Homeownership Matters

From Living Odessa| Odessa TX

In the spirit of the national campaign "Home Ownership Matters" I am gathering highlights / testimonials from people who live or are proud of their hometown Odessa TX.

If you believe Odessa TX is a great community, please share your story !

Please submit a brief description of why you love Odessa to donna@OdessaMidlandHomes.com. Awards will be given to submissions who are used in the final production.

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Q & A Buying a Fixer Upper in Odessa TX

Question

I would like to find a fairly cheap house to fix up must be a three bedroom, since finding a house to rent here in Odessa seems to be harder than it looks we are trying this option?

You are not alone. Many people find it difficult to find a house to rent in Odessa TX. If you can buy a home, now is the time. Interest rates are low and home prices are stable.

The first key thing is do you qualify for a loan. Unless you have enough savings to pay cash (most people do not) than you will first want to know if you can qualify for a loan and how much they will lend you based on your current debt and income.

Second, buying a fixer uper is a great way to get into a home with the lowest amount of upfront investment. It is called "sweat equity" because you can build equity in your home by buying low, put your own "sweat" into it and later selling a much more valuable property.

The third consideration is whether the the house qualify for a loan. I already described that you must qualify for a loan but the house must also qualify. Lenders have condition standards that the home must meet. They want to be assured that the property is in reasonable condition before they will be willing to loan the money for a purchase. The reason is that if you default on the loan, they want to know they will be able to recoup their investment when they have to re-sale it.

There are many scenerios to consider so unless you are experienced in real estate, you will want to hire a buyer's agent to assist you through the process of a home purchase. (see Why Hire a Buyer's Agent? )

To Learn More...

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What Your Home is Worth

Easy, what some one is willing to pay for it.  If you want an accurate idea of what that might be, you should contact your Realtor.  When you work with an experienced Realtor they can do a Comparative Market Analysis.

What factors are used to do a CMA?  The agent, using their expert opinion, will find closely related home similar to yours and then adding or subtracting for differences to come up with an accurate value.  These could include lot size, internal features such as number of bedrooms or baths as well as exterior features such as garages.  Also the type of financing can be a factor that must be considered.

Donna Edwards
Odessa TX Realtor - Broker
DeRiso & Haynes Realty

http://www.donnasellsodessa.com/

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Burrr, It's Cold Outside

In Odessa TX we rarely have a chance to really get to enjoy a good toasty fire in our homes but lately is the exception. 

Before you stoke up the fire, here are some great tips to have a safe and efficient fire.  

• Burn only dry, cured wood that have been split, stacked and dried for 8-12 months.  The best wood to use is hardwood such as oak, hickory or maple.  In our area we have an abundance of mesquite growing wild.  It is a fairly hardy wood but it has a strong smell that is not always welcome indoors.

• Burn only firewood not processed or treated wood such as treated lumber or painted wood or wood that has any chemicals on it.  You can use log starters from the store to help get your fire going.

• Open the damper only when the fireplace is in use.  It can be a source of energy loss when a fire is not present.  A top-mounted damper can double as a rain cap and provides a tighter closure.

• Keep the fireplace doors open when a fire is in use so the warm air can circulate into the room.

• Have your chimney cleaned every year or whenever you have burned 3 cords of wood (approx 2 full-sized pickup trucks full).

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Home Seller Statistics

Home Seller Statistics

• Home opn the market - 8 weeks median
• Sales Price to asking -  96% median

Number of Price Reductions

• 43% require none
• 27% require one
• 14% require two
• 9% require three
• 8% require four or more

Seller Incentives

• 56% had none
• 25% had a home warranty
• 20% had closing cost assistance
• 4% had credit to repairs / remodeling

Where did buyers find their home?

• 38% through an agent
• 37% through the internet
• 11% through yard sign/open house
• 6% through friend or neighbor
• 2% through print newspapers
• <1% through homebook or magazine

What do sellers want from their agents

• 23% want price home competitively
• 21% want help finding a buyer
• 20% want help marketing to potential buyers
• 19% want help selling home in a specific time period
• 7% want help selling for more

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REALTOR® Magazine-Daily News-'Secret' Way to Lower Mortgage Payments

How to lower your monthly payment without refinancing.

REALTOR® Magazine-Daily News-'Secret' Way to Lower Mortgage Payments

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Southbrook

This beautiful 2-story home measures over 3600 sq. ft. and includes many desireable features including three living areas, a formal dining room, a kitchen with a super-sized breakfast bar, a pantry you've got to see to believe, and a huge master bedroom with a private bathroom featuring his/her vanities and closets. Extra lot is perfect for a sparkling pool! This home is a must see! more

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