Aug. 22, 2016

Option Period Explained

What is an Option Period?

In other states, an option period is known as the Inspection Period.  While similar, the option period in Texas provides two things: (1) time for the buyer to perform any inspections and (2) the option for the buyer to terminate the contract for ANY reason or for NO reason at all.  Maybe the buyer finds another home they like more or they decide not to move.  On the flip side, the seller has no option and has no way to unilaterally terminate the contract without being in breach of contract.  

Option Period Details

An option period can last any number of days and can cost any amount of money as it is fully negotiable.  However, a typical option period ranges from $75 to $250 depending on the price of the home.  They range from 3 to 14 days but most commonly are either 7 or 10 days.  These are calendar days so weekends count!  A seller allows access for inspections during this time, including general home, termite/pest, pool and others as required. 

Negotiating During the Option Period

Based on the results of inspections during the option period, a buyer will often request repairs and/or concessions from the seller.  These concessions typically involve either a reduction in the sale price or seller paid closing costs to cover some or all of the cost of repairs.  These repair requests and/or concessions are presented by the buyer to the seller in the form of an Amendment to the Contract.  Assuming both parties agree to the terms of the Amendment, it will be signed, executed and sent to the title company where it becomes part of the contract itself.

Timing is Critical

The option period expires on the agreed upon date at 5:00PM.  This change took affect in January, 2016 to address the problems with expiration at midnight - primarily trying to get a buyer and seller to agree and sign off on something at 11PM at night.  It is important to know that, if no amendment is signed and executed by the 5:00 deadline, the original contract is valid.  If a buyer sends an amendment to a seller and does not get a response, they will either have to terminate the contract (before 5:00PM on the expiration date) or proceed with the original contract terms.  If the buyer does not terminate by 5:00PM and tries to terminate later, the buyer will technically be in breach of contract (unless there are other contingencies) and the seller can keep the buyer's earnest money.

Michael Reeder - Owner & Broker

Posted in Contract
July 6, 2016

Our Neighbors

We are loving our new office, especially the location!  It's located on the southwest corner of Bluebonnet Circle, just south of TCU in beautiful Fort Worth, Texas.  We just wanted to brag a little on one of our neighbors, Pegaso Mexican Diner(www.pegasomexicandiner.com). We regularly lunch with them and enlisted them to cater our grand opening a couple of weeks ago.  If you haven't visited them yet, make sure you do.  They use high quality, fresh ingredients and even have items on the menu that are Blue Zones Project approved!  If you don't know about that, check it out here https://fortworth.bluezonesproject.com/, thanks Mayor Betsy Price for initiating this.  In the meantime, don't miss Pegaso's HAPPY HOUR daily from 3-6, $3 frozen margaritas and $1 off all other drinks.  Make sure you stop by and say hi, I bet you can talk us into grabbing a happy hour sip with you, too!

Posted in Bluebonnet circle
June 16, 2016

Hot temperatures.  Hot housing market.

The more things change, the more they stay the same.  As summer essentially begins in earnest this week with temps in the high 90s, the housing market seems much the same as it did 12 months ago.  With depressed oil prices, interest rates continue to hover near historic lows.  Fort Worth and surrounding cities continue to experience tremendous population growth as more and more families and businesses relocate to the area.  There are plenty of buyers and low inventory which adds up to a seller’s market.  Stop me if you’ve heard it all before.

 

Much like 2015, reasonably priced homes are selling quickly and often receive multiple and/or above list price offers.  So, if you are looking to move in the area, there’s a good chance you can make some money when you sell…but don’t expect a deal when it’s time to buy. 

Some keys for buyers.  (1) Be prepared to offer if you see a home you like. (2) Be prequalified by a lender – this ensures that you are ready to move quickly if necessary. (3) Contingencies for sale of another property are still possible but with so many buyers it helps to have your home listed at a minimum. (4) Don’t get discouraged…easier said than done.

Cheers and Happy Hunting!

Michael Reeder

Owner & Broker

 

Chisholm Realtors, LLC

Posted in Real Estate
April 4, 2016

Cruvita.com Reveals the Top Schools for Homebuyers in Fort Worth, Texas

Cruvita.com Reveals the Top Schools for Homebuyers in Fort Worth, Texas

Cruvita.com Reveals the Top Schools for Homebuyers in Fort Worth, Texas

The company continues it's efforts to supply relevant school information to help homebuyers during the spring buying season.

Cruvita.com, a leading school ranking and real estate listing website, continues to expand its database of public school rankings from across the United States. The company has just announced thetop schools in Fort Worth, Texas in time for the 2016 spring home buying season.

Homebuyers that are interested in the Fort Worth area can utilize the Cruvita school ranking system to help them in two of the most important things in their lives: choosing what is likely their biggest investment (a home) and one of the biggest investments in their children (their education).

I partnered with Cruvita.com because I believe picking the right home for your children is one of the most important decisions you can make as a parent. The tools, and resources, that Cruvita provides to help parents are truly unique, and incredibly valuable. I have a passion for assisting families in helping them find the right place to call home. I believe in Cruvita, and what the founder envisioned when they created it.

BRADY BRIDGES, REALTOR WITH CHISHOLM REALTORS

"I partnered with Cruvita.com because I believe picking the right home for your children is one of the most important decisions you can make as a parent. The tools, and resources, that Cruvita provides to help parents are truly unique, and incredibly valuable. I have a passion for assisting families in helping them find the right place to call home. I believe in Cruvita, and what the founder envisioned when they created it," says Brady Bridges a Realtor with Chisholm Realtorsin Fort Worth, TX. 

Tanglewood Elementary is the best school in Fort Worth, and is actually ranked the 101st best school in the nation according to Cruvita. 

The experts at Cruvita.com have developed an algorithm that ranks schools for prospectivehomebuyers. However, it's also a valuable tool for anyone who wants to live in a school district that meets their high standards of education for their children.

"We believe that our school ranking algorithm helps homebuyers make informed decisions. That said, it's also a great tool for anyone who has a direct need for evaluating schools," says Ariel Mordetsky, co-founder of Cruvita.com.

When that time arrives, real estate agents will be able to research school districts and use that knowledge as an added benefit for their homebuying clients. Cruvita.com has been showing real estate listings in the Fort Worth area since February of this year. 

Cruvita.com has  has ranked over 85,000 schools in the United States.  To view a complete list of ranking in Fort Worth click one of the following links:

About Cruvita

Founded in 2014, Cruvita.com connects families with the best homes in the best school districts with its Cruvita™ School Score. This custom algorithm brings together a number of important factors to determine which schools get the highest grade, and then users can see the homes that are for sale in the school district of their choice.

Posted in Real Estate, Schools
March 1, 2016

Not All Listing Agents Are Made Equal

As you probably know, almost everyone (90%+) starts their home search online.  The first thing they will see are pictures of your home.  If your realtor is unwilling to spend money to pay for professional photos, you should think twice about allowing them to market and sell your home.  Likewise, if your realtor is not willing to pay for a blue Supra iBox or use of a showing service like CSS, then they probably are not investing the money it will take to sell your home for top dollar.

Here are some of the key things Chisholm does to set us apart:

  • Professional photos on ALL listings, regardless of price point.
  • Drone photography and video if at all possible.
  • Use of Centralized Showing Service (CSS) to manage showings on ALL listings.
  • High end post signs - not the cheaper, more typical metal frames.
  • Social media spend on ALL listings - these are targeted ads where we spend real $$$...not just a post on our Facebook page.

If you have any questions or if your agent isn't doing these things for you, give us a call or check out our site at ChisholmRealtors.com!

Posted in Selling
Feb. 16, 2016

Will real estate in 2016 be like 2015?

If you were involved with the real estate market in Dallas-Fort Worth in 2015, you know how insane it was! To say it was a seller's market would be an incredible understatement.  Inventory was very tight and the buyers I worked with had to compete with multiple offers, fast close times and ever-rising prices.  It seemed as though every home was selling for above list price...and sometimes well above.

So, the big question as spring approaches in 2016 is "how strong will the real estate market be this year?".  Of course, predicting the real estate market is like predicting the stock market.  Things can change dramatically and it can happen quickly, particularly when factoring in elections, conflicts in the middle east and oil prices.  However, my expectation is that the 2016 market will be eerily similar to 2015.  This will come as welcome news to sellers and may leave buyers hitting their collective heads against the wall.  In the big scheme of things, this would be great news for DFW as it reflects the overall strength of the local economy and the continued job creation from corporations moving to the area.  Some recent examples include Facebook and Amazon in the Alliance Corridor in north Fort Worth.  Combine all of these market factors with continued low mortgage rates and we have the recipe for another strong year.

Bottom line...Be prepared for another wild ride if you are looking to buy or sell a home in 2016.  Make sure you have an agent that works a local market to ensure you don't miss out.  

Michael, Owner & Broker

ChisholmRealtors.com

 

Posted in Real Estate
Feb. 16, 2016

Hemphill/Berry Redevelopment

The city of Fort Worth recently unveiled its newest plans regarding the redevelopment and revitalization of Berry and Hemphill.  This is obviously great news for all nearby residents and business owners.  The improvements and upgrades are much needed and, if they are anything like the work done at University & Berry, they will make the intersection much more aesthetically pleasing.

Link to Development Plans

Posted in Development
Feb. 15, 2016

Tarrant County Top 50 Elementary School For Homebuyers

Source: Cruvita

Tarrant County, Texas, is located in the Dallas/Fort Worth Metroplex Area of Texas, and has an estimated population of 1.95 million people and an estimated median home or condo value of $139,000. Tarrant County is most-known for its county seat, Fort Worth. A number of independent school districts serve Tarrant County, and are home to some of the nation’s top schools.

Listed below are the top 50 elementary schools for homebuyers in Tarrant County, Texas. 37 of the schools listed below have received Cruvita Gold Medals of Excellence at the national level.

Here are the Top Elementary Schools for Homebuyers in Tarrant County:

 

Rank

School

City

 

1

Robert H. Rockenbaugh Elementary School

Southlake, TX

 

2

Carroll Elementary School

Southlake, TX

 

3

Bransford Elementary School

Colleyville, TX

 

4

Tanglewood Elementary School

Fort Worth, TX

 

5

Taylor Elementary School

Colleyville, TX

 

6

Florence Elementary School

Southlake, TX

 

7

Don T. Durham Elementary School

Southlake, TX

 

8

Colleyville Elementary School

Colleyville, TX

 

9

Hidden Lakes Elementary School

Keller, TX

 

10

Heritage Elementary School

Grapevine, TX

 

11

Green Valley Elementary School

North Richland Hills, TX

 

12

Shady Grove Elementary School

Keller, TX

 

13

Liberty Elementary School

Colleyville, TX

 

14

Willie Brown Elementary School

Mansfield, TX

 

15

Grapevine Elementary School

Grapevine, TX

 

16

Jack D. Johnson Elementary School

Southlake, TX

 

17

Roberta Tipps Elementary School

Mansfield, TX

 

18

Effie Morris Elementary School

Lake Worth, TX

 

19

Beford Heights Elementary School

Bedford, TX

 

20

J.L. Boren Elementary School

Mansfield, TX

 

21

Cora Spender Elementary School

Grand Prairie, TX

 

22

Ditto Elementary School

Arlington, TX

 

23

Willis Lane Elementary School

Keller, TX

 

24

Park Glen Elementary School

Fort Worth, TX

 

25

Kay Granger Elementary School

Keller, TX

 

26

Old Union Elementary School

Southlake, TX

 

27

Love Star Elementary School

Keller, TX

 

28

Meadow Creek Elementary School

Bedford, TX

 

29

Haslet Elementary School

Haslet, TX

 

30

Marine Creek Elementary School

Fort Worth, TX

 

31

Anna May Daulton Elementary School

Grand Prairie, TX

 

32

Alice Carlson Applied Learning Center

Fort Worth, TX

 

33

Bette Perot Elementary School

Keller, TX

 

34

Independence Elementary School

Keller, TX

 

35

W.A. Porter Elementary School

Hurst, TX

 

36

Marilyn Miller Elementary School

Fort Worth, TX

 

37

Eagle Ridge Elementary School

Keller, TX

 

38

Butler Elementary School

Arlington, TX

 

39

Mary Moore Elementary School

Arlington, TX

 

40

Westpark Elementary School

Fort Worth, TX

 

41

Keller-Harvel Elementary School

Keller, TX

 

42

Judy Hajek Elementary School

Burleson, TX

 

43

Duff Elementary School

Arlington, TX

 

44

Elizabeth Smith Elementary School

Mansfield, TX

 

45

Freedom Elementary School

Keller, TX

 

46

Mary Jo Sheppard Elementary School

Mansfield, TX

 

47

Woodland Springs Elementary School

Keller, TX

 

48

Martha Reid Elementary School

Arlington, TX

 

49

Walker Creek Elementary School

Richland Hills, TX

 

50

Hill Elementary School

Arlington, TX

 
Feb. 12, 2016

Provident Realty readies $1B project on former Pate Ranch tract

Dallas-based developer Provident Realty Advisors is prepping a 468-acre tract formerly owned by Fort Worth's Pate family for a $1 billion mixed-use development, which will bring upwards of 1,000 single-family homes to the site along the newly completed Chisholm Trail Parkway. 

Along with the single-family homes, Provident Realty plans to develop nearly 200,000 square feet of grocery-anchored retail space and a three-story apartment community with about 325 apartment homes on the tract at the southwest quadrant of Altamesa and Bryant Irvin Road in southwest Fort Worth.

"People don't realize the amount of impact the opening of the Chisholm Trail Parkway will have on this whole corridor," CEO Leon Backes told the Dallas Business Journal."This makes this corridor completely accessible and we are immediately able to start a shopping center development and single-family neighborhood."

The $1.4 billion Chisholm Trail Parkway brings this part of Fort Worth from a 30-plus minute drive to downtown Fort Worth to an eight-minute commute to the city's core, he added.

"This has really opened up this area; it's such a game changer for this part of the county," Backes told me.

Provident Realty Advisors has begun planning and designing the layout of the mixed-use development — which is being called Tavolo Park — with plans to put in streets and utilities for the single-family community and start the grocer-anchored shopping center this year.

"Tavolo" is Italian for table, which is a reference to the flat nature of the property's topography.

Construction is expected to begin on the apartments by the end of the year with 150 home lots slated to deliver to builders David Weekley Homes and Highland Homes by the third quarter of 2017.

The three-story apartment buildings are expected to have an urban design with parking behind the buildings, which gives Tavolo Park's apartments a similar feel to those seen in Uptown or other mixed-use developments, said Jay Hawes, vice president of development at Provident Realty and executive overseeing the project. 

Backes said the apartment community would be centered around a central green area, amenity center and clubhouse and park and trail system. He said he expects Tavolo Park to take up to eight years to fully develop.

Posted in Development
Feb. 11, 2016

No Matter Which Groundhog You Listen To, You Should Sell Before Spring

No Matter Which Groundhog You Listen to, You Should Sell Before Spring! | Keeping Current Matters

Is spring closer than we think? Depending on which Groundhog you witnessed today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their home on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now. 

1. Demand is Strong

Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that buyers are still out in force looking for their dream home. These buyers are ready, willing and able to buy…and are in the market right now!

Take advantage of the strong buyer activity currently in the market. 

2. There Is Less Competition Now

Housing supply just dropped to 3.9 months, which is well under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last three years. Many of these homes will be coming to the market in the near future.

Also, new construction of single-family homes is again beginning to increase. A study byHarris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend itself to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.4% over the next 12 months according to CoreLogic. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to rise by three-quarters of a percent by the end of 2016.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

Posted in Selling