A look in to the future

Real Estate predictors are buzzing about the announcement that 'The Suburban Century Is Over'.

In the next 10 years, we're supposed to see these trends fueled by four demographic groups that are driving changes in the housing market:

1. Older baby boomers increasingly are moving back to the central city
2. Younger baby boomers are finding it more difficult to relocate for jobs because they cannot sell their suburban houses.
3. Meanwhile, millennials are more environmentally aware and will seek urban lifestyles, and
4. Immigrants who cannot afford large suburban houses to shelter multiple generations will increase demand for rentals.

This announcement came out of the recent meeting of the Urban Land Institute of Minnesota and was made by Senior Fellow John McIlwain. Minnesota is both geographically and philosophically a long way from Dallas.

My take on this is:

1. Older baby boomers are increasingly looking for single story, low maintenance homes.
2. Younger baby boomers are finding it more difficult to downsize and do without the 5,000+ square feet in their current McMansion.
3. Millennials want to walk to their favorite coffee shop, and 
4. Immigrants (which includes everyone from outside of Texas) really are increasing the demand for rentals.

[where: 75230]

Favorite Quote of the Week

Not to brag ...

but I can still fit into
the earrings I wore in high school.

Bad Photos of Homes for Sale

Room for a pool ... You can see that we're waiting for it.

I see we're having casserole for dinner. That's a cassa-not.

[where: 75230]

Fatal Mistakes to avoid before closing on your new home

Once you've gotten your dream home under contract, several things must happen quickly. Your agent should assist and guide you through the option period, escrowing funds, inspections, appraisals, surveys, etc. But it is your job as the buyer to secure your lender quickly. And when I say quickly, I mean within a day of signing the contract for the property you intend to purchase.

Two big mortgage changes have occurred in the past few months that can cause huge headaches for buyers. And since most home purchases are financed, this is becoming a big issue.

1. Lenders are taking longer to get a loan closed. If you wait a week to apply for your mortgage, you're asking for trouble. If you can't close on the property by the closing date in the contract because the lender hasn't completed the underwriting, then it's your fault. You may loose the property you are trying to purchase along with your earnest money.
2. Lenders are now running an additional credit report on the buyers just prior to closing. Sometimes its the day before closing. So if you've made purchases on credit (like new furniture or appliances) or had an increase in credit report requests, it could cause major problems.

When you're buying a house, please, please don't accept the store credit card to save 10% on your purchase at the Gap. Don't test drive a car (they often run your credit). Don't buy the big screen TV. Additional inquiries into your credit or additional dept can end up costing more for your mortgage or cause your mortgage to be rejected. Thus causing you to loose that dream home.


[where: 75230]

Before putting your Dallas home up for Sale ...

If you're preparing to put a home on the market, expect to make a few repairs and improvements first. But what improvements or repairs will translate into the biggest return?

Every home is different, but in Dallas the answer largely depends on a variety of factors, including the time of year, how hot (or not) the market is and the competitive inventory.

The goal of most buyers is to move in with minimum costs and headaches. Thus, a home that needs no repairs is a big draw. But here is where local market conditions impact the decision to do minor improvements. What needs to get done to be competitive? In a hot sellers market you may not need to lift a finger, while in a buyers market (like today) that list of repairs may grow long.

Practical projects that require minimal time or money - like applying a fresh coat of paint - can instantly make your home more appealing and help it sell faster. Without question, you should complete small repair projects like patching cement cracks in sidewalks and patios, cleaning and painting windows and doors, replacing old doorknobs and light fixtures, and resurfacing floors.

But what about the larger issues? Before you decide whether to fix or merely disclose needed repairs to buyers, keep in mind that doing repairs will result in a higher sales price in today's market. Leaving repaired items undone will cost you when the buyers deduct what they feel the repairs will cost.

Key items to address:

• Along with removing old wallpaper, there is no more cost-effective improvement than the application of fresh paint: inexpensive, and relatively quick, painting should be your first chore.
• Dallas buyers love hardwood floors, so it pays to remove old carpeting and have the floors refinished. Replace chipped or cracked tiles and clean or replace the grout. Don't install expensive new flooring unless it is in a small space, like an entrance way.  
• In the kitchen, appliances and cabinets are the big-ticket items to replace. If you can keep the existing ones, it will save a lot of money. Stainless steel is still the way to go with appliances. Stone counters (granite, etc.) and the biggest bang for your buck in the kitchen. Keep the colors neutral. Kitchen remodeling is typically a wise return on investment, but high-end kitchen makeovers do not tend to return as much as mid-range or minor kitchen remodeling. 
• Bathroom repairs and renovations are always a solid recouped cost. It is easier for prospective buyers to imagine themselves stepping out of the shower onto pristine new floors, surrounded by new fixtures and lights. 
• Get rid of the shiny brass and replace door knobs and fixtures with something silver or black. It's okay to have two different finishes in the house - like nickel doorknobs and black iron chandelier - but not three. If you've got oil rubbed bronze somewhere, nickel somewhere else, iron somewhere else, shiny brass somewhere else, ... the house will feel like a hodge podge of not-quite-finished updates.
• Typically, Dallas buyers want to move into a house that has new appliances, updated fixtures and high efficiency air conditioning.

 [where: 75230]

Bad Real Estate Photos

Pets don't convey with a home sale. Someone needs to tell these sellers not to include them in their photos:

Grrr ... better run for it.

[where: 75230]

Would your home pass inspection today?

My 70 year old home probably wouldn't. Here are a couple of items that might come up on a home inspection if you have a home in North Dallas that is 10+ years old:

Showers and bathtubs
Today's standards require that showers and bathtubs with a shower head do not have a separate knob for cold water supply and another for hot water, which is common in older homes. There must now be a single mixer valve. If it isn't broken, I wouldn't bother changing it just to change it.

Anti-siphon hose bibs
An anti-siphon device (or vacuum breaker) prevents unsanitary water from being pulled back through a garden hose and contaminating the water system, also known as a 'cross connection'. They are inexpensive and available at hardware stores. If you feel compelled to install one, you can probably do it yourself.

Maintain Your Home
Your best bet it just to keep up with the on-going basic maintenance of your home. Check/change the AC filters every other month. Clean the gutters. Test the smoke alarms, the electric receptacles, the garage door openers and the caulking around windows and doors.

[where: 75230]

I believe in God, only I spell it Nature.

Frank Lloyd Wright

Bad Photos of Homes for Sale

I realize that these homes are for sale without an agent. But the photos are still pretty awful.

This one comes with reading material.

What features draw your eyes to this photo? 

And you've got to wonder why we can't get any closer than this.

[where: 75230]

2010 Dallas Homes Sales

Below are the residential home sales statistics through May 2010. The rosy picture shows an increase in the number of sales over this time last year. The darker picture is that last year was awful and the current lower prices reflect that.

Some neighborhoods are fairly unchanged. But remember, flat is the new up!

May 2010 Statistics

(single family homes)

compared to one year ago

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 222 ( up 46% from 2009)
Average Sales Price: $727,030 (down 14% )

Park Cities:
Number of Sales: 276 ( up 73% from 2009)
Average Sales Price: $1,057,181 (same as 2009 )

Northeast Dallas (east of Central, south of LBJ):
Number of Sales: 214 (up 14% from 2009)
Average Sales Price: $254,267 (up 1%)

Northwest Dallas (west of Midway):
Number of Sales: 215 (up 27% from 2009)
Average Sales Price: $221,440 (same as 2009 )

Far North Dallas (LBJ to Plano from Central to Marsh):
Number of Sales: 357 (up 8% from 2009)
Average Sales Price: $308,523 (down 1% )

Do You Love Your House?

If you don't feel like this girl, then you need to call me ... for a new house:

 

[where: 75230]

One Reason why you can get a great deal on a House Now

Because mortgage rates are as low as we will probably see them in my lifetime. Why?  Uncertainty.
Constant contradictions in economic reports and events keep world markets churning and in question.

The Euro is on a Hungary strike and collapses. Hungary does not use the Euro, but is caught in Europe’s Greecey mess.

The Stock Market Hemorrhage gives the Bond Market a Transfusion because of the disappointing Jobs Report. The market expected 500,000 new jobs and only 431,000 were reported… 411,000 of the new hires were short term Census positions.

A 1% jump in the mortgage rates roughly equals a 10 percent increase in the cost of a home. In a couple of years, the interest rates will likely be much higher than just a 1% jump.

The one thing that remains consistent ... I'm still working hard.

[where: 75230]

Bad Photos of Properties for Sale

Complete with Merry-Go-Round

For Sale by Engineer?

Summer chore list

Ready or Not…Another Hot Texas summer is here! For homeowners, that means it is time to perform some crucial outdoor maintenance tasks that will protect your property and help preserves its value for decades to come.

Here is a list of the most important things you should do:

#1 – Service your AC system to avoid breakdowns and higher electricity bills.
#2 - Check for drainage problems on your lot to ensure the free flow of storm water
#3 - Maintain your pool to keep it clean and safe.
#4 - Prune back vegetation to prevent limbs rubbing against the exterior of your home in wind and to reduce bug and rodent access to your home.
#5 - Seal and paint outdoor structures to repel water, mildew and the blistering Texas sun.
#6 - Care for your lawn by using proper mowing, mulching and fertilizing techniques.

I am always happy to provide information about maintaining and increasing the value of your home.

[where: 75230]