Yesterday's stat chart for a Preston Hollow neighborhood was a little hard to read. Here is a slightly larger version that's a little easier on the eyes.

[where: 75230]

The end to a tough year in real estate

Like most Realtors, I'm happy to say good bye to 2009. While 2009 statistics for greater Dallas won't be available for a couple of weeks, we can still take a look at smaller neighborhood stats. I've compiled a comparison for the the Preston Hollow neighborhood bordered by Walnut Hill Lane, Preston Road, Royal Lane and Hillcrest. Here are the stats as of last week:

Note that the average age of sold homes went up while average square footage went down. This shows that we had more sales of older homes vs. newer construction.

The good news for buyers is that the buyer's market will probably last a few more months before both the 'recession recovery' and the seasonal upswing begin. The good news for sellers is that local available home inventory is down and the influx of people moving to Texas is driving more demand. [where: 75230]

Aromatherapy for your Home

A home that both looks and smells fresh & clean is easier to sell. But often sellers aren't sure which scents are the most appealing.

Here are a few tips for attracting buyers with a sense of smell:

• Bleach and chemical cleaning products can make a room sparkle but can leave a strong, unpleasant smell. Only use them if you are trying to mask a really strong odor like smoke or pets.
• Steer clear of flowery scents. They are a turn off to a lot of people.
• Fresh linen or fresh rain have a universal appeal. They bring a refreshing feel to the home.
• One of my favorite scents for a home is pumpkin. Men particularly like this smell, however it is typically available only in the fall.
• Use a plug-in, stick, gel or spray product that will stay in place a month or so. Place them in the entry, master bedroom and other main areas of the house.
• A simple way to create a pleasant aroma is to use a spray bottle and add 20 or 30 drops of lemon, orange or cinnamon essential oil to 8 ounces of water. Spray it around the house before a showing. A quick spray to the air vents will help the aroma linger a bit longer.
• A fresh bar of Dove soap makes the bathroom smell nice.
• Keep slice and bake cookie dough on hand. Bake them just a few minutes and then turn the oven off and leave the oven door open a little. The smell is delightful when the buyers walk in the door.

[where: 75230]

Charge It! Paying Your Property Taxes

Take some of the sting out of paying your property taxes by earning points, airline miles or other credit card bonuses. You can pay your Dallas property taxes online with your credit card - and unlike many other Texas cities, there is no additional fee.

To take advantage of this free service, you must pay online or in person at the downtown office. It only takes a minute to do it online. Simply go to http://www.dallascounty.org/ and click on the "pay property taxes" button. Then just follow the directions. This can only be done with residential properties, not commercial properties.

Your taxes probably aren't due until the end of January, but many people pay them before the end of the year for accounting and tax reasons.

[where: 75230]

The most valuable things in life

are not measured in monetary terms.

The really important things

are not houses and lands, stocks and bonds,

automobiles and real estate,

but friendships, trust,

confidence, empathy,

mercy, love and faith.

Bertrand Russell V. Delong

Ten things you need to know about Home Appraisals

Obtaining an appraisal from a certified appraiser who specializes in the market in which you are purchasing or selling a home is a critical step in every real estate transaction. An appraisal is a determination of a property's market value and what it will most likely sell for on the open market. An appraisal should not be confused with a Comparative Market Analysis, or CMA, made by a Realtor.

CMAs help sellers determine a realistic asking price. While an experienced Realtor will come very close to an appraisal price with their CMA, an appraiser's report is more detailed and the only report a bank will accept when deciding whether or not to lend money.

10 Important things to know about the appraisal process, according to Virginia Cook:

1. An appraisal provides valuable information for the buyer and the seller, but the appraiser's primary mission is to protect the lender. Lenders want to avoid owning overpriced property just as much as they want to avoid lending money to irresponsible borrowers. That is why the appraisal takes place before the lender gives final approval of a buyer's loan.
2. Appraisals are comprehensive reports that should include: details about the subject property; side-by-side comparisons of three similar properties; an evaluation of the overall real estate market in the area; statements about issues the appraiser feels are harmful to the property's value; notations about seriously flawed characteristics; an estimate of the average sales time for the property; the type of area in which the home is located.
3. Factors that appraisers analyze to determine the value include the location of the home, its proximity to good schools and other public facilities, the size of the lot, the size and condition of the home and recent sales prices of comparable properties in the area.
4. While appraisers aren’t interested in housekeeping or décor issues, they do notice signs of neglect such as cracked walls, chipped paint, broken windows, torn carpets, damaged flooring and broken appliances.
5. Federal law requires states to establish minimum standards and licensing practices for real estate appraisers. Appraisers are licensed by individual states only after completing intensive coursework and internship hours that familiarize them with their real estate markets.
6. The appraiser should be an objective third party (which means I can't interfere with this process).
7. An appraiser’s responsibility to a buyer varies by the loan type. If the buyer is applying for a mortgage that will be insured by the Federal Housing Administration (FHA), the appraiser must survey the physical condition of the home and disclose potential problems to the buyer. An appraiser has no such obligation for non-FHA mortgages.
8. An appraisal is not a substitute for a professional home inspection. The appraiser formulates an opinion of the property's value for the lender. An inspector educates the buyer about the condition of the home and its major components.
9. If the appraiser's opinion of value is lower than the purchase price, the loan might be declined. However, there are options for the buyer. The transaction can sometimes survive a low appraisal if the seller reduces the purchase price, the buyer makes a significant down payment or a separate escrow account is set up to fund repairs that will increase the value of the home.
10. The appraisal is typically paid for when applying for the loan (lenders will not accept dated appraisals).

[where: 75230]

We need risks

It seems to me that people have vast potential.

Most people can do extraordinary things

if they have the confidence or take the risks.

Yet most people don't.

They sit in front of the telly

and treat life as if it goes on forever.

Ambassador Philip Adams

4 Tips to Make your Home more Inviting

For years, builders have used Model Homes for one important reason - they help buyers fall in love with a house. And today, sellers hire stagers and designers for the same reason.

Phyllis Ryan, of Interior Concepts, a design firm that specializes in furnishing new homes, offers these tips that might benefit anyone who is selling a home.

1. A stylish kitchen appeals to many buyers. If a sellers has upgraded cabinets and granite countertops, that’s good. If they don’t, it may help to display some stylish touches like an espresso machine, a retro toaster or just some luscious fruit.
2. Lots of light makes spaces feel larger. Turn on all the lights even during the day and add a few extra lights if necessary.
3. The master bedroom should seduce a buyer. Play soft jazz, pile the bed high with a cushy comforter and pillows. Stack plush towels in the bathroom.
4. Add drama to a bottleneck or a dead end space. Prop an oversize mirror against the wall. It visually ops a space and adds drama.

[where: 75230]

You're not selling a house - You're selling a lifestyle

People don't buy a house - they buy a lifestyle. This is a hard concept to grasp for some people. But I've seen it time and time again.

Buyers walk into a beautifully staged home and fall in love. They see a cozy chair, coffee cup and folded newspaper on the back porch and they say "this is where I'll relax with a cup of coffee each morning".

Now I know this client lives a crazy busy life and will not be relaxing with their coffee there any more than they are going to light the candles around the bathtub and drink from the wine glasses perched by the tub. They've got two little kids and the porch will have riding toys on it and the jetted tub isn't going to be used more than twice a year.

But they love the idea of the lifestyle that they see when they walk through the house - and that helps them fall in love with the house. It doesn't matter that their furniture isn't as nice and they don't own artwork that will showcase the house. If they can visualize themselves living their ideal life there - they will want the house.

We all dream of the perfect life and when we're looking for a new home, we want that home to give it to us. People want a dream home, not everyday reality.

So when you're selling your home - you're selling a lifestyle. And this is why you need an independent pair of fresh eyes to evaluate your house and make it look like the ideal haven that anyone would want to come home to. That's why small differences (like fresh flowers in the kitchen vs. dirty dishes in the sink) can make a huge difference in the way a buyer sees a home.

Do they see 'luxury and relaxation' or do they see 'work and responsibility'?

Next - tips to make your home more appealing.

[where: 75230]

Things Your Burglar Won't Tell You

1. Of course I look familiar. I was here just last week cleaning your carpets, painting your shutters, or delivering your new refrigerator.

2. Hey, thanks for letting me use the bathroom when I was working in your yard last week. While I was in there, I unlatched the back window to make my return a little easier.

3. Love those flowers. That tells me you have taste ... and taste means there are nice things inside. Those yard toys your kids leave out always make me wonder what type of gaming system they have.

4. Yes, I really do look for newspapers piled up on the driveway. And I might leave a pizza flyer in your front door to see how long it takes you to remove it.

5. If it snows while you're out of town, get a neighbor to create car and foot tracks into the house. Virgin drifts in the driveway are a dead giveaway.

6. If decorative glass is part of your front entrance, don't let your alarm company install the control pad where I can see if it's set. That makes it too easy.

7. A good security company alarms the window over the sink. And the windows on the second floor, which often access the master bedroom-and your jewelry. It's not a bad idea to put motion detectors up there too.

8. It's raining, you're fumbling with your umbrella, and you forget to lock your door-understandable. But understand this: I don't take a day off because of bad weather.

9. I always knock first. If you answer, I'll ask for directions somewhere or offer to clean your gutters. (Don't take me up on it.)

10. Do you really think I won't look in your sock drawer? I always check dresser drawers, the bedside table, and the medicine cabinet.

11. Here's a helpful hint: I almost never go into kids' rooms.

12. You're right: I won't have enough time to break into that safe where you keep your valuables. But if it's not bolted down, I'll take it with me.

13. A loud TV or radio can be a better deterrent than the best alarm system.. If you're reluctant to leave your TV on while you're out of town, you can buy a $35 device that works on a timer and simulates the flickering glow of a real television. (Find it at faketv.com.)

8 MORE THINGS A BURGLAR WON'T TELL YOU:

1. Sometimes, I carry a clipboard. Sometimes, I dress like a lawn guy and carry a rake. I do my best to never, ever look like a crook.

2. The two things I hate most: loud dogs and nosy neighbors.

3. I'll break a window to get in, even if it makes a little noise. If your neighbor hears one loud sound, he'll stop what he's doing and wait to hear it again. If he doesn't hear it again, he'll just go back to what he was doing. It's human nature.

4. I'm not complaining, but why would you pay all that money for a fancy alarm system and leave your house without setting it?

5. I love looking in your windows. I'm looking for signs that you're home, and for flat screen TVs or gaming systems I'd like. I'll drive or walk through your neighborhood at night, before you close the blinds, just to pick my targets.

6. Avoid announcing your vacation on your Facebook page. It's easier than you think to look up your address.

7. To you, leaving that window open just a crack during the day is a way to let in a little fresh air. To me, it's an invitation.

8. If you don't answer when I knock, I try the door. Occasionally, I hit the jackpot and walk right in.

Source: Convicted burglars from North Carolina , Oregon , California , and Kentucky and security consultant Chris McGoey (who runs crimedoctor.com) ; and Richard T. Wright, a criminology professor at the University of Missouri-St. Louis, who interviewed 105 burglars for his book "Burglars on the Job".

[where: 75230]

Why Hasn't My House Sold?

That's been a popular question this year.

A recent article in the Tribune Media Services listed the top six reasons properties linger on the market:

• Lousy pictures on the Web.
• Priced too high for the neighborhood.
• Blah interior; ho-hum landscaping.
• Little online marketing and hard-to-find MLS listings.
• Low commissions. Practitioners make sure their customers see properties that offer a payoff.
• Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

While I agree, I'd like to add the top six reasons many beautiful homes in Dallas haven't sold:

• Uncertainty - in our lousy economy.
• Lack of available mortgages - especially jumbo loans.
• Potential buyers 'waiting' to see - what happens with the economy and housing - or who can't sell their existing homes.
• Its a buyer's market - there are more sellers than ready, willing and able buyers. Foreclosures are adding to this.
• High expectations - buyers can afford to be picky and they expect perfection.
• The competition - we've got a lot of beautiful homes available at great prices. How do you stack up against the competition today (not yesterday)?

If you're trying to sell your home in today's market, take a look at the first six reasons that it may not have sold. You have control over those obstacles to a sale. The next six reasons are often out of our control.

[where: 75230]

Holiday Home Tour & Tea

If you haven't caught the Christmas Spirit yet, take a visit to Dallas' historic Alexander Mansion for a tour or Holiday Tea. Visit www.tearoomalexandermansion.com

Boy Scout 100th Anniversary Kick-Off Rally

If your a scouter, don't miss the Nationwide 100th Anniversary Kick-Off Rally this Thursday. The organization celebrates their centennial year in less than a month.

So they're bringing together Scouting enthusiasts from coast-to-coast for a nationwide 100th Anniversary Kick-Off Rally via a live audiocast to Scouting enthusiasts.

This 100th Anniversary Kick-Off Audiocast is this Thursday, December 10, 2009 from 7:00 to 7:30 p.m. (central time). To join, just RSVP by clicking on "100th Anniversary Kick-Off Rally" at http://audiocast.scouting.org. That's also where you'll find the link to the audiocast on December 10th. The 100th Anniversary celebration is meant to inspire, excite, and engage the entire Scouting family. Join in!

[where: 75230]

Great Price vs Great Mortgage Rate

This has been a very busy week for showings in North Dallas. From Highland Park to Plano, lots of people are shopping and making offers - which is rather unusual for this time of year. I speculate that one of the reasons is that both prices and interest rates are great. And mortgage rates are starting to inch up.

One of the reasons you should pay attention to mortgage rates is because, basically:

A 1% difference in your mortgage interest rates equals a 10% difference in price - roughly. The New York Times confirmed in an article on July 27th that "If home prices come down another 10%, but interest rates increase by 1 percentage point, that would mean the same monthly payment today versus waiting".

The chart below helps show what I mean.

So with interest rates on the rise and prices so low, it seems that people have decided not to wait any longer for a great deal on a home.

Preston Royal restaurant shuffle

Latest word on the corner of Preston & Royal is that Neighborhood Services (yes, a strange name for a restaurant) has just signed on to go into the space that was going to be Taco Mundo (and was previously Gap Kids). I have no idea if the fur is still flying between the landlord and the Taco Mundo people.

No word on the opening date, but my neighbors and I are excited to hear it. The current Neighborhood Services location on Lovers Lane is quite popular. They offer dine-in, take-out and $15 hamburgers. I'm told they're worth it. Now we just need a solution for the empty gas station lot across the street. [where: 75230]

The Streets of Preston Hollow

After the panic died down over snow flurries yesterday, the streets of Preston Hollow were busy. A couple of interesting sights yesterday:

Santa got around alot. Saw him hanging at the corner of Preston & Royal

Then in a flash, he was at Hillcrest & Northwest Highway.

I couldn't make out what the sign that he was holding said. I was distracted by the car in front of me with some self esteem issues.

[where: 75230]