Tyler and Longview Real Estate Video Blog with The Burks Team

Inside the Process of Flipping a Home

2018-02-05T13:55:00.000-08:00

When you flip a home, you need to make sure that the investment will turn a profit. Today, I’ll show you what that looks like.

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Today, I’m out at one of our flip properties that we’ve just started. A question that a lot of investors or would-be investors ask is, “Should I buy a property and hold it, or should I consider flipping it?”

There is a difference between buying and holding a property and flipping it.

When you’re flipping a property, you have to make sure that you have enough room to be able to make a profit somewhere in the neighborhood of 30% to 40% after you’ve factored in the cost of fixing it up. Otherwise, it’s probably not a wise decision to buy and flip a property.

For flipping, you want to look for the worst house in a great neighborhood, and I don’t think it can get any worse than the house we’re flipping today. We’ve already filled a dumpster once and it’s just about full again. This will be a complete down-to-the-studs renovation.

As I said, there needs to be room for value when it comes to buying a property to flip. When it’s all said and done, you’ll need to be able to make a profit after closing costs and other expenses. This home that we’re flipping is very distressed now, but because it’s in a good neighborhood in a great school district, there is a high chance of a good return on the investment.

For flipping, you want to look for the worst house in a great neighborhood.

Follow along in the video above for a look at what we’re doing inside of the home and to see what I mean by going down to the studs.

We have knocked out the entire first floor of the home. Built in the 1970s, it will now become an open-concept home with an open kitchen, an island, a dining area, and more. It will be a complete transformation. As a 2,300 square foot, 3-bedroom, 3-full bath home with a 2-car garage, it will probably sell for around $240,000 once it’s finished. In a couple months, we’ll revisit the property to show you what it looks like after we’ve made quite a bit of headway in its renovation and to give you an idea about the costs involved.

We do also look for homes where the flipping process won’t be as dramatic. It might involve taking down some wallpaper, changing out some fixtures, painting, and putting in new flooring.

If you have any questions about flipping, if you’d like to see how much your home is worth, or if you’re thinking about investing, feel free to give me a call. You can also visit my website for a free valuation of your house. I look forward to hearing from you soon.

Singing Some Old and New Holiday Classics

2017-12-15T13:22:00.002-08:00

Thank you to all of our friends, family, and clients for making 2017 so successful for us here on The Burks Team. On behalf of all of us, we hope you and your loved ones have a very happy holiday season and a wonderful new year. To get in the spirit of the season, we thought we would share some of our favorite holiday songs with you all today. To hear for yourself, watch this short video.

We wish you a merry Christmas and a happy new year!

What Can You Do to Make Your Move as Smooth as Possible?

2017-09-29T08:13:00.000-07:00

We have a few tips and tricks to share with you that will make your move simple and stress-free.

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If you’ve just bought or sold a house, congratulations! Now, of course, comes the moving part. Here are some of our best tips to make the moving process as smooth as possible for you.

The first thing you need to do is prepare early. As soon as you’re under contract, you need to start talking to movers. The Burks Team lends out our own moving truck to our clients for free on a first-come, first-serve basis, so feel free to call us as soon as you get that offer.

Next, start a schedule and plan a to-do list. When are you going to clear everything out of the attic? When are you going to box-up everything in the garage? Look at your cabinets, closets, and everything else and make a plan for when your family will get together and start packing.

Speaking of packing, be sure to use labels on your boxes. Label all four sides and indicate on the labels what’s inside the box. Use different-colored markers or labels for different rooms. Cut a piece of painter’s tape and attach it to the door of each room in your new house so movers know which boxes go where. If it’s a long-distance move, you might want to number your boxes because you won’t be there to supervise and check that all of them make it safely to their new destination.

Make a schedule and plan a to-do list before you do anything.

For any breakable items like dinner plates, use styrofoam, dish cloths, or towels to wrap them and keep them secure in their boxes. When taking down picture frames off the wall, use some more painter’s tape to tape over the hanging hooks so when you’re ready to rehang them, you already have the right-size hook and nail.

It’s also a good idea to have an “open-first” box, which is the last box to leave your old house and the first box to get unpacked at the new one. Items included in this box should be tools, toiletries, and other essentials.

Next, eat your food! This way, you don’t have to pack all your freezer or pantry items. Whenever my family moved, my kids and I would have a "food night' before moving day, when we'd empty out our freezer and cook everything.

Additionally, write down the addresses of everything you’re getting in the mail so you can notify everyone of your new address.

Lastly, move your kitchen, bathroom, and closet items before you move the furniture. That way, when you move your furniture, you can find your clothes, toiletries, and you can get something to eat or drink if you want.

If you’d like more moving tips or you’re thinking of buying or selling a house soon, don’t hesitate to reach out to us. We’d love to help.

Do You Know What Kind of Equity You Have?

2017-09-18T13:37:00.000-07:00

A lot of people were hit hard by the real estate market crash last decade. Now, those same people can reap the rewards of the market’s recovery.

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Just a few years ago here in Tyler, we hit a pretty severe downturn in the housing market (and the economy as a whole). As a result, there were a lot of people from 2009-2012 who owed more on their homes than they were worth. That’s changed a lot in the last few years, however, as we’ve seen a dramatic increase in pricing. This is especially true for homes in the $250,000 and below range.

When we spoke to homeowners during the market downturn, we had to start putting Kleenex out because so many of them ended up shedding tears over the loss of value in their home because of the crash.

60% of American homeowners have significant equity.

We might have to start putting Kleenex out for those same people, though, because if they come in today and find out what their home is worth in this market, they’re likely to cry tears of joy.

A recent study showed that 60% of Americans have dramatic equity in their home of at least 20%. Texas has been one of the leading states in the recovery, with home values increasing by 8% on average in the past year alone.

If you’re considering selling your home, we currently have a shortage of inventory that you could take advantage of to sell for top dollar. If you have any questions for us or you want us to do a complimentary analysis of the equity you have in your home, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

You Don’t Need a Down Payment

2017-07-20T10:08:00.001-07:00

What's the biggest obstacle to homeownership?

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According to a recent survey, "saving enough for a down payment" comes at the top of the list. A whopping 55% of prospective homebuyers cited this as their main stumbling block.

And with the continuing growth of home prices, things aren't getting any easier. In fact, homeownership rates reached a 20-year low last November.

It wasn't always like this.

A decade ago, many lenders were offering easy, no-money-down mortgages.

However, after the financial crisis, mortgage standards have become more restrictive. A typical mortgage now requires a 20% down payment.

Here's the good news.

If you have decent credit and a steady income, you might be qualified for a number of specialized programs that require no or very little down payment. Here are a few of the top options.

First, there's the USDA loan, which is valid for homes in certain regions, such as rural and suburban areas.

55% cited the lack of a down payment as their main stumbling block.

With zero money down and lenient credit requirements, the USDA loan can be a great choice for many homeowners.

Second, there’s the VA loan, which you can apply for if you or your spouse served in a branch of the military.

It's possibly the most generous zero-money-down mortgage because of low interest rates and low closing costs.

Third, there's the FHA loan. It does require a 3.5% down payment—still drastically more achievable than the 20% required for a conventional mortgage.
Finally, there are a number credit unions and first-time homebuyer programs that might apply to your particular situation.

There’s one important thing you should know.

If you get one of these no-money-down mortgages, chances are good you will be required to pay private mortgage insurance, which can drive up your monthly payments.

Fortunately, private mortgage insurance will disappear after your mortgage balance is under 80%. Also, the money you do pay will be tax deductible in most cases.

In short, there are lots of options to make owning a home a reality for you, even if you haven't saved up tens of thousands of dollars.

And if you need more advice on getting a no-money-down loan, give us a call. We can put you in touch with some experienced Tyler area lenders who can answer your questions and help get you started.

3 Things Every First-Time Homebuyer Should Know

2017-06-27T09:21:00.000-07:00

Buying your first home can be an incredibly exciting time. However, it requires a huge commitment and a sizable investment.

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I want to share my three top tips to help first-time homebuyers protect themselves during this crucial period:

1. Know what you can afford

Your mortgage is only a part of what you will need to pay when you buy a home. Homeownership comes with plenty of other expenses, including closing costs, taxes, property insurance, maintenance costs, and homeowner association fees.

Once you have a clear idea of how much all of these items will cost, you can compare it to your current monthly expenses. Then you can figure out the kind of home you can honestly afford without getting carried away and without getting bogged down in debt.

2. Choose your lender wisely

Choosing a lender is not something you should base only on the lowest rate. A competent and trustworthy lender will offer you advice on how to improve your credit and also help you take advantage of special homebuyer programs that might benefit you.

But how do you find the right lender specifically for you? It's often best to get recommendations from friends who have already worked with a lender or from a real estate agent you trust.

An inspection will cost about $300, but it can save you thousands.

3. Don't overlook the details

There are many details that go into buying a home, and missing any of them can be a costly mistake. I always advise buyers to get a professional inspection done on their home, separate from the appraisal. An inspection will set you back about $300, but it can save you thousands of dollars down the line, and it can even prevent you from making a decision to buy a home that you would later regret.

A second example is understanding the fine print in the various contracts you will be signing. If there's anything that isn't clear to you, talk to your real estate agent and have it spelled out.

The process of buying a home can be intimidating, and that's why professional real estate agents are there to help. These three quick tips are only the start of the things you need to watch out for when buying your first home.

If you need more advice or you are ready to start looking for a home, give me a call or send me an email. I love working with first-time homebuyers, and I can help you get your perfect new home with minimum hassle.

How to Prepare Your Home for Sale With Pets

2017-06-05T13:08:00.001-07:00

If you have a pet and you're looking to sell your home, then read on for some helpful advice.

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The good news is, many homebuyers are looking for a pet-friendly home.

Two out of three of us have a pet, and 61% of pet owners say they have trouble finding a home that is a good match for their pet.

In fact, a recent survey estimates that 31% of animal owners frequently don't put in an offer because a home would not suit their pet.

This means that if your home is a good match for a pet, it will be attractive to a large pool of dedicated animal owners.

On the other hand, 67% of Realtors also estimate that actually having a pet in your home can make it harder for you to sell.

So what can you do? Here are three things we typically recommend:

1. Repair any damage

Floors, walls, doors, the yard — these are some typical areas that pets love to chew, scratch, and dig up.

Repairing this damage is an investment that will pay for itself many times over in terms of a higher selling price.

2. Get a professional to remove pet odors

Many pet owners are less sensitive to odors in their home than prospective buyers will be.

That's why you should hire a professional cleaning crew to clean any carpets, rugs, or upholstery that have absorbed pet odors.

Pet owners are less sensitive to odors in their home than prospective buyers are.

Once you're done with the cleaning, ask a friend or your Realtor for a sniff assessment to make sure the job is really complete.

3. Take your pet out during showings

Some people are afraid of animals. Others are allergic. And regardless of the time, money, and effort you've put in to clean and repair your home, many buyers will be prejudiced by knowing that a pet currently lives there.

That's why we recommend taking your pet out during showings and also removing any pet objects such as toys, food bowls, or scratching posts.

By following these three simple guidelines, you will be able to sell your home for top dollar, whether the buyer is a pet owner or not.

And in case you have any questions or concerns about preparing your home for a sale, give us a call. I’m here to help.

Why Martha Highly Recommends The Burks Team

2017-01-31T08:12:00.003-08:00

"We just needed a quick sale, and didn't know what to do. I decided to walk in the office of Danny and Rebecca Burks of RE/MAX Professionals and was able to talk to Danny that same day. He explained the procedures in detail and basically told us we needed to sell the house as soon as possible to get our investment back. He found us a potential buyer the following day and said if they didn't make an offer, he would buy the house from us. The buyer came out, looked at the house and made an offer the following day, which we accepted. The whole process, from start to finish took 3 weeks.

Danny and Rebecca Burks are two of the nicest and professional people I have ever met. They made the whole process of selling a house so easy. They took care of all the necessary paperwork. An added bonus is that they have a moving van that they lend their customers, saving them time and money the hassle of having to rent a truck.

When we get ready to buy our next house, we are definitely going to go to Danny and Rebecca Burks. I would recommend them to anyone who is either buying or selling a property. They are very professional as well as friendly and genuine people. I can't say enough about them, and again, I highly recommend them."

-Martha Lopez

Merry Christmas!

2016-12-16T12:33:00.001-08:00

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Merry Christmas!

We hope you and your family enjoy all that this amazing holiday has to offer.

We just wanted to take a moment to thank you for your continued support throughout the years. We wouldn’t be where we are today without your help!

“

Merry Christmas from The Burks Team!

”

It truly brings us joy to help you make your real estate dreams a reality. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you in any way we can.

In the meantime, have a very Merry Christmas!

Why Elizabeth Has Already Referred The Burks Team To Someone

2016-11-15T14:51:00.001-08:00

“Oh the results were phenomenal, I think everyone handled everything just perfectly. Did a great job, getting us listed, the young lady that did all the pictures [did] a phenomenal job. Everybody just handled everything very professionally, very quickly, I’ve already referred you to somebody else. I was very please. My husband and I both were extremely pleased.”

The Hidden Advantages of Selling Your Home Over the Holidays

2016-11-08T09:08:00.001-08:00

There are distinct advantages when it comes to selling your home during the holidays.

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Today I wanted to talk about a topic that comes up pretty regularly for us this time of year: should you try selling your home during the holidays?

A lot of people are under the impression that nobody buys houses over the holidays or during the winter months, but that’s not true. People buy houses all year. Granted, we don’t have as many buyers in the market right now as we would in May, June, or July, but the buyers that are out there looking are far more serious.

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People buy houses all year long—not just during spring and summer.

”

From a seller’s perspective, there aren’t nearly as many houses on the market. Less inventory means that not only do buyers have less to look at, but you’ll have less competition against other properties.

And don’t worry about holding off on the holiday decorations, either. Realtors can work around that kind of thing or use it to their advantage. What we do, for example, is take two sets of photos—once during the holidays and once after the holidays if the home hasn’t sold yet.

If you have any questions about selling during the holidays, feel free to reach out to us by phone or email. We look forward to talking with you!

Don’t Let Investments Flush Your Money Down the Toilet

2016-10-18T14:06:00.000-07:00

If you feel like you’re flushing your money down the toilet when your investments are under-performing, have you considered investing in real estate?

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Have you ever felt like you’re flushing your money down the toilet every month? If your investments aren’t performing, it’s not uncommon to feel this way.

Did you know that one of the best investments you can make is in residential real estate? I’m joined today by my friend Doug Pederson, who owns about 750 “front doors” with his company, Twin City Properties. Doug says that one of his favorite things about real estate is that it’s a good investment in good times or bad. The stock market is volatile and can potentially crash, but real estate is a great place to park your cash.

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The first real estate investment is the scariest one.

”

We’ve all regretted not investing in properties in the past because, as we all know, real estate tends to go up in value. One of the best things about residential real estate is that you have somebody else—a tenant—who is essentially purchasing that piece of property from you. This is a win-win proposition because the tenant has a place to live, and you have somebody else paying your mortgage every month.

Doug cautions first-time investors that the first real estate investment is the scariest one, but it only gets easier from there. Don’t flush your money down the toilet! If you have any questions about getting your foot in the water, so to speak, as far as residential real estate investing, give us a call or send us an email. If you’re a first-time investor, we may even be able to talk Doug into giving you a few lessons in investing. We’d be happy to help you!

What to Look for When Designing a Rental Property

2016-09-26T08:10:00.000-07:00

Investing in rental property is a great way to increase your cash flow, but where do you start? Cheryl Peterson is here to guide you through the process.

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There are a lot of people out there who are looking to invest in real estate, and many are interested in the opportunities for cash flow that rental properties provide. What should you look for in a rental property in the Tyler area? How should you design it?

Today I’m joined by Cheryl Peterson, the Chief Design Officer at Twin City Properties, to answer these questions for you.

Before deciding to purchase a rental property, Cheryl recommends making sure that you understand the neighborhood in which the property is situated. Pay attention to the kinds of neighbors around the property as well. Bad neighbors can shoot you in the foot more than the property itself, in some cases.

When you find a property in a neighborhood you like that you think is a little bit undervalued, then that’s probably the one that you’ll want to buy. Even if the interior of the property is underwhelming on the surface level and has bad flooring, old paint, and ugly wallpaper, pay attention to the bones of the property. How many bedrooms and bathrooms does it have? Is there potential for renovation and remodeling? Try and look for the potential, rather than what’s simply visible in front of you.

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Pay attention to the property’s potential, not cosmetic flaws.

”

Budget is another important aspect to consider, especially because you’re investing in this property to make money. To determine how much to spend on the property, Cheryl suggests first figuring out how much it would rent for before renovations. After that, her rule of thumb is to add an additional $100 onto rent for every $10,000 worth of improvements. For instance, if renovations to the property will total $30,000, you will need an additional $300 in rent to make up the difference.

What are some of the most necessary improvements you should make to the rental property? Cheryl suggests looking at the electrical system and the plumbing first to make sure that they are up to par. Be sure to have some extra wiggle room in your budget to account for these unexpected costs. Because tenants don’t always treat rental properties the way they would a property they own, it’s important to renovate for protection. Cheryl recommends using vinyl flooring because it looks great and won’t absorb water or pet stains.

Painting the property is also an important improvement to make. A nice coat of white semi-gloss paint on every room is great for lower-end rentals because it’s easy to clean once the tenant moves out. For higher-end rental properties, two-tone paint is usually the way to go. This paint is more expensive, so it’s important to hire a professional to ensure it is applied correctly. Cheryl’s go-to paint colors are Sherwin-Williams Creamy for the trim and Sherwin-Williams Practical Beige for the walls. These two colors go with everything!

Hopefully Cheryl’s tips will help you when you’re looking for your next investment property. If you have any other questions about rental property design, give Cheryl a call at 903-561-2600. For any other questions related to real estate in the Tyler area, don’t hesitate to reach out to me. I’d be happy to help you!

Avoiding the Communication Breakdown in Tyler Real Estate

2016-07-21T10:31:00.000-07:00

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The number one reason people complain about Realtors is simply that they can't reach them.

They try to call, email, or text them and get no response, making communication the biggest problem people have with Realtors. The problem is, Realtors are juggling a lot of balls at once, between meeting with clients, showing properties, or business meetings. Sometimes it can be several hours before they can get back in communication with their clients.

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If you have a question, we have
an expert there to answer you.

”

With today's cell phone technology, people want to get in touch very quickly. On the Burks Team, we try to solve this problem by having specialists. We have listing specialists, buyer agent specialists, and a whole team of administrators who can help with questions. Single agents are simply juggling too many jobs at once between showings and closings and everything in between.

For example, we have a marketing expert constantly posting to channels like social media, websites, and magazines, and she's always there to answer questions. We also have a photographer for high-quality photos and buyer specialists who are out in the field showing properties. Our listing specialists are in constantly listing properties and are available to answer any questions you have.

If you have any questions for us, please give us a call today!

Why Your Home May Be Worth More Than What You Think

2016-07-05T08:45:00.000-07:00

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Today I want to talk about why your home may be worth thousands of dollars more than you think.

After the year 2008, the real estate market hit a bubble and we saw housing prices plummet. Over the next few years the market was severely depressed, and home prices were down. The last couple years, however, have seen those prices make a tremendous rebound. In certain price points, the effect has even been phenomenal.

Your house may be worth more than you think it is because you may have been told by a real estate professional in the years immediately following 2008 that it was worth a certain amount of money. There is a good chance, however, that by today it may be worth thousands, even tens of thousands more than what they told you at that time.

If you think that’s the case with your home, we would be glad to give a complimentary market analysis. There is actually a link on this page that allows you to fill out the necessary information to calculate a preliminary value, and we’d love to talk about that too.

If you’re considering updates, then you’ll want to know how much value those updates would make. If you’re going to spend your money, we’d want you to spend it wisely and get the most bang for your buck. We’d be glad to have one of our listing partners talk to you about value. You might find out that you have thousands, or even tens of thousands more in equity than you had as little as three years ago.

Until next time, thanks so much for joining us. If you’re interested in hearing more, give us a call or follow the contact information on this page for email.

Why Do Some Homes Sell for More Money?

2016-06-02T08:15:00.000-07:00

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Interestingly enough, when evaluating homes in a given neighborhood, we frequently see a disparity in final sale prices. We have seen many homes in the same neighborhood, sometimes even on the same street, sell for 10% more than their almost identical neighbor. How does this happen?

The home that sells for more money has been fine-tuned and prepared in all the ways that allow it to fetch the highest price possible. Think of it this way; during the Miss USA pageant, the women on stage don’t just show up at the event center that night. They spend months, even years, preparing for that single day. They have coaches that teach them how to walk, speak, and give the best presentation possible.

When your home is listed for sale, you want it to present in its best light possible, too. You need to fine-tune your home by reducing clutter, touching up paint, addressing minor fixes, and much more. Do everything possible to make it shine! Buyers will pay more for quality and presentation. They fall in love with homes based on the feeling it gives them, and you can give buyers a great feeling by properly preparing your home. In fact, on average, you can earn up to 10% more.

If you have any questions for us about how we can sell your home in less time, for more money, and for 98% of your asking price, give us a call or send us an email. We would be glad to give you a walkthrough and tips about how to get more money. We look forward to hearing from you!

Gear Up For Spring in Tyler with Outdoor Living

2016-05-18T10:33:00.001-07:00

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Today, I’m in Tyler on my patio - right by my grill, where my sons recently cooked the world’s greatest gourmet hamburgers on my birthday a few days ago! We enjoy living outside, and we see more people wanting to bring their living space outside, too. We see more and more beautiful outdoor areas like decks, pool areas and gazebos.

With spring coming, it’s the best time of the entire year to be outside. You can enhance your home’s value by fixing up the outdoor area. This could be landscaping, patios, pools, or barbecue areas. If you’re thinking about selling your home, a pristine outdoor area makes your home that much more appealing to the increasing number of buyers wanting outdoor areas. This is highly desirable to prospective buyers!

I hope this information helps you as a homeowner. Don’t forget to listen to us every week on Tyler House Hunters Radio every Saturday morning on 92.5 FM. As always, if you have any questions, don’t hesitate to give us a call. As your local real estate resource, we look forward to helping you even more!

Five Reasons You Should Hire a Tyler Real Estate Agent

2016-04-04T09:17:00.000-07:00

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Right now, Tyler is in a seller’s market. Many sellers are asking, “Why can’t I just put a sign in my yard and take care of it myself? Why bother hiring an agent?” Here are five reasons why you should consider hiring an agent in 2016.

1. Paperwork. The real estate industry is heavily regulated, so it’s important to know the proper forms you need to sell your house. There are state laws regarding the seller disclosure, and federal laws regarding lead paint for homes built before 1978. Those forms will be part of the contract, as well as all the fees in the contract for both the buyer and seller. Let a real estate agent take care of everything so you don’t have any surprises at the closing table. An agent can even tell you what you will net, or how much money you will walk away with, based on the amount offered.

2. Experience. There are many challenges and problems that can arise during the real estate transaction. You need an agent who is well-educated and can coordinate with home inspectors, appraisers, lenders, and more. Are you able to deal with all of them? Do you know what deadlines you have to hit? Experience is very important when it comes to navigating the selling process.

3. Negotiations. Realtors act as a buffer between the buyer and seller. If you’re selling your own house, you will find that many East Texas buyers are polite. They will say that your home is nice, you will get excited, but then they will go and make an offer on the home down the street. Buyers aren’t comfortable giving honest feedback to the homeowner. An agent will act as a buffer between you and the buyer, and we’ll also make sure you get an offer that works in your best interest.

4. Pricing. If you price your home too low, you will lose a lot of money. If you price too high, buyers will avoid your property and it will sit on the market for a long time. You may wind up having to pay two mortgages, so aiming for a higher price can actually cost you money. A Realtor will help you price your home based on the current market.

5. Understanding market conditions. Our market changes very rapidly. In the last year, we have gone from a buyer’s market to a seller’s market. The market could change while you’re trying to sell it on your own and you would have no idea. An agent keeps an eye on the market and will know the best way to sell your home.

At the Burks Team, we can take care of all of these things for you. If you have any questions, just give us a call or send us an email. We would be happy to help you!

Should You Always Trust Cash Buyers in Tyler?

2016-03-28T09:28:00.000-07:00

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Cash buyers are often seen as the best type of home buyer in Texas. They don’t have to go through financing, and they often don’t cause much fuss in a sale. However, there are some things that you need to look out for when you get a cash offer.

When someone offers to buy your home for cash, you need to have them show you proof of funds. Don’t take someone’s word for it before you sign the contract.

It’s easy to get excited about cash buyers, but you have to vet them. You should always look for buyers that are motivated and qualified. Just because someone is paying in cash does not mean that they are also motivated to purchase your home.

When you list your home with us, we only work with buyers that have been approved to buy a home. We don’t waste our time with bad home buyers. That’s why last year we averaged 45 days on market and 98% of the asking price.

If you’re interested in buying or selling in Tyler, please don’t hesitate to contact us! We look forward to hearing from you!

Avoid This Huge Tyler Home Selling Mistake

2016-03-02T10:39:00.000-08:00

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Today, I want to talk to you about why you should never put your home on the market unless you’re a motivated seller. A lot of times people will come into our office to talk about putting their house on the market, and they’ll say something like, “I’m not in a hurry to sell.” That person should probably not put their house on the market.

Why? If you put your home on the market and you’re not ready to sell, you begin to develop a history of your property. People will be able to see that your home has been on the market for a long time. Thanks to the Internet, that history is never going to go away. Future buyers will see that your home sat on the market without selling, and they’ll wonder why. They could think something is wrong with your home, because it hasn’t yet sold.

The other issue is that offers relative to your asking price drop by 2% for every month the house is on the market. For example, a house that’s been sitting on the market for 6 months will sell for around 85% of the asking price. Plus, you run the risk that your home gets stigmatized by just sitting on the market for months on end.

If you’re going to sell your home, you need to be ready to sell right away. If your home sells within its first few days on the market, you will get the best price. At the Burks Team, when we sell your home in the first 30 days, we average over 98% of the asking price. If your home sits on the market, that number will go down.

Also, if you list with agent after agent for six months each, your online history will show that your home has been on the market for a long time. That means buyers have grown weary of that property. Imagine driving by a used car day after day, and it doesn’t sell. After awhile, you might think, “Wow, what’s wrong with that car that it won’t sell?” Maybe nothing’s wrong with it. Maybe the dealer priced it wrong, or didn’t market the car accurately.

Ultimately, if you’re not sure about selling your home, don’t. You should be motivated to sell your property if you want success. We would love to talk to you about how we sell houses faster and for more money, guaranteed. If you have any questions, just give us a call or send us an email. We would be happy to help you!

Build Wealth By Investing in Tyler Real Estate

2016-02-22T07:51:00.001-08:00

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Today, I want to ask you a simple question: Are you ready to become a real estate investor? Many of the world’s richest people built wealth through real estate. Many of them started out small. If this sounds interesting, you could grow your wealth, too.

My wife, Rebecca, and I have been real estate investors for well over three decades. Recently, there has been a lot of turbulence in the stock market. Whenever I check the balances in our retirement accounts, I’m disappointed to find that those accounts have dropped significantly.

On the other hand, when I drive by one of my rental properties, I don’t have to worry. Rental properties are fantastic.

If you’re interested in investing in real estate, we’ll sit down for a free consultation so we can share our experience and tell you how to get started. We can also set you up with one of our buyer specialists so they can help you find your very first rental property.

If you have any questions, just give me a call or send me an email. I look forward to hearing from you!

Are You Prepared to Pay Your Taxes?

2016-01-05T08:29:00.000-08:00

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It's unfortunate, but it's that time of year again - time to pay your taxes. Have you prepared? Do you know what you need to do?

If you have an Escrow account with your mortgage company, then you need to find a 1098 Form that can tell you about the taxes and interest you've paid on your residence this year. Your tax professional will need this information for your schedule A. You can usually access this information online in January.

If you have a mortgage you'll be getting interest only on your 1098, so those are things that you can count off of your primary residence.

However, what if you purchased a home this year? Then you'll have a lovely package of all the papers you signed at the title company. You'll need to give your closing sheet to your tax professional. Depending on whether or not your home was an investment property, you'll have the ability to take deductions on certain expenses like property inspections and title fees.

If you sold a home this year, there are exemptions if you sold a $250,000 home by yourself or if you sold a $500,000 home between you and a partner. There are all sorts of exemptions to be thinking about, so talk to your tax professional if you'd like to pay the very least amount possible.

My biggest piece of advice is to keep your paperwork organized. That often makes the whole process a bit less complicated. If you need any assistance finding a good CPA in the area, please don't hesitate to contact us!

Beware of Zillow's Home Estimates

2016-01-05T07:48:00.001-08:00

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As a real estate professional, I'm continually bombarded by the question, is Zillow a good resource for me? The answer isn't so clear cut because Texas is a non-disclosure state when it comes to real estate. This means that the information they gather to price homes is based off guesses and algorithms from old tax information. This means that Zillow is even more inaccurate in Texas!

If we go on Zillow's website, this is how they explain it: The Zestimate is created by an automatic software process designed by statisticians, and there is no ability for humans to manually alter the Zestimate for a specific property.

To make that more clear, let's say a home is estimated to be worth $500,000. If the Zestimate is off by 10%, that's a difference of $50,000! If the home is under-priced, you're missing out on tens of thousands of dollars. If your home is overpriced by 10%, it will sit on the market for awhile, and you might have to drop the price, causing buyers to wonder what's wrong with the home.

It's been estimated that Zillow's home estimates are only right 7% of the time. That means that they are wrong 93% of the time! That is a terrible success rate.

Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home, and that's where my team can come in and place an accurate value on your home.

Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the local market data in order to give you the most accurate home value.

If you have any questions, or if you're interested in a home valuation, give us a call or send us an email. We look forward to hearing from you!

Looking Back on the 2015 Tyler Real Estate Market

2015-12-30T07:33:00.000-08:00

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It's that time of year. We are at the end of 2015! Can you believe it? The year has just flown by, and it's been an incredible year in real estate.

Our team has sold over 470 homes, but more importantly, sales in the Tyler area are up 8% to 10% from 2014. By the end of the year, we will have 4,500 homes sold in our area. Home prices are up about $7,000. This is all very positive. It shows how well our market has recovered over the last 24 months.

We have experienced a shortage in inventory, especially for homes below $250,000. If your home is in that price range, you are definitely in a seller's market. That means there are more buyers in the market than sellers, which helps to drive home prices up. When you're in a seller's market, it's not uncommon to wind up in a multiple offer situation.

Now, what can you expect from the real estate market in 2016? We don't anticipate any major changes in the market. The market is going at a brisk rate, and we have 35 to 40 homes closing this December. We already have 30 closings scheduled for January. We're extremely busy, even in the winter months.

If you're a buyer, you do need to pay attention to interest rates. The Fed recently increased rates for the first time in several years. We do expect rates to continue creeping up over 2016. Now may be the best time to look at homes and take advantage of those historically low rates. A few months down the road, you may wind up paying a higher interest rate on your 30-year fixed mortgage.

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!

Prepare Your Home for the Holidays with these Decorating Tips!

2015-12-07T08:43:00.000-08:00

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The holidays are approaching. Today, we thought we'd do something a little different and share this festive video on holiday decorating tips from HGTV. Designer Angelo Surmelis shares several great ideas to spread holiday cheer throughout the home. Here are some of our favorites.

Pay attention to the mantle. If you don't have some already, buy some kind of garland to drape over the mantle. Next, use leftover ornaments and candles to add light and texture. When choosing ornaments and candles, ensure they are in the same color-palette. This helps make your mantle a great focal point!
Use smaller Christmas trees. Every house has their main Christmas tree. In addition, you can also purchase smaller, inexpensive, eco-friendly trees to place throughout the home. Decorate these trees with strips of fabric from a T-shirt in holiday colors to save money for the main tree.
Use what you have. Be resourceful. Adding a plate charge and place mat to your everyday dining set adds some jazz to your table. Fresh-cut flowers and candles will help finish the look. You don't need grand, expensive candles -- a little candlelight goes a long way!

As you can see, it doesn't take much to make your home feel more festive. If you have any questions, give us a call or send us an email. We would be happy to help you!