ARE YOU PRE-QUALIFIED or PRE-APPROVED?

PRE-QUALIFIED. Means a lender has done an initial calculation of how much money you might be eligible to borrow. You provide the lender your approximate income, the amount of debt you carry & credit information. There is no guarantee of a mortgage loan, as your financial situation has not been verified. Just that you MIGHT get a loan. PRE-APPROVED NEXT TIME.

MAKE a 20% down PAYMENT – MAYBE

Meet with your lender in PERSON, so use a Tyler/Smith County lender. Mortgages are different now as FHA loans only require 3% down, VA requires 0 down & others can be small down payments. 20% is still a goal, as monthly payments less but small down payments & can invest some in the stock market. MANY OPTIONS NOW!

IF YOU BUILD IT, BUYERS WILL COME

BUT in the moderate price range. Upper price range is not selling as quickly. Affordability is what consumers are looking. What happened with Amazon in New York is a cautionary tale. Average wages increased to $23.18 per hour, up 3.5%. Consumer confidence is following suit. Typically medium-priced home is now $259,300, but may rise. BUY NOW WITH INTEREST RATES LOW.

OUTDATED MORTGAGE ADVICE YOU SHOULD IGNORE RIGHT NOW!

With interest rates still low best for a fixed interest rate mortgage, but still choices. 20% down is a reasonable cash to put into a home, but now FHA only requires 3% cash down. Some conventional lenders may require only 3.5% down & some with 10% or less. You can stash your cash to use in the stock market. JUST TALK TO SEVERAL IN-TOWN LENDERS!

EXISTING-HOME SALES to STABILIZE and PRICE GROWTH to CONTINUE

Are we experiencing a small bubble? “The markets are different from 10 years ago. Stronger, more stable market compared to the loosely regulated market leading up to the bust” according to Lawrence Yun, chief economist at the National Association of Realtors. Inventory is at a 5 months low. One Realtor said homeownership is on a social level – how these homeowners tend to be better physical and mental health and economically more self-sufficient. MORE TO COME!

HOW to DO a BATHROOM RENOVATION for 1/2 PRICE

This owner researched everything, went to Home Depot workshops to learn to lay tile & tile up the shower. Know your limits! This owner hired a subcontractor to add new dry wall, replace windows and licensed contractors to do the plumbing, electrical & HVAC work. Watching videos & reading DIY blogs helped also. Also $500 to install the glass show enclosure was work it. A new vanity & door were added + a claw-foot tub. AGAIN PRACTICE, PRACTICE, PRACTICE.

TYLER, TEXAS UPDATES

(1) Tyler airport flying to Mile High City. Now going to Denver! Easy to go with Frontier Airlines. Runway 4-22 in Tyler expanded with $48 million runway.

(2) Senior living breaks ground in rural East Texas in Bullard. On intersection of US 69 & FM 344. Received $1 million from Texas Department of Agriculture. Open in late 2020 for short-term rehabilitation, long-term care, and hospice services.

FIVE AGING-in-PLACE TRENDS to KEEP YOU INDEPENDENT – part 3

(4) SMART TOILETS. Toilets with built-in cleansing sprays & air dryers for folks with limited range. Also can use smart seats retrofitted to an existing toilet. (5) SLEEK SUPPORTS. Grab bars are essential & can double as towel racks. Built-in handles on sink basins is an option for folks with balance problems. JUST DO ALL THESE 5 IDEAS TO STAY IN YOUR HOME!!


FIVE AGING-in-PLACE TRENDS to KEEP YOU INDEPENDENT! – part 2

(2) SAFER COOKING. Induction cooktops are essential. The technology uses electromagnetism to generate heat. Only cooking vessel gets hot & are precise. (3) HOME AUTOMATION. Smart home technology makes it possible to control lighting, locks, appliances, etc. with a smartphone or voice-controlled speaker. Wi-Fi cameras make it possible to check on loved ones. MORE TO COME!

FIVE AGING-in-PLACE TRENDS to KEEP YOU INDEPENDENT

(1)  SLIP-RESISTANT FLOORING.  Falls are the leading cause of injuries among seniors.  Flooring manufacturers are coming out with more materials that meet he industry standard of slip-resistance or DCOF ( 0.42 or higher on the Dynamic Coefficient Of Friction).  Wood-look porcelain tile is popular in kitchen & baths, where most falls occur.  In the bathroom install a curbless shower.  MORE TO COME!