Getting Pre-Approved

Pre-approval is getting approved for a mortgage before you start house hunting. It gives you a clear idea of how much you can spend on a home. This helps you narrow your search and save time looking at homes outside your budget. Getting pre-approved for a mortgage can be a powerful tool. It shows sellers that you’re serious and financially able to purchase a property. To get pre-approved, you’ll need to provide documentation of your income, assets, and debts.

Ask Your Agent

Real estate agents have extensive knowledge of the local housing market. They can provide valuable insights into the current market conditions in a given area. An excellent real estate agent, such as Viktor Taushanov can help you find the right home and guide you through the buying process. Look for an agent with experience in your desired location who understands your needs and budget.

Start House Hunting

You will want to find the right home that meets your needs and budget. With your budget and pre-approval, it’s time to look for your dream home. Consider factors such as location, size, and style. Be bold, and don’t be afraid to ask questions. Request multiple viewings if you feel the need to. With all these in mind, you can make your house-hunting journey successful.

Are you looking for tips before getting your own house? A renowned realtor like Mister Frisco has your back. Give us a call now, and Mister Frisco can make sure that you find your dream home.

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Get Your Credit Score Up

Unless you’re making an all-cash purchase, your credit score is the most crucial factor in a lender’s decision to grant you a home loan. Work on improving your credit score by ensuring no errors in your credit report, paying all bills on time and avoiding unnecessary debt. Remember that even small improvements in your score can greatly affect your loan application.

Save for a Down Payment

Most lenders require buyers to make a down payment of at least 20% of the purchase price when applying for a home loan. Start saving as much as you can now and try to have some extra cash so you don’t have to worry about coming up with the down payment at the last minute.

Mortgage Options

With so many different types of home loans available, research all the options and find out which one fits your needs best. Other loans have different interest rates and fees, so it’s essential to understand the difference between them.

Budget

Before shopping for a home, determine what monthly payment you can afford. Start by looking at your current income and expenses and creating a budget that allows you to make the necessary mortgage payments comfortably and save enough for other expenses.

Consider the Additional Costs

When looking for a house, remember that other costs are involved besides the mortgage payments. Closing costs, inspection fees, and maintenance expenses should all be factored into your budget so you don’t get blindsided by unexpected bills. Knowing exactly how much these will add up to can help you stay on track and make the process much smoother.

These 5-ways to a better homebuying experience should get you on your way toward applying for a home loan and finding the perfect house to buy. Make sure that you take your time and research throughout the entire process so you don’t make any costly mistakes. Good luck and if you need help – contact Mister Frisco – Viktor Taushanov!

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Good Move

Cutting costs and boosting their Texas presence could help their bottom line, justifying a bold move in the current market. Not only will the move offer easier access to a more resilient market, but it will also reduce costs. In addition, since home is where your heart is, the relocation also allows Landsea to be closer to the market they want to grow in and reiterate their commitment to Texas, according to a recent article.

Solid Growth

2022 was a year of solid growth, with total revenue of over $1.4B, a record for the company. However, the second half of 2022 showed signs of waning demand, prompting a surge of innovation and out the box thinking. Seeing a contagion of caution spreading among potential homebuyers, Landsea CEO John Ho saw that making a bold move was an easy solution. 

Answering Market Volatility with Action

Landsea currently builds in Texas, Arizona, Florida, and California. However, Texas is only 3% of the building portfolio, with most of their lot ownership in Austin and San Antonio. With ongoing renegotiations with vendors, suppliers, and contractors, they will be well poised to continue growing and be prepared for a demand surge.

Although market volatility and demand shifts challenge the national real estate market, Texas remains resilient, specifically in major metropolitan areas and their suburbs. That’s why it’s always a good time to look for your dream home, especially with Viktor Taushanov – Mister Frisco. Landsea likely won’t be the last homebuilder moving to Texas. Take advantage of this market and move into your dream home today!

In response to the uncertain demand, Landsea is proactively negotiating with suppliers, vendors and contractors to make sure the prices the company is paying reflect the new market realities as well as Landsea’s increased size and scale, the CEO said. The company is prepared to walk away from land option agreements if they no longer meet its needs, and the homebuilder has reduced its headcount by about 8%, Ho said.

Landsea currently builds homes and residential communities in Arizona, Florida, Texas and California.

Its new headquarters office will be at 1717 McKinney in Dallas, where Landsea has signed a lease for 7,716 square feet on the building’s 10th floor.

In terms of homebuilding, Landsea’s footprint in Texas is relatively small, making up just 3% of the company’s revenue in 2022. The company currently owns or controls 1,087 lots, mostly in the Austin and San Antonio markets.

California made up 35% the company’s 2022 homebuilding revenue in 2022, Florida made up 33% and Arizona made up 22%.

The company wants to boost its presence in the Lone Star State, but changing the geographical percentages will take time, Ho said.

“Texas will come on toward the end of the year, but generally, it will be around the same split (at year-end),” he said.

Landsea’s full year 2022 results:

• Home sales revenue increased 49% to $1.4 billion
• Total homes delivered increased 45% to 2,370 homes
• Net income of $73.6 million, or $1.70 per diluted share

Landsea’s Q4 2022 financial summary:

• Total revenue was $426 million in Q4 2022, vs. $398.5 million in Q4 2021. 
• New home deliveries were 703 with a dollar value of $417.5 million and an average sales price $594,000 in Q4 2022. This compares to 534 homes with a dollar value of $333.1 million and average sales price $624,000 in Q4 2021. 
• Net new home orders were 88 homes with a dollar value of $57.5 million for an average sales price of $653,000 in Q4 2022. This compares to 440 homes with a dollar value of $313.1 million, an average sales price of $712,000 in Q4 2021.
• The number of selling communities increased to 58 in Q4 2022 vs. 35 in Q4 2021
• Total homes in backlog decreased 33% to 670 homes with a dollar value of $380.9 million and an average sales price of $569,000 in Q4 2022, compared to 998 homes with a dollar value of $586.2 million and an average sales price of $587,000 in Q4 2021.
• Total lots owned and controlled by Landsea increased 33% to 11,593 in Q4 2022, from 8,740 in Q4 2021. Of those lots 54% are controlled and 46% are owned.

https://www.wfaa.com/article/news/local/california-landsea-homes-homebuilder-company-hq-move-to-dallas-will-cut-costs-boost-texas-footprint-ceo-says/287-07eaa52a-2dc0-4ed6-9a80-6ccfe1707020

https://landseahomes.com/

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Homebrew History

Although the brewery is new to Frisco, the concept isn’t. Three Empires Brewing Company will join a handful of local breweries in Frisco. Breweries had been prohibited from the city limits up until 2020. But brewing is new to Wible. Reece records, “We’ve been homebrewing for about 10 years,’ Mandalyn said. ‘[Frisco is] home to us and we’re excited to be part of the downtown community.“

Ford Building

The brewery will set up shop on the corner of Fifth and Main Street. The 1,300 SF brewery will host brewing and fermenting rooms, a tasting area, and plenty of indoor seating. Small as it is, the brewery offers plenty of flavors. Quoting Mandalyn, Reece shares, “Our brewery is pretty small…We only have a one-barrel system.”

Dream Come True

Reece concludes, “Three Empires Brewing Co. has been trying to find footing in Frisco since 2021, Mandalyn Wible said at the Feb. 28 meeting. It almost became a reality in 2022 when it secured a spot in the Main Street Food Hall proposal, but the project’s owner chose to terminate the development before it opened. With the go-ahead for its new Rail District location now secured from city officials, Mandalyn Wible and her husband are planning for the brewery to open this summer. ‘This is our little dream come true,’ Mandalyn said.”

Stay current with all the happenings in Frisco, including crucial real estate trends, when you check the Mister Frisco website. Check out the blogs and videos of his podcasts for your Frisco news. When you’re ready to call Frisco home or need a referral to a home professional in Frisco, Viktor Taushanov, aka Mister Frisco, is your go-to source. 

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Exterior House Prep

Nothing takes a toll on a home’s exterior like winter storms. That’s why now is the right time to brighten the exterior of your home with good washing. Rest assured; garden hose pressure will do. You can skip the power washer for this prep. The same applies to outdoor decks. Wood decks and concrete patios can benefit from a scrub but forget the power washer for sealed decks. After thoroughly drying, now is also a great time to reseal your wood deck. Protect your outdoor plants and shrubs before beginning your exterior house wash.

Outdoor Furniture

Nothing gives guests pause like being asked to sit on dingy outdoor furniture. Keep your patio furniture looking fresh by scrubbing them with mild soap, a soft bristle brush, and water. Remember to check if your outdoor cushions and fabrics can withstand water exposure before washing them. 

Flower & Garden Beds

Nothing accents an outdoor party like a vibrant flower and garden beds. So now is the right time to mulch your beds. Mulching protects them from Texas droughts and dry spells, reducing your outdoor water consumption. Preparing your beds now ensures your summer parties pop with color from your favorite plants.

Breath of Fresh Air

Staying cooped up all winter can make things a little stale. So pick a pleasant day to air out your house. Open all your windows and activate your A/C to keep the air moving indoors. Exchanging the interior air over a few hours breathes new life into your home. Airing out your home is also an excellent time to change your seasonal decor. Replace darker winter colors like bedding, tablecloths, runners, and window treatments for the bright colors of spring and summer. Both seasons are bright and welcoming, and your decor should be, also.

Interior Paint

Of course, nothing brightens the interior of your home like a fresh coat of paint. Examine your walls for areas that need touch-ups and minor repairs. If you are going with a professional painter, hire them to complete the work in the spring to have your interior ready for summer fun.

Everyone loves a good summer party. That’s why now is the perfect time to prepare. If you need help, Viktor Taushanov, Mister Frisco, has access to countless contractors and home professionals to complete everything on your list. Your summer is going to be great!

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Coming to America

Patric, like so many others, was born in Europe and emigrated to the United States. His first work experience was at Red Lobster. Then he moved on to IBM. He thrived and left the company to work for a client, later forming Lone Star Cable. What began with residential cable installations for entertainment centers and stereos quickly evolved into business cabling. Since most offices are tech-heavy, Lone Star Cable is in constant demand for data and telephone installations, especially for office relocations.

Lone Star Cable

What’s the secret of his success as an immigrant and business owner? Patric attributes his success to being;

1. willing to work,
2. being positive,
3. being honest with clients, and
4. being diligent

Building Business Relationships

Building trust is also a critical component of building better relationships. In a field where making as much profit as possible at all costs runs rampant, Lone Star Cable prioritizes helping clients make the best decisions about cabling and installations. Saving the client’s money has never lowered Lone Star Cable’s profitability. Instead, it has built lasting business relationships that continue to profit them today.

For more from the interview with Patric Bauer, CEO of Lone Star Cable, tune into the Mister Frisco video blog on the Mister Frisco website. When you need to know what’s happening in the Frisco real estate market, ask Mister Frisco, Viktor Taushanov.

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Financing

As easy as it is to picture the features you want in your new home, financing is the most important first step. Choosing a lender is where it pays to be picky. Not only can the right lender get you a great rate, but they can make things go smoothly during closing. So skip picking the first online result or randomly walking into your bank. Instead, please seek the advice of friends who have recently gone through the home-buying process or ask an experienced Realtor, like me, about which lenders make closing as hassle-free as possible.

Making Your First Offer

Once you get pre-approval from your lender, you are ready to make an offer. Making an offer is where we start deep-diving into finding your dream home. Here I provide a Comparative Market Analysis so you can choose the home price you’re most comfortable with. Once you accept all the conditions in the offer, I submit the offer to the seller. But making an offer is only the beginning of buying. After I make your offer to the seller, critical negotiations begin. Once your offer is accepted, we proceed with inspections, negotiations for repairs if necessary, and finally, moving to the closing.

Option Period

The options period is a time given to the buyer to inspect the property and negotiate repairs or any other condition on the contract. The terms (time and fee) are negotiable and usually depend on market conditions. Typically, the term is seven to ten days, with an initial offer fee of about $100. In Texas, the buyer has the unrestricted right to terminate the contract during this period with a full refund of the earnest money. The options fee, however, is not refundable if the buyer terminates.

Financing Contingency

The financing contingency is given to the buyer to be approved for a mortgage. During this period, the buyer should submit all additional paperwork required by the lender to obtain conditional approval. Suppose the buyer can not obtain approval in this period. In that case, the financing contingency should be extended, or the buyer has the unrestricted right to terminate the contract and get the earnest money back.

Closing

Both parties should sign the closing documents at the Title Company on closing day. In addition, you will need to bring an ID (i.e., diver’s license) and closing funds in the form of certified funds (money order or cashier’s check). The amount you need to bring to the closing table will be in the Closing Disclosure, which will be provided by the Title company or the lender no later than 24 hours before the closing day. 

What Kind of Funds Will You Need?

So how much is this going to cost? Well, it depends. You may have to meet a minimum down payment to secure funding, depending on your loan type. For example, you need 3.5% for an FHA (federally insured loan) and 5% for a conventional loan. However, to avoid paying PMI (private mortgage insurance), you will need a 20% down payment when securing a conventional loan. Once you’ve built 20% equity in your new home, you can ask your lender to waive the PMI. With an FHA loan, the insurance lasts for the loan’s lifetime. Another payment you will encounter is earnest money. Although earnest money is negotiable, it’s typically 1% of the purchase price. It’s also refundable and is applied towards the purchase of your new home. What about closing costs? These expenses also fluctuate depending on taxes, escrow fees, insurance, etc.

Gold at The End of The Rainbow

It would be asking a lot to navigate this process alone. Luckily you don’t have to. Instead, I can help you every step of the way, advocating on your behalf in every negotiation to help you find the home you want at the price you feel good about. Sure, there are many steps in the home-buying process, but I’m happy to share tons of information so you can feel confident about every decision you make in the buying process.

Buying a home is the biggest financial decision most people make. But don’t go it alone. I’m Mister Frisco, Viktor Taushanov, and I’m here to help you every step of the way. Let’s work together to find the home that suits your lifestyle so you can live happily ever after.

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List Price vs. Expired Listings

When you put your home on the market, you enter into a listing agreement to work with one Realtor. What list price vs. expired listings shows is the ratio between the homes currently on the market and listings that couldn’t be sold. Here, if you compare December 2022 with a median price of $642k for a home in Frisco to today’s median price of $650k, there was a slight uptick in price. But not so fast. Looking at the number of expired agreements in December 2022, you see a whopping 477. So new homes were essentially rotting on the vine. But when you look at expired numbers for January 2023 of 159 versus today at 178, it appears an appetite for homes increased alongside a slight uptick in price. 

How Good Were the Good’ Ole Days?

No market was untouched by the global pandemic, especially home prices. Looking back on October 2021 through December 2021, it’s easy to see a substantial divergence between the median list price and the median close price. People were paying well above what sellers asked for their homes, with the largest list versus close median price happening in December 2021 with an approximately 16% difference.

Apples to Apples? Almost.

So now you’re asking what about the median list versus median close today versus this time last year? Looking at the trends comparing today to last February, we see a very similar median list price but a much larger gap in median close prices. In a nutshell, sellers are asking 2022 prices but getting much less at closing. How much less? Somewhere in the neighborhood of $75k to $100k, looking at residential single-family homes in Frisco. Again, the data only shows what’s happening, but your Realtor can tell you why.

More Good News

To close with some big-picture good news, let’s look at the median close price versus the number of active listings from October 2022 to today. Although it’s easy to look at the graphs and figure out what happened, everyone wants to know what happens next. When you look at the charts, there are some interesting plays between the median close price versus the number of active listings. Although the overall median price of a home has decreased by a third from October 2022 to today, the number of active listings has decreased by about 35%. So it looks like fewer people are selling their homes, albeit at a slightly lower price compared to historical markets. This reduction in active listings may be keeping available home inventory tight and keeping up a reliable market for sellers, even if it’s at a slightly lower price.

Whether you feel the Frisco market snapshot answers all your questions or still need professional guidance, I’m here to help you. I’m Mister Frisco, Viktor Taushanov, and I can help you make the right decision around your life’s most important financial decision. Contact me today, and we’ll look at the market together so you can feel fully informed about your next move.

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With so much news around a recession and rising interest rates, choosing the right time to sell isn’t easy. Of course, if getting the most for your house is your only concern, you can wait out a down market. But relocations, job changes, or new family needs can press the issue. So here are a few facts about the real estate market for the end of January. 

Pricing

Median prices for existing homes in the DFW area over the past 12 months have been flat, reaching an average price of about $335,000. In December, that price declined by 0.7% when compared to November. So overall, housing prices in DFW have been declining for the last seven months. Not necessarily bad if you have to sell, and not necessarily an immediate notice to buy a home if you’re in the market.

Inventory

Inventory on the market increased by 78% compared to the same time last year, with 17,000 houses for sale. Overall, market inventory decreased by 17.7% in December compared to the available inventory in November. People appear uncomfortable putting their properties on the market.

Existing Home Sales

Median existing home sales over the past 12 months are also down by 39.8%, reaching 5,904 homes sold. Those sold in December decreased by 3.3% as compared with November. This decrease indicates market activity has been slowing for the last five months. People are taking longer to decide to sell.

Days on the Market

For those who do choose to sell, the median amount of time a home for sale spends on the market is increasing. Over the past 12 months, a home for sale has spent about 32 days on the market, up eight days in December compared to November. This increase may be keeping the supply of inventory on the market low. On the other hand, decreasing supply for the last two months keeps this a strong seller’s market.

So if you decide to sell now, you may not get the price you hoped for, but you won’t be stuck in a home you want to sell for very long. It’s still a strong seller’s market when viewed from the supply side, even if prices are slipping slightly. The best-case scenario starts with partnering with the right realtor. I’m Viktor Taushanov, Mister Frisco, and I can help you sell your existing home at a price you can be satisfied with. Contact me today, and let’s get the most for your home.

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Millennials

According to the latest study from the National Association of Realtors®, the 2022 Home Buyer and Seller Generational Trends report examines the similarities and differences between recent home buyers and sellers across generations. Millennials made up the largest share of home buyers at 43% – the largest segment of home buyers. Buyer data breaks down Millennial groups into Younger Millennials aged 23 – 31 years old and Older Millennials aged 32 – 41 years old. Within these groups, Older millennials make up 25% of home buyers, compared to 18% of Younger Millennials. Why is this important to know? Understanding and marketing to a buying segment increase your chances of successfully selling your home.

If you imagine Millennial buyers doing everything online and forgoing a Realtor altogether, think again. Although young, college-educated, Millennials use tech in the home-buying process, they are also the most likely segment to enlist the help of an agent when buying and selling a home. So having a Realtor on your side puts you at a clear advantage. 

Gen X

Although falling behind Millennials in overall purchases, Gen X made a strong showing in very attractive buying behaviors. Also, according to the report, Gen X (aged 42 – 57) enjoyed the highest incomes, including married-couple dual incomes. More income translates into apparent price immunity because Gen X bought the most expensive and second-largest homes. Bucking the trend of downsizing for new empty-nesters, Gen X made a strong showing of buying multi-generational homes.

Boomers & The Silent Generation

There’s an undeniable trend among buyers from the Boomer and Silent Generation. For diplomacy, let’s say anyone over 57. Here, most home purchases were made primarily based on proximity to close family. Boomers and the Silent Generation also moved furthest and were more likely to downsize for the move. 

How I Can Help

Transactionally, selling a home involves many familiar tools of finance. But buying a home is primarily an emotional purchase. Nobody spends their final days talking about their home equity. They talk about where the kid’s swing set was, the block parties, and all the family holidays. My job is to educate you, the seller, about market conditions. I also work hard to increase the perception of value in your home for potential buyers. I also work hard to negotiate your sale to give you the best return on your investment in dollars and satisfaction. That’s my job as a Realtor.

Understanding who’s really in the marketplace is the first step to achieving the greatest financial and personal satisfaction in selling your home. I’m Viktor Taushanov, Mister Frisco. Let me show you how.

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