Keep your Real Estate contract Clean

A piece of advice that I like to offer buyers - When making an offer on a house, it's usually best to keep your first offer as clean as possible. One reason is because a confused mind will usually say no. Overwhelming a seller with too many requests forces them to answer all those requests - and some of the answers are likely to be no. In fact, the one big answer may become no.

Another reason for a clean contract is that I find most folks will give about 3 times and then they start balking at requests. Lets say you offer:

• a reduced price ( and they give some ),
• you want the backyard swing set ( they give again), 
• you want the seller to pay a portion of your closing costs ( here they go giving again ),
• you want the washer and dryer ( gee these buyers are getting greedy ), 
• you want a 2 week option period ( that's it, we've given enough ). And they haven't even gotten to the part where you ask them to pay for a home warranty or the survey or any repairs.

Decide what is important to you and make that the priority. If you get further into negotiations ( like with repairs ), you may be able to ask for other items. Or negotiate them completely separately. But in the beginning, keep your contract simple and you have a better chance of getting to the next step. [where: 75230]

Thank a Veteran

Memorial Day was created to honor the men and women who have given their lives in service to our country. My family honors my Uncle Phillip who died in World War II while serving in the U.S. Air Force. But we also take a moment to remember our many veterans who have served our country in military service from Abraham Trostle in the American Revolution to my Uncle Rex who served in the U.S. Navy.

Take time today to thank a veteran who is still living. For many vets, a simple act of gratitude means more than most people realize.

Thank you Uncle Ralph, Tim, Tom, Will, JaCady, and Dad. 

Wishing you and your family a happy and safe Memorial Day!

What it costs to sell your Dallas home

Often people wonder what it would cost them to sell their home and it is difficult to give a standard answer. It depends on so many factors.

When selling your house, your agent can easily create a seller's estimated net sheet to give you an idea of the amount you can expect to clear at closing based on your particular situation.

Typically the closing costs of the average home that I sell equals about 8% to 9% of  the sales price - depending on several factors. Remember that everything is negotiable in real estate and there are few fees absolutely set in stone. My broker's standard fee is 3% of the sales price and the title insurance expense is normally under 1% of the sales price.

On the sale of a $100,000 house, the average closing costs to my seller would look something like this:

• $3,000 broker fee to the seller's brokerage
• $3,000 broker fee to the buyer's brokerage
• $ 843 title insurance policy to the title company
• $ 250 attorney document preparation fee
• $ 250 escrow fee to the title company
• $ 150 to $450 tax service fee
• $ 25 recording fee to the county/city/state
• $ 75 flood certificate fee to some governmental agency
• $ 40 processing fee to title company
• $300 to $450 home warranty policy
• $ 50 to $300 HOA transfer fee
• plus pro rated taxes
• plus the survey, any messenger fees or other lender required fees

So if you supplied an acceptable survey, your lender didn't add on additional fees and the contract was clean, your total closing cost on this $100,000 sale would be about $8,000.

That would be if you sold on January 1st so that you didn't have taxes to pay. If you sold in July, you'd owe half a year's taxes on the property, etc. Keep in mind that these figures can vary depending on your exact circumstances and details in your contract. But this at least can give you an idea of what to expect when selling your home in Dallas. [where: 75230]

Easy Deck Remodel

One of the prettiest patio or deck remodels is also one of the easiest. Just lay interlocking deck tiles over a plan concrete patio, dated pool deck or bland walkway. These snap-together tiles come in designs of  not only bamboo and other woods, but also options such as slate, granite, and sandstone.

This is a perfect DIY project that can be assembled quickly in a single weekend. They snap together, and no tools or grout are required. I've seen them on porches, decks and balconies. They can be installed over almost any hard surface. And if a tile is damaged, it is easy to replace.

What a great way to transform your outdoor space.  [where: 75230]

Old Texaco station becoming fancy dental office

What was a filling station will now be ... another kind of filling station.

The high profile corner of Preston & Royal will soon become home to FLOSS, an upscale dental office/experience. The southwest corner location was the site of our old full-service gas station and has been vacant since February 2008.

This gives a whole new meaning to the request to 'Filler 'er Up'. [where: 75230]

Top 10 Ways to make Buyers hate your Property

Trying to sell your house? Then you need advice from one of Dallas' top stagers - Stuart Lee. I absolutely love and admire his talent for taking what you already have to make your house more appealing to the majority of buyers. The guy is truly fantastic.

Most homes that go on the market can benefit from these 4 suggestions: Lighten, clean, declutter and landscape.

Once you've done those, please read his list of the Top 10 ways to ensure buyers hate your property. If any of the feedback you get from showings includes one of these items, you can bet it is having a negative effect on every potential buyer.

1. Overpowering odors
2. Dogs at the door
3. Dirty bathrooms
4. Dim rooms
5. Dead bugs
6. Poor curb appeal
7. Growing gutters / gutters with debris
8. Sellers inside / sellers present at the showing
9. Full of wallpaper ( more than one room of wallpaper)
10. Foggy windows / dirty windows

[where: 75230]

The DFW Housing Non-Bubble

Dallas Ft. Worth would have missed the burst of the housing bubble if it weren't for the rest of the country. This chart shows how the housing prices rose and fell in different cities around the US. DFW is the big red line near the bottom that stays fairly consistent.

Often we say that real estate is like the weather. It is completely local. Just because it is raining in California or sunny in Arizona, doesn't tell you what it is like in Dallas. But the huge burst of the housing bubble in other cities has had a ripple effect that we've felt here in Dallas.

Click on the graphic to see it larger. [where: 75230]

Preston Royal Library - give your input

Citizens and neighbors are invited to a meeting to discuss design ideas for the new neighborhood public library to be built on Forest Lane.
The meeting will be held at the Preston Royal Branch at 5626 Royal Lane on Thursday May 19 at 6:30.
Ann Margolin, the councilmember for District 13, will host the forum. [where: 75230]

2011 to date Dallas Real Estate Stats

Year-To-Date statistics are in for April 2011 from the North Texas Real Estate Information Services.

Here is what they show:

North Dallas (south of LBJ, between Midway & Central):

Number of Sales: 178 ( down 4% from this time in 2010)

Average Sales Price: $763,169 ( up 3% )

Average Days on Market: 130 (up 5%)

Park Cities:

Number of Sales: 220 (up 7% from 2010)

Average Sales Price: $1,112,609 (up 7% )
Average Days on Market: 103 (down 4% )

Northeast Dallas (east of Central):
Number of Sales: 149 (down 7% from this time 2010)
Average Sales Price: $243,791 ( down 3% )
Average Days on Market: 74 ( up 21% )

Northwest Dallas (west of Midway):
Number of Sales: 129 ( down 16% from 2010)
Average Sales Price: $218,527 ( up 1% )
Average Days on Market: 96 ( up 33% )

Far North Dallas (north of LBJ to Plano, Central to Marsh):
Number of Sales: 224 (down 11% from 2010)
Average Sales Price: $310,768 (up 2% )
Average Days on Market: 94 (up 15% )

Dallas Summer Musicals special deal for you

Dallas Summer Musicals is offering a deal to their Preston Royal friends! STOMP will be performing in Dallas for one week, June 7-12 and you can get tickets for 50% off ALL evening performances except Saturday in price levels 1 and 2! Buy them on line and use the code BROOMS (all caps). Or stop in the Dallas Summer Musicals office at the northwest corner of Preston and Royal. [where: 75230]

Bad Real Estate Photos

This Friday the 13th was just unlucky for the owners of these properties ( and the 14th through the 31st don't look too good either unless they get a new agent or some better photos):

Feeling blue?

Maybe it's just a bad dream ...

How about something to wake you up ?

Just don't expect service at this breakfast bar. [where: 75230]

Preston Hollow Elementary- Principal of the Year

David Chapasko, principal at Preston Hollow Elementary School, is the Dallas ISD 2011 Principal of the Year. Chapasko was awarded a $2,500 cash prize for the honor.

Chapasko is in his 18th year as a principal, having spent the last four years at Preston Hollow where he has led his school to an Exemplary rating. When he first came to Preston Hollow, the school was in need of new leadership after going through a difficult period. Now Preston Hollow has racked up a long list of academic achievements including being named to the National Excellence in Urban Education Honor Roll; selected as a State Reading First Demonstration Site; and honored with a Texas Business and Education Coalition Award. [where: 75230]

Central Market filling old Preston Royal Borders space

Central Market is moving into the space on the southeast corner of Preston and Royal. While it's not Trader Joe's, this market may make Whole Foods (just a mile north) a bit nervous. I'll certainly be there weekly.

And the upscale grocer promises it will have "It's own personality and be designed for the neighborhood it will serve." Wonder if they'll have their own version of a slurpee for the St. Mark's boys? [where: 75230]

Should You Get a Hometender for a Vacant House?

A nicely decorated and furnished home will sell faster than a vacant one - and often for a better price. That's why so many people look to a hometender to temporarily occupy a vacant home. I mean, if you're selling a home, which of these rooms would you rather market to buyers?

How about if it didn't cost you anything? And what if someone else was paying the utilities and yard care costs?

That's the beauty of hometending. Companies like Castle Keepers provide a responsible occupant to maintain and care for a home while it is on the market. They ensure the hometender's furnishings will compliment the house and they run background checks on their tenders.

Typically, hometenders are free to the person selling the home. The tenders are usually responsible for utilities, yard care and pool maintenance. The house is kept clean, the decor is appealing, and the temperature and smell are usually much better than a house sitting empty. Owners also like knowing that the systems (air conditioning, water heaters, etc) are kept working, that the property is less likely to be vandalized, and that the landscape and curb appeal are maintained.

The advantage to the hometender is the discount in housing cost. However, they must keep the house immaculately clean and have it available for showings with very little notice. Unlike renters, they must cooperate with agents, open houses and showing requests. And they must be willing to move out quickly when the property sells.

Companies like Castle Keepers make a home more marketable - which always gets my vote. If you were voting with your pocketbook, which of these rooms would win? The hot, vacant room scattered with dead bugs or the clean, lighted and furnished room?

 [where: 75230]

Trader Joe's at Preston Royal?

Rumors are flying about possible locations of Trader Joe's grocery when they come to Dallas. The former Borders site at Preston and Royal is newly vacant and would be perfect. While the rents are high, the loss of our 7-11 at this intersection left a big gap for a place to grab convenience items. While I love Tom Thumb and Whole Foods, we could use another grocery. Heck, they could turn a profit just from the daily after-schools boys in grey shorts looking for a snacks and missing their Slurpees.
[where: 75230]

Better to Buy than Rent in Dallas - Spring 2011

A report released today shows that it's better to buy than to lease in Dallas right now. This interesting chart on Trulia's second quarter 2011 Rent vs. Buy Index shows whether it is better to rent or buy in each of America's 50 largest cities. Factored in are not only the costs, but unemployment rates, foreclosure filing activities and job growth projections affect renting and buying. The size of each circle corresponds to population.

You can see from the charts that the average cost to rent a two bedroom property in Dallas is $1,000 to $1,500. The average cost to buy the same property in Dallas is $100,000 to $200,000.

The rent to buy ratio uses the median list price vs the median rent price on a two bedroom townhome, apartment or condo. Of course, in North Dallas, most properties are larger than that.

But I like that they figure in the total costs of homeownership. That includes mortgage principal, interest, property taxes, insurance, closing costs at time of purchase, and HOA dues. It also includes an offset for the tax advantages of home ownership, including property tax, mortgage interest and closing cost deductions.

The figures reflect the total costs of renting to include rent and renter's insurance.  [where: 75230]