5 things you can and 5 things you can't control when selling your home

Often it is difficult to give homeowners a blatantly honest assessment of how likely their home is to sell. The reason is because there are so many factors that go into a successful real estate sale.
Some of those you can control and some you can't.

When you are selling, you can't control:

1. The location - and location drives the price.
2. Your neighbors - good or bad, they influence the buyers.
3. Current buyer demand - determined by the economy, jobs, etc.
4. Competition of other homes for sale - inventory in your area and price range.
5. Interest rates and lender requirements - which determine how much buyers can afford and ability to get a mortgage loan.

What you can control:

1. Price - it's your house, you set the price.
2. Appearance - cleanliness, decor, staging, ...
3. Condition - updates and how well maintained the property is.
4. Ease or difficulty to tour your property - they won't buy it if they can't see it.
5. Marketing - an entire slew of options to reach and influence the most buyers.

As a seller, concentrate first on the items you can control. Then listen to your agent's advice on the items you can't control. The combination of both, will determine the likelihood of your property selling and for how much.
[where: 75230]

Average Realtor Profile

It seems that Real Estate agents have been aging faster that the rest of the population over the past few years. But in fact, we're kind of on par with the general population. We just feel older.

The median age of Realtors has continued to climb since 2007 when the average age was around 52. It's now 57-years-old. The National Association of Realtors suggest that the increase in age is mostly due to agents staying in real estate longer and putting off retirement. Currently 41% of Realtors are more than 60 years old, while only 2% are under 30 years old.

 

The typical Realtor in the US now closes 12 transactions a year with an average annual sales volume of $1,500,000. The average gross income for agents and brokers (before expenses) is $43,500. 

 [where: 75230]

North Dallas Home Inventory by Price

Dallas Real Estate buzz right now is all about the low inventory of available homes for sale. We have a housing shortage that may be around for some time. However, the inventory of homes varies based on area and price range.

"Inventory" is figured by looking at how long it would take to sell all the homes on the market if no other properties were listed for sale. 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.

I put together this interesting report of home inventory statistics for you. Click on the chart to see it larger.

 

[where: 75230]

Dallas Real Estate predictions for 2014

The 2014 Real Estate Forecast was held this morning with experts from across Texas giving the state of the current Texas market and predictions for 2014.

The overall consensus was:

• The Texas economy and job rate growth is still ahead of the rest of the country and will continue to be.
• The DFW population will continue to explode like it has over the past 40 years.
• Mortgage requirements will return to traditional standards, however the rates will be higher.
• Higher construction and labor costs will be reflected in higher housing costs.
• In 2013-14, home prices in Dallas will be up about 9% from the previous year.
• The housing shortage in Dallas will continue and may even get tighter in 2014.

If you're thinking about buying a home in Dallas, the time to do it is now - before inventory gets smaller and prices rise more.
[where: 75230]

3 Tips for Timing Your Offer on a Home

Timing is everything right? Well, sometimes it is. In real estate transactions, there are some things we can't control. Things like mortgage interest rates, the strength of buyer demand, inventory of homes for sale and the economy.

But you do have some control over the timing when purchasing a home. Here are my 3 tips to use timing to your advantage when making an offer to purchase a home:

1. Find out the seller's moving plans and goals. Do they want a quick closing? Do they need a little extra time after the closing to give possession? Your ability to work with their timeline, may help you get the property.
2. The amount of time the property has been on the market - at the current price - should influence your offer. Find out from your agent how long the home has been listed at the current asking price. How long is too long? It depends on the current market. Ask your agent. If the property is due for a price reduction, let your offer reflect that price reduction. On the contrary, if it is new to the market or just reduced, you may need to act quickly and expect to compete with other offers.
3. Put a reasonable time limit on all offers and counteroffers. This helps folks make a decision and cuts down on all the second guessing, shopping around for multiple opinions, etc. I like to give the other party about 24 hours from the time they receive the offer to respond - depending on their circumstances. A time limit that's too short will just annoy the sellers.

Hopefully these tips will help you secure your ideal home. If you need help with that, give me a ring.
[where: 75230]

North Dallas Pocket Witch is Available

Have a Halloween carnival coming up? The Pocket Witch may be available to attend. A big hit with small children, the Pocket Witch invites children to pick a small prize from one of the 40 pockets on her big skirt. Each child gets a prize.

I made this costume about 16 years ago when my children were young. And I still wear it at local school carnivals when asked. It's as much fun for me as it is for the little ones.

If you'd like me to attend your carnival, just email me the date and your contact information. If I'm available, I'll be there. [where: 75230]