have had the best summer – weather-wise, I mean. It is not as hot compared to previous years and unfortunately, for the real estate market, it too as not sizzling hot like just the year before.

851 homes sold in Frisco, Texas from Memorial Day through Labor Day. They ranged from the lowest priced home at $75,000 to $1.67 Million dollars. When compared to the same time last year (2006), the most expensive home sold was $2.25 Million dollars. As predicted, it takes a little longer for properties to sell: 73 days at an average when compared to 58 days the year before.

The biggest market movers in the Frisco market are the 150K – 250K price range, then followed by 250K – 500K. Properties are taking approximately 30-45 days longer to sell.

My Comments:
These numbers are possibly the result of the tightening of lender requirements which dampen the entry- and move-up markets. The splashing news about the foreclosures and the fall of the sub-prime mortgages did not help. Even though buyers acknowledge that this is “their market ie buyer’s market”, many of them choose to monitor the market very carefully. The Texas real estate unlike the California market has not live the “roller coaster” swings: where it is worth $250K when purchased, then in 6 months be worth $500K and a year after that, cannot find a buyer at $166K.

For buyers, you can control how much you want to pay. Hence, working with the area expert is key in guiding you in knowing how much to pay.

For sellers, immaculate homes in the great neighborhoods are still selling, but that is now the exception rather than the rule. Pricing is the key. Acknowledge the fact that it takes longer to sell, hence be willing to price it correctly upfront will assist you in moving on a lot sooner.

The Frisco real estate market statistics I provided above is an overall market summary. Each neighborhood is different (and yes, some are still HOT on the Buyer’s lists) and strategy in selling each home is as unique as the Seller itself. For a unique home marketing plan and evaluation of your home's value, call me. If I can help you develop a strategy, call or click the buying or selling links.

Extreme Circumstances Deserve Extreme Measures

Most of the places in the country are facing a Buyer's market*. There are just more houses than are buyers out there. As a result, the prices are typically lower. With the splashing news of subprime lenders going out of business, it makes buyers harder to qualify for loans. There are still 100% loans out there but the availability has significantly dropped. The adjustable rate mortgages were at one point "easier" to qualify because of the "lower" debt to income ratios are also adjusting "up". In short, the pool of available clients have definitely impacted Sellers of residential real estate.

Thus, it become even more crucial to work with a real estate expert who knows the market and knows how to move your property. Despite the current market conditions, there are still buyers out there.

Home Improvement shows such as Designed to Sell and Get It Sold are some examples of what a real estate expert may require you to do to sell in today's market. Some episodes require homeowners to go through extreme measures to update their properties. Moving walls, remodeling the entire kitchen and alot of elbow grease. These are some methods Sellers employ in order to achieve their goal: Move on. On the other hand, these shows did not portray the entire true picture of the real work that goes into the process. They get it done for very little money (some as low as $2000). Realistically, unless you have the time to find pennies on the dollar resources, it is very hard to achieve $2000 worth of work in the amount of "stuff" they do. But the concept holds true. Staging works.

Ask my real-life clients: The Milners. They worked tirelessly for two-full months to put their house on the market based on my recommendations. They are very capable homeonwers who could tile, paint and tear down arbor on their own. They definitely put their fair share of sweat equity. No doubt, the projects took them a little longer to complete than anticipated but in the end, they made their house the best in its price range and condition. I listed their house on Friday evening at 9pm and received an offer the very next day at 4:30pm (to the 1st family that viewed it).

Update: Guess where are the Milners now? Well, they are off to the next phase in their lives: help plant a church in a different state - with no house (or house payment) to sell in their minds.

In the Milners very own words:
"Loreena, you were so helpful in your advice on how to prepare and stage our home. We never dreamed it would sell the first weekend! You under-promised and over-delivered! You did your research, you made solid recommendations, you were thorough and well-prepared. You did what you said you would do and then went beyond - How can we thank you enough! You're wonderful!"

So, guess what? STAGING WORKS!!!!

A can a paint $22, Tiles in kitchen floor $500, Peace of Mind: Priceless.

Another proud story of extreme circumstances that deserve extreme measures.

Working With A Top Producing Agent

It is almost adamant that some real estate clients only want to work with Top Producing agents. They are the best of the best. They come with experience. In this case, picking a top producing agent could almost yield the results you want. Or would it?

Top producing agents do not necessarily mean that they are best for your situation. There is a fine line between a numbers churning salesperson and a salesperson whom you can trust. Evaluate their style and their ways of conducting business. You need to be comfortable to find a professional that fits your needs as well as your personality. After all, this relationship could perhaps last a very long time.

Some say that "newer" agents work harder because they are more motivated and enthusiastic. Yes and No. While the energy is high, the experience in negotiation may be green.

There should be a balance between picking a top producing agent (simply because of the "status") versus one that works hard for you, in your best interest and have enough experience to get the best deal for you.

Suprime Mortgage Dampen Your American Dreams?

Has the Subprime Mortgage got you a little down on your American Dream? The dream of owning your own home? What has the media done recently? The stock market is like a roller coaster - One day it is up and another day, the sky seems like it is falling. News splashes everywhere talking about foreclosures at an all time high, more houses on the market now than ever before.....


What is Subprime Mortgage?
A sub-prime lender is one who lends to borrowers who do not qualify for loans from mainstream lenders. Some are independent, but many big-time mortgage companies have set up sub-prime departments to take part in this lucurative market.


What is a Subprime Borrower?
A subprime borrower is one who cannot qualify for prime financing terms but can qualify for subprime financing terms. The primary disqualification for mainstream loans is primarily due to weak credit scores.

What could be the Subprime Lending Terms?
With the higher risks of borrowers defaulting, subprime terms are normally at a higher interest rate, some with early pre-payment penalties, etc.


So, what does this really mean to you - if you have not achieve your American Dream?

The fall of the Subprime Mortgage is a good thing. What???? What do I mean? No doubt, I am in the business of assisting people achieve their American Dream. Let me get this straight - I AM ALL FOR THE AMERICAN DREAM. After all, I came to this country in search of the American Dream. But before I go further, let me describe to you what "my version" of the American Dream is about.

My American Dream goes far beyond owning a piece of real estate. Coming from a third-world country and a minority in my very own country where minorities fight to be the fittest to survive, I call America - the greatest Land of Opportunity. In this place, regardless of my race, color, nationality or sex, if I put my mind into anything I want, the great blue sky is my limit. If I can dream it, I can achieve it!!!

So again, what does this mean to you? The Fall of the Subprime Mortgage? You might have just fall onto the "disqualified" category and did I say it is a good thing? There is always a reason why you were disqualified. It is most likely your weak credit history. Evaluate to see where you stand financially in the past three years. Have you ever been late on payments? Are you close to maximizing the credit cards you have? Do you have debts? Are you not saving money each month?

These are some painful questions to ponder on. If your answer could be Yes to one of these questions, reflect to see if you really are ready for homeownership. Your home should be a blessing to you. It should not be something you work, work and work just to make the payments. Worry one day, if you would be foreclosed on because you barely made the cut into qualifying for the loan.

Build your financial strength prior to achieving the American Dream. That means no debts of any kind and a good stash of savings to sit on (3-6 months of monthly expenses). Then your American Dream is a blessing for you and your family.

With the covers of news media splashing foreclosures every day, how sweet is the American Dream now to those who are going through this stress? I am not looking down on those who are in foreclosures today. There could be many, many unforeseen reasons. But if you could build your foundation on solid rock (no debts and savings), should you give yourself and your family that advantage of building the American Dream?

Prepare For Rain

Even though this is a real estate blog, there are some topics I am very passionate about. So, I share them on my personal space... This is about motivation.
==============================================

This is the story about 2 farmers who needed rain. Both prayed for rain. But only one of them went out to prepare his fields to receive it.

Which one do you think trusted God to send the Rain?

The answer: The one who prepared his fields.

Big Question: Which one are you?

God will send the rain when He is ready. All you do is to prepare your fields to receive it.
We serve a God that opens doors no one can shut. He shuts doors where no one can open. In Revelations 3, God said, "I have placed for you an open door that no one can shut. I know you dont have much strength yet you have kept my word and did not deny My name. Keep a tight grip with what you have so no one can distract you and steal your crown. I will keep you safe in the time of testing."

God is not through with you. Until He is to move you, you are to bloom where He planted you. Prepare for Rain!!!!

As for me, my heart's desire are to measure up to God's plan for my business and my life and to serve God's purpose in my generation....

What To Do In This Declining Market?

We are hearing the Chicken Little cry all over again. This time is it with real estate. "The sky is falling, the sky is falling".....

Media headlines are splashing with screaming reports, "Sales of new homes fell in June - largest amount in 5 months and WORST DOWNTURN in 16 years".... quoted MSNBC. Foreclosure rates are at its highest, it is more difficult to qualify for loans. The National Association of Realtors (NAR) reported recently that the sales of existing homes dropped to its slowest pace since November 2002 and the decline was twice worse than expected. Some economists say that the weakness in housing could linger well into 2008. The rise and fall of the US Stock Market is clearly not helping either. We recently hit the highest point at the Dow Jones at 14,000 points (July 19 2007) but it did not last long. Before we know it, we were riding the roller coaster downhill plunging over 500 points over 2-days by the following week (July 26 and 27). People at Wall Street is calling this a Meltdown.

So, as buyers and sellers in the current real estate market, what should you do in the mean time? Sellers: Should you retract your house on the market, make plans to continue stay where you are at? Is that possible for your plan(s)? Buyers: Is holding off your plans a possibility because interest rates are heading higher? Or would now be a great time because Sellers are more open to offers?

When purchasing a property to house your family, even though there are investment and appreciation factors to consider, what really goes on with the "market" should not be the MAIN deciding factor on whether you want to buy (for buyers) or sell (for sellers). No doubt that it can be much more challenging than ever for Sellers, hence partnering with a local market area expect is key in bringing you the success you are looking for. At the same time, when you purchase a house and plan to make it a home - haven for your family, chances are these relatively "short" term commotions should not affect your major purchase decision.

Be in the Buying or Selling market now to fit your schedule and circumstances now. And not how the market is doing. Since you are making this decision on as long-term decision for your family needs, the short term swings of the real estate and stock markets should not hinder your plans. If you try to make your long-term buying/ selling decision based on short term affects, what you are trying to do is to "time" the market.

Just like participating in buying and selling stocks (even though we know real estate is not as liquid as stocks), market timing known as the attempt to predict the future price of houses, can be a dangerous strategy. It becomes more of a gamble. Is the happiness of your family worth the risks? Hence, sticking to the safer path is like walking on solid grounds.

Purchase or sell a house when you are ready. It is the BEST time to do it. Not when other factors affect you. Worst still, factors beyond your control such as higher interest rates, rising and falling of the stock markets and whether your neighbor is in foreclosure or not.

If you are considering a real estate purchase or sale in the North Texas real estate market, I will be delighted to speak to you. I work in the Frisco, McKinney, Allen, Prosper, Celina, Little Elm, Richardson, Dallas, etc. (Denton, Collin and Dallas counties).

Insights to a Real Estate Agent Checkbook

A consumer said this: "I was really disgusted at the obvious consumer mentality behind the cars both of the realtors I worked with drove - a Lincoln or a BMW. I thought it was disgusting, and I wasn't sure what they were trying to prove, except to go BuyOwner when we sell, because obviously they make too much in commission".
The general public do think that real estate agents do make alot of money. Again, we (the real estate people) understand the perceived image of success. Hence, our fancy car, nice suits and definitely big hair-do.

There are more into "real work" to become a resourceful agent. It is definitely more than opening a few doors on a Saturday afternoon and sticking a For Sale sign on a Sunday afternoon. While there are a few who puts in minimal effort, most are hardworking - even much more than a regular 8am-5pm position. Sometimes working over 60-80 hours may not seen uncommon. We eat, sleep and think real estate. We constantly think of better ways to serve our clients whether it is through education, seminars, parties or reading on the internet. Sometimes in the middle of our sleep when a great idea strike, we jump out of bed to write it down. In some extreme cases, this field have cost the high price of our families.

We "invest" in a website, we purchase leads and we pay our real estate dues. We purchase health and disability insurance. Most of the time, these are purchased at a much higher premium than a regular employee - where majority of the insurance costs are beared by the company itself. Like any good planner, we invest in retirement accounts too. We save for our kids' college education.

In this Internet age, consumers expects us to deliver information immediately. We purchase office supplies and equip our business with high-tech electronics and machines - not just to be cool, but to "wire" ourselves so that we can responsively serve our clients in this instantaneous society.

Advertising and marketing costs are enormous to say the least - even before receiving the wonderful opportunity of serving our clients. Print media can be expensive and internet pay-per-clicks are not cheap either. An agent can spend well over $500/month and yet still may not be as productive.

We attend parties and we go to networking meetings. We visit other real estate offices to sell our listings. We certainly do not just put our houses on the Multiple Listing Service for sale and they magically sell. We sit through countless production meetings even when we rather watch TV or spend an extra hour at home. Some of us work with mentors, or join high-quality real estate training. Such classes often cost thousands of dollars and help us get ready to work with clients serving with top-notch knowledge and enthusiasm.

We study our markets, we preview houses after houses even when we dont have a client to work with in the specific market. We read through email alerts of houses that comes on the market. We get up early in the morning, we go down late at night.

We continuously put ourselves through education. Some are used to meet the minimum state requirements for holding our licenses, but most agents carefully select courses (some take additional classes) so that they can acquire knowledge to assist their clients better.

We hire office assistants to handle the volume we serve. We understand that clients expect high-quality, responsive service. These assistants work behind the scenes. They help us keep our transactions rolling smooth, they help us get answers for our clients. Their awesome help relieve us from day-to-day operations so that we have time to return our clients' phone calls ourselves.

I do hope that this post will let consumers peek into the world of a resourceful real estate professional. There are more examples to think of. I know I am barely scratching the surface. Just like any good ie high-quality gem, you get what you pay for. We perform all these activities and more. Yet we only get paid when a house successfully sells. So, are we worth the 3% we charge?

Why purchase a Lexus, Acura and Tahoe when we can purchase a Sportege, Elantra and Cobalt since all of them takes us to the same place? Why would a consumer choose to eat at a steak restaurant when a fast food chain serve the same purpose of feeding that hungry stomach? Why would a consumer want to work with an ordinary agent when the best of the best in the market is available? Would the best of the best charge not deserve the commission we make?

I proudly serve the real estate needs in the Frisco, Plano, McKinney, Allen, Dallas, Denton, Anna, Prosper, Celina, Richardson, etc. real estate markets. I will be honored to speak to you.

Down To Earth Home Buying Tips

I'm a huge advocate of encouraging friends and family to make our homes a true blessing. Hence, my thoughts and my blogs will reflect that. More than anything, my family do our best to live by it.
There are some very simple guidelines to follow when purchasing a house to call HOME. However, be prepared that these are not easy to achieve because we live in a society that feeds on "I want it NOW" attitude.

1. Be debt-free. This plan includes becoming debt-free of all store accounts, credit card debts, school loans, car loans, medical bills and any kinds of consumer debts. Only when we become debt-free, it relieves us from the vicious cycle of "minimum payments" and continuous fear of never-ending "emergencies". Credit cards are not our source of "emergency savior" - get out of that rutt, please! I'm sad to say, for some people, lunch may be an emergency.

2. 3-6 months of living expenses saved.Having a good stash of savings prepare us for the "RAINy days". To start, have a minimum amount of cash stocked away for "emergency preparedness". That "special" number may differ person to person. For those of us who are more "emergency" prone, maybe begin with $2000. For those of us whose jobs are "more secure", life has less risks, then perhaps $1000 may be sufficient to tide small emergencies. Beyond that, attack the consumer debts with a vengence. Be willing to change our lifestyles. Most of all, be prepared to make alot of UNHAPPY sacrifices. A quote that I continuously remind myself when I wonder why I do what I do:
Live like no one else, so that later you can live like no one else (Dave Ramsey).
After having all the consumer debts paid off, continue to save 3-6 months worth of living expenses ie the expenses that is needed for survival. Since we are getting ready to purchase a house, be sure to save a sizeable down payment on top of that. Remember, a house should be a blessing. The difference between a blessing and a curse (after Murphy moves in) is the savings.

3. 15-year, fixed mortgage. Get 15-year, fixed mortgage. Be sure that the payment is no more than 1/4 of our take-home pay. Would other numbers work? Sure it would (or maybe).... Remember that we are discussing Down To Earth Home Buying strategy for the blessed home? We can work all our lives to buy more or "house" more, but do we really want to live in the Merry-Go-Around Chase the House Payment rutt?

4. Furnish room by room. Dont go out to furnish the ENTIRE house all in one go. When we purchase a house, HomeDepot and Lowes are our second home. It's not a matter of "if" it would happen, it's more about "how bad" it will be. Do not begin the whole cycle (Step 1) that we have worked so hard to get out only to fall back in. Shop cheaper alternatives: estate sales, goodwill (blog).

5. Not in the 1st Year.For first time buyers, please dont shop for a house until the 1st Year has pass. Why? The first year of marriage is one of the most crucial years of a married couple's life. Get to know each other first. Learn to live on one-income (even if both husband and wife works). Learn to live less than we make. Learn to live below our means. It's already stressful, dont add house-shopping to the list.

Will other steps work? Most definitely. But I could almost assure you that a person who had not had a car payment will tell you the wonderful feeling of not having one. A family who wished they had waited to save enough will tell you that they wished their home is a blessing. I know I may be stepping on a few toes about this. But these are just my humble opinions on How to Make our House a blessing. There's no big secrets to home buying.

Blessed are those who lives in their house filled with happy days.

I proudly serve the North Texas real estate. I work in the Frisco, Plano, Dallas, Little Elm, Prosper, Celina, McKinney, Denton, Anna, etc. markets. Please give me a call for all your real-estate related needs. I'll be looking forward to hearing from you.

Frisco - Built for Family Fun

I have called Frisco home since early 2000. I saw Frisco in its small town setting with its flat farm corn lands to now, sprouting growths of new commercial and residential developments. 30,000 residents called Frisco home back when I was a new resident and as of September 2006, over 90,000 people live in Frisco. Frisco is neighbored by Little Elm & The Colony on the west side, Plano & Allen on the south, McKinney on the east and Prosper & Celina on the north part of town. Frisco has about 69 square miles of land area - with lots of potential to house even more residents and businesses.
Frisco has done an outstanding job of creating a city filled with family-oriented activies. Frisco is home to the Pizza Hut Soccer Stadium (17 soccer-fields), RoughRiders' (minor-league baseball) and NHL DreamCenter training/ practice facity. Parks and trails such as the Warren Sports Complex (Eldorado/ North County Road), Frisco Commons (McKinney/ North County Road), Lone Star Ranch Trail, The Trails at West Frisco are high-quality recreational areas for family who enjoys outdoor activities. Frisco also has an indoor natatorium. The new and improved facility combined with recreation center (at Preston/ Wade) is under construction currently and is expected to open in Fall 2007. Frisco is also home to the Superdrome - an Olympic-ready facility for cycling. If you are looking for great dining places in the North Texas area, you would most likely end up in Frisco. We have a large selection of choices: from authentic Asian, Middle Eastern, Italian, western, and yes all the fast-food restaurants too.
In the few short years, Frisco also attracted many businesses. Residents enjoy Strikz (family bowling center), GattiTown (children's party & family activity center), Canyons of Frisco (climbing gym with state-of-the-art climbing facility for all ages and abilities) and Ice at Stonebriar (public skating, birthday parties, hockey and figure skating lessons) and more in all sorts of family-friendly environment.
The City Council of Frisco did an awesome job in developing and planning for Frisco. They adopt plans that continue to make Frisco - the best place to live! Frisco was the first city in the US to adopt "Energy Star" as minimum standard for new home construction 2001. They equipped themselves with great building inspectors: responsive to residents' concerns and they actually returned my phone calls! They adopted great building codes amended for this region to ensure favorable building practice.
I am proud to call Frisco home. I cant imagine my family and I living in another city!

If you are thinking about buying or selling in the Frisco, TX area, please feel free to discuss it with me. I love to see if I may be able to provide value to you.

Frisco TX Real Estate