Tuesday, November 22, 2011

Black Friday for Home Shopping

What?!? Black Friday for home shopping?!? Yup, you read right & that's why I had to share this great post from Bryan Robertson in Los Altos, CA.  Though he's writing for his local area I can say the same is true for us in the Dallas/Ft Worth area! 
If you are a buyer looking for Homes for Sale in the Dallas Ft Worth Metroplex or Lake Ray Hubbard area, then this coming weekend is a great time to get out and check out all the deals.  There are some awesome DOORBUSTERS out there right now!
If you want to search for houses that are currently on the market in your desired areas, you can search directly on my SamIAmHouses website (top right) that feeds directly from the Multiple Listing Service & gives you the most up to date information.  If you would like some help, have any questions or would like to set up a private appointment to see a home this weekend just give me a call (214-422-0729) or send me an email - I'd be ever so happy to help!
Via Bryan Robertson, Los Altos REALTOR Los Altos Real Estate - Homes For Sale (Sereno Group - Los Altos):
I've done the "Black Friday" thing - getting up at 2AM to stand in line, freezing my butt off, waiting for a "deal" that I never ended up getting.  How about Black Friday for home buying?  Are buyers willing to head out on Friday morning shopping for awesome real estate deals?  I certainly hope so!
For the savvy home buyer, this is a great time of year to snap up a great deal on a home.  While inventory levels are low all over Silicon Valley and especially in Los Altos, there are still some very nice homes that qualify as doorbusters.  If you see a home you like, make an offer.  Unlike Best Buy or Kohls, home buyers can negotiate a sweet deal on a home and, depending on how they're financing, be moved in by Christmas. 
I've done open houses on the weekend following Thanksgiving.  For REALTORS, its' a great time to be out meeting prospective buyers.  Rain or shine, they come out to look because they're dedicated, serious shoppers looking for that awesome deal that can only be found at this time of year.  Sellers are just waiting to see that offer wrapped up and under the tree so they can start the New Year with a "SOLD" sign out front. 
My advice for home buyers in any town around Silicon Valley is...get out and get yourself a great home at a great price.  Now is the time!  Carpe Domus!  Seize that great Black Friday home deal you've been looking for all year.  For real estate agents, don't slow down!  Engage your buyers and help them find that ideal home to start 2012 with.

Should You Buy a House in Dallas/Ft Worth Now or Wait?

The housing market has been in a downward trend for 4 years. There is some speculation that inventories will not reduce any time soon, which will be necessary for prices to rise.

However, there are other factors that can increase the cost of housing, specifically mortgages. FHA accounts for a large percentage of the current housing loans and is expected to be even more prominent when the Qualified Residential Mortgage Guidelines go into effect next year.
  1. Rising rates are almost certain, due to looming inflation fueled by higher gas and food prices and the enormous amount of deficit spending
  2. FHA loan limits have been reduced – they are lower than conventional limits in most markets and FHA has suggested that they might be reduced further.
  3. FHA might increase the down payment to 5% or higher in an effort to have a more secure loan that will have less likelihood of going to foreclosure.
  4. FHA might decrease the amount of seller contributions in a similar move to require the buyer to have a larger investment in the home and therefore be a more “qualified” borrower.
  5. Congress may decide to increase the up-front MIP to build up the FHA reserves. The annual MIP has been adjusted twice since October 2010 when the Up-Front MIP was actually reduced.
  6. Due to tougher conventional requirements, demand for FHA loans could exceed maximum annual insurable limits. If Congress is having a hard time raising the limit on national debt, they might not even consider raising the limits for FHA.
In an effort to solidify the lending industry, qualifying is becoming harder for the buyer and more expensive at the same time. Many of the rules changes could go into effect next year. In addition, market factors could easily play a role in increasing buyer’s costs. Waiting will very probably require a larger up-front investment for buyers in the future.

To find out what's best financially for you, I'd be happy to refer you to a Mortgage Lender who can walk you through the different options you have.

Tuesday, November 15, 2011

Renting vs Owning - The Big Debate, Dallas/Ft Worth TX

Here is a great Non-Biased view of the both the Pro's & Con's of Renting and Owning a house from one of my most favorite Mortgage Lenders to work with, John Cannata, TexasLoanGuy. When it comes to deciding which is best for you Renting or Owning, th bottom line is what suits your financial and lifestyle needs.

In the Dallas/Ft Worth area, we are definately seeing more Renters than in previous years so be aware that the Rent will be higher. If you have some money squireled away, it might make sense to Buy a house and benefit from the low house prices as well as the crazy low mortgage rates.

Which ever you decide, I'm here to help and will work with you to find the perfect HOME for you and your family!

Via John Cannata - Supreme Lending Texas Home Loan Originator (214-728-0449 http://TexasLoanGuy.com):

Renting vs Owning - The Big Debate

There comes a time in everyone’s life where they have to make the ultimate decision and decide whether to buy and own their own home or continue to rent. It’s a huge decision as both have notable benefits and disadvantages and it is not one to be taken lightly. So lets have a look at these advantages and disadvantages to see which option is really the best option for you.

Owning your own home is the traditional dream that practically everyone has, especially when it comes to starting a family. It gives you a feeling that you have accomplished one of your goals and that you are both financially and emotionally secure as well as giving you a great sense of community. But is it the right decision for you? Lets have a quick look at the advantages and disadvantages of buying and owning your own home.


  • Set your own rules 
  • Sense of security 
  • A home is a great investment (long term, not for a quick turnaround, especially in todays market) 
  • Get various sort of tax rebates and deductions 
  • Repayment is usually the same or even lower than it would cost to rent - see example of my rent vs own comparison
  • You build equiry over time 
  • Improve your credit score if you need a loan in the future


You are liable for any accidents and injuries on your property

  • You are liable for any damage to your neighbors house if stemmed from your property - for example a tree branch falling over the fence and damaging something in your neighbors yard. 
  • Responsible for any maintenance in, on, or around your home 
  • No longer can you just pack up your things and leave when you want. You'll need to list and sell your home
  • Large loan responsibility even if you are having financial hardship 
  • Required to have homeowners insurance to cover damages to the property 
  • Responsible for property taxes 
  • Requires an upfront down payment (VA and USDA are 100% financing products, if you qualify) 

Renting is something most of us start out doing and many people are comfortable doing it all their lives. There are many advantages to renting a home but there are also a few disadvantages. Let’s have a look at them.

  • You can up and leave as soon as your lease it up 
  • If you run into a financial hardship, you can move again 
  • Little or no responsibility for maintenance 
  • Sometimes utilities are included in the rent cost 
  • Sometimes you have free use of amenities such as laundry, pool, and other sorts of actualities 


  • Limited or no freedom to what you can do with the place (paint, design, build, etc) 
  • Rent MAY increase 
  • No tax deductions 
  • At risk of being evicted 
  • The house could be sold and you can be asked to leave 
  • Could have restrictions on certain things like noise and pets 
  • Could have restrictions on the number of members living in the house/apartment 
  • Rent is not going into a productive investment for you 

As you can see clearly there are many advantages and disadvantages to owning your own home and renting. Some have advantages and disadvantages the other doesn’t have, but both can be a comfortable way to live. When it really comes down to it you have to choose the one that suits you’re financial, emotional and lifestyle needs at this time. You have to take your future into account as well, will you want to be tied down and take responsibility for a huge investment or will you prefer the freeness of being able to move whenever you please? It can be quite a hard decision to make and it is one that needs a lot of time and thought before you proceed to take any further steps.

When you call me, I take the time to evaluate your current financial status and together we can compare the pros and cons to owning a home. In addition, I take the time to complete a Total Cost Analysis. Together, we will find the program that works best for you and your family.

Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  
I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.
Do you want to know all of your mortgage options? Call me today and let's discuss them further.
Always available for your Texas Mortgage and Home Loan needs!
John R Cannata    P#214.728.0449
NMLS # 322646

The views expressed on this site are mine alone and do not reflect the views of my employer.