“The surge in home prices during the pandemic could fuel the biggest dollar increase in the conforming loan limit for Fannie Mae and Freddie Mac in records dating to 1970.
An increase in the conforming loan limit means more homebuyers will be able to apply for conforming mortgages instead of “jumbo” loans, which are typically harder to qualify for and carry higher interest rates because they’re not backed by Fannie and Freddie.”
“The baseline conforming loan limit is tied to national average home prices. After the 2007-2009 housing crash and recession, it didn’t go up for a decade, remaining static at $417,000 until home prices clawed their way back to previous heights.
Last November, Fannie and Freddie’s federal regulator bumped up the 2021 baseline conforming loan limit for single-family homes by $37,850, to $548,250. The 7.4 percent increase was based on annual home price appreciation tracked by the Federal Housing Finance Agency’s House Price Index.”
When Emily Ruth’s best friends, Stephen and Sarah, needed to quickly list and sell their home after inadvertently stumbling upon the GOAT, unicorn home of their dreams, we put together a to do list quickly, leaned on Compass Concierge, and got to work.
They had a lifetime of memories on the wall that needed to be paired down so the future buyers could picture living in the home. In addition, their son Oliver, had an incredible lego collection mounted on the walls of his bedroom. Remember, anything attached to the walls, unless explicitly excluded, conveys with the home sell.
Despite the home being incredibly well maintained with a strong foundation, there were standard hairline cracks that could possibly deter future home buyers. We paired down the art work, removed all of the built in shelves and legos, and repainted almost everywhere, leaning on Sarah and Stephen’s great taste and color choices.
There was a broken window and a few small to do’s like repair missing tile and regrout that we took care of as well.
The biggest changes happened to the exterior. We repainted the existing colors and home really popped. The lilac, maroon, and white paint colors had really dulled after time. Sarah and Stephen both lamented that they really wished they had painted a long time ago.
How did this work out for them? Incredibly well! After four days with over 50 showings and 4447 online views, we received multiple offers and accepted an offer for $25,000 over asking. Also, in combination with the homeowner’s (one of our favorite inspectors) due diligence over the years, the buyers did not ask for any concessions at all during the option period.
Check out the results!
Compass Concierge
The hassle-free way to sell your home faster and for a higher price, Compass Concierge helps you maximize its value with home improvement services like staging, flooring, painting and more. No upfront costs, no interest.
We love working with Compass because of programs like this!
The Texas House passed a property tax relief bill that could impact anyone who bought a home this year! Senate Bill 8 gives homeowners the benefit of the resident homestead exemption the first year of acquiring a property instead of having to wait until January 1st of the following year for the exemption to take effect.
A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.
No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on Jan. 1 of the tax year. An age 65 or older or disabled exemption is effective as of Jan. 1 of the tax year the applicant qualifies for the homestead and applies to the entire tax year.
Learn more about Residence Homestead Exemptions on https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php
“Surprise! This is our second featured property of the week from Compass Real Estate’s Jenni Stolarski. She’s killing it over in Oak Cliff, per usual. This little cottage is located at 823 Salmon Drive and it’s so crisp and clean and STILL feels cozy and thoughtful and just plain lovely.
Completely remodeled in 2018, the ceilings were raised, and the most beautiful bracing was put in place. It looks delicate and so gloriously modern. It accents the living, dining, and kitchen and is a nod to the fact that, as Stolarski said, this remodeler knew what they were doing.”
Read the full article, including an awesome story about how the current owners got into the home, on Candy’s Dirt.
Voted One of the Ten Most Charming Homes in Dallas in 2020 by DMagazine, and located in the heart of Kessler Park. This one is for the Tudor enthusiast-from its dazzling gardens to the stucco brick exterior to the vintage detailing. Arched oak front door, 6 stained-glass windows, plaster lathe walls, double crown molding, original oak floors, operational gas-log fireplace with antique tile. The restored kitchen offers a breakfast nook, plenty of countertops, glass-front cabinets & more. Gardens provide year-round joy with ornamental, perennial, herb & fruiting plants. Stately carriage-style garage used as a workshop, potting shed attached.Collapse
