Jul 31, 2013

4 Tips for Selling your home with a pet

More than half of all homes in the U.S. have a pet, which stands to reason that about half of the homes on the market for sale have a pet living there.
Fortunately, most of the homes that I show for sale don't have a pet anywhere in site. There is a good reason why that should be the case.

As much as you love Rover or Fluffy, your home buyers don't. Pets are not welcome ambassadors for your property. Quite the opposite. They can drive folks away faster than mauve carpet. It's not that people dislike animals. Some folks are allergic, others are fearful or nervous around strange animals. Whatever the reason, they just don't like them in a home they are considering purchasing. Sorry, but that's the reality.

As a pet owner, if you want to sell your house, please follow these 4 tips:
  1. Remove pets from the property. I know it's hard, but do it anyway. Either take them with you, board them, send them to live with a relative for a while, ... but get them out. A dog barking at my buyers from the yard or a crate doesn't sound like "arf, arf ... bark, bark". It sounds like "get out ... get out ... get out". Is that the message you want to send buyers?
  2. Clean. Deodorize. Repeat twice a week. Buyers hate, hate, hate the smell of a pet. You may not smell it because you are desensitized, but they sure will. Don't try to just mask the smell with air fresheners. You need to get rid of it. Smells can be embedded in flooring, ductwork, drapes, furniture, etc. You'll need a thorough cleaning. Cat boxes stink worse than you know. Put them in the garage at the very least.
  3.  Remove all pet "stuff". Don't advertise that this is a pet's home. Hide the pet bowls and toys for every showing. If you wouldn't leave your dirty dishes in the sink, don't leave the food and water bowls in view either. Hide the crate, carrier, cat tree, etc.
  4. Be fair to your pet and the buyers. If you choose to ignore tip #1 and leave your pet on the premises, at least be nice and fair to everyone. Secure your pet in a crate or outside. Make sure the showing instructions disclose information about the pet. Attach a note to the back door or the crate warning that there is a pet and not to disturb it. You don't always know how your pet will react when locked up and facing strangers. Do everything you can to avoid anyone getting bitten or scratch - and help reduce the stress to your dear pet.
[where: 75230]

Jul 17, 2013

How much inventory does Dallas have?

Everyone has heard the talk about how strong the housing demand is in Dallas right now. Agents often speak in terms of how much inventory we have available. We determine this by calculating how long it would take to sell all the homes on the market if no other properties were listed for sale.
For example, if 100 homes sold in the past year and there are currently 50 homes on the market, then you have a 6 month inventory. If 100 homes sold and you have 200 on the market, you have a 2 year inventory.

In Dallas, a 6 month or less supply of homes indicates a seller's market. A 10 to 12+ month supply of homes indicates a buyer's market. Everything in between is a balanced market.

Here is a look at the inventory numbers for all properties for sale in North Texas.

Homes priced under $200,000
2.7 months of inventory

Homes priced $200,000 to $500,000
3.6 months of inventory

Homes priced $500,001 to $700,000
6.5 months of inventory

Homes priced $700,001 to $1,000,000
8.6 months of inventory

Homes priced over $1,000,000
12.4 months of inventory

All Homes in North Dallas/Park Cities ( between Central & Midway )
4 months inventory

It may seem odd that given the higher price range of homes in North Dallas that our inventory is so low. Those statistics simply mean that this area is hot and higher priced homes are more likely to sell if they are in the Park Cities or Preston Hollow.
[where: 75230]

Jul 14, 2013

Dallas Real Estate Report - 1st half of 2013

This continues to be the year of real estate recovery. Check out the record performance in this fantastic graph. Yes, that blue line at the top of the chart is 2013.

I remember about 3 years ago when Britt Fair of Hexter Fair Title told a group of agents that 2013 would come back with a vengence. We all thought it would happen sooner and the recovery would be more gradual. Britt was right as usual.

A closer look at the North Dallas market shows strong sales as well. The statistics speak for themselves:

North Dallas ( Northwest Hwy to LBJ, Central to Midway)

First half of 2012 Average Sales Price: $710,574
First half of 2013 Average Sales Price: $807,671

First half of 2012 Number of Sales: 344
First half of 2013 Number of Sales: 466

July 1, 2012 current # of homes for sale: 380
July 1, 2013 current # of homes for sale: 291

Park Cities/North Dallas ( Northwest Hwy to Uptown, Central to Midway/Lemmon)

First half of 2012 Average Sales Price: $1,089,093
First half of 2013 Average Sales Price: $1,204,707

First half of 2012 Number of Sales: 435
First half of 2013 Number of Sales: 429

July 1, 2012 current # of homes for sale: 344
July 1, 2013 current # of homes for sale: 245
[where: 75230]

Jul 13, 2013

Tune in Sunday at Noon for Real Estate Tips

Tune in to KLIF tomorrow - Sunday, July 14th at noon to hear my take on our current real estate market. As a guest on Real Talk Texas, I have the unique privilege of chatting with host Steve Hakes about the latest housing news in North Texas. I'll be sharing some statistics and tips for buying or selling a home right now.
Let me know if you like the show :)

Jul 12, 2013

Should you lease out your home?

Homeowners are sometimes torn between selling and leasing their property. While everyones circumstances can vary, often the same factors should be considered when deciding if you should rent your home. Usually the primary reason for leasing your existing property is because you hope to get a higher price if you sell later.
Before you decide to become a landlord, consider:
  1. Your home's condition. Can you lease it in 'as is' condition? How old are some of the system like the air conditioner or water heater? Factor in a cushion of about 10% of the rent for possible repairs while it is leased. However, before making expensive upgrades to the property in order to lease, consider the wear and tear from tenants ( and their possible pets). Make sure you add in the cost for repairs when they vacate in addition to a hefty deposit.
  2. What is your carrying cost? Compare the total of your mortgage payments, insurance, property taxes, HOA dues and any other expenses to the rental income. If you have a pool and nice garden, you may want to keep your current service people and add that in to the rent. If you use a property manager, they will likely charge about 10% of the monthly rent for their services. A realtor may charge the equivalent of 1 month's rent to find and screen your tenant, lease the property and handle the paperwork.
  3. Research the local market. Talk to a realtor and find out how leasable your property is. How much can you expect to charge? In North Dallas, single family homes typically lease between $1 and $1.50 a square foot.
  4. How picky will you be about your tenant? Your tenant can have a big impact on your peace of mind and your wallet. Screen any potential tenant with a credit report and background check. But even that won't tell you how they will treat your home. It's a hassle and can be expensive to evict tenants. You want someone you feel comfortable with.
When you're ready to buy or sell, I'm happy to assist you. [where: 75230]

Jul 7, 2013

Will home sales drop as the heat rises?


Typically in Dallas we see sales start to taper off in August and they slow down considerably through the fall months. However, last year home sales were higher in August than in previous months.

What might they do in August this year? We may see the usual seasonal drop. Not a big drop, but a slow down from the brisk sales we've seen since March. I base this on the number of homes in North Dallas currently pending and under contract ( and we can expect to close in the next 30-45 days). We also have fewer homes available for sale and interest rates are climbing. Here is a break down of the recent history of pending and closed sales each month:

Monthly Pending & Closed Sales in North Dallas
( between Northwest Hwy & LBJ Freeway )

March 2013
Pending: 1,055
Sold: 1,003

April 2013
Pending: 1,079
Sold: 1,062

May 2013
Pending: 1,103
Sold: 1,083

June 2013
Pending: 1,068
Sold: 1,087

These numbers are pretty good when you consider these statistics:

June 2012
Pending: 842
Sold: 808

June 2011
Pending: 763
Sold: 766

June 2010
Pending: 754
Sold: 750