There are so many real estate agents...how do I find the right one?

Century 21 Real Estate Corporation's
Top Ten Suggestions for Selecting a Real Estate Agent:

In order to find a real estate broker or agent who meets your needs and makes your buying or selling experience a positive one, Century 21 Real Estate Corporation recommends you:

1. DO NOT blindly walk into or call a neighborhood firm and ask for an agent at random.

2. Ask friends and family for recommendations.

3. Interview several real estate agents:
- Find out their history with the brokerage, their experience and background.
- Gauge their knowledge of your favorite towns.
- Ask for a list of previous clients and their phone numbers.

4. Pay attention to whether a potential agent is listening closely to what you say.
- Is he or she asking follow-up questions which prompt further explanation and help him or her understand exactly your needs and wants?

5. Give a potential agent the opportunity to educate you.
- A good agent should walk a customer through the buying or selling process before ever showing properties or discussing a specific transaction.

6. Have a good idea of what you expect from an agent and communicate those expectations.
- How often do you want to hear from your agent?
- Do you want to hold meetings at your house rather than the real estate office?

7. Weigh the benefits of working with an experienced agent versus a novice.
- An experienced agent may have more insight, but a new agent may have innovative ideas or more energy and time.

8. Find an agent who complements your personality.
- If you like to start your day at 7:00 a.m., don't choose an agent who arrives to the office at 10:00 a.m.
- If your preferred method of communication is e-mail, don't choose an agent whose most advanced technology is a fax machine.

9. Evaluate the agent's firm and/or office.
- Look for a real estate organization whose agents can empower you with real estate expertise and resources and provide first-rate customer service.

10. Look for an agent who will be your partner.
- Find someone you trust, who will give you the facts, help you make intelligent, well-informed decisions and work with you throughout the entire process.

To find a CENTURY 21 Judge Fite Company agent near you, call 1-800-451-8055.

Located at 1140 Empire Central, Suite 520 in Dallas and in 21 other convenient locations across the Metroplex, CENTURY 21 Judge Fite Company is a full service brokerage specializing in residential, commercial, recreational, investment and luxury properties. CENTURY 21 Judge Fite Company celebrates over 70 years of real estate service and was recently named one of the “Best” Companies to work for in the state by Texas Monthly Magazine for 2006 and 2007. To learn more about CENTURY 21 Judge Fite Company, log on to http://www.century21judgefite.com/.

What is a McMansion?

I’ll have a McMansion and some fries!
By Marc Miller, Vice President/Sales Executive at ServiceLinklp/A Fidelity National Financial Company

Although I admire their supreme architecture and overwhelming appearance, I keep driving by these big monsters wondering, “who are these people”. Among the many terms that would be fitting to label these huge homes with, I have discovered one that seems to describe them perfectly…“McMansion”. Can’t you just see that image in your mind?

A 2002 study by the National Association of Home Builders (NAHB) found that the size of homes have been growing in the United States by leaps and bounds. In 1987, the size of an average new home was 1900 square feet. By 2001, the living space had increased by 20 percent to an average of 2,300 square feet. The percentage of new homes larger than 3,000 square feet has almost doubled, according to the U.S. Census Bureau. In 1988, 11 percent of new homes constructed exceeded 3,000 square feet. By 2003, this number had grown some 20 percent. And according to a report by Pulte Homes, the average new home is growing by 150 to 200 square feet ever few years!

Ready for the next puzzling piece? Average household size is down from 3.11 (don’t ask) in 1970 to 2.59 in 2000, according to the Census Bureau. Not only is the household shrinking but the lot sizes are as well. Between 1987 and 2002, lot size has decreased by 6.5% to 16,454 square feet. Someone is going to advertise this as a niche indeed!

Are there any controls? In Texas, regulators focus on controlling infill development to ensure a proper fit within an existing neighborhood. I will call them McMansion regulations, but they are commonly referred to as conservation districts. One of the more popular areas in Dallas is the M Streets Conservation District. These regulations are intended to protect the existing architectural and cultural attributes of the neighborhood and to control construction and remodeling. Welcome to tear down city.

Why is this happening? Probably because it’s the best of both worlds. First, new homes in established neighborhoods close to the heart of the city attract the cool urban professional. These areas point to the American sense of identity and a statement of prosperity. And secondly, these larger “resort” style homes make a statement to the reclusive nature of the baby boomer. After all the stress of the day making those big bucks we like to retreat to our sanctuaries (home) and enjoy a good glass of wine while we sit in our Jacuzzi watching the flat screen on today’s market review. Over the holidays, I had the opportunity to be in some of these McMansions. Talk about reclusive, I kept thinking…if I just hide up here, I could live in the house for two weeks before they ever found me and charged me rent!

You have heard “everything’s bigger in Texas”. It’s true, especially in the new home market. Your homework assignment this week is to note as you drive around the metro area the condition of the homes in your favorite old neighborhoods AND the amount of remodeling or new homes that are under construction. Those empty lots and/or older homes in the area just might be the next candidate for mcsomething!

Marc Miller is Vice President/Sales Executive at ServiceLinklp/A Fidelity National Financial Company http://www.servicelinklp.com/. You can contact him at marcmiller@servicelinklp.com.

Is winter a good time to sell my home?

In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected. However, there are a few things you can do to enhance “curb appeal.” And when that happens, buyers will take notice.

For example, if your home has been on the market for more than six months, its probably time to change the sales approach. There are several factors that could be reviewed with your real estate agent to determine improvements that can be made. Ask for a reassessment of the sales price; it may be too high for the current market. Also, ask the agent for a new or updated marketing plan and ask for a specific explanation of each activity. Marketing your home goes beyond a few ads in the newspaper and a listing on the Multiple Listing Service (MLS); a good agent will do more to get your home sold.

If your current agent doesn’t respond to your satisfaction, you should contact the real estate broker (the owner of the office) and ask for a different sales agent – or, if you’re no longer under any contractual obligation to the firm, it might be time to change real estate offices entirely.

When setting the asking price through a comparative marketing analysis, compare similar homes sold in the winter months. Many owners set their asking price too high because of comparisons with sales prices during peak seasons. Always try to compare like properties sold at the same time of year.

Once you’ve settled on an asking price, its time to spruce up the interior and exterior of your home. Many real estate agents recommend opening as many curtains as possible to add light and color to rooms. Keep photos of your home during warmer months in full view, show off that yard you work hard to maintain!

Staying on top of winter maintenance and chores is another sure-fire way of adding value to your home. A neatly shoveled driveway and cleared walkway can add a nice touch. Make sure the furnace is in good working condition and that the room temperature is kept at a comfortable level. Also, make sure the leaves are raked and the winter yard is spruced up with some tasteful holiday decor.

Take yourself on a tour of your home. Start in the entry and work your way through the house. More than likely you’ll see many previously undiscovered cluttered spaces and needed repairs that can turn off potential buyers.

You may worry that the holiday season is not a good time to sell your home, but the experts cite many BENEFITS in listing your home during this time:

• Other people are waiting to sell, go ahead and list
• Homes show better when dressed for holiday parties, visitors
• Buyers looking this time of year are motivated and serious
• It is a good time for students to switch schools
• Buyers and sellers can reap tax benefits
• Neighborhoods appear homier
• Interest rates may be lower, allowing buyers to qualify for a larger payment
• Minimal yard maintenance required during winter months
• Potential adverse changes in the market after first of new year
• More inventory in January vying for marketing attention
• Many companies conduct corporate moves at year end
• Buyers have year-end bonuses available for closing costs, etc.
• Easier to find contractors to do repair work
• You might miss the perfect buyer
• People are in the mood to buy during the holidays
• People want to move and be settled before the holidays

Go ahead and put out those decorations but be careful not to overdo it, the buyer should have a chance to see your home in its everyday condition.

The timing of selling your home is really up to you, your needs and your desires. One thing is for sure, people are always in the market for buying a home, no matter what season!

Judge Fite Celebrates 70 Years

What is my Style?

A guide to America’s most common home styles.

Styles of houses vary across the country. From the New England Cape Cod to the Victorians of San Francisco, the choices are almost endless. Knowing which style you prefer is one of the basic elements in your hunt for the perfect home.

The Dallas/Fort Worth Metro area is so diverse that you can usually find almost any home style here. So here is a quick guide to help you recognize and use the professional terms for many of the most prevalent house styles:

• Ranch: these long, low houses rank among the most popular types in the country. The ranch, which developed from early homes in the West and Southwest, is one-story with a low pitched room. The raised ranch, which is also common is the U.S.. has two levels, each accessible from the home’s entry foyer, which features staircases to both upper and lower levels.

• Cape Cod: this compact story-and-a-half house is small and symmetrical with a central entrance and a step, gable roof. Brick, wood or aluminum siding are the materials most commonly seen.

• Georgian: Popular in New England, the Georgian has a very formal appearance with tow or three stories and classic lines. Usually built of red brick, the rectangular house has thin columns alongside the entry, and multi-paned windows above the door and throughout the house. Two large chimneys rise high above the roof at each end.

• Tudor: modeled after the English country cottage. Tudor styling features trademark dark-wood timbering set against light-colored stucco that highlights the top half of the house and frames the numerous windows. The bottom half of the house is often made of brick.

• Queen Anne/Victorian: Developed from styles originated in Great Britain, these homes are usually two-story frame with large rooms, high ceilings and porches along the front and sometimes sides of the house. Peaked roofs and ornamental wood trim, many times referred to as “gingerbread,” decorate these elaborate homes.

• Pueblo/Santa Fe Style – Popular in the Southwest, these homes are either frame or adobe brick with a stucco exterior. The flat rood has protruding, rounded beams called vigas. One or two story, the homes feature covered/enclosed patios and an abundance of tile.

• Dutch Colonial – the Dutch Colonial has two or tow-and-one-half stories covered by a gambrel roof (having two lopes on each side, with the lower slope steeper than the upper, flatter slope) and eaves that flare outward. This style is traditionally make of brick or shingles.

• New England Colonial – This two-and-one-half story early American style is box like with a gable roof. The traditional material is narrow clapboard siding and a shingle roof. The small-pane, double-hung windows usually have working wood shutters.

• Southern Colonial –this large, two-to-three-story frame house is world famous for its large front columns and wide porches.

• Split-levels: Split-level houses have one living level about half a floor above the other living level. When this type of home is built on three different levels, it is called a tri-level.

These are just a few of the many styles of homes available across the country, and many right here in the Dallas area. Some are more common than others of course, but knowing home style terms will help you zero in on the type of house that will fill your needs and suit your taste.

What do all these real estate terms mean?

Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associated with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.

Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.

After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.

The buyer pays interest money to the lender in exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.

In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can’t exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.

Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property’s value with the appraiser’s signature, certification and supporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer’s ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it’s found to be imperfect.

Buyers should plan on at least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.

Below is an illustration of the process of closing a typical residential real estate transaction. Click to download a printable PDF.

How can I give my home a quick facelift before putting it up for sale?

One of the great challenges to selling a home can be showing all of its space, decor and natural light potential. For example, every home has crowded closets and dead space. Sellers should be aware that areas such as these are easy to spruce-up with a little elbow grease and old-fashioned innovation.

Begin by evaluating your closet/storage space, determine which areas can cut-down on clutter. Go through old clothes, shoes, etc., and get rid of anything that will not be used and in turn create more space. Consider organizing shelves and other areas to make better use of your storage space, including your garage and basement. Also, try to throw out or give away any old furniture that is no longer of use. All of the discarded items can be given to Good Will, Salvation Army or even sold at a yard sale.

"Although most sellers keep their homes clean and well-decorated, it can be difficult to convince a buyer of a home's potential when clutter is noticeable. As brokers, it's our responsibility to offer any tips that will expedite the sale and make the experience more enjoyable for the seller," Jim FIte, CENTURY 21 Judge Fite Company.

Once you've eliminated the unwanted items and furniture, begin the 'renovation' process. For non-storage spaces that could use a little more decor, consider adding a small bookshelf complemented with a cozy reading chair. Always be sure you're filtering as much light into your property as possible. Open or replace curtains. For example, light from a window overlooking the backyard offers a room more color, a great view and the illusion of more space.

Always maximize the potential of existing decor; wash old curtains, re-stain old wood casings, anything that refreshes and emphasizes all the potential of the space and decor of the home.

Prospective buyers are often more drawn to homes with features that they don't have, those with clutter-free closets, open sunny rooms, and cozy little corners. To ensure you've realized all of the above characteristics the last step should be to bring in a friend and observe their reaction. Make sure it's a trusted friend, who will offer suggestions as well as notice the improvements. Seeing your own home through someone else's eyes is a great way to make a home optimally attractive and more sellable to prospective buyers.

Be diligent in your efforts and be sure the renovations improve the aesthetic appeal of the home. All the hard work for this quick “facelift” will be worth the reward of a successful sale.

You can reach CENTURY 21 Judge Fite Company at http://www.c21judgefite.com/ or by calling 1-800-451-8055.