Home News
Renovation Mistakes in a Buyers' Market
With home prices on the decline, some homeowners may be tempted to renovate their home to make it more desirable or valuable to potential buyers. But there are certain renovations that can actually decrease the value of your home – even in an up market.
If you're trying to sell your home in the next 6 to 18 months, be extremely discerning about your choices, get advice from an expert real estate agent and appraiser before you begin any major renovations, and avoid these costly projects in today's buyers' market:
An in–ground swimming pool or hot tub – In certain parts of the country, yes, a pool or hot tub can increase your home's value. But, for many potential buyers with young children, these items are a true liability and will only decrease your home's value – not to mention the built–in maintenance and energy expenses that come along with them. If you're looking to sell your home in today's tougher market, you simply can't afford to isolate a large number of potential buyers.
New additions – Of course, home additions add valuable square footage, but one false move and your addition can be an eyesore that could hurt your home's value, even when the market turns. A well–designed new addition is time–consuming and expensive and needs to be properly planned and executed. If you're looking to sell your home anytime soon, save yourself the hassle. With just a portion of what it would cost to add a new wing, you could upgrade your kitchen cabinets, appliances, and counter tops and get far more bang for your buck.
Conversions – Yes, with so much competition, it's important that your home stands out from the crowd, but following today's trends could cost you big tomorrow. Right now, space for a home office or a recreation room might be trendy, but converting a den or your garage into one can be a costly mistake. A good real estate agent can achieve the same effect by defining a space through staging. If you want to upgrade your garage, a new door is much cheaper and adds valuable curb appeal.
by
Lisa Warren
Southlake Branch Manager
Silver Oak Mortgage
Phone: (817) 410-2518
Fax: (817) 410-2519
lwarren@somlp.com
www.silveroakmortgagelp.com
Monday, November 24, 2008
Saturday, November 22, 2008
DATES TO REMEMBER
Holiday Happenings in the area.....
Nov. 14 - Jan. 3 - ICE! and Lone Star Christmas (Grapevine)
Nov. 22 - Jan. 4 - The Trains at North Park (Dallas)
Nov. 28 - Jan. 4 - Holiday in the Park (Six Flags in Arlington)
Saturday, Nov. 22 - 3:00 to 9:00 pm
Home For the Holidays (Southlake Town Square)
Tree lighting at 6:30 pm
Saturday, Nov. 22 - 24 - www.SouthlakeFestivalofTrees.com
Friday, Nov. 28 - FW Sundance Square
2:00 to 5:30 pm - Holiday Fun Zone
6:00 to 8:00 pm - Parade of Lights and Tree Lighting
Nov. 29 - Dec. 21 - Snowflakes, Sugarplums, and SANTA! (Fort Worth)
Saturday, Nov. 29 - 6:00 to 8:00 pm
Hurst Annual Tree Lighting Spectacular
Monday, Dec. 1 - 7:00 pm
Historic downtown Grapevine Carol of Lights
Thursday, Dec. 4 - 7:00 pm
Historic downtown Grapevine Parade of Lights
Friday, Dec. 5 - 6:00 to 9:30 pm
Holly Days at Keller Town Center
Saturday, Dec. 6 - 10:00 am
Neiman Marcus Adolphus Children’s Parade Dallas
Saturday, Dec. 6 - 4:00 to 8:00 pm
NRH Night of Holiday Magic at NRH20 Family Waterpark
Saturday, Dec. 6 - dusk
Twinkle Light Parade on Grapevine Lake
Happy Holidays!!!
Nov. 14 - Jan. 3 - ICE! and Lone Star Christmas (Grapevine)
Nov. 22 - Jan. 4 - The Trains at North Park (Dallas)
Nov. 28 - Jan. 4 - Holiday in the Park (Six Flags in Arlington)
Saturday, Nov. 22 - 3:00 to 9:00 pm
Home For the Holidays (Southlake Town Square)
Tree lighting at 6:30 pm
Saturday, Nov. 22 - 24 - www.SouthlakeFestivalofTrees.com
Friday, Nov. 28 - FW Sundance Square
2:00 to 5:30 pm - Holiday Fun Zone
6:00 to 8:00 pm - Parade of Lights and Tree Lighting
Nov. 29 - Dec. 21 - Snowflakes, Sugarplums, and SANTA! (Fort Worth)
Saturday, Nov. 29 - 6:00 to 8:00 pm
Hurst Annual Tree Lighting Spectacular
Monday, Dec. 1 - 7:00 pm
Historic downtown Grapevine Carol of Lights
Thursday, Dec. 4 - 7:00 pm
Historic downtown Grapevine Parade of Lights
Friday, Dec. 5 - 6:00 to 9:30 pm
Holly Days at Keller Town Center
Saturday, Dec. 6 - 10:00 am
Neiman Marcus Adolphus Children’s Parade Dallas
Saturday, Dec. 6 - 4:00 to 8:00 pm
NRH Night of Holiday Magic at NRH20 Family Waterpark
Saturday, Dec. 6 - dusk
Twinkle Light Parade on Grapevine Lake
Happy Holidays!!!
Friday, November 14, 2008
Foreclosure Prevention
The two secondary-mortgage-market companies are well aware of the market pain and are taking a number of steps to provide relief, particularly to prevent foreclosures.
Among other things, Freddie Mac is allowing lenders to modify their at-risk loans into 40-year, lower interest-rate mortgages and to reduce borrowers' burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan. The two companies are also ramping up their staff and adjusting compensation so their internal structure better matches the size and complexity of the processing demand they face.
What’s more, to help facilitate short sales, Lockhart’s agency will be releasing a large-scale, streamlined, standardized process for expediting short sales, which he said will give lenders flexibility and tools like principal forbearance that they can’t easily use right now.
But Lockhart made it clear that the bulk of the problem isn’t with Fannie and Freddie loans, but debt in what the financial services industry calls private-label securities, the Wall Street loans, many of them subprime, that are held by investors all over the world.
The streamlined short sale process his agency will be announcing soon—he didn’t give a time line—could go a long way to focusing the minds of lenders on the problem. But ultimately the problem won’t go way until interest rates come down, buyers start streaming back into the market again, and prices firm up, he suggested.
—Robert Freedman
Realtor Magazine
The two secondary-mortgage-market companies are well aware of the market pain and are taking a number of steps to provide relief, particularly to prevent foreclosures.
Among other things, Freddie Mac is allowing lenders to modify their at-risk loans into 40-year, lower interest-rate mortgages and to reduce borrowers' burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan. The two companies are also ramping up their staff and adjusting compensation so their internal structure better matches the size and complexity of the processing demand they face.
What’s more, to help facilitate short sales, Lockhart’s agency will be releasing a large-scale, streamlined, standardized process for expediting short sales, which he said will give lenders flexibility and tools like principal forbearance that they can’t easily use right now.
But Lockhart made it clear that the bulk of the problem isn’t with Fannie and Freddie loans, but debt in what the financial services industry calls private-label securities, the Wall Street loans, many of them subprime, that are held by investors all over the world.
The streamlined short sale process his agency will be announcing soon—he didn’t give a time line—could go a long way to focusing the minds of lenders on the problem. But ultimately the problem won’t go way until interest rates come down, buyers start streaming back into the market again, and prices firm up, he suggested.
—Robert Freedman
Realtor Magazine
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