The Competition to buy a Dallas Home

If you're currently in the market to purchase a home in Dallas, you must be aware that it is a seller's market right now in the price ranges under $1.5 million. Inventory is low and buyers are scrambling to scoop up properties.

So who are the other buyer's you're competing with for bargains? In the North Dallas market, I'm finding that most buyers this fall are:

• Folks moving here from out of town. People are still moving here at a rate faster than housing is becoming available. This year, I've sold homes to transferring business executives, doctors, entrepreneurs, ... who are moving here for their jobs.
• Investors. House flipping is back because there is money to be made in it again.
• Normal buyers and sellers moving up or down due to the typical reasons.

If need to buy a home right now, be aware that you've got competition.

5 Tips to keep from sabotaging your home loan

If you are thinking of buying a home and want to take advantage of today's low interest rates, keep in mind these few tips to help with your credit scores, your loan approval and to ensure all the pieces of the puzzle fall in to place. A misstep can sabotage your ability to get a loan at a great rate - or any loan at all.

1. Don't quit your job, change jobs or start a new company. Buy the house before you make a major change unless your new employer is assisting you with your purchase.
2. Don't buy a new car. In fact, don't even test drive one. The dealer may run a credit check on you which will increase the number of credit inquiries and could lower your credit scores.
3. Don't transfer between or deposit large sums of money in your bank accounts. You'll need to document any random deposits into your account. If you receive a cash "gift", you may need to complete paperwork to document it.
4. Don't open new credit cards - no matter how enticing an incentive might be.
5. Pay your bills on time. Avoid any disputes.

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Inside Scoop from Dallas' Premier Builder

Yesterday's North Dallas MLS meeting featured speaker Marc Kleinmann, President of Bauhaus Custom Homes. He informed agents about the upcoming changes to the building codes for new construction and how they impact today's buyers. A handful of great Dallas builders are already building to the codes that will be going in to effect over the next few years and Bauhaus is one of them.

One of the most interesting tidbits was that fireplaces will need sealed covers to stop of the huge air loss that occurs with them now. We're not talking about flimsy screen covers, but really air tight glass ( or similar ) covers.

 

Within a few years, the requirements that make a home "green" today will be standard building requirements in all homes. Kleinmann did a great job of convincing a packed room of Realtors that this is a good thing for us all.

 

Check out the newest Preston Hollow home constructed by Bauhaus and available for $1,750,000. [where: 75230]

Are you a realistic buyer and seller?

Lots of folks selling their home are also in the process of buying another. Why is it so many people expect to get top dollar on the selling end but expect a bargain on the buying end?

I've been one of those people. So I get it. Many sellers feel like their current home in is 'perfect' condition and only see the positive attributes through rose colored glasses. But when it comes to buying, they get super picky and imagine every imperfection will cost double the amount to correct.

Here is the reality: Right now, homes listed with a reputable Realtor are likely priced in accordance with current comparable sales. The house you want to buy could even be underpriced. Listen to your agent and make your offer based on current market value. With inventory low in North Dallas, don't go shopping for homes listed for $1,250,000 and expect to pay under $1 million. Yes, there are people actually doing that right now in this seller's market. [where: 75230]

Texas Real Estate supports healthy Texas Economy

The Texas Real Estate Center just released some impressive figures showing why real estate is one of the main reasons for Texas wealth.

Last year Texas real estate wealth was valued at $1.6 trillion. That's $65,432 worth of real estate for each and every Texan. According to economists at the Real Estate Center, real estate is the second largest industry in Texas (behind manufacturing)and accounts for 8.4 percent of the gross domestic product in Texas.

Of our state's real estate wealth, 56.3 percent is in single-family housing. That single-family residential wealth totaled $945.1 billion in 2011. Multifamily residential wealth was $85.1 billion and commercial real estate wealth amounted to almost $279 billion.

In 2011, 521,684 Texans worked in real estate related business. Most self-employed Texans are in real estate. Agents like myself are self employed.

As an industry, real estate accounts for 14.8 percent of the total Texas business taxes. Texas’ property tax revenues account for almost half of state tax revenues.

Texas RE Economist Ali Anari says that for every $1 million of Texas real estate revenue, our state economy generates more than $500,000 in revenue elsewhere in the state. That revenue also supports 5.2 real estate jobs and 5 jobs in other industries in Texas.

Preston Hollow History

 

Preston Hollow is a large prestigious neighborhood located in North Dallas. The boundaries are no longer exact ( click here to read about that) but consist of areas between Northwest Hwy and Royal Lane.

Preston Hollow got its original name from Preston Road - the major road that passed through town. Preston Road was originally an Indian trail. The actual road was built in 1843 by Republic of Texas soldiers. It started near present day Oklahoma where emigrants from the north crossed the Red River. It ended near the settlement of Cedar Springs, now a part of downtown Dallas. Cattlemen knew it as part of the Shawnee Trail. Today Preston Road dissects the Preston Hollow neighborhood and it the center of Dallas' famous Golden Corridor.

Originally Preston Hollow was a rural area of mostly farms and fields. Many of the streets in Preston Hollow are named for the first settlers like farmer Jessie W. Meaders and real estate developer Ira Deloache. Some of our roads were named for large landholders like Al Joyce, and the families of Stichter, Caruth and Lobello.

Ebby's Little White House at the corner of Northwest Highway and Preston Road was originally part of the Deloache family estate. At one time, it housed Ira Deloache's real estate office, then later served as town hall during the time Preston Hollow was an incorporated town. Today it stands as a thriving business and embraces our neighborhood history.

In the early '30's, most of Preston Hollow was still farms, pastures or cotton fields. The streets were all dirt or gravel and there were no telephone lines or town water - only wells. Because curbs and sidewalks had to be paid for by the residents, most roads didn't have them and still don't today.

In 1939 Preston Hollow incorporated as a tax-free township. Joe E. Lawther was elected to the as the first unpaid mayor. The town consisted of about 1200 acres with 800 residents. The town limits began at Northwest Highway on the south but dipped down to include parts of Bluffview. The eastern boundary ran between Preston and Hillcrest Roads. The northern boundary was roughly in the areas of Park Lane and Walnut Hill. And the western boundaries extended to around Inwood Road.

As the businesses along Northwest Highway grew, residents became concerned with the nighttime noise and lights of drive-in restaurants. Preston Hollow residents went so far as to contend that the businesses were creating a public nuisance that destroyed their peace and jeopardized their property values.

In 1945 Preston Hollow petitioned the city of Dallas for annexation and residents voted to consolidate the town of Preston Hollow with the City of Dallas. More than 60 years later, Preston Hollow still retains much of its peace and charm. [where: 75230]

Dallas Real Estate Market Update - October 2012

The Real Estate Market in North Texas is healthy and thriving. September 2012 dollar volume sales hit a record high for any September in our MLS history. Sales were up 20% over September 2011.

Prices are on the rise and we'll see that reflected over the next few months. Thanks to Hexter Fair Title for this chart. [where: 75230]

New Homes in Preston Hollow still scarce

Demand for homes remains strong while inventory remains low in Preston Hollow. The most striking example is in the new home market. There are currently 17 new homes for sale in the area. That includes homes in various stages of completion, from breaking ground to move-in ready. A year ago there were 26 new homes for sale.

 Take a look at this new home that just went on the market. It is one of the most beautiful and functional properties in Preston Hollow.

[where: 75230]