All posts by Pammy McGrath

Finance

Common Real Estate Terminology

For the home-buying newbie, there is much to learn, and while the experience of finding that first home should be fun, it’s also a little intimidating. Every business has its own jargon and real estate is no exception. If you are hearing a lot of real estate words that you don’t quite understand fully, you are definitely not alone.

Escrow, of course, is a word with which you soon will be familiar. People will often state that a property is “in escrow,” making it seem like this a specific period of time. Actually, escrow is a special account that is set up by a third party to handle the transfer of money between the buyer and seller. For about 30 days (or perhaps longer) this account will be opened and once your loan is funded, the account will be closed and you will be the new owner.

Once you get a loan and close escrow and take possession, now your main focus will be paying off your mortgage and caring for your home. There are quite a few types of mortgages, and you will hear the words “fixed,” “ARM” and “adjustable” thrown around. A fixed mortgage just means that the percentage of interest you pay will never change. An adjustable-rate mortgage or ARM usually is fixed for a few years, and then the level of interest can go up or down. This means your monthly payments can go up or down and sometimes substantially.

The words “closing costs” can strike terror in the minds of a first-time home buyer. There are many costs associated with the closing of an escrow account and the buyer does have to pay quite a few, such as appraisals and title insurance, as well as a host of other expenses. The good news is that the seller generally pays the largest part of closing costs, which is the commission that is paid to the real estate agents.

Appraisals and inspections are going to become important words in your vocabulary. An inspection is pretty easy to understand, and the buyers will pay for one or more inspections to ensure that the property is in good condition. Buyers also pay for a home appraisal, and this is done in order to secure your loan. The appraisal must show that the home is worth what you are paying for it. So, if you are purchasing a home for $400,000, but the appraisal comes back at $385,000, the bank might not lend you the money for the home, because it simply looks like a bad deal to them. If you have the same purchase price, but the appraisal comes back at $400,000, you will be fine, and if the appraisal is even higher, then you probably are getting the home for an excellent price.

These are just a few of the words that you will hear during your home-buying experience. If you are purchasing real estate in Texas Hill Country, the staff at Nixon Real Estate can explain just about any typical real estate term and help throughout the escrow process. You can find great homes for sale in Fredericksburg, Kerrville, San Antonio and other nearby towns, so call Nixon Real Estate and get started.

Pammy McGrath loves reading real estate blogs. If you are looking for licensed Texas Hill Country real estate agents, or to discover homes for sale in Fredericksburg TX, please go to the Nixon Real Estate site now.

Finance

Common Mistakes Homebuyers Make

Buying a home is such a huge purchase, and it’s often a bit intimidating to know exactly what to do throughout the process. Even seasoned veterans can make some mistakes along the way. Here are a few of the most common mistakes you can make and how to avoid them.

You probably have read that your first step, prior to looking for homes, is to go to a lender and get pre-approved. This is a great first step. This will tell you how much money your lender will be willing to loan you and when you add this to the amount you have saved for the down payment, you get a total amount that you can spend. However, it is wise to note that you are in no way required to spend as much as you are able to get. Crunch your budget numbers and see what you are really comfortable paying each month. Be sure to figure in all of your monthly expenses as well as new home-related expenses you will incur, such as the property taxes and insurance for your home. Homeowner association dues are another expense to add in, as well.

A home is just like a person. You can’t always judge them by the first appearance. Sometimes a home is outdated but in fantastic shape with a great layout and plenty of space. You must look beyond the ugly wallpaper, the orange shag carpeting, popcorn ceilings and faux wood paneling. That can all be fixed, and the seller’s ugly furniture and knickknacks aren’t going to be there after you buy the house, so ignore them. On the flip side, a house could look beautiful and perfectly staged, but have real problems. It might not have enough rooms for you or perhaps the roof needs to be replaced. Always look past the way a place looks to really judge whether this is the right home for you.

Not only do you have to live in the house, you also have to live in the neighborhood. This is why you really need to research the location. Take a look at the homes in the neighborhood. Are they well-maintained? Generally, we visit homes in the middle of the day when a neighborhood tends to be fairly quiet. Be sure to return at night and on a weekend day to really get a sense of the true noise level. Listen for barking dogs and loud music from the garage band across the street. A busy street also can be a cause for concern, particularly if you have kids or pets. Living across from a school or just down the street from a hospital or fire station also can be disruptive. Also keep in mind how far the home is from work and services, such as grocery stores, drug stores and restaurants.

While it is increasingly easy to find homes you like online and even to do some research on neighborhood comps, trying to get through the buying process without a realtor is not a good idea. A real estate agent has a great deal of experience in buying and selling homes and when you are the buyer, you need an advocate looking out for you. Your realtor not only will act as your advocate, they also can help you through the maze of inspections and escrow.

The team at Nixon Real Estate is ready and willing to help anyone searching for Texas Hill Country real estate. This includes homes for sale in Fredericksburg, San Antonio homes for sale, Kerrville homes for sale or real estate in other Texas Hill Country towns and cities.

Pammy McGrath enjoys reading about real estate blogs. If you are looking for licensed Fredericksburg real estate agents, or to discover Fredericksburg homes for sale, please check out the NixonRealEstate.com website today.

Finance

How To Select The Right Real Estate Agent For You

If you are getting ready to search for a new home to purchase, you might be tempted to work on this task without the help of a realtor. However, this can be a mistake because a realtor truly can make the home buying process a great deal easier.

These days it is pretty easy to go online and find lots of great homes for sale, so you might think that a realtor is unnecessary. However, this real estate agent is your advocate and works to ensure that you get the best possible deal on the home you choose as well as helping you through the inspection and escrow processes. Real estate agents also have excellent contacts within the real estate market and often know about homes that are not yet on the market or were recently taken off the market, where the owner might be willing to sell. Since commissions typically are paid from the sale of the home and out of the seller’s profits, you really have little to lose.

Perhaps you already have a great agent in mind but if not, ask co-workers, neighbors, or friends for a good recommendation. You also could choose a few different realtors and spend some time talking with them to gauge who seems to be the best possible real estate agent for you.

Have a list of questions to ask your new potential real estate agent. You want to ask about their level of experience in general as well as how many years they have been working in the area. If you are moving to a new city, you definitely want to select someone very knowledgeable about the area, so consider hiring a relocation specialist. A realtor is a valuable resource for you because he or she will know about more than just the local real estate market. They can give you important information about your new city or town, as well.

It is very important to feel comfortable with your agent. This needs to a person you can really talk to and express what you need in a home. If an agent sets up viewings at homes that are in neighborhoods you dislike or the houses are far too expensive or just don’t suit your tastes, this is either the wrong agent for you or you need to more clearly communicate your house shopping goals. Be sure you provide a list of must-have items, a concrete budget and some information about what you really dislike, as well.

The team at Nixon Real Estate can help you find a fantastic home for sale in Fredericksburg or any type of Texas Hill Country Real Estate. They have decades of experience in helping clients buy or sell homes throughout this region. So whether you are searching for a contemporary San Antonio home for sale or prefer the small town feel of Kerrville or another Hill Country town, they can help.

Pammy McGrath loves reading real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to discover a Fredericksburg Texas homes for sale, please check out the NixonRealEstate.com site today.

Finance

Tricks To Get Your Home Sold Fast

If you are ready to sell your home, you might be wondering how to get started with this process. There are many ways to make the selling process faster and end up with the highest possible sale price. Consider the following tips to make selling your home as easy as possible.

Your first step should be to a find a realtor that has a good amount of experience in your area. It is important that the real estate agent has a good understanding of the neighborhood and what types of homes are comparable in price. Your agent also should have many different ideas about how to market your home, which might include open houses, using social media and websites such as Zillow and Redfin, as well as the local MLS listings.

The real estate agents at Nixon Real Estate, for example, have more than 30 years of experience selling homes in Texas Hill Country. Whether you are selling a home in Fredericksburg, selling a home in Kerrville or even a home in San Antonio, they can help you market the home and sell it at a great price.

While you might just want to sell a home as-is, this isn’t always a good way to ensure a quick sale. Sometimes, it is wise to invest in an upgrade, particularly in rooms such as the master suite and the kitchen. These rooms tend to give you a good return on investment, so consider making some changes. For instance, if your kitchen is dark and out of date, repaint walls and colors with a more neutral color scheme and add new hardware to the cabinet doors. Adding granite or swapping out appliances for newer models also is a good idea. If you can only afford one major change, consider adding a fantastic stove or oven.

People have a very difficult time picturing your home as their new home, especially if your house is cluttered and crammed with your possessions. Typically a home should look fairly generic and definitely clean with all of the clutter removed. You might adore a family room with lime green walls and shelves filled with antique tea cups or shot glasses from around the world, but buyers probably will not. Pack away knickknacks and photographs and remember that when selling a home, less clutter is more appealing to buyers. At any rate, you are getting a head start on packing.

Pack up excess items from every room as well as the closets, but don’t forget about the yard and even the garage. Remove the weeds, add a few pretty potted plants, paint the entry door and do some general sprucing up. You really want to make a fantastic first impression, and a good looking front yard attracts buyers and gets them excited about your home. If the inside looks as good as the outside, it will be much easier to sell a home quickly.

Pammy McGrath enjoys reading real estate blogs. If you are searching for licensed Fredericksburg TX real estate agents, or to discover homes in Texas for sale, please check out the NixonRealEstate.com site now.