Life is like a buffet -

some things may not be great,

but there is plenty of it.

Best Tips to Sell Your Dallas Home

If you want to sell your home in Dallas (or better yet, if you need to sell your home), here are my top 5 tips to get it done.

1. Make the commitment. This is not the time to put your home on the market just to 'see what happens'. If you're just thinking about selling and aren't really committed, don't waste you time and your agent's time. How motivated are you and your agent? If your agent is willing to go along with the 'just give it a try for a couple of months' attitude, they aren't committed either.
2. Price it to sell quickly. To sell in today's market the price needs to be compelling. Get an appraisal if you need to. Check out the current competition and sales over the past 6 months. View (either in person or on-line) all the homes within a mile of yours that are priced within 10% of your property. Try to be objective and see how you compare. The condition and price of your home must be better than those to snag the buyer.
3. Stage it to sell. Follow your agent's advice when it comes to adding curb appeal and making your house presentable to the general public. Unique is harder to sell. Make it appealing to the most buyers. Get rid of 25% to 50% of the stuff cluttering the rooms and clean, clean, clean. Open window treatments and turn on lights for every showing. Follow my previous advice on making your home more 'sellable' ; here, here, here,  here, here, and here.
4. Make it easy to show. If the buyers can't see it at their convenience, they'll buy something else. Make it easy for their agent to access it with a keybox and leave for every showing. Dallas buyers don't like the owners or owner's agent watching them, following them or listening to their reactions about a property. Unless it is an emergency, never turn down a showing. You may be turning down an offer.
5. Market aggressively. It is your agent's job to get your house maximum exposure. You need great photos and an array of marketing materials. Everything from signs to mailings to relocation agencies is important in today's market. The large majority of buyers in North Dallas are represented by their own agent. I use a strategy to market a home to other agents as energetically as I do to the public.

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Previous, Current and Future Home Prices

Where are home prices headed? Economic indicators say they will slowly rebound next year in the Dallas area.

Home prices go up and down just like the stock market. In fact, real estate outperforms other investments over the long term. Even though so many people are 'upside down' in their mortgages, we aren't all looking to cash out quickly. If you're in it for the long term, you should be okay.

Here is my visual interpretation of previous, current and future home prices:

Your Home's Value in 2003

Your Home's Value in 2005

Your Home's Value in 2007

Your Home's Value in 2009

Your Home's Value in 2011

Cowboys Football Magnets

Are you ready for some football?
If you'd like a magnet of this year's Dallas Cowboys Football Schedule, just send me your address and I'll be happy to mail you one.

[where: 75230]

Accurate Fortune Cookie

This is the best fortune I've ever gotten.

Sure hope it's true for more people than me.

The Texas Real Estate + Horse Connection

Statistical analysis by researchers for the Real Estate Center has confirmed that the average price for a thoroughbred yearling racehors sold at the world’s top auction is a consistent predictor of trends in Texas land prices two years down the road. This fascinating connection was documented by research economist Dr. Charles E. Gilliland from three decades of tracking Texas land prices and monitoring sales of thoroughbred yearlings.

“When the financial meltdown struck in the 1980s, prices of many luxury items declined", said Gilliland. “Land investors watched helplessly as land prices dropped. Horse owners, too, saw average horse prices slide to startling new lows. Analysis of historical prices for horses at the fabled Keeneland September Yearling Sale suggest that price trends for these select thoroughbreds may indeed provide a guide to future Texas land prices.”

The report sites: These coincidental events suggested to Gilliland that weakened prices for horses, which are now primarily a luxury, might presage drops in land prices or vice versa. The Keeneland auction is the premier sale of prospective race horses in the world. In two weeks, buyers spend hundreds of millions of dollars. In 2009, they spent nearly $191.9 million on some 3,159 yearlings.

Similarly, land buyers scour the Texas countryside in search of trophy properties. Their reservoir of discretionary cash expands or contracts according to economic conditions. The Keeneland sale is unique because it provides an “instant” reading of demand for luxury items."

Gilliland and Research Assistant Abhijeet Gunadekar did side-by-side comparisons of horse sales and Texas land prices from 1966 to 2009. Gilliland called the overall patterns “remarkably similar.”

Prices for both rose steadily in the 1960s and 1970s and fell in the 1980s. Both increased rapidly in the past decade. The lone deviation came in a precipitous drop in thoroughbred prices when the 9-11 attacks occurred just prior to the 2001 Keeneland auction.

“Horse and land prices show a strong statistical relationship,” said Gilliland. “They exhibit a positive correlation of 0.820, which means the two tend to move in the same direction.”

When horse prices are lagged two years behind land, the correlation rises to 0.916. In other words, the latest auction numbers indicate what lies 24 months ahead in the Texas land market. For Texas landowners thinking of selling a tract, the news is not good. Prices for thoroughbred yearlings peaked in 2007 and continue downward. Texas land prices fell in 2009.
[where: 75230]

Bad Real Estate Photo - I mean showing

Better (or at least funnier) than this week's bad real estate photo - today's bad real estate showing.

There was a showing scheduled today on a property I have listed for more than $1 million. I went by the house prior to the showing time and turned on all the lights, etc. It's over 100 degrees outside. A little later, I get a call from the male showing agent, that goes something like this:

"I'm here trying to show your house at xxx xxx Road and there is no keybox."
"It's on the front door."
"No. I'm standing at the front door and it isn't here."
"Then you're at the wrong house." I repeat the address and describe the property.
"We're at the right house, trying to get in and there is no keybox on the door ... Oh ... (background noises sound like angry voices) ... wait ... (more angry voices) ... this is the wrong house."
"I'm nearby. Do you need help?"
" No (more background noises) ... Get in the car ... It's okay ..."
"You sure you don't want me to come there?"
"Get in the car ... no ... we'll  find it ... get in the car."

The lack of a sale sign and keybox should have been the first clues to the agent that he was at the wrong house. Later I went by to turn off the lights and they had made it to the right house. But can you imagine how the neighbors felt when strangers were trying to get in their front door?
That's a good way to get a dog bite ... or get shot.

[where: 75230]

We're number 2 !

So I'll keep trying harder.
Thanks to everyone who voted for this blog in the best real estate blog contest. It was a tight race and we placed a close second. Keep coming to North Dallas Homes for great real estate news!

last chance to vote for the best Dallas Real Estate Blog

If you read or like this site, I need your vote. The contest for the best Dallas Real Estate Blog ends at 2:00 p.m. Dallas time today.

Please click here to vote. One vote per computer. To ensure your vote counts, you'll need to see the entire voting box on your screen. If the entire box doesn't appear, just click on the percentage box in the bottom right of your screen to reduce the size. Click the vote button for your vote to count.

Thanks!

[where: 75230]

Dallas Real Estate Statistics

Here are the residential home sales statistics through July 2010. Since "flat" is the new up, we're looking pretty good.

July 2010 Statistics

(single family homes)

compared to one year ago

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 347 ( up 37% from 2009)
Average Sales Price: $798,381 (down 3% )

Park Cities:
Number of Sales: 429 ( up 58% from 2009)
Average Sales Price: $1,104,979 (up 6% )

Northeast Dallas (east of Central, south of LBJ):
Number of Sales: 292 ( down 2% from 2009)
Average Sales Price: $260,270 (up 3%)

Northwest Dallas (west of Midway):
Number of Sales: 300 ( up 13% from 2009)
Average Sales Price: $222,457 (down 4% )

Far North Dallas (LBJ to Plano from Central to Marsh):
Number of Sales: 508 ( down 6% from 2009)
Average Sales Price: $323,943 (up 3% )

[where: 75230]

7 tips to get your home ready to show in 15 minutes

They want to show your house in 15 minutes. Are you ready?

This is one of every seller's nightmares. When my three children were younger, we moved 6 times (buying and selling each time). So I speak from experience. I understand the challenge of trying to keep the house 'show ready' and the need to make it presentable quickly.

Here is how to get a house ready to show quickly (go in this order until you run out of time):

1. As you pass through each room, turn on all lights and open window coverings.
2. Start at the front door and gather up 'stuff' as you go. Straighten sofa cushions and hide remote controls. Clear everything off of table tops that doesn't belong. Don't cram things into closets because buyers will be looking there.
3. Stash all the 'stuff' in the clothes dryer. No one every looks in your dryer to see how much space there is. And you won't go weeks without uncovering important items you threw in there.
4. Wipe down the kitchen. Stack any dirty dishes in the sink and throw a dish towel over them.
5. Make the beds and pick up the bedrooms. Any stuff out of place can be shoved under the pillows (making the pillow area look nice and full). Avoid pushing things under the beds. Its only adds to the house selling stress when your kids can't find their school shoes the next morning or your water is cut off because the bill is under the bed.
6. Give the bathroom faucets a quick wipe down and hang the towels 'hotel style'. Hopefully you've already stashed a can of linen-scented air freshener in a cabinet and you can give the room a quick squirt.
7. Leave before they walk in the front door. Dallas buyers don't like the owners lingering around while they view the property. If the buyers or their agent pull into your driveway and block you in, don't bother them. Head out the back and go for a walk while they tour your house.

[where: 75230]

Dallas Home Repair favorites

In my business I deal with lots of contractors, home maintenance companies and repair professionals. When friends and clients need a recommendation, I'm happy to give them the names of reputable people. When hiring someone to work on my home, I have three criteria that they must meet:

1. They must know what they're doing and be good at it.
2. They have to show up when they say they'll show up.
3. They need to be affordable.

It they don't meet all three criteria, then it doesn't work for me.

My sprinkler system needed several items fixed and yesterday Cindy from American Sprinkler Repair in Dallas came out to make the repairs. They showed up on time and not only did they inspect the entire system, replace and/or repair several valves, heads, connectors, etc. but they didn't try to sell me upgrades and they didn't trash my yard. All for less than $200. This company meets my criteria and I'm happy to recommend them.

[where: 75230]

Make your own Luck

If the wind will not serve,

take to the oars.

Latin Proverb

Home Negotiating Tips

I enjoy negotiating a fantastic deal for my clients. I've seen what could have been great deals fall through because an agent didn't have the skills to properly negotiate for their client. Here are a few negotiation tips to keep in mind when buying or selling a home:

• Set the right tone. The correct tone for a sale is one of willingness and agreement. People are more willing to negotiate with people they feel comfortable with and like. So be likable. The more relaxed and friendly the process, the more likely the outcome will be in your favor. Keep your cool, soften strong personalities and filter any negative comments through a tactful agent.
• Be knowledgeable. Knowledge is power, and nowhere is that more pertinent than in negotiation. We need in depth knowledge of the property, the market and the competition. Believe that the other side has done their research as well. We also want as much information about the other party as possible. Think of poker (my favorite game), where the probability of success is directly related to how much you know of about your opponent's hand. Their background, motivations and current environment can impact the negotiation. I do the homework.
• Assume responsibility. Actively and positively engage in negotiations. Someone needs to 'drive' the transaction. Let it be us. Explain the reasons behind the terms of the contract and ask them to do the same. The other party is not the enemy, simply someone you're trying to come to terms with.
• Truth triumphs. Honesty really is the best policy. Don't destroy your credibility with false claims. Openly discuss concerns about the property, if they exist. The buyer should be given opportunity to inspect the property and address any concerns. And both parties should be able to trust that they are being dealt with fairly.

Skilled negotiating is a huge party of the real estate game. Get it right, and you'll be a winner.

[where: 75230]