Blog Archives

10/19/2018 1 Comment

Current Rise in Homes Available for Sale

More and more homes have flooded our market (ignore that rain pun!), and it's changing our market FAST.
Our area has had one of the biggest increases in the country in the number of homes listed for sale, according to Realtor.com. D-FW ranked eighth among the 10 major U.S. markets with the greatest increase in home listings in September, up 14 percent from the same period a year ago, according to Realtor.com.
Local real estate market numbers show that almost 26,000 preowned single-family homes were listed for sale in August with North Texas real estate agents. That's the highest volume in six years.

Nationwide, home inventories are at a 5-year high, according to Realtor.com.

"After years of record-breaking inventory declines, September's almost flat inventory signals a big change in the real estate market," Danielle Hale, chief economist for Realtor.com, said in the report. "Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize.
"But don't expect the level to jump dramatically," she said. "Plenty of buyers in the market are scooping up homes as soon as they're listed, which will keep national increases relatively small for the time being."
quotes and info from this Dallasnews.com story.

Like we've mentioned, our market is still competitive considering the amount of homes up to be available and the amount of seekers/buyers and people migrating into the metroplex. It's a "tight market" still, but maybe you'd say it's more normal these days. A great time to look and see what's come available and how it compares! Let's talk!

One of these (many) available homes is definitely for you.

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10/17/2018 0 Comments

"Consumer Opinions About Homebuying"

A survey commissioned by loanDepot indicates trends of recent homebuyers––the strengths of their “pre-work” and their questions about mortgages and fees. 

When asked what words best describe the home-buying process, the top selections were “time consuming" (25.4%) and "challenging" (24.1%).
But a helpful change in the process has been that many more people are understanding how important it is to get financing first. *This is something that tops our list of early suggestions in the process when OHT gives advice. This is a welcome change!

Of the homebuyers surveyed, 73.5% said they sought out home financing options first. Among first-time homebuyers, that number rose to 85.1%. This means people seeking homes are willing to do the necessary groundwork that gets the process started and can put them ahead of other potential buyers.

"Homebuyers have learned that getting their financing in order upfront helps prepare them to shop for a home with confidence and puts them in a more advantageous, competitive position, especially in tight markets. With the lack of inventory we've seen in recent years, it's especially important to be armed with a pre-approval when that perfect home appears."
What seems to remain a stressor in the process is understanding fees (34.1%) and finding the right loan (30.9%). These were among the top pain points. Our takeaway?! —> Communication is key. We all need to be in touch, available, up front and clear about the process. (And, we’re dedicated to this!)
OHT has observed that the whole real estate industry is more integrated than it used to be, and in many ways it’s easier and easier for clients, agents & lenders to be in touch with one another throughout the process.

But you need to trust involved parties. And because this survey points to the confusing nature of mortgage fees…

here’s a further special recommendation from Pat O:
It’s not easy getting a loan AND it’s not easy understanding mortgage fees. Getting a loan happens in a world of sales; and all sales are filled with smoke and mirrors. Bank Lenders, Mortgage Brokers, online services like “Rocket Mortgage,”—>they are all selling money. In these scenarios, some salesmen go out of their way to confuse you while others can be honest and take time to explain.

Bottomline: Choose wisely. Ask questions. Look at the total picture. The lowest looking interest rate may not be the best way to pick your lender. Are there hidden costs? Some lenders tell you they have a low rate, but they are charging you points. (smoke and mirrors)
So, I suggest you find a lender you can talk to, one that will explain each fee to you, and one that you feel will treat you right. Go with them, like following a wise guide. And this usually rules out the online lenders. Though seemingly easy, they require the same information as any other lender, and you may be sacrificing the personal availability and consistency you can gain with a local agent/broker.

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10/16/2018 0 Comments

Growing Team!

There are changes and GROWTH around the O’Reilly Home Team too! We’ve expanded into the buy and remodel business. … Ok, we flip houses. Believe me it is not like what you see on tv.
Mike Gwartney has joined OHT to supervise the remodels. He brings years of “Handy Man” experience. Walker Nery is our head contractor. He has done work for several of our clients and does real quality work.
OHT is also adding another Realtor to our group. More details are coming very, very soon!

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10/15/2018 1 Comment

An October Recipe. :)

for a fun change of pace ... we pass along to you a scrumptious PUMPKIN recipe. Try it, and let us know how it goes!

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10/8/2018 0 Comments

Mortgage Rates rise, may rise more soon!

This Study notes some people are deciding now is the time to Move (buy or sell) b/c rates are changing. Interesting! I'm here for your questions and searches.

"Consumers’ demand for a home remains high, and analysts said rising mortgage rates may push some who have been sitting on the sidelines to jump into the game.
'Affordability at least currently is average in this period of time,” McCarthy said. “The rise in mortgage rates has encouraged some people to move into the market now.'"