Dallas Real Estate & Gold Nuggets of Wisdom

Kathy Riggs Rylander of Granite Mortgage is a gold mine of information about mortgages, the economy and the general real estate market. She recently found these words of wisdom about the current buyer's market from authors Gary Keller, Dave Jenks and Jay Papasan.

A buyers' market should be just that—a buyers' market. It's not a fence-sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot-shuffling market…it is a buyers' market. By its very name it means buyers should be doing one thing and one thing only—buying. So where are the buyers, and why aren't they buying?

The great irony of a buyers' market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually, it feels like the only thing they're buying.

Their reluctance is ironic since not so long ago buyers were incredibly excited about buying—and it was a sellers' market. Prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying, even though the advantage was all to the seller.

Now a shift has occurred. Fear is still in the driver's seat but the tables are turned—the fear of paying too much seems to stop most in their tracks and immobilizes them. When they should have been afraid of paying too much they weren't, and now that they shouldn't be afraid of paying too much they are.

It's one of the great paradoxical moments of any market and the herd instinct at its most pure. Reluctance in the face of great opportunity becomes an agonizingly defining characteristic of a shift.

How true!

[where: 75230]

Free Cookware from Tom Thumb expires Wednesday

My friend Barbara reminded me that Tom Thumb's free cookware give away expires this Wednesday.

With your Tom Thumb card, you've been accumulating points toward free cookware since September (a point for every $10 spent). Look at the bottom of your Tom Thumb receipt for your total points or a store cashier can look up your points for you.

A minimum of 40 points are needed per piece for a skillet and as many as 100 for a large roasting pan with a rack. They have various sized skillets and pans with glass lids. I've collected a few pieces already for my college son.

As of last night, the Preston Royal location still had a few pieces but they are out of the skillets and Dutch ovens. The Preston Forest location still had most sizes available. If you don't need any cookware, maybe someone else or your favorite charity would like it! [where: 75230]

Looking forward to 2009

It has been a bumpy year in Dallas real estate but not nearly as bad as the negative headlines. My thought as we say goodbye 2008 and hello 2009:

Take the world

as it is,

not as

it ought to be.

[where: 75230]

A peek at the market

If you care (or dare) to take a peek - the real estate market (driven by the economy) continues it's roller coaster ride into the new year.

The DOW is up 4 to 8473. But will growing tension between Pakistan and India impact global and US markets?

The 10-year bond price is up 6/32 and yield is down to 2.15%. For the week, rates are the same with a few up just a fraction.

Oil is up to $36. But gas prices have fallen 60% from our soaring summer highs and are now to a 4.5 year low.

It was bah humbug at department stores for an un-merry holiday season. Sales waned as economic woes trumped gift-buying enthusiasm. Will retailers ask for bailouts, too? Personal spending has dropped for the last five months, as well as income and orders for big-ticket items.

In spite of it all, I hope your Christmas Holiday was all you could have asked for and much more…hope this is true of 2009, too! As for me, I'm negotiating a contract, scheduling an inspection for another sale and looking forward to a closing this coming week. A great way to end 2008!

[where: 75230]

Merry Christmas

Wishing you a cheerful Christmas day with family & friends!

And if you need an escape - the liquor stores and movie theaters are open today.

[where: 75230]

People are actually buying real estate now!

News from the trenches in the residential real estate business!

The phones are ringing off the hooks! Buyers are out viewing homes! All of my listings are being shown! I've got closings between Christmas and New Years!

This is supposed to be the slow time of year. Thanksgiving til Christmas is typically the dormant time of year in real estate. But suddenly, you would think this was May.

Could this be a sign of recovery? Maybe folks are realizing what a buyers market this is. Maybe the incredible interest rates are motivating them. Whatever it is, the Dallas market has awoken from its typical winter slumber!

[where: 75230]

Faith is taking the first step

even when you don't see

the whole staircase.

Martin Luther King, Jr.

[where: 75230]

The Smaller House Movement

Actually this growing trend is called The Small House Movement - but in Dallas that doesn't necessarily mean small (just smaller).

The 'bigger is better' mentality is changing in the real estate world. As we all become more environmentally aware and concerned about reducing our 'footprint' on the earth; the footprint of our homes is shrinking as well. And this idea doesn't appeal to just hardcore environmentalist. Some folks looking to downsize just want a simpler life. The practical side of smaller homes is the reduced cost to purchase, maintain, heat and cool.

I predict this trend to grow considerably in Dallas over the coming months and next couple of years. There are several builders specializing in these smaller homes like Tiny Texas Houses in Luling, Texas. And there are plenty of Dallas area builders ready and able to adapt their usual designs. While I don't think we'll see a big market for tiny 500 sq ft homes in North Dallas, I see the demand for smaller, upscale properties on the rise. I believe we will see less buyer demand for 7,000+ sq ft homes in favor of more practical-sized properties.

Many stylish smaller homes have features such as vaulted ceilings and expansive windows to make them feel roomier. They feature the amenities and conveniences of larger homes - just on a smaller scale. Functionality, efficiency and proportion are the buzz words of this trend; but style, quality and attention to detail will continue to be at the top of buyer demands for smaller homes in the Dallas market. [where: 75230]

Finding the Best Realtor in a new town

So you're moving from one city to another and you need to find a home. Your best bet is a buyer's agent who knows the area and the prices, the lifestyles, the schools, etc. of that area.

But how do you find that perfect agent who can help you? Should you:

• A. Call a friend or associate in the city for a recommendation.
• B. Look in the phone book or on-line for the most prominent agent.
• C. Rely on a relocation service to assign you an agent.
• D. Ask a Realtor you trust to connect you with an agent who shares your interests and lifestyle.

Answer A will get you an agent who may or may not be a good match for your needs. Answer B will get you an agent who spends a lot to advertise their services to the general public. Answer C is a little better because the agent has been screened by a relocation company. However, the agent you are assigned is often chosen from a list of agents (who pay a big chunk of their income to the relocation company) based on who is next on the list (not necessarily who is a match for you).
So why is answer D the obvious choice? Because the wants and desires of a hip, single, 28-year-old professional who loves live theater are not the same as those of 50-year-old couple with 3 teenagers who play lacrosse and volunteer two nights a week at their church. There is a perfect agent for each of these home buyers - but it isn't necessarily the same person.
I like to say that "I don't know everything. But I know the people who do." And its true.
I'm not the best agent for a young professional who wants to live in Uptown. But I know the best agents who are. I'm also not the best agent for a couple looking to retire to Cedar Creek Lake. But I can find them someone who is.
I have contacts with excellent agents across the country through Leading Real Estate Companies of the World. The Realtors associated with this company represent the gold standard of real estate professionals. You don't just pay a fee and get into this club. Realtors must meet a rigorous set of criteria which is customer focused on performance, value and quality service. This cooperative features a majority of the top luxury brokers in the country.

I'm the agent for people moving to North Dallas. I know the pros and cons of every neighborhood, the shops, restaurants, churches, schools,... If you're looking to move to North Dallas, give me a call. If you're moving to another area, give me a call as well. I can help you find the perfect agent who will meet your needs.

[where: 75230]

Pecan Seller from Preston & Northaven

Remember the lady who used to sell Texas pecans out of the back of her truck at the corner of Preston & Northaven Roads?

Well, Patty Miller still sells pecans even though she can't sell them at the old location. Like many Texans, she is facing hard times and really needs some business this season.

Contact Patty at 214.404.4407 to order her really large (Texas sized) pecan halves, chocolate covered pecans or pecan pieces for $13.00 a pound.

They come in 1, 2, 3, 5 and 8 lb bags and delivery is $10 for your total order. These must be the best pecans in the country - because the 5 million squirrels in North Dallas can't be wrong.

[where: 75230]

Living Nativity tomorrow night

Preston Hollow Presbyterian Church will stage their traditional and beautiful outdoor pageant, The Living Creche, this Monday and Tuesday evenings, December 15th and 16th, from 7:30 until 9:00.

The community is invited to view this annual, live re-enactment of the nativity. Why not make this part of your Christmas season as this church has since 1954? The church is located at Walnut Hill and Preston Road.

[where: 75230]

There Blows Santa Claus

Its been a windy week in Dallas. And this poor Santa was getting blown all over the interection of Preston & Northaven.

I thought he was going to take flight at any minute. Could be worse for him - he could be a Florida Realtor.

[where: 75230]

Dallas Home Sales Statistics

Stats are in for November 2008 and here is what they're showing for our area.

Interestingly, the number of sales are down across the board, however the average sales prices are either unchanged from this time last year or they are up.

November 2008 Year To Date Statistics

North Dallas (south of LBJ, between Midway & Central):

Number of Sales: 478 (down 29% from this time 2007)

Average Sales Price: $980,190 (up 5% from 2007)

Park Cities:

Number of Sales: 624 (down 16% from this time 2007)

Average Sales Price: $1,206,042 (unchanged from 2007)

Northeast Dallas (east of Central, south of LBJ):

Number of Sales: 540 (down 21% from 2007)

Average Sales Price: $254,854 (up 3% from 2007)

Northwest Dallas (west of Midway):

Number of Sales: 453 (down 31% from 2007)

Average Sales Price: $241,262 (up 6% from 2007)

Far North Dallas (LBJ to Plano from Central to Marsh):

Number of Sales: 864 (down 28% from 2007)

Average Sales Price: $341,612 (unchanged from 2007)

[where: 75230]

Save $3 million on a house!

There are many good real estate deals out there right now. And lots of folks want to know where the best deals are - not that they plan on buying one, they'd just like to know.

Value is relative. And what better example than this really, really nice home. Its been reduced a whopping $2,995,000 - from $12,950,000 to $9,995,000. For that kind of money you get 15,200 sq. feet and a 4 car garage, 2 pools, verandas and more luxury amenities than I can list here. It is truly a gorgeous home.

So if you are looking for a deal, here it is.

If your price range is considerably lower, here is a great deal as well.

[where: 75230]

Inexpensive Home Improvements

Given the current economy, many folks are looking for ways to spruce up their home for sale without breaking the bank. And this typically slow season is the perfect time to make some improvements. Below are some fantastic do-it-yourself, low-cost, easy ways to improve your home.

• Clean! We all get accustomed the the smells and smudges in our own homes. But a spic-and-span cleaning from the baseboards to the windows, can make a big difference in the appearance and aroma of your home.

• De-clutter. Most homes that I tour could easily loose half of the items in them to show off the house to it's full potential. Pack things up and you'd be surprised how much you don't miss the 'stuff'. Donate it, sell it, store it, or give it away to friends.

• Paint. It’s one of the least expensive and easiest ways to add value and style to your property. If you don't know how to choose colors or finishes, consult a professional.

• Replace Fixtures. Update light fixtures and replace outdated plumbing fixtures. Nothing dates a kitchen like old cabinet knobs. Some fixtures can simply be painted.

• Overhaul some of the furniture you already own by refinishing or recovering it. This could be anything from updating your coffee table to fresh bed coverings.

• Trim the landscape. This is the time of year to clean up the shrubs, limbs and flower beds.

[where: 75230]

Historic Holiday Home Tour

If you're looking for some holiday spirit and nostalgia, take a tour of the elegant and historic Alexander Mansion decorated in its Christmas finest. The Dallas Woman's Forum maintains this turn-of-the-century beauty and is hosting the weekend tours beginning today. Tickets are $8-$10 and support the forum and their preservation of this historic landmark on Ross Avenue. The six rooms of the mansion that have been elaborately decorated and magically transformed are the Banquet Room, Library, French Parlor, Dining Room and Children's Playroom.

[where: 75230]

New Bush Home in Dallas

Its true. The Bushes are moving to Preston Hollow. Candy Evans over at Dallas Dirt let the cat out of the bag. I'm sure more details will be revealed in January as to whether they will occupy an existing house or build on the lot next door. This will place them less than a mile from Ross Perot. Some folks would find that interesting.

I'm sure there are plenty of neighbors ready to welcome the Bush family to the hood and lots of others who are cringing at the news. Personally, I think any sale over a million dollars in this market is good news.

[where: 75230]

Giving the Mailman a Hernia

The mailbox is overflowing so it must be December. In just one day, the junk mail and magazines were enough to give our mail carrier a hernia (and the Christmas cards haven't even started arriving yet). In an attempt to save a few trees, we've already registered to opt out of junk mail lists and I've done my best to get off catalog lists. But we still get massive catalogs from office supply companies and lots of glossy catalogs for watches, cars, wine, etc.

And has anyone noticed how ineffective the 'do not call' list has become? We get pre-recorded solicitations for things like health insurance even though we are on the do-not-call list. I listen through the message so I can press the button to be deleted from their list. But usually the prompt to be deleted cuts me off before I can press the button.

Given a choice, I'd rather screen my calls than empty my mailbox into the recycling bin every day. And I'd rather a company waste their money paying a phone solicitor than cutting down trees. We can mute our phones easier than we can stop the junk mail. So why is it so hard? [where: 75230]

New Preston Royal Restaurant?

Looks like a new restaurant is coming to the hood. We may soon be sipping margaritas at Taco Mundo in the space formerly occupied by Gap Kids (and next door to White House Black Market). The proprietor is Caroline Galvan-Rodriguez (co-founder of Mi Cocina's). So this place should be good.

Supposedly, there aren't more restaurants at this intersection because there isn't enough parking to meet restaurant requirements. Guess they'll make an exception for good Mexican food. At least it isn't another bank. Stay tuned.

[where: 75230]