North Dallas Homes

Quote for the Day

2008-09-05T00:01:00.001-05:00

I'm never down;

I'm either up or getting up.

[where: 75230]

Five Factors That Determine Your Credit Score

2008-09-03T10:55:00.000-05:00

Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. The higher your credit score, the better terms you can negotiate on your mortgage (ie. the more money you can save).

These factors affect your score.

Your payment history. Whether you paid credit obligations on time.
How much you owe. Owing a great deal of money on several accounts can indicate that you are overextended.
The length of your credit history. The longer the better.
How much new credit you have. New credit is considered more risky, even if you pay promptly.
The types of credit you use. It's usually more desirable to have more than one type of credit - installment loans, credit cards, mortgage, etc.

For more on evaluating and understanding your credit score, go to http://www.myfico.com/

[where: 75230]

Get a Crack-Proof Password

2008-09-02T09:31:00.001-05:00

In my business, it's a good idea to change passwords rather frequently and I'm always looking for those that are easy for me to remember.

Do you tend to use easy to remember passwords that are ripe for the bad guys to crack? If so, here's a neat place to generate a strong password that’ll be easy for you to remember but tough to crack. This little on-line program generates random passwords from the information you provide. The result is a hard to crack phrase that is familiar and easy for you to remember.

And you can make the generated passwords even tougher by capitalizing the first letter that appears in the password produced. Good way to lock the door!

[where: 75230]

Last Days of Summer

2008-08-31T23:23:00.003-05:00

Hope you get a chance to enjoy this holiday as the summer of 2008 winds to a close.

We had the privilege of spending a recent afternoon on Lake Lewisville aboard The Chamonix catamran with Boy Scout Troop 730 from St. Mark's School.

What a great group of boys and parents and what a fantastic and relaxing way to say good-bye to summer. [where: 75230]

Sarah Palin's Home

2008-08-30T18:18:00.008-05:00

Check out the home of the current Alaska Governor and 2008 Republican Vice Presidential candidate. Looks like a nice place on Lucile Lake within walking distance to the local Best Western Inn.

. .

Their lake front property isn't too bad for a public servant, her fisherman husband Todd and their kids. As you can see, you can land your plane on the lake and pull right up to the house. While the average home prices in Wasilla, Alaska aren't the highest in the country, they do range from a one-room $18,000 cabin to a 8,400 sq ft lodge with acreage for $2,350,000.

A couple of her neighbors have homes for sale just in case the John McCains want to add to their vast collection of vacation homes.

Bad Real Estate Photos

2008-08-29T05:31:00.012-05:00

Here are my choices for the worst real estate photos in our MLS this week.

Take my advice - that toilet rug thrown over a chair doesn't enhance the image of your home.

Nothing says 'wow' like fresh vacuum marks.

The description of this property actually calls it 'clean'.

Comes complete with in-laws.

There's something wrong with this photo, but I just can't put my finger on it.

Living In Denial

2008-08-27T06:00:00.004-05:00

It's True. Most homeowners around the country are in denial. According to the recent Q2 Homeowner Confidence Survey conducted by Zillow, 62% of US homeowners believe their home's value has increased or stayed the same in the past year. In reality, 77% of US homes have declined in value over the past 12 months.

People in the west and south have shown to be a little more realistic about current property values. Locally, we haven't seen declines as steep as the rest of the country, but I'd venture a bet that most Dallas homeowners believe their home's value has increased over the past year as well. And I think we've got plenty of reason to be so optimistic.

Zillow also released their local Dallas results on Tuesday showing the change in values in and around Dallas. Results range from down 4% around Farmers Branch to up 2% around Carrollton (two areas right next to each other). Zillow gets their 'zestimate' from many sources including tax appraisal. So I guess my success in getting my taxes lowered, lowered our values? Don't count on it.

The true indicator of housing prices are actual sales. And the local market can be very different from the national market. While our prices aren't skyrocketing, they aren't in a nose dive either. Living in Dallas is still a lot better than living in Denial. [where: 75230]

Homes Sales Up

2008-08-26T01:38:00.000-05:00

According to data released yesterday by the National Association of Realtors, existing-home sales hit a five-month high in July. However, they continue to be below sales numbers from last year at this time.

Existing-home sales increased 3.1 percent in July to 5 million units. July sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.

The national median existing-home price for all housing types (including single-family, townhomes, condominiums and co-ops) was down 7.1 percent from a year ago.

Local statistics should be available soon.

[where: 75230]

Better Mortgage News

2008-08-25T15:26:00.004-05:00

Bonds are rallying on fears of the financial sector and the overall health of the economy. Stocks are down over 200 points.

Look for some good mortgage rates tomorrow.

[where: 75230]

Mortgage Crisis Update

2008-08-25T08:14:00.002-05:00

If you don't think the mortgage mess is affecting real estate ...

“Problems in credit markets are not over and they are still a threat to the economy. Mandating tighter lending standards might help the safety and soundness of a particular institution; however, excessively conservative lending policies could prove counterproductive if they contribute to a weaker economic and credit environment.”

Federal Reserve Board, Ben Bernanke

Olympics Judges = Appraisers in Disguise

2008-08-23T06:09:00.006-05:00

As the Olympics wind down, I can't help but question how subjective the judging is in so many sports - from synchronized swimming to gymnastics. Sure there are sports like pole vaulting or the marathon where the winner is pretty cut & dry. But the minute differences in the diving performances of the gold, silver and bronze winners are pretty hard to distinguish.

Real Estate Appraisers are a bit like Olympic Judges. They follow a set criteria and base their numbers on many factors which are well documented. But the ultimate dollar value they place on a property is still subjective. Typically the value of a property is indicated by the current market. The primary indicator is the sales price of similar properties in the same area.

But every home is unique (in condition, exact location, etc.), and that makes the appraisal process subjective. The only impartial appraisal is of exact properties - like brand new condos. And every day the market value of those can change with supply & demand, the local economy, mortgage availability, etc.

Like Olympic judges, sometimes appraisers are right and sometimes they're way off. Its probably best not to try to bribe either a judge or an appraiser (thought I don't have any experience with this). Unlike Olympic judges, appraisers don't typically wear blazers. But they do carry clipboards. And the Dallas appraisers I work with are usually pretty accurate. I'm not so sure about international judges.

Bad Real Estate Photos to increase

2008-08-21T09:59:00.001-05:00

Good News, Bad News.

Realtor.com (the number one real estate search site in Texas) has increased the number of photos that an agent can include with their listings to 25. This is great news for a lot of Realtors like me. I can really showcase all the features of a home. And when I have a nice, large home to sell, this is great.

However, I've also sold smaller homes (like a one bedroom condo) that I can't imagine how I could come up with 25 great looking photos. In the future, look to see more agents posting photos like these below:

Staying Positive

2008-08-20T09:27:00.006-05:00

Sure, the market isn't great. But people are still buying and selling homes all over Dallas. And I'm helping them.

When things are tough, I seek to avoid getting sucked down into the pit of gloom & doom with all the folks who wallow in it. I focus on the positive every day. Giving me a boost is my favorite cheerleader Richard Flint with his Morning Minute. Here is his thought for today:

"Do you feel colorful today?
When clouds cover your day, can you still see the sunshine?
Are you a person who lets the events of their day control their attitude? Or are you a person who sees the event and smiles in spite of it.
I believe on the worst day you will ever live, good things are still happening. You just choose which one you are going to see."

Have a colorful day.

What sellers expect from their agent in a tough market

2008-08-18T08:33:00.000-05:00

In a challenging market, sellers expect and deserve a lot from their Realtor. In return, sellers need to be involved and participate in the selling process. I've found that if a seller is not connected to the process, they will not do what is needed to prepare the home for the showing process.

Sellers expect three things from me and most of what I do falls under these categories.

Integrity. An agent must be honest and forthright with their clients not matter what the question. This can be tough, but shading the facts doesn't help anyone.
Action. Sellers need an agent that can talk the talk and walk the walk. Sure, marketing styles and techniques are as varied as the number of agents. Hopefully, each agent has a method that works for them. No one method is best for every situation ...but there is a best method for each situation .... that is the one that works!
Results. This is the bottom line. I don't earn a commission, regardless of the marketing dollars spent, if the property does not sell. Successful sales are how make a living.

Most sellers know I am in business but they do not have a clue what it costs to run my business or sell their home. Advertising is not cheap. Marketing is not cheap. Add on education, licenses, car, overhead, ... I pay for all of these with the commission earned from each sale.

In a tough market, sellers can expect me to do everything possible to get their home sold. That's the bottom line.

[where: 75230]

Saints

2008-08-17T11:53:00.001-05:00

Living with a Saint

is more grueling than being one

New Rural Inspection Requirements

2008-08-17T11:30:00.000-05:00

Effective September 1, 2008 - a new rural inspection program begins in Texas. The Texas Residential Construction Commission will require all home builders and remodelers in unincorporated areas (or in cities that do not offer municipal inspections) to have their sites inspected at least three times during construction. The mandatory reviews include a foundation inspection before concrete is poured, a framing and mechanical systems assessment before wallboard is installed and a final sign-off after the entire job is done. Finally, a new requirement that is neccessary and helpful to the consumer. Every home should go through mandatory inspections during and after construction. For details, visit the TRCC website .

Olympics Remarks

2008-08-15T17:08:00.000-05:00

One of my favorite remarks about the Olympics (from the twitter blog):

[where: 75230]

Bad Real Estate Photos for August

2008-08-14T06:05:00.006-05:00

Despite today's digital cameras, bad real estate photos continue to represent homes for sale in Dallas. Below are this week's worst. Just to clarity - I did not take these photos. God help me if I did. These are taken from homes listed for sale in the Dallas area. The MLS system allows up to 10 photos of each property for sale and most agent like to showcase the best features of a home with good photos. Except for with these poor properties -

Wow, wood floors. Maybe the agent accidentally hit the button while the camera was around his neck

.

. . I'm blinded. But at least this guy hid behind his flash so we couldn't guess his identity.

Find the light switch. PLEASE

. . .

Easiest way to empty the tub. Just turn it on its side

You go first.

[where: 75230]

Olympic Schedule

2008-08-12T10:02:00.003-05:00

Take a break from the internet & blogs and go cheer for our Olympic teams. Just move your rear from the computer to the TV (no athletic ability required). Below is a schedule courtesy of my friends at Hexter Fair Title. [where: 75230]

Least & Most Expensive Homes Dallas

2008-08-10T19:47:00.014-05:00

The least expensive home currently on the market in Dallas is this place on Anderson Street in need of TLC. It is bank owned, built in 1924, measures 784 sq feet, features 2 bedrooms/1bath and is and listed for $5,500. Nothing here a bulldozer can't fix.

On the other end of the spectrum is the most expensive home on the market in Dallas ...

Restaurateur Phil Romono's estate on Strait Lane. For $17,500,000 you get an 8 bedroom/11bath home measuring 14,748 sq feet on 4.7 acres with a lake, fountains, waterfalls, a jogging trail, tennis court and pool. It includes a study and 2 offices for all the work you'll be doing to keep it up.

Mortgage Update

2008-08-08T21:11:00.011-05:00

Wall Street ended the week on a high note and mortgage interest rates stayed steady.

The Dow jumped to 11,734
The 10-year bond yield dropped below 4%
Oil plummeted to $115
and

The dollar rallied to 5-month high!

Due to huge losses, Fannie Mae will continue to make changes to slow its financial hemorrhaging. As Fannie and Freddie join mortgage companies passing their losses to consumers, it looks like loans will continue to be more difficult and more expensive to obtain.

Rates as of today:
Conforming to $417,000
30 Year 6.500%
15 Year 6.000%
3/1 ARM 5.875%
Jumbo above $417,000:
30 year 7.625%
15 year 7.000%
3/1 ARM 6.125%
5/1 ARM 6.625%

No Points & No Origination.

One point (1% of loan paid at closing) lowers rate .25%

[where: 75230]

Thank me for the rain

2008-08-08T07:45:00.004-05:00

I'll take credit for today's cool front and rain. We're hosting a band camp pool party for the Jesuit Ursuline Band this afternoon. What better way to bring on the showers that to invite 80 teenagers over to your house? I'm not sure how we'll get them all in our house if it's still raining, but at least we're getting some rain!

[where: 75230]

How is our Market?

2008-08-07T11:00:00.005-05:00

This is a question that I get daily and I'm glad to address it. As of last week, Dallas prices are up, with the median single family home sales price at $246,596 and a median price per square foot at about $116 . The average property has been on the market for about 121 days and it is still considered to be a buyer's market. There are about 5,589 properties for sale in Dallas.

The experts at Altos Research provide great statistics if you know how to decipher them. Basically, they report that nationally things are on the upswing. Almost without exception, the up markets are the nice parts of town. The down markets are the cheapest parts of town.

They are right on the money when they point out that the people with access to funds can, for the first time in years, buy in the best neighborhoods without a lot of competition. Mortgages are still cheap, if you can get one. While at the lower end, no one can get financing, and those with the foolish mortgages are now selling or foreclosing. The disasters start at the bottom.

The buyers that I'm working with now are getting into the properties they want at a price they like with excellent financing terms. It's a great time to buy.

[where: 75230]

Great Business Tip

2008-08-06T09:27:00.000-05:00

Honesty is the cornerstone of all success,

without which confidence and ability to perform

shall cease to exist.

Mary Kay Ash

Hot Real Estate

2008-08-05T11:08:00.005-05:00

I'm back! Back and hitting the hot Dallas pavement in our hot real estate market. The real players in the real estate game are buying properties. I had a couple of properties go into escrow while on vacation (thank you Sheri Pizitz) and things are as busy as a Sunday afternoon in May.

Doesn't seem like the Texas heat is slowing anyone down.

[where: 75230]