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6 Reasons Your Agent Wants You Pre-Approved Before Showing You Homes

by Scott and Tammy Watson

Ever had an agent deny to show you a home because you weren't pre-approved for a mortgage? It's not because they're mean, or they don't value your business... it's actually because they're looking out for your best interests. Let's face it, shopping for a home before getting pre-approved for a mortgage is like walking into a grocery store without a wallet. You may have the desire to buy, but you lack the ability. Let’s cover some basics...

What is a mortgage pre-approval?

In a nutshell, a mortgage pre-approval is written assurance from a lender or broker that you’re able to borrow money to purchase a home up to a certain amount. It’s based on the income, employment and asset documentation you supply at the time of application, in conjunction with your credit history. So let's look at the 6 reasons you should get pre-approved.

1. It carries more weight than a “pre-qualification”.

A pre-approval differs from a pre-qualification. With the former, the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 30, 60 or 90 days). A pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but it’s a less accurate indicator of your ability to purchase. A pre-approval always carries more weight.

2. You’ll know how much house you can afford.

Getting pre-approved before you begin house hunting allows you to know how much house you can realistically afford. Knowing this narrows down the options and makes the selection process more efficient. Not to mention, it protects you from the unpleasant surprise of realizing the home you fell in love with doesn’t fit your budget.

3. It adds clout to your offer.

In many markets, homes attract more than one offer. If the sellers are weighing one offer against another, they may lean towards the one accompanied by a pre-approval letter. That’s because pre-approvals instill confidence that the buyer is financially capable of purchasing their home.

4. It could increase your negotiating power.

In addition to strengthening your offer when compared to buyers who haven’t taken this step, getting pre-approved may give you the upper-hand when negotiating the price. If the homeowner is eager to sell, they may be more willing to accept a lower offer from someone they’ve been assured is financially capable of purchasing their home.

5. It saves time.

Obtaining a mortgage is a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close -- this way you’re ready to proceed with finalizing the mortgage once you’ve found the home you want to purchase.

6. Without it, most agents won’t work with you.

Makes sense, too. Right? Think about it: when you hire an agent, he/she will invest countless hours showing you homes over the course of your house hunt. If you were in their shoes, wouldn’t you want assurance that your hard work would lead to a favorable outcome for both you and your client?

GroupWatson's *FEATURED LISTING OF THE WEEK*

6212 Pebble Beach Lane

 

PROPERTY DETAILS
$320,000
LISTING INFORMATION
MLS: 13522877
Bedrooms: 4
Full Baths: 2
Partial Baths: 1
Sq ft: 2859
Lot Size: 0.153
Taxes: $0.00
PROPERTY DESCRIPTION

Enjoy Quiet Afternoons on the Oversized Back Patio in this Immaculate 2 Story Home that Features 4 Bedrooms, 2.5 Baths & 2 Car Gar + Formal Dining & Study. Perfectly Updated w'Extensive Wood Floors, New Baseboards & Fresh Interior Paint. The Island Kitchen has New Granite Counters, Stainless Steel Appliances, Stone Back Splash, 42 Inch Cabinets & is Open to the Breakfast Nook with a Window Seat. Spacious Living Room has Vaulted Ceilings, a Cast Stone Gas Log Fireplace & a Wall of Windows Over Looking the Back Yard. Master Suite Features a Luxury Bath Complete with Double Sinks, Split Vanities, Jetted Tub & Large Separate Shower. Upstairs has 3 Bedrooms & Game Room. Within Walking Distance to Lake & Schools.

CONTACT INFORMATION
Scott and Tammy Watson
GroupWatson, Keller Williams
4862 State Hwy 121, Ste. 210
Lewisville 75056

Phone: 214-682-7002
Fax: 214-522-5519
http://www.groupwatson.com/
ADDITIONAL IMAGES

How To Choose the Right Color Palette for Your Home Design

by Scott and Tammy Watson

When it comes to decorating your home, one of the first and fundamental questions you’ll need to ask yourself is “what colors am I going to use?” Your color palette will, to a large degree, determine the feel and style of your home, so it’s important that you choose colors that feel true to who you are and the kind of space you’re trying to create. But how do you choose the right color palette for your home design?


Already Have Furniture?

If you already have existing furniture you want to continue displaying in your home, you’ll want to build your color scheme patterned, choose a few colors from the pattern that speak to you and build your color palette around those colors. If all of your furniture is a solid color, choose colors that naturally complement the primary color displayed in your furniture. So, for example, if you had a light purple couch you plan to showcase in your living room, you’d want to choose a color palette that complimented purple, like pale blue or green.

 

 

Starting From Scratch?

If you’re starting from scratch and plan to decorate and furnish your home based on the color palette you choose, you have a lot more flexibility in the colors you choose. What colors speak to you? Do you find warm, dark tones feel inviting or are you more of a bright, vibrant color type of person? Do muted colors feel calming in the bedroom, or would you rather incorporate jewel tones? Choose whichever types of colors feel truest to your design style. Then, once you choose your palette, you can furnish and decorate your home accordingly.

 

How Many Colors Should I Have In My Palette?

When it comes to how many colors you should have in your palette, it really depends. Some people find that incorporating numerous colors, shades, and tones feels true to their style, which others find more than two colors to be overwhelming. A general rule of thumb is to choose one primary color and then choose one to three additional complimentary colors to act as accents. Once you try to incorporate more than 4 colors, it can be hard to maintain balance.

What Kinds Of Color Palettes Will Work In My Home?

When it comes to choosing the color palette for your home, there are endless color combinations available to you. Here are some examples:

Choose Numerous Shades Of The Same Color:  One chic option is to keep your color palette to one color and then incorporate numerous shades of that color throughout the home. So, for example, let’s say you chose blue to be your focal color. You could paint the walls of the living room navy, have a pale blue couch and incorporate sky or cerulean blue accessories throughout the room. This option gives a casual, laid-back feel to the space. If one color feels too limiting, try choosing two colors close to each other on the color wheel, like green and blue, for a similar effect.

Mix Neutrals With A Pop Of Color: Another fantastic color option is to decorate your home in a neutral color palette – like beiges, whites, grays, or browns – and then add one or two bright shades to add a pop of color. The contrast between the neutrals and the brights makes the brighter shades pop even more and adds a fun element to an otherwise subdued color palette. Some great color combinations to consider are grays mixed with a bright orange or beiges with a pop of teal.

Go Pale: Pale colors can add a calming effect to a space and are particularly effective in living and bedroom areas. If you want your color palette to induce feelings of calm and relaxation, try going with muted hues, like pale blue, pale green, or even pale purple, to add a serene feeling to your home.

Go Bright: On the opposite end of the spectrum, if you’re looking to make a bold statement with your color palette, you might want to consider going with brights. Bright colors can make a space feel vibrant and lively. However, you want to be careful not to allow your bright color palette to veer into cartoonish territory. Stick to one or two brights; more than that will feel overwhelming. Whatever color palette you choose, make sure you incorporate it throughout the space. While you don’t need to have a single color palette for your entire home (you can obviously choose different color palettes for different rooms), you do want to make sure that each color palette works together to create a cohesive color experience throughout your space.

Is Selling "For Sale By Owner" Smart?

by Scott and Tammy Watson

2017 Economic Forecast

by Scott and Tammy Watson

2017 Economic Forecast

 

What to Expect:  

 

Mortgage rates will increase to a modest 4.5%, which is not dramatic enough to keep buyers out of the market.

 

Rents are expected to rise 4-5% across the board, and possibly higher in some areas.  Typically, a 5% increase in rent results in a renter to consider and/or convert to homeownership.

 

It is predicted that the new Administration will have looser legislation on lending and the economy, which could help boost buying power.

 

On the purchase side, offset by a stronger economy, household formations accelerating and rising wages will more than offset rising mortgage rates.

 

A slight increase in inventory is anticipated, as people decide to cash out their home’s equity for various purposes.

 

It is expected that more first-time home buyers will purchase this year, with many being millennial buyers looking for good school districts in suburban communities with lots of amenities.  Investment benefits will be a strong consideration of their purchase.

 

In comparison to many other large cities, the income required to buy a median priced home in our area, which is $55,000/year, isn’t much different than the national average at $52,000/year.  In fact, compared to places like San Francisco or New York, our housing market is extremely affordable.

 Sources:

 Kelly Mulligan, Attorney

                        Chicago Title

David Berson, Chief Economist

Nationwide Mutual Insurance

Displaying blog entries 21-24 of 24

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Photo of Scott and Tammy Watson Real Estate
Scott and Tammy Watson
GroupWatson, Keller Williams
4862 State Hwy 121, Ste. 210
Lewisville TX 75056
214-682-7002
972-370-1775
Fax: 214-522-5519