JUNE 2010
SOLDONLUBBOCK.COM
ISSUE FOUR
8706 SALEM AVENUE SOLDONLUBBOCK.
11001 Gardner Avenue
Letter From Doug
A
fter months of saving for a down payment, paying down debt or repairing your credit you’ve decided to buy a home. You’ve been pre-qualified to buy and your REALTOR is working to locate the perfect home. It might not be your first home and probably won’t be your last. The common thread that buyers share is the desire to “Buy Things” for their new home. Even though you’ve been given the green light by the all-knowing mortgage company, you are not indestructible. In case you haven’t been told, TAKE CAUTION when buying for your home. Between the time of pre-qualification and the day of closing, many buyers ruin their opportunity to own a home. The new furniture, the home improvement products and yes, even the new car for the garage are all things buyers desire when they’ve found their dream home. It is so important to STAY CONSISTENT when buying a home. The mortgage companies are different today than they were even a year ago, due to the shifting liability of lending practices. Now many lenders are checking credit scores and credit activity one week before closing. This could “Kill the Deal” if your activity translates a debt to income ratio that the bank is not willing to take a risk on. TIP: Most Banks Opperate Under the Same Ratios - If you’re credit activity is not good enough for one lender, it is likely that another lender will see you as a risk as well. Not only does the process of terminating a contract on your dream home become a hassle, you’re likely to lose earnest money and any costs that have been billed to the title company during your option period. Choose a REALTOR that is not only going to bat for you in negotiations, decide to work with someone who can offer priceless advise and tips to actually closing on that dream home. If you’re already under contract to buy, wait to do the shopping until after closing! For more information on this, call or email me. Best Regards,
Doug Duncan REALTOR Keller Williams Realty South Loop 289, STE 110 Lubbock, TX 79424 www.soldonlubbock.com dougduncan@kw.com
TOTAL MARKET OVERVIEW Price Range
Number of Active Listings
Supply of Inventory (months)
2 Bedrooms or Less
3 Bedrooms
4 Bedrooms or More
Pending Contracts May
Under $49,999
97
6.92
58
33
6
21
$50,000 - $99,999
398
3.58
84
280
34
120
$100,000 - $149,000
428
2.79
25
348
55
112
$150,000 - $199,000
234
4.68
11
149
74
58
$200,000 - $249,999
91
6.06
5
47
39
25
$250,000 - $299,999
88
6.76
5
44
39
22
$300,000 - $399,999
119
9.91
5
43
71
14
$400,000 - $499,999
74
6.28
N/A
15
59
6
$500,000 - $599,999
31
15.5
1
1
29
1
$600,000 - $699,999
14
N/A
N/A
2
12
N/A
$700,000 - $799,999
13
13.1
1
1
11
1
$800,000 - $899,999
14
N/A
N/A
N/A
14
N/A
$900,000 - $999,999
8
N/A
N/A
8
N/A
N/A
Million Plus
15
N/A
N/A
1
14
N/A
Price Range
Monthly Expired Listings
Monthly Solds
Number of Solds YTD
Average Sold Price YTD
List to Sales Price Ratio
Average Days on Market
Under $49,999
5
14
99
$29,800
89.09%
84
$50,000 - $99,999
17
111
413
$77,641
96.83%
94
$100,000 - $149,000
12
153
429
$120,239
97.79%
84
$150,000 - $199,000
10
50
185
$168,571
97.30%
107
$200,000 - $249,999
3
15
81
$221,806
97.04%
95
$250,000 - $299,999
3
13
47
$266,598
96.18%
107
$300,000 - $399,999
7
12
44
$341,356
96.68%
138
$400,000 - $499,999
4
7
21
$421,881
93.81%
152
$500,000 - $599,999
1
2
6
$532,613
93.70%
190
$600,000 - $699,999
N/A
N/A
1
$659,500
94.96%
233
$700,000 - $799,999
1
1
2
$740,500
98.67%
105
$800,000 - $899,999
N/A
N/A
1
$773,550
91.54%
70
$900,000 - $999,999
N/A
N/A
1
$975,000
100%
67
Million Plus
N/A
N/A
1
$950,000
86.36%
239
Residential and Single Family with Acreage Year to Date as of May 31, 2010 Numbers from Navica 6/5/2010 Lubbock Association of Realtors
call
me!
Doug Duncan 806 -771 -7710 dougduncan@kw.com www.soldonlubbock.com
Property Details 8706 Salem Avenue, Lubbock Price: $387,995 MLS# 9973088 Remarks AMAZING LAKERIDGE COUNTRY CLUB HOME. BUILT BY RANDY MCGUIRE WITH ALL THE UPDATES. Listing Information
Description:
A Prestigious Randy McGuire Home in Lakeridge Country Club with New Tile and Carpet throughout. Also features 2-Living Areas, 2-Dining Rooms, 4-Large Bedrooms, 3-Full Bathrooms, 1 Half Bathroom and a basement.
Area: Lakeridge CC Style: Traditional Square Feet: 3816 Lot Size: 9387 Year built: 1990 Parking: 3 Car Garage Exterior: Brick Roof: Asph/shingle Heating: Natural gas Air Conditioning: Central Electric A/C Fireplace(s): Gas Bathrooms: 3.5 Bedrooms: 4
The Kitchen overlooks the family room with granite countertops and cooktop island. Master Bedroom Suite with a spectacular Master Bath and His/Her Closets. Plantation Shutters Throughout. 2-Water Heaters and 2 HVAC Units. Very low maintenance. THIS HOME IS A MUST SEE! CLICK HERE
call
me!
Doug Duncan 806 -577 -5595 dougduncan@kw.com www.soldonlubbock.com
Property Details 11001 Gardner Avenue
Price: $249,500 MLS# 9973427 Remarks Beautiful David Rogers Home in Fountain Hills! Listing Information
Property Description Wonderful David Rogers home in Fountain Hills! This 4 Bed, 2 Bath w/office, was built in 2005 on a corner lot with detailed landscaping and soaring ceilings. The Spacious kitchen w/island opens to a large office w/built desk. With natural light in every room, this open floorplan has an isolated master suite and open living room which overlooks the covered patio.
Square Feet: 2415 Lot Size: 8625 square feet Year built: 2005 Parking: 2-Car Garage Exterior: Brick Roof: Composition Fireplace(s): 1 Bathrooms: 2 Bedrooms: 4 Master Bedroom: 18x14 Bedroom #2: 12x14 Bedroom #3: 11x13 Bedroom #4: 11x13 Living room: 20x21 Kitchen: 10x13
This Cooper ISD Home is a must see! CLICK HERE for Virtual Tour
Each Office is Independently Owned and Operated.
call
me!
Doug Duncan 806 -771 -7710 dougduncan@kw.com www.soldonlubbock.com
Property Details 702 N 7th Street, Wolfforth
Price: $199,500 MLS# 9973297 Remarks
A Beautiful David Rogers Home in Preston Park. Listing Information
Property Description
This 4B/2B/2-Car Garage has 10ft ceilings, large patio, kitchen overlooking granite counters into a spacious living room with stone fireplace. The master suite features a lovely master bath with separate tub and shower, large closet with secured safe/closet. Home is less than 1 mile from Frenship High School and minutes from shopping and restaurants.
Area: Preston Park Square Feet: 2426 Lot Size: 7702 SQFT Year built: 2007 Parking: 2 car Garage Roof: Asph/shingle Heating: Electric Air Conditioning: Central Electric A/C Fireplace(s): 1 Distance to school: Within 1 mile Bathrooms: 2 Bedrooms: 4 Master Bedroom: 14.00x17.00 Bedroom #2: 12.00x11.00 Living room: 23.00x21.00 Kitchen: 14.00x12.00
CLICK HERE for more info.
Each Office is Independently Owned and Operated.
call
me!
Doug Duncan 806 -577 -5595 dougduncan@kw.com www.soldonlubbock.com
Property Details 2119 69th Street, Lubbock
www.soldonlubbock.com
Price: $105,999 MLS# 9973324 Remarks Large 3/2/2 Home Listing Information
Property Description
Lovely 3/2/2 Home in Beverly Heights with updated flooring in Kitchen and two living areas. These rooms are HUGE! Plenty of space at 2058 square feet. Office area and laundry room next to the kitchen offer great space to stay organized. Refrigerator stays with the house. Backyard has a dog run and storage shed. Patio offers room for BBQ Cookouts. Convenient to South Loop and Interstate 27. For More Information: CLICK HERE CLICK HERE
Area: Beverly Heights Style: Traditional Stories: 1 Square Feet: 2058 Lot Size: 8250 SQFT Year built: 1962 Parking: 2 car Garage Exterior: Brick Roof: Asph/shingle Heating: Natural gas Air Conditioning: Central Electric A/C Fireplace(s): Wood Distance to school: 1 Mile Bathrooms: 2 Bedrooms: 3 Master Bedroom: 13x14 Bedroom #2: 11x13 Bedroom #3: 13x15 Living room: 12x17 Family room: 14x24 Kitchen: 8x16 Den: 12x17
Each Office is Independently Owned and Operated.
call
me!
Doug Duncan 806 -771 -7710 dougduncan@kw.com www.soldonlubbock.com
Property Details 9202 Belton Avenue, Lubbock
Price: $79,500 MLS# 9972958 Remarks
Fantastic Home in South Lubbock with a view of the park is a MUST SEE! Listing Information
Optional Information
Fantastic Home in South Lubbock. This 3/2/2 with a view of the park is a MUST SEE! Great location to Shopping, South Loop 289 and the Interstate with its own Cul-de-Sac. It is a Perfect Starter Home or ideal for College Students.
Area: Style: Traditional Square Feet: 1280 Lot Size: 7014 sqft Year built: 1973 Taxes: $1499 Parking: 2 Car Garage Exterior: Siding Roof: Composition Heating: Central Electric Air Conditioning: Central Electric Fireplace(s): Wood Bathrooms: 2 Bedrooms: 3
This home is very well maintained and clean. Back Yard comes with a Storage Shed, two patios and plenty of space to entertain. CLICK HERE to visit website.
Each Office is Independently Owned and Operated.
call
me!
Doug Duncan 806 -577 -5595 dougduncan@kw.com www.soldonlubbock.com
Property Details 2315 46th Street Price: $69,900 MLS# 9973568 Remarks Beaufitul 3 Bedroom Houme with Updates Throughout! Listing Information
Optional Information
Spend the evening on this front porch, overlooking the park and you'll be sold! With updated laminate wood flooring, designer paint and mature trees, this house has incredible value. From the remodeled bathroom to the recently replaced heating and A/C units, this home is move in ready! First-time buyers and students will love the location, being minutes from Texas Tech and Medical Facilities.
Style: Traditional Stories: 1 Square Feet: 1099 Lot Size: 7500 Year built: 1957 Parking: Single Garage Heating: Natural gas Air Conditioning: Central Electric A/C Distance to school: Within 2 miles Distance to transit: Within 1 mile Bathrooms: 1 Bedrooms: 3 Master Bedroom: 14x11 Living room: 16x15 Kitchen: 15x11
CLICK HERE for Virtual Tour
Each Office is Independently Owned and Operated.
7 Steps to Take Before You Buy a Home
Article From BuyAndSell.HouseLogic.com By: G. M. Filisko
Published: February 10, 2010
By doing your homework before you buy, you’ll feel more content about your new home. Most potential homebuyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1.
Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2.
Develop your home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3.
Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4.
Start saving
Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.
However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get. Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5.
Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6.
Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage. You’re entitled to free copies of your credit reports (https:// www.annualcreditreport.com/cra/index.jsp) annually from the major credit bureaus: Equifax (http://www.equifax.com), Experian (http://www.experian.com), and TransUnion (http:// www.transunion.com). Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7.
Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements. If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years. Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate. More from HouseLogic Learn how Fannie Mae and Freddie Mac mortgages can help you save on financing G.M. Filisko is an attorney and award-winning writer who has thrice survived the homebuying process. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Find out more about this home? CLICK HERE
Curious about your home-buying peers? Of course you are! But we also know you're busy. So it’s unlikely you have time to
We’ve filtered the need-to-know facts and
drive from one neighborhood to the next
made sense to how they financed their
looking for that “just sold” sign in the yard,
purchase, their criteria for buying, where
just so you can ask the new buyers what
the homes were located, and what the
they paid, why they chose that particular
homes offered in terms of features and
home, and what they love best about it.
amenities—details like these tell you much
That’s a lot of information, isn’t it?
about today’s housing market.
And that’s where we come in. We want to
And remember, with the constant
save you time and take the mystery out of
bombardment of information and
the home-buying experience by helping
distractions these days, and all the fear
you understand why, what, and how other
out there, our homes mean so much. A
first-time buyers are making the most of
home offers you a place of refuge from an
home ownership opportunities. We’ll take a
often restless world. And for many, a home
closer look at some findings from a survey
fulfills an important part of the American
we gave to almost 2,500 Keller Williams
dream. So with that in mind, let’s begin
associates across the country. These
with a brief look at what motivated your
professionals were asked to share the
first-time buyer friends.
compiled valuable information for you as you begin your own journey of home ownership. Everything, from why buying
experiences of recent first-time buyers they worked with—aspiring folks just like you.
For Home Overall Satisfaction is ranked “Highest in a Row!” Keller Williams Realty Service Real Estate Firms, Two Years Full Buyers Among National
LOOK WHO'S BuYiNg ime
The Skinny on First-T Homeowners
1
dougduncan@kw.com
soldonlubbock.com
806-577-5595
Why are they buying? Affordability.
W h a t Mo t i va t e d Fi r s t - Ti m e Bu ye r s ?
It’s an important word for most buyers, and especially key to first-time buyers.
1.
In fact, the percentage of income needed
2.
to cover housing costs was the single most important factor for buying—nearly
3.
20 percent cited affordability as their
4.
number one factor. Paying rent was another big reason for first-time buyers. Twelve percent said they had grown tired
Could affo Tired of p
Family situ
5. 6.
Decreased
mortgage. Another 10 percent considered
8.
Low mortg
7%
cial securit
y
5%
home pric
dy job
es in area
5% 5%
age rates
**Responde
nts had to ra
nk their top
4% criteria from
time. Whatever their reasons were, buying a home made sense.
10%
ged
Wanted fin an got a stea
money as a gift in a tough economic
12%
ation chan
7.
as a big motivator to buy, citing the free
19%
aying ren t $8,000 ta x credit
of paying money toward someone else’s the advantage of the $8,000 tax credit
rd home
a list of 28
items.
Typically, this means that the buyers had better negotiating power than the sellers,
So in what kind of market did these
as more homes were available than the
first-time buyers find that great first
number of buyers to absorb them. In other
opportunity? Seventy percent purchased
words, a smart time to buy.
their homes in what is called a
Buyer’s Market . Can
BUYING VS. RENTING Y o u R e a l lY a f f o R d to K e e p R e n t i n g ?
Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential, and tax benefits. It’s also a "forced savings plan" that you cannot get from renting! So, many first-time buyers asked themselves if they could really afford to keep renting.
2
dougduncan@kw.com
To Continue the “LOOK WHO’S BUYING” CLICK HERE
soldonlubbock.com
806-577-5595
are you considering a move in the lubbock area? Visit my website and enjoy features such as: • property search - more than 1500 homes! • community reports - school reports • tips and tricks • mortgage calculators • real estate news If you have real estate needs, go with the company you can trust. KELLER WILLIAMS REALTY received the highest overall satisfaction ratings from home buyers among the largest full service real estate firms for the second year in a row. 806.577.5595 (cell) dougduncan@kw.com
4747 South Loop 289, Ste 110 Lubbock, TX 79424