Most sellers will want some sort of down payment so that you have “skin in the game.” But a seller may be happy with a much smaller down payment than a traditional lender would. So, don’t be afraid to ask for 3%, 5%, or 10% of the purchase price as a down payment.

You can also think creatively about what you give as a down payment. Let’s say you’re buying an expensive 30-unit apartment building. What if you own a piece of land, a truck, or a promissory note paying monthly interest? Each of those assets has a value. And the seller might perceive their value higher than you do.

Also, if the property needs a lot of repair work, don’t be afraid to negotiate your repairs as part of your skin in the game. I once negotiated a $5,000 down payment (much less than the seller wanted) because I also agreed in my contract to a long list of repairs. I already planned to do them, but it put the seller at ease knowing I was spending an additional $30,000 or more improving the security for his seller financing.

David Wyrick REALTOR /Leasing Expert

214-930-1642 
David@modernlivingdallas.com
www.DavidsRealtyServices.com

The Dallas-Fort Worth housing market continues to stay red hot, and 2020 is shaping up to look like its best year since the recession. The latest real estate market statistics reflect positive growth for the city, which is home to more than seven million people. Home prices in Dallas continue to grow relative to last year. These reports break down inventory metrics like the number of active listings and the pace of the market. In light of the developing COVID-19 situation affecting the industry, we want to give more timely updates.

With low interest rates under 3% you would be surprised what type of home you could own. Lenders also offering new programs for first home buyers and with minimum 3-5% down payment you could own a house. 

Call me today and I’ll be happy to provide you my expertise and advice without any obligations.

David Wyrick REALTOR /Leasing Expert

214-930-1642 
David@modernlivingdallas.com
www.DavidsRealtyServices.com

Each year, innovations and issues emerge that impact the construction industry, and this year is no exception. While it’s just the start of the new year, we’ve listed a few of our predictions for areas of focus and attention across the industry in the coming year. If you operate a construction or remodeling business, stay mindful of these residential construction trends. 

Designing your home isn’t always easy and sometimes you’ll need advice. It’s important to have the right design company to help you with your project. For our new construction development with CobaltHomes https://www.cobaltdfw.com/home#about we work closely with Nick Nassrallah, ASID,  at DW Design Group https://www.dwdesigngroup.net/renderings 

David Wyrick REALTOR /Leasing Expert

214-930-1642 
David@modernlivingdallas.com
www.DavidsRealtyServices.com

This is another term that seems straight forward. But keep in mind that with long-term financing, you pay more interest than you would with the lowest rate percent because of its longer term.

At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but  wouldn’t drop at a 3% . But now that’s just what has happened.

And many economists predict that mortgage rates will remain below that threshold into 2021.

This is the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. And it is the seventh time so far this year that Freddie Mac’s mortgage rate survey had reported a record low.

Contact me today and let’s talk about numbers and see if I can find you your dream home.  I’m here to help and will be happy to go over your options without any obligations. If you feel like am the right fit I would be honored to working with you.  

David Wyrick REALTOR /Leasing Expert

214-930-1642 
David@modernlivingdallas.com
www.DavidsRealtyServices.com