How Is the Mansfield Market Performing this Spring?

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Today we are going to be discussing the current market here in Mansfield. A lot of people have been asking us about the market’s current stats, and we’re here to share an update with you.

Right now, we have roughly 130 active homes on the market and 160 pending listings. That gives us less than a one-month supply of homes! This low-inventory is likely to continue for the foreseeable future.

Coming out of the holiday and winter months, we have seen a huge rise in activity, going from 77 sold properties over the last 30 days, to the current 160 pending sales. This is typical of a normal yearly cycle. But what does it mean for buyers, sellers, and investors?

For buyers, there are still homes on the market, but you’re going to have to compete for the best homes. For every good home, we have 10 to 20 buyers looking at it. If you’re buying, you need to be pre-approved, have a real estate agent working hard for you, and be ready to act quickly when the right property comes up.

For sellers, you have to get the condition of your home right and price it right. If you do these things, you are in great position to sell your home for more money than you could in the past.

For investors, there is a lot of competition out there, just as there is for regular buyers. If you’re investing in this market, you need to align yourself with a great agent who understands your goals and can work with you to help you achieve them.

If you have any questions, don’t hesitate to give me a call or send me an email. I’d love to hear from you!

Avoid These 4 Mistakes When Selling in Mansfield

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As an experienced Mansfield Realtor, I oftentimes identify common mistakes within the local marketplace. It’s mind-boggling! Today, we’ll review the four most common mistakes, so you can avoid them when selling your home.

The first mistake people make is trying to sell their home themselves. One of the biggest reasons to hire a real estate professional is they can market to a wider net of people than you can. You also have limited knowledge of the real estate market. Real estate agents are working in the market all day, every day. We have a level of real estate expertise that you cannot reach and learn on your own. We can help you negotiate contracts and sell for the most money. Don’t miss out on maximizing profit from your property!

The second mistake people make is overpricing their home. Everybody wants to get the most money they possibly can for their home. People have a tendency to think their home is worth  more than it actually is. A real estate agent will examine comparable sales in your area so you know what your home is worth in today’s market. By accurately pricing your home, you will sell faster and for more money than you would if your home was overpriced.

The third mistake is using poor quality photos. Just because your phone has a camera doesn’t mean you should use your iPhone to take pictures for the MLS! Professional photographs will make your home shine, and a real estate agent will make sure that the MLS does not distort the size of your photographs.

The final mistake is forgetting about the backyard. We all tend to focus on curb appeal and cleaning the interior of the home but run out of steam when it's time to take care of the backyard. The backyard matters to buyers, so make sure you get everything neat and tidy.

If you have any questions, give me a call or send me an email. I would be happy to help you!

Introducing Our Newest Team Member

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I hope you are all enjoying a great start to the new year. Today we are very excited to introduce you to the newest member of our team! 

April Parr is our newest buyer's agent, and is really enjoying what she is doing. She is fast becoming an important member of our team. 

April's passion has always been to help others, which she has done for the past 10 years as an educator in Mansfield. She is looking forward to helping families with their home search in any way she can. You can see why we are so excited to have her with us. 

If you or anyone you know is looking to buy or sell, don't forget us! We will use our passion, experience, and teamwork to serve you and your referrals to the best of our ability. Give us a call or send us a quick email to get in touch!

How Important Is the Age of a Home When Buying?

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Today, we'll talk about the importance of the age of your home when buying. You may not want an older home because you are looking for a newer neighborhood, or you may prefer an older neighborhood with mature trees. Older homes also have different character than newer homes.

First, you need to know that the age of the home doesn't affect its appreciation. You may find a neighborhood that is depreciating rapidly, but those neighborhoods are far and few between. 

Next, any home you buy, you can upgrade. You may need to make changes for energy efficiency, layout, or other updates. I have seen older homes updated with new windows or roofs to make them more energy efficient. Sometimes making these upgrades yourself makes your property more energy efficient than new construction homes.

Regardless of the age of the home, you need to get an inspection. The inspector will be able to tell you about all the idiosyncrasies in the home so you have a clear idea of what's going on with the house from the foundation to the roof. 

My appeal to you is to go with what suits your personality. Don't let the fact that a home is 50 years old keep you from buying it. The neighborhood should play a bigger factor in your decision than the age of the home.

If you have any questions, give us a call or send us an email. We look forward to hearing from you!

How to Build Wealth from Real Estate

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Real estate is a fantastic way to build wealth. People have been doing it forever, and real estate investments are actually some of the best long-term investments that you can make.

One of the first steps you need to take is to own the home you live in. Once you pay off your mortgage, you'll be in great position to invest in another property. Interest rates are incredibly low right now, so this would be a very good time to invest in a home. 

If you're worried about being in debt because of a new home purchase, I wouldn't think about it too much. Mortgage debt is the only good debt that you can have. Homes do appreciate, so you can bank on that if you're worried about stepping too deep into mortgage debt. 

Equity can be built pretty quickly after you have purchased a home. It can take five or maybe six years, but after this you can ride a nice wave of appreciation.

If you don't own a home, I would contact a lender and forge out a path for home-ownership. It's an incredible way to stabilize your family's financial future. 

My partner, Trever Kerr, is an excellent lender in the area. You can call him at (972) 822-7408. He is extremely consultative, and he can show you exactly what you need to do in order to purchase a home. 

If you own a home right now, I invite you to give me a call to talk about investing in more real estate. Interest rates are low right now, so waiting to buy will cut into your purchasing power significantly.

Please don't hesitate to contact me in regard to Mansfield real estate. I look forward to speaking with you!

What's Happening with Mansfield's Inventory Levels?

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Lately, I've found myself explaining real estate inventory levels to many people. Our market is crazy right now, and it seems like there are 10 buyers for each house on the market. Guess what? That's because there is! Right now, there is a supply and demand problem that primarily affects buyers. Essentially, that problem exists because we have not been fulfilling our industry inventory levels since 2008.  

Before 2008, builders were putting up new homes constantly. Whenever you walked down a street, it seemed like there was a new subdivision. Builders were also putting up spec homes so that people who were unwilling to wait the six to eight months still had inventory to look at. For most of those buyers, the financing has not come around for them to do that anymore. Plus, many builders are still a little gun-shy, as they were stuck with extra inventory back in 2008. 

On top of all of that, we have an entire generation of millennials entering the market and looking for starter homes. Our inventory just started approaching industry levels this year, and I don't think the supply and demand issue will be neutral for another three to five years. 

It's different all across the country. In the Northeast, they still aren't building enough for demand. The West is barely getting there. Here in the South, we're doing better than anybody else. We're supplying about 30% more than demand. However, we still have a lot of catching up to do, and while we're catching up, more and more buyers are coming onto the market.

If you have any further questions, please feel free to reach out to me. If you're thinking of buying or selling a home, call or email me today for a free consultation.

What's the First Move Before Buying a Home?

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Welcome back. Today we are asking one of the most common questions we get asked, "What is the first step in the real estate process in Mansfield?"

My answer is almost always the same. Unless you are paying cash, call a lender. It's a really important step for us to know how we can help you and what you can afford. There are a lot of steps involved in the process and the more you can anticipate, the easier and more stress-free it will be.

Even if you're not a first-time buyer, finding a good lender is still essential to your transaction. They will let you know exactly what you can afford and what type of home you can purchase. 

Lending guidelines are constantly changing, so it's important you are working with someone who is always up to date on the latest changes. If you are looking for a good lender, we always recommend asking a good agent. If they are a good agent, they will have a preferred lending partner.
 

We have a lender that we refer all our clients to, and that is Trevor Kerr at Gateway Mortgage, who you can contact at (972)-822-7408. There is no one else I would refer my clients to. 

If you have any questions for us, or are looking to buy or sell a home in Mansfield, give us a call or send us an email! We would love to hear from you!

Testimonial: Alex Martinez

“What I liked most about working with John is that I felt really comfortable with him. My wife and I were first time buyers, and he didn't make us feel like we were just more clients. He made the process so easy for us. He walked us through the entire process. We were anxious about the whole process, but he was very patient and answered all of our questions. We felt like he actually cared about our wants, our needs, and our desires. He really went out of his way to find that perfect house for us. We didn't feel like we were just another pay day. He took care of us and made sure we got what we wanted. It was great!”

Testimonial: James Renfroe

“We put our house on the market, and it sold within a week! That was all because of John and the effort he put forth. He took care of us quite well. Not only did he sell my house, he also helped us find a new one. John listens to what you want, and that's probably the biggest thing. He only brought back houses that matched my criteria. He knew exactly what we wanted, and he got it for us! ”

The Pros and Cons of Building a New Home

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There are a lot of benefits to building a new home in Mansfield, especially right now when we have low inventory. 

Instead of waiting around to find the perfect home, you could build your own custom dream home! However, it does take 4-8 months to build a home, so if you're in a hurry, it may not be your ideal option. 

When you buy a pre-owned home, it is a lot more cost-effective because you get a lot more home in terms of cost per sq. ft. New homes are often more expensive, but you have total control over the price when you're picking materials and amenities.

However, sometimes with resale properties, the previous owners have already customized the home and barred the expense, so you have to pay nothing for those upgrades!

If you're thinking of building a new home, I would advise you to use a Realtor when you're working with a builder, and I would be glad to represent you.

As always, if you have any questions or concerns, please don't hesitate to contact me in regards to Mansfield real estate.

Have You Been Thinking of Buying a Better Home?

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There comes a point in time when people need to move into bigger, better homes. Whether it's because of a growing family or simply a wish to invest in a better property, people do this all of the time. 

Usually move up buyers have to find a home to move into before they can sell, and vice versa, so sometimes the transactions can get dicey. However, I have a lot of experience helping move up buyers, and there are a few things that can be done to have a seamless transaction.

My advice to you right now is to focus on the purchase because inventory is low right now, so selling your home will be the easy part.

In a normal market, you could use contingencies to sell your home, but right now, because of the low inventory, this may not work.

Another option is to build a new home, so then you can have a slow move in and have plenty of time to sell your home.

If you're interested in moving up, please contact me and ask about my move up discount. I'd love to help you out!

What Are the Hottest Neighborhoods in Mansfield?

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Today I wanted to discuss some of the more popular neighborhoods in Mansfield. Now is a great time to buy, so these are some of the neighborhoods that you might want to investigate:

• The Trails
• Walnut Creek Country Club
• Dover Heights

 

A majority of the new building is occurring in the Lake Ridge High School District, but there are some other wonderful new communities forming in Garden Heights, Bower Ranch, Las Brisas, and the D.R. Horton neighborhood. I think a majority of the growth in Mansfield will be happening in the southeast corner for the near future.

In the future, I expect growth will happen more out to the west of town. The city is really beginning to manage development out in those areas. 

Overall, Mansfield is becoming a hot spot to live, so if you plan on buying in the near future, please don't hesitate to contact me and I can help you to find a great place to settle into.

I look forward to speaking with you!