Who do you hang with?

"You are the average of the five people

you spend the most time with."

... other than relatives. Think about those 5 people and if they aren't who you want to be, change who you hang with.

[where: 75230]

Feedback - What EVERY home seller needs to know

Knowledge is power. And every seller needs the knowledge of what buyers think of their home.

I ask for honest feedback every time a potential buyer visits a property that I have for sale. And when I'm showing my clients homes for potential purchase, I provide feedback to the listing agent (if they ask for it).

Feedback is important. Its designed to help you sell your property. If you're a seller and 5 out of 10 feedback responses say that the carpet needs to be replaced, then guess what is keeping your property from selling? The ugly carpet.

Keep in mind that everyone has an opinion and while one family hates the kitchen, another loves it. But look for trends in the responses of potential buyers and agents who view your home. It should guide you as to how you compare to other homes in the same area and price range. Almost every buyer compares homes before buying and you need to know how you stack up against the competition. If you need to sell a house in this tough market, you need the feedback from buyers who are comparing your property with the competition.

Keep in mind that most people are polite and don't want hurt anyone's feelings. If the owner is present for the showing (or the property is for sale without an agent) don't expect honest feedback. Folks are just too reluctant to criticize the owner's personal taste. Instead of saying 'yuck, this carpet is hideous' they'll say 'it is not our style'. Fortunately, when agents know each other well, they'll give pretty honest feedback to each other.

If your property is for sale, get that honest feedback. Not everyone will give it, but you should insist that your agent gets responses from most showings. And don't be offended by it. If your late mother decorated or you spent hours choosing the cabinets that everyone hates - please realize that the comments are a reflection of what most buyers do and don't want. Take it with a grain of salt. Change what should be changed and do what it takes to get your property sold.

If your property has been on the market more than six weeks and you don't want to hear negative comments, then price it low enough that the condition won't matter. Find out what homes in your neighborhood are selling for per square foot and price it 15% less.

Honest feedback is your friend. And listening and acting on that feedback is crucial to making a sale.

[where: 75230]

Closing delays slow home sales

Its happening to me and dozens of agents selling higher priced homes. And its creating havoc with buyers and sellers. Delays in closings caused by mortgage companies are happening in the majority of our transactions right now.

In the past, when a contract was written to purchase a home the typical time to schedule closing in Texas was 30 days. Texas real estate contracts stipulate an exact date to complete the transaction. Buyers and sellers alike start planning their lives, hire movers, schedule utility transfers, contract to move in and out of their new and previous residences, etc.

However, recently closings are going beyond the contracted date due to delays in funding. The mortgage companies are taking so long to approve jumbo loans that closing dates are being moved back 7 to 14 days. Sellers have their things on a moving van and the utilities off at their home waiting for the underwriters to give approval. They can't close on the next house they are buying because they don't have the current one completed. They are likely incurring additional costs for carrying the current home and delaying purchasing the next home. And no amount of begging, bribing or threatening will speed up the buyer's lender. Meanwhile, the buyer can't take possession of the property and also can't do anything to speed up the lender.

I don't know how to fix this nightmare, but something needs to be done. Our government has such control over the mortgage industry right now that layers of red tape have made things worse. We've gone from too lax lending to unreasonably difficult lending. Banks have been forced to delay foreclosures and collections of default mortgages to help 'keep people in their homes'. As a result they are a bit gun shy about making mortgage loans. And who could blame them?

However, when you've got a ready, willing and able seller paired with a ready, willing and able buyer - who is well qualified for the loan - it shouldn't be this hard. The entire issue is long and complicated. I only hope that, like the short sale process, they get it together and figure out how to make it more manageable. Meanwhile, Realtors and Title Companies have upset sellers, upset buyers and need a prescription for Valium.

[where: 75230]

quote on the economy

For all the doomsdayers:

If the world economy really collapses -

don't buy gold.

Buy guns and whiskey.

They might be more useful.

Mortgage rate predictions

Here is what the experts are saying about mortgage interest rates this year:

If the feds follow their plans, come May, they'll loosen the iron grip they've had on our interest rates. So if you're wondering if this would be a good time to lock in a great rate, I'd say it is.

[where: 75230]

Jamba Juicy Scoop

Jamba Juice has packed up their blenders and vacated their store in Preston Royal. Don't know the whole story there, but it comes on the heels of the closing of Popolos. Sure hope this isn't a trend cause my family depends on the eateries at this intersection for half of our meals.

[where: 75230]

Best times to buy & sell real estate

This chart explains the residential real estate cycle very well. You want to sell when the market is in 'euphoria' and buy when its in 'depression'.

Right now, I'd say we're between 'despondency' and 'hope'.

[where: 75230]

Real Estate Appreciation

Real estate experts agree that residential real estate tends to follow cycles. In Dallas, those cycles are about 6 years.

So while we're currently at the bottom of the current real estate cycle, we can agree that the real estate market will rise again in the next few years. Take a look at these national figures for residential real estate prices.

1980-1985: 25% increase

1985-1990: 27% increase

1990-1995: 25% increase

1995-2000: 29% increase

2000-2006: 89% increase

You can see why the current cycle has such a dramatic drop in prices ... because we had such a dramatic increase in prices over the past decade.

Interestingly, in Dallas we saw:

2000-2006: 26.5% increase

This explains why we haven't seen the dramatic drop in prices that some other parts of the country have.

Dallas is the last one to the ugly party we call a housing recession. And in my opinion, we were kidnapped and forced to attend. Fortunately, we're not staying long.

[where: 75230]

Your behavior never lies

What you do speaks so loud

that I cannot hear what you say.

Ralph Waldo Emerson (1803 - 1882)

Preston Royal book signing on Thursday

That's business author Steve Player at our Preston Royal Barnes & Noble where he'll be signing his newest book on Thursday, February 18th at 6:00 p.m.

Future Ready is the newest and hottest book about business and cost management.

Come on out and shake his hand ... and tell him his wife sent you.

[where: 75230]