The Buzz

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

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?

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

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

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???

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!

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!