Preston Hollow Garage Envy

If you live in Preston Hollow, you recognize this corner where construction has been underway over the past several months. Lots of folks have been wondering (and have asked me) just what the heck is this building at Preston and Woodland?

By now you can see that it is a lovely, air-conditioned 4 car garage. The current owners live next door and tore down the old house that was on the lot to build this swanky garage. So why would people plunk down big bucks to do this you ask? Maybe they need more space but like their current home. Maybe they collect cars or boats. I've heard of people temporarily moving into a new garage space while they build or remodel their home so that they can keep a close eye on things. It looks nice enough to live in and certainly has some folks feeling garage envy.

Whatever the reason, a lot that size would be more than $600k in Preston Hollow if it weren't on the corner of Preston Road. So why not make good use of the space and create a nice buffer for the next house?

I kind of think they aren't finished with it yet. The paint looks like maybe they'll give it a sand blasting to create a weathered, whitewashed finish. We'll see. [where: 75225]

What Attracts Home Buyers

When selling your property, it is important to stop seeing it as your home. Rather you should view it as a product that home buyers are comparing to other products available for sale. If you consider your house through a buyer's eyes, you will quickly discover that the two aspects that matter most to today's buyers are the two factors you can actually control. They are Price and Condition.

In a survey of buyers, here is how they ranked the features that are most important to them:

Since you can't change the location or neighborhood and you can't easily change the floor plan or square footage - that leaves Updates and Curb Appeal as the most important factors behind the price.

So if you want to attract a buyer in today's market. Look first at the all important price. Then consider the updates and curb appeal. The other factors are mostly beyond your control. [where: 75230]

Congratulations 2012 Graduates

Now go to college. Get a job. And invest in real estate.

[where: 75230]

Laundry Drop Idea

Here is a great idea from someone who sees a lot of homes.

It's a laundry chute that goes from a first floor bathroom in to the laundry room. Most people think of a laundry chute as going from the second floor to the first ( like it does in my home). But it is actually easier just to install it in a wall that connects to the laundry room.

This photo is of the bathroom side and on the laundry room side, it could drop into a cabinet or to a basket on the floor. In this home, the walking distance from the bathroom is through the bedroom, then through the den, then through the kitchen in to the laundry room. This sure saves a lot of steps and it could encourage everyone to follow my house rule - If it isn't in the laundry chute, it doesn't get washed.
[where: 75230]

Take advantage of today's low mortgage rates

Today's mortgage rates are so low it is hard to believe. And I wouldn't believe them if I didn't see them myself at a few closing tables this spring. But as in the past, buyers should beware of companies advertising a low rate and then pulling a bait-and-switch when it is too late for the buyer to switch lenders.

Take this advice from Sunday's Dallas Morning News writer Stewart Lytle: (click on the photo to view larger)
[where: 75230]

North Dallas Mayors

Do YOU know who the mayors are around North Dallas? They are:

Dallas Mayor: Mike Rawlings
Highland Park Mayor: Joel Williams
University Park Mayor: Richard Davis
Preston Hollow Mayor: Lydia Player

Well one of these is not actually an elected position. Nor does it carry any responsibility. But if Foursquare says I'm the Mayor of Preston Hollow, then who am I to argue? Oh yeah ... I'm the mayor. That's who I am.

Here is I am with the First Lady of Real Estate. [where: 75230]

5 Best Tips for Buying a Home Today

Buying a home in Texas is often a changing process. Not only has the Dallas real estate market changed a lot in just the past few months; it is still changing today.

If you are thinking of purchasing a home in today's market, here are 5 important tips:

1. Get preapproved for a mortgage before you start looking. It will strengthen your position with a seller when you make an offer and lets everyone know you are serious about buying a home. It also confirms what you can afford and it starts the application process so you can close in a timely manner.
2. Location is still the driving factor in purchasing a home. You can change almost everything else about a property except the location ( and your neighbors). Narrow your hunt by location first, then by price, size of the home, condition, etc.
3. Do your research. Shop on line at either Ebby.com or Realtor.com to see every home listed for sale in the Dallas/Ft. Worth area. Drive around the area you are considering to get a feel for it.
4. Work with an experienced, full-time agent who knows the particular area you are considering. They should know the inventory in the area, the nuances of the neighborhoods, and have a great working relationship with the other active agents who work that area. As your representative and your advocate, an agent can sometimes make or break a deal. Get a great one.
5. Be realistic. The bottom of the market has past and sales are up. With home inventory at its lowest in years, Dallas sellers aren't that desperate any more. Be prepared to negotiate all the terms of a deal - not just the price, but the closing date, financing, option period, repairs, ... and other items that might come up. [where: 75230]

Change is Good

We all have big changes in our lives

that are more or less a second chance.

Harrison Ford

Miss Ebby and I are always embracing change -

to make it work for us. And for you.

2012 Year to Date Home Sales Statistics

Wow! The North Dallas Real Estate Market is crazy busy. Year to Date home sales from the North Texas Real Estate Information Services are in for April and sales are up everywhere. Based on the pending sales, expect to see them up in May and June as well.  

North Dallas (south of LBJ, between Midway & Central):
Number of Sales: 193 (up 10% from this time in 2011)
Average Sales Price: $662,921 (down 13% from 2011)
Average Days on Market: 106 ( down 18% from 2011)

Park Cities:
Number of Sales: 266 (up 23% from 2011)
Average Sales Price: $1,053,436 (down 4% )
Average Days on Market: 82 (down 20%)

Northeast Dallas (east of Central):
Number of Sales: 185 (up 25% from 2011)
Average Sales Price: $264,070 (up 8% )
Average Days on Market: 69 (down 9% )

Northwest Dallas (west of Midway):
Number of Sales: 184 (up 43% from 2011)
Average Sales Price: $228,760 (up 4% )
Average Days on Market: 87 (down 8% )

Far North Dallas (north of LBJ to Plano, Central to Marsh):
Number of Sales: 302 (up 36% from 2011)
Average Sales Price: $314,963 (up 2%)
Average Days on Market: 80 (down 15% )
[where: 75230]

Take Mom House Shopping

Happy Mother's Day. Why not take Mom to see some homes?

6856 Gaston Avenue in Lakewood is open from 12:00 until 2:00.
It has all the charm and romance any mom would love.

6531 Brookshire Drive in Preston Hollowis open 2:00 til 4:00.

Mom is going to love the lush backyard living areas.

Every mom deserves one of these beautiful properties.

Bad Real Estate Photos

Aren't all those pillows piled on the floor are supposed enhance the look of the bed, not junk up the room?

The trend today is to use Twilight photos -
not dead of the night photos.

Yep. It's the middle of May
and this is the living room photo in MLS.

Don't worry kid, with photos like this,

you won't be moving any time soon.

[where: 75230]

Apartments proposed for Hillcrest & Northwest Hwy

Developers have submitted a zoning request to build a 5 story apartment complex near Hillcrest and Northwest Hwy.

If approved, the development will be on Northwest Plaza between Bandera Avenue and the 7-11 on Northwest Hwy. On the west it will border the Sorrento complex and on the east it borders the new retail space on Hillcrest (where the old Slider & Blues was located). Currently there is a 2 story office/medical building in the location. Should be interesting to see what this is proposed to look like. [where: 75230]

Do you need a service to find an agent?

There are a lot of places that people go to find a reputable and experienced real estate agent. They ask family or friends, they look at ads and mailers, and they go on line. And Realtors spend a lot of money touting their services and expertise.

However, many of the recommendations, ads and promotions about agents are either unreliable or inaccurate. For example, Zillow.com has 'all star' and 'local expert' designations that agents can earn. However, a quick look at a North Dallas zip code brings up mostly agents who haven't sold a home in that area in the past 5 years. The Trulia.com site ranks agents who are 'pro' members of their site ( ie. they pay a fee to be listed).

Any site that requires agents to advertise in order to be rated, isn't an accurate reflection of an area expert. Anyone can buy an ad saying they are an expert or claim "I'm the best" on these agent review sites. Now there is a new service call VerifiedAgent.com that says they offer an objective list of top agents that have been verified to be "honest, experienced and professional". In order to be designated as a "Verified Professional Agent," a real estate professional must:

• work full time in real estate,
• have a clean record of ethical behavior,
• have closed at least 24 sales in the past 3 years,
• have at least 10 past clients who would fully recommend the agent to friends and family,
• and have at least 3 competing agents from other companies who have completed a transaction with the agent and attest to that agent's professionalism.

Now that sounds like a way to really rank agents and separate the good from the claims-to-be-good. Here's the only catch. Agents must pay a $400 a year fee to be included. Sounds a bit like the other "agent review" sites. Granted, they are weeding out about 80% of all agents with their criteria. But I don't know how many of us are willing to go through the elaborate application process, verifications and pay a hefty fee. And do I really want to ask my clients to fill out documents for me and have them verified by a third party when they are getting no benefit?

As much as this new verification site sounds like a good idea to help folks choose a qualified agent, I don't think it will take off. A quick search for an agent with the last name of Smith or Jones turned up no one - in the entire United States. Since you won't find me on their site, just do what you should do before you hire any agent. Ask for my references and my track record. I'm happy to share it with any potential client. [where: 75230]

Best advice to Dallas home sellers

There is a lot involved in selling your home at the maximum price. Getting someone to like your home enough to buy is mostly about the location, size, price and condition. But an important item to remember is that people will ultimately make a decision on your property based on how it makes them feel.

How the house looks, smells, sounds ... and just feels to potential buyers is so very important. When folks walk up to and in to your house, we want the clouds to part, the sun to shine, and the birds to chirp.

Potential buyers need to fall in love with your property and sometimes it takes a little seducing them to make the sparks fly. So after we ensure the price and the condition of the property are right to attract a buyer in your location - I'm all about helping you make your property feel like what buyers want.

Improve Your Credit Score

... and improve your mortgage interest rate. In today's market, mortgage loans are hard to get and the great interest rates are connected to your credit scores. I'm in the process of buying a condo and going through the loan process. Yeah, it's a hassle. Realtors should buy or sell a home every few years to remember what their clients go through.

Here are some suggestions to improve your credit score and make it easier to get a loan and a good rate:

Do:

• Pay your bills on time. Get current and stay current.
• Keep balances as low as possible on credit cards. Keep your credit balance under 30% of your credit limit. High debt hurts a credit score.
• Pay off debt instead of moving debt around. Keeping balances low, opening new credit accounts responsibly and paying on time will raise your credit score over time.
• Keep tract of your credit score. Order your credit score directly from a credit bureau and the inquiry will not hurt your credit score.
• Ask for a credit increase on your existing lines of credit if your debt is over 30% of your credit limit. This may lower your percentage of credit debt and increase your score. It only works if you manage your current debt responsibly and do not increase your debt.

Don't:

• Do not close unused credit cars as a strategy to raise your credit score and don't open new credit accounts just to increase available credit.
• Don't apply or open new credit accounts unless needed. Too many rapidly opened accounts will lower the average account age and have a negative impact on your score.
• Don't make any larger purchases prior to purchasing a home and don't even think about driving onto a car lot (where they sometimes run your credit scores).
• Don't think that paying off collection accounts or other derogatory items will remove them from your credit report. Closing an account will not remove it from your credit report.
• Inquires affect your credit score. Looking for new credit is associated with trying to obtain new debt and transalates to higher risk and lower credit scores. Only inquiries initiated by you over the most recent 12-month period are considered when determining your credit score, but, 24 months are reported on the your credit report. Auto and mortgage inquires are ignored if they occur over a 30 day period, called the "buffer" period.

[where: 75230]