Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

Let’s take a look at Dallas Real Estate Sales Statistics to see how the recovery is progressing locally:

Dallas Real Estate Sales Statistics – Oct 2008

Home Sales: 3,079

Average Sales Price: $208,200

Median Sales Price: $154,300

Months Inventory: 6.1

Dallas Real Estate Sales Statistics – Oct 2009

Home Sales: 4,146

Average Sales Price: $195,600

Median Sales Price: $153,000

Months Inventory: 6.0

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You are selling your Dallas home and the first Open House only a week away. The house is filled with clutter and things you don’t want to throw away. But the clutter is not appealing to potential Dallas home buyers. What do you? Here are staging tips for an Open House. 

8 Staging Tips For A Dallas Open House 

1. Remove the clutter.

Having a garage sale is out when removing clutter because the Open House is only a week away. You don’t want to stuff the garage or closets to the gills either. One solution is to rent an off-site storage facility or stack boxes neatly in a basement or crawlspace. 

2. Stage each room. 

The first thing to do is clean from top to bottom. Make sure windows and light fixtures shine and are in working order. If the room is crowded, put some furniture in the storage facility. Finally, pick a focal point that will attract buyers when they see the room. For example, the focal point of a bedroom is usually the bed, and for a music room, it’s the piano. 

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There were 2,869 foreclosed homes in Collin County in September 2009 with 452 new foreclosed homes.  The average sales price for all Collin County and Dallas homes was $274,216 and the average sales price of a foreclosed home was $172,788, a $101,428 savings,  according to RealtyTrac.com.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity decreased  in September with 489 foreclosures in August and 479 in September. 
                                   

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Collin County and Dallas Foreclosure Geographical Comparison

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In today’s real estate market, Dallas home owners trying to sell on their own get discouraged when it comes to getting their Dallas homes sold. What they may not realize is that in the modern market selling a home takes a lot more than just sticking a “for sale” sign in the front yard. Traditional real estate marketing tactics have evolved into a variety of more complex and effective strategies. The internet has become the most popular and successful aid in setting up successful home-selling campaigns. 

According to the National Association of Realtors, almost 90% of home buyers do their house hunting online. The fact that the internet is taking over many traditional methods, makes it imperative for [city] home owners to move their campaigns to the web. Consumers are becoming more independent in the home buying process, relying on the internet for real estate market information and shopping for their perfect home. The quantity of home buyers who ended up purchasing a home they found using the Internet has significantly increased from only 8% in 2001 to a soaring 32% in 2008. However, buyers only account for half of the real estate equation that results in using the internet. 

Sellers are relying on the internet to create effective online selling campaigns that catch the mouse click of potential buyers. Whether selling by owner or using a real estate agent, anyone trying to attract the attention of a buyer for their Dallas home  should take full advantage of online marketing strategies. Listing agents advertise client’s homes on their company websites, the Multiple Listing Service and Realtor.com, and by other professional tools. Home owners choosing the for sale by owner route or just simply looking for more ways to expose their home on the market, now have access to many of the same professional tools real estate agents use and more. For example ForSaleByOwner.com now allows their clients to list their homes on the Multiple Listing Service and Realtor.com too. In addition, homes are also popularly advertised on websites such as, Craigslist, Google Base, Yahoo Real Estate, and Facebook. 

Regardless of who is selling your Dallas home, it is important to establish and maintain a successful home-selling Internet campaign. Here are a few tips to get you on the right track:

• It is crucial to give the home as much exposure as possible, especially on popular websites like local MLS sites.
• Use comprehensive and professional quality descriptions of the property.
• Be sure to include details such as room sizes, total square footage, key selling points and neighborhood or community assets.
• Display a variety of multiple, high-quality color pictures and, if possible, video tours of the home.
• Provide convenient, simple, quick and easy methods of contact for people requesting more information or pursuing a showing.
• Make scheduling a showing as convenient as possible for the prospective buyers.
• Set a competitive asking price based on the selling prices of comparable homes in the area.

Learn how my marketing strategies can get your Dallas home sold in a shorter period of time and for more money by visiting TexasHomeCentral.com.

What is yourDallas home worth?

In today’s rapidly changing economy, many Dallas home owners wonder or worry about selling their home for the best price, and terms in the shortest period of time. 

Here are 9 helpful hints if you are considering selling your Dallas home: 

• Be realistic, and price your home right by using market comparisons.
• Know your true bottom line for both price and time.
• As the market shifts, be prepared to evaluate your price.
• Advertising your property with yard signs, local MLS and newspapers.
• Get rid of the clutter! It makes your house appear smaller.
• Clean your walls, floors, baseboards, stove and refrigerator. Buyers will know your house is well cared for.
• Clean up outdoors! Remove tools, toys and be sure lawn and shrubs are neatly trimmed.
• Have the carpets cleaned to eliminate odors, smoke, and pet smells.
• Make minor repairs such as leaky faucets, sticky doors, etc.

Learn more about selling your Dallas home by visiting TexasHomeCentral.com. 

What’s your Dallas home worth?

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.Now let’s take a look at Dallas real estate sales statistics for September 2009 to learn how our local real estate market is recovering.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

Dallas Real Estate Sales Statistics - Sept 2008

Number of Sales:  4,293
Average Sales Price:  $203,900
Median Sales Price:  $150,100
Homes on the Market: 27,406
Months of Inventory:  6.2

Dallas Real Estate Sales Statistics - Sept 2009

Number of Sales:  4,010
Average Sales Price:  $201,700
Median Sales Price:  $156,400
Homes on the Market:  22,979
Months of Inventory: 6.3

The number of Dallas homes sold in Sept 2009 was 283 less than in Sept 2008, a 7  percent decrease. The average sales price decreased by 1 percent or $2,200, while the median price increased 4 percent or $6,300. The months of inventory remained steady.

Learn more about buying and selling Dallas homes.

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The number of people experiencing their Dallas home entering foreclosure is steadily increasing. Also increasing, is the number of bargains just waiting for home buyers to make a move. In RealtyTrac’s April 2009 U.S. Foreclosure Market Report^TM they found that default notices, auction sale notices and bank repossessions were reported on 342,038 properties during the month of April alone. The increasing numbers have contributed to the thirty two percent increase since last year’s April 2008 report. The report also showed one in every three hundred and seventy four homes received a foreclosure filing in April. These statistics prove foreclosure to be a growing threat to home owners. On the other hand, the foreclosure situation is benefiting people looking to purchase real estate in this buyer’s market.

Buying Dallas Foreclosure At Auction

The amount of foreclosure properties on the market opens the door to opportunity for buyers. One way for buyers to take advantage of the opportunity to purchase a foreclosed Dallas home is through an auction. It is important for people, especially first timers, to become educated on how to buy a home at a foreclosure auction. The first place to start would be to look up general information about the process on the internet. Then, it might be a good idea to contact a real estate agent or real estate attorney for professional help and advising. Auctions can be organized in public places or held at local courthouses. It is best to avoid auctions held at courthouses because professional investors are common competitors and there is not much, if any, time to research the physical condition and financial background of the property being auctioned. Instead, find foreclosure auction notices in the local newspaper, online, or by contacting a city official for upcoming auction dates. It is important for buyers to research the property before deciding if they will bid on it. Prior to determining your bid gather some important information about to property such as, the estimated market value, outstanding loan balances, property liens, ownership history, title information, and calculate possible monthly expenses as the future homeowner. Once a little research is done on the property, enough knowledge will be available to determine the appropriate bid.  Thoroughly looking farther in to the property can maximize your chances of getting a good bargain.

Buying Dallas Foreclosure Options

 There are also other options for foreclosure buyers to consider. Today, most foreclosure properties have large or multiple mortgages. This takes away from the likelihood of getting a bargain at an auction because banks will ask for bids that are more than the actual value of the property. The first alternative is to buy the property before it goes to auction, which is called a pre-foreclosure. To do this check the city records to find foreclosure properties. Then, contact the owners by writing a letter of interest. Follow up with a phone call and hope they are willing to accept an offer. Another route is to wait to see if the property sells at the auction. If the property does not see it will be put on the market by the bank it is owned by. In this case you will be able to buy the house just like it was regular real estate. Another benefit to this option is the ability to conduct a home inspection and get a mortgage. Remember, when considering the purchase of a Dallas home through an auction make sure plenty of research is done to maximize the potential of getting a good deal. Getting the help of a Dallas Realtor will help insure you get the best deal.

If you or someone you know are falling behind on mortgage payments and are concerned that foreclosure is your only option, then contact me about your short sale option.

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  ”The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

Now let’s take a look at Dallas home sales statistics for August 2009 to learn how our local real estate market is recovering.

Dallas Home Sales Statistics – August 2008

Number of Sales:  4,912
Average Sales Price:  $216,200
Median Sales Price:  $159,300
Homes on the Market: 28,367
Months of Inventory:  6.4

Dallas Home Sales Statistics – August 2009

Number of Sales:  4,183
Average Sales Price:  $211,400
Median Sales Price:  $161,500
Homes on the Market:  23,827
Months of Inventory: 6.5

The number of Dallas homes sold in August 2009 was 729 than in August 2008, a 15 percent decrease. The average sales price decreased by 15 percent or $4,800, while the median price increased 1 percent or $2,200. The months of inventory remained steady.

Learn more about buying and selling Dallas homes.

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Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains was in July 2003.

Let’s take a look at what our local Dallas real estate market was like in July:

Dallas Real Estate Sales Statistics
Dallas real estate sales were down 6 percent in July with 310 fewer homes sold.  The averages sales price dropped $10,800 or 5 percent while the median price increased $1,300 or 1 percent. The number of homes for sale decreased 18 percent causing the months of  inventory to decrease by .01 percent.

July 2009
Homes Sold: 4,815
Average Sales Price:  $209,700
Median Sales Price:  $164,800
Total Number of Listings:  24,387
Months Inventory: 6.5

July 2008
Homes Sold: 5,125
Average Sales Price:  $220,500
Median Sales Price:  $163,500
Total Number of Listings:  29,724
Months Inventory: 6.6

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There are 2,960 foreclosed homes in Collin County with an average sales price of $219,401 with 462 new foreclosed homes in May 2009, according to RealtyTrac.com.

Collin County and Dallas Foreclosure Activity and Home Price Index

Collin County and Dallas foreclosure activity has remained relatively stable in the last three months with approximately 525 foreclosures each month. At the same time, the Home Price Index has dropped dramatically.

Collin County and Dallas foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Collin County and Dallas Foreclosure Geographical Comparison

Collin County Dallas foreclosure activity is 0.09% lower than national statistics and 0.06% higher than Texas figures.

Collin County and Dallas Foreclosure Activity by Month

Collin County and Dallas auction and bank-owned activity remained stable in May compared to the previous month. The high auction activity in March is an indicaiton that we will see many more foreclosures in the coming months.

Are you or someone you know behind on your mortgage payments and facing a Dallas foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home.  Give me a call for a private consultation.