Smart Money says Dallas Real Estate is GREAT!

SmartMoney.com published an article this week ranking Dallas, TX as one of the top 5 real estate markets in the United States.  The article says that Dallas, TX has escaped the bursting real estate bubble.  While commercial development is going crazy, and residential sales remain strong relative to the rest of the country, interest rates remain strong. 

Q. What does this mean for Dallas Real Estate?

A. It means that people need to stop listening to CNN when they say that the sky is falling.  The sky is still big and bright here in Dallas, Texas.  Specifically, markets like Lake Highlands and Richardson are seeing major movement on homes in the $140,000 to $275,000 price range.  There are incredible deals out there with the high number of foreclosures as well as the great loan terms available.  Many home buyers are still getting 97% financing and buying homes 25% under market value. 

Below is a blurb from the smartmoney.com article:

Dallas

The Lone Star state isn’t so lonely anymore. Dallas, home to manufacturing corporations like Texas Instruments (TXN: 29.74, -0.03, -0.10%), has recently enjoyed a strong economy. Also, light restrictions on building in the city have resulted in a flourishing real estate market. But unlike other Sun Belt regions, speculation here remained tame, says Bland. Single-family-home values grew at a relatively mild 27% from January 2000 to July 2007. Values dropped 4% between February 2007 and February 2008.

http://www.smartmoney.com/deal-of-the-day/index.cfm?story=20080507-cities-weathering-the-housing-bust&pgnum=4

As usual, BigDBlog is available to answer questions relating to this and other topics.

 

 

Lake Highlands likes to Move it Move it…

Hey Lake Highlands - Dallas,

Houses are moving faster than they have in a long time.  Call your friends and family and tell them to hurry up and buy a home before this market gets totally corrected.  Sellers are selling to take advantage of great buying deals and so should you. 

 

BigD

Buy High and Sell Low – The Dallas, TX Real Estate Game

Buy High, Sell Low. A phrase you would never hear from an investor in the stock market, yet it seems to be the mantra of many homebuyers. In a poor market many potential homebuyers are holding onto their money and waiting for the market to spike. Conversely, when the market is hot (and prices are at their peak) buyers a clamoring to get their money into real estate.

 

The truth is real estate values, like the economy, move cyclically. As simple as it sounds, as a buyer it is in your best interest to buy when the market is cool and prices are lower. If you intend to live in the home as little as 3 to 5 years you stand a very good chance of making money.

 

A successful stock market investor is a step ahead of the market trends. By using the same strategy, a homebuyer can find a great home and make a smart investment in their future.

 

By: Keith Brown

Guest Blogger

Buy Now or forever Pay The Difference – Dallas, TX

Television news, Radio, and even the News Papers are saying that the worst of the real estate slowdown is over with.  Especially in Dallas, Texas, conditions are perfect for prospective home buyers to get out there and look at houses ready to make offers.  Lenders are standing by with great interest rates and as much as 97% financing still available.  With the prices available and the amount of homes on the market, anyone considering buying a home in 2008 needs to get going today. 

Sellers will be getting more and more patient as the spring and summer unfold and that means prices will go up until September or so. 

Go and get your great deal,

BigDBlog

For Sale By Owner in Dallas Texas Part II

Know what you don’t Know.

At first glance, that might sound impossible.  I don’t know advanced calculus, so how could I know it? 

Don’t worry, you won’t need advanced calculus to sell your home by yourself.  You will however need to understand that you are not an expert in contract, negotiations, title work, insurance, inspections, building codes, mortgage lending, legal surveys, property appraisal, marketing and advertising.  You might be an expert in one or two, but you need a team of professionals to get a home sold legally and safely where all parties can sleep at night. 

Remember that when you spend money on the services of a true professional, you usually get more value than you pay out.  For instance, if you are a fairly savvy advertiser and negotiator, you could probably find a buyer and settle on a fair price in a good real estate market if your home is in a good location.  Then what?  What do you do about the rest of the hundreds of details necessary to complete a residential transaction. 

Option 1:  Assume someone else will do it.

                  Someone usually will, but they rarely will have your best interest in mind and look out for your bottom line.

Option 2:  Ask someone to do it for free.

                  Someone might, but they certainly won’t have the motivation to work hard for you that they would if they were being paid.

Option 3:  Hire a PRO.  A professional will give you confidence that the job will be done right and that you will be protected from losing the thousands of dollars that are at risk in any given transaction. There are companies out there that provide this “contract to close” type of service for under $2,000.  Compared to the full commission of a traditional listing agent, this would save you over $10,000 on the average US house.  You would do what you are comfortable doing, and you would get a PRO to do the tough stuff.

BigDBlog wants you to save money where you can, and be smart where you must.  Option three makes sense for almost all FSBOs (For Sale By Owners.)

Most cities have Full Service Real Estate offices that will offer a paperwork or file service for a decent price, and most cities have Fee for Service offices that do this all day long.

Feel free to send questions as usual,

BigDBlog

For Sale By Owner in Dallas Texas Part I

Many Dallas home owners consider the pros and cons of listing and selling homes with traditional real estate agents and cringe at the prospect of paying a 6% or 7% commission.  This usually leads to the the book store or the Internet where home owners can find decent resources on how to sell a home on your own.  Decent means that among the blast of advertising from websites and so called marketing services you should be able to find a handful of good tips on selling a home yourself. 

Here is a cheat sheet with most of what you should know.  As this is just Part I of a multi-part series on For Sale By Owner issues in Dallas Texas, there will be more to come.  Feel free to comment and ask questions anyway.

• Plan Your Attack First
• Prepare your home for sale (clean, de-clutter, landscape, remove negatives)
• Find help to handle the “details of the transaction” once you have a buyer 
• Research advertising options (too many options to try it all, but you must advertise the home for sale)
• Commit to consistently advertising in a minimum of 4 places for a period of at least 60 days
• Make your home available for prospective buyers to view as often as possible (keep it clean)
• Smell can Sell – (keep your home smelling good)
• Remember, Price is important, but it is not the only term to negotiate (closing date, title insurance, inspections, repairs, attachments etc.)
• TAKE EXCELLENT PICTURES – LOTS OF THEM
• Use the Internet as much as possible – 84%+ of all home buyers start their search on-line.
• Research SELLING prices in your area.  Your neighbor may have asked $299,900 and he may have told you that he got it, but he most likely took less.  As a For Sale By Owner, you must price competitively.
• Be prepared for lower offers.  Buyers assume FSBO means that it will be a better deal.
• Know your Square Footage, Year Built, Age of major systems like Heating and Air conditioning, Hot Water Heaters, Roof etc.
• Have your own inspection done before you put your house up for sale.  You’ll know what to expect when the buyer has his inspection.

More to come in Part II,

BigDBlog

Dallas Population Booms – Here come the home buyers!

Dallas, TX has been one of the fastest growing major metropolitan areas in the United States over the last few years.  The United States Census reported that between 2006 and 2007 more than 160,000 people moved to DFW where job growth and the local real estate market have both been relatively strong. 

WASHINGTON (U.S. Census Bureau) – Dallas-Fort Worth-Arlington had the largest numeric gain of any metro area in the United States between 2006 and 2007, according to estimates released yesterday by the U.S. Census Bureau. Three other Texas cities also made the top ten.

The population in the DFW metro area increased by 162,250. Number two was Atlanta-Sandy Springs-Marietta, Ga. (151,063), followed by Phoenix-Mesa-Scottsdale, Ariz. (132,513).

This is great news to home buyers and home owners in the Dallas, Texas area.  As jobs and population rise, the demand for existing homes increases directly.  With all of the delayed demand expected to surge back in to the local Dallas real estate market soon, the local economy in Dallas should see big benefits. 

Buy Now says BigDBlog

2008 Lake Highlands – Dallas, TX – Real Estate Market Update

Since January 01, 2008 the North East Dallas / Lake Highlands area has seen 92 single family residential homes sold with prices ranging from $68,000 to $503,000.  The vast majority of those homes were three bedroom homes with two bathrooms and two care garages.  There were as you would expect a reasonable number of four and five bedroom homes that sold as well.

During this same time frame in 2007, 135 homes were sold ranging from $45,507 to $480,000.  This documents the suspicions of many that even the Lake Highlands real estate market has slowed.  As you have read on BigDBlog before, this is mostly due to the public reaction to intimidating national media reports that the entire United States housing market is in crisis. 

Understanding that the factors affecting this supposed crisis are local and not uniform across the country, BigDBlog will quickly recap the reasons that Dallas, Texas and specifically Lake Highlands are in a great position for an immediate rebound to a stable and even appreciating local housing market with a few bullet points.

• Dallas area job growth is strong – Large companies are relocating to Dallas due to the relatively low cost of living and access to necessary resources in the financial and technical industries
• Dallas area homes never experienced the double digit appreciation that many other housing markets did.  -  If there is no inflated “real estate bubble,” there will be no bust!
• Interest rates on mortgages are still very very low.  Many home owners can remember the 1980’s when mortgage interest rates hit 15.8%.  Today’s rates are under 6% and near all time lows. 
• This is the best opportunity to buy a home in a long long time.  Low rates + high number of homes on the market = lower overall home prices with lower overall payments.  This allows Dallas home owners to build equity and real wealth even faster.  That is the American Dream

Additional Data for your local real estate curiosity:

• Overall average price per square foot for North East Dallas and Lake Highlands is $104.53 so far in 2008
• Overall average days on the market for Homes in North East Dallas and Lake Highlands is 84
• Overall average percentage of original listing price received on home sales in North East Dallas and Lake Highlands is 98%
• Overall average original listing price for homes in Lake Highlands and North East Dallas was $231,335
• Overall average square footage for homes in Lake Highlands and North East Dallas was 2,156
• Overall average year of construction for homes sold so far in 2008 in Lake Highlands and North east Dallas was 1968

As usual, BigDBlog is happy to answer any of your Dallas, TX real estate related or random questions.

 Thanks for reading,

BigDBlog

Lake Highlands Exchange Club Fund Raiser

If you have ever lived in or around Lake Highlands in Dallas, Texas, then you know about the Lake Highlands Exchange Club.  They are well known in the community due to their tireless service to the people and schools in Lake Highlands.  The Lake Highlands Exchange Club sponsors scholarship programs for students at Lake Highlands High School, awards for students who display character and integrity in addition to supporting women’s shelters and local law enforcement. 

In the works for the upcoming year are events ranging from a job fair for high school students to learn about employment opportunities to social outings to enjoy the fellowship of neighbors and friends. 

Saturday March 29, 2008 at Royal Oaks Country Club on Greenville Avenue, the Lake Highlands Exchange Club will be hosting a Casino Night and Auction in order to raise funds for its many local initiatives.  There will be many great prizes including all expense paid vacations, spa treatments and even a FREE residential real estate listing. 

For those men and women interested in learning more about the Lake Highlands Exchange Club and how their efforts affect real estate and home values in the Lake Highlands area, contact BigDBlog.

BigDBlog

Spring Break in Dallas

Spring is upon us here in Dallas, TX and while the weather is still catching up, the calendar never stops.  Many schools are out this week or next for Spring Break.  This is usually the beginning of the buying season for Dallas home shoppers.  While this week will most likely remain slow in the home buying department, the folks who are considering buying and selling will start to think about what might be in the next few months. 

Many families are out of town on vacation or entertaining children who are usually in school.  While this seems like a great time to look at houses, it usually doesn’t translate into many homes getting sold.  As early as next week though, we should see a pick up in the amount of showing activity that sellers are getting.  If you are thinking about selling your Dallas home, now is the time to think seriously about who you will hire to be your consultant during this process. Who will be your adviser.  You’ll want to have your home on the market by April in order to take advantage of the Spring and early Summer buying markets.

Start fertilizing the yard, plant some colorful flowers near the front door and begin to declutter your home.  Spring cleaning is worth every penny and every second. 

Good Luck,

BigDBlog