The Colony TX Real Estate | Homes For Sale in The Colony TX | Selling Your House in The Colony TX | Foreclosures in The Colony TX

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Mark Hitz
The Colony Texas Realtor
    Years of Experience: 6

Direct: 214-514-1800

Office: 972-514-1800



Company Info

Keller Williams 121 Corridor
3700 Standridge Drive Ste 100
The Colony, TX
972-514-1800


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The Colony TX ~ 15th Best Dallas Suburb

Saturday, August 14th, 2010

The Colony Texas ranks 15th in Best Dallas Suburbs ratings by D Magazine published July 2010.   The Colony ranks better than all it’s surrounding cities including Frisco, Little Elm, McKinney, Lewisville,  Carrollton and Plano.  The Colony’s rank of 15th may not be in the top 10 but considering there are 62 Suburbs being ranked, The Colony TX ranks as a really good place to call home.

The 62 Suburb ranking is based on four factors: safety 25%, education 25%, housing values 25%, and ambiance 25%. The first three measures involve data and the objective analysis thereof; the fourth entails some subjectivity. The ambiance factor takes into account air quality, but it mostly reflects D magazine’s good taste.  

Here is a link to D Magazine’s article.

Legends Open House Blitz – The Colony Texas

Saturday, August 14th, 2010

Today Saturday Aug 14th 1 to 4 PM

I am hosting a Keller Williams Realty - The Colony Texas

Legends Subdivision Open House Blitz  

Stop by!

5712 Bandera Drive

5521 Green Hollow Lane

5604 Sundance Drive

5610 Westwood Lane

5517 Mountain Valley Drive

5772 Crestwood Lane

6629 Oxford Lane

6345 Rolling Hill Road

5605 Big River Drive

5637 Big River Drive

Click Here for MLS Info about these Keller Williams Realty Open Houses!

9 Low Cost Tips ~ Improved Home Appeal

Tuesday, August 10th, 2010

When selling your home in The Colony Texas, your goal is to sell it quickly for the highest price while investing as little as possible. Here are 9 Tips to increase your home’s appeal by focusing on prospective buyers:


Tip #1: Refresh the exterior

First impressions count when it comes to selling a home. Many buyers drive by your home before they ask the Realtor for an inside tour.  If you want more buyer showings: 

-Repair and/or replace bad trim, shutters, shingles, mailbox, window screens.  
-Fresh Paint – siding, trim and chimney siding if they are worn.
-Hose down the entry, siding, etc. (while you have the hose out – rinse the AC fins to lower your energy useage)
-Wash windows  – home inspectors sometimes think dirty windows are “fogged”.

Tip #2: Spruce up the lawn and landscape
Home buyers associate the condition of your lawn and landscaping with the condition of your home’s interior. By improving the outside, you affect buyers’ impression of the entire property. The best ways to enhance the yard include:
-Mowing and edging the lawn.
-Seeding, fertilizing and weeding the lawn.
-Water appropriately and deeply.
-Trimming trees, shrubs and hedges – especially any that touch the roof or the siding.
-Weeding and mulching plant beds.  A couple bags of fresh mulch by the front door!
-Removing trash.

Tip #3: Create an inviting entrance
The front door to your home should invite buyers to enter. The best ways to improve your entry include:
-Painting / staining the front door if it is worn.  Complement the exterior.
-Cleaning the door knocker, locks and handles. If replacing locks – get rekeyable kind.
-Repairing the screen door, the doorbell, porch lights and house numbers.
-Placing a new welcome mat by the entry if yours is worn.

Tip #4: Reduce clutter and furniture
A buyer cannot envision living in your home without seeing it. A home filled with clutter or even too much furniture distracts buyers from seeing how they can utilize the space your home offers. If you have limited storage space, you may want to consider renting a temporary storage unit to place items you wish to keep.

The best ways to declutter your home include:
-Holding a garage sale.
-Removing clutter such as books, magazines, toys, tools, supplies and unused items from counter tops, open shelves, storage closets.
-Storing out-of-season clothing and shoes out of sight to make bedroom closets seem roomier.
-Purge the pantry.  Get rid of that expired food.
-Putting away your personal photographs. Let buyers see themselves in your home.
-De-personalize rooms as much as you can.

Tip #5: Clean, clean, clean
The cleanliness of your home influences a buyer’s perception of its condition. The appearance of the kitchen and bathrooms will play a considerable role in a buyer’s decision process, so pay particular attention to these areas. The best ways to improve these areas include:
-Cleaning windows, fixtures, hardware, ceiling fans, vent covers and appliances.
-Cleaning carpets, area rugs and draperies.
-Cleaning inside the refrigerator, the stove and all cabinets.
-Removing stains from carpets, floors, counters, sinks, baths, tile, walls and grout.
-Eliminating house odors, especially if you have pets.
-Considering air fresheners but don’t overwhelm the buyers nose.

Tip #6: Make minor repairs
The small stuff does count, especially with first-time home buyers. Focus on the minor repairs that will make your home visually appealing. The best ways to improve your home include:
-Repairing ceilings and wall cracks.
-Repairing faucets, banisters, handrails, cabinets, drawers, doors, floors and tile.
-Caulking and grouting tubs, showers, sinks and tile.
-Adding fresh neutral paint to ceilings, walls, trim, doors and cabinets.
-Tightening door handles, drawer pulls, light switches and electrical plates.
-Lubricating door hinges and locks.

Tip #7: Showcase the kitchen
The heart of any home is the kitchen. If you are going to spend any money on renovations, this is the one area where you will see the greatest return. Even with a modest budget, focusing on a few key areas can make a great difference in getting the asking price for your property. The best ways to showcase the kitchen include:
-Replacing worn laminate counter tops.
-Installing a new sink or sink faucet if yours are worn.
-Removing outdated wallpaper.  I have yet to tour a buyer who likes the wallpaper.

Tip #8: Stage furniture
Furniture placement can enhance the space of your home while giving buyers an idea of how to best utilize the space with their own belongings. Take some time to rethink how different areas in your house could be used.
Tip #9: Light up the house
Create a sense of openness and cheerfulness in your home through its lighting. To improve the lighting try:
-Turn on lights  & opening shades before showings to brighten rooms.
-Installing brighter light bulbs in rooms that tend to be dark – CFL (twisty light bulbs).

My guess is you have heard most of this before – perhaps on a home show.  It’s important for home sellers to think like prospective buyers.   Regards – Mark Hitz, The Colony Texas Realtor

The Colony TX Foreclosures ~ REO Homes For Sale

Sunday, August 8th, 2010

Attention bargain hunting home buyers: The Colony Texas Foreclosures Inventory is Low.  Today there are only 8 foreclosure / REO / bank owned homes for sale in The Colony TX.  

  • 1 Foreclosure in Stewart Peninsula subdivision –  $222,500; 3,125  sqft; 4/3;  days on market: 5
  • 1 Foreclosure in The Legends subdivision – $199,900; 3,012 sqft; 4/3; days on market: 49 
  •  1 Foreclosure in Northpointe subdivision – $134,900; 1,831 sqft; 4/2; days on market: 6
  • 5 Foreclosures in original Colony subdivisions - $129,900 to $99,900; 1,953 to 1,379 sqft; 4/2 to 3/2.  Days on market: 11 – 44.  

The Colony Texas Current Foreclosure Real Estate Market Take Aways:

  • Active Foreclosure Homes For Sale represent less than 4% of the market.  Individual Owned Homes 96%.
  • Foreclosures are not sitting stagnant.  Active home days on market range from 5 to 49 days.
  • Home buyers need to act promptly when they find a foreclosure they want.
  • Foreclosure homes are not adversely affecting The Colony real estate market.

 

Be notified by e-mail when Foreclosure homes are just listed in the MLS.  Let me know and I will set up a custom search that will notify you so you don’t miss the chance to buy. The best foreclosure deals do not last long. Call me to set up your foreclosure homes notification. No cost, no obligation, no spam.

Quick Facts: The Colony Texas YTD Homes Sold

5 Relocation Company Homes Sold

57 Foreclosures / REO / Bank Owned Homes Sold

195 Individual Owner Home Sold

 There are different types of Foreclosures.  HUD homes, Fannie May, REO and Bank Owned Properties are most common.  Requirements for submitting an offer vary, including earnest money and contracts.   Most all foreclosures are “AS IS”  and the condition varies.  Always understand the contract before you sign.

Contact me if you are considering buying a foreclosure and have questions.

Mark Hitz,  The Colony Realtor

www.SoldOnTheColony.com

9 Points for 1st Time Home Buyers ~ The Colony Texas Real Estate

Saturday, August 7th, 2010

The Colony Texas Real Estate Market is Stable. Many first-time buyers have bought a home for sale in The Colony Texas but many are still hesitating. While some first-timers should not own a home because of finances, others would be wise to invest now.

Many first-time buyers want to own a home and can afford to own a home, but they’re worried that The Colony Texas Real Estate Market may decline and the home won’t be worth what they paid for it. However, short-term future value should not matter if the other circumstances are good.

Here are 9 points first-time buyers should consider:

-You’re not an investor buying a home to flip.  You are buying to own a home to live in and enjoy. If the home falls in market value a little, so what? You aren’t planning to sell in the next year.
-Money paid for a leased home  buys a house for someone else to own.
-Rents often rise. A fixed home loan does not.
-Many homes for sale in The Colony Texas are now so inexpensive that first-time buyers may be able to make their payments and set aside a few dollars for maintenance for less than their current rent.
-Interest rates are still low, making inexpensive Fox &  Jacob homes even more affordable.
-With interest rates so low, paying a few extra dollars per month on a 30-year mortgage could mean a first-time buyer could own the house free and clear within 20 years.
-Hesitation could cost big dollars. Just a 1% rise in interest rates could add several hundred dollars per year to even a moderately-priced home. And interest rates have to rise sooner or later – we are at a 40 year low.
-This tide will turn, and homes will appreciating in value. That trend has already begun in some Colony markets and will in others over time.  Just like the stock market – buy low.
-Over time, first-time buyers will be earning more (hopefully) while their fixed home loan will remain stable.

I hope these points provided you food for thought.  Home ownership is a responsibility.  If you have questions about The Colony Texas real estate market, neighborhoods or homes for sale, just give me a call.

Virtual Tours ~ The Colony TX Homes For Sale

Sunday, August 1st, 2010

Why doesn’t every Realtor provide a Virtual Tour on homes for sale in The Colony Texas? Stitching together panoramic pictures of a home should be a fundamental task when listing a home for sale.  Yet so many home owners choose a Realtor who doesn’t provide this vital internet marketing tool. Reality is that home buyers surfing the MLS prefer looking at homes that have a virtual tour.  If you are a Colony Texas home owner and want complete internet marketing for your home, please give me a call.  Regards,  Mark Hitz, The Colony TX Realtor

Here are a few of my virtual tours:

$103,900 home for sale in The Colony Texas: http://www.propertypanorama.com/tour.asp?id=112256

$159,000 home for sale in The Colony Texas: http://www.propertypanorama.com/tour.asp?id=101550

$186,000 home for sale in The Colony Texas: http://www.propertypanorama.com/tour.asp?id=111308

Short Sales – The Colony TX Homes For Sale

Thursday, July 29th, 2010

Home buyers who find homes for sale in The Colony Texas that are priced well below market value may be looking at a Short Sale. Unfortunately the MLS prohibits Realtors from stating that a home for sale in The Colony TX  is a short sale so call me and I will find out for you.

Throughout this blog, when I say “lender” this means the current owner / sellers mortgage lender. 

A short sale has become a common situation in the Real Estate market. For buyers who have been hearing the term “short sale” and don’t quite understand what it means, a short sale is a legal lender approved solution designed to assist a home owner who is financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the owners lender where by the lender agrees to take less than what home owner owes on the property.

A quick example of a short sale would be if a home owner owes $200,000 on their current mortgage and their home is only worth $180,000. The lender in this example would agree to take a short fall of $20,000 at closing.  However, many Realtors will list The Colony home for sale well below market value to attract buyers offers.   So in this example, the $180,000 home may be listed for sale at $160,000.   Now the lender is looking at taking a short fall of $40,000 if they agree to the contract.  Understand that the lender is not required to agree to the $160,000 list price.

Short sale contacts  take time.  You, the home buyer who chooses to put an offer in on a short sale needs to have patience and not have a quick time deadline on when you have to close.   If you have to buy a home in under 60 days, then I recommend avoiding short sale homes.   If you are easily frustrated, avoid short sales.

If you want to consider buying a short sale home, then we need to sit down and go over the Texas Short Sale Addendum to the contract so you understand exactly what may occur.  

How short sales are handled varies from lender to lender.  Some lenders will only look at one offer at a time.  Some lenders look at multiple buyers offers and pick one.  

 Short sales can go smoothly.  I recently helped buyers purchase a short sale home that closed in under 60 days.

Short sales can fall apart.  Last year I had a client under contract on a short sale and theirs was the best offer. Patiently waiting for the lender to respond.  45 days later we were informed that a “significantly higher offer” came in and the lender bumped us.  We started the home search process over and ended up buying a HUD foreclosure they liked even better.   

If you are looking at homes for sale in The Colony Texas and want to know which homes are short sales, foreclosures, bank owned properties and homes being sold by home owners; allow me to set up a custom search gateway for you in the MLS. 

Let me know how I can help you find the right place to call home.

Touring Colony TX Homes For Sale

Saturday, July 24th, 2010

Colony Home Sellers – how many Realtors comments do you want? Wednesday I toured Homes For Sale in The Colony Texas with a group of Keller Williams Realtors. Every Wednesday we tour ”just  listed” Colony TX homes for sale and provide the KW listing Realtor with written comments & verbal feedback. Curb appeal, staging, needed repairs, marketing strategies, pricing.  The KW Realtor then provides this useful information to the home seller.   

The Colony Keller Williams Realtors are the only agents who do weekly home tours here in The Colony and provide comments to the Home Seller.  Those of us who take the time to tour homes like yours become The Colony real estate experts.  We know how to properly market your home to sell for the most money in the shortest time.  Is this your goal?

Why would any home seller choose to use an out of area real estate agent? 

If you want to sell your home for the most money in the shortest amount of time, contact a local Keller Williams Realtor.

More Short Sales / Foreclosures as Homeowners Drop Out Of Govt Mortgage Program.

Tuesday, July 20th, 2010

This Treasury Department article came from today’s Associated Press.  The Colony Texas Real Estate Market (actually most of North Texas) has been stable compared to the National Real Estate Market as a whole.  Still, this kind of information is concerning as a nation… 

The number of borrowers dropping out of a government program to help struggling homeowners rework their mortgage grew in June at almost twice the pace of those getting a permanent modification, the Treasury Department said on Tuesday.

The latest figures could signal a rise in foreclosures in the second half of the year at a time when the housing market is still fragile and analysts fear another housing slump could threaten the recovery.

About 91,000 borrowers dropped out of the program in June, putting the total number of dropouts at 530,000.

At the same time, about 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000.

That means more than 40 percent of the roughly 1.3 million borrowers who have started in the program since its March 2009 inception have since dropped out, while just over 30 percent have received permanent new terms for their loan.

Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said last week.

Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, according to RealtyTrac.

The Obama administration has set aside $50 billion of the $700 billion bank rescue plan for its Home Affordable Modification Program (HAMP).

The HAMP program has been widely criticized as ineffective as less than $200 million has been spent so far on loan modifications.

“As long as the administration continues to sidestep the larger issues such as job creation and how they intend to deal with Fannie Mae and Freddie Mac, subsequent misadventures into the mortgage market will continue to be an exercise in good money after bad,” said California Republican Representative Darrell Issa, the top Republican on the House Committee on Oversight and Government Reform and a vocal critic of the administration.

Obama administration officials acknowledged the difficulties the program is facing as they pointed to the benefits it has provided for some borrowers.

“Our initiatives continue to offer responsible homeowners the chance to avoid the often painful process of foreclossre,” said Herb Allison, Treasury assistant secretary for financial stability.

As a percentage of the 3.1 million eligible loans, the number of permanent modifications dropped to just 13 percent.

Of the 530,000 dropouts, about 9,000 were borrowers who had already received a permanent modification and could not keep up with the new payments.

9 Tips for First Time Home Buyers in The Colony Texas

Tuesday, July 20th, 2010

9 Tips for First Time Home Buyers goes beyond surfing Homes For Sale in The Colony Texas on Realtor.com.   I am an experienced Realtor and have seen most all the home buyer mistakes that can happen.  Use these tips to avoid problems and enjoy the journey to home ownership.

  1. Check your credit report.  Go to annualcreditreport.com and verify accuracy.  It’s the only free service that allows you to check and dispute any inaccuracies that may be on your credit report.
  2. Get Pre Approved for a home loan.  Know how much home you can afford.
  3. Have money set aside for closing costs and a downpayment.
  4. Be able to afford Home Ownership.  There are costs to maintaining a home beyond making the monthly payments.   Many homes do not come with a refrigerator, washer or dryer. 
  5. Choose an experienced local Realtor.  There is a big difference between a “real estate agent’ and a “Realtor”.  Interview the Realtor.
  6. Search Homes For Sale on the internet yourself.  I set up a custom MLS Gateway for all home buyers that shows them all the homes that meet their specific criteria.  You can see all the information, pictures, virtual tours, etc and can mark homes as favorites. 
  7. Tour homes and areas to decide where you want to live (and where you don’t want to live).
  8. If you have children, research the schools and decide which meet your family needs.
  9. Understand the buying process before you make an offer. 

 As always, let me know how I can help.

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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