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.
(more…)

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.
(more…)

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.
(more…)

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.
(more…)

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…)
   Social Bookmarking
   

   SubscribeDiggdel.icio.usFurlNewsVineRedditStumbleUponTechnorati

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.
(more…)

Every day, we receive over a dozen requests for a free house value report for homes across Dallas Fort Worth (strangely enough, a large percentage are for house values in Frisco and Keller Texas… does that mean something? huh). The vast majority of the house value requests are for home owners thinking about selling their home. They want to see what their Dallas Home would potentially sell for compared to what they own it for. Did you know that this is only one of many examples of how a free house value report or comparative market analysis (aka CMA) can be used?

Here Are 5 Ways To Use a Dallas House Value Report aka CMA

1. Selling Your Dallas Home- The first and most obvious way to use the free comparative market analysis that you receive from Texas Home Central is to compare your home against other homes that have sold in your neighborhood. I wont go into too much detail here since this one is pretty obvious. What I would like to add here is that an “automated CMA” is not enough to give you a clear picture of what your home will sell for. Sometimes you will get a false sense of value and be too high or too low by thousands of dollars. Price too high and people will not bother looking at your home, too low and people will think something is wrong with your home and try to negotiate you even lower or again, not even visit. It’s imperative that a professional that knows the real estate market take the time to do a deeper analysis, comparing more that just bedrooms, bathrooms and square footage. A good agent will also compare lot size and location, upgrades, home features as well as what other homes have that your home may not have. (more…)
   Social Bookmarking
   

   SubscribeDiggdel.icio.usFurlNewsVineRedditStumbleUponTechnorati

It’s smart to take advantage of all of the free mortgage calculators available on the web when deciding to buy a new home in Dallas Fort Worth. When deciding to buy a new home, most home buyers work backwards. They start by looking at homes, then get pre-approved for a home and many times find out that they can’t get approved for the homes they spent months looking at and visiting.

Ideally, a home buyer should first create a budget to determine what mortgage payments they can afford comfortably and still have money left for savings. Once you know your budget and have a monthly mortgage payment in mind. You can use our mortgage payment calculator to determine how much home you can afford within your bedget. You should then contact a lender like our very own Texas Mortgage Team to get pre-approved for a home mortgage. I don’t mean pre-qualified… they are not the same thing. Pre-qualified just means that a lender says IF you make what you say you do and IF your credit is as good as you say it is, THEN you are qualified up to a certain dollar amount. No one pulls your credit and that letter is really quite worthless. A pre-approval is when your credit is pulled and a lender is willing to stand behind you and say, “This buyer IS qualified AND approved to buy this home”.
(more…)

There are very few “good things” I can say about the U.S. tax code… in fact, I think it’s long over due for change, but one thing I can say is that there are some benefits to which makes buying a home in Dallas Fort Worth a great idea for almost everyone.

Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by reducing income. The deduction includes interest paid on both a first and a second home.

Interest on home equity loans is also deductible — whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World.

Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent — less if the seller’s tax rate is less than 20 percent.

Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn’t be deductible if the taxpayer took the standard deduction. Source: The Boston Globe, Leonard Wiener

If you are interested in knowing more about how taxes will affect your home purchase in the Dallas Metroplex, please call us at 800-326-9011 or contact us via email by clicking here!

I have been saying for a while that now is the best time to buy in the Dallas Fort Worth Metroplex. Now, a new research report by National City Corp and Global Insight back up my claims. It’s always nice to have proof on your side!

The Cleveland-based bank National City Corp., together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

“Housing valuations are almost back to long-term norms,” said National City’s chief economist, Richard DeKaser. He called current affordability “the best in the past four years.” –CNNMoney.com

The truth is, it’s a buyer’s market. In a recent article in The Journal, they offered the following suggestions for first time home buyers.

• Remember this is a place to live not a stock market investment. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn’t count on stretching further because lenders won’t approve their loans.
• Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary. This is where we can help! When you purchase a home with a Texas Home Central Realtor, we will rebate you $1200 saving you a lot of money and allowing you to bring less money to closing. Learn More!

(more…)

Social Bookmarking

SubscribeDiggdel.icio.usFurlNewsVineRedditStumbleUponTechnorati