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Real Estate Blog

 Real Estate Blog 
Wednesday, March 31 2010

Buyers as you are looking at homes for sale you may run across some abbreviations or “agent shorthand” that can be confusing, so below we have listed a few of the most common and their meanings.  Remember no list or website can replace the value of a professional real estate agent, call us we can help! 

AGP - Above Ground Pool
ASF – Attached Single Family Home
ATT - Attached
CA, CAC, AC -Central Air Conditioning
CH/BW - Chain Link/Barbed Wire
DSF – Detached Single Family Home
EIK - Eat-in-kitchen
FDR or FD - Formal dining room
FP - Fireplace
FSBO - For Sale By Owner
GFA – Gas Forced Air (heating)
Gar - Garage
HDW/HWF/Hdwd - Hardwood Floors
HVAC - Heating, Ventilation and Air Conditioning
IGP - In-ground pool
MLS - Multiple Listing Service
NC - New construction
PSF - Per Square Foot
RI – Roughed in plumbing
SFD - Single Family Detached
Upr - Upper floor
W/D - washer/dryer
WIC or W/C - walk-in-closet


Helping you find your home is our goal
Getting you through the process is our expertise
 

Reechia & Keith

Plano Texas Real Estate

 
Posted by: Debbi AT 11:29 am   |  Permalink   |  0 Comments  |  Email
Friday, March 26 2010

SUNDAY, MARCH 28th

1:00 pm – 3:00 pm

1828 Lake Travis Drive, Allen

3 Bedrooms

2 Baths

3 Car Garage

A wonderful home that is turn-key ready.  Priced to sell!  Don’t miss seeing this one for yourself! 

 

Helping you find your home is our goal

Getting you through the process is our expertise,

Reechia & Keith Powell

Allen Texas Real Estate

Posted by: Debbi AT 08:46 am   |  Permalink   |  0 Comments  |  Email
Tuesday, March 23 2010

Wylie, TX experienced a booming real estate market in the second month of 2010!  When compared to the number of homes sold in January, February saw twice as many homes sold!  And sellers, the good news doesn’t stop there!  The average listed and sold price for February increased by nearly $20,000!  To continue the good news, the average days on market only increased by two!  Sellers are enjoying a brisk market; and yet the buyers continue to enjoy consistent values for homes being purchased in Wylie, TX. 

 

There are less than 60 days to take advantage of the government tax credit.  As we all know, time flies – so don’t miss this opportunity!  Call us and let’s start looking for your dream home NOW!  

 

For Wylie in February 2010

 

Sold Properties: 74 homes sold

 

Average List Price             $189,314

Average Sold Price            $182,110

Average Price Per Sq Ft     $69

Average Days on Market    80     

 

January statistics for Wylie, TX

 

Review Plano Real Estate stats for 2009

 

 

Helping you find your home is our goal

Getting you through the process is our expertise

 

Reechia & Keith

 

Wylie, TX Real Estate

Posted by: Debbi Mortus AT 08:06 am   |  Permalink   |  0 Comments  |  Email
Thursday, March 18 2010

Buyers – the place to be is Plano, TX!  The average listed and sold price for homes in Plano in February dropped by $30,000!  However, be warned that the average days on market also decreased, and more homes sold than in January. This means the inventory is decreasing and the opportunities to “think about it for a few days” is dwindling as well! Homes are selling and they are selling faster than the past several months.  

 

There are less than 60 days to take advantage of the government tax credit.  As we all know, time flies – so don’t miss this opportunity!  Call us and let’s start looking for your dream home NOW!  

 

For Plano in February 2010

 

Sold Properties: 162 homes sold

 

Average List Price             $264,003

Average Sold Price            $254,641

Average Price Per Sq Ft     $92

Average Days on Market    68

 

January statistics for Plano, TX

 

Review Plano Real Estate stats for 2009

 

 

Helping you find your home is our goal

Getting you through the process is our expertise

 

 

Reechia & Keith

 

Plano, TX Real Estate

Posted by: Debbi Mortus AT 07:43 am   |  Permalink   |  0 Comments  |  Email
Wednesday, March 17 2010

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It's not enough to merely educate one's self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon.

The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.

We will cover a variety of terms over the next several posts, so check back often!

Acceleration Clause
- Provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance when the first monthly payment is missed.

Acceptance
- A home seller accepts a buyer's offer. After a written agreement to the prices and conditions of the sale.

Ad Valorem
- Latin phrase that means "according to value." Ad valorem taxes are taxes are those assessed according to the value of the home.

Adjustable-Rate Mortgage (ARM)
- Repayment plan for a mortgage that permits the lender to adjust the interest rate periodically on the basis of changes in a specified index.

Agency
- The relationship of trust that exists between buyers or sellers and their agents. The agency is formed via a written contract.

Amortization
- Repayment of a mortgage in gradual installments.

Amortization Schedule
- Timetable for payment of a mortgage showing the amount of each payment applied to interest and principal as well as the remaining balance.

Annual Percentage Rate (APR)
- Total yearly cost of a mortgage stated as a percentage of the loan amount. This includes items such as the base interest rate, primary mortgage insurance and loan origination fee (points).

Appraisal
- Professional evaluation of a property's market value.

Appraised Value
- A licensed appraiser's opinion of the current market value of a property.

Assessed Value
- A tax assessor's determination of the value of a home in order to calculate a tax base.

Back-Up Position
If a seller receives two offers at the same time, he or she has the right to accept either one. If your offer is not accepted, you can request that it remain on file as a second offer, or a back-up position. You can continue to search for another home in this situation.

Buy-Down - Paying a lender to lower the interest rate.

Cash Reserve
Requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments.

Capital improvement
- Any improvement that extends the life or increases the value of a piece of property.

Certificate of Reasonable Value

States the estimated value of your property and is prepared by an appraiser.

Clear Title
A title that is free of liens or legal questions as to ownership of property.

Closing

Meeting at which a sale of a property is finalized. This includes the buyer signing the mortgage documents and paying closing costs. Also called "settlement."

Closing Costs

Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called settlement costs.

Commitment Letter

Formal offer by a lender stating the terms under which it agrees to lend money to a home buyer.

Counter Offer
Seller's response to a buyer's offer.

Covenants, Conditions and Restrictions (CC&R)
Official restrictions on a property (i.e., fence height, type of livestock permitted) to protect its value and prevent undesireable conditions.

Contingency
- A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.

Convertible ARM
An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
Helping you find your home is our goal
Getting you through the process is our expertise
 
 
Reechia & Keith
Allen Texas Real Estate

Posted by: Debbi AT 08:22 am   |  Permalink   |  0 Comments  |  Email
Wednesday, March 17 2010

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It's not enough to merely educate one's self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon.

The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.

This is the second installment, be sure to see part 1. 

Debt-to-Income Ratio
The ratio of total monthly debt payments (housing expenses, installment debts, etc.) to gross monthly income. Generally, the VA requires a ratio at or below 41 percent to guarantee a home loan.

Earnest Money Deposit - A deposit made by the potential home buyer as evidence of good faith that he or she is serious about buying the house.

Escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Equity - A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

Full Disclosure - In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose identified defects in the property for sale or lease.

Gift Letter
If your relatives can contribute additional funds in the event you don't have enough money to close a sale, they will need to send this to the lender, stating that the donor does not expect to be repaid. Donated funds must be verified before the home sale is closed.

Lien - A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.

Loan-To-Value Percentage (LTV)
The relationship between the unpaid principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property.

Lock-In
Written agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.

Mortgage Banker
Company that originates mortgages exclusively for resale in the secondary market.

Mortgage Broker
Individual or company that for a fee acts as an intermediary between borrowers and lenders.

Origination Fee
A fee paid to a lender for processing a loan application; it is stated as a percentage of the mortgage amount.

Owner Financing
A property purchase transaction in which the property seller provides all or part of the financing.

PITI
Principal, Interest, Taxes, and Insurance, the components of a monthly mortgage payment.

Points
A one-time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage.

Private mortgage insurance (PMI) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI when the amount borrowed exceeds 80% of the purchase price or home's value.

Property Taxes
Collected by local governments and included in your monthly payments, these are based on the assessed value of real property.

Helping you find your home is our goal
Getting you through the process is our expertise
 
 
Reechia & Keith
Plano Texas Real Estate

 

Posted by: Debbie AT 08:20 am   |  Permalink   |  0 Comments  |  Email
Wednesday, March 17 2010

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It's not enough to merely educate one's self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon.


The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.
This is the third installment; you will find part 1 and part 2 interesting and useful as well.


Real Estate Settlement Procedures Act (RESPA)
Department of Housing and Urban Development consumer protection statue which protects homebuyers during the purchase and loan application processes by requiring lenders to give borrowers advance notice of closing costs.

Real Property
Includes land, building, attachments and improvements.
Sweat equity - used to describe the contribution made to a project by people who contribute their time and effort.

Tenancy by Entirety
A type of joint ownership of property that provides right of survivorship and is available only to a husband and wife.

Tenancy in Common
A type of joint ownership in a property without right of survivorship.

Title - A legal document evidencing a person's right to or ownership of a property.

Title company - A company that specializes in examining and insuring titles to real estate.

Underwriter
Lender employee responsible for approving or denying a loan based on examination of the loan application and related documents.


Helping you find your home is our goal
Getting you through the process is our expertise
 
 
Reechia & Keith

Murphy Texas Real Estate

Posted by: Debbi AT 08:18 am   |  Permalink   |  0 Comments  |  Email
Wednesday, March 17 2010

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It's not enough to merely educate one's self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon.


The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.


This is our final installment in this series; Part 1; Part 2; Part 3.


Breezeway - A roofed passage way with open sides.

Comparable sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."

Condominium
A form of property ownership in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project and sometimes the exclusive use of certain limited common areas.

Cooperative
A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

Deed
Legal document conveying title to a property.

Deed of Trust
Document used in some states instead of a mortgage; title is conveyed to a trustee rather than to the borrower.

Default
Failure to make a mortgage payment on a timely basis, or comply with other requirements of a mortgage.

Delinquency
Situation in which a payment is overdue but not yet in default.
Dry Rot - Decay of seasoned wood caused by fungus.

Easement - A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place power lines, pipe lines or roads.

Egress - The exit point from a property.

Energy Star - A joint program through the U.S. Environmental Protection Agency and the U.S. Department of Energy that sets energy efficiency guidelines for products, homes and businesses.

Fixtures - Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures are usually included in a sale and commonly include but are not limited to items such as carpets and awnings.

Green building - Also known as sustainable building or environmental building, this definition varies depending on the agency or group. Generally it means to construct a building to the highest environmental standards by minimizing the use of energy, water and materials. A green building, for example, might have skylights, recycled building materials and solar panels.

Ingress - The entry point to a property.

Joint Tenancy
A form of co-ownership giving each tenant equal interest and equal rights in the property, including the right of survivorship.

MLS (Multiple Listing Service) - An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MLS's are local or regional.

Plat - A plan, map or chart of a tract or town site dividing a parcel of land into lots.

Planned Unit Developments (PUDs) 
A project or subdivision that consists of common property that is owned and maintained by an owners' association for the benefit and use of the individual PUD unit owners.

Power-of-Attorney
Legal document authorizing one person to act on behalf of another. Specific power-of-attorney authorizes another person to act only under certain circumstances, such as signing the closing documents in a real estate transaction.

Seller Concessions
Anything of value given up by the seller to the buyer in a real estate transaction.

Subdivision - An area of land laid out and separated into lots, blocks, and building sites, and in which public facilities such as streets, alleys, parks, and easements for public utilities are also planned.


Helping you find your home is our goal
Getting you through the process is our expertise

Reechia & Keith
Plano Texas Real Estate


Posted by: Debbi AT 08:11 am   |  Permalink   |  0 Comments  |  Email
Friday, March 12 2010

The second month of this New Year continues to prove that we have a consistent real estate market.  The Parker and Murphy areas experienced a mixed bag of results.  The number of homes sold in February increased, however the average list and sold prices decreased significantly.  And for the last puzzle piece the average days on market decreased by seven weeks!   So, if you are a buyer there is good news and if you are seller there good news!  This makes the Parker & Murphy cities a prime place to begin your home search. 

 

There are less than 60 days to take advantage of the government tax credit.  As we all know, time flies – so don’t miss this opportunity!  Call us and let’s start looking for your dream home NOW!  

 

 

For Parker/Murphy in February 2010

 

Sold Properties: 27 homes sold

 

Average List Price             $308,609

Average Sold Price            $299,532

Average Price Per Sq Ft     $86

Average Days on Market    83     

 

 

January statistics for Parker and Murphy, TX

 

Review Parker & Murphy Real Estate stats for 2009

 

 

Helping you find your home is our goal

Getting you through the process is our expertise

 

 

Reechia & Keith

 

Murphy, TX Real Estate

 

 

 

 

Posted by: Debbi Mortus AT 12:03 pm   |  Permalink   |  0 Comments  |  Email
Monday, March 08 2010

February brought an increase in the number of homes sold in Allen, TX.  Buyers benefited from lower average list and sold prices over January statistics.  The average price per square foot dropped by $12 and the average days on market increase very slightly.  

 

There are less than 60 days to take advantage of the government tax credit.  As we all know, time flies – so don’t miss this opportunity!  Call us and let’s start looking for your dream home NOW!  

 

February 2010 – Allen, TX homes sold statistics:

 

Sold Properties: 62

 

Average List Price             $226,867

Average Sold Price            $217,774

Average Price Per Sq Ft     $85

Average Days on Market    71

 

January statistics    

 

 

Review Allen Real Estate stats for 2009

 

 

Helping you find your home is our goal

Getting you through the process is our expertise

 

Reechia & Keith

 

Allen, TX Real Estate

Posted by: Debbi Mortus AT 01:10 pm   |  Permalink   |  0 Comments  |  Email
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Reechia Powell Realty Group
301 S. Watters Road #100
Allen, TX 75013
Phone: (972) 979-9978
Email: Reechia@Reechia.com

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