Wauketa Jones, Arlington - Mansfield - Grand Prairie TX Real Estate

There are Fourteen Questions Real Estate Agents Should ask Sellers:

Below are Fourteen questions a real estate agent should ask a seller when determining the motivation level of a prospective seller.

1. How long have you lived here?

2. Who owns the house?

3. Do you own the house free and clear, or do you have a mortgage?

4. Do you know about how much you owe on the current mortgage?

3. What are your plans for the future regarding this home?

4. Can you think of any situation when it would make sense to sell the home?

5. If you sold the house, when would you want to sell it?

6. How much would you expect to sell your home for?

7. Where would you want to move to?

8. Would it make sense for us to help you determine the value of your home?

9. Do you have your home currently listed with a real estate agent?

10. If your home is not listed, would like to discuss selling your home?

11. Does the house need any repairs?

12. Are you prepared to spend money necessary to repair the house or would you rather sell it “as-is” and let the buyer make repairs?

13. Do you own any other real estate you would be interested in selling?

14. Are you interested in buying more real estate?

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Arlington, Mansfield & Grand Prairie, TX Real Estate needs.

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Is a Mortgage Possible in Mansfield, Arlington or Grand Prairie, TX without Perfect Credit? Can you really obtain a mortgage if you don't have perfect credit, given today's credit climate?

Although the government keeps promising otherwise, most homeowners are still finding it decidedly difficult to secure a mortgage in Mansfield, Arlington or Grand Prairie, TX unless they have spotless credit. The reality is that there are still plenty of qualified buyers out there who want to own a home and there are just as many homebuyers who are having a difficult time qualifying for low mortgage interest rates.

So, we've concluded that getting a mortgage in Mansfield, Arlington or Grand Prairie, TX with a competitive interest rate in today's economic climate may be challenging, but it is important to point out that there are still a variety of attractive home loans for those home buyers with less-than-perfect credit and even for homeowners with little equity in their homes.

Where do I go from here?

If you are one of those home buyers who desperately want a home in the Mansfield, Arlington or Grand Prairie real estate market but you're lacking that perfect credit score, you may be wondering how you go about negotiating the landscape of today's home loans.

One factor that is important to remember is that you will have more wiggle room if you have more money down or more equity in your home. Most lenders will require less down if you have a higher credit score and more money down if your credit score falls below 620.

If you are trying to refinance your home with average credit, but the equity in your home is quite small, then you may have to pay more in points. Most experts agree that you will likely have to give up at least a point or more above the published rates if you have little equity. Some lenders, like Freddie Mac, have refinancing programs for mortgages up to 105 percent of their appraised value, and Fannie Mae's loans can loan up to 95 percent of their appraised value.

Where should I turn?

The bottom line is that there is no substitute for doing your homework. There is simply no better way to explore your options than to seek information from several sources, including your current home loan provider, you local bank, and your mortgage broker.

Don't ever underestimate the value of a good mortgage broker, as this type of professional will help you find the best rate possible for your particular situation.

Market Update for Week of 11/1/10: INFO THAT HITS US WHERE WE LIVE via Richard Miller, Loan Officer, Prime Lending

Last week's big rush of housing news began on Monday with Existing Home Sales for September UP 10% from the month before. The annual rate hit 4.53 million. This was the second straight monthly gain after July's record low following the expiration of the tax credits. The national median price for existing homes is now at $171,700, down 2.4% from a year ago. Unsold inventory dropped 1.9% from the prior month to a 10.7 months' supply.

Tuesday, the S&P Case-Shiller home price indexes came in weaker for August, also seen as a result of the expiration of the tax credits. The 10-city index was down 0.1% for the month and the 20-city index off 0.2%. The Federal Housing Finance Agency's monthly house price index showed U.S. home prices falling 2.4% from August a year ago and 13.7% off their April 2007 peak. This index only tracks the prices of homes purchased with mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.

Wednesday, New Home Sales for September were UP 6.6%, coming off record lows in July and August. The seasonally adjusted annual rate was 307,000, which is down 21.5% from a year ago. Good news came with the median new home price rising 3.3% from the year before, now at $223,800. The supply also came in at 8 months, with the actual number of unsold new homes the lowest it's been since 1968.

Review of Last Week

FLAT WEEK, UP MONTH... Investors on Wall Street kept things in check last week, leaving the Dow down by a whisker, the S&P 500 dead flat, and the tech-heavy Nasdaq up a modest 1.1%. Observers felt traders were awaiting this week's midterm elections and then Wednesday's Fed meeting statement regarding its next round of quantitative easing to spur growth. For the month, stocks did quite nicely with the S&P 500 up 3.7%; the Dow up 3%, its best October since 2006; and the Nasdaq up 5.9%, its best October in seven years.

In the week's economic news, a plus always seemed to come with a minus. For example, Consumer Confidence was up in October, but it still remains at historically low levels. This is occurring over a year since the economy transitioned from recession to recovery, at least as measured by overall growth. Durable Goods Orders were up 3.3% in September, but it all came from aircraft and parts. Exclude those, and orders were down 0.8% for the month.

It was somewhat encouraging to see weekly jobless claims dropping for the third straight week. This put them at their lowest level since July, but still in troublesome territory above 400,000. Finally, the advanced estimate of Q3 GDP came in at 2.0% annual growth. This was in line with expectations and shows the economy is in fact growing. But 2% is well below the growth rate economists say we need to make a significant dent in the unemployment rate.

For the week, the Dow was down 0.1%, to 11118.49; the S&P 500 ended flat, at 1183.26; but the Nasdaq was UP 1.1%, to 2507.41.

Bond prices dipped for a good part of the week, then rebounded, but not quite enough. The FNMA 30-year 4.0% bond we watch ended down 10 basis points for the week, closing at $103.02. National average mortgage rates for most mortgages remain at historically low levels. A cautionary note: the Mortgage Bankers Association predicts rates of 30-year fixed-rated mortgages will begin rising next year.

This Week's Forecast

HEARING FROM THE FEDS, WAITING FOR THE JOBS... There are plenty of economic reports to ponder this week, but two items stand out. The Fed will be meeting on Wednesday and while no one expects the Fed Funds rate to go up, everyone will be looking for indications of when the Fed will start its second round of quantitative easing (QE-2) and how much money will get thrown into the system. The other point of interest will be the October jobs report on Friday. The forecast is for payrolls to be up by 45,000 jobs, which isn't very many, but at least it's a positive number, though the unemployment rate is predicted to hold at 9.6%.

Highlights of the remaining economic news include the PCE inflation reading expected to stay at 0.4%, and ISM predicted down a little, though still showing manufacturing expanding. The week ends with Friday's Pending Home Sales for September, forecast to be up 0.5%, a good thing but not quite as good as August's hike of over 4%.

The Week's Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Market Update for Week of 10/04/10: INFO THAT HITS US WHERE WE LIVE:

Inside Lending Tips via Richard Miller, Senior Loan Officer, Prime Lending Mortgage Company

Last week's housing market data centered on Standard & Poor's S&P/Case-Shiller Home Price Index. This showed home prices UP in July for the fourth month in a row, but the pace of their gain had slowed from prior months. With the expiration of the government's home buyer tax incentives, some observers wonder if the S&P/Case-Shiller will keep moving up. The composite 20-city index, a broad measure of U.S. home prices, showed a 3.2% increase year over year, the sixth month in a row it posted an annual gain.

Nonetheless, home price gains did slow in the waning days of the tax credits. In July, only 12 of the 20 cities surveyed showed price gains, compared to 17 cities reporting rising prices in June. Analysts pointed out that these results underscore the fact that the spring/early summer months are the best for home sales. Most experts feel the next few months should give us a better idea of the true strength of the housing market.

>> Review of Last Week

A BIT OF A BREATHER... Investors on Wall Street took a rest last week from bidding stock prices up the way they had earlier in the month. Performance of the major market indexes was uninspiring, though slippages were all less than a half a percent. But performance for the month was impressive. The broad-based S&P 500 index, favored by professional investors, shot up 8.8% for September, its best monthly gain since April 2009 and its best September reading in over 70 years.

Perhaps investors took the week off because they remain cautious about the near-term economic recovery. Consumers seem to agree, as the week began with a surprise drop in September's Consumer Confidence Index, which hit a seven-month low, falling far short of consensus expectations. The ISM Manufacturing Index also slid a bit from August to September, missing estimates, but remaining in expansion territory.

Upside economic data included better than forecast weekly initial jobless claims, although 453,000 is still not a good number. Continuing claims dropped by 83,000 for the week, but that number remains well above 4 million. Personal income and spending (PCE) for August were up better than expected and Core PCE was up just 0.1%, so inflation is still in check.

For the week, the Dow ended down 0.3%, to 10829.68; the S&P 500 was down 0.2%, to 1146.24; and the Nasdaq was off 0.4%, to 2370.75.

The bond market ended the week with investor interest helping prices in some areas. One was the FNMA 30-year 4.0% bond we watch, which ended UP 10 basis points for the week, closing at $102.27. According to Freddie Mac's weekly survey, national average mortgage rates for fixed-rate mortgages dropped a tad, remaining at historically low levels.

>> This Week's Forecast

WHERE WE'RE GOING WITH HOMES AND JOBS... The week begins with August Pending Home Sales, which count signed contracts and therefore tell us what will be happening with closings a few months out. Unfortunately, the consensus expects the August reading to be down a bit from July. But September ISM Services is expected to show the non-manufacturing sector still indicating expansion, with a reading just over 50.

The week ends with the September Employment Report and the forecast is for no increase in payrolls overall, although 70,000 jobs are expected to be added to the private sector. However, population growth outpaces this rate of job creation, so unemployment is predicted to tick up to 9.7%.

Market Update: INFO THAT HITS US WHERE WE LIVE:

Inside Lending Tips via Daniel Campa, Senior Loan Officer, Prime Lending Mortgage Company

As promised, last week's reports gave us a complete picture of the housing market in August. Housing Starts rose 10.5% month-over-month to a 598,000 annual rate, well ahead of the expected 550,000 number. Building Permits, which reflect builder sentiment further out, grew a more modest 1.8% month-over-month to a slightly smaller 569,000 annual rate. Thursday, Existing Home Sales came in UP 7.6% over July, at a 4.13 million annual rate. But let's remember, July was a record low, so this gain still left sales down 19% from August a year ago. The median price for Existing Homes, however, ticked up 0.8% year-over-year, as reported by the National Association of Realtors.

Friday saw New Home Sales for August come in unchanged from the previous month, meeting expectations at a 288,000 annual rate. The increases in Existing Home Sales and Housing Starts are welcome, as is the lack of a drop in New Home Sales. But sales are still at fairly weak levels. Observers feel that with the government tax credit, we had an artificial boost in home sales, so what followed was obviously an artificial low and we're now slowly climbing back toward normalcy.

>> Review of Last Week

FOUR IN A ROW... The stock market opened the week strongly, but then lost ground for three days before the bulls were back in control igniting a big rally on Friday, just shy of a 200 point gain for the day. This put stocks UP for the fourth straight week, with the Dow again nearing 11,000 and the broad-based S&P 500 hitting a four-month high.

It was a mixed bag of economic data once again. Housing numbers, covered above, were showing some signs of recovery, but then initial jobless claims grew to 465,000, higher than anticipated and indicating the labor market is still soft. The week ended with Durable Goods Orders down for August.

But the big event was the Federal Reserve meeting Tuesday. They left the fed funds rate unchanged as expected. They also kept policy statement language that says economic conditions are likely to keep the rate at exceptionally low levels for "an extended period." But they have now added that the Fed is prepared to provide additional accommodation if needed. Some think this is what sent stocks up, as investors felt they couldn't lose. If the economy improves, stocks will go up. If the economy stalls, the Fed will step in, so stocks will still go up! We'll see.

For the week, the Dow ended UP 2.4%, to 10860.26; the S&P 500 was UP 2.1%, to 1148.67; and the Nasdaq was UP 2.8%, to 2381.22.

Bonds were on the move up and down all week, and Friday was a down day as investors flocked to those rallying stocks. Yet for the week, the FNMA 30-year 4.0% bond we watch ended UP 8 basis points, closing at $102.17. Freddie Mac's weekly survey of national average mortgage rates reported fixed-rate mortgages not budging from their historically low levels.

>> This Week's Forecast

CONSUMERS, Q2 GDP, INFLATION... Economic reports on the consumer's September mindset bookend the week, with Consumer Confidence expected off a tad on Tuesday but Michigan Consumer Sentiment up a fraction come Friday.

Thursday features the third estimate of Q2 GDP numbers, but no change is expected from the prior reading, which showed a slower 1.6% growth rate. Friday's Personal Spending and Core PCE Prices for August should reveal inflation still well under control.