The Realtor Roundup

  One of the   steps between signing and closing   on a home is when homebuyers typically deposit money into an escrow account. An agent who is a   REALTOR®   can help advise you on your offer and how to keep your deposits safe. When it comes to escrow, here’s what homebuyers should know: What is escrow? Escrow is a financial agreement in which a third party, such as an attorney or another settlement or title agent, controls payments between the buyer and seller, only releasing the funds involved when all the terms of the contract are met. As the buyer, once you close on the home, the money you’ve placed in escrow will often be applied toward your down payment and other closing costs. Other costs that can be covered by funds in an escrow account include property taxes and insurance premiums. What is “earnest money?” Also known as a “good faith deposit,” an earnest money deposit is paid by a homebuyer to show their interest is legitimate and they intend to close ...

  How Much Home Equity Have You Gained? The Answer Might Surprise You Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is Home Equity? Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing record amounts of equity. According  to  Intercontinental Exchange  (ICE),  the average homeowner with a mortgage has $319,000 in home equity . Why Have Homeowners Gained So Much Equity? The rise in home equity over the years can be credited to two key...

  Protect Yourself from Real Estate Fraud: What Every Buyer and Seller Should Know In the fast-paced world of real estate, fraud is an unfortunate reality. With large sums of money changing hands and personal information being exchanged, it’s an attractive target for scammers. Whether you're buying or selling a home, it’s essential to be aware of potential fraud schemes that could disrupt your transaction and cost you thousands. In this blog, we’ll dive into common types of real estate fraud and offer tips on how you can protect yourself. Common Types of Real Estate Fraud Wire Fraud One of the most prevalent types of fraud in real estate transactions involves wire fraud. In this scheme, hackers intercept the email communications between buyers, sellers, or agents and send false wire instructions, tricking the buyer into transferring their closing funds to the criminal's account. Once the money is wired, it can be incredibly difficult, if not impossible, to recover. How to Avoi...

                                          The Importance of Getting Pre-Qualified for a Mortgage and Shopping Rates As realtors, we often see homebuyers, especially first-time buyers, get excited about finding their dream home. However, one of the most important steps that many overlook in the home-buying process is getting pre-qualified for a mortgage. Pre-qualification provides a clear picture of what you can afford and positions you as a serious buyer in today’s competitive market. Equally important is shopping for the best mortgage rates, ensuring you get the best deal possible. Why Getting Pre-Qualified is Essential Understand Your Budget:  Getting pre-qualified gives you an estimate of how much you can borrow based on your financial situation, including income, debts, and credit score. It helps you set realistic expectations and avoid looking at homes t...

                                                                                 The Fall Housing Market in North Texas As we move into the final months of 2024, the North Texas Housing market continues to evolve, presenting both opportunities and challenges for buyer, sellers and investors.   Growing Demand - The demand for housing remains robust driven by population growth and the ongoing trend of remote work.   Price Trends -   Home prices in North Texas have shown some fluctuations over the past year.  While there was a notable dip in prices during the summer months, recent data indicates a gradual stabilization.  The average 30 year mortgage rate currently hovers around 6.4% and experts predict a gradual decline in r...