Know your House Payment Comfort Zone - Fort Hood Real Estate
#2 of the Seven Things you Should Do Before Buying Fort Hood Real Estate

It's exciting news when your lender tells you that you qualify for a much larger and more expensive home than you ever dreamed, but the reality is that lenders don't know how you live and how you like to spend your disposable income.

There's nothing worse than buying too much house, so before you sign on the dotted line to buy your piece of Fort Hood real estate,  spend some time working on a realistic budget that includes the expenses involved in owning a home.

You'll find as you work on your budget that expenses can be classified as either fixed or variable.

Your monthly house payment is a fixed expense, usually structured to cover the principle, interest, taxes and insurance for one month.   More fixed expenses of owning Fort Hood real estate include utilities (water, electricity, gas, trash and sewer).  Some variable costs associated with home ownership would be maintenance costs such as yard care and home repairs.

An example of other fixed expenses are car payments, credit card payments and bills for cable TV, internet services, telephone,  student loan payments and other regularly recurring bills.  

Variable expenses are the expenses you can usually control, like groceries, gas, recreation, entertainment, interior decorating, clothing and pocket money .  If you like to indulge in eating out, going out for entertainment or if you have a hobby you like to spend money on, a big house payment can really cut into your "fun budget!"

Try keeping your income and expenses on an electronic budget worksheet for a couple of months.   This analysis will give you a good insight into how much Fort Hood real estate you can comfortably afford based on your actual spending habits.

You'll be glad you know your comfort zone for a house payment BEFORE you sign on the dotted line!

How do I prequalify for a loan to buy Fort Hood Real Estate?
#1 of The Seven Things You Should Do Before Buying Fort Hood Real Estate

First time buyers who are looking at Fort Hood real estate want to know how to be prequalified, what it means and how it works.  

And I always tell them that the three best things about getting prequalified is that it's FREE, it's SIMPLE and then it's DONE!  

Where to Begin:

Just call a mortgage lender and ask to be prequalified for a home loan.  If you are eligible for a VA loan, be sure to let the lender know.  Not all lenders are approved to originate  VA or other government insured loans.

How it Works:

The lender will ask for your name, date of birth, social security number, your work history, your address history, info about how many in your family, your pay and information about your bank accounts or other assets.  Once the lender has this info, your credit will be checked and your ratio of debt to income will be calculated.   Based on all the information collected and then analyzed, the lender will determine if you qualify to buy a home.

It's Done!

This sounds like a lot of work, but the prequalification often takes less than twenty minutes!  Once you are prequalified, you are ready to get out there and shop for your Fort Hood real estate.  Knowing that you CAN definately purchase a home gives you a lot of power and confidence out there in the market!

Finding a Lender:

If you don't already have a lender in mind, there are many good local lenders in the Fort Hood area.  They charge low closing costs and offer VA, FHA and conventional loans at excellent interest rates.   Let me know if you need a list of lenders so you can be prequalified before you arrive at Fort Hood.



 

Local news is reporting that the main shooter, a US Soldier, is dead and 12 others are dead also.  31 wounded are reported at this time, and two other suspects are in custody.

Please keep all our Fort Hood families in your thoughts and prayers over the next few days.    This is a stunning tragedy for everyone in the area and in the nation.

Buying Fort Hood Real Estate can be a wonderful experience!  But buyers do worry that since Fort Hood is such a big place, they won't be able to make a good decision as to where they should live.   And, since it's so easy to get around the Fort Hood area, we can see a lot of homes in a short time, which means being prepared is very important!

Take the stress out of your trip to buy Fort Hood Real Estate by taking these steps before you arrive in Central Texas:

• Prequalify with a mortgage lender
  
• Discover your house payment comfort zone
  
• Investigate the area by calling local police departments
  
• Check schools at the Texas Education Agency Website
  
• Consider commute times from different areas
  
• Consider lifestyle - do you prefer city living or a slower pace
  
• Arrange travel and lodging - Especially if you travel with a pet
  

Armed with a prequalification letter, a firm budget in mind, and the information gained by checking out different areas and schools, you will be very prepared to look at Fort Hood Real Estate and to buy your home with confidence.  

You'll find more info on each step here in my blog over the next two weeks, so get your checklist planned out and be ready to start preparing for your homebuying trip to Fort Hood!

All I can say is the sellers are astounded and so is their realtor!    Beautiful, quality built home, lovely landscaping, great location, a bargain price  and still not selling.    Sound a little familiar?  

I wrote about this property back in APRIL, after about sixty days on the  Killeen Fort Hood Real Estate market.. little did we know that we'd burn through the summer (literally with over 67 days above 100 degrees) without a single offer.  

We tried open houses, realtor open houses, computed price adjustments.  We looked at listings for similar homes in that subdivision that were priced $20,000 above ours, and of course, they were sitting on the market, too.  

It wasn't looking very promising and the sellers were preparing to come up with at least $10,000 to close if we did get an offer (That's a lot of $$$ in this market).   They had moved on to their new PCS location in June,  and the need to sell the house was even more urgent.  Only new homes for sale in this subdivision were selling, and we had to do something to make this sale happen. 

Working any market when it's slow is very hard on sellers and agents, because we all want the property to sell.   I usually don't have any problem marketing and selling my listings, but this one.. well let's just say it was a "challenge". 

I spent some time just sitting in that empty property, trying to get inspired, to get to the bottom of why it wasn't selling. We were getting plenty of showings, which means the price was right.  So what is the problem????

So after walking around the house and looking at it from many angles, inside and out, and pondering the current market, I finally decided the problem was:  

This  home is just   "too perfect, too vanilla,  too forgettable".  It's getting lost in all the hundreds of homes for sale at Ft Hood.

After that epiphany, I advised the sellers to let the listing expire.  Then we let it sit off the market for a few days, while I did some minor staging.  Staging is not the norm here, but this house needed punching up a bit to give it something buyers could remember.  

We then put it back on the Killeen Ft Hood Real Estate market and, in TWO DAYS, we had THREE offers and a bidding war! 

Was it the really staging that set off the bidding war?  Or was it the freshness of the property back on the market?  Or was it just time for that particular piece of Killeen real estate to sell?   

In truth, it was probably a combination of the three.    But I give a big nod to the staging for giving this home an extra bit of WOW that buyers could remember.

In any case, the sellers are ecstatic, as they are now under contract to close at a sales price $10,000 higher than the asking price.   After preparing for the worst all summer, they will be in great shape after closing!

Sometimes even the best plans go off course!  I've found myself in this position before and bless my Fort Hood buyer clients for their understanding and patience and willingness to work it all out.  Top tier service means being available to clients when they need you.   But what if all of them need you at once????  

Phones are ringing again and buyers are out there looking at homes, which is good news for local home owners who have their Killeen Fort Hood homes listed for sale.

After months of no showings on some of my listings, several of them were shown multiple times last week, and it's just a matter of time now (hopefully) until offers start to come in. 

One of these homes, which I wrote about a couple of weeks ago, Beautiful Home - Bargain Price, has TWO interested buyers now who have made several trips to see the home.    Neither buyer has made an offer yet, but their agents tell me the home is at the top of their lists. 

Fort Hood area home builders are also feeling the pressure for their products as the building permits have increased significantly the past two weeks!   This is always a good sign that the market for home sales is starting to heat up.

So it's shaping up to be an interesting summer here at Fort Hood.   There is a great inventory of both new and resale homes in Killeen, Harker Heights, and Copperas Cove, pricing is better than it's been in several years, interest rates are LOW and the First Time Buyer $8000 tax credit is still available, with  no payback required.    If a new home isn't in your plans, maybe it should be!

It's a simple question.   Where do we go from here?  

These sellers are a wonderful military family who understand that the local Fort Hood real estate market is in a state of flux.   So they have made sure to keep their home spotlessly clean (with 4 children!!).  They've installed a couple of upgrades to make sure they are more competitive in the market.   They are ready to show at the drop of a hat.  AND they understand and agree that they must price their home aggressively to get it sold $10k under market) as well as agree to pay all the buyer closing costs and prepaids when the time comes.   Our marketing is the best the area has to offer and we know that the property is as well positioned on the internet as possible,

But still no buyer has made an offer.  In fact, it's only been shown three times in three months.   There are 22 homes for sale in this subdivision.  ONE resale home has sold in the past three months.  Two brand new construction homes (by less quality builders)  have sold.  

So where do we go from here?   Their PCS date is coming up and they will have to move on.   They'll leave it on the market through the summer in hopes that a buyer who needs this Killeen location will turn up.  And then if it doesn't sell they will have to make the hard decision to keep it on the market or turn it into a rental.

These sellers are not alone right now here at Fort Hood.   There are many, many other properties out there that are facing the same issues.   Some are holding out hope that the Corps of Engineers Homeowner Assistance Program will come to the rescue, but as of last week, the Fort Worth office of the Corps told me that they were pulling all their information on that program off the website because it looked like the funding for the program was "either on hold or canceled".  I'll be checking the Corps of Engineers website daily until there is an update. 

Here's a quick review of the new Fish City Grill, one of the many new restaurants in the Market Heights shopping area in Harker Heights Texas.   We found ourselves in the area on Saturday after meeting buyers at their new home to do a walk through and decided to give the Fish City Grill a try for lunch.   It was early, probably around 11:30, but the restaurant was already looking pretty busy.  There were people seated at tables and booths as well as in the bar.   The interior is very attractive, not too "nautical", very tasteful and comfortable.   The wait staff was wearing T-shirsts with witty sayings you have to be sure to read!    There were lots of creative specials on the board but we stuck with basic fried oysters.   The service was fairly fast.  The waffle fries could have used another half minute in the fryer, but the oysters were first rate as was the slaw with apple cider dressing.   We ended the meal with beignets and coffee, which were both very good, even if the beignets were not particularly traditional.

Fish City Grill is a franchised chain and their menu is online.   We will go back... for the food and to find out what was up with the waitress who was wearing a Nanook of the North fur cap with ear flaps as she waited tables!