Texas Real Estate Podcast with Gloria Buck Gloria Buck

There are a lot of loan options out there with low down payment options. There are even some that don’t require a down payment at all. What's the biggest obstacle to homeownership? According to a recent survey, "saving enough for a down payment" comes at the top of the list. A whopping 55% of prospective homebuyers cited this as their main stumbling block. And with the continuing growth of home prices, things aren't getting any easier. In fact, homeownership rates reached a 20-year low last November. It wasn't always like this.  A decade ago, many lenders were offering easy, no-money-down mortgages.  However, after the financial crisis, mortgage standards have become more restrictive. A typical mortgage now requires a 20% down payment.  "55% cited the lack of a down payment as their main stumbling block." Here's the good news.  If you have decent credit and a steady income, you might be qualified for a number of specialized programs that require no or very little down payment. Here are a few of the top options. First, there's the USDA loan, which is valid for homes in certain regions, such as rural and suburban areas.  With zero money down and lenient credit requirements, the USDA loan can be a great choice for many homeowners.  Second, there’s the VA loan, which you can apply for if you or your spouse served in a branch of the military. It's possibly the most generous zero-money-down mortgage because of low-interest rates and low closing costs. Third, there's the FHA loan. It does require a 3.5% down payment — still drastically more achievable than the 20% required for a conventional mortgage.  Finally, there are a number credit unions and first-time homebuyer programs that might apply to your particular situation. There’s one important thing you should know.   If you get one of these no-money-down mortgages, chances are good you will be required to pay private mortgage insurance, which can drive up your monthly payments. Fortunately, private mortgage insurance will disappear after your mortgage balance is under 80%. Also, the money you do pay will be tax deductible in most cases. In short, there are lots of options to make owning a home a reality for you, even if you haven't saved up tens of thousands of dollars. If you need more advice on getting a no-money-down loan, give me a call. I can put you in touch with some experienced lenders who can answer your questions and help get you started.

This summer is shaping up to be the perfect storm for home sellers in our market. However, you need to act fast. If you’ve been considering selling your home, now is the time to do it. This summer is shaping up to be one of the most favorable seasons in recent years to sell your home quickly and for top dollar.  However, this moment won’t last forever.  Mortgage rates are still very low. Right now, the 30-year mortgage rate has dipped to 3.9%, which is far from the 4.5% experts predicted for 2017. These continuing low mortgage rates translate into more affordable homes and eager buyers looking to lock in these low rates while they last.  We’ve seen this eagerness in action lately. Demand is so strong that home sales actually increased in both April and May, despite the fact that the supply of homes on the market is currently at a seven-year low. As a result of strong demand and tight inventory, home prices reached a record high this May, rising 6% compared to May 2016. It was the 63rd straight month of year-over-year gains. "If you’re thinking of selling your home, the time to do so is now." What does this mean for you? These conditions make it very easy for you to sell your home right away for a very favorable price, but they also point to a correction which might appear soon in our market. For example, the increase in sales numbers is likely to push up mortgage rates, making it less affordable for buyers to buy. The ongoing Federal Reserve rate hike might contribute to this as well.  Furthermore, the continuing demand and high home prices will eventually spur construction of new homes. The record-high confidence levels reported recently the National Association of Homebuilders support this. All this new construction will certainly impact the growth of home prices, and might even drive them down.  So, again, if you’re thinking of selling your home, the time to do so is now.  If you have any questions about our current market or need help getting started on selling your home quickly and for top dollar, don’t hesitate to give me a call or send me an email. I’d be happy to help.

Today I want to share my three top tips to help first-time homebuyers protect themselves during this crucial period. Buying your first home can be an incredibly exciting time. However, it requires a huge commitment and a sizable investment. That’s why I want to share my three top tips to help first-time homebuyers protect themselves during this crucial period: 1. Know what you can afford Your mortgage is only a part of what you will need to pay when you buy a home. Homeownership comes with plenty of other expenses, including closing costs, taxes, property insurance, maintenance costs, and homeowner association fees.  Once you have a clear idea of how much all of these items will cost, you can compare it to your current monthly expenses. Then you can figure out the kind of home you can honestly afford without getting carried away and without getting bogged down in debt.  2. Choose your lender wisely Choosing a lender is not something you should base only on the lowest rate. A competent and trustworthy lender will offer you advice on how to improve your credit and also help you take advantage of special homebuyer programs that might benefit you.  But how do you find the right lender specifically for you? It's often best to get recommendations from friends who have already worked with a lender or from a real estate agent you trust. 3. Don't overlook the details There are many details that go into buying a home, and missing any of them can be a costly mistake. I always advise buyers to get a professional inspection done on their home, separate from the appraisal. An inspection will set you back about $300, but it can save you thousands of dollars down the line, and it can even prevent you from making a decision to buy a home that you would later regret.  "An inspection will cost about $300, but it can save you thousands." A second example is understanding the fine print in the various contracts you will be signing. If there's anything that isn't clear to you, talk to your real estate agent and have it spelled out. The process of buying a home can be intimidating, and that's why professional real estate agents are there to help. These three quick tips are only the start of the things you need to watch out for when buying your first home. If you need more advice or you are ready to start looking for a home, get in touch with me. I love working with first-time homebuyers, and I can help you get your perfect new home with minimum hassle.

If you own any pets, there are six additional steps that you need to take in order to have a successful home sale. There are many steps involved in the home selling process. If you own pets, there are a few additional steps you should take in order to have a successful home sale:  1. Check your insurance. Although you know that your pets would never hurt anyone, they could mistake a potential buyer for an intruder and scratch or bite the buyer. You would be held liable for any harm that your pet causes, so make sure that your homeowners insurance protects you.  2. Prepare your yard. Buyers will walk through your yard, and that stroll will be ruined if they step in a mess or roll their ankle where your dog likes to dig. Make sure that you double bag the waste before disposing so that your garbage cans don’t smell when buyers walk past. Fill all of the holes in the backyard and sprinkle grass seed on top. Before you put your house on the market, make sure that your yard is a green oasis. Pet waste can create brown or yellow spots in your lawn. Aerate the lawn, seed worn spots, or replace ugly patches with new sod. Then, train your pet to use a different spot or take them for long walks.  3. Remove odors. This is one of the biggest challenges for pet owners. It is easy to clean the cat’s litter box and put it away, but it’s harder to erase years of piddle from rugs and hardwood floors. If a bacteria-eating pet odor remover doesn’t quite work, you may need to hire a professional to clean your carpets. In extreme cases, you may even need to replace those carpets. You should also clean turtle, hamster, or guinea pig cages before showings, and make those fish tanks sparkle.  4. Clean up the hair. Not only does a layer of pet hair on the floor make your house look messy, it can also trigger allergies and send buyers sneezing out the door. Before each showing, vacuum and dust to remove settled hair and dander. If your pet sheds, brush them outside so you don’t have hair flying around the house. Regularly grooming your pet helps reduce shedding, too.  5. Hide the evidence. When you have a pet, you tend to accumulate a lot of stuff: sweaters, toys, leashes, food, and more. No matter how adorable you think everything is, buyers will only see clutter. Stow your pets’ items in a closet or cupboard, put dry food bins in the laundry room, and wash pet beds to remove odors.  "Set up a play date for your pet during home showings." 6. Say goodbye to your pets, just for a while. If you decide to leave them at home during showings, crate your pets or confine them to a special area of the house. Make sure the agent knows where they are! Keep your pets busy with long-lasting treats or interactive toys. However, it is best for everyone if you make a play date for your pet or send them to grandma’s house during the showing.  If you have any other questions about the home selling process, just give us a call or send us an email. We would be happy to help you!

What is the true cost of buying a home? In addition to the sales price, there are many other costs and fees that you need to be aware of before you make your purchase.  When you purchase a home, the sales price is not necessarily the total price of the home. In reality, there are a few extra costs and fees that you need to consider. 1. How much are your property taxes? The amount can fluctuate, but knowing this number will better prepare you. Property taxes have the largest impact on your monthly mortgage payment. 2. What are your utility costs? Gas and electric bills can drastically alter your expenses depending on the season, so make sure you take them into account. 3. What is the cost of furnishing the home? Set aside some extra cash for new furniture or appliances without having to run up your credit. Remember, don’t purchase anything while you are under contract; wait until after you close on the home to get your new furniture. Don’t buy any furniture until after the close of escrow. 4. How much will your home insurance cost? Home insurance costs vary from agency to agency and will affect your monthly mortgage payment. Make sure that you get a policy with excellent coverage. If you aren’t sure where to get home insurance or you need help furnishing your home, let us know.  We can refer you to vendors to help you with these different services. Of course, if you have any other real estate questions, please don’t hesitate to reach out to us. We would be happy to help you!

When you sell your home, there are some common pitfalls you’ll want to avoid. Falling into any of these traps can severely hurt your bottom line. When you sell your home, there are some common pitfalls that you need to look out for. The way you price your home can make a major difference in the type of traffic your home generates, as well as the types of offers you will receive.  If you price too high, you may overprice your home out of the market. Homebuyers typically search for homes within specific price ranges, so if you’re outside their range, they might not even know your home is listed at all. You also want to avoid letting your home sit on the market because homes that sit on the market do not look good to buyers. They see the cumulative number of days your home has been on the market and wonder what’s wrong with it, which affects your bottom line. An appraisal will reveal the home’s true market value by determining what homes are selling for in your area. If your home is overpriced, your home will reflect that and you might have to go back to the drawing board to re-negotiate your price. An appraisal will reveal your home’s true market value. Overpriced homes also take a long time to sell, and if you’re looking to move on in your life, this could delay your progress. When you price your home, you want to sit down with your Realtor to come up with a price together that reflects exactly what the market tells you. If you have any questions for us or you’re thinking of buying or selling a home, don’t hesitate to reach out to us. We’d love to help you!