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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In today’s competitive housing market, buyers can afford to be selective. It is, therefore, up to the seller to anticipate the demands of the buyer and act accordingly. The ten strategies listed below will help you accommodate the buyer’s needs and make certain the selling process is a successful one.

1. Price sensibly. Listing too high initially is doubly dangerous. Price-savvy potential buyers will simply bypass your home in favor of more realistically priced Dallas real estate, thus limiting your market. In addition, you’ll have to lower your price eventually, possibly below market level, to capture their attention.

2. Utilize professional expertise. Far too many sellers come to regret their attempt to avoid a paying a sales commission when they are unable to generate widespread exposure on their own. To their dismay, they also find that potential buyers expect a far lower price on a FSBO.

3. Make needed repairs. Buyers want a home that is in good condition, up to date, and “move-in ready.” Be sure that all systems, the roof, appliances, etc., are in good working order and replace fixtures that look out-of-date.

4. Simplify the setting. Make room! Too much furniture makes rooms appear smaller, and too many accessories draw the buyer’s attention away from your home’s assets. De-clutter cupboards, counters, and other flat surfaces. Make space in your closets and storage areas, and allow for an open traffic pattern. Put away personal items. Buyers need to be able to visualize their own furniture and belongings in what could be “their” new home

5. Keep it clean! Odors and dirt are real turn-offs to potential buyers.

6. Provide curb appeal. The exterior of your home must invite buyers to come inside. Remove weeds, trim trees and bushes, present a healthy lawn, and maintain an attractive appearance at all times. Don’t forget power washing or repainting, if needed. Add a pot of colorful flowers and a new welcome mat for extra charm and a successful showing.

7. Allow for accessibility. The more showings of your Virginia Beach real estate you have, the greater the chance of a successful sale. Buyers want easy access to the homes they visit. Your realtor will help you make satisfactory arrangements for optimum availability, use of a lock box, advance notification, etc.

8. Stay away during showings. Buyers viewing your home need to take their time to thoroughly it and fee free to voice their reactions to the realtor. Also, if you’re not there, you can’t say anything which might hurt the prospect of a sale.

9. Avoid misrepresentation. Your realtor will advise you of local disclosure laws, and it is important that you comply with them. Attempts to hide a defect will only result in problems later on and may well derail a potential sale.

10. Be flexible. Selling you home can feel like a personal transaction, and sometimes emotions threaten to overshadow logic. Listen and react to all contract proposals as objectively as possible. Know in advance what your needs are re: price, which items convey, settlement time frame, etc. Try to keep in mind the big picture and resist getting hung up on the small things.

The sale of your home depends on both your realtor and you. By working as a team and utilizing the ten strategies outlined above, the process has a greater chance of being a productive and successful sale.

 For more information about selling Dallas real estate, visit TexasHomeCentral.com.

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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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Buyer’s often find themselves watching a property for a price reduction. Although getting the best deal possible when purchasing Dallas real estate is important, it is not the only factor that determines monthly payments on a home. Rising interest rates nearly diminish the positive aspects of waiting for prices to drop. 

Most people are familiar with the basic trends in real estate that have been affected by the United States economic crisis. The listing prices of homes have been steadily declining over the past couple years. This has put people looking to purchase Dallas real estate at an advantage over those trying to sell. People have best described this as a buyer’s market due to the low property prices and reasonable interest rates. However, the decline in prices is stabilizing while interest rates are beginning to inch up. It is becoming more and more popular for investors to make offers on properties, sometimes sweeping the property away from home buyers. Could buyers begin loosing their advantage? Today, properties that are correctly listed at a reasonable asking price are not being reevaluated and reduced as often. These are some of the factors that prove lower Dallas real estate prices are not always worth the wait. 

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A real estate Appraisal is not the same thing as a Comparative Market Analysis (CMA). A real estate Appraisal determines the market value of the property, which is an estimate of the sale price of the house. An Appraisal is mandatory when you are borrowing money from a lender to purchase a home. An Appraisal is done by a specially trained and experienced individual known as an appraiser. 

On the other hand, a Comparative Market Analysis is used to determine a reasonable asking price based on the selling and listing prices of comparable real estate. This is conducted by the real estate agent listing the property. The sole purpose of a CMA is to help the real estate agent advise the sellers when trying to come up with an appropriate asking price. This is different from an appraisal because a Comparative Market Analysis helps determine the actual asking price, where as the appraisal reveals the property’s actual value. Appraisers usually use similar research on comparable properties as a factor in determining the property value. 

Here are some myths and facts to help you lean more about the Appraisal of your Dallas real estate. 

1. Myth: Some people may think that making sure the buyer does not overpay is the main goal of an appraisal. 

Fact: People buying and selling real estate can gather resourceful information from an appraisal. However, the appraiser’s intended purpose is to provide protection for lenders. An Appraisal is required before the lender approves a buyer’s loan. 

2. Myth: Appraisers determine the property value by multiplying the price per square foot by the square footage of the property. 

Fact: Appraisers determine the value of  Dallas real estate by other characteristics too. Things they take in to consideration include the location, proximity to desirable destinations, school districts, quality and condition of the property, selling prices of comparable real estate, and other relevant qualities. 

3. Myth: Anyone involved in real estate could conduct Appraisals. 

Fact: States regulate the requirements for Appraisals to obtain a license. Obtaining a license usually includes taking courses, passing an exam, and possible hours of experience. 

4. Myth: There is never an obligation to educate buyers on problems with the home found by the appraiser. 

Fact: The appraiser is required to notify buyers of problems when the buyer is applying for a mortgaged insured by the Federal Housing Administration. For other types of mortgages, the appraiser is not required to disclose potential defects. 

5. Myth: If an Appraisal is done there is no need to obtain a home inspection on your Dallas real estate. 

Fact: As mentioned earlier the purpose of the Appraisal is to protect the lender. This does more for the people selling the Dallas real estate. Where as, home inspections are meant to educate buyers on the state of the home and its major elements. 

Get a no obligation Comparative Market Analysis on your Dallas real estate.

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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Buyer’s often find themselves watching a property for a price reduction. Although getting the best deal possible when purchasing Dallas real estate is important, it is not the only factor that determines monthly payments on a home. Rising interest rates nearly diminish the positive aspects of waiting for prices to drop. 

Most people are familiar with the basic trends in real estate that have been affected by the United States economic crisis. The listing prices of homes have been steadily declining over the past couple years. This has put people looking to purchase Dallas real estate at an advantage over those trying to sell. People have best described this as a buyer’s market due to the low property prices and reasonable interest rates. However, the decline in prices is stabilizing while interest rates are beginning to inch up. It is becoming more and more popular for investors to make offers on properties, sometimes sweeping the property away from home buyers. Could buyers begin loosing their advantage? Today, properties that are correctly listed at a reasonable asking price are not being reevaluated and reduced as often. These are some of the factors that prove lower Dallas real estate prices are not always worth the wait. 

Buyer’s should not be waiting for interest rates to continue declining, especially since real estate and economy experts are predicting that the lowest rates have come and gone. This is not necessarily a horrible thing. Rates are still lower than historical highs, which exceed 6.00%. With the new administration trying to bring back the economy, many analysts see a period of severe inflation in our future. Meaning interest rates are likely to jump even higher. The Federal Reserve introduced a program to help control interest rates on home loans. For example, the rates for a thirty year fixed-rate loan have been consistently ranging from 4.50% to 5.00%. Now, rates for this type of loan and the rates of other types of real estate loans are beginning to exceed their more reasonable range. Therefore, increasing interest rates may start rushing your desired closing date. 

At the end of May buyers, who have been procrastinating by waiting for lower interest rates or price reductions, learned their lesson the hard way. At the end of the month interest rates went up about .50%-1.00%. Increasing interest rates defeats the purpose of waiting for Dallas real estate prices to drop. Higher interest rates decrease the overall affordability and increase the monthly payments, especially when the price of the desired home does not budge. 

Bottom line, it is not a time to be waiting around. Time is running out to take advantage of the current real estate market and loan programs being offered by the government. For instance, first time home buyers have until December 1^st, 2009 to close on their home if they want to be eligible for a maximum tax rebate of $8,000 dollars. Since interest rates are expected to increase, waiting for real estate prices to drop is not worth the wait. Don’t procrastinate. You might unintentionally pass up a piece of gold trying to find a diamond. 

Search all Dallas real estate and homes for sale by visiting TexasHomeCentral.com.

According to Realestate.com, buyer’s remorse is one of the top ten mistakes made when purchasing a home. Finding the perfect home and making the decision to buy a home are not easy tasks. First, you spend hours on the computer researching  real estate’ and neighborhoods, perfecting your search criteria on MLS websites, and viewing many virtual tours.  Then, you begin making appointments to go take a look at the ones you think stand a good chance at being the future home of your family.  As you walk through the house you envision the happy life you and your family would live and the future décor for this room and that room. You see houses that “require too much work,” “don’t have enough storage,” ones that are “too small” or maybe even one that is “do-able but not perfect.”  Finally after weeks or even months of searching, you find “THE house.” Now you send in a promising offer and anxiously wait for feedback. You and seller come to an agreement and the offer is accepted. Once the papers are signed you can relax and enjoy the excitement, right?

Wrong! Shortly after signing the agreement many people experience buyer’s remorse. When a person begins to have feelings of doubt about their decision it is known as buyer’s remorse. The feelings of doubt are also accompanied by stress and anxiety. What if this is not the right decision? Am I getting a fair deal? Is this the right house for me and my family? What if there is something better out there? Questions start invading the committed buyer’s mind causing them to become hesitant and loose confidence in their decision. This worrisome state of mind, known as buyer’s remorse, is becoming more common in purchasing Dallas real estate.           

There are several ways to avoid buyer’s remorse when purchasing Dallas real estate. The biggest worry people have when experiencing buyer’s remorse is finances. Buyer’s often worry about whether they will be able to comfortably afford their soon to be home. In order to prevent this from being a problem make sure that you have chosen a good price range that takes all of your other expenses into consideration. The appropriate price range may not include the maximum amount you are approved for; however it is very important not to exceed your set amount. The second biggest part of buyer’s remorse is being satisfied with the house. People experiencing buyer’s remorse second guess their choice in a home. They begin to believe that the chosen home may not be the best one that is out there.

Before you started looking for a home you probably made a list of things you were looking for. Take this list of things you were looking for in a home and see how many of the things match up with the characteristics of the house that was purchased. If most of the things match up, especially the most important ones, then there shouldn’t be any second guessing. If they aren’t comparable, then try to figure out why the compromises were made and if they still make sense. 

If you are interested in buying Dallas real estate, please visit TexasHomeCentral.com.

If you are thinking of buying Dallas real estate for rental property, there are a number of things to consider when choosing the property: 

1. Location

If you will be renting to a year ’round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation. If the property will be a vacation property, you will want to be near major tourist attractions. 

2. Price

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to “break even” or even to have a negative cash flow, price becomes somewhat less important. 

3. Resale

Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market.  

4. Neighboring homes

Are the neighboring homes well-maintained? If not, they will drive down your property values. 

5. Solid construction

Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral. 

6. Do it yourself

If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.

Learn more about Dallas real estate by visiting TexasHomeCentral.com.

The Real Estate Center at Texas A&M has released March 2009 sales statistics for Dallas real estate.

Number of Sales:  3,533
Down from 4,495 in March 2008

Average Sales Price:  $192,100
Down from $214,200 in March 2008

Median Sales Price:  $148,600
Down from $159,600 in March 2008

Total Listings:  26,346
down from 30,124 in March 2008

Months Inventory: 6.6
Up from 6.3 in March 2008

Historically high housing affordability and low mortgage interest rates, combined with buyer opportunities in the distressed sales market, have increased home sales in many areas of the country. These factors haven’t started to affect Dallas real estate sales statistics for March, however. Soon, very soon.

Learn more about Dallas real estate at TexasHomeCentral.com.

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