Predict Your Future?

Cheap, Instant Privacy - the pros and cons of bamboo

Bamboo - you either love it or you hate it. And I'm not talking about some little indoor lucky bamboo. Let's look at bamboo in Dallas landscaping. The biggest pros of using bamboo in your yard is privacy. These days your neighbors often have views into our yards and windows. The traditional fence heights allowed in Dallas often don't cut it when the two story home next door looks right down into your kitchen. And it takes several years to grow most landscape barriers.

Bamboo is a natural barrier that can grow 3 to 15 feet tall in just a year. Depending on the species, bamboo can grow to maturity of 3 to 100 feet in height. It grows like a weed (or more specifically like grass). It is drought tolerant, attractive and requires almost no care to thrive.That makes it a very difficult decision for a lot people. 

It's important to buy ONLY clumping bamboo. Clumping bamboo will typically stay in a designated place, while the other kind will spread until you wish you could burn your entire yard. Not only can it take over a yard and ruin your landscape, it can even creep into your neighbor's yard, and cause them trouble.

If you want to try this natural privacy screen for your backyard, consider installing a root barrier when you first plant the bamboo. It should be made from metal, polyethylene or PVC material, and can comes in rolls that are fairly simple for the average do-it-yourself homeowner or gardener. Plan on doing some digging and good luck. [where: 75230]

Preston Royal Sign Wavers - great job

The sign holders working for Borders at Preston and Royal must be the best advertisers in town. They've been smiling, waving and making passing motorist smile.

When you think about it, this would be a fun job in the fair weather we've had over the past week. You get to smile and wave at people and brighten their day just a bit. I'd have to pass on doing this in bad weather or the summer heat. And given that so many of us are sad to see the closing of Borders, these guys have given us a reason to smile.

Anyone advertising on those gas guzzling trucks that drive around town just to advertising purposes would be spending their money more wisely on these guys.

[where: 75230]

celebrate Margarita Day locally

... start at the Preston Royal Cantina Laredo.[where: 75230]

Spring is Early this Year - in Real Estate

The weather isn't the only thing in Dallas that looks like spring right now. The real estate market is having an early spring as well. Usually folks wait until the spring buying season in order to get the best price possible when selling their home. However, the current real estate environment has shattered many previously-held beliefs. If you or someone you care about hopes to sell a home this year, there are 5 reasons why they should put it on the market NOW:

1. Interest Rates Are On the Rise - As rates increase, the mortgage amount a buyer qualifies for decreases and they lose buying power. This may eventually have a negative impact on home prices.

2. Homes Will Never Be Cheaper- If your goal is to sell your current house and take advantage of the fabulous selection of properties currently available, DO IT NOW! The COST of buying a home is more important than the PRICE. The COST can be dramatically impacted by rising mortgage interest rates.

3. Buyers Are Out Early - Activity is up, showings are up and more properties are under contract. There is mounting evidence that buyers are coming out earlier this year. Pete Flint, CEO of Trulia, says “We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth.”

4. Inventory Increases Every Spring – That means the competition to attract qualified, motivated buyers will increase.

5. We Are in the Eye of the Foreclosure Storm – There is a supply of discounted properties coming to the market as banks rectify foreclosure procedures. Foreclosures at a discount. When released, these properties could be competing with your home and also pull down home prices.

If you would like to talk about your options - or have a friend or family member who needs my help - please contact me.   [where: 75230]

The other Big D in Real Estate

The biggest D's in real estate aren't in Dallas. As I said last week, they are the two factors that drive many real estate sales - Death and Divorce. And the issues can be costly and complicated if not handled properly in the real estate transaction.

Today, let's share some information about how death affects a real estate transaction. I'm not a lawyer, but these items are important to know when it comes to Dallas real estate:

• Upon a homeowner's death, title can be passed via a probated will or intestate (controlled by the government).
• If there is a probated will, the executor has power of sale. This is the easiest way to sell.
• Intestate (when someone dies without a will) title transfer depends on marital status, right of survivorship, children, etc. An Affidavit of Heirship is required and the heirs must sign at closing.
• Power of Attorney ends when a person dies. Prior to the owner's death, the person with POA can sell the property. The owner must be competent when signing a POA and the POA must be original and notarized or on file with the county clerk. Upon the owner's death, the executor of estate has the power to sell the property.
• Every homeowner's necessary estate planning should include a will, a statutory and durable Power of Attorney, medical POA and a living will. 

Real Estate Photo Hall of Shame

I've tried to be a nice agent and stop picking on bad photos in our MLS. But this week, the temptation is more than I can withstand. Here are a few of my favorite Bad Real Estate Photos:

This photo is of a 4 bedroom house - there must be something else they could have featured.

Caption on this one is "design team". There are places to show off cute kids - but MLS isn't one of them. And is anyone really interested in a home designed by 10 year olds?

At first I thought this photo was upside down. But that's the ceiling. There should be a better way to highlight it.

Night photos can be a nice touch - when you also have a daytime photo. The funny thing about this one is that the property is on Sunlight Drive.

[where: 75230]

Mortgage Insurance Premium Changes

The recent increase in Annual Mortgage Insurance Premiums will go into effect for case numbers assigned on or after April 18, 2011.
Given the legislative mandate in section 202 of the National Housing Act for ensuring that FHA’s Mutual Mortgage Insurance Fund (MMIF) remains financially sound, it was imperative to strengthen the MMIF to ensure that FHA will be able to continue providing a home financing vehicle and remain sound.

This hike will raise the premium from .9 percent to 1.15 percent of the loan amount, and is expected to generate $2 billion in funds for the agency. Unfortunately for some, this gain is expected to reduce the number of FHA backed loans available.

The chart below illustrates the 25 basis point (bps) increase in the Annual Mortgage Insurance Premiums. There are no changes to the Up-front Mortgage Insurance Premium (UFMIP).

Example of Annual Mortgage Insurance Premium Increase on FHA-backed loans

October 2010  -   90 bps
April 2011     -   115 bps

Sales Price $163,000
Minimum Down Payment (3.5%) $5,705
Mortgage Amount without UFMIP $157,295
FHA MIP current monthly payment...$118
FHA MIP effective monthly payment on April 18, 2011...$151
Change in payment (monthly)...$33

As you can see, it will cost you more to own a home. If you've been thinking about buying, now may be the time.

Happy Valentines

The Big D's in Real Estate

The biggest D's in real estate aren't in Dallas. They are the two factors that drive many real estate sales - Death and Divorce. Most folks are unaware of the ramifications of death or divorce on a real estate transaction.

Today, let's look at how divorce affects a real estate transaction. While I'm not a lawyer, I'd like to share some important items to know when it comes to Dallas real estate:

• If you're married, there is no legal separation in Texas. Even if your financial affairs are completely separate, you're still married under the law and when it comes to your real estate. So if you're in the process of divorce, you're still married. Keep this in mind as you read the next facts.
• Your homestead rights extend to your spouse. You cannot mortgage or refinance your homestead without your spouse's consent. You can sign a deed of trust but not a note on the property without a spouse's signature.
• You cannot SELL your homestead without your spouse's consent. It doesn't matter if the spouse's name is on the title. Non-titled spouses must still consent to the sale. The only way to avoid this is if the property is not your homestead (like an investment property) and you own another property as your homestead.
• Homestead laws and marital property rules (community property, separate property) are separate legal concepts in Texas.
• If you are in the process of divorce (and thus still married), make sure you and your agent talk with your divorce lawyer prior to entering into any real estate contract. It could upset your divorce negotiations and make your divorce more complex and expensive. Unless you want your ex-spouse to be co-owner in your new property, you may need to wait until the decree is final. [where: 75230]

Purchasing a Home in Dallas with a TexVet Loan

Guest post from James Kelley, author of vabenefitblog.com:

Home to warm (usually!) weather, barbeque, and the famous NFL Cowboys, Dallas, Texas is a favorite of young professionals and retirees alike. Dallas even has something for those more interested in culture as authentic Mexican cuisine, colorful festivals, and numerous art galleries and museums can all be found in the city. With Fort Worth’s Naval Air Station close by and countless military families with loved ones serving at home and abroad, Dallas is also a popular city for military members.

 In fact, Texas offers veterans interested in purchasing a home in Dallas and throughout Texas a unique lending opportunity known as the Texas Veteran Home Loan program to make home financing affordable.

What are the Benefits of a TexVet Loan?

In 1983 the Texas Veterans Land Bureau created the Texas Veteran home loan program, or TexVet loan program, to make purchasing a home affordable for veterans. With a Texas Vet loan, veterans are able to purchase a home in Texas with a sales price of up to $325,000 with zero money down. With the average price of a home in Dallas averaging around $210,000, the higher loan limit provided by the TexVet loan is highly beneficial.
In addition to high loan limits, the TexVet loan offers other benefits including:

• Below market interest rates
• No down payment
• Flexible loan terms

Who Qualifies for a TexVet Loan?

Like the VA home loan, the initial eligibility requirements for a TexVet loan are related to a veteran or active duty member’s time of service. However, the TexVet loan does have a few state specific requirements. To initially qualify for a TexVet loan for the purchase of a Dallas home, veterans must:
• Must be a Texas resident
• Be purchasing a home in Texas
• Be purchasing a home must as a primary residence
• Be purchasing a Energy Star certified home if the home is new

TexVet Loan or VA Loan?

Both the VA loan and TexVet loan offer borrowers the benefits of purchasing a home without the need of a down payment, and the ability to acquire a mortgage with low interest rates and flexible terms. However, each has specific advantages that may make either option more appealing to different borrowers. Such advantages include:
• The reduced interest rates offered to disabled veterans and surviving spouses through the TexVet loan
• The ability to refinance with a VA Loan

Before applying for either type of loan, veterans are advised to speak with an approved loan specialist to further determine which loan option is the best choice. Although the eligibility requirements are lenient for both programs, lenders will usually require a mid-range credit score of at least 620 to secure financing. Even potential borrowers with an imperfect credit history are still encouraged to apply as those with a history of bankruptcy or foreclosure have been approved in the past.

This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri.

DFW Sales by Price

Another look at 2010 the real estate sale performance as we move into the 2011 real estate market.

[where: 75230]

Buy local

When we thaw out and you have a chance to get out of the house, remember to shop local.

This past week of closures has been hard on many small businesses and they need our support. Skip the big box stores and fast food places in favor of our locally owned stores and restaurants. We're fortunate to enjoy outstanding businesses in North Dallas and we all benefit from the economic support we give locally own businesses.  [where: 75230]

Five tips for driving in Dallas today

1. Everyone driving slower than you is an idiot.
2. Everyone driving faster than you is a maniac.
3. You're a target for both groups above.
4. When you reach your destination, you're more likely to be injured slipping on the ice than in the car.
5. Just stay home one more day.  [where: 75230]

Thursday afternoon report along Preston Road

Preston Road through Preston Hollow is still treacherous driving and the parking lots are even worse. If you're considering a run to the grocery store, you might want to rethink it.

As of 2:45 this afternoon, they were either out of or low on milk, eggs, avocados, etc. There are lots of folks shopping - and slipping around the parking lot.

On the bright side, the chip and wine aisle is fully stocked. And several of the restaurants are open with plenty of food.  [where: 75230]

Rolling Blackouts heading our way

Oncor has initiated rolling blackouts around the state to conserve power and it will likely affect Preston Hollow. Oncor says the outages should last from 15 to 45 minutes. They do not know when this will be suspended. Contact Oncor if you experience outages that last longer than 45 min.  1-888-313-4747 or 1-888-313-6862

Consumers and businesses are urged to reduce their electricity use to the lowest level possible, including these steps:

• Limit electricity usage to only that consumption which is absolutely necessary. Turn off all unnecessary lights, appliances, and electronic equipment.
• Businesses should minimize the use of electric lighting and electricity-consuming equipment as much as possible.
• Large consumers of electricity should consider shutting down or reducing non-essential production processes.

Since most of the homes in Preston Hollow have gas heating and electric air conditioning, I wonder why this doesn't happen when its 105 degrees outside? [where: 75230]

Preston Hollow's Favorite Pig

Petunia the pig has become a popular attraction on Meadow Road in Preston Hollow. She and her owner Weezie live across the street from a beautiful home for sale and take regular strolls down the sidewalk.

Petunia is 7 months old and thinks she is a lap pig. She likes to snuggle and rest her head on Weezie's shoulder. When she isn't eating fallen acorns, she is happy to sit for a treat.

Perhaps I should change the property description to say "Beautiful 5 bedroom, 5 1/2 bath house on large lot across the street from Preston Hollow's favorite pig".   [where: 75230]