By now we’ve all heard buzz about the supposed “credit crisis,” with tales of all Dallas real estate buyers being required to put 20% to purchase a home and then still having to search to find a lender who will write a loan. It seems the press just can’t get enough of all the “misery” in the Dallas real estate industry. But is this really what is happening?

To be sure, we are in the middle of what might be considered the biggest disservice ever perpetrated on potential home buyers. The truth is that mortgage money is as available today as it was a year ago and loans are being made every day with little or no money down. Who are these lenders and where can you find one? They may be right down the street - you just have to know where to look!

Federal Housing Administration (FHA) loans are making a huge impact on the mortgage industry; recent estimates show that about one out of five mortgages is an FHA loan. Although FHA loans never “went away,” their re-emergence is a result of the collapse of the sub-prime market. Technically, FHA doesn’t require a minimum credit score; in reality, however, lenders typically will not approve an FHA loan with a credit score below 500 in Dallas Texas. That is still a far cry from the notion that an 800 score is the only thing lenders care about.
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As an important follow up to my last post, I wanted to point out how strong the Dallas real estate market really is. My last post, “Dallas Home Prices Fall 4 Percent” covered the recent news from a broad view. The fact is, the Dallas Fort Worth Metroplex is made up of a lot of smaller cities like Frisco, Plano, Keller and Grapevine to name just a few. Not every city saw a decrease in home prices, in fact many saw a healthy increase in home prices.

Forbes Magazine recently examined the country’s 50 largest metro areas to identify the “economically healthiest cities” and Dallas-Forth Worth, San Antonio, Austin and Houston ALL made the top 10 list. These top 10 cities are areas that Forbes considers practically “recession-proof”. The magazine studied unemployment, job-growth, home price data and metropolitan product growth. (Source: Forbes, Matt Woolsey 04/29/2008)

So while there is a slight dip in home prices, the economy is still strong and what better time to buy a new home than now? If you were a stock market pro and a home was a stock, then this would be a no-brainer. You’re buying a stock from a company that is strong and is facing continued growth. The stock price is low so now is the time to strike… okay, so that was cheesy but I think my point is clear.
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Standard & Poor’s/Case-Shiller home price index, published Tuesday, reports Dallas home prices fell 4 percent in February. The slowdown in the Dallas real estate market pales in comparison to national figures where home prices averaged a decline more than 12.5 percent compared to last year. The index shows that 17 of the 20 major housing markets had record annual price declines in the period ending with February, with Las Vegas showing the largest decline. Charlotte, N.C., was the only city in Case-Shiller’s report with home price gains, though modest ones.

On a higher note, the Dallas-area had the third-lowest annual decline, behind Portland, Ore., down 2 percent, and Seattle, off 2.7 percent. Case-Shiller tracks the prices of typical single-family homes in each of the metropolitan areas and does not include condominiums and townhouses or new construction.

Dallas Fort Worth did see a few modest gains in home prices however. Collin County as a whole saw an increase in both February and March.

Remember, Dallas home price dips remain modest. If the downturn was huge then there would be a reason to fret but don’t! The boom of 2003 – 2005 caused Dallas home buyers and investors to look at real estate as a short term investment. The buy and flip mentality was prevalent and worked for a few years. But times have changed and we need to adjust our thinking, going back to long term expectations. Even with blips and occasional declines, historically home prices have appreciated. If you buy into the theory to buy low and sell high, now is definitely a good time to buy.
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It’s fun to be able to sit back and watch trends as they change in Dallas Texas. An observant Realtor in Dallas Fort Worth has a prime vantage point since we are constantly showing new and old homes as we work with home buyers.

For a number of years, new home builders in Dallas and home buyers were supersizing their new homes. Terms like McMansion became the descriptive for that newest trend. Bigger was better and more meant status. Now however the trend is changing with both Dallas home builders and home buyers. The new trend across the Dallas Metroplex is smaller homes with more efficient use of space. Forget the formals that are only used once per year.

It seems the negative headlines have done a good job in scaring sensibility into home buyers. The housing market in Dallas is not bad, in fact it’s very good but you’d never know that by reading the newspaper headlines. Regardless, home buyers decided not to stop buying but instead buy more frugally. Smaller homes cost less to buy and less to maintain. As an added bonus, Dallas will be a little greener.
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Death, Divorce and Moving are the three most stressful experiences in life. There are two very different kinds of needs that people have when moving and buying a Dallas home. First, there are the transactional needs, like finding the home that is just right for them, finding a seller who is realistic, negotiating the price, filling out the paperwork, handling the escrow, and arranging for the move. Then, there are the emotional needs that are involved when moving, and this is where the biggest stress comes in. Any competent real estate agent will handle the transactional needs for you, but if your emotional needs remain unfulfilled, you’ll be frustrated and may not act in your own best interests. The ideal real estate agent is one, who is competent with paperwork and numbers but can also guide, direct, and counsel you through the emotional ups and downs of moving.

‘6 Ways To Beat The Stress Of Buying A Dallas Home.’

1. Begin with the end in mind. Have an ultimate scenario of where you’re trying to be. What will life be like when you get there? How will it be better than where you are now? Dwell on that picture and write it out, fill up at least a page about how it feels in the new place. This is imperative. Having the goal in front of you at all times energizes you to achieve it, in spite of setbacks and frustrations. Emotions will run high and you need an anchor. You too must focus on that future goal when anxiety threatens to get the better of you. (more…)
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It seems like everywhere I turn these days, every day products and services I use in Dallas are “going green.” Who knew Dallas Real Estate was going green too! Now, with so many ways available to help the environment, it may be overwhelming to figure out exactly how you as a Dallas homeowner can make changes.

This article from RealEstateJournal.com details five ways homeowners can add “green” upgrades to their home, saving money and increasing their homes’ values at the same time. Below is the list of suggestions, check out the article for full descriptions of each item:

• Washers that save energy and water
• Toilets that conserve water
• No-VOC paints
• Smart thermostat applications
• Low-flow faucets and shower heads

To learn more about owning a Dallas Fort Worth home or other Dallas real estate, please visit TexasHomeCentral.com, or call me at 800-326-9011. I would love to show you how we can help find you that “green” dream home in Dallas Texas.

There is much doom and gloom reported about the real estate market these days. The media makes it hard to decipher whether the doom and gloom is local or elsewhere. No, I wont get up on my soap box this time though I am very tempted. If you are thinking about buying a Dallas Fort Worth home, it is difficult to know if the time is right. There are many factors that go into a buyers decision to buy. The Dallas real estate market is NOT like the rest of the US. Here’s a list that will help you to make that decision.

Ten Top Reasons To Buy A Dallas Fort Worth Home Now

1. Plenty of home inventory to chose from.
2. No bidding wars on homes in Dallas.
3. Home sellers are welcoming offers.
4. No pressure to make really quick decisions.
5. Home inspections are welcomed. Home sellers and REALTORS® expect you to be cautious.
6. Lots of brand new homes with incredible incentives being offered by home builders.
7. You can actually negotiate with home sellers for repairs and help on closing costs.
8. No real estate investors pushing prices up.
9. Good, reliable FHA loans. No funny financing!
10. Real estate continues to be an excellent long term investment in Dallas.

According to a study by the U.S. Department of Housing and Urban Development, 60 percent of a homeowner’s wealth is from the equity they have built in their home. A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter.
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Have you ever wanted to tour an area before visiting in person? Maybe you’re accepting a new job and now relocating to Dallas. Leave it to Google to come up with a cool new toy that allows you to drive around the Dallas Fort Worth Metroplex long before hopping on that flight into the DFW Airport.

Google Street View is a fantastic tool that allows you to do just that. You can find it on any Google Map, well, almost any. You can find it at maps.google.com or even in our map-based home search on our website. Most Google Maps mash-ups do not have this implemented but that will probably change before too long once more web developers catch on to the cool factor of Google Street View.

Almost all of the Dallas Fort Worth Metroplex is available on Google Street View, though areas north of 121 in North Dallas like McKinney and Frisco are not available yet. Same is true for the areas north of 121 and 114 in the Tarrant County like Coppell, Flower Mound and Lewisville though I think this will change very soon. Check out this example of Beverly Drive in Highland Park which is just north of downtown Dallas Texas.

If you are relocating to Dallas and would like a Free Relocation Package for any of the cities that make of the Dallas Fort Worth Metroplex, please do not hesitate to contact us. If you are relocating across town, like Flower Mound to Frisco and you buy a home with us, you can use our moving truck for free. Click here for more information on using our moving truck for free.

As a REALTOR, we have the pleasure of meeting with a lot of homeowners who are interested in selling their home. Many have tried listing with other agents in the past before giving up. Do you want to know what two of the biggest questions homeowners have when they are selling their home?

1. I am losing ALL of the equity I have worked so hard to build over the last few years. How can I keep more of my equity and still sell quickly?
2. I can’t wait 6 months with my home on the market wondering if or when it will sell. I don’t have that much time. What I can I do to sell my home faster without dropping the price below all of the competition?

In an effort to answer those questions once and for all, Texas Home Central has done away with the traditional 6% listing and moved to a flat-fee, full-service listing. There are other companies that offer a flat-fee listing but also greatly reduce their services. Not us! It’s full-service or nothing.

How does that answer the two questions mentioned above?
First, by moving to a flat-fee listing, we can save you thousands of dollars of hard-earned equity on your Dallas Fort Worth home. We will market your home harder than almost any other Realtor in the Dallas Fort Worth Metroplex. (more…)

When you talk about the housing market, one thing that you have to take into account is the “months of supply”. In other words, the number of homes for sale and the rate at which they sell giving you the number of months of housing inventory. One of the reasons that the Dallas Housing market has faired so well in avoiding declines in prices is due to keeping our home inventory levels low.

Dallas has close to a 6 month supply which is excellent compared to the national average of 11 months. Areas like Florida have inventories as high as 30 months which makes it easy to understand why prices have dropped so low. Dallas real estate has weathered the storm and continues to show its strength.

If you wonder whether now is a good time to buy then answer is a resounding yes. Prices will only get higher if you wait to buy a home. Please feel free to call us at 800-326-9011 so we can help you find your dream home and negotiate the best price on your behalf. You may also email us by clicking here.

Visit Real Estate Center at Texas A&M online for more excellent resources and information about the Texas Real Estate and Housing Market!