Dallas Real Estate Center

Be Proactive When Selling Your Home

Jayson Gibson — Thu, 18 Apr 2013 17:49:21 +0000

Be Proactive When Selling Your Home

If you have been on the fence trying to decide whether or not to put your home up for sale, there may not be a better time in recent history to take a chance.

Demand has increased as buyers try to take advantage of record low interest rates on mortgages. Home prices have increased, inventories have fallen, sparking bidding wars in some markets and the median number of days that a home stays on the market before being sold has fallen. All of these factors indicate that a would-be seller’s best opportunity to sell the house and be able to sell quickly, is now.

According to Corelogic, the average home price across the nation rose 8.3% over the previous year in December.

The total number of previously owned homes listed on the market as of January fell to 1.74 million units, which was a decrease of 25% from the previous year, according to the National Association of Realtors. That puts inventory across the nation at the lowest level in 13 years. The group also reported that the median number of days that a house stayed on the market before being sold in January was 71 days. That shows that half of all the homes sold were sold in that period of time. The median number of days before being sold the previous year was 99 days.

To actually get what you’re asking for and to do it quickly, you should be proactive. First, you should assess the conditions of the market where you are located by researching home prices, inventory of available homes in the area, any competition that you might have from foreclosureShould I buy a Dallas Short Sale?. Read more ... » properties, and the average time a home is sold in.

There are many other ways to be proactive. Here are a few to consider.

Shop Around for the Right Agent

There are sellers that want to handle all aspects of the process themselves, but if you aren’t one of them, you’ll need to get an agent. Be sure to interview more than one. You should look for an agent that has sold homes in your neighborhood because they will likely be able to assess your home and its value for the market you are in. They will also have a good idea of how to market your property to attract the buyers you’re looking for.

Be Realistic About the Market Value

Homes won’t sell for what they could have in 2006. You need to focus on what your home is worth and what you can sell it for in today’s market. A good indicator of what you can get can be found by researching recent sales of comparable homes in your area. Pay particular attention to homes that are competing against you on the market. If they’ve been on the market for a while, they’re probably overpriced. Well priced properties sell quickly, while overpriced houses sit on the market for months.

Don’t Get Too Greedy

The falling inventories and increase in demand has many sellers thinking they can set their price higher than they normally would have. If the price is too high, many buyers will likely see what is going on and look for a different property. A well-priced property will probably get almost 10 showings the first week it’s listed. Overpriced properties usually sit on the market until the seller lowers the price closer to market value.

The Internet Can Be A Great Marketing Tool

The majority of prospective buyers now use the internet to search for a home before they go to look at it. Because of this, you need to carefully select the photos you use and what type of photos you show. Try not to show too many photos of a particular room of feature. Instead, focus on the front of the home to show its curb appeal, the living room, kitchen, master bedroom and bathroom and the back yard. Include a few photos of any special rooms or features.

Searches for homes are often sorted by price on internet sites. Buyers will often search in increments of around $25,000 to $50,000. Keeping this in mind, you should try to stick to a round number. If you list your home for $300,000, you should get coverage from buyers searching from $250,000 to $300,000 and $300,000 to $350,000.

Consider the Terms of Multiple Offers

If you have multiple offers on your home, they should be weighed carefully with you focusing not only on the price of the offer, but the terms.

You might want to consider a buyer willing to pay more towards a down payment over one that won’t even if they have a higher offer because their deal is more likely to fall through. A higher down payment often helps the buyer get approved for a mortgage faster, meaning your sale goes through faster and with less complications.

Make Sure Your Home is Ready to Show

Even though inventories are at 13 year record lows, if your home looks dirty and cluttered, it will likely sit on the market longer than if it wasn’t. You should at least add a coat of paint to high traffic areas and touch up others, have the carpets, furniture and curtains or shutters cleaned and declutter your home. All of these are inexpensive. They do require your time, but they could end up being a good payoff when your home sells quickly at your asking price just because of a fresh coat of paint and some cleaning.

Be Prepared For the Appraisal

According to a survey conducted by the National Association of Realtors in January, roughly 30% of agents reported that low appraisals caused cancelation, delay, or a renegotiation of the purchase of a home.

The chances of this happening to you can be reduced by providing the appraiser that appraises your home with a list of examples of sales of homes comparable to yours in the area. Be sure to list any special features that your home has compared with the others, such as a renovation to the kitchen or a swimming pool.

Hello, my name is Jayson. I enjoy writing about subjects related to real-estate, such how to sell your home and where to find the best dealsShould I buy a Dallas Short Sale?. Read more ... » on new homes in Dallas, TX.

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Private Mortgage Insurance Sue Homeowner?

Cat Nguyen — Mon, 18 Feb 2013 21:59:11 +0000

Can the PMI company sue a home owner that completed a short sale or was foreclosed on?

Many homeowners think that the Private Mortgage Company (PMI) company is something that protects the homeowner. The PMI that is paid by the home owner is actually a insurance that covers the lender in the event if you default on the loan.

There are more and more lawsuits being filed from the PMI company against the home owner that was in default. Even though a short sale is completed there can still be a deficiency. A lot of the deficiency could come from the 2nd lien holder that had to take a bigger loss when a short sale was completed. The lender can claim the loss with the PMI company for their loss that they had incurred when they completed the short sale or if the house was foreclosed on. The PMI company can stand in your lender’s shoes to try to collect the money back from you, a legal concept known as “subrogation.”

You may request the PMI company to show proof that they have the right to go after you for the deficiency. This is why it is critical to find out if your lender will waive all rights to go after you for any types of deficiency after the property has been sold. Please speak to a attorney or a qualified RealtorShould I buy a Dallas Short Sale?. Read more ... » when you are thinking about short selling your house or facing foreclosureShould I buy a Dallas Short Sale?. Read more ... ».

You have options. Make sure you explorer all options because this can affect your future for quite some time. Please contact us for any questions you may if you are facing foreclosure. We can help! JC & Associates

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National Association of Realtors Real Estate Forecast

Cat Nguyen — Mon, 12 Nov 2012 18:21:23 +0000

What’s the National Association of Realtors (NAR) thoughts on our future real estate market?

NAR offered some projections to the Realtors at a Conference Expo in 2012. Chief Economist Lawrence Yun for NAR says that he expects for the share of distress sales to decline about 25% in 2012 to about 8% in 2012.

As long as the credit guidelines doesn’t tighten up they expect the market to continue to recover. If the guidelines continue to tighten up that will have many buyers not be able to qualify to buy a home. The increase of home prices should also continue. Mr. Yun has predicted for the market to increase 6 percent in the median existing-home prices for 2012. He also thinks there will be a 5.1 increase next year and comparable gains in the future.

He anticipate for existing-home sales to move up each year to about a 9 percent increase and for this year it would be 4.64 million, 5.05 million for 2013 and 5.3 million for 2014.

He also thinks that the Gross Domestic Product (GDP) will increase in coming years from 2.1 this year to 2.5 percent in 2013. The unemployment rates should also drop to the 7.6% range in 2013.

Mortgage rates is expected to increase to an average of 4 percent next year. Inflationary pressure could case the mortgage rates to increase to 4.6 percent in 2014 NAR had announced. So if you are interested in buying you should take advantage of the low interest rates now.

Please contact us at 214-469-9990 if you are interested in buying and taking advantage of the low interest rate today. Although home prices are increasing it still makes more sense to many to buy instead of renting. We look forward in helping you with any of your real estate needs here at JC & Associates.

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Invalid Bank foreclosure?

Cat Nguyen — Sat, 10 Nov 2012 21:04:57 +0000

What if the bank doesn’t have all the proper documents to foreclose on a home?

Can they still go ahead and foreclose?

What happens if they go ahead and foreclose without all the proper documents?

We are entering into some interesting times in the real estate industry. This case that we are about to mentioned is based in the state of Ohio. The Supreme Court has ruled that a bank has foreclosed on a property without the validating of all documents and proof of ownership of the note when it was foreclosed on.

For many years, it’s been a standard practice across the state of Ohio and many other states to foreclose on a house even without the proper documents in order – and show proof of ownership of the note. It’s not uncommon for the for the notes to be packaged up and resold repeatedly to another company. As this happen over and over the process has become very sloppy and very difficult to track. When the notes are being sold over and over the documents get misplaced or lost! Local courts have allowed for this lawsuits(foreclosures) to proceed assuming that the documents will eventually be turned in for those lawsuits.

As consumer advocates, many have believed this is improper and shouldn’t be allowed.

The Supreme Court has agreed with the ruling when the party initiates a foreclosureShould I buy a Dallas Short Sale?. Read more ... » lawsuit it is determined at the time of the filing. What this means is that the lender must have all proper documents and show ownership at the time of the lawsuit. If they can’t then the lawsuit will be voided.

It’s unclear on how this will impact the current lawsuits that are currently being filed. It’s going to be very interesting to see how this all plays outs. Many homeowners have been foreclosed on and proper documents and proof of ownership were not presented. Though it is unsure if any of the homeowners will get their property back, but many have been foreclosed on and resold to another person.

When a home is purchased here in Texas there is a title policy purchased. The purpose of the title policy is to confirm that there is not a cloud on title. Things that can cloud the title would be things such as a IRS lien, mechanical lien, utility lien, etc…. If this is the case then the bank never had clear title to sale the property. Wow, we are in some interesting times!! Many attorney’s feel that we are going into uncharted territory and is also unsure how this will all play out. This can potentially open into some land title issues some say.

We will keep you posted as time will tell on how this will all play out. If you have any legal questions regard your foreclosure we recommend you contact an attorney for assistance. Please feel free to contact us if you have any questions regarding other options in assisting you in avoiding foreclosure. We are glad to be here to help educate you on what is going on the US market and local Dallas market!

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Bank of America’s Short Sale Pilot Program with Auction.com

Cat Nguyen — Fri, 09 Nov 2012 17:02:00 +0000

How is Bank of America trying to sell short sales faster?

Bank of America has decided to partner up with Auction.com to assist in selling short sales. Homeowners that agree to do their short sale will be featured on a larger pool of buyers on Auction.com.

Auction.com will partner up with local real estate agents to try and sell the properties faster by reaching out to more buyers. It will be interesting to see how this pilot program works and if this will assist in helping BOA and the homeowner sell their house.

Bank of America said that this program will not be any additional cost to the homeowner or the real estate agents.

The real estate agent will be notified when an acceptable bid has been accepted. Once the winning bid is accepted the agent will complete the proper short sale documents and proceed to closing.

This is by far one of the best plan that we have seen introduced into the market. If this pilot program goes well we will most likely see other banks follow their footsteps. This is a great step for homeowners nationwide if this works out!

Please contact us for any questions regarding short sales and how they are different for foreclosures! We are here to help and educate!

Incoming search terms:

auction com short sales

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Dallas Ft. Worth Home Prices Increases 8.8% from 3rd Quarter 2011

Cat Nguyen — Thu, 08 Nov 2012 16:44:43 +0000

DFW Real Estate Prices Increase

The Dallas Real EstateShould I buy a Dallas Short Sale?. Read more ... » Market has increased 8.8% from last years 3rd Quarter. That’s exciting news for the Dallas MarketDallas pending Home Sales declined in August?. Read more ... ». This shows signs of the Dallas Market rebounding and the homes inventory has been decreasing. We are starting to see multiple offers on properties because buyers are taking advantage of the low interest rates. The new homes market has increased over 5% which has home builders ecstatic

Nationwide the real estate market has increase up to 7.6% for the third quarter from last year. Sources are from national Realtors group. National Association of Realtors reported that the Dallas Ft. Worth home prices has rose even faster then the nation at 8.8%.

The median North Texas sales home price is around $165,000 are higher then what they were before the recession.

As local Realtors watch the market, they have seen the price gain in 2011 has the largest increase they have seen.

With mortgage rate being historically low, it has been encouraging buyers on the fence to go ahead and purchase a home. Homes for rent has also been increasing in price so at times it makes a lot of sense for them to buy.

Statistics show that sales this year has been higher then it has been from 2008 to 2011. The inventory of homes has decreased and more and more buyers are coming out of the wood works.

Sales data from local real estate agents has estimated that the pre-owned market has increased 7% this year. 23% of homes sold in the United States this year were distressed homes. This includes short sales and foreclosures.

Home prices are still decreasing in certain areas in the nation, but for the Dallas Real Estate Market it seems to be doing well! 7EXJ88GF2VAZ

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Dallas foreclosures filing down!

Cat Nguyen — Sat, 03 Nov 2012 03:56:43 +0000

Paul Fleet – Fotolia.com

Foreclosures have been down in the Dallas area for the third month in a row. Economists at the real estate Center at Texas A&M University Dr. James Gaines that is highly likely the worst is over. 42,000 North Texas homes are being foreclosed on next Tuesday.

Foreclosures in Texas are one of the fastest foreclosureShould I buy a Dallas Short Sale?. Read more ... » states. Foreclosures could be processed as short as 45 days. Foreclosures are down 6% less than they were a year ago according to the Addison-based foreclosure listing service.

The Dallas marketDallas pending Home Sales declined in August?. Read more ... » has been stable and with no mortgage interest rates we continue to have buyers buy homes. In some areas where having multiple offers on a property. We have also seen an increase in new home purchases in the area. Please contact us if you have any questions about the Dallas real estateShould I buy a Dallas Short Sale?. Read more ... » market or if you’re thinking about buying or selling

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Home mortgage tax deductions to end?

Cat Nguyen — Sat, 03 Nov 2012 03:42:25 +0000

Could there be an end of mortgage tax deductions? President George W. Bush tax cuts and act are scheduled to expire at the end of this year. With the tax cuts scheduled to expire the tax reforms are frequently being reviewed.

Homeowners across the country are concerned if this could actually pass. This could cause a problem for many homeowners if they are not allowed to deduct the interest they pay on their mortgage. For many families this is the only significant deductions they have. Some experts say that thousands of homeowners could potentially decide to walk away from her home.

We are unsure how big of an effect the tax deductions on the mortgage interest will play out as Congress debates in Washington in trust doing spending and taxes. It’s likely that a program like this will start off with the more expensive homes.

It is estimated that 40 million homeowners take the mortgage interest deduction every year. For each family that’s about an average saving of $600 a year. If the mortgage deduction is considered and is passed that would be $82 billion a year the federal government coffers.

By taking away the mortgage interest deduction you’re essentially taken away part of the homeowners income. With homes being upside down there is little left over when people are making their regular payment and now not being able to take the mortgaged section.

This is an interesting topic but is unlikely the mortgage tax deduction would pass because it would be affecting the middle-class taxpayer and that would be politically dangerous.

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Diamond Realty – New business concept

Cat Nguyen — Thu, 25 Oct 2012 01:37:13 +0000

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August 2012 Monthly Indicator

Cat Nguyen — Wed, 03 Oct 2012 05:44:35 +0000

Tags: dallas home sales statistics, dallas market update, dallas news, dallas real estate stats, pending homes sale

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Dallas Real Estate Center

Be Proactive When Selling Your Home

Be Proactive When Selling Your Home

Shop Around for the Right Agent

Be Realistic About the Market Value

Don’t Get Too Greedy

The Internet Can Be A Great Marketing Tool

Consider the Terms of Multiple Offers

Make Sure Your Home is Ready to Show

Be Prepared For the Appraisal

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Private Mortgage Insurance Sue Homeowner?

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National Association of Realtors Real Estate Forecast

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Invalid Bank foreclosure?

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Bank of America’s Short Sale Pilot Program with Auction.com

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Dallas Ft. Worth Home Prices Increases 8.8% from 3rd Quarter 2011

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