Is it possible to get an offer too quickly?

I heard an interesting comment from a homeseller who said that the first offer he got on his home came too quickly. I thought a quick offer would be a good thing, but I learned that what he meant was that it was lower than his asking price and he thought that higher offers would be heading his way soon. So he rejected the offer. And he waited. ... and waited ... and waited. Several months later, he sold his home for a price even lower than that first offer. His unfortunate experience includes two ideas that sellers should keep in mind: • An overpriced home will take a while to sell. • Early offers can be good offers ... perhaps even the best offers you'll get. A Texas REALTOR® can help you price your property to attract buyers and maximize your selling price. He or she will discuss your time line and other goals to make sure you have the best opportunity to accomplish your objectives. Your REALTOR® will also discuss offers with you to weigh their merits, so you can make a decision you won't regret.

4 expenses homebuyers should keep in mind

When starting your house hunt online, you'll see that most real estate websites let you search by price range. But a real estate purchase will cost you more than just the sale price. Here are four costs you'll want to consider before submitting an offer. 1. Downpayment Some lenders require borrowers to pay up to 20% of the loan at closing. It may take a while to save up that much, but paying a chunk of your loan up front will lower your monthly payment. 2. Mortgage insurance If you don't pay at least 20% of the purchase price as a downpayment, your lender will probably require you to pay private mortgage insurance (PMI) that protects the lender if you default on the loan. 3. Closing costs Buyers and sellers can negotiate how much each party pays at closing. Unless the seller agrees to pay all of the closing costs, you'll be responsible for paying a portion of these fees. 4. Monthly payment Your payments will cover principal, interest, taxes, and insurance. You may have other recurring expenses, such as HOA dues and home maintenance, to factor into your budget.

Before you skip the March 1 primary ...

In Lehman's Terms One of the most rewarding experiences of my life was traveling to former Soviet-bloc countries in the ‘90s working on behalf of the National Endowment for Democracy. My role was to help these newly democratic countries administer their first free elections after the fall of the Soviet Union. Much of my work was in the Baltic country of Latvia, where I witnessed thousands of Latvians returning to their home country after over 40 years of exile in Siberia. These people had been forced in 1940 to give up their homes and property and move thousands of miles away. The Soviets wanted to ensure their domination by destroying the Latvians’ national pride and democratic beliefs. But from what I saw during the bitterly cold Latvian winter in 1992, the Soviet tactics did not work. The lines for that first free election in a generation seemed endless. The citizens anxiously queued up to prove their Latvian lineage and vote. As they waited, they told stories about the empowerment they once had in shaping the destiny of their homeland. Many of them sobbed with joy as they cast their ballots in free democratic elections. Since my experiences in Russia and Latvia, I have never missed an opportunity to vote in any election held in my community. I feel this is my patriotic duty to millions of people around the world who still do not have a say in how they are governed. Unfortunately, most Texans do not share this passion for voting. In just two weeks, we will have the opportunity to vote for party nominees for president of the United States, some statewide offices, U.S Congress, and state senators and representatives. If history repeats itself, less than 10% of registered Texas voters will cast their ballots in these important primary elections. That’s not only disappointing but it gives those few primary voters a disproportionate influence over the election—92% of all state races are decided in the primaries. There won’t be endless lines in hostile weather conditions—just easily accessible polling locations where voters will have 12 days to vote for their chosen candidates. The process is seamless, and the satisfaction is tremendous when you realize you are participating in a democratic system that is the envy of many nations—and something that our world’s most oppressed citizens can only dream of. That’s why I ask you to vote in the primary of your choice. Early voting is February 16 -26, and Election Day is March 1. Go to votetexas.gov for more information about how, where, and when to vote. I will see you at the polls. Mark Lehman is vice president of Governmental Affairs at the Texas Association of REALTORS®.

3 things to ignore when pricing your home

There are many factors that go into pricing your property. Your Texas REALTOR® can explain them in more detail, but here are few factors that don’t have much weight in the value of your home. What the Internet says. It’s fun to type your home address into a price-valuation site and see what it says, but you can’t trust such sites to give you an accurate number. These sites don’t know the current market the way your Texas REALTOR® does, or take into account what a buyer in your area is actually willing to pay. Sometimes they’re even too low since the site doesn’t know about improvements to your property. What you spent on your kitchen remodel. While upgrades definitely appeal to a prospective buyer, they won’t necessarily fetch you a higher price. That’s because many renovations don’t give you a dollar-for-dollar return on your investment. Check out costvsvalue.com to get an idea of the projects that have the best resale value. Then, talk to your Texas REALTOR® about what he or she knows about the desirability of these projects within your market. What income you need from the sale. You can’t price your home with target proceeds in mind. Buyers don’t know—and don’t care—if you’ve got a financial goal, and they are turned off when a listing price is much higher than the property is worth. Properties that are priced improperly tend to stay on the market for a longer period of time. That’s why you should hire a Texas REALTOR® to come up with the best listing price for your home. He or she has access to the most accurate data about your market, and interacts with buyers regularly enough to know what they are looking for. Use this tool to find a Texas REALTOR® who can work for you.

If we make an offer on a house, what comes with it? Do we get the washer, dryer, and refrigerator?

The Texas Real Estate Commission contracts say that an item that is "permanently installed and built-in" is part of the property-this means it will stay with the house when it sells. Whether that applies to the washer, dryer, or refrigerator depends on three factors: 1. How is the item attached? Will the property be damaged by its removal? 2. Is the item customized or standard for the property? 3. Was the installation intended to be permanent or temporary? For example, a standard refrigerator in the kitchen is unlikely to be considered permanent, while a counter-depth, built-in model may convey. Even if an item is not considered built-in, you can still ask the seller to include it with the sale. If the seller agrees with your request, you can use the Non-Realty Items Addendum, which is Texas Real Estate Commission form. A REALTOR® can help you properly document this request.

Taste of the Laguna Madre!