2011 State Fair dates & discounts

The State Fair of Texas opens today and runs through October 23rd.

This year tickets went up to $16 for adults at the gate. Advance purchase tickets are $14.50 at Kroger's grocery. 

Here are the 2011 discount deals:

Opening Day: Sept. 30th - Bring an unopened 20 oz. or larger Coca Cola product or Dansani Water for donation to the North Texas Food Bank at the Fair admission gates and enter for $4 admission.

Dr. Pepper $4 Tuesdays: Every Tuesday, bring an empty Dr. Pepper can and enter for $4 admission. Some rides are discounted.

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

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

Coke $5 Thursday: Bring an empty 20 oz bottle of a Coca-Cola product and enter the Fair for $5 admission.

FREE Thursdays for Senior Citizens: Senior Citizens 60 years and older get in to the State Fair free each Thursday. All other days senior admission is $12.

FREE Thursday admission with a Cinemark Theater ticket stub.

Any Day - McDonald's offers $4 off General Admission with one of their State Fair coupons any day of the Fair. A free child ticket (with purchase of general admission) coupon is also distributed by McDonald's. Offer may not be combined with any other offer.

Food and ride coupons are .50 cents each and sold in a sheet of 20 for $10. These are discounted at the fair on Tuesdays.

Parking in an official fair lot is $15. Numerous lots are located outside the fairgrounds for less but most do not have security. Or you can buy a DART / Fair combo ticket at Kroger groceries for $17 that includes admission to the fair and a round trip ticket on DART. 

Stop by the Creative Arts building on Saturday, Oct. 23rd when I'll be judging the home made ice cream contest. Yum!

For more information on events, schedules, general information and maps visit http://www.bigtex.com/ .

[where: 75230]

Funny Friday

Dallas fence builder - marketing?

Would you be inclined to hire the company advertised on the back of this pick up truck? I don't know anything about it except that they drive down Forest Lane and their 'signage' looks sloppy. While they may be very good at building fences, the message of this advertising says crooked, cheap and unprofessional. Which is not what I look for in any company that I recommend to clients.
On the other hand, maybe they are really savvy marketers looking for a unique way to draw attention to their business. Ya think? [where: 75230]

What Home Buyers want most today

While you'll notice that items like walk-in closets or a pool don't appear here, that doesn't mean they aren't important to many buyers. These are just the most important items to most buyers.

Interestingly, the three most important factors that determine if your house will sell are still :

• Price
• Location
• Condition

Which of these can you change or control? If you house isn't selling, then you need to change something.
[where: 75230]

Funny Friday

When you spend more than 40 hours a week looking at photos of homes, showing properties to prospective buyers, touring new listings, ... and just focusing on homes, you can start to find humor in ordinary places. For example:
This one looks like creepy ghost arms are going to grab this house.

And nothing says 'going through a divorce' like a half empty closet.

There must be a better way to show us that the back yard has trees.

Hit it Michael -
I'm looking at the man in the mirror ...





Come back next Friday where I'll bring you another glimpse of the funnier side of real estate. [where: 75230]

Least and Most expensive homes for Sale

The most expensive home for sale in North Dallas right now is still Troy Aikman's compound in Highland Park. On the market for $24,000,000, it has everything you could want in 10,520 square feet.

At[ the other end of the money spectrum is the least expensive single family home in North Dallas. Located just Northeast of Central Expwy and Forest Lane, this $35,000 foreclosure is being offered 'as is' and includes 1,396 square feet.

How to compete with foreclosures for sale

Foreclosures can seem like the deal of the century. Sometime they are and sometimes they're not. But competing with a foreclosure in your neighborhood can be difficult for traditional sellers. But many sellers have advantages over foreclosures; the key is to know what they are and then communicate them to potential buyers.

How to Compete Against Foreclosures:

• Sell sooner rather than later. The lull in new foreclosures being added to the market is ending. Although foreclosures are still down from last year, the shadow inventory is coming to the market. 
• Outstanding Condition. It's not enough to paint or clear out clutter. Buyers are so much pickier now - because they can be. Foreclosures have lower price tags, but they come with a lot of work. The contrast of a home in pristine condition against a foreclosure that requires repairs may be enough to sway a buyer.
• Price for small profit vs. windfall. Sellers should be prepared to receive lower offers than they want. Everyone is looking for a deal and homebuyers will not pay a premium for any home, no matter how beautiful it is. That's particularly true when selling against the foreclosure down the street. 
• Make it easy for the buyer. Foreclosures are full of uncertainty. Buying one can be a long and discouraging process. Contrast that by making it simpler to buy your home. [where: 75230]

Spruce up your Stairs

I love this trend that seems here to stay. High end homes today often feature tile or stone risers on the stairs. Risers are the vertical portion of the stairs that you see at you look at the staircase. They are also the area that gets kicked and scuffed easily.

Which is why tile or stone is such a wonderful feature. As you can see, they can be incorporated into a variety of decors. What a beautiful statement they make.

 [where: 75230]

2011 Dallas Real Estate Sales Figures

Year to Date home sales are here from the North Texas Real Estate Information Services. And the news isn't bad at all given the long, hot summer we've had. Keep in mind that the time to close a sale has become about 30 to 45 days. So we have yet to see the figures for properties that have gone under contract as the summer winds down.

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 400 (up 3% from this time in 2010)
Average Sales Price: $798,583 (same as 2010)
Average Days on Market: 112 ( down from 2010)

Park Cities:
Number of Sales: 487 (up 4% from 2010)
Average Sales Price: $1,116,841 (up 1% )
Average Days on Market: 97 (down 17%)

Northeast Dallas (east of Central):
Number of Sales: 370 (up 11% from 2010)
Average Sales Price: $245,091 (down 7% )
Average Days on Market: 76 (up 27% )

Northwest Dallas (west of Midway):
Number of Sales: 329 (down 2% from 2010)
Average Sales Price: $220,201 (down 1% )
Average Days on Market: 89 (up 31% )

Far North Dallas (north of LBJ to Plano, Central to Marsh):
Number of Sales: 586 (up 2% from 2010)
Average Sales Price: $328,040 (down 1% )
Average Days on Market: 85 (up 10% )
[where: 75230]

North Texas Church Foreclosures

Here are a few distressed sales you probably don't hear about a lot - foreclosed church properties.

This former church at 1826 Pleasant Drive  in Balch Springs is listed for just $149,000. The 3,190 sq foot building includes 4 classrooms, kitchen and dining area. It also has 48 parking spaces and a playground. While not currently zoned for residential usage, seems like someone could make good use of it.

And in the next town over, Pleasant Grove, there is this sweet little building at 631 Elkhart Avenue  that was foreclosed. This former church has been reduced to $125,000. Buy it and you could host 100 of your closest friends every Sunday in 3,910 square feet with features that include a vaulted ceiling, kitchen and 5 bathrooms.

You've already missed the chance to buy a foreclosed mega-church. Victory Park Baptist Church in Rowlett sold for a bargain $850,000. This huge 8.6 acre property offers lots of potential.

And this foreclosed church in south Dallas has already found a new owner as well. Sold for $305,000,  it has lots of space but needed lots of work to return to its former glory.

How to get buyers in to your Home

If you want someone to buy your house, you first have to get them inside. Most agents know that on-line photos are the first place buyers look. If you peak their interest with great photos, the next step is curb appeal.

Most buyers will narrow their search with a simple drive-by before they call about a property they are considering. And it isn't that unusual for an agent to drive up to a property they plan to show their buyer, but the buyer decides that they don't like it before going inside. When the weather is harsh, or they are tired, or pressed for time, ... we often hear comments like "I don't really like the exterior. Let's just skip this one." Then all the hard work you put in to get the house ready to show is wasted.

So spruce up the front of your property before putting it on the market. The best ways to enhance your curb appeal include trimming trees and bushes, adding mulch and flowers, power washing and washing windows before you consider more expensive updates like painting and adding new door hardware and outside fixtures. [where: 75230]

Autumn has arrived in Preston Hollow

... cause the giant pumpkin is up at Preston Royal. [where: 75230]

IRS's top 10 tax tips for Home Sellers

For those of us doing September taxes -
1. In general, you are eligible to exclude the gain from selling your home if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return. 
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change. [where: 75230]

Labor Day Home Inventory

The pool at this home for sale in Preston Hollow is just waiting for someone to come and enjoy.

Meanwhile, you can enjoy this summary of the Labor Day 2011 real estate market for single family homes in North Dallas (between Central Expwy and Midway, south of LBJ):

Homes actively for sale – 801
Homes under contract - 112
Homes sold in the past 6 months – 741

Of the 801 active listings for sale:

Homes with 25 photos (as allowed in our MLS): 234
Homes with only 1 photo in the MLS: 21
Homes with no pictures at all: 9

It’s so, so important to take the time and effort to pick a good real estate agent who will feature a home with all the great photos they can. Wouldn't you want to be one of the 234 homes highlighted with the maxinum number of photos?

If not, you may end up like the 613 properties that were on the market in the past 6 months that didn't sell and ended up expiring, cancelling or withdrawing from the market. [where: 75230]

Shadow Inventory - Recovery in sight

The housing market will recover when we eliminate most of the current shadow inventory. Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are empty and are not yet for sale. The speed at which these homes come on the market and are sold will determine the speed at which the housing market recovers.

The latest S&P Shadow Inventory Report reports that the shadow inventory is decreasing. The report also indicates that the number of people falling 90 days behind on their mortgages has decreased dramatically. That means that as we sell off distressed properties, the end to the housing crisis gets closer.

One of the biggest challenges to the real estate industry throughout the rest of the year will be this shadow inventory coming onto the market. These distressed properties have been tied up in the court systems in many states while paperwork has been reviewed and corrected. Banks are finally fixing their processes and most states are clearing the way for the banks to resume repossessing these properties.

As these foreclosures come on the market, the prices of all properties in an area will be adversely impacted. Since there is a finite number of home buyers in any market, some of those buyers can be expected to purchase these distressed properties because they can get them at discounted prices.

The more important factor in the slow housing recover is that the sales of these foreclosed properties will become part of the comparable sales used by appraisers to establish value on all homes. It will take some time to recover from the negative impact they have on all valuations. [where: 75230]

Home Appraisals change Today

Big appraisal changes are affective today called the Uniform Appraisal Dataset (UAD). This new rule requires appraisals to be done in specific ways if the loan is to be sold to Fannie Mae or Freddie Mac. The goal is to standardize reports to be more consistent. It requires new software, new coding, and new data to be collected, so the changes may initially slow delivery times as appraisers get familiar with the new requirements.

Key Changes to Appraisals Include:

Standardized descriptions of property:
Today, one appraiser might input "brick" for a home's condition and another may write "average." The UAD requires standard descriptions for a property's condition, quality, view, and location. Condition and quality will be scored on a scale of 1 to 6 (C1-C6 and Q1-Q6) with 1 being the best. Property location will use standard codes of A, N, or B -  adverse, neutral or beneficial. A further list of codes provides more information, such as Mtn = Mountain view or BsyRd = Busy Road.

New information:

Additional data that must be included by the appraiser includes number of days on the market for subject property and comparables. Also bathroom and kitchen improvements, including type of work and when it was done.

Numeric data inputs:

Dates, dollar amounts, number of rooms, lot size must be entered in specific ways. For example, appraisers that describe a bath and a half as 1 1/2 must now input it as 1.1... 1 full and 1 half. Two and a half baths will now be 2.2... two full and two half baths. Lot sizes below one acre must be converted to square feet.

What am I doing to help?

A key thing is to include necessary information in my listings to save appraisers time hunting it down themselves. I continue to do everything with in the law to help the homes that I sell appraise. [where: 75230]