North Dallas 'Burbs Real Estate Talk

Frisco TX Realtor | Frisco TX Real Estate | Frisco TX Homes for Sale | Dallas Realtor | Home Staging Tips

  • Home
  • Real Estate Consulting
  • MLS Home Search
  • Reviews
  • Contact Me
    • My Listings
    • Careers
  • ~Home Staging Services~
  • Local Sales, School Ratings, Tax Rates

How to determine your home’s market value with a CMA

Posted by Jackie Lillis on November 9, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: dallas realtor, Frisco Real Estate, Frisco TX homes for sale, home value, Jackie Lillis, real estate market analysis dallas TX. Leave a Comment

What’s in a CMA? A Comparative Market Analysis is the gold standard in determining your North Texas home’s market value. The CMA  contains the SOLD data that Realtors use to suggest a list price and set client expectations for a sale price. Appraisers use this same data to create their valuation reports. Please note; Texas is a non-disclosure state when it comes to SOLD data, so a consumer must go through a licensed Realtor or Appraiser to obtain this information. So let’s break it down…

 

The most effective CMA contains SOLD data;

  • 6 months back (1 year is acceptable if more data needs to be pulled for proper comparison)
  • Homes in the same subdivision whenever possible
  • If there is a pool, the best comps will be other homes with pools (and vice versa)
  • Homes within about 500 square feet of the subject property
  • Homes built within about 3 years of subject property
  • The same story (one story homes sell for more per square foot because it is more expensive to build out than up)
  • If this is not a distressed sale, then distressed properties should not be included

The results will provide;

  • Individual property sales data with address, # of bedrooms, # of baths, # of garage spaces, square feet, acres, year built, pool or no pool, days on market, list price, sale price to list price percentage, sold date, sale price per square foot, and sales price.
  • Minimum and maximum results for each item above as well as the Averages.

Working off of averages, adjustments are made for;

  • Level/quality of finishes, features, updates, upgrades
  • Any notable differences in lot/land
  • Amount of competition, scarcity
  • General condition
  • Any negative lot factors (ie: power lines, major street behind, etc…)
  • Seller paid allowances **Note-this is NOT included in a CMA, but should be factored in. This can represent either buyer closing costs or funds paid in lieu of repairs. Ask to see these figures.**

So what does NOT determine market value?

  • “Active” or “Pending” property List Price data
  • County Tax Records; many buyers will use county records to look up the taxable value of a home they are interested in and think that figure represents MARKET value. It does not. The majority of these records are out-dated and inaccurate and should not be factored in whatsoever. As a matter of fact, a buyer should hope to see a lower-than-market-value figure so that when they become the owner, they are paying property taxes on the lower valuation without having to submit an appeal for an adjustment with the county.
  • Sites like Zillow that claim to have valuation data. Again, Texas is a non-disclosure state, so Zillow simply does not have access to sold data and should not be considered.
  • What a seller needs or what a seller paid (in a sense, a seller doesn’t own their equity–the market does.)

Would you like to know the true market value of your North Texas home? Contact me for a no-obligation CMA.

“Faithfully working in my community to achieve synergistic relationships, real results, and blissful clients!”-Jackie

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

How to Stage a Home for Sale in 10 Steps

Posted by Jackie Lillis on October 26, 2011
Posted in: General Real Estate Advice & Information, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Allen TX homes for sale, Dallas home, dallas realtor, Frisco Real Estate, Frisco TX homes for sale, home staging to sell, Jackie Lillis, McKinney TX homes for sale, Plano TX homes for sale, Prosper TX homes for sale, staging a home. 5 comments

Effectively staging a home for sale involves not only an eye for design, balance, scale, & color, but also an understanding of Buyer psychology.

Some sellers believe a simple clean up, making repairs, and removing family photos is all there is to it. It’s a great start, but usually requires much more. Some sellers have a case of stage-fright; they don’t have any “design DNA” so they just hope nobody notices. Or the worst case is sellers who think, “If a buyer doesn’t like it, they can (repaint, remove, remodel).” Wrong! Because they can’t see past the deer heads, orange bedroom, and ancient appliances! So unless this type of seller wants to take way less than market value, it’s time to get real.

**Staging is one crucial aspect to getting to the closing table. Correct pricing and strategic marketing are the other two.** So assuming you have done any needed repairs, have cleaned the heck out of the place, and plan on teaming up with a good agent here is how to…

CONVERT A SHOPPER INTO YOUR BUYER;

 1) Prepare your property first by using a “fresh eye” to do an assessment. In other words, erase any emotional or monetary attachment you have your “stuff”. (I know, easier said than done, but try!)

2) Pre-pack all, yes all, personal mementos, collections, photos, extra books, toys, clothing, etc…) Create 4 boxes marked STORE, SELL, DONATE, TRASH

3) Third, ensure your wall colors are pleasing to the eye–nothing jarring or too taste specific. In most cases, wallpaper or wallpaper borders should be removed.

4) Fourth, take a good look at furniture placement and condition. Any items that have seen better days should be donated or sold. Proper placement of furniture should create conversation areas, traffic flow, and a homey feel. Here is where scale &  balance come in. If it feels “off” it probably is. Make sure each room feels anchored too. Sometimes a room filled with only light colors and nothing to weigh it down, feels uncomfortable. A contrasting rug is a great fix.

5) Assess the accessories you have decided to keep. Use them to help create texture, balance, color, and proper scale. Do not overdo it…less it more. If you need to purchase new items, a few great places for home accessories in the Frisco area include Hobby Lobby &  Kirklands.

6) Open every closet, pantry, cabinet and storage area. They should all be neatly pared down to the essentials. An overflowing pantry or food items in another part of the house signals to the buyer that there is not enough kitchen storage. Pantry items should have can labels facing forward and neatly arranged, opened bags tightly secured, boxes placed book style along shelves. Bins to hold the essentials should be used wherever possible. If you have open shelving that cannot be kept perfectly neat-like in a child’s room-consider buying a few yards of inexpensive fabric and Velcro to create a “curtain”.

7) Bathrooms should be completed edited to the point where there are no visible personal items, shampoo bottles, razors, etc. Pretty soap dispensers, candles, nice towels, and a few other carefully selected items are the only things that should make an appearance. Use a simple shower caddy to transport your items from shower to under a cabinet during showings. Nothing tuns off a buyer like seeing personal toiletries. It reminds them that someone lives there. And remember we are trying to create the illusion that nobody does! Or that the person that does, actually cares about his/her presentation to a potential buyer. I cannot emphasis enough how important this point is. When you have gone out of your way to impress a buyer with the showing condition of your home, the buyer most definitely sits up and takes notice. 

If you were buying a pre-owned car, would you purchase from an owner that presented it with candy bar wrappers and dog hair on the seats? You wouldn’t? Why? Afterall, the wrappers can be thrown away and the dog hairs vacuumed up, right? Nope, you aren’t going to buy it because not only are you insulted, but if this car owner didn’t care enough to clean & detail the car for you, he probably didn’t take perform scheduled maintenance either!

 8) Bedrooms must project tranquility. Often times, this is  a space that needs the most depersonalization. Bedding should be very neat & clean. Again, think “tranquility” when editing bedrooms.

9) Remove pet beds, bowls, etc… during showings. If you must leave out bowls, make sure they are clean & out-of-the-way. Cat boxes should never, never, never be visable…a  major buyer turnoff.

10) It almost goes without saying since it is a no-brainer, but patios/yards should convey a pleasant, inviting space to entertain and relax. (No pet deposits please!) Porches should be welcoming and clean. Landscaping must be well maintained. Remember, engagement begins curbside!

If you prefer to have a professional staging service handle the details for you, we can provide a 2-hour consultation for $125. This will include a personalized assessment & custom, written report with specific suggestions for your property. If you decide to hire us for the actual staging, this fee will be credited to the final cost. Call (972) 898-4832 for details! The combination of our staging & real estate expertise create an effective solution to get your property sold in the least amount of time for the most amount of money!

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

How to Buy a New Build; Your Builder Resource for Frisco, Prosper, Allen, McKinney, & More!

Posted by Jackie Lillis on October 10, 2011
Posted in: Home Buyers, Real Estate Topics for the North Dallas Suburban Area. Tagged: allen tx homes, Buying new construction, Dallas custom homes, Dallas homes, Frisco custom homes, Frisco house, Homes for sale in Dallas, Jackie Lillis, Realtor in Dallas. Leave a Comment

It is a widely held belief/myth among new construction Buyers that they are better off working with a builder directly. But here is what they don’t know;

#1 Having a licensed agent providing full representation to the new construction Buyer is FREE.

#2 Builders have a marketing budget set aside for agent commissions that is separate from the home incentives & allowances.

#3 Builders use their own contracts. There is no standard, promulgated form that they have to adhere to, which is why it is smart to have representation.

#4 Our relationships allow us to obtain the best deal with the best incentives/discounts/upgrades possible.

#5 Representation allows the Buyer to get advice and opinions from an outside source to assist in making the right purchase decision

#6 We keep a close watch on the process from start to finish, informing the Buyer along the way and being present for “walk-throughs”.

#7 The Buyer must contact us BEFORE registering with or contacting the builder in order to get the best incentives.

** We only work with builders that have high quality products, reputation, services, and energy-efficient features. **

We provide a comprehensive list of builders, subdivisions, and features built around your wish list, which saves you a ton of time driving around & going in and out of model homes. Contact us today for your FREE customized information packet! (972) 898-4832 or email jackie@fathomrealty.com

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

2011 Dallas Area School Ratings are In…

Posted by Jackie Lillis on September 1, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Allen TX homes for sale, Best schools in Dallas, Dallas home, dallas realtor, Dallas schools TAKS scores, first time home buyer, Frisco Real Estate, Frisco TX, Frisco TX homes for sale, Prosper TX homes for sale. Leave a Comment

See how your child’s Dallas & Ft. Worth area school ranks in the newly released report which includes SAT scores, TAKS results, and TAKS ratings for every school in the Dallas/Ft. Worth area. Beginning on page 5 of the report, you’ll find an easy-to-read, quick ratings reference, sorted by ISD in alphabetical order.Once again, Frisco is classified as an “exemplary” district! You will also find a complete list of Private Schools at the end of the report. PLEASE VOTE IN MY POLL BELOW… Thanks much!

Want to move on up to a better ISD? Call Jackie for a home-buying and/or home selling consultation at (972) 898-4832.

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

Dreaming of Cool Mountain Breezes?

Posted by Jackie Lillis on August 4, 2011
Posted in: Real Estate Topics for the North Dallas Suburban Area. Tagged: Custom Home for Sale Colorado, Home for sale with Acreage Colorado, Vacation Homes in Colorado. 1 comment

Right about this steamy time of year when the sky is hazy and it’s too hot to do anything but go to the movies or the mall, I long to be at this gorgeous mountain retreat in Woodland Park, Colorado.

Perched on 35 Acres of Stunning Rocky Mountain Views!

Woodland Park is a super-quaint community just outside of Colorado Springs. It is a dreamy mix of small town, rustic elegance, and convenience. The unique shops and restaurants are incredible (bear claws at the local donut shop in the morning anyone?) and there are endless opportunities for outdoor adventures and incredible site-seeing jaunts.

This particular retreat just happens to be my sister’s and brother-in-law’s home and it has just been listed FOR SALE! Every detail of this home has been meticulously designed. And the views? Wow-words cannot describe. You have got to see the virtual tour !

Imagine the tranquility of being surrounded by both beautifully designed architecture and breathtaking landscape & views of the Rockys. And the wildlife? Well, on 35 acres of Rocky Mountain majesty, you can imagine! Elk, deer, birds you’ve never seen before! It is hands-down the most peaceful place I have ever been. Watching the ever-changing sky above Pike’s Peak, listening to the echoing wind cut through the valleys–Ahhh…I think I will sit with that for a while on this 109 degree day here in Dallas.

Yes, this is one of the views from the Living Room!

Gorgeous Deck with Amazing Views!

***For more information on this home please contact Suzanne Holland.

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

How Easy (or Hard) is it to Get a Home Loan Today?

Posted by Jackie Lillis on July 12, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Allen TX homes for sale, Dallas home, dallas realtor, first time home buyer, Frisco Real Estate, Frisco TX homes for sale, McKinney TX homes for sale, Plano TX homes for sale, Prosper TX homes for sale. Leave a Comment

Everyone has heard it…now is an incredible time to purchase a home in North Texas. Interest rates are very low, home supply is high, and rents are forecasted to substantially  increase. Unless you are a cash buyer, the only question preventing you from moving forward may be, “Can I get a home loan?” I interviewed a local loan officer, Brad Lynch of Your Mortgage Guy for Life, to uncover the facts;

Requirements for Getting Your Texas Home Loan Approved

Jackie: What are the current minimum credit scores for the most popular loan programs?

Brad: Credit scores as low as 620 are accepted with management approval first, but 640 is a good base right now for all other loans not needing special consideration

Jackie: What are the current down payment requirements for those programs?

Brad:  3.5% down for FHA, ZERO down for VA, zero down for USDA, Conventional requires 5% down

Jackie: Are you having a hard time with underwriters?

Brad: No…if your scores are 640 and over, and you have money to meet the minimum down payment options, it’s not tough to qualify.  On the other hand, underwriting does require a little more documentation, but that doesn’t make it harder to qualify, just makes the process more of a burden on time and work for the borrower.

Jackie:  Have you seen any increased standards in length of employment requirements, other credit requirements, ratios, etc? 

Brad: Length of employment standards have not changed…2 years in the same line of business.  On the other hand, the time at which you must have re-established a job after a 30 day or longer job gap is now 6 months to a year depending on the circumstance.

Jackie: Any other changes you think are noteworthy?

Brad: Most of the changes in the industry have more to do with the mortgage insurance factors with FHA and so forth.  Yes, it’s harder to get a loan today than it was 5 years ago, but not much different in the last 2-3 years.  The industry is changing in a number of ways, but the overall ability to qualify is not changing all that much at this point.

Jackie: Do you have any commentary on the current lending climate? 

Brad: I’m optimistic about the current climate of the mortgage industry.  Few people who deserve to qualify for financing get denied.  As the American public continue to realize the permanent changes w/in our industry, they will continue to conform their financial lifestyles to get w/in the boundaries that are drawn to qualify for a loan, or they won’t buy a home. If you can pay your bills on time, and save 2%-5% of your monthly income for a couple of months, you’ll easily have the credit score and the minimum down payment to qualify for a home today.

If your finances resemble the information outlined above, it’s time to make your move! Call Jackie today at (972) 898-4832 to get started!

Readers–Have you had a recent experience with financing a home? Please share your thoughts by posting a comment.

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

1 Minute Market Report

Posted by Jackie Lillis on May 22, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Allen TX homes for sale, Dallas home, dallas realtor, frisco realtor, frisco texas homes for sale, frisco texas real estate, Jackie Lillis, jacqueline lillis, McKinney TX homes for sale, Plano TX homes for sale, Prosper TX homes for sale. Leave a Comment

Got a minute? Want to know what is going on with Frisco, McKinney, Allen, Plano, Prosper, or North Dallas Real Estate? Check out my May 2011 market report by clicking on the box above. Not only will you get a picture of the local market, you will have access to the national figures as well.

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

Should You Rent or Buy in the Dallas Market?

Posted by Jackie Lillis on May 3, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Jackie Lillis, Rent vs buy Dallas. Leave a Comment

This is an interesting map that shows which areas of the country are better to buy vs. renting and vice-versa based on cost. You’ll see that Dallas is definitely a place to BUY.

Click here to see the full Rent Vs. Buy Index Report from Trulia;

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

Bad Property Marketing Photos…Yikes!

Posted by Jackie Lillis on April 30, 2011
Posted in: General Real Estate Advice & Information, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Allen home staging, Frisco Home Staging, home staging, McKinney home staging, Plano Home staging, Prosper home staging. Leave a Comment

Today is April 30th, so either this is a case of major procrastination or this is an outdated photo. Either way, it's time for a REDO!

It never ceases to amaze me that some sellers and their agents think property marketing photos like these are doing anything to get buyers in the door… These are ACTUAL photos of homes being marketed in the area TODAY with a price range of $200k-$285k . (I apologize in advance if one of these photos is of your house.) 

 

I guess the teeny-tiny vase is their attempt at staging? Time to call a Pro.

 
 
 

Something is "fishy" here...Dear agent, please use a wide angel lense. Dear Seller, no one wants to see your office clutter or fish trophy.

An EASY fix being completely ignored…
 
 

 

This is a BIG no-no; pool without a spa AND way too small for the space. But at least try to create some atmosphere.

 
 
 
 
 
 
 
 
 
 

Good example of scale issues. Flowers are almost as big as the chairs! Small table & small clock dwarf the otherwise nice space.

 
 
 

No, no,no! Instead of seeing a beautiful stone fireplace, all a buyer will see is the outdated junk surrounding it.

 
 
 
 
 
 
 
 
 
 
 
 
 
 

Looks like summer camp. Makes a buyer wonder "How many people are living here if they've got 4 kids in one room?" (More people=more wear and tear). Needs some cohesiveness if nothing else.

 

This is the Master Bedroom--doesn't it just make you want to jump in the car to see the rest?

 

 
These type of marketing photos will not only PREVENT a home from actually being SOLD, but will keep buyers and their agents from even making an appointment to look at it in the first place. Afterall, if you can’t impress me with your staging efforts in a photographic representation, forget about making my showing list. From an agent’s perspective, unless a buyer specifically asks to see a home that is represented in this way, I will not be using either my or my buyer’s time to view it in person. In 100% of the cases, the viewing is even worse than the photos. And in this strong buyers market where homes are taking more time to sell, sellers cannot afford to forgo proper home staging-period.
 
Our Home Staging Services provide; 
  • FREE photo staging critiques via email
  • In-home consultations
  • Full staging services of occupied or vacant homes
  • Staging services are independent & open to ALL sellers regardless of  existing brokerage agreement

CALL TODAY FOR MORE INFORMATION- (972) 898-4832 or email jackie@fathomrealty.com

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

Major Bill to Rein in Homeowners Associations Passes TX Senate

Posted by Jackie Lillis on April 6, 2011
Posted in: General Real Estate Advice & Information, Home Buyers, Home Sellers, Real Estate Topics for the North Dallas Suburban Area. Tagged: Homeowners Association Power in Texas, Texas Homeowner Associations, TX HOA Senate Bill. Leave a Comment

From the Dallas Morning News 4/6/11;

A comprehensive bill to rein in homeowners associations sailed through the Senate on Tuesday, with homeowner advocates calling it a barometer of possible action on the issue.

The bill, sponsored by Royce West, D-Dallas, includes a litany of regulations and would require associations to show greater transparency, broaden voting rights, ensure homeowners pay late dues before attorney fees and stop foreclosure without a court order. Currently, HOAs must send only a certified letter warning of impending foreclosure.

Some aspects of the bill, such as limits on solar panel bans and provisions preventing overseas military from returning to foreclosed homes, have already passed the Senate in separate versions.

“Homeowners associations are great quasigovernmental entities, but sometimes they go too far,” said West, a longtime advocate for making HOAs more accountable to homeowners. “I recognize you have to have political balance  and you can be assured whatever comes back [from the House], the heart of it will be this particular bill.”

A similar bill passed the House last session but failed by one vote in the Senate.

“This is a litmus test,” said Robert Doggett, a lobbyist for the Texas Housing Justice League, which belongs to the HOA Reform Coalition. “It’s going to move the ball forward.”

Association representatives, developers and homeowner supporters — who have generally been in conflict — applauded efforts to find balance between property rights and community aesthetics.

“We are hopeful that we are closer than we’ve ever been,” said Sandra Denton, chairwoman of the Texas Community Association Advocates. Attempts to establish HOA regulations have failed in both chambers for more than a decade.

The bill would grant voters the right to suspend or invoke an HOA’s foreclosure ability by a two-thirds vote. But it wouldn’t put an outright ban on foreclosures, which frustrates some homeowners.

“There are a lot of good things in the bill, but they surrounded it by bad stuff,” said Harvella Jones, president of the National Homeowners Advocate Group. “Foreclosure is unconstitutional.”

The bill now moves to the House, where lawmakers have placed a handful of bills with similar elements on the fast track to passage.

What the Senate bill would do on key homeowners association issues:

Transparency: Provide greater notice to buyers about their HOAs, require open meetings and access to association records, and enhance homeowner voting rights and their ability to hold meetings.

Solar panels: Restrict bans on solar panels.

Priority of payments: Require most HOAs to establish alternative payment plans for late dues, and ensure homeowners pay late dues before having to pay attorney fees and fines.

Foreclosure: Require HOAs to obtain a court order to foreclose, allow homeowners to determine by a two-thirds vote whether their HOA should have foreclosure authority, and help prevent foreclosures upon homeowners on active military duty.

Share this:

  • Email
  • Print
  • Digg
  • Facebook
  • StumbleUpon
  • Twitter
  • Reddit

Like this:

Like
Be the first to like this post.

Posts navigation

← Older Entries
Newer Entries →
  • Jackie Lillis, Your Real Estate Adviser

  • Find a New Home!

    Search for a Home in Frisco, Plano, McKinney, Allen, Prosper, Dallas

    Power Search Entire North Texas MLS!

  • Recent Posts

    • What does your Foyer Say About You?
    • Get Them While They’re Hot!
    • Dallas Area Real Estate Market Update (or Holy Shift!)
    • Out with the “Old World”
    • Frisco’s Newman Village
  • ~What is Your Home Worth?~

    Get a Comparative Market Analysis on your home today! Simply call or email me with the relevant property information and the address for a free report.
  • ~Home Buyer Offers~

    Home Inspection Reimbursement!... for home purchases closed by May 15th*minimum sales price $250k (approx value of offer-$400)
  • Pages

    • Real Estate Consulting
    • Reviews
    • MLS HOME SEARCH
    • Contact Me
      • My Listings
      • Careers
    • ~Home Staging Services~
    • Local Sales, School Ratings, Tax Rates
  • Follow Me on Pinterest
  • Join Us!

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 95 other followers

  • RSS

    RSS Feed RSS - Posts

    RSS Feed RSS - Comments

  • Meta

    • Register
    • Log in
    • Entries RSS
    • Comments RSS
    • WordPress.com
Blog at WordPress.com. Theme: Customized Parament by Automattic.
Follow

Get every new post delivered to your Inbox.

Join 95 other followers

Powered by WordPress.com
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.