by Ashley Hammons | Oct 10, 2022 | Buying & Selling, Buying a Home, Home buying & selling, Preparing your home, Real Estate, Real Estate Agent, Selling your home
Real Estate in Hunt County Texas, and Greenville Texas
The housing market is being directly impacted by the Fed’s strong monetary policy, which is relieving the pandemic-caused housing frenzy. Let us see what is happening in Hunt County and Greenville Texas!
The housing market is still being dragged down by aggressive monetary policy, which has stopped the previously torrid streak of home sales. As home inventories increase and home prices decline, the housing market continues to exhibit symptoms of relaxation. The increased demand for buildings shows that many potential homebuyers may be delaying their major purchases despite a decline in construction permits across the state.
In the previous year, mortgage interest rates increased by 2.84 up 5.22 percent. Texas’ home market immediately reduced sales amid these significant rate increases, and supply has been steadily building up. Despite the decline, prices still are high and stock levels are well below historical levels. Even while costs have decreased recently, they are still extremely high when compared to before the outbreak. Texas’ median price is still 11.4% more than it was a year ago as of August.
Regarding Hunt County & Greenville, Texas, the market for real estate has had various difficulties. Let us find out what the latest market reports and updates are:
Situation till October 2022:
Hunt County sellers are still witnessing a good increase in price even though other indicators indicate toward a cooling market, even though the local property market is characterized as “a shifting market.”
According to a Redfin analysis, house sales in Hunt County in August had a median value of $305,000, a 22.9% increase over the same month last year. Homes in HuntCounty typically sell within 30 days (about 4 and a half weeks) on the market as opposed to 22 days (about 3 weeks) the year before. In August of this year, 155 properties were sold, compared to 172 in August of last year. Hunt County’s short average time on the market for homes suggests that the sellers’ market will continue to be robust.
A group of economists from the Dallas Federal Reserve published a paper in March that claimed the local housing market was in the initial stages of a bubble. Due to sellers’ concern that they would miss the hot market, there are 41% more houses listed for sale now than there were two weeks earlier in the DFW area, where home sales have increased. M&D realtors only recently reported observing more indications of a cooling market, including open houses that had little to no attendees, a slowdown in the flow of offers, and an increase in the number of vacant homes. In Rockwall County, there were 100% more houses listed for sale in the last month than there were at the same time last year.
It should be noted that, according to M&D research, mortgage demand has decreased to its lowest level since 2018, with 14% fewer persons applying than at the same period last year. Additionally, rates of interest have been climbing, with the 30-year bond presently hovering at 5.5% since December 2021, up from 3.29%. Naturally, buyers may still encounter soaring prices, but you might be up against fewer bidders and proposals than they were for just a home even a few months ago. Inventory sales will increase over the following few months, providing more possibilities for purchases.
The market remains favorable for sellers despite recent indications of a slowdown, in part because of ongoing population increase and other considerations.
by Tracy Hammons | May 18, 2022 | Buying & Selling, Buying a Home, Home buying & selling, Real Estate, Real Estate Agent, Selling your home
Property tax statements have arrived!
Notices of appraised property value have been pouring into local mailboxes from County Appraisal Districts across the State of Texas. Folks have taken to social media to vent their outrage at large year-over-year increases in property values assumed by local officials! People are upset at the prospect of their property taxes soaring to unreachable heights! Is this just fear and misunderstanding or is it truly a well-rooted concern and outcry? Let’s dig in.
First, let’s talk a little legal lingo. Tax Code Section 23.01 requires taxable property to be appraised at market value as of January 1st and Tax Code Section 23.23 limits increases of the total assessed value to 10% from year to year if the property is under homestead exemption (note there are a couple of exceptions to this rule). This creates a little havoc when people who are not tax or real estate professionals start trying to decipher their notice. The homestead rules set up instances where there are two different values for the same property on the same tax notice! Appraised Value – Full market value of the property, or in other words the amount the county appraisal district assumes the property will sell for on the open market. Assessed Value – the value at which taxes will be assed. Your homestead exemptions also let you reduce the Assessed Value amount by $25,000 ($40,000 next year) when calculating the school district’s portion of the total tax rate. The difference between the appraised value and the assessed value is referred to as the Homestead Cap Loss. To make things even worse some appraisal districts, such as our local authority here in Hunt County, use Assessed Value on their CAD website, yet they use “Homestead Cap Value excluding Non-Homesite Value (i.e. Ag, Commercial)” on the Notice of Appraised Value.
With the fact that homestead values are capped at a 10% increase per year and many homeowners are seeing an increase in appraised values in excess of 50% (avg 20% in Hunt County), this sets up a unique scenario where a property could actually lose value in years to come yet the county could still increase their property tax revenue because the homestead cap value has lagged so far behind appraised values. For me, that is a pretty hard realization to swallow. I personally do not believe that property values will decrease anytime soon, but I do not have a crystal ball. It just makes me wonder if this was even considered a possibility when legislators took up the homestead cap to a vote?
So here is where we are. Property Tax isn’t going away, or down, anytime in the near future. Property Tax Notices are hard to navigate for most people. Our office has taken countless calls and messages through various platforms with questions about them since the first notices hit mailboxes in Northeast Texas. We have talked mainly about owner-occupied homes and homestead exemptions, but there are many other considerations. From Ag/Timber exemptions, Personal Property and Minerals, to Commercial Real Estate as well as exemptions like Over 65 and Veteran exemptions. The list is extensive and will not get any easier as legislators continue to shape and mold tax law. Don’t be ashamed to ask for help. Understanding your appraised value and how it influences your tax responsibility will also help you make informed decisions when matters that affect property tax rates are on the ballot.
There are many factors to consider when deciding whether or not you are going to protest your property taxes, just one being the inside condition of your home or office. Did you just realize that the county appraiser has never been in your home yet still gave you a market value that matches the neighbor’s fully remodeled and modernized home sales price? Yep. That’s what they do. We can help you understand your appraisal notice, help you decide if you should protest your appraised value, help you prepare to protest, and even protest on your behalf.
Is this just fear and misunderstanding or is it truly a well-rooted concern and outcry? Maybe it is both. I will let you decide!
by Tracy Hammons | Jul 18, 2019 | Buying & Selling, Buying a Home, Home buying & selling, Homeowner Financial Prep, Income Property, Real Estate, Real Estate Agent, Selling your home
Our first commercial!
by Ashley Hammons | Jun 24, 2019 | Buying & Selling, Buying a Home, Home buying & selling, Preparing your home, Real Estate, Selling your home
HOW TO DECIDE IF YOU SHOULD REMODEL OR MOVE
After living in a home for several years, it can be easy to discover things you may not be crazy about. While some things can be a quick fix, there may be major changes that make you wonder if it is worth the investment. At this point, you’re probably asking yourself if you should remodel or just find a new home. As you have probably realized, this isn’t always an easy choice. There are many factors that go into this decision. Here are some things to consider when deciding what will work best for you.
1. Determine which is more cost-friendly
While both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions, moving costs, minor repairs, the costs of a new home, and potential upsizing costs. The costs of remodeling can include permits, architectural plans, materials and labor, and any other additional costs incurred in the process.
2. Look into the current housing market
Depending on whether your local real estate market is hot, it might make more sense to just sell if houses are selling quickly around you. By talking to a real estate agent, you can find out what to expect in terms of days on market, average sales price, and other important factors when it comes to selling a home.
3. Decide if your roots are deep
Is your home more than just a home to you? If you and your family are actively involved in the community, remodeling may work best for you. On the flip side, if there are better schooling or job opportunities in a different neighborhood, or you already spend hours a day traveling to those locations, selling may be a better option.
4. Decide if a renovation can solve your problems
Take the time to decide if the problems with your home are fixable. Is it really the house, or do you dislike your neighborhood? Do you have to spend an hour driving one way to work? Do you need a lot more space? If your answer to questions like this make you realize renovations won’t solve your problems, consider that it may just be time to put your home on the market.
5. Consider the ROI on your remodel
Calculating your return on investment will help you determine two things – first, if a remodel will cost you less than selling your home. It will also help you determine if you will be able to make your money back on a remodel if you choose to sell in the future. Look into the Cost v. Value Report for the last year, which can guide you on the most and least cost-effective improvements.
If these considerations make you realize it is time to sell your home, give me a call today!
by Ashley Hammons | Nov 11, 2017 | Selling your home
YOU ONLY HAVE 10-SECONDS TO IMPRESS A HOME BUYER!
No matter how great the interior of your home looks, buyers have already judged your home before they walked through the door. Potential buyers will form opinions before entering your home. And you never have a second chance to make a first impression. You can test this out by looking through our current list of Greenville homes for sale. Pay attention to your own impressions based only on the first picture. Curb appeal is very important!
How To Make A Great First Impression with Curb Appeal
It’s important to make people feel welcome and safe as they approach the house. The second a potential homebuyer pulls into the driveway the clock starts ticking. Before that happens take some time to spruce up your home’s exterior. Take notes on which part of your house is visible as you are pulling into your street and as you pull into the driveway. There are many ways to pump up your home’s curb appeal. For example, inexpensive shrubs and brightly colored flowers near the front door will help draw the eyes right where you want them to focus.
We all know the importance of having a clean home when trying to sell, but many people forget that this rule extends to the exterior as well. Power washing the outside of your home is a sure-fire way to boost your curb appeal. It will take off any dirt and grime on the siding and windows leaving everything clean and shiny. The before and after of a power washed home is shocking, it really makes a difference. When a potential buyer pulls up to a clean house with sparkling clean windows, they know the current owner has pride in ownership. Pay attention to the smaller details as well when cleaning up outside.
- Make sure the sidewalks in front, the driveway, and walkway entering the home are all well swept, or power washed.
- Taking an edger or weed Wacker around the perimeter of your front lawn will do wonders too.
- Remove any yard debris that may be collecting in corners around the home perimeter or fence line.
- Inspect the paint on the exterior of your home and touch up any weathered or dull areas.
Last but not least the front door, the cherry on top of your home’s curb appeal is the front door, so dress it up a little. Take the time to really clean the screen door if you have one, especially if the door has any glass. Clean the glass inside and out for a lasting impression when they walk in and when they walk out. Use a brightly colored wreath or welcoming plaque to stand out in a sea of homes for sale. Aside from location and specific details in the home, the homebuyer’s decision will be heavily determined by the look and feel they get from that first 10-second impression. So, make it count!
by Ashley Hammons | Nov 12, 2015 | Selling your home
Putting your home on the market can be extremely stressful. You are opening your home to strangers hoping one of them will love your home as much as you have. Preparing to sell your home is overwhelming and it is hard to know where to start, so we have created a list of 7 affordable steps to help you sell your home.
1. Replace Burnt out light bulbs
Maximize the lighting in your home. After location, good light is the one thing that every buyer says that they want in a home. Take down the dark, heavy drapes, clean the windows, increase the wattage of your light bulbs, replace light bulbs that have burned out and open the blinds. Replace any dated light fixtures ASAP. How can you tell if it has to go? If it’s over 15 years old and looks it vintage (yet it isn’t a vintage, 50-75 years old or antique piece), it should probably go. Local home improvement stores or even yard sales usually have cheap updated lighting fixtures. Do these necessary steps to make your house feel more bright and cheery; it will make a huge difference in your home’s ability to sell.
2. De-clutter
One of the most important things to do when selling your house is to de-personalize it. When a buyer sees your family pictures hanging on the wall, it is harder for them to imagine their family in your home. The more personal items in your house, the less potential buyers can see themselves living there. Get rid of at least one-third of your stuff, put it in storage if you must. De-personalizing includes family photos, memorabilia collections, and personal keepsakes.
3. Empty Your Closets
Storage is something every buyer has on their wish list. So they will be looking in closets and cabinets making sure their stuff will fit, be sure to keep them clean and tidy. Take half the stuff out of your closets then neatly organize what’s left in there. Pare your wardrobes down to what you’re actually wearing this season, pack away the rest or donate it to a local charity.
4. Display Important Documents
Buyers are always curious as to how much the utility bills are in a house, to better calculate their monthly expenses. A floor plan and house plan will also give buyers valuable information about your home and will set you apart from the competition. Place Manuals or information about any recent appliance purchases next to the items. For example: if you recently replaced your dishwasher, put that information right next to your dishwasher. For buyers, it’s comforting to know that it has a 5-year warranty and it was replaced only a few months ago.
5. Conceal the animals
You might think a cute cuddly dog would help warm the hearts of potential buyers, but you’d be wrong. Not everybody is an animal lover. Buyers don’t want to walk into your home and smell an animal or litter box. If they see a bowl full of dog food or have tufts of pet hair stuck to their clothes, it will give buyers the impression that your house is unclean. If you can’t take animals with you, be sure to put them outside or in kennels. Buyers don’t want animals jumping on them or rubbing up against them.
6. Always be ready to show
Don’t leave dishes in the sink or dirty clothes in a pile, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies or cob-webs in the corners. Your house needs to be “show-ready” at all times – you never know when THAT buyer is going to walk through the door. You have to have the home available whenever a buyer wants to see the place, and it has to be in tip-top shape. Being prepared at all times is a little inconvenient, but it will get your house sold quicker.
7. Put up mirrors
Make small rooms appear bigger and dark rooms seem brighter by adding an attractive wall mirror. Mirrors give depth and make a room look bigger. They reflect natural and artificial light, making a room brighter during the day and night. Placing a mirror near a window to reflect the outdoors is especially useful, it will bring in the outside light.
