Bagels returning to Preston Royal

Lots of folks missing their bagel fix will welcome the bagel restaurant going into the old 7-11 location at the northeast corner of Preston and Royal (behind the gas station). Parking might be tough, but hopefully the service and supply will be better than the old Einstein Brother's Bagels at Preston and Forest.

Too many delis and bagel shops (Zinsky's, Bagelstein's)  have come and gone in our neighborhood. Does anyone remember Gilbert's at Preston Forest? Hopefully this one will make it with a steady supply of St. Mark's moms stocking up on Monday mornings to supply snacks for advisory meetings. Ever since Donut Palace closed, there's nowhere to pop in for a quick, kid-friendly, to-go bite in the mornings. [where: 75230]

Determining the Value of your Home

If you're selling your home, chances are likely that it must be appraised prior to the sale. Lenders require it and buyers can't get a loan to purchase without an appraisal.

When you're making updates or remodeling your property, it is important to remember how it will affect the value. Are you improving your property so that you will enjoy it more or doing it just for the sake of resale? If it's with resale in mind, you need to know the actual payback.

So how do appraisers determine the value of your property? Appraisers must follow very strict guidelines and laws have changed in 2010. Here are the most important new guidelines:

• Appraisers must use area comps (comparable sales nearby) and can only use a 10% up or down variable from these comps.
• An expensive home in a moderate neighborhood can only increase the value up to 25%. In a $500,000 neighborhood, a $1 million home can only be valued at $625,000, regardless of its amenities.
• Major transportation barriers (freeways, DART lines, 6-lane streets like Preston Road or Forest Lane) divide areas considered comparable and appraisers may not select comps that cross such barriers.
• Luxury amenities (like a pool, custom fixtures, ...) can never add more than 10% to the value. For example, a $500,000 home with a $85,000 pool can only increase the value $50,000. "Green" features do not add to the appraisal value.
• Foreclosures and distressed sales count as comps.
• Appraisers now have to provide the lender with a market condition survey. A market with an excess of a 6 month supply of homes is considered an 'over supply' buyers market.

[where: 75230]

Pumpkins in Preston Hollow

It's a great time to buy pumpkins - before they get all mushy in the sun. Teens over at Preston Hollow United Methodist Church are selling some nice ones to raise funds for various charitible programs. They have a big variety priced from $3 to $40. These nice boys are waiting to help you select and load your pick of the patch.  [where: 75230]

2010 State Fair Discounts

Despite the soggy opening weekend, the State Fair of Texas is in full swing. The fair runs until October 17th. Tickets are $15 for adults at the gate. Advance purchase tickets are $13.50 at Kroger's. Buy why not take advantage of these discounts:

Dr. Pepper Tuesdays: Every Tuesday, bring an empty Dr. Pepper can and enter for $3 admission. Some rides are discounted.

Kroger Wednesdays: Admission is $2 for each visitor bringing 3 cans of food for area food banks.

Coca Cola Thursdays: Bring an empty 20 oz bottle of a Coca-Cola product and enter the Fair for $4 admission.

Senior Citizen Thursdays: People 60 years and older get in to the State Fair free each Thursday.

Cinemark Thursdays: Free Thursday admission with a Cinemark Theater ticket stub.

KISS-FM Fridays: Half-price admission and half-price rides after 5 p.m. on any Friday. Must print out and present the coupon from their website for the discount. click here for the link 

Any Day Discount: Get a $4 discount off regular admission with a McDonald's State Fair coupon. Offer may not be combined with any other offer.

Evenings: Bring an empty Dr. Pepper can to any State Fair admission gate after 5pm and get in for $5 admission.

Stop by the Creative Arts building on Thursday, Oct. 14th when I'll be judging the home made ice cream contest.
For more information on events, schedules, general information and maps visit http://www.bigtex.com/ .

Your Behavior Never Lies

Honesty is not found in words
- but in behavior.
You can talk all you want,
but your behavior
will show how you really feel.
What do your actions
say about you and your goals?

Too Many Choices

Serious about buying a home? Here is an unusual tips:

Really narrow your choices before looking at properties because a confused mind will usually say 'no'. When there are too many choices in the decision process, it becomes difficult to make any decision at all. Often we have too many choices and too many decisions to make in our lives. Information overload is a huge force. And while many choices may sound like a good thing, in reality too many choices can paralyze people in the decision-making process. When options are limited (in a booming real estate market or a high demand area), buyers have no problem making quick decisions.

When options are plentiful, inventory is high, or time is not of the essence, buyers are sometimes stifled, allowing great deals to slip through their hands. After looking at dozens of great homes, the array of choices can make buyers fearful that they may be buying the wrong home. They loose out on a wonderful home because they worry that a better deal maybe around the corner. They image the grass to be greener at the next house.

Like advances in technology (which occur so quickly that our new phone is obsolete and overpriced shortly after we purchased it), there are usually items in a home that need "tweaking". Once you've bought or even built your dream home, you'll find a new feature that wasn't on the market until after you've moved in. It isn't unusual for folks to believe they've thought of everything for their new home, but after living in it for a while they find something they would have done differently. Your new home today can always be tweaked to suit you more perfectly tomorrow.

While it is prudent to do your homework and research your options, sometimes the first home you see is the best one and should be acted upon.

Changes in Congress and Real Estate

The state level and Congressional midterm elections this November will be important for real estate. Both residential and commercial real estate are still struggling, just like the rest of the economy. And many candidates have their eyes on real estate.

After the elections, Congress is will examine issues with Fannie Mae and Freddie Mac loans. Flood insurance changes are still pending. FHA loan modifications are still pending. And Congress will be debating on what to do about both the federal budget deficit and taxes. Certainly, whatever action they take on taxes and budget cuts could effect the real estate market. The stakes for all homeowners are high and your vote will be important in the coming months. Please make sure you're registered to vote.  [where: 75230]

Success doesn't come to you,


you go to it.

5 Top Factors that Affect the Value of your Dallas Home

1. Location – This is the most important factor in determining the price of your home and it is best to be in the middle of the pack. By that, I mean that you need to keep pace with your neighborhood. You don't want to be the most expensive house on the block, but don't be the worst either. Think of your neighborhood like a car brand. If you live in a Honda neighborhood, you can't put a ton of money into the property and call it a Lexus. Likewise, you don't want to devalue your property with Hyundai features.
2. Timing - Timing is everything. This means current market conditions, the competition, availability of mortgages, time of year, how quickly you need to sell and the overall economy. Also remember that the real estate market is cyclical. In Dallas, the market swings up in March and peaks in July. The market also cycles in 5 to 8 year peaks and valleys. On average, Dallas homes sold for more in 2006 that they did in 2003 and 2009. And prices will rise again from today's lows.
3. Square Footage - In Dallas, homes are often priced by the square foot. Keep in mind that the ideal square footage varies by neighborhood and varies each decade. Thirty years ago, 4,000 square feet was large for North Dallas. Ten years ago, there was a big demand for homes over 7,000 square feet. Today, I hear buyers asking for between 4,000 and 6,000 square feet in our area. The number of bedrooms and floorplan are important and the size of the lot is a big determinate in pricing as well.
4. Condition - This includes the overall condition of the house, improvements, quality of construction, and age. Typically sellers fail to understand that buyers don't have vision. They can't imagine the house with different paint, flooring or staged any way other that what they see in front of them. Most of today's buyers want a home in pristine condition and move-in ready. If you don't want to fix it up, plan to deduct at least twice the cost of the repair or upgrades needed to sell your property. Buyers usually think improvements and repairs cost more than they really do.
5. Curb Appeal - You have to get people inside in order to sell your house. Many a buyer never gets in the front door due to lack of curb appeal. The exterior and landscaping sets the tone for the style and design of your house. This is where the details matter. From sparkling windows to a freshly painted front door, you need to draw the buyers inside. Remember your online 'curb appeal' as well. The photos of your property must be high quality and appealing.  [where: 75230]

Choose the best Realtor Photo for me

I need your opinion on which new Realtor photo I should use.

Just like our homes, we all need occasional updating. So after losing weight and revamping my look, photographer Sal Sessa reshot my real estate agent photos. Sal is an excellent photographer, delightful to work with and gave me exactly what I asked for. But he did such a great job that I'm having a difficult time deciding on which photo to use. The marketing experts say that you should stick with one photo and use it years (like your own brand).

So which one do you think I should use?
Here are 2 choices - both full shot and close-up. Please let me know what you think. I appreciate your opinion.

Vote in the poll to the right. And Thanks!

The Source of Dallas Home Buyers

Many sellers want to know where Dallas home buyers are coming from. While there are lots of statistics out there to show how many are first time buyers, coming from out of state, downsizers, move-up buyers, etc. - those numbers change. One statistic that remains fairly consistent is that most buyers come with their own buyer’s agent.

In Dallas, more than 80% (and some say 85%) of all home sales involve two agents – the seller’s agent and the buyer’s agent. So if you throw out the for-sale-by-owner transactions, deals involving families, buyers without their own agent, etc. you usually have a listing agent (representing the seller) and a buyer’s agent.

So when I’m selling your Dallas home, I’m putting a lot of focus on marketing to other agents. Those agents represent our potential buyers. People like to do business with people that they know and trust. Therefore, the time I spend networking with other agents isn’t because I just like to hang around Realtors. In addition to 500+ agents in my own company, I belong to a network of outstanding agents and I’m on friendly terms with Realtors in offices all over town.

Most really good agents work to keep their listings in front of as many Realtors as possible. Keep in mind that properties are on MLS and office tours every week. A typical 2 hour MLS tour in Preston Hollow or the Park Cities will feature 30 to 130 homes and there isn’t enough time to see them all. I try to see 20 to 25 homes a week and the homes I view vary depending on my current listings and buyer clients. Since it can be difficult to remember a house that was on tour months ago, you need to have ways to keep reminding Realtors about your property.

Because the source of most Dallas home buyers is Dallas Realtors.  [where: 75230]

Fall 2010 Dallas Housing Update

Home sales are up, home sales are down. Prices are increasing, or are they falling?
Is the market improving, or is it taking another tumble?
An abundance of seemingly contradictory information comes at us daily from a multitude of sources. It’s enough to make your head spin – or want to burrow in the sand - depending upon your situation as a home owner, buyer or seller.

Please remember that real estate is a local business. Very local. Sales trends can vary from block to block in a neighborhood. Below you will see how the market activity differs in the various communities of North Texas. If you need accurate, timely information about a specific location or property, please contact me. I am a real estate advisor who can provide information that is customized to your unique needs and goals so that you can make informed decisions about your real estate investment.

[where: 75230]

Spread the word

If you really want to spread some news, try:

Telephone

Television

Tele-message

or

Tell a Realtor

[where: 75230]

First half of 2010 Housing Recap

The Texas Real Estate Center (creator and keeper of important statistics) just made a Labor Day announcement recapping the first 6 months of the 2010 market. We've had "tepid improvement" in the Texas economy and "marked improvement" in the housing market over the same period in 2009 largely attributable to government stimulation. Don't break out the champagne yet, because they go on to say "sustainability during the second half of the year with no incentives remains questionable".

Nationally, sales for the first half of the year were up. And like the U.S. housing market, the Texas felt the impact of the tax credit and the aftermath of its withdrawal. Texas home sales showed a healthy increase of 11.1 percent over the first half of 2009. Monthly sales of homes in Texas increased in March, April and May (total sales were up 13%, 14.5% and 11%, respectively), but June’s sales fell nearly 1% and July’s sales dropped more than 25% from July 2009.

"It appears that Texas housing sales, like U.S. sales, peaked in May rather than the typical June or July cyclical high. Sustaining the momentum from the first half of the year into the second half may be difficult," says Research Economist James Gaines. "The decline in July sales and a surprisingly large increase in the number of properties offered for sale in June and July caused the number of months of inventory to rise from 6.6 months in January to 8 months in July. Although high by recent years’ standards, this is still significantly below the nearly 1 year’s amount of inventory available at the national level."

Home prices stayed relatively stable during the first half of 2010. The Texas median home price increased an average of 1.5% per month over the six-month period, and the national median existing home price increased 0.3% per month on average. Prices are expected to be stifled for the rest of the year due to the combination of high inventories, foreclosures, loan defaults, distressed sales, lack of government incentives and generally low consumer confidence.

Dr. Gaines says that "The second half of 2010 holds significant challenges for the housing market. It remains to be seen to what extent the private market can support the market without significant government inducements. Pending sales, nationally and in most Texas communities, and applications for purchase mortgage financing are depressed substantially, indicating much-reduced sales volumes in the next few months."

"Statistically, the second half of 2010 (and perhaps early 2011) could be misleading. If the general economy does not improve, the housing market will continue to be weak, and will perhaps look even weaker than it really is. The government tax credit for buyers induced many to purchase homes rather than renting or to purchase earlier than they had planned. As sales were drawn forward, subsequent months will experience a drop off in volume."

Today’s housing market is not being driven by the low interest rates, but by jobs (or the lack thereof) and falling consumer confidence in the economy. Historically low interest rates are being offset by tighter mortgage requirements anyway. And many homeowners no longer are purchasing solely for the investment appeal. Today's buyers are purchasing a home as a place to live rather than a means to “get rich quick”.
[where: 75230]

Dear Tom Thumb, Please Stop

I frequent the Tom Thumb stores along Preston Road and I just want to buy my groceries, so please, please -

• Stop the auto announcements asking me to send a kid to camp. It's September and the Shriners already called today asking me to send kids to the circus.
• Stop making your cashiers ask me for a donation to your charity  (I have my own favorite charities just like you do).
• Stop your credit/debit card machine from asking me again to donate to another of your charities.
• Stop giving me so many paper receipts/coupons/advertisements ( Buying a car doesn't come with this many receipts).  

Maybe it's just donor burnout on my part, but I see this trend spreading. The Staples at Preston Forest made a plea at the check out stand last week for some kind of charity drive. I know times are tough and charities must reach out now more than ever. The symphony has called a couple of times asking for support, all the major disease charities have my number and the kids are gearing up to sell stuff door to door in the neighborhood.

But when did corporate charitable giving become the duty of the patrons of these businesses? Anyone else tired of saying no at the check out stand?   [where: 75230]

Now that's a Heavenly Home

There are unique homes in Dallas and then there are really, really unique homes in Dallas. Check out this de-sanctified church now for sale -

Located at 5601 East Side Avenue, this one of a kind home is the former St. Johns United Methodist Church.  The hefty asking price of $1,749,999 not only gets you closer to God - it buys you 14,929 square feet with 11 bedrooms, 10 baths, a 5,000 square foot finished basement and gated parking.
The former altar is now a kitchen and the choir loft is a media/theater room.  Holy Toledo - I mean Dallas! My friend John Whiteside at Coldwell Banker is representing the sellers and I'd love to represent the buyers. Know any angels who would like a tour?
[where: 75230]