Mortgage Misinformation in Today's Market

I am so sick of all the articles that are being published and posted and talked about on the National News stations when they are not true. The final straw for this blog is an article I just read on http://www.dallasnews.com/ real estate section. You can read the full article here.

It says in this article that a buyer must have a minimum of 680 credit score, and that a 720 will help lower the interest rate offered. WHAT??!!

Buyers, please be aware that there are MANY lenders out there that are offering loan programs with much lower credit scores. Can you get a decent rate if you have a 500 FICO score? No, not really, though you might qualify for an FHA loan who doesn't care what the score is. Can you get a decent rate at a 600 score? Yes, probably. As long as your recent past history is in good condition and you're able to document your employment and assets, you're fine. You do NOT need a perfect credit score to get a loan.

Don't get me wrong. Some people who have decent scores aren't getting loans because they have collections out the wazooo, and they're behind on car payments and things like that. Do those people deserve loans? My opinion, NO! However, if you're current on all payments, and you have a decent (not perfect) track record, you are still VERY able to obtain a mortgage in today's market.

Please don't let news articles scare you. Call someone and ask specific questions about your specific situation for clarification before you make your own decision on whether or not you'll get approved.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

ARE YOU PACKED YET?!

952 Lockhart Dr, Plano TX 75023 ONLY $143,000 with POOL

3 Bedrooms, 2 Full Baths, 2 Car Garage, 2 Living Areas, 2 Dining Areas, and POOL all for under $150k!!
CLICK HERE for the Visual Tour!!


Great House in Great Area of Plano TX. POOL with perimeter fence & privacy with 8' Board on Board Fence. Oversized Cov Patio for Entertaining. Many updates thoughout the home: fresh paint, newer carpet, newer tile floors in wet areas, newer dishwasher, new lighting fixtures & fans, new hardware, & much more. Low maintanence pool with a cartridge filter & newer motor. Versatile floorplan with second living area and formal dining. Floor to ceiling brick fireplace. This is a Must See!!



There is also an extended covered patio which is great for entertaining with all those POOL parties!





Look how open the floorplan is. As you walk in straight ahead from the foyer, you'll see the Kitchen open to both the Breakfast Nook and Family Room. A conversation will never be missed with this type of layout!





The Living Area has vaulted ceilings and a floor to ceiling Brick, WoodBurning Fireplace.


Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

ARE YOU PACKED YET?!

Dallas Sales Prices Up... But Are They??

According to the latest information from NAR, the DFW area has had a 1.7% increase in sales prices over last year with the rest of the nation having a 1.5% DECLINE... Does the 1.7% increase give a true an honest look of what's going on in the area? Maybe not...

Since the subprime market made their changes, it knocked a lot of lower-end home buyers out of the market. With that, the under $150k price range has been harder to sell. However, sales of the higher priced homes are holding steady and are fairly strong.

Then, you take the higher priced homes and add those to the lesser sales in the lower prices, which used to be the bread and butter, and it creates an increase in sales prices (up to $156,500), though it's not a complete and true story.
Overall, in Texas, not just DFW, sales were down 1.3% in the second quarter. When you compare that to the rest of the country, they were down on average of 10.8%. What a huge difference! No wonder we're still getting so many people relocating here.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

ARE YOU PACKED YET?!

Email or Phone?? What do Internet Consumers Want?

I received an internet lead in October of 2005. It turned out that the owner had just bought the house a couple of months earlier, in August. I grunted a little, but sent him some information anyway because you just never know. I sent him listings on a monthly basis and also had him on an automatic drip campaign for once a month contact.


Some time in 2006, he emails me asking me to update his email address. Why not.... I guess that means he's looking at the emails and listings, so I updated his information.

In May, I received an email saying he wanted to meet with him because they were thinking about selling. He travels a lot so several appointments were canceled and rescheduled. Honestly, I thought he was a flake. He then suggested that I meet with his wife since his schedule is so busy. I tell him that I don't like meeting with just one spouce and that we should just meet the next time he's back in town. Reluctantly, I ended up meeting with the wife without him.
While talking with the wife, I learn that they're being relocated and will be moving July 14. What?? That's in 3 weeks!! I leave her my market information and tell her to call/email me with any questions or concerns. I received an email from the husband later that day thanking me for meeting with his wife and he appreciated some of the suggestions I had made and they were going to buy paint that night.

Two weeks ago by and I don't hear from them. On Sunday, I emailed him asking when I could come over to have him sign the paperwork and get a key from him so I could list it. He emails me back saying Thursday morning. I ASSUMED THE LISTING AND IT WORKED!!

I got there this morning and we spoke. He signed the listing agreement and such, and I put a sign in the yard. Then, I had to stand there and say, "I know we've been doing a lot of emailing back and forth, but can I have a contact phone number for you, especially since you're leaving the state?" We both chuckled and he thought it was funny that we had never spoken before this morning.

So, my question to everyone is, do you think the phone is really that important, or are you more like me where email is your main form of communication with your clients and potential prospects?
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

ARE YOU PACKED YET?!

An Example of Why You Shouldn't Overprice to Sell

Many sellers like to test the market. When doing this, they overprice their properties in the hopes that an unsuspecting buyer won't look at the neighborhood history and just offer the full asking price. Here is an example:

There is a property in Rowlett, TX. I interviewed for the listing back in March 2006. At the appointment, we discussed many updates to the house that would need to be done in order to warrant top dollar. I told them that if they updated the kitchen, removed the wall paper, a few other things, along with allowing me to stage the property, a reasonable asking price would be $140k. I told them that if they did not do these updates and just listed the house in its present condition, it would sell for $125k tops, and that might be pushing it.

I followed up many times over the next several weeks to see how progress was coming along. Each time I spoke with them, they were very excited about the updates and couldn't wait to get it on the market. In July 2006, I got the call to come list it as they were ready... I walked in the door:
Me: I can't wait to see the kitchen!
Mrs. Seller: Oh, we didn't change the appliances.
Me: Ok, but at least it'll have a cleaner look with the wallpaper gone.
Mrs. Seller: No, we didn't take down the wall paper.
Me: Ohhh... What about the bathroms?
Mrs. Seller: No, we didn't change the flooring or anything there either.
Me: Ok, how about you tell me what you did do before I run through my list that we discussed.
Mr. Seller: (very proudly says) We recaulked the bathtubs!
Me: And?
Mrs Seller: That's it. We figured we could just sell it like this and the new buyer could do what they wanted...
Me: Well, you know that's going to effect the price we ask and how fast it's going to sell, remember?
Mrs. Seller: That's ok. We were thinking about $140-145k.
Me: We discussed $140k if you did the upgrades. We can't list it at $140k in this condition.
Mrs. Seller: But it was a former model home!
Me: But it's not a model home anymore. It has the original everything from early 1980!! $140k is not realistic.

I could go on... what happened here, is that I did finally agree to $140k with a $1500 allowance for the buyer, so that was basicaly $138,500. They also agreed to discuss a price adjustment after a couple of weeks depending on activity.


The sellers declined showings right and left, and refused to lower their price. I did finally get them to list at $137k but with the $1500 allowance removed, so they basically came down to $137k.

Where is that listing now?? Well, a couple of months after I listed it, my brokerage terminated the listing because they kept declining showings, and they also wouldn't allow me to stage it in order to show it to its best potentially, especially since it was overpriced, we needed to show the buyer why it was worth it.

It's now over a year later from my original listing, and it is STILL on the market!! It's with a different brokerage of course. Wanna know their initial starting price? $138k! Yes, they went UP from my last price adjustment. Wanna know what they're listed at now?? $133k with a $1500 allowance, which is basically $131,500.

At this point, even though it's only about $10k over priced, the listing is so stale, not many people are going to look at it. They ruined their chance of selling it because they sabataged their own efforts, and lack there of.

The lesson here, is do NOT overprice your listings just to test the market. Otherwise, you could be sitting there like these folks are, over a year later and no showing activity!!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

ARE YOU PACKED YET?!

Various Listings in and Around Dallas

10554 Cox Ln, Dallas TX 75229 Home for Sale

What a fabulous house!! This house is in sound mechanical & structual condition, but you'll need to bring your decorating & updating ideas with you to make it your home. We'll even give you $5k to start with! There are 4 bedrooms, 3 full baths, 2 car garage, and backs to Creek for privacy! The master and one bedroom are downstairs.

Features include: newer appliances & corian counters, elevated nook with bay window and view of Mature Trees and Creek, Sautillo & tile floors, wood paneling in the Living room with a floor to ceiling brick WBFP, Balcony off the GameRoom with WetBar, Double Shower with Jetted Tub, Double Vanities and Double Closets in the Master. Through the garage, you'll find a separate exercise room & workshop that are vented for AC. The house has 3 AC units so it's definitely zoned for better efficiency bills. The house is priced below appraisal so you can come update it yourself.







YOU CAN GET ALL THIS FOR ONLY $350,000 SO MAKE YOUR APPOINTMENT TODAY!

Texas- 2006 Profiles for Buyers and Sellers

NAR (National Association of REALTORS®) has their own number saying 79% of buyers use the internet when looking for a home. However, Texas has done their own research. The 2006 Profile of Texas Homebuyers and Sellers has some astonishing numbers.

According to the profile, 94% of Buyers were using the internet to look for properties. That's a huge difference from the National number! 25% of Buyers were using the internet to get information about a particular area. This is where Localism will come in more handy in my market. I'm still waiting for the grass to turn green before I enter more photos.

Here's something interesting. There are still agents that think all they need to do it enter a property in the MLS and it'll sell, as 10% of Sellers said that's all their agent did. On the flip side, 77% of Sellers said their agent provided more services throughout the selling process. I wonder what happened to the remaining 13%??

Overall, I guess I would conclude that the Texas Buyer is above the curve with using the Internet for their home searches! It's a good thing I jumped on this bandwagon long ago!

If you're a Buyer and/or Seller, and you're reading my Blog, congratualations on putting the newspaper down and saving some gas from driving around neighborhoods aimlessly. Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

Dallas Real Estate- Garage Sale before Moving

Is there too much clutter in your home? It can be a shock to see all the stuff most of us have accumulated through the years.

One of the best ways to clear out clutter is to have a garage sale. Here are some tips to making your garage sale effective:

* Advertise your sale on Craigslist. Make sure to include your address and what days and times the sale will take place. You might want to try to newspaper too, but Craigslist is FREE!
* Place directional signs at nearby key intersections.
* Place smaller items on tables.
* Be prepared in case of inclement weather.
* Put price tags on everything, but be flexible and ready to negotiate.
* Be prepared for early arrivals. Decide whether you want to allow early birds or if you will begin only at the specified time.
* Start with an adequate amount of change and small bills on hand. Decide whether you will accept checks.
* Have plenty of help--it's more fun that way!

Try to look at your home through a prospective buyer's eyes. Lack of clutter will help your home show better, and it will ease your move to a new place. And even if you are staying put, getting rid of clutter will allow you to enjoy your home more comfortably.

Please don't hesitate to call or email me if you'd like additional tips or suggestions. Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

Dallas Real Estate- Remodeling Investment

Are you thinking of remodeling your home? Consider the return on your investment before remodeling. Not all remodeling projects yield the same return in increasing your home’s value.

Updating your kitchen and baths is your best remodeling investment, returning a nearly dollar-for-dollar increase in home resale value. An updated kitchen and bathrooms make your home that much more attractive to potential buyers when you do decide to sell.

By contrast, converting a basement into a family room (if you're are has basements) or adding outdoor recreation facilities, such as a swimming pool or sport court, yield the lowest return on your investment.

Sometimes the cumulative effect of several smaller projects can yield a higher resale value than one or two larger ones. Smaller projects tend to be more cosmetic--new paint, doors, or windows. Larger projects that upgrade or add living space may cost more, but almost always add less resale value for the dollars spent, like converting space over the garage to a media room.

Whatever you do, be careful of over-improving for your neighborhood. Remodeling that significantly improves your property over neighboring homes won't return as much when it comes time to sell. People don't just buy a house, they're buying a neighborhood as well.

If you have any questions or you'd like additional information, please don't hesitate to call or email me. Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

Dallas Real Estate- Minimize Stress in Moving

For most people, moving to a new residence is a stressful event. Here are some things you can do to minimize tension and worry when you sell your home:

* Choose a real estate agent (REALTOR®) who communicates clearly and frequently, keeping you up to speed on every step of the process.

* Price your home accurately for market conditions. Homes that sell quickly leave their sellers wondering if they set the price too low, while sellers whose homes sit on the market unsold wonder if they'll ever find a buyer.

* Decide whether you want to move yourself or have professional movers handle the job. If you hire a moving company, make sure to book well in advance.

* Think about cleaning services. After everything is packed and moved is a great time to have someone come in and clean.

* Arrange at least two weeks in advance to have utilities and phone service disconnected at your old house and reconnected in your new home on the move-in date.

Please let me know if I can answer any questions or provide additional information. Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

Dallas Real Estate- Moving Day

Most buyers and sellers consider moving day a real hassle. Here are some things you can do to make it more manageable:

* Cut back on your possessions as you pack. Make separate areas for items to be discarded, sold, or donated to charity.
* Label all boxes and color-code them by room, whether you pack yourself or have help. Otherwise, you'll never remember what's in each box.
* Have the outside door locks on your new home changed and the garage door opener reprogrammed.
* Get referrals from your doctors, dentists, and veterinarians for new providers near your new home. Take your files with you instead of waiting for them to be sent.
* Pack a “first night” box that contains everything you'll need for the first night in your new home. Include bedding, cookware, utensils, toiletries, and anything else you can't do without before you are unpacked.

If you'd like additional tips or suggestions, please don't hesitate to call or email me. Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!

Dallas Real Estate- Internet Marketing

Have you wondered what it would take to sell your home for the highest price, in the shortest amount of time, and with a minimum of inconvenience?

Besides accurate pricing and an effective marketing campaign, posting your home on the Internet can make a huge difference. The Internet has largely replaced newspapers as the advertising medium of choice for real estate listings.

Why? Posting listings online costs almost nothing, information can be changed or updated almost instantly, listings can be screened by price or area, and the information is available to prospective buyers 24 hours a day, seven days a week.

According to a recent survey, almost 88% of all buyers use the Internet to search for a new home. They like the ability to see pictures and obtain additional information. Plus, buyers who search on the Web spend an average of $22,600 more for their new home than other buyers. To accomplish my goal of selling your home for the best price in the least amount of time, let’s use one of the most effective marketing techniques--the Internet.

Please don’t hesitate to call or email me if you would like additional information.

Dallas Real Estate- Tech Savvy Realtor

When you choose a real estate agent, you’re selecting someone to represent you in one of the largest financial transactions you may ever undertake.

As the Internet continues to simplify the way people research buying and selling homes, there are many good reasons to choose a REALTOR® who can harness the power of technology to provide you with exceptional service, including:

· Sending up-to-date information by email for you to review at your convenience.
· Providing you with an online home evaluation to stay on top of current market value.
· Emailing new home listings to you as soon as desirable properties hit the market.
· Delivering e-newsletters to keep you informed about market trends and other important matters.
· Showcasing your home on the Web, over 20 websites, to help you sell it for top dollar.

Whether you’re thinking about buying or selling or simply want to stay informed about the real estate market, using new technology helps me consistently provide you with timely information and outstanding service.

Please don’t hesitate to call or email me if I can help you.

Dallas Real Estate- Pricing is Key

According to a recent report, nearly 82% of potential buyers use the Internet to refine their home search. Broker Web sites let buyers browse by house size, style, area, and price.

Because many buyers look only at those homes within their price range, it's important to accurately price your home for the market. The higher a home's price above market, the fewer the number of interested buyers, and the longer it will take to sell.

The key to selling your home quickly at the greatest return is to price it at market value right from the start. A fairly priced home will capitalize on the flurry of buyer interest a home enjoys during its first few weeks on the market. Plus, you're wanting to SELL your house, not just LIST your house, right?

Please don't hesitate to call or email me if I can answer your questions or help with additional information.

Dallas Real Estate- Showing Your House

I have found from experience that the activity during the first two weeks a home is on the market tends to predict how long it will take to sell. Potential buyers eagerly jump on new homes on the market.

I am an ASP, Accredited Staging Professional. This means that I've taken the classes to become certified in better helping my sellers STAGE® their homes in order to help them sell faster and for higher dollar.

Here are some “STAGING®” tips you might find helpful:

* Keep your home in “show shape.” Make sure that beds are made, dishes are in the dishwasher or put away, everything is picked up, and the kitchen and bathrooms sparkle. Let your counter space show, so put things away.

* Decorate with fresh flowers. Many home sellers use potted flowering plants that last much longer than cut flowers. Place them inside and out. They really add cheer!

* Turn on lights; replace all burned-out bulbs. Open blinds and draperies. Let the natural light in.

* Confine pets and keep them out of sight when possible. They can be distracting, and some people have allergies.

* Create a relaxed atmosphere with soft background music. Do not think the music in the family room needs to be heard in the back of the house if you don't have speakers in the various rooms. Loud music is distracting.

If you have any questions don't hesitate to call or email me.

Dallas Texas- 2006 Year End Home Sales

The report for the end of the year finally came out... or it's that I just checked my mail at my office and it was there.

These numbers are for 2006 DFW "Single Family Home" sale, which means it does NOT include condos, but it DOES include townhomes.

Number of Sales: 92,452 which is a 3% increase over last year

Average Price: $194,125 which is a 3% increase over last year

Median Price: $148,000 which is a 2% increase over last year

Active Listings: 44,389 which is a 7% increase over last year

Our average prices are still significally below the national average. And with a median price much lower than the average price, that shows you that many more homes are being sold in the lower-end price range than the higher end.

Dallas Real Estate- My Personal Message

Recently, I was in Chicago for a video shoot for a company. At the end of the interview, they allowed me to make a personal commercial. I had to quickly think of something to say that didn't sound stupid or scripted. It took me a couple of minutes, but then I remembered my Mission Statement that I have on my website and my Blog profile, and then it was easy. I've been using the same statement for almost 7 years now, so I had it down pretty well.

Watch my Personal Commerical here!!