Real Estate Market

Market Trends Newsletter: September 2017

Local Market Update

Local Market Update for North Texas

Year to date - August 2017

New data from Matrix Listing System. Call the Sturges Group for a personal consultation of your Home Selling or Buying needs!

View our Ft. Worth ~ Dallas Photo of the Month




Area


Sales

% Change Year Ago


Average Price

% Change Year Ago

Days On Market (DOM)

% Change Year Ago

Bedford

419

9%

$251,107

8%

20

-5%

Euless

463

9%

$286,235

12%

35

-5%

Hurst

451

-6%

$232,551

11%

19

-14%

Colleyville

330

10%

$616,634

5%

63

15%

Grapevine

414

0%

$370,878

6%

29

12%

Southlake

445

11%

$798,371

8%

51

-14%

Keller

674

7%

$452,699

7%

42

5%



What's Your Credit Score?

Credit Score image from Credit.comYour credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers.


 

We have a list of preferred local lenders who can help you find the best financing programs for your specific needs. Contact us and take advantage of today's low interest rates!

 


Here are some great resources to learn more about credit scores, and to get a free credit score and report:

 

 

Ways to Time the Selling And Buying of Your Home

One of the most stressful and difficult parts of dealing with the real estate market is conquering the timing of Selling and Buying. While it is possible to make the transfer between selling and buying a painless process, you want to be fully prepared. People go through this process all the time and are able to figure out the finances needed. Be sure to set out a plan ahead of time and work with your realtor to help make the home selling and buying process a success. Here are the 7 most common timing options for selling and buying a home.


1. Selling Before Buying.

The most common scenario is selling your home before buying a new one. Selling your home first allows you the financial security to buy a new home. There are few people that can afford two mortgages at the same time.


2. Buying Before Selling.

The ability to buy a home before selling your home is the most convenient option. By eliminating the stress to move immediately, you are allowed the time to make any changes to your current home to improve its chances for selling or renovate your new home to meet all of your exact needs. This option is only possible, though, if you have the income and finances to afford two mortgages. Lenders will need to know that you have the ability to pay both mortgages at the same time during the entire span of the loan.


3. Buying & Selling at Same Time.

It is very common to buy and sell at the same time. For financial reasons, most home buyers cannot purchase their new home until their current one sells. Unfortunately, this option can add stress to the whole purchase since you lose some control over what is happening. You need to hope that the sale of your current home goes through and that the owner of the home you are buying accepts your offer. One way to avoid any potential issue is to rent after your home sells. This ensures that you have a place to live while you wait for your home purchase to be finalized. Working with an experienced realtor throughout this process can help allieviate some of the stress. Your realtor's job is to help you sell your current home and successfully purchase a new one in a timely manner.


4. Selling on Contingency.

Occassionally, sellers will put a contingency clause on their listing that the sale will only be completed once the owner finds "suitable housing". This is not the best option for sellers. It makes your home far more difficult to sell since other homes on the market will not contain this clause. It is easier for a buyer to find a home that they can move into as soon as the deal is completed. Try to avoid resorting to this option as a seller as it will dramatically limit your chance of receiving multiple offers on your home.


5. Buying On Contingency.

There is also the possibility to do a home sale contingency. The opposite of the previous scenerio, this means that the buyer includes a clause stating that they will close the deal on their new home only once their current one sells. It is unlikely that many sellers will agree to this. They are more likely to find a buyer that can finalize the deal outright.


6. Right of First Refusal.

An alternative to home sale contingency is the right of first refusal (ROFR). In this scenario the buyer is given the opportunity to step ahead of anyone else that makes an offer to the home seller. This is only a viable option for the seller if the buyer can financially qualify to purchase the home without selling their current one. It really does not make sense for sellers to accept ROFR since they could be missing out on better offers down the line.


7. Renting Instead of Selling.

If you are desparate to move out of your current home, you can consider renting it out before selling it first. This allows you to cover your current mortgage and potentially afford the cost of your new home. Keep in mind that lenders will only accept a portion of the rent you will receive towards your financial qualifications. It is also important that you find the right tenant to occupy your home. You do not want to have someone move in that will cause costly damage to your home, making it harder or more expensive to sell when you are ready.


 

Work with your Experienced Realtor to discuss all of these timing options. We understand the local Dallas-Fort Worth market and can best analyze what option is best for your specific circumstances. The Sturges Group is dedicated to helping you sell your home in a timely manner for top dollar and to find your new dream home at the best price possible. Make the right move and contact us today to help you throughout the home buying process. Give us a call or visit our website at http://www.sturgesgroup.com/.

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Contact Information

Photo of John and Mysti Sturges Real Estate
John and Mysti Sturges
Sturges Group of Keller Williams Realty
850 E State Hwy 114
Southlake TX 76092
John: 817-832-7473
Mysti: 817-913-4994
Fax: 1-866-481-0888