DFW Market Update: Q3 2017

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As the Dallas/Forth Worth Real Estate market continues to strengthen throughout the summer of 2017, our growing Team at Scott Neal Real Estate (SNRE) is currently on a record breaking path to help more families buy/sell their home this year than every other previous year in the company’s history!  We’d like to take a moment and express a huge thank you to all of our past and current clients who have entrusted our team’s services over the last 10 years!  It’s an honor to serve the Dallas Real Estate market and help people with one of the biggest decisions and transactions of their lives- buying or selling a home. 

With the DFW Realty market being one of the hottest in the country and receiving a lot of positive media attention, we are frequently asked what is going to happen in the next year or two.  Since prices have continued to significantly appreciate over the last five years, many people often assume that we are in a bubble and will experience depreciation when the market cools off.  This result remains to be seen but based on historical data in the DFW market, my prediction is that we will eventually level off to normal rates of appreciation.  However, the DFW & the North Texas areas continue to be a haven for stable job growth, population growth, good schools, and room for expansion (new neighborhood developments).  In fact, DFW is said to have anywhere between 300-400 people a day moving here and is one of the top ranked areas in the country for job creation.  

These variables in addition to inventory levels/supply-demand etc are all significant contributors to what we are experiencing today with Median Price, Days on Market, Sold Homes and Months of Inventory which we have broken down below.

Median Price:

Once again, the median price rose almost 11% over the last year to $238,000. This marks four to five years in a row where we have continued to experience double digit price appreciation across DFW.

Days on Market:

In addition to price, homeowners typically want to know how long will it take for them to sell their property. The average days on market to sell a home in DFW has continued to fall from 90 days in 2012 to 41 days in August 2017. So while homes are continuing to sell for a higher price, they are also selling in record time.

Sold Homes:

The real estate market has been in recovery since 2012. We went from selling approximately 70,000 residential units to selling over 110,000 units in 2017. Some of the most sensational news stories around the metroplex have been the influx of out-of-state relocations.  Some recent reports show that 300-400 new people are moving to North Texas every single day.  In fact, we speak with new people from all over the country on a daily basis who sign up on our website looking at properties and wanting to relocate to Dallas for work, family, change of environment, tax benefits, cost of living, weather, home prices in comparison to current situation, and many other reasons making DFW an ideal location for their next home destination.

Months of Inventory

The most important, key economic indicator that expert Real Estate Agents track closely is the level of homes for sale compared to how many homes have sold i.e. “Months of Inventory.” This is an excellent barometer to gauge the strength of the market.  Currently, DFW has the lowest level of inventory since the market peaked in 2007. 

However, home buyers can still take advantage of opportunities despite how hot the market is by aligning themselves with an expert who proactively stays on top of the market and has exclusive access to great opportunities through their years of experience & established network.  And of coarse, sellers are in prime position to capitalize due to everything we discussed above contributing to this “Seller’s Market.”  

If you have been thinking about buying or selling real estate anywhere in the DFW market, contact us today for a private consultation so that we can provide the best advice and options in preparation for your sale or purchase.  Also, our team has an established “Home Hunter System” providing access to exclusive “off market” opportunities through our extensive network in addition to our detailed cherry picking of homes from the MLS fitting your criteria.

What Does the New Year Hold for the DFW Marketplace?

According to the statistics, 2017 should be another great year for the DFW area marketplace. Is it better to be a buyer or seller, though?

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Happy New Year! I hope you had a great time with your family over the holidays. Now that 2017 is officially under way, I wanted help you get back into the swing of things with a few predictions on what to expect from the DFW marketplace this year based on what the numbers tell us. Before that, though, I just want to say thank you for your referrals and transactions. Our team had our best year ever last year. We sold tons of homes and handled more volume than ever, and it’s all thanks to you. Keep sending business our way, and we’ll keep taking care of you and yours. So, what’s been happening in the DFW marketplace lately? Ever since the spring of 2012, prices have been going up, and that trend is continuing. Currently, the average price for a residential home is about $275,000, which is up about 6.5% from this time last year. We’re not experiencing the same double-digit increases we did in the past few years, but we’re still seeing some very aggressive price appreciation. The number of properties that have sold over the past year is just under 110,000, which is up 4.3%. As you see, the number of sales are increasing along with the average home price. The average days on market is 42 days, but for our clients, that number is only 19.

The stats don’t lie—now is a great time to buy or sell.

Our list-to-sales price ratio currently stands at 97.2%. That means—on average—sellers are having to negotiate 2.8% off their original asking price. Even though you might be hearing that it’s an overwhelming seller’s market, buyers are still paying less than what sellers are initially asking. For our clients, the list-to-sales price ratio is 101%. Right now, we have about 2.6 months’ worth of inventory, which is down 10.3% over the last year. In light of these numbers, a lot of people have asked me lately if we’re in a real estate bubble. My answer is no, because there’s nothing on the horizon that we’re seeing that could spell doom and gloom for our marketplace. If you’re trying to maximize the gain out of your home sale and time the market, you need to pay attention to the level of inventory. The closer that number is to zero, the hotter the market is for you as a seller. As that number rises, though, the price appreciation we’ve been experiencing will slow down. My personal prediction is that we will continue to see growth in our marketplace in 2017. The stats don’t lie—now is still a great time to both buy and sell a home. For sellers, homes are worth more now than they’ve ever been, and there are more buyers in the market now than we’ve had over the last four years. For buyers, there are more properties on the market, yet inventory continues to stay low, and on top of everything else, interest rates are still very low. If you have any more questions about the DFW real estate market, give us a call, send us an email, or visit us online. Cheers to a very prosperous 2017, and we hope to hear from you soon!

How to Protect Yourself Against Wholesalers

It’s easy to let your home be sold for less than what it’s worth in a wholesale transaction, so today I want to talk about how you can avoid letting this happen to you.

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Today I want to talk about how to not let wholesalers sell your house for less than what it’s worth. In the real estate world, wholesaling is a very simple tactic that investors use. The way it works is the investor will approach the homeowner, offer them a certain price, put them under contract, and then immediately try and sell that property to another end user before they close on it. For example, let’s say an investor comes to you and says they’ll give you $200,000 for your property and you agree, even though it might not be what you wanted. The wholesaler then turns right around and markets that property for an increased price—maybe anywhere from $210,000 to $250,000, depending on what they think they can get. The way wholesalers make their money, you see, is through the difference in price between how much they offer you and how much they offer to sell it to somebody else. What’s the problem with this picture? First of all, these people do not represent you, and they typically aren’t licensed. If they are licensed, they have no fiduciary responsibility to you—the home seller—to get the most amount of money within the shortest amount of time with the least amount of hassle. Everything is designed to help them get the absolute best spread they can between the price they offer you and the price they get on the open market. Secondly, they typically don’t have the funds to actually close on the property if they can’t find another buyer. Oftentimes, they have zero intention of actually going through with the purchase if they can’t find another buyer. Third, they still have to find an end user, which isn’t guaranteed. These three drawbacks stand in stark contrast to what an actual real estate agent can do for you. How can you protect yourself from falling into one of these situations, then? There are four ways: In my experience, the typical homeowner doesn’t know the difference between someone who is going to actually buy their home and someone who is going to flip their contract like a wholesaler, so if you ever meet with someone like that, the first thing you want to do is ask, “Are you going to buy my home, or are you going to wholesale my home?” There are ways that you can verify this. If they say they are going to buy, then you want to see their name on the contract. If they’re a part of a company, you want to see that they have the ability to sign on behalf of that company.

If you’re ever approached by one of these people, please call us.

The second thing you can do is avoid signee contracts, which basically states in the buyer line that this person or company is going to purchase the contract...or whoever they assign it to. That’s a big red flag. The third thing you can do is verify their proof of funds or their ability to finance the property. If they say that they’re a cash buyer, you want to see a bank statement in their name or their company’s name with the amount of money that’s required to purchase that property. If they’re not getting funds from their bank, you’ll have to find out where they will get their money from. The fourth and last thing you can do to protect yourself is get a big earnest money deposit. To clarify, there’s nothing wrong with selling your house to an investor at a discounted wholesale price. There are plenty of people out there who buy properties and give the homeowners as much as they possibly can at wholesale prices. I happen to be one of them. There are also a lot of scammers out there, though, too, so you have to be careful. If you’re ever approached by one of these people and you want an opinion on what to do next, don’t hesitate give us a call. If you’re thinking about buying or selling a home, we’d also love it if you reached out to us. In any case, we’d be happy to help!

What the Recent Rate Shifts Mean for You

Today I have John Hardimon on the line from the John Hardimon Team at Verity Mortgage to explain to us what the recent Fed rate increases mean for us.

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Today, I have a special guest on the line, John Hardimon of the John Hardimon Team at Verity Mortgage. They are our preferred mortgage lender and we refer them to our all of our clients. John is here to give his expert opinion on how the Fed’s recent rate increase affects you. He has a team of three licensed loan officers and has been in the business for 19 years. According to John, the Federal Reserve has decided to raise the bank funds rate. The bank funds rate is the amount banks have to pay to borrow funds and, in turn, loan money out to us. When their rates go up, so do ours. That rate went up a quarter of a point, which isn’t huge, but it is still a move. Something else that has taken place, John says, is that the market has changed in the way that mortgage-backed securities are not as desirable because the stock market is doing really well, which makes those securities more expensive.

We have a strong market and now is a great time to take advantage of that.

We had a quarter of a point move from the market, and a quarter of a point move from the Federal Reserve, which means there’s been nearly a half point move over the past six weeks. John believes the market has been positive in responding to the new President-elect. According to John, if you have a $400,000 loan that goes up half a point, that would make a difference of about $700 per year, so if you find a good house that makes sense for you today, it’s best to buy now. The recent jump isn’t a huge deal, but it is something to be aware of. John says the bottom line is that rates have been low over the last few years and the market has been good, so you should take advantage of it. The real estate market is so strong and is getting even better. John also brought up a great question. If you are looking to buy a house, why keep paying up to $30,000 a year in rent, when you could put that toward equity in your own home, paint, have a dog, have a BBQ cookout, and have all the other great things that homeownership brings? Now is a great time to take advantage of the market. If you have any other questions for John, you can reach him at 972-820-5730 or email him at john@johnhardimon.com.

If you have any questions I can answer or you're thinking about buying or selling a home, give me a call or send me an email. I'd be happy to help!

Is Our Market Hotter Than It’s Ever Been?

The DFW real estate market is the hottest it’s ever been. All across the area, sales are up and inventory is down.

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What’s happening in the DFW area market right now?

In short, everything still looks to be extremely positive. How long is it going to continue to be this good? We don’t know. We don’t own a crystal ball, and our market doesn’t move as fast as other markets. We have a three-to-six month lag before we really see how things are going to react in the market.

Here are some key figures to know that paint a clear picture of where we’re at and how far we’ve come since this time last year:

• The median sales price has risen 9.7% to $220,000. 
• The average days on market has dropped 19.2% to 42 days.
• Closed sales have risen 4.9%. That’s 107,686 residential home sales and roughly 215,000 transactions in total. 
• The level of inventory has dropped 10% from 5.5 months to 2.7 months. The lower this number is, the hotter the market usually is.
• New listings are up 2.9%. In the entire MLS, there were 137,847 new listings. Since only about 108,000 properties sold, though, that means 22% of the properties that came on the market failed to sell.

We’re in the hottest market the DFW area has ever seen.

So, even though we’re in the hottest market the DFW area has ever seen, there’s no guarantee that your home will sell. You still need to prepare it right, market it correctly, and set the right price for it.

If you want to geek out on some more numbers with us or you have any questions about buying or selling real estate in the DFW area, please get in touch with us in any way you can. We’d love to help you!

Who Should You Take Real Estate Advice From?

Real estate represents the biggest investment most people will make in their entire lifetime. With that much at stake, don’t take advice from non-experts.

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We talk to several different types of people in our business every single day. The one thing that unites them is that they all seem to be taking real estate advice from people who are non-experts. I want you to think for a second and imagine that you’re having a health issue. Say it’s something like chest pains. Who would you be taking advice from regarding those chest pains? Would it be a cardiologist with credentials and experience in dealing with chest pains, or your uncle who once had a heart attack? Obviously, you should take advice from the doctor. The same logic applies to real estate. Even though real estate isn’t a matter of life and death, it’s still a huge investment. In fact, it’s the biggest investment most people will make in their lifetime. Lots of people have not only their money tied up in it, but also their hopes and dreams. The last thing you want to do is get bad real estate advice from someone who has simply bought or sold a home before. Just because that person bought or sold a home once doesn’t mean they know what the best course of action is in your particular situation.

Real estate is a huge investment, so you should only get advice from an expert.

Who should you be getting your real estate advice from? You should get it from a trusted real estate agent in the area. That’s exactly who we are. We’ve handled hundreds of transactions over the years here in the DFW area, and we’ve seen every possible scenario you can think of. We know the marketplace and we have a working knowledge of many different lenders, title companies, and other agencies. It’s our duty to look out for your best interests, so talk to us first before you start shopping for homes or putting your own on the market. If you have any questions about the home buying or home selling process, give us a call or send us an email. We look forward to hearing from you!.

The Importance of Consulting With a Buyer Specialist

There are a lot of moving parts involved in the home buying process. The most important step, however, is consulting with a buyer specialist.

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We live in the age of instant information. We recognize that when people want something, they want it immediately. However, buying a home is not as simple as going to the store, taking a product off of the shelf, and paying for it at the register. Real estate is complicated, and a purchase can take a long time.

The process involves determining what kind of home you want, comparing prices on properties, figuring out how you’ll pay for the house, and finally, negotiating with a person on the other end of the transaction who has another agenda. Even though it’s a simple process, it’s not done easily. There are over 80 different variables that are involved in a home purchase transaction. Each one of those variables needs to be proactively managed in order to get you the best deal possible.

What I’ve noticed over the course of my years in real estate, having taken part in hundreds of transactions, is that buyers want three things: a good deal, a selection of inventory, and the least amount of hassle possible.

A buyer specialist’s goal is to serve the buyer and accommodate every one of those needs. This will allow you to get the right home at the right price and potentially save you tens of thousands of dollars in the process. How does the buyer specialist do this?

There are over 80 different variables involved in a home purchase transaction.

On our team, we take you through a system with a specific list of steps to follow. Before we take you through this system, however, we need to first have a consultation with you. We can’t serve you well if we don’t sit down with you and have a conversation about the largest investment that you’re probably ever going to buy in your life. There are a lot of people involved in this transaction and there is a lot of money changing hands, so we want to make sure that you are protected.

For this reason, you’ll have to do a few things before you begin looking at houses. First, be sure to consult with a buyer specialist. This will help you determine whether the team you’re meeting with is made up of the right agents to help you find the right house at the right price with the least amount of hassle.

Next, you’ll want to get pre-qualified for your mortgage. Most buyers will need to get a mortgage in order to purchase their next home, and it’s very important to get pre-approved and pre-qualified for that mortgage before you begin looking at houses. You don't want to get your heart set on a home before knowing what you can afford.

There are a lot of moving parts involved in the home buying process, so if you have any questions about what a buyer consultation entails or would like to arrange one yourself, please don’t hesitate to give us a call or send us an email. We’d be happy to help you!

Drawbacks of Selling Your Home on Your Own

As you will see, most people who try selling their home on their own fail because they lack the necessary expertise and knowledge of a real estate agent.

Whether you should try selling your home on your own or not depends on a couple of things. Do you have the expertise? Can you drive the buyers? Do you know how to price your home correctly? Do you have expert knowledge of the paperwork?

Sadly, most FSBOs do not. Every year, the National Association of Realtors puts out what they call their “Profile of Home Buyers and Sellers,” where they survey lots of different buyers and sellers at closing and ask them questions about their transactions. Here’s what they found:

• FOSBO transactions only made up 9% of all residential transactions
• 45% of those people already knew the buyer before they put their house up for sale.
• 89% of buyers said that they found their house through a real estate agent.
• 86% of those people said that the agent was the one who brought the home to their attention.

FSBOs on average sell for 17% less than those who list their homes with real estate agents. There are a couple of reasons we can identify why this happens. For one thing, FSBOs tend to attract a lower quality of buyer. Another reason is they lack the knowledge and expertise of what’s going on in the market. They don’t have the network needed to find buyers, the marketing to expose their home to the market, and lack the knowledge of paperwork needed or how to even use that paperwork. Lastly, they lack the knowledge of how to price their property in the market.

FSBOs on average sell for 17% less than those who listed with an agent.

Lots of times we see FSBOs drastically overprice their property. Overpricing your property ends up helping you shoot yourself in the foot. You end up selling for much less than what the house could have sold for in the beginning.

If you’re thinking about going the route of FSBO, you certainly can. There are success stories every day; however, the majority of FSBOs fail miserably. A real estate agent can help you with that. They’re there so that you can get the most amount of money for your property in the shortest amount of time with the least amount of hassles. Even after you’ve paid them their commission, they’ll net you more money than if you tried selling your home on your own.

If you’re thinking about selling your home, talk to us first. Just give us a call or send us an email and we’d be happy to help you.

What Happens if Your Dallas Home Is Not Selling?

It’s no secret that we are in the hottest seller’s market that Dallas has ever seen. In fact, Dallas is one of the top 10 seller’s markets in the United States. That said, there are still people who have a difficult time selling their homes. What happens if your home is not selling?

There are four fundamental pillars of selling your home:

1. Location of the property.
2. Condition and showability of the home.
3. Marketing the home.
4. The price of the home.

Now, you can’t just rely on one pillar to sell your home. Each of them has to be working in order for you to be successful. You need to examine these areas and see if there is anything you can improve on if your home is still sitting on the market.

Unfortunately, you cannot do anything about the location of your home. You can’t pick up your home and move it into a different neighborhood or off the busy street corner; it is what it is.

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You cannot change the location of your home, but you can change its condition, marketing, or price.

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However, you can improve the condition and showability of your home. We recommend doing a pre-listing inspection so that you can fix any issues before your home goes on the market. We also recommend staging your home. A staged home sells 50% faster and for 7% more money than an unstaged home. 

As for marketing, real estate professionals handle that. We are expert marketers. We hire professional photographers, shoot videos, and put your home on every website out there. We do a lot of social media marketing and we have a database of more than 12,000 people we can market to. We are very proactive about dealing with other agents, running open houses, and more. We do everything we can to expose your home to the highest number of qualified buyers out there.

If everything else is working — your home is in its best condition, it’s showing well, and your agent has implemented a great, proven marketing strategy — then you may have to look at price. No one wants to go through a price reduction but sometimes it’s what you have to do in order to sell your home.

If you have any questions about selling or your home or about real estate in general, please don’t hesitate to give me a call or send me an email.  My team and I would be happy to help you!

The Latest Trends in the Dallas Real Estate Market

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So far this year, things in the real estate market have been going gangbusters. Remember, the real estate market really started to turn around in the second quarter of 2012, so we have had four great years in Dallas Fort Worth. In fact, just this past June we were ranked as the third hottest market in the United States.

For the pre-owned, residential resale market, the median price is $205,000 - a 9.3% increase from this time last year. That number gets even higher when you factor in townhomes, condos, and new construction, but most people tend to focus on the resale market.

Whether you are buying or selling a home, you should be concerned about the days on market. The average days on market gives you an idea of how long it will take to sell your home or how quickly you need to make an offer. Right now, the average days on market for the resale market is 38 days, a 30% drop from this time last year. The median number is way less than that, at 16 days on market. That means half of all properties go under contract within two weeks of hitting the market.

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There are more buyers than
there are homes on the market.

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Closed sales for the year are up by about 7%. This year, 89,000 homes have been sold.

The supply of homes on the market is a key economic indicator of how the market is doing. Right now, we have an inventory of 2.5 months, which is a 14% drop year over year. If you’re a buyer and you’ve been wondering why it’s so hard to find a home, it’s because of that low inventory level. Ultimately, there are more buyers than there are homes on the market.

If you’re thinking of buying a home, you need to get connected with a really good agent who knows the market and can set up the right offer for the seller. We even have access to off-market properties so that you have a few more options to look at in this hot seller’s market.

If you have any questions, please give me a call or send me an email. I would be happy to help you!

What to Know When Buying a New Home in Dallas

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Newly-constructed homes are excellent choices if you want a custom-built, quality home. They’re great investments for the future, but there are some things you should know before going out and buying one from the builder.

1. Builders like to work with real estate agents. More than 85% of homebuyers are working with agents, and this should be no exception when you purchase a new home. Agents often have pre-existing relationships with builders, so this makes the negotiation and the entire transaction much simpler.
2. Find out what it’s going to cost to buy a new home versus a pre-owned home. In the DFW area, buying a new home over a similar-sized resale home will cost you up to 20% more, and this does not account for builder upgrades either. Be prepared to pay more, but also know that you’re getting a product that is higher in quality.
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   New homes cost more, but
   you’re paying for the quality.

   
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3. Check out the home before closing. Even new homes can have problems, so you should always have them inspected. Our clients recently had a home inspected that was not up to par, so it’s important to get everything inspected. It seems odd that a brand new home would have problems, but trust me, they can and they will.

If you need help finding a new home in the DFW area, please don’t hesitate to contact me. It’s costing less to build new homes now than it ever has before, and interest rates are mighty low. That makes now a perfect time to purchase.

I look forward to hearing from you!

How Scott Neal Real Estate found us exactly what we wanted and was always on top of things.

“We told them what we wanted, they found exactly what we needed, and they were right on top of things, because of the housing market here.They had everything prepared so if we wanted to close on a house or put in paperwork for the house, they had everything prepared for us right then and there.”

-Andrew Glaser

4 Ways to Get Ahead as a Buyer in Our Seller’s Market

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We have quite a number of frustrated buyers coming to us recently. They are frustrated with the market and the lack of inventory that we have. In order to save you some stress if you’re thinking about buying, we wanted to share with you four great tips that will help you get ahead and start competing in this market. We’ve had a lot of success with these strategies. 

1. Be informed: It’s important to have realistic expectations. It’s the reason why we always like to have our buyers come to our office for a consultation before they begin the process. We just want them to be informed about what’s going on in the market, so they set the right expectations. 

2. Work with a great buyer specialist: Here at Scott Neal Real Estate, our buyer specialists do nothing but work with buyers to show houses, sell properties, and negotiate contracts. They know what they need to do to make sure your offer is accepted.

3. Get fully approved for a home loan: This is more than just talking to a loan officer. To get fully approved, you need to go through the entire application process with a bank or lender. They need to see your tax returns, bank statements, and more to get an idea of what you can afford. Also, if you’re a cash buyer, it’s important to provide us with your proof of funds.

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We’ve had a lot of
success with these strategies.

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4. Talk to your agents about your wants and needs: If your agent really knows what the bottom line is and what your wants are, they are going to give you the best resources that you can possibly have to meet all your needs and as many of your wants as possible. 

We know it can be frustrating out there, but if you follow these steps you have a much better shot at winning those bidding wars. We’ve had a lot of success with our buyers and in fact, some of our buyers are paying below asking price. 

Give us a call or send us an email if you need any help navigating today’s market, or if you’re looking to buy or sell yourself. We look forward to hearing from you!

Follow These Five Steps After You Go Under Contract

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What happens when you go under contract as a buyer? There is a certain set of steps to follow in the Dallas-Fort Worth area. You submitted an offer on your dream home, you’ve negotiated price and terms, and you executed a contract. What happens next?

The first is what we call earnest money. This accounts for 1% to 3% of the purchase price as a deposit for the contract. It goes to the title company and is held in escrow.

In Texas, we don’t have a standard inspection period in our contracts. Instead, the second step is the option period. It’s a pre-negotiated amount of money for an established amount of time the seller gives you to terminate the contract. Normally, we use that time for any due diligence or inspection.  We then conduct the inspection, which is approximately 40-paged report that covers the roofs, the foundation, the appliances, and much more.

The third step includes acting on the report. Maybe we need some repairs. We might negotiate with the seller to make some repairs to the property or adjust the price. The option period allows the buyer to back out if they can’t agree with the seller.

Afterwards, we’ll have the lender appraisal, which is required 99% of the time. Step five involves a comprehensive walkthrough of the property to ensure it’s in the expected condition. Then it’s onto closing, where you show up with your check and sign off on the loan documents and the deed. This is when you’ll get the keys to your new home and celebrate!

If you have any questions about buying or selling, or have any questions, send us an email or give me a call. We look forward to serving you soon!