ComeToDallas

The Buzz

2009-01-20T16:03:00.000-06:00

We’ve been experiencing all the buzz for the past several weeks about the new era coming upon us in the United States. We witnessed the historical inauguration today of Barack Obama as our new President, and we will now see if he can live up to all the expectations that have been placed on him. Doubtful that he can, as it has really escalated into much more than likely he would have ever imagined. As we go through the expected “honeymoon period” of his presidency, there is no doubt that we’ll continue to hear much negativism from those opposed to him and/or his plans for the country – that’s a given. What is undeniable though is the incredible level of optimism that seems to have spread throughout much of the population. Whether this optimism is based on anything substantive or not, or if it’s merely a feeling, I can’t help but think that it will have a positive impact on our economy which can only benefit the real estate market. I think we all were looking for something to feel upbeat about after being hammered by negative news for so long. Perhaps these feelings of goodwill, or whatever they are, are enough to give a boost of confidence to the American consumer and provide a much-needed spark to home sales as well as the rest of the economy. Time will tell if the buzz is a bust or boom.

A Little Good News

2008-09-15T10:18:00.004-06:00

With all the negative news flying about regarding the financial markets, mortgage industry, real estate market, etc., surely there must be some silver lining around this cloud. In an email exchange with one of my mortgage experts this morning I was checking to see what the effect of the Lehman Brothers situation and Merrill Lynch sale to BOA would have on interest rates, availability of funds to loan, etc.

Here is the response from Randal McClanahan: "It will have no affect on availability of funds because the government has already said we will supply the funds need for FHA, Fannie and Freddie. We are seeing rates rebound from Friday's sell off and get back to great low. FHA 30 year fixed today is 5.5%. This should spur some activity I hope."

If a person can, they should look closely at their personal situation and make decisions based on that. If we take all of our cues from the media "experts" on real estate and finance then we would never buy or sell anything. Real estate, like the weather is absolutely a local phenomenon and is even widely varied within a particular community. Don't let the "Chicken Little" mentality of the media keep you from realizing your own real estates goals.

Is Your House a Bad Fruit?

2008-09-09T23:15:00.001-06:00

Hardly a day goes by that I don’t run into someone that asks me about the condition of the real estate market. Often it seems they are expecting to hear a tale of doom and gloom based on what they hear and/or read in the media outlets. So I’m not sure if they are disappointed or relieved when I tell them our market here in the Dallas area is not so bad. Don’t get me wrong, it’s not gangbusters, plenty of inventory available, many listings aging with no real interest from any buyers. But there are still plenty of homes that come on the market and sell with the first few days, maybe weeks, of being listed. Not at all uncommon for the first buyer to see these homes and make an offer at or near full price.

Why is this happening? What sets these apart from the rest? Preparation and staging. The buyers out there are seeing a lot of homes, either in person or online or both. Kind of like picking fruit at the grocery story store. The bruised apples and squishy tomatoes get left behind. It is a process of elimination and takes very little for a property to be rejected. Bad photos, challenging location, poor presentation, obviously overpriced. The location certainly cannot be changed but the other items are under the control of the seller, with input from their Realtor.

Quality of photos can make or break a listing. Even the best property can be made to look bad using inadequate equipment or improper technique. If good photos cannot be taken by the seller or the agent, spend the money to hire a professional otherwise they won’t even make it to your house to reject it in person.

Poor presentation is the kiss of death. The buyers are watching the same programs on HGTV among other channels, showing them how a house should be “staged” to sell so that’s what they expect to see. If a seller believes they can market a house the same way they live in it, most will be disappointed by the lack of interest from buyers. Make the house look like a model home. If you’re not getting the suggestions from your Realtor, hire a professional stager to help you with this and you’ll more than recapture the money spent for this.

Pricing. Get the thought out of your head that you can price it high and a buyer “can bring us a lower offer – we’re willing to negotiate”. The higher you are priced above where you should be, the lower any offer will come in, you’ll likely be insulted or angry by the offer. Greater chance that you’ll receive no offer at all, then go through a series of price reductions and end up selling for less than if you had priced it right from the start. As a listing ages, buyers often see that as an opportunity, thinking the seller may be getting desperate now. Until it becomes a seller’s market again, and it will at some point, don’t “test the market” – price it to sell now.

Bottom line. Buyer’s are choosing the cream of the crop at the best price. They’ve seen the rest and when the good ones come available, they are snapping them up in a big hurry. Do yourself a favor, get all your ducks in a row and put your best fruit forward.

2609 Blue Jay Ct, McKinney, TX 75070

2008-05-01T17:19:00.004-06:00

This gorgeous home in the master planned community of Stonebridge Ranch in McKinney, Texas has just been reduced and is priced to sell at $224,900. Available for QUICK OCCUPANCY!

To check out a virtual tour slide show, click here.

Here are some details on this terrific property:

Pride of ownership is obvious in this gorgeous Highland Home located in the prestigious Stonebridge Ranch community, situated on a quiet, OVERSIZED CUL-DE-SAC LOT with numerous trees. Excellent ONE-STORY floorplan with 4 bedrooms (4th bedroom makes perfect STUDY), 2 living and 2 dining areas, split bedrooms, and kitchen is open to family room. HUGE BACK YARD has room for a pool plus plenty of play area. Large back patio is ideal to gather outside during the day and is great for evening entertaining. UPGRADED BRONZE HARDWARE and fixtures, fresh paint inside and out including custom faux finishes in 2007. Spacious kitchen has skip trowel walls, corian counters, 42-INCH CABINETS, extra large island with knee space for seating, tile backsplash, and overlooks family room. Other features include: OVERSIZED GARAGE providing additional storage space, covered front porch, large master bedroom and bath, brick hearth fireplace with custom mantel, arched passages, SURROUND SOUND WIRING, 2-inch blinds, crown molding, walk-in closets in all bedrooms, tile floors in entry, kitchen, baths, and utility all make this home show like a model. NEW ROOF April 2008!! Seller offering 1-YEAR HOME WARRANTY to buyer through AHS.

Dallas Morning News Feature Story

2008-02-15T13:53:00.003-06:00

Most of us seek out opportunities to give back to the community and find ways to lend a hand to those in need. For about 10 years now I've been fortunate to be able to combine my love of aviation with my desire to help others through an outstanding organization called Angel Flight. Recently I had lunch with a good friend of mine who introduced me to a long-time friend of hers who happens to be a writer for the Dallas Morning News. The result of this lunch meeting was a well-written article that was prominently featured, along with a large photo, on the front page of the real estate section on Saturday, February 9, 2008. It was so much more than I had expected and I am extremely grateful for the exposure for Angel Flight and my involvement with them. Click here for a link to the online text version of this article.

D/FW Foreclosures Jump 31% -- Or Do They???

2008-01-21T15:03:00.000-06:00

This was the basic headline in the Dallas Morning News last week regarding home scheduled for foreclosure in February. Those eye-catching headlines certainly get your attention and I imagine help to sell newspapers. But when you read the entire article you'll discover what is probably a pretty good explanantion as to what contributed to this dramatic increase.

The first Tuesday of the month is the day that lenders are allowed to take properties by foreclosure. In January that day was New Years Day. Do you think the lenders knew this and could have decided to not participate due to a probable lack of interest? George Roddy of Foreclosure Listing Service estimates the 10-15 percent of January postings were moved to February for just this reason.

But of course the DMN would rather pile on to the fears already being felt amongst consumers and keep those negative headlines in the forefront of our minds. Fear paralyzes and for some reason the media wants to see our economy continue to decline. Guess that makes good headlines too when their "prophesy" plays out just liked they had hoped.

Bottom line, the D/FW real estate market is just fine. Not great, not gangbusters, but just fine and actually a pretty normal healthy market. What a terrific time to buy real estate and hold onto it for awhile. Remember, real estate is supposed to be a long-term investment, not typically a get rich quick investment.

2008!!! Happy New Year!

2008-01-02T13:05:00.000-06:00

First "official" workday of the new year. I'm looking forward with anticipation to what 2008 will bring to each of us, how the national and local economies will trend, and how the real estate market will be affected by the upcoming election and the campaigns leading up to it.

As you may have also, I have a few resolutions for the new year and even more goals to accomplish. I'm excited about the opportunity to tackle these goals and work even harder than ever to make my real estate clients glad that I am "their" Realtor. I enjoy the challenge of the work I do and am so grateful and blessed by the many referrals I receive from my current and past clients and friends.

Make 2008 the BEST year ever for you!

New On The Market -- 3/2/2 Richardson, TX $137,000

2007-11-06T20:02:00.000-06:00

Just on the market this past week is 1252 Dumont Drive, Richardson TX 75080.

Charming mid-century traditional located in desirable Richardson Heights neighborhood. Extremely well-maintained home with 3 bdrms, 2 baths, 2-car garage on spacious lot which provides for a large back yard for outdoor fun. Hardwoods in bedrooms and also under carpet in living rm and hallway. New built-in oven installed Oct 2007. AC unit replaced Oct 2007; furnace replaced 2006; roof replaced 2003. Large dining room allows for extra sitting area.

This is a great part of Richardson, lots of remodeling being done on these homes, mostly pier and beam foundations, lots of potential for future appreciation as the area continues its revitalization.

Fish Tacos!!!

2007-10-05T06:25:00.000-06:00

Apparently Houston has been enjoying Berryhill Baja Grill for quite some time since that's where they started. In Dallas it is a relatively new arrival even though they've been here for a couple of years or so.

They have a terrific menu and not your typical tex-mex cuisine. Famous for their tamales, I have a difficult time ordering anything but the fish tacos (original, tempura fried) with charro beans and rice. Fun atmosphere, excellent food, great bar -- definitely worth a visit when you have the opportunity.

Map to the far north Dallas location

Fingerprints Required for Realtor License Renewal

2007-10-04T12:34:00.000-06:00

It had to happen eventually, and is probably a good idea. Considering the ease of entry into the real estate business as a licensee, it's time we verify within our own ranks that we're not concealing any "known" troublemakers. Check out the text below from the Texas Real Estate Commission website regarding the new requirement starting in 2008 for all new licensees and license renewals to be fingerprinted.

Wonder how many agents are concerned about having their fingerprints and criminal background checked...

From the TREC website:

Anyone applying for or renewing a broker or salesperson license on or after January 1, 2008 must get fingerprinted in connection with the application. Fingerprints are required so that the Texas Department of Public Safety (DPS) can conduct a criminal history check with the Federal Bureau of Investigation (FBI). A criminal history check will be conducted on every applicant for a license and every time a real estate salesperson or broker license is renewed. Once fingerprints are on file with DPS, a licensee will not need to be fingerprinted for subsequent renewals.

Fingerprints that an applicant or licensee may have submitted for any other reason, such as previous employment or for a state issued license, will not be acceptable for TREC licensure.
You will receive a notice from TREC with information you will need to schedule your fingerprint appointment on the web or by telephone.
The fingerprints must be in the FBI’s required format and must be taken at an authorized DPS site. Currently, there are 70 locations statewide where electronic fingerprints can be taken.
If you are renewing your license, you should get your fingerprints taken at least ten (10) days before your license expiration date to avoid any renewal delay and assure continued licensure.
If you fail to get your fingerprints taken before your license expires, you will have to submit a late renewal application form and pay a higher fee to get a new license.
If you are applying for a license, you must get your fingerprints taken within 6 months of the date of you first applied or your application will terminate.
TREC cannot issue or renew a license until it has confirmation that your fingerprints have been submitted to DPS in the required form.

All That Jazz!!!

2007-03-30T14:22:00.000-06:00

There are plenty of cultural events to enjoy in and around the Dallas area, contrary to the too-often heard comment that "there's nothing to do around here" by the locals. With just the slightest effort you can discover a treasure of fun, interesting, educational, entertaining things to do for some fun. We'll give mention to some of those here on a regular basis to keep you informed on what's happening.

The North Texas Jazz Festival will wrap up during the day on Saturday, March 31 in Addison at the Hotel Intercontinental. A joint venture between the Town of Addison and the University of North Texas, it's a great day for jazz lovers to enjoy some terrific student musicians. The Saturday evening concert kicks off at 7pm and the headliner, The Kenny Barron Trio, takes the stage around 9:45pm.

Great music! Fun atmosphere! Affordable entertainment! Don't miss it.

D/FW Foreclosures Continue to Climb

2007-03-17T12:24:00.000-06:00

According to the Dallas Morning News, the foreclosure postings in the area continue to increase, with an overall jump of 18% in the properties posted for April foreclosure. Dallas County itself actually helped keep the average down with an 11% increase while other areas jumped as much as 40% (Collin County).

The big question coming from so many is "Will it get better any time soon?" The short answer is, probably not. There are still multitudes of homeowners that took advantage of the generosity of mortgage lenders, purchased with no money down with and Adjustable Rate Mortgage (ARM) and these loans are reaching the time to start adjusting. For those that are living paycheck to paycheck, already there is often too much month at the end of the money. Factor in an increase of a mortgage payment that goes up even $150-$200 or more, then the choices are limited. When the creditors are already barking about the past due credit card bills, car payment is late, the kids need new shoes, and the desire for more than mac & cheese for dinner, something's gotta give! With an intense feeling of dread, perhaps a sense of failure, the house unfortunately has to go back to the lender. What a disappointment.

But the cycle has already begun and it's hard to tell how much worse it may get before it gets better. The "experts" are all over the board with some forecasting a recession and others a little less drastic outcome. All anyone knows for sure is that it will take a considerable amount of time for this cycle to complete, with likely a fair amount of government investigation, tightening of lending practices, and more lenders going out of business.

Silver lining: if you're a home buyer there may be some opportunities. As the foreclosure inventories grow, the lenders holding these properties may start to come down on their pricing in order to get them off the books. Keep your eyes open for that trend in the not too distant future.

Stay off that bed!!!

2007-03-14T17:39:00.000-06:00

Thank goodness for HGTV! Seems like nearly everyone I know is watching it, making plans for their next remodeling project, learning how to "flip" properties, and why to put in a gazillion dollars worth of landscaping improvements. Most importantly, I rarely have to explain any more what I mean when I talk about "staging" a house for sale. Most of the home sellers know about it, and many of them are doing it very well, oftentimes with professional help. And it works! Buyers like those homes better that are well staged, they sell faster and at a higher price as a rule.

There is an image that comes to my mind sometimes though, probably fueled by my sense of humor that has been referred to as "pure corn" (spent a lot of years in Oklahoma). I envision the sellers coming home, eating their evening meal (Hot Pockets perhaps) standing up in the laundry room so as not to disturb the table setting (permanently in place until the house sells) and to keep any crumbs off the den furniture and floor. Can't stay up and watch TV now or the furniture will be mangled by butt prints and deemed unpresentable to the next buyer prospect walking through the door. Might as well go to bed. Get out the sleeping bags, lay them next to the beds and do not, I repeat DO NOT pull the covers back and ruin the balance of the 8-15 pillows of various sizes and shapes on top of the bed! Sleep well...

You get the picture. Living in a house while trying to sell is very different from "real life". The sellers that do the best job staging their home are usually rewarded -- and should be. They need to sell quickly so they can get a good night's sleep -- in between the sheets.

Bottom line: properly staging a home to sell works extremely well. It's not always easy to live that way, but it is so worth the sacrifice. Check with your favorite Realtor for tips and/or referrals to professional home stagers.

Be careful what you ask for...

2007-03-13T20:41:00.000-06:00

We all wanted it. Begged the powers that be to let it happen. This is America! Land of Opportunity! We've all been assured of life, liberty, and the pursuit of happiness. We must ALL own real estate!!!

So that's where it begins. Pressure is put on the mortgage lenders and the regulators to loosen the purse strings, ease up on the requirements for someone to qualify for a mortgage to purchase a home. And it worked! The floodgates opened up and the money poured into the subprime mortgage market and nearly anyone with a job (and some without) and about a C- credit score was able to borrow money for real estate. Down payment? Not necessary. Closing costs? Don't make me laugh -- we'll just add it to the sales price and you can pay for it over time. Oh, and if you'd prefer to not pay anything toward the principle balance, that's fine too and we'll just make it an interest-only loan. Certainly the HUGE increase in the property value will create equity in the home for you. You'll be just fine... right.

Given the liberal lending practices, it's hardly shocking that we've been hearing so much lately about the record setting pace of foreclosures around the country. The Adjustable Rate Mortgages that were so popular have started to adjust now causing the monthly payment for so many homeowners to have drastic increases, often out of the financial reach of the borrower. They may have already purchased every bit of house they could qualify for. And they may have never even considered the higher utility bills of the larger home. Already before buying groceries for the family, many folks are already pinching the last few pennies of the month. Fortunately, the lenders have been kind enough to not always require monthly payments into an escrow account for taxes and insurance. So at least that cash is freed up for that month. Surely there will be a windfall before the tax bill comes in and the insurance is up for renewal. Yeah, sure...

This is a situation that we've all brought on ourselves and we must now live with the market we've helped create. Not to be accused of being totally negative, just realistic about the near future of the market while the recovery goes on. While the supreme mortgage lenders such as New Century are dealing with their own problems, the cashflow to potential home buyers is sure to slow to a trickle, especially in the subprime market. Less mortgage money available, fewer buyers for the enormous amount of housing inventory currently available in most areas. Lower demand for that inventory will most certainly have a negative effect on property values in many areas.

Bottom line: home sellers are going to have to be diligent about pricing their property correctly when they first go on the market -- don't test it at an obviously unrealistic price. You'll be very disappointed at the least. And hopefully you'll have a Realtor that will be firm and tell you the truth straight up about what you can expect to sell for. Don't fall prey to the agent that gives you "pie in the sky" and tells you how much more money they can get for you. Unless they are buying it, they don't control the market.