Jan 31, 2012
There is picky and then there is too picky
Guess what? There is no perfect home. Everyone finds something they would change about their home within 6 months of moving into it. No home is faultless and your wants and needs change after you move in and as the years go by.
It isn't unusual for a client to look at alot of properties over several months before make the big decision to buy a new home. In fact, it is usually a good idea to look at enough properties to get a feel for what you really want. But remember that if you are looking for a perfect home, you won't find it.
Take Mrs and Mrs. Client A for example. We looked at properties for several months before they decided that nothing really suited them and they would build their dream home. They started working with an architect and designing the house. That was 3 years ago. Guess where they live today?
In the same house that they don't like. That's right. They didn't want to 'settle' on something that wasn't ideal so they are still looking and waiting. So far no lot has been ideal or at the right price. And after investing a lot of time and money in building plans, they changed their minds about what they want.
Now they have decided to put the whole new construction idea on the back burner. They haven't done anything to their existing home to make it work for them over the past several years. Basically, they put their lives and their personal comfort on hold while they looked for perfection.
What a shame. Life is too short to chase perfection. Sometimes it is best to settle for an option that meets 90% of what you want, rather than hold out for the 10% of "extras" you covet. You may think your custom built home will be better - and it very well may be -but consider the amount of time you will spend while you put your life on hold pursuing perfection.
Be picky about your choice of a home, but don't be too picky. A good home you can enjoy today is better than a nice home you spend years and years waiting for.
Labels: buyers, Dallas, real estate
Jan 27, 2012
Would you show a buyer this property?
You're an agent working with a very qualified buyer for a lakefront home priced over $750,000. There are so many nice options available to show your clients that you have to narrow the choices. Based on the photos, would this be a property you'd show your clients?
Labels: bad photos, real estate, sellers
Jan 25, 2012
More Yards per Carry
Football season aside -
If you are contemplating a move, we give you the home field advantage. [where: 75230]
Labels: agents, Dallas, moving, real estate
Jan 23, 2012
Pricing your Home kind of like Selling a Car
Your location, determines a great deal - just like the make of your car determines a lot of its value. If you have a Honda, you can't add leather seats, custom paint, supped up engine, ... and call it a Lexus. Even if your home is fabulous, your neighborhood will determine much of your value. Your agent should be able to tell you what the average sales are in your area for similar properties. This will tell you if your neighborhood is more like a Ford, a Kia, Porche or something in between.
Then comes the condition of your property. A new entry level class-C Mercedes sedan may cost $30,000 while a new SLS roadster starts at $170,000. They are both Mercedes, however their features are different. Does your property have all the bells and whistles of other homes in your neighborhood that are selling? Is it the same age? Does it show as well? Is your agent able to market it to the hilt?
A 35 year old home updated 20 years ago with average features will find difficulty competing with an 18 year old home, updated 6 months ago with all the latest high quality details currently in demand. Is a buyer more likely to purchase a shiny new Toyota with a warranty or a 10 year old Lexus with a big dent in the door and a loud rattling muffler? If the price is the same, the Lexus is going to be a hard sell. How about a 7 year old Lexus with very few miles, no dings or dents and a fastidious record of dealer performed maintenance? Well that's a different story.
But, fortunately, homes are not cars. A beautiful, unique old home can be much more appealing that a new house in the same neighborhood. But it needs a different kind of handling and marketing to appeal to a different kind of buyer.
The reason I use a car/home comparison is to help sellers with realistic expectations when pricing their home. To price your property without the proper research and comparables is like saying all blue cars are the same. If you have the attitude that the buyer will fix the dents and won't care about the lack of maintenance and updates - then you need a reality check and you need to price your property well below the competition. [where: 75230]
Labels: Dallas, home improvement, real estate, sellers
Jan 20, 2012
Funny Friday Real Estate Photos
The folks who took these photos actually intended for them to help sell the property. I think they work better just to give us some Friday humor.
Labels: bad photos, real estate
Jan 18, 2012
Soft Contemporary Homes are Hot!
This trend has been building over the past few years in North Dallas. In the 1980s and 90s we saw the McMansion boom. Those home are easily identified by the high porches with a large window above the front door from which you can view the foyer chandelier and staircase from the street. About the same time we saw lots of mini-castles popping up with turrets and tons of scrolling ironwork.
In the early 2000s Mediterranean style homes, showcasing tile roofs,started appearing in North Dallas neighborhoods. Now the contemporary home is king. Add a big touch of nature and environmentally friendly features, and you have a winner. I look for this trend to continue over the next few years. [where: 75230]
Labels: buyers, Dallas, decorating, home improvement, North Dallas, Preston Hollow, real estate, sellers
Jan 15, 2012
Why haven't we gotten an offer?
Most people just aren't comfortable making really low offers. It's like calling someones baby ugly. A handful of people are okay with it, but most feel too uncomfortable to do it.
Look at how many showings you've had on your property. People won't buy it until they've seen it. If you've been on the market 3 months with only 3 or 4 showings, then something is wrong.
Buyers talk with their wallet. If they haven't made you an offer it is either because of LOCATION, PRICE or CONDITION. Those are the 3 items that determine if a house sells. Since you can't change the location, then you need to look at the price and condition. Change one or both those and get people through your property. Then you'll get your offer.
[where: 75230]
Labels: buyers, real estate, sellers
Jan 12, 2012
Thieves still target Dallas Open Houses
Last weekend, serial open house thief Steve Breed ( aka Max Holloway and other aliases) was at it again. He drives a black Ford Focus and typically targets North Dallas/Collin County area open houses. While he has been arrested for this before, he is still in the business of robbing homes but has lost weight since his last mug shot.
Also still working the metroplex is Stan/Dan Tucker. He moved to Oklahoma a couple of years ago where he took up robbing open houses up there but is now back in the metroplex and living in Ft. Worth. Apparently supports himself - or his habits - through what he picks up at open houses in that area.
If your home is for sale and it is open to the public, please ensure your agent takes the necessary precautions to keep your possessions safe and secure. [where: 75230]
Labels: Dallas, North Dallas, real estate, scams, sellers
Jan 10, 2012
Beloved St. Mark's Wrestling Coach to Retire
When my son started wrestling for St. Mark's, I must admit that I didn't like Coach Ortega much. He can come across as hard and gruff when he yells at his athletes. But many young men - and their mother's - have learned how he does things for a reason and witnessed his commitment to and compassion for the boys he educates. Not only does this coach mold and inspire his athletes, he teaches them many life lessons about sportsmanship, commitment and tenacity.
Posted in the wrestling room is his promise: Those Who Stay Will Be Champions. He doesn't promise that it will be easy, but if they stick with it he will make them champions. And he has, year after year.
As a freshman, my son stepped on a wrestling mat for the first time with no skills. Last year he competed in the Prep National Championships. This year he is a team captain. One of my favorite sayings from Coach Ortega is his reply to a boy who told the coach he wanted to sleep in instead of practice during the holidays. The coach's reply: "You can sleep when your dead."
Coach Ortega will be missed, not just by his team or St. Marks, but by the entire wrestling community. His dedication to the sport earned him a place in the National Wrestling Hall of Fame several years ago.[where: 75230]
Labels: Dallas
Jan 9, 2012
Best Tips for a Smooth Move
Write everything down! Before you pack even one box, create a simple record keeping system. Create a computer-printed list of numbers with a space to write the contents. Or have a spiral-bound notebook for the job. You'll place a number on EVERY box you pack and list the contents on your list. Don't put the list down unless it's in a place you'll call Packing Central. This is where you'll find your labels, marking pens, box tape, scissors and other supplies.
You'll need LOTS of boxes--probably more boxes than you think, and having enough boxes will make your life easier! Have about 10 boxes set aside to use for last minute items on moving day, such as bedding, clothing, and cleaning supplies. You'll need strong plastic packing tape to close up the boxes securely. Use unprinted newsprint (newspaper can stain your items) or packing paper or bubble wrap to wrap and cushion.
Designate a color for each room in the new home, such as yellow for kitchen, orange for dining room, etc. Apply colored stickers on the box near the box number. In your new home, put a matching sticker on the door to each room. The movers will know where to put everything when they arrive at the destination. It's also helpful to post a big sign on the wall in the room where you want boxes stacked, ("Boxes here please") to keep them out of furniture and traffic areas.
Moving companies will be happy to deliver boxes ahead of your moving day. Or if you're doing the move yourself, get
things organized as early as possible. A few days before your move, fill some sturdy handled shopping bags with bulky closet items such as shoes, sweaters, belts, and jeans. On moving day, fill the bottom of the wardrobe boxes with some of the shopping bags, then add your hanging clothing. Pack hanging items tightly so things won't move around and fall off of hangers. Finally, cover the shoulders of your clothes (a dry cleaning bag works well), then add a few purses or sweaters on top. You'll have fewer boxes, and closet items remain together.
Insist on keeping things together when you or the movers are packing boxes. Keep bookends with books, light bulbs with lamps, and extension cords with appliances. Small, loose parts can be attached to the item they belong to with tape or placed in small envelopes -- to keep picture hooks with pictures, shelf brackets with a bookcase, a special wrench and bolts with the wall unit. Keep larger corresponding items (such as a cable TV cord) in Ziplock bags, and tape these to the underside or back of the item. As a backup, have a "Parts Box" open on the kitchen counter and fill it with cables, cords, parts, pieces, brackets, or nails that are removed from any items of furniture. Keep this box with you, or mark it well with a rainbow of colored stickers so it can be easily located on move-in day.
Anything you can pack ahead will save you time on moving day. If it's summer, get your winter clothes out of the way. Box up your shampoo and extra toothpaste and live out of a travel cosmetic case for the last week or two. Pare down cooking utensils and food supplies to bare essentials. Wastebaskets can also be packed (put things in them!) while you switch to using plastic grocery bags (hang them on a cabinet door or door handle to collect trash.)
Fill luggage and duffel bags with clothing, sheets, towels, and paper goods. Even for local moves you'll be able to quickly spot your suitcase holding your essential items.
It's a good idea to keep valuable possessions, such as silverware, collections, or antiques, with you. Keep important papers with you. Your list of "important" papers might include: birth certificates, school records, mover estimates, new job contacts, utility company numbers, recent bank records, current bills, phone lists, closing papers, realtor info, maps, and more. Don't leave these with the mover. Keep them with you!
Use brightly colored storage tote boxes, one for each person. Let each family member fill theirs with items they'll want 'right away' in the new home - a set of sheets, a towel, extension cords, pens and paper, kleenex, and travel cosmetic case, and so on.
Moving may not be the most fun you've ever had, but planning ahead will go a long way toward making the process easier.
[where: 75230]
Labels: Dallas, moving, real estate, sellers
Jan 6, 2012
Yearly Dallas Home Sales Trends
June is usually the highest home sales month in Dallas. Which means that April/May are the highest months for contracts to be written on properties so that they close in June. Since most folks look at homes for 3-6 months prior to purchase, when should you be placing your home on the market to sell? NOW!
Labels: buyers, Dallas, real estate, sellers, statistics
Jan 4, 2012
North Dallas Real Estate Stats for 2011
Sales statistics can be a tricky thing. It's hard to lump together the sale of a condo near Park Lane and Central with an estate near Park Lane and Inwood and come up with an average. And that's what a lot of statistics do. Really accurate sales stats compare like properties in the same neighborhood. When conducting a marketing analysis for a property, I typically look at the area, age of the property, square footage, lot size, proximity to busy roads, etc.
But for the sake of space and time limitations, here are the basic sales stats for the area for 2011 with a comparison to 2010. It includes single family homes, duplexes, townhomes and condos.
Official numbers for the entire metroplex won't be released from NTREIS (North Texas Real Estate Information Services) for a couple more weeks. And there might be one or two stragglers who haven't reported a holiday sale yet. But these figures are pretty accurate and you get to see them now. Click on the chart to see it larger.
Labels: Dallas, North Dallas, Park Cities, Preston Hollow, real estate, statistics
Jan 2, 2012
Real Estate Jargon - What is BOM and DOM?
There are many reasons a property may go back on the market. The buyer may not have been able to get the financing they expected or they may have just changed their mind during the option period. The property may not have appraised at the purchase price or the inspection could have turned up issues that killed the deal. If the reason is due to "no fault of the house", the agent will typically let you know that. If it was due to an inspection issue, the seller is obligated to disclose the issue.
DOM stands for Days On the Market. This is the number of days from the time the house is listed for sale until it sells, expires or the listing is cancelled. Typically, we look at the time a home has been on the market to help determine how eager the sellers are to move ( compared to how long the average home in the neighborhood takes to sell). More expensive homes and homes with unique qualities tend to take longer to sell. So do homes that are overpriced or have negative features. Autumn and winter are also typically times when homes are on the market longer.
If a property goes off the market and remains off the market at least 30 days, then the DOM begins anew when it is listed again in MLS. An MLS history search of the property will reveal the true days on market as well as previous sales in the past 7-10 years. A good agent does their research. Realtors also use the DOM statistics to gauge the market. [where: 75230]
Labels: buyers, real estate, Realtors, sellers