Archive for January, 2010

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Dallas Job Growth Continues to Lessen the Blow of the Tough Commercial Real Estate Market

Friday, January 29th, 2010

The Dallas-Forth Worth area, although caught up in the weak commercial real estate market like much of the country, may not have as much to worry about, thanks to a strong job market. This area still out performs when it comes to providing jobs, thereby buoying the commercial real estate sector.

Commercial Market Continues to Struggle Nationwide

Federal Reserve Chairman Ben Bernanke recently remarked that the demand for commercial properties remains down across the nation, thereby causing a “sharp deterioration in the credit quality of commercial real estate loans on the banks’ books and on loans that back commercial mortgage-backed securities.”

He also warned that many banks may be facing the decision to either roll over their maturing debt or foreclose on many of their loans. Because of this, most economists see 2010 as a tough year for the commercial real estate sector.

Job Growth Driving Dallas Commercial Market

The risk of mortgage-backed securities isn’t due to affect Dallas as much as other cities, however, because the job growth in this area continues to drive the Dallas commercial real estate market. Many economists, as a result, see the economy in Dallas really taking off by 2011, which will further help commercial real estate because of the new activity expected in the commercial market.

Most analysts also agree that the Dallas-Fort Worth area will not experience the market decline of the 1980s; in fact, they see the commercial real estate slowly improving as the economy improves.

A sharp rebound for 2010 isn’t expected; in particular, retail growth will be all but stagnant for the better part of the upcoming year. And, as we know all too well, the commercial real estate market relies heavily on the retail market.

Even despite the lackluster commercial sector, there has been a nice increase of office building leases in the Dallas area as of late, thereby indicating that the general panic of 2009 is over and that individuals are looking to move forward with their businesses.

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Fixing up your Home to Sell: What you need to Know

Wednesday, January 27th, 2010

Many of us wonder what we need to fix up, upgrade or renovate in order to sell our homes. Although the answer to this is far different for each situation, there are a few things that most homeowners should consider before listing their home on the market.

Don’t expect to sell your home in an “as-is” condition in a buyer’s market; there are simply too many homes on the market and too much competition. Most buyers today want a move-in ready home, complete with upgrades.

So, where do you go from here? Work with your real estate agent to consider the home’s market value now, versus its market value should you perform improvements and repairs. Then, consider your neighborhood, region and the improvements that will result in the best return on your investment.

For example, an entire kitchen remodel for a small ranch probably won’t offer you a nice return on your investment, but updated kitchen countertops and new kitchen appliances certainly will. In the end, it’s all about understanding your buyers’ wants and needs, your home’s market value and the neighborhood in which your Turtle Creek home is located.

There are, however, a few home improvements that you can’t go wrong taking care of before you list your home for sale:

  • Patch all holes and cracks in the walls and ceilings and cover all rooms in a fresh coat of paint.
  • Re-paint all walls with a fresh, neutral color. In other words, get rid of any loud or boldly colored walls, and remove any signs of wallpaper and other wall coverings. Avoid white paint, though, as it often gives the feeling of a sterile, stark environment.
  • Perform repairs to any broken toilets, leaky faucets or non-functioning light fixtures.
  • Replace any worn flooring, including carpeting and tile. New, inexpensive carpeting can instantly give any room a facelift; likewise, an old, worn carpet can turn buyers off from the start.
  • Replace any old, outdated window coverings, such as blinds and curtains. Fresh window coverings instantly freshen up a room and make it feel updated.
  • Repair any cracks or uneven surfaces on your driveway, walkway or front steps.
  • Repair or replace any broken windows or doors.

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The Top Five Signs that you may not be Ready to Purchase your First Home

Tuesday, January 26th, 2010

Don’t let the media and your parents persuade you otherwise: not everyone should purchase a Dallas County home. In fact, some individuals are much better suited to rent than to purchase.

Although purchasing your first home can provide a windfall of advantages, there are perhaps just as many advantages to renting if you are not financially or mentally prepared to become a homeowner.

Giving the idea of home ownership thoughtful consideration will eliminate purchasing a home that you’re simply not ready to handle. In fact, purchasing a home when the time isn’t right can cost you much more than regret: it can cost you money, frustration and loads of hassle.

Why now may not be the time to purchase your first Dallas County home:

  • You don’t have a large enough down payment – Unlike just a couple years ago, lenders are now demanding large down payments, upwards of 20 percent (or more for condo purchases). If you don’t have a large down payment ready and waiting, chances are a lender simply won’t approve you for a home loan. In addition, you also don’t want to fork over a large down payment and then be left without any money in your savings, so think ahead and consider whether you can afford to pay out a large down payment at this time.
  • Your credit is questionable – Just like a down payment, lenders are now requiring glowing credit scores for borrowers, so if you haven’t achieved a great credit score, now may be the time to work on your credit and forgo applying for a home loan. And remember: the better your credit score the better rate you will be able to snag on a home loan. Order a copy of your credit report from all three of the major credit reporting agencies and go from there.
  • Your debt is considerable – Many young individuals find themselves bogged down in quite a bit of debt. From student loans and car loans to high credit card debt, many younger individuals simply are not in the position to apply for a mortgage due to their high level of debt. Called a debt-to-income ratio, most lenders determine the amount of debt you have and figure out what percentage of your income goes to debt. If your debt-to-income ratio is too high, you will likely be turned down for a home loan, regardless of your credit.
  • You haven’t found the perfect job – If you haven’t found the job where you can envision yourself staying, at least for the next few years then you may want to think twice about purchasing a home. Renting in the meantime will afford you the freedom to move to your next job opportunity, wherever it may take you.

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Where the Mortgage Industry is Headed in 2010

Monday, January 25th, 2010

We are all more than glad to see 2009 come to an end. From the poor economic climate and credit crisis to the struggling housing market, 2009 doled out its share of frustration and heartache.

However, 2010 may finally give us a chance to pick ourselves up, dust ourselves off and move forward. In fact, it just may be the year to buy a house.

Home values have fallen back down to 2003 levels; mortgage rates are near historic lows; the government has extended the home buyer tax credit and opened it up to nearly all homeowners; and the foreclosure crisis has opened up some fantastic opportunities for home buyers.

There is one thing, however, that will certainly not change in the North Texas real estate industry, as well as across the United States: the credit situation.

In short, lenders are simply not going to open up their doors to anyone with less-than-perfect credit. In particular, don’t expect to secure a new home in North Texas unless you have a secure, stable job and a stellar credit report.

Other Trends we can Expect in the North Texas Real Estate Market in 2010:

  • Home prices will bottom out – If you’ve been one of those buyers waiting for prices to go lower, you may be waiting a long, long time. After the decline of home prices for nearly two years, it looks as though home prices will finally bottom out during the first half of 2010.
  • Foreclosures will continue to rise – With falling home prices and a tough job market, mortgage delinquencies are expected to continue.
  • More expensive homes will hit the foreclosure market – One of the biggest trends in foreclosures in 2010 will be the jump in foreclosures among the highest priced homes.
  • Mortgage rates will rise – Although mortgage rates will remain quite attractive in the upcoming year, they will not be at the rates we saw in 2009. Expect mortgage rates for a 30-year, fixed-rate mortgage to be about 5.5 percent by mid-year and about 6 percent by year’s end.

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Retirement Living at its Finest in Southlake

Friday, January 22nd, 2010

Southlake is home to the newest active adult lifestyle/retirement community, Watermere.

Watermere isn’t just any retirement community, though. This expansive community features beautifully designed condos that range in price from $199,500 to $444,000 and villa homes that range in price from $424,000 to $679,000. The only requirement for residents of Watermere is that one individual must be at least 55 years old.

Active Adult Community Meets Retirement Lifestyle

Known as an active-adult community, Watermere homes are referred to as “lock and leave” properties; in other words, all maintenance is handled by the community, thereby providing a truly maintenance free lifestyle for the residents.

Southlake’s Watermere community is a unique retirement community for those individuals looking to abandon the troubles of homeownership.

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Moderately Priced Homes in Tarrant County Finally see a Dip in Foreclosure Rates

Thursday, January 21st, 2010

The news in Tarrant County is mixed, depending on who you ask.

The most expensive real estate in Tarrant County is still being beat up over foreclosures, while the entry-level market is showing signs of improvement.

Higher Priced Homes hit Hard with Foreclosure

Houses in Tarrant County valued at between $500,000 and $999,999 saw the biggest increase in foreclosures this year, according to the Addison-based Foreclosure Listing Service.

In fact, foreclosures among these higher-priced homes rose nearly 24 percent in 2009 from a year prior, while total residential foreclosures in Tarrant County rose just one percent.

Although the biggest jump in foreclosures was among the highest priced homes, it is important to still understand that the majority of foreclosures are among moderately priced homes. In fact, nearly 82 percent of the foreclosures in North Texas were among homes priced under $200,000,

The jump in foreclosures for the higher priced homes, however, indicates that the economic climate is affecting everyone, not just the moderate earners.

Amidst all of the foreclosure doom and gloom, however, entry-level homes came out ahead. The number of foreclosure filings for entry level homes – categorized as being valued between $100,000 and $199,999 – fell nearly six percent in 2009. What’s even more hopeful is that foreclosures on houses valued under $99,999 dropped nearly 13 percent during that time.

North Texas Foreclosure Filings

  • Homes priced $200,000 to $299,000 made up 10.6 percent of the North Texas foreclosures.
  • Homes priced $300,000 to $499,999 made up five percent of the North Texas foreclosures.
  • Homes priced between $500,000 and $999,999 made up 1.9 percent of the North Texas foreclosures.
  • Homes priced above $1 million made up 0.4 percent of the North Texas foreclosures.

North Texas foreclosure filings topped 55,600, which was an increase of four percent from 2008. Tarrant County foreclosures totalled 10,690, which was an increase of just one percent from 2008.

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Interested in a Short Sale? You may be Waiting Awhile

Wednesday, January 20th, 2010

With so many homeowners delinquent on their mortgages, the number of short sales hitting the market has increased dramatically, particularly over the last year.

Many buyers see this as a prime opportunity to get a great deal on a Dallas County home, but is the process of purchasing a short sale more trouble than it’s worth?

What is a Short Sale?

A short sale is essentially an agreement between a homeowner and his or her lender to sell a home for less than what is owed on the mortgage. These types of real estate transactions often save homeowners from foreclosure, but the amount of time it takes to close on a short sale has many buyers thinking twice about making an offer on this type of Dallas County property.

Short Sales Affecting Housing Market

Many real estate analysts see the lengthy process of closing on a short sale as greatly affecting the housing market recovery in many parts of the country. Short sales are essentially tying up the real estate market. The problem seems to be that banks are simply taking too long to respond to offers.

Banks are now trying to keep up with the soaring number of loan modifications and short sales, thereby leaving them unable to respond in a timely manner to offers. In short, lenders are simply unable to efficiently process the number of requests going through their institutions on any given day.

To put the short sale situation into perspective: the number of short sale requests has doubled on a national level in 2009, according to Bank of America.

Nationally, the number of short sales tripled to 40,000 for the first six months of 2009, compared to just a year earlier.

So, the question is: should you make an offer on a short sale?

Perhaps. If you are in a rush to move then a short sale property probably isn’t your best bet. However, if you have the time to wait out the short sale process then it may work for you.

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Posted in Buyer Tips | 1 Comment »

USDA 100% Financing on New Homes Near Fort Worth

Friday, January 15th, 2010

There is an opportunity not to be missed less than 15 miles from Fort Worth to move into a brand new home in Tarrant county for only $500 down. This new home community is combining huge discounts with the USDA 100% financing program to offer new home buyers an unbeatable deal. There are several homes ready for immediate move in from the $140k

Posted in Buyer Tips, Featured, New Homes, Tarrant County | No Comments »

Downtown Dallas Condos: What

Friday, January 15th, 2010

If you want a sure bet, head to downtown Dallas and check out the exceptional real estate found there. The downtown Dallas condo market has certainly seen better days (and let’s face, who hasn’t?), but it is still one of the most sought-after areas for exceptional condominium residences in Dallas.

Downtown Dallas condos have it all, from location and sights to business opportunities and plenty of entertainment; so it’s no wonder that some of the hottest condos in Dallas can be found in the downtown area:

  • Bryan Street Station – As one of the newest developments to grace the downtown Dallas condo market, Bryan Street Station is an affordable community with fabulous views of the downtown Dallas skyline. These one and two-bedroom condominium homes, which are reasonably priced from the mid $120,000s, enjoy plenty of amenities and features, including: a gated parking garage; 10-foot ceilings and large, open floor plans; home security systems; natural hardwood floors; spacious, walk-in closets; and GE appliances. Twenty-nine luxury lofts are found at Bryan Street Station, each one with a gourmet kitchen, soaring, oak ceilings and antique brick walls.
  • Buzz Lofts – The Buzz Lofts are the epitome of all that is hip and cool about downtown Dallas condos. These 48 residences features beautiful loft designs, dynamic architectural qualities and modern conveniences, as well as exceptional downtown Dallas skyline views. Some of the features found throughout the Buzz Lofts include: sleek interiors; IKEA fixtures; bamboo floors; and a water reclamation system for irrigation.
  • SoCo Lofts – Urban contemporary design is alive and well at SoCo Lofts. The beautiful design, cutting-edge architecture and unmatched Dallas views can be found at SoCo Lofts, along with great amenities, such as a parking garage, a rooftop swimming pool and a state-of-the-art fitness center. SoCo Lofts feature affordably priced homes with one, two, three or four bedrooms, all of which enjoy a superb location in the heart of downtown Dallas.
  • South Ervay Lofts – The one and two-bedroom lofts of South Ervay Lofts are beautifully renovated with only the most luxurious amenities and interiors. From the concrete countertops and gourmet kitchens to the open floor plans and the stainless steel appliances, no detail has been left unattended at South Ervay Lofts. Some of the features of the condo residences of South Ervay Lofts include: birch cabinetry, master bedroom retreats, oversized slate showers and hardwood floors.

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Where do Luxury Homes stand in this Challenging Housing Market?

Thursday, January 14th, 2010

If you’ve been sitting on the sidelines waiting for the prime opportunity to snatch up a real estate deal of a lifetime, you may want to stand up now.

Through all of the doom and gloom of the current housing market in Dallas, there’s one positive sign that most economists and real estate agents seem to be forgetting: now is a fantastic time to buy the home of your dreams.

Superb Real Estate within Reach

The Highland Park luxury real estate market, for example, is chocked full of exceptional homes that are much, much less than they were just a couple years ago. Can you get a steal in Highland Park? Perhaps not. But may you finally be able to afford a Highland Park home that, up until a couple years ago, was out of reach? Quite possibly.

The Highland Park luxury real estate market has more than a few homes priced to sell. If you have the money to invest into Highland Park luxury real estate, now may be your time to own a piece of prime real estate.

Nationwide Numbers

The change in luxury real estate is taking place all over the country. For example, the largest 20 metro areas in the United States sold 2,800 homes for more than $1 million in July of 2009, which was a staggering 50 percent decline from July 2005. Overall homes sales were down about 27 percent during this period, in comparison, according to the National Association of Realtors.

Home sellers of luxury homes priced $2 million or more were cutting the prices of their properties by about 14 percent in August, while the average homeowner cut prices by just about 10 percent during this time.

What does this mean for you, the buyer?

Well, to put it into perspective, you can expect to get about 20 percent more home for your dollar than just two years ago.

Home loan rates remain low, which is also an incentive to get in on that piece of Highland Park luxury real estate.

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