Jul 28, 2014

8 Home Buyer Final Walk Through Tips

Before signing the final papers to purchase a home, every buyer should do a final walk through of the property. The purpose of this walk through is to ensure the house is in the same condition it was at the time you put it under contract.

Ideally, you'll want to do this the day before you sign the closing papers and fund the purchase. Hopefully the property will be vacant and easy to view.

Here's what to check for on this final visit before purchasing:
  1. Have all agreed upon repairs been completed to your satisfaction?
  2. Are all appliances, window treatments, fixtures, remote controls, etc. that are to remain with the property still there?
  3. Check that floors and walls that were previously covered by furnishes are damage free.
  4. Flush toilets and turn on faucets, checking for leaks, etc.
  5. If we've had recent storms, check the exterior for damage.
  6. Ensure the heating/ac is working.
  7. Has all of the seller's property been removed (including the attic and garage)?
  8. Ensure the transfer of utilities are finalized and that the seller isn't holding that up.
The final walk through is not the time for your home inspection. That should already have been done. You are simply checking to ensure no damage has occurred prior to closing and that everything is in order. If there are any questions or issues, this is the time to get them resolved.
[where: 75230]

Jul 23, 2014

Deciphering Dallas Real Estate Stats

Dallas Home Sales statistics can be confusing for several reasons.

  • Many of the headline statistics refer to national sales numbers, not Dallas sales. That's because figures are compiled by national organizations like the NAR (National Association of Realtors) or Texas organizations like the Real Estate Center at Texas A&M.
  • Most of the headlines refer to sales statistics that include all of North Texas - not just Dallas. Those statistics come from our MLS, called NTREIS (North Texas Real Estate Information Services). The area encompasses Dallas, Ft. Worth, Denton, parts of East Texas, etc.
  • Even when you view statistics for a smaller area like North Dallas, they usually include single family homes, condos, townhomes, new construction, older homes, etc. all lumped together.
Like the weather, real estate is very localized. That's why I bring you specific North Dallas reports on a regular basis. The sales statistics you read about in reputable reports come from institutions like the NAR or NTREIS or the Real Estate Center are funded through the dues of licensed Realtors like me.
Check out this great graph about residential sales in North Texas. Notice that it's broken down between single family homes and condos/townhomes. Any way you look at it, the market is booming [where: 75230]

Jul 21, 2014

How Texas Appraisals work & 5 ways to help it

When selling a home in Dallas, it will very likely need to be appraised. In order for a buyer to get a mortgage to purchase the property, the home needs to appraise at or above the sales price. This chart gives a great explanation of the appraisal process. Click on the chart to view it larger.
While an agent or homeowner may not interfere with the appraisal process, there are a few things you can do to help it.

What can you as a homeowner do to help positively impact the appraisal?
  1. Clean - a clean and well kept home helps the value.
  2. Tidy up inside and out.
  3. Make minor repairs - touch up paint, holes or other flaws.
  4. Provide your own comps - share information about sales in your area that may help your value.
  5. Share - your list of improvements and updates. Anything that adds value to your home.
[where: 75230]

Jul 19, 2014

Dallas July 2014 Record High Real Estate Market

The DFW residential real estate market continues to set records in 2014. Pre-owned home sales in June set an all-time record of 9,481 homes sold in a single month, and median sales prices were 10 percent higher than a year ago. At the same time, average monthly rents in DFW's hot rental market also set a record high.

And, the area's new home market is setting records as well. According to recent data published by Metro Study, median new home prices have risen 24% since 2011 at mid-year. In some areas, prices have gone up even faster.

In North Dallas (south of LBJ, between Midway and Central), the median sales price is currently $520,000. That's up from $469,750 a year ago (almost an 11 percent increase). However, the number of home sold has dropped almost 5 percent. Fewer homes have sold and fewer homes have been available for sale.

Most importantly, the average price per square foot has risen and continues to rise for both new construction and existing home sales. [where: 75230]

Jul 11, 2014

The appeal of Dallas Neighborhood names

What's in a name? When it comes to real estate it can make all the difference - sometimes. And other times it makes no difference at all.

So when does the neighborhood name have an impact on the value of a home? If the neighborhood is popular and established (like Preston Hollow), living within the boundaries of that neighborhood can bring a premium price over areas just a few blocks away. The name itself carries a prestige that influences buyers and increase the demand and appeal for living there. And the residents living there become attached to the name as part of their own identity.

 (click on this chart to see a large map)
 
But when a new development is being branded for marketing purposes, the name doesn't carry much weight. There seems to be nothing more inane that developments on flat prairie land with names Winding Lakes or Whistling Willows with hardly a tree or water in sight. Call the new community Candyland if you want, but it isn't going to effect the values. The property values will be influenced by location, amenities, quality of construction, etc.

Sometimes an existing neighborhood becomes rebranded as a 'new' development. Uptown in Dallas is the perfect example of a successful transition of old to new. So is the Arts District and still-developing Design District. There are others area in and around Dallas that have had failed attempts at trying to recreate an existing neighborhood.

Both cities and their residents take the naming of their neighborhoods seriously. Try saying you live in Preston Hollow when you're west of Midway Road and you'll quickly be corrected. Or just attempt to stick the words Houston or Norman on a Dallas area community and I'll guarantee you a strong reaction.
[where: 75230]

Jul 8, 2014

Preston Hollow traffic alert for July 9th

President Obama will be in Preston Hollow tomorrow and traffic will likely be a mess in our area. Expect lots of police officers, Secret Service and other official cars in our area with heavy traffic and some temporary road shutdowns.

No word on exactly where he will be visiting, but we do have a former president living in the neighborhood. A few notable democrats as well.
[where: 75230]

Jul 7, 2014

Counting days in your Dallas real estate contract

In a standard Dallas real estate contract, there are clear cut deadlines for buyers, sellers and the title company. Certain functions must be done like securing financing, completing a title search, performing inspections, etc.

If your contract is executed (finalized with all signatures from all parties) on June 1st, the contract will not state deadlines as June 5th, June 10th, June 15th, etc. It will state deadlines with items due on day 4, day 10, day 14, etc.

So how do you properly count the days so that you don't miss a deadline or default on the contract?
These are the important points to note:

* Texas contracts count calendar days. They include weekends and all holidays.

* The days for performance start when the contract is executed. If you execute today, then tomorrow is day 1.

* Deadlines are typically within a stated number of days - not after a number of days. For example - you have 3 days to perform a function of the contract and you execute the contract on Monday. Tuesday is day 1 and Thursday is day 3. The deadline for performance is at the end of day on Thursday. If you do it Friday, you missed the deadline.

* Some deadlines are firmer than others. If "time is of the essence" and the contract says 10 days, it doesn't mean 11 days. Miss a hard deadline and it may cost you dearly. A professional Realtor knows which deadlines are most important (though I consider them all important).

When you need help with buying or selling your home and need an agent who will keep you on track with deadlines, give me a call.
[where: 75230]

Jul 4, 2014

Preston Hollow July 4th Parade 2014

Fun for everyone today at this annual neighborhood parade. Check out the photos at this site.
http://prestonhollow4thofjuly.blogspot.com/

[where: 75230]

Happy Independence Day Dallas

We hold these truths to be self-evident,
that all men are created equal,
that they are endowed by their Creator
with certain unalienable Rights,
that among these are Life, Liberty
and the pursuit of Happiness.
 
Pursue your happiness today!