Dallas Real Estate and Short Sale Blog

Like many real estate professionals, I typically wear my name tag or some other logo apparel when I’m out and about. When people notice it, the opening question is usually, “How’s the market?” My answer these days is, "Hot!” Homes under $200k are flying off the market almost as fast as we can get them listed.

We listed seven properties in April--four of them are already under contract. As soon as a properly prepared, priced, and marketed property hits the market, the showings start and we have multiple offers in days.

Preparation, pricing, and marketing are the keys to generating traffic and emotional appeal.

As part of our pre-listing work we often recommend punch-out items and staging of the home. While punch-out costs vary with the amount of work to be done, it averages about $500. A couple of hours with a professional stager costs about $200. This is money well-spent and will be far less than your first price reduction.

Pricing is also important. Homes that are properly prepared will bring a higher sales price but homes that are more than 5 percent over market value tend to languish on the market. Price it right up-front.

Marketing is the final ingredient. Now that the house is prepared and priced right, it has to be well marketed. We use professional photography in all our listings. With over 90 percent of local buyers starting on the Internet, quality photography and well-written marketing text is critical to driving buyers into the home.

There has not been a better time to sell a home in the past 3-plus years!

If you’re looking for a professional team to sell your home in the North Dallas Suburbs, contact us at 214-227-6626.

Base Photo Used With Permission

Originally posted at http://www.thebranchteam.com/wordpress/2012/04/23/hows-the-market-north-texas-is-hot/

"It's a buyer's market", I hear those words at least once a week. They are usually accompanied by some low offer on one of our listings.

Newsflash! With the exception of homes over $500k, the buyer's market in the North Dallas area is over. Properties that show well and are correctly priced are flying off the market. Many of our recent listings have fully executed contracts in less that 5 days. As a listing broker, it's been nice to see the market shift back.

Recent numbers from the North Texas Real Estate Information System (NTREIS), the MLS in North Texas, show that we have about 4.1 months of inventory. For reference, the National Association of REALTORS® states that a 6 month inventory of homes is a balance market. Levels above 6 months are a buyer's market while levels below 6 months are a seller's market.

If you're a seller wanting to move this may be the best time in years to sell and be able to purchase a new home. Home prices are stable and interest rates are still at record lows.

If you're a buyer, you simply cannot drag your feet or lob in low offers. If you do so, you may find the property is under contract or sold to a more reasonable offer.

Want more information on the housing market in Dallas? Contact us at 214-705-2470.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/04/15/its-a-buyers-market-not-in-north-dallas/

The past couple of months have been crazy! Homes that are in good condition, show ready, and priced right are flying off the greater Dallas market. It's almost like the good old days. Two of our recent listings had multiple offers within a week of going on the market and several of our buyers had to pay list or above in order to secure a contract. The buyer's market in north Dallas area is over in the under $200k price range.

There's been a lot of speculation as to the reasons but many first-time home buyers have been sitting on the fence waiting for rates to bottom out or the economy to stabilize.

This may last well into the normal spring sales season unless something bad happens to the economy. The run-up in oil prices and the impact on fuel prices could send them back on fence.

If you've been thinking about selling your home and moving up this may be one of the best times in history to do so. Homes under $200k are moving, prices are likely at the bottom, and interest rates are insanely low. We closed a home a couple of weeks ago with a 15 year mortgage at 3.00 percent and another recent closing had a 30 year FHA mortgage at 3.875 percent.

We have many resources on our website:

Home Value Request - What's my home worth?

Seller Tips

Are You Show Ready?

Looking for an experienced team of agents with a proven track-record to sell your home? Click here.

Feel free to contact us if you have questions or need more information.

Photo Copyright RE/MAX®

Originally posted at http://www.thebranchteam.com/wordpress/2012/02/26/thinking-about-selling-this-may-be-the-time/

I was interviewed by Danny Gallagher with the McKinney Courier Gazette as part of his story on the dramatic drop in foreclosures in June 2011.

According to the Foreclosure Listing Service (FLS), July 2011 foreclosure filings are down 28 percent across the Metroplex, the fifth straight month of decreased filings.

The real question is “What’s driving this change?” I agree with the FLS that while our numbers continue to decline, it’s hard to pinpoint the reasons.

As I dug into the MLS statistics, I note that North Texas continues to buck all the trends. Housing prices are up 3.5 percent year over year and Collin County prices are up 5.4 percent. Higher housing prices allow people to sell, if needed.

Additionally new listings are down 17 percent and home sales are down 14 percent. What these two numbers tell me is that the number of available homes is getting smaller since there are more sales than new listings. This has a positive impact on housing prices because the supply is actually getting smaller.

Other good news is that the North Texas economy is doing well. People who are working are far less likely to default on their mortgages.

Are we out of the woods yet? Perhaps--but there is still too much economic uncertainty at the national level. While some areas of the country are experiencing the “double-dip”, our housing market appears to be relatively stable.

If you are a homeowner having problems paying the mortgage, help is avaialable. Contract your lender or local real estate professional.

Source: http://www.thebranchteam.com/wordpress/2011/06/25/foreclosures-make-dramatic-drop-in-june/

I was out showing homes the other day to some out of state buyers. As they looked at homes, they would spot some hairline cracks in the sheetrock of some of the homes. They were concerned about potential foundation issues. Welcome to Texas!

North Texas is notorious for expansive clay soil. Why is this important? The foundations of our homes are built on top of this soil and this causes the foundations to move with changes in the water content of the soil. When the foundation moves, hairline cracks can appear in the sheetrock.

The key to minimizing the movement is to keep the soil around the foundation at a consistent moisture content. What does that mean? Water the lawn or add soaker hoses around the foundation. Dried up soil contracts and allows the foundation to move.

Foundation movement is not the only reason that cracks appear in the sheetrock. In new construction, the studs may not have been completely dry when the home was built. As the wood dries, it shrinks and can cause minor cracking.

If you're purchasing a home and you have concerns, hire an engineer to inspect the foundation of the home. The cost ranges from $250 and up depending upon the size and type of foundation.

Dallas Foundation Repair and Inspection

Source: http://www.thebranchteam.com/wordpress/2011/05/20/there-is-a-crack-in-the-sheetrock/