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Cost vs Value …is it worth the trouble?

2-9-15 Net-Worth

So, you want to redo or add something to your home.  Have you ever asked yourself what you could do to improve your home but want to make sure you re-coup the costs if you ever sold the home.  Or perhaps you just want to get more value from the home you plan to sell but you want to get the best value from the project.

A new front door to a minor or major kitchen remodel, where do you get the best return for the dollar?!

As a professional real estate consultant, it can be difficult for a home owner to understand a project that a homeowner added to their home is not necessarily going to give them the best return for their money, as it always depends on what the buyer is looking for.  In fact, some home owners can over improve their home and loose money, based on the market in their neighborhood.

Remember, if you think a pool should get the same value out that you put in, this is not true.  Usually it is something you did for your enjoyment.  It may not be something everyone wants.  As you know, some families don’t want a pool…hard to imagine for some, but they may have small children and consider it a safety issue or just don’t want to have the maintenance and upkeep a pool requires.

So before you do those improvements get THE FREE Cost vs. Value GUIDE to see where you can get the most for your improvements. DONT FORGET TO USE THIS CODE:  CV2015

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Ask for: Joi or Guy McKinney, REALTORS® at 214-699-6788

6 Tips For Selling Your Home Fast

1-27-15 Why-Have-Interest-Rates-Dropped

There are definitely things that you can do to help sell your home fast.  In todays market, homes are selling fast depending on your market area.  Still, there are some areas where it is not so fast, depending on location, school districts or even a particular neighborhood.  To make sure your home is more appealing and will sell quicker check out the tips below. This is a great article to get you there faster!

via 6 Tips For Selling Your Home Fast

New Fannie Mae Appraisal Program: Helping or Hurting?

New Fannie Mae Appraisal Program: Helping or Hurting? | Simplifying The Market

Every home must be sold TWICE! Once to the buyer, and once to the bank appraiser if a mortgage is involved.


The second sale may have just become more difficult.

A new program announced by Fannie Mae may slow down the home-sale closing process by causing more disputes over prices between sellers and buyers.

In a recent Washington Post article they explained the basics of the program:

“Starting Jan. 26, Fannie plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy and risks posed by the reports submitted by appraisers.” 

“The Fannie data will flag possible errors in the appraiser’s work before the lender commits to fund the loan, will score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative “comps” — properties in the area that have sold recently and are roughly comparable to the house the lender is considering for financing but were not used by the appraiser.”

Using the additional information provided by Fannie Mae, the lender can then ask for an explanation from the appraisal company for any discrepancies and request an amended appraisal.

This added step in the process of determining the price of the home to be bought/sold, could add time to the closing process and cost to the appraisal for the additional work.

Why is this happening?

Fannie Mae wants lenders to make informed decisions when agreeing to the amount of a loan that a buyer will be approved for.

“Excessive valuations create the risk of future losses to lenders and investors if the borrower defaults and the house goes to foreclosure.”

What is the process now?

As a seller:

You’ve put your house on the market, picked an agent who has helped you determine that the best price to list your home for is $250,000, and found a buyer willing to pay that price. The appraiser comes to the home and agrees your home is worth the asking price and writes their report. Everything is working perfectly!

As a buyer:

You’ve found your dream home, in the right neighborhood, in the right school district, with the perfect yard, at the high end of your budget, but all the pluses are worth it. You agree on a price and start daydreaming about living in your new home.

What happens after January 26th?

The lender submits the appraisal report to the new Fannie Mae program and they come back with “lower-risk comps” that value the home at $230,000. The lender then turns to the appraisal company to justify the $20,000 difference, adding time and frustration to the process.

If the lender does not agree with the reasons for the price difference they will not lend the buyer the amount they need to purchase their dream home and the amicable, agreeable sale turns into a heated justification of the higher price. The buyer may even have to give up on the home if the funding isn’t there.

An article by Housing Wire shares the appraiser’s point of view:

“The bottom line, appraisers say, is this could lead to delays to closings and higher costs, as well as a depression of prices in markets where prices are rising.

Appraisers complain that if they have to justify every step of their comps for their valuation, rather than those coming from the one-size-fits-all evaluation from Fannie, it will delay closing, throw off buyer and seller timetables, and delay real estate broker commissions.”

Bottom Line

The fear of some real estate practitioners is that if appraisers feel as though they are constantly being second-guessed, they may become more conservative in their assessments, impacting home values and slowing growth in the market.

2015: Year of the First-Time Home Buyer

Are you ready?  Ready to get out of the renters rat race?  Can’t have that beloved pet, can’t paint the walls and can’t control when the rents go up?   We are here to help.   Helping first time home buyers reach their goals and get out of the renters rat race!  Homeownership grows equity and wealth!


Call or text direct 214-699-6788  so we can set up an up to date & accurate custom home search portal just for you!



Check out this article : 2015: Year of the First-Time Home Buyer 

Two Great Reasons to Buy not Rent

… Buy not Rent

There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Based on a recent study, here are two reasons buying a home might make more sense:

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All information deemed reliable but not guaranteed. The opinions expressed in this article are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in this article as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Steve Harney, Inc. does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involved some degree of risk. Steve Harney, Inc. will not be liable for any loss or damage caused by your reliance on information contained in this article.