🏡✨ What Do Lenders Look At During the Pre-Approval Process? ✨

Getting pre-approved for a mortgage is one of the most important steps when starting your home-buying journey! Not only does it give you a clear idea of your budget, but it also shows sellers that you're serious. But what exactly do lenders look at to determine if you qualify for a loan? Let’s break it down!

1. Credit Score 📊

Your credit score is one of the first things lenders check. A higher score typically means you’re more likely to qualify for better interest rates and loan terms. If you’re unsure what your credit score looks like, now’s the time to review it!

2. Credit History 📝

Lenders will also dive into your credit history to see how responsible you’ve been with past credit. This includes any late payments, existing loans, and how much debt you’re currently carrying.

3. Assets and Liabilities 💰

Your assets (like savings, retirement funds, and other investments) will be reviewed to ensure you can cover the down payment and closing costs. Lenders will also consider your liabilities, which include any current debts or obligations like student loans, car payments, or credit card balances.

4. Employment History 📅

Consistency is key here! Lenders want to see a stable employment history, usually over the past two years, to ensure you have a steady source of income. Changing jobs often can raise red flags, but stability and career growth are seen as positives.

5. Income 💵

Your income plays a huge role in determining how much you can borrow. Lenders will look at your gross monthly income, and that includes your salary, bonuses, commissions, and any other consistent income sources. This helps them figure out how much of a loan you can afford.

6. Debt-to-Income Ratio (DTI) 🔢

Your debt-to-income ratio (DTI) is a key number that lenders evaluate. It’s the percentage of your monthly income that goes toward paying debts. The lower your DTI, the better your chances of getting pre-approved. Most lenders prefer a DTI ratio of 43% or lower.

---

✨ Ready to Start Your Home Journey? ✨
Getting pre-approved sets the stage for a smooth home-buying experience and helps you find the best loan options available. If you’re ready to take that step, I’d love to connect you with one of my trusted loan officers who can guide you through the process!

Contact me today, Let’s start your journey toward homeownership today! 🏠💼

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide prospective clients with an Information About Brokerage Services form. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

How Does a Buyer’s Agent Get Paid? Here’s What You Need to Know!

 

I wanted to take a moment to explain how compensation works when you have a buyer’s agent representing you in your home search. Knowing these details can make the process smoother and more transparent!

Before a REALTOR® can show you any homes, you and the agent will need to sign a buyer’s agreement. This agreement outlines the services that will be provided, and it also confirms how much compensation the REALTOR® will receive once the deal is done. The amount paid to the buyer’s agent is negotiable, and it can come from several different sources:

1. The Seller
   
2. The Listing Broker
   
3. The Buyer
   
4. Or a combination of these parties
   

When I act as your buyer’s agent, I always do my best to ensure my commission comes from the seller or listing broker. On the rare occasion that you, as the buyer, may be responsible for any portion of my commission, I will make sure you know the exact amount before you sign the home purchase contract. No surprises! 😊

If you have any questions or need more clarification, I’m here to help!

Let’s make your home search easy, transparent, and stress-free. Ready to start? Let’s chat!

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide prospective clients with an Information About Brokerage Services form. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

🏡✨ DFW Housing Market Update: September 2024 ✨🏡

 

As we enter fall, the Dallas-Fort Worth housing market is showing signs of stability despite rising mortgage rates. Here’s a quick look at what’s happening:

Mortgage Rates: Rising Above 6.5% 📈

Mortgage rates are ticking up again, now sitting above 6.5%. While higher rates can be a challenge for some buyers, there’s still plenty of activity in the market for those ready to move!

Median Home Prices: Gradual Decline 📉

Median home prices have dipped by an additional 1.3% as the market continues to level off. This may provide opportunities for buyers looking for deals, particularly in a more balanced market.

Active Listings on the Rise 🏠

The number of active listings has increased 41% compared to last year, giving buyers more choices as inventory expands. This rise in listings also means days on the market have stretched to about 53 days, providing more time to make thoughtful decisions.

Inventory and Closed Sales: Steady Growth 📊

Monthly inventory supply is up 4.1%, while closed sales have increased by 1.3%. This points to a more balanced market where both buyers and sellers are finding opportunities.

Hottest Price Ranges 💵

Homes priced between $300,000 and $399,000 remain the top sellers, with homes in the $500,000 to $750,000 range still holding strong in second place. This trend shows continued demand in mid- to high-tier price brackets.

What Does This Mean for Buyers & Sellers? 🤔

While some buyers are pausing their search until after the election, those who are active are finding more choices and negotiating power. Sellers should be mindful of pricing to stay competitive, as buyers have more inventory to choose from.

Let’s Navigate This Market Together! 🌟

The DFW housing market may be leveling off, but there are still plenty of opportunities for both buyers and sellers. Whether you’re looking to make a move before the end of the year or want to wait out the election season, I’m here to help you navigate these trends and make the best decisions for your real estate goals.

---

💬 Let’s chat! Whether you’re buying or selling, I’m here to guide you through the DFW real estate market with expert advice and support.

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide prospective clients with an Information About Brokerage Services form. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

🏡✨ Top Must-Have Home Upgrades to Transform Your Space! ✨🏡

 

Thinking about turning a fixer-upper into your dream home? With the right upgrades, any house can become the perfect space for you! Here are the top must-have improvements that add value and style:

1. Modern Kitchens 🍽️: A sleek, updated kitchen is the heart of the home. Think upgraded countertops, new cabinets, and smart appliances for the perfect blend of function and design.

2. Beautiful Kitchen Countertops 🧑‍🍳: Upgrade your countertops with quartz, granite, or marble for a luxurious feel and added durability.

3. Updated Garage Doors 🚪: A new garage door not only improves curb appeal but adds security and efficiency to your home.

4. Zero-Threshold Showers 🚿: Create a spa-like experience with a zero-threshold shower for easy access and a modern look.

5. Energy-Saving Roofing 🌞: Go green and save money with energy-efficient roofing options that keep your home cooler in the summer and warmer in the winter!

Ready to find a home with potential and start upgrading? Let’s talk about your next move today! 🌟🔑

#HomeUpgrades #FixerUpperDreams #RealEstateInvesting #EnergyEfficientHomes #ModernKitchens #DFWRealEstate #DreamHomeGoals #TexasHomes #HouseTransformation

---

Let’s turn your fixer-upper into the home you’ve always dreamed of! Reach out today to get started! 🏠✨

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide the Information About Brokerage Services form to prospective clients. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

📊 August 2024 DFW Real Estate Market Update: What’s Happening Now? 📊

 

Exciting news for buyers in the Dallas-Fort Worth area! Mortgage rates are falling and have hit a near 2-year low 📉, with the 30-year fixed rate at 6.2%. This dip opens up opportunities for buyers who’ve been waiting for the right moment to jump back into the market.

🏡 Market at a Glance:

• Median Home Prices: Flat since August 2023, with no major increases or drops. 📅
• Active Listings: Up by a whopping 45% compared to last year! That means more homes to choose from. 🏠✨
• Days on Market: Homes stay on the market longer—up to 50 days on average. ⏳ This gives buyers more negotiating power.
• Inventory Supply: The monthly inventory has increased to 4 months, signaling a shift towards a more balanced market. 📈
• Closed Sales: We’re seeing a slight decline in the number of closed sales, down 4.3%. 💼

💰 What’s Selling?

• The hottest price range remains $300K-$399K 🔥, but homes in the $500K-$750K range are also in high demand. If you’re looking to buy or sell in these ranges, it’s a great time to act!

📉 While the market is cooling off a bit, the falling mortgage rates could spark renewed buyer interest, especially as pent-up demand remains. If you’re thinking of making a move, now might be the window you’ve been waiting for!

🏠 Whether you're buying, selling, or investing, let's navigate this changing market together. Send me a message if you have questions or want to take advantage of these market conditions!

#DFWRealEstate #DallasFortWorthHomes #RealEstateMarketUpdate #BuyersMarket  #MortgageRates #DFWHousing #HomeBuyingTips #InvestmentProperty #RealEstateNews #HousingMarketTrends #DFWRealtor #HomeBuyersGuide 🏡📉💼

Feel free to reach out! ✉️ Let’s find your dream home or maximize your investment together.

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide the Information About Brokerage Services form to prospective clients. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

🏡✨ Why Getting Pre-Approved for a Home Loan is a Game Changer! ✨🏡

 

Before you even start your home search, getting pre-approved can make all the difference! Here’s why it’s a must-do step:

1. Know Your Budget 💸: Pre-approval helps you understand exactly what you can afford. No more guessing! It’ll save you time by focusing on homes within your price range.

2. Stand Out as a Serious Buyer 🌟: Sellers love working with pre-approved buyers! It shows you're serious and ready to make a move, giving you a competitive edge in a hot market.

3. More Negotiating Power 🤝: With pre-approval in hand, you'll be in a stronger position to negotiate the best deal, as sellers are more likely to take your offer seriously.

4. Speed Up the Closing Process ⏳: When you're pre-approved, much of the paperwork is already done, meaning a faster, smoother closing process once you find your dream home!

Ready to get pre-approved and start your home search? Contact me today and let’s make it happen! 🏠🔑

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide the Information About Brokerage Services form to prospective clients. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com

🏡✨ Understanding a REALTOR®’s Duty to You: Buyers & Sellers Alike ✨🏡

 

As a REALTOR®, my ethical responsibility is to act in the best interest of my clients—whether you’re buying or selling a home. But what does that really mean for you? Let’s break it down! 🤔

For Buyers: Acting in YOUR Best Interest 🏠🔑

When you work with a REALTOR® to find your dream home, it’s our duty to show you any home that fits your criteria. This means we provide you with all options, regardless of whether the seller or listing broker offers compensation to us as your buyer’s agent. Even if the compensation offered is less than what was agreed in your buyer agreement, our job is to ensure you have full access to all potential homes and understand the potential cost and options for you. Transparency and honesty are key! 🌟💼

For Sellers: Acting in YOUR Best Interest 🏡💰

For sellers, we provide clear explanations of the benefits and costs of different marketing strategies. From staging tips to advertising options, I ensure that you understand how each approach will appeal to potential buyers. My goal is to get your home in front of as many qualified buyers as possible, ensuring you get the best deal! 📈📊

Steering: What It Is & Why It’s Wrong 🚫⚖️

“Steering” is when a REALTOR® influences which homes you see based on the commission they’ll receive. This could mean pushing you toward certain homes where they earn more or away from homes where they earn less. This is against the REALTOR® Code of Ethics. You deserve unbiased advice focused on what’s best for you, not what’s best for the agent’s paycheck. 💼⚖️

How Written Agreements Protect You 📑✍️

Starting August 17, 2024, you’ll be asked to sign a written buyer agreement before touring homes with a REALTOR®. These agreements ensure clarity and transparency, outlining the services your agent will provide and the compensation they will receive. This helps protect you from wrongful steering and ensures that the focus remains on finding the best home for you! 🛡️🔑

Let’s Work Together the Right Way! 🤝🏡

Whether buying or selling, working with a REALTOR® who puts your interests first is essential to navigating today’s real estate market with confidence. If you have any questions about the home buying or selling process, or how I can help you achieve your real estate goals, let’s chat!

For more information see: CONSUMER GUIDE: REALTORS’® DUTY TO PUT CLIENT INTERESTS ABOVE THEIR OWN

---

Have more questions about working with a REALTOR®? I’m here to guide you every step of the way! 🌟

fantastic web resources that will turn your real estate dreams into a reality: Insider Tips, New Construction Marvels, and More! 🏡✨

Get a Cash Offer on Your Home Today

bret@homeswithmerit.com 214-315-9465

Texas Real Estate Commission Consumer Protection Notice Texas law requires all license holders to provide the Information About Brokerage Services form to prospective clients. Bret Wilson Realtor® 214.315.9465 Lic #0606304 bret@homeswithmerit.com