Update of Homes for Sale in North Dallas

We keep talking about the low inventory of available homes in Dallas. Here is a quick look at the past 10 years of availability in North Dallas and the Park Cities.

Of the approximately 16,000 properties currently available in our North Texas MLS, there are currently only 445 available in the Park Cities and North Dallas areas.

You can see that we're not at an all time low in homes for sale. However, based on current buyer demand, we have the lowest months of available inventory that we've ever seen. 

If you know someone interested in selling, please let me know. [where: 75230]

New Preston Hollow Grocery

The Preston Hollow Trader Joe's opened this past weekend with a unique nod to Ebby Halliday Realtors. I know, this grocery in the new Preston Hollow Village is not technically in Preston Hollow. But let's give it to them and call it that anyway.

The wine section of this grocery features a twist on Ebby's Little White House at the corner of Preston Road and Northwest Highway. This landmark building was once the town hall when Preston Hollow was an incorporated town. Today it stands as a thriving branch office of Ebby Halliday Realtors and still embraces our neighborhood history.   
[where: 75230]

5 Top Secret Tips to Sell your Home

A lot of agents don't like to share their marketing secrets. Here are a few of my favorites that will benefit any home seller whether you hire me or not.[where: 75230] 

America's Moving Trends

The annual National Movers Study that tracks migration patterns state-to-state has been released by United Van Lines. And it shows one thing we already know in Dallas - folks are still flocking to Texas.

While Oregon was the #1 state for customers of United Van Lines, Texas remains in their top 10 again in 2014.
[where: 75230]

4 Quickest steps to get your house ready to sell

If you're thinking of selling your home or just remodeling, keep in mind how these 4 tips to help it sell.

While there are many things you can do to add value and make your house more attractive, these are the quickest, easiest and least expensive ways to make your property appeal to the majority of the population.

1. Neutral colors are your friend. Grey is great. Beige is beautiful. Increase your home's appeal and make it more inviting by keeping the walls and large furnishings neutral. If you want color, use pillow, artwork, etc.  
2. Scrap the stuff. De-clutter til it hurts. Make room in your home - and in your life - for new people and things. If you need to store it somewhere, then do it. Or fill your garage to the ceiling (the garage is a lot less important than your living spaces). 
3. Clean til it sparkles. Hire the pros. Clean the windows, the baseboards, ... No one wants to buy a dirty, grimy place (and you've gotten used to your own dirt and grime so that you may not notice it). 
4. Stage it to sell. There really is an art to appealing to home buyers and a psychology of home buyers. Little touches go a long way to  help buyers envision themselves in your house and a great stager knows how to make it work. 

[where: 75230]

Realtors: Discount vs Full Service

The debate continues between the value of a full service and a discount Realtor. Just like you can change your own oil or program your own computer, you can sell your own house. Recently I've heard agents talk about the difficulties of trying to work an offer when the seller is using a limited service company.

Some folks don't understand the difference between the two.

A full service brokerage is just that - they offer the full services and set their fee accordingly. Their fee includes a commission paid to the buyer's agent as well.

A discount brokerage ( also known as a limited service broker) typically charges either a flat-fee or a discounted commission for limited service and assistance. The amount they offer a buyer's agent varies as well.

The services are very different. If an owner wants to sell the property himself and just needs a brokerage to place it in MLS, then they don't need my services. But selling a home usually requires more than sticking a sign in the yard and placing an ad. As a full time, full service agent, I spend a lot of time and money marketing my listings and exposing them to the most buyers possible.

Any Realtor can list a home at a low price and get an offer. Will it be the best price you could get? This is where expertise and extra work pays off. Listings that sell at top price are typically those well price, well marketed and exposed to the most buyers.

Most full-service agents hire professional photographers and spend considerable time getting the best photos. The pros know how to accentuate positive attributes through photos. I cringe when I see a property hit the market without photographs because I know that agents and buyers are passing them over. Full-service pros tend to have high quality marketing materials as well. And they pay a scheduling service and lock box fees to ensure the property offers easy access for buyer agents. They track and follow up with everyone who sees the house. Like all commission jobs, there are a lot of dead-end hours behind every sale.

Full-service agents also counsel sellers on staging and presenting a property. A full service Realtor has the finesse to market via an open house if it suits the property. There is an art to working buyers who come through the home without making them feel hounded or harassed.

A good full-service agent should offer great negotiation skills as well. An agent who sells at a discount commission is often ready to sell the property at a discount as well. And they keep the paperwork moving and ensure things are legal. Before you hire a discount agent, ask them these questions in addition to the normal questions you should be asking an agent:

• How will you market the property? What technology do you use?
• How many years have you been in real estate and how many properties have you sold in this area?
• Do you personally know the other agents in the area? (85% of the time the buyer for your Dallas home will be represented by another agent in the area)
• How will other agents book showings and access the property?
• How do you come up with an asking price?
• How will you handle the contract and paperwork to ensure we close on time?
• May I speak with your most recent clients?
• What are the additional out of pocket fees to me? (photography, advertising, printing, ...)
• What does it cost me if my house doesn't sell with you?

A limited service brokerage works for some people. Just take a look at the entire package offered by the agent you interview and decide if they are right for your specific needs.

Rules for Water Heaters are changing soon

Think your water heater may need replacement soon?
You might want to consider the new rules regarding these necessary appliances and make note of this information.

These Department of Energy's new requirements are effective April, 2015 for anyone installing a new water heater. Important items to note about these changes:

• New water heaters that will meet the new requirements are currently in production and we may see shortages or delays this spring. Cold shower anyone?
• These water heaters are taller and wider. Take into consideration the location of your current unit. If the new one doesn't fit or the space is too tight, it may need to be moved to a new location. Folks in condos, townhomes, small spaces, etc. may have some issues.
• It will likely take 2 technicians to install these new water heaters. Plan on higher installation costs.
• If you have a home warranty, it may cover water heater repairs and/or replacement but typically they don't cover code issues, relocating, refitting plumbing, etc.
• There are currently no exceptions or waivers for these new federal regulations.

These new rules will ensure water heaters are more energy efficient - which will cut energy use and save on utility costs. However, it will cost you more upfront to replace your current unit. 

[where: 75230]

What happens when a house doesn't appraise for the sales price?

With rising prices in the Dallas housing market, one of the biggest concerns for a home seller is the appraisal. Because appraisers determine value based on sales over the past few months, sometimes the appraisal can come in below the price a seller can currently get for their property. And the common perception is that if the house doesn't appraise, then a buyer can't get a loan to purchase it. And no seller should limit their buyer pool to only cash buyers.

But an appraisal that falls short of the sales price is not always the kiss of death for the sale. Real Estate Attorney Ashley Cook explains, "The Contract does not require that the property appraise for the sales price nor does it require that the buyer obtain an appraisal. The lender, in its sole discretion, can decide to make a loan whether or not the sales price meets or exceeds the appraised value."

Where it gets difficult is that each lender has different criteria for loan approval and typically the lower the down payment, the more important the appraisal number. Our Texas residential property contracts indicate that "if the property does not satisfy the lenders’ underwriting requirements for the loan(s)(including, but not limited to appraisal, insurability and lender required repairs), the buyer may terminate this contract ...”

So basically, if the buyer's mortgage company will not give them a loan because the appraisal came in too low, then the buyer can walk away and get their earnest money back. Let's say an appraisal comes in 7% below the purchase price. If the buyer is financing 95% of the purchase price and/or their lender is tight, you have a big problem. If that same buyer is financing 50% of the purchase price, then it probably isn't an issue. The more cash a buyer will able to put down, the lower the chance the lender will reject the loan - regardless of the sales price.

"The question to be asked when the appraisal comes in lower than the sales price is not what are the parties going to do, but will the lender make the loan," says Cook. "If the lender will not make the loan the buyer should obtain that in writing. If the lender will make the loan then the buyer must close on the property for the agreed upon price even if it is more than the appraised value."
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