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February 8th, 2012
According to a recent report in the Dallas Morning News, foreclosures on Dallas real estate are down from last year. Statistics from the Foreclosure Listing Service, based in Addison, Texas, show that foreclosures have dropped by 16 percent dating back to February of 2011.
As of Tuesday, Feb. 7, there were 4,672 homes, condos and townhouses scheduled for sale at monthly foreclosure auctions in Dallas, Tarrant, Collin and Denton counties. That number is a slight increase from the Dallas homes for sale at January’s foreclosure auction, but is still much lower than the number of foreclosures seen in 2011, which is a good sign for the Dallas real estate market.
George Roddy, the chief executive of Foreclosure Listing Service, predicts than foreclosure numbers will continue to creep upward as 2012 carries on, but after that, the numbers should settle down.
“I think we have probably another year at least of high foreclosure rates in the Dallas-Fort Worth area,” Roddy told the Dallas Morning News. “There are just so many.”
Still, the foreclosure numbers over the last few months have not been nearly as high as in recent years. According to Steve Brown of the Dallas morning news, lenders filed for 56,358 total foreclosures in the Dallas-Fort Worth area in 2011, the lowest level in three years. In addition, foreclosures have been down from the prior year in each of the last 12 months.
With mortgage rates at an all-time low, the foreclosure problem that has swept the nation and the Dallas-Fort Worth area over the last few years should be close to subsiding, as potential home buyers regain confidence in their ability to afford Dallas homes for sale.
If you are looking to buy Dallas real estate, there has never been a better time to do so. While previous buyers have succumbed to foreclosure, things are turning around. Interest rates on 30-year mortgages are currently averaging at just 3.87 percent, meaning even those with a modest income can afford Dallas homes for sale without the worry of a foreclosure.
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February 7th, 2012
The U.S. Department of Housing and Urban Development has enacted a program that benefits Dallas real estate area law enforcement officers, pre-Kindergarten through 12th grade teachers, and firefighters/emergency medical technicians who are in the market to purchase a new Dallas home for sale in the metroplex. The Department states the reason for this program as an attempt to revitalize urban areas. Visit http://sfgis.hud.gov/index.html to find Dallas homes that are eligible within HUD revitalization areas. When you find a home you are interested in, submit your interest in the home to HUD. If anyone else has submitted an interest in the same home you will be entered in a random lottery where one person will be selected. Current homeowners cannot participate and neither you nor your spouse can have owned any other residential real estate for 1 year prior to lottery submission.
According to HUD.gov, eligible participants are determined as follows:
Law Enforcement
You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.
Teachers
You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
Firefighter/Emergency Medical Technicians
You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
For those who qualify, you may be eligible for up to a 50% discount on the list price of DFW homes that are in revitalization areas. For example, if the list price is $100,000, you can buy it for $50,000. Of course, there is a catch! You must live in the house for three years before you can sell it. When you buy the home at the discounted price, you must agree to and sign a “silent” second mortgage for the discounted portion. In our example above, you would have a primary mortgage of $50,000. This mortgage would operate normally, i.e., it will accrue interest. The discounted 50% or $50,000 would be secured by the “silent” second mortgage. No interest accrues on this mortgage and you do not have to make payments on it. The “silent” second mortgage only becomes active if you move out of or sell the house prior to fulfilling the 3-year occupancy requirement. At the end of this 3-year period, assuming you have fulfilled all of the requirements set forth by HUD, the “silent” second mortgage will be released. At that point you are free to do as you please with the house. You could sell it, rent it, stay in it, and you do not have to pay the second mortgage. You are however, still liable for the primary mortgage.
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February 2nd, 2012
Just when it seemed like mortgage rates couldn’t get any lower, Freddie Mac released its weekly primary mortgage market survey on Thursday, Feb. 2 and revealed that national interest rates were averaging at 3.87 percent for 30-year fixed rate mortgages. That means that financing Dallas real estate has never been cheaper, as 3.87 percent is the lowest mortgage rate ever recorded, according to an Associated Press report.
Back in January, low mortgage rates made national headlines when the Freddie Mac mortgage survey showed 30-year interest rates at 3.89 percent, with 15-year mortgage rates at 3.16 percent. At the time of the next mortgage report, 30-year numbers fell again, but then in the following weeks mortgage rates started to climb, reaching nearly 4 percent by the end of the month.
Prospective home buyers looking at Dallas homes for sale may have thought they missed their chance to cash in on low mortgage rates when they saw the rates rise last month, but fortunately for buyers, both 30-year and 15-year mortgages are once again at all-time lows, making headlines once more. While the 30-year rates are averaging at 3.87 percent, 15-year rates currently carry an even more attractive 3.14 percent interest rate.
There’s simply no way to tell whether mortgage rates will remain this low, so if you are considering investing in Dallas real estate, now is the time to do it. Contact DFW Realties today to browse a wide selection of Dallas homes for sale. If you find one you like – and we’re confident that you will – not only will you get a great home, but a great mortgage rate, too.
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February 2nd, 2012
Many prospective homebuyers looking at Dallas Real Estate may prioritize the shortest possible commute when picking a home. However, many parents may instead prioritize factors including the quality of education and type of community. For families looking at Dallas Homes for Sale, property within Plano ISD may be the most appealing location.
Plano ISD serves the city of Plano, located in Collin County. This proves to be an ideal location for many individuals due to its proximity to downtown Dallas. Parents can commute 20 miles to take advantage of the many opportunities offered in Dallas.
The ideal location is not the only appeal of Plano—the quality of life greatly contributes to its frequent rating as one of the top locations to live. CNN Money rated Plano as the top location with over 100,000 residents to live in the Western US in January 2004 and Forbes rated Collin County at 14th on its 2008 list of the best locations to raise a family. Plano is included on numerous other lists rating safety levels, citizen approval levels, and quality of life.
Plano should especially appeal to first time homebuyers looking at Dallas Real Estate. The city implemented a “First Time Homebuyer’s Program” that provides financial assistance for costs associated with down payments and closing costs. This is aimed to help individuals just starting out who have a low-to-moderate income. This is reflected in the 2009-10 Plano ISD demographics, with 23.5% of its students qualifying as economically disadvantaged.
According to the 2010 Plano Census, there are 99,131 households that consist of 259,841 residents. Of these households, 35.8% have school-aged children, ensuring that a future homebuyer’s children would have friends in their neighborhood. Additionally, the median 2009 household income was $101,381, demonstrating the appeal of Plano to middle class families.
The school district itself should also highly appeal to families interested in Dallas Homes for Sale. Although Plano ISD received the second best District Accountability Rating of Recognized, 50% of the 70 schools were rated as Exemplary. This district is far larger than most in the DFW Metroplex, accounting for its slightly lower rating. The 70 schools serve 54,939 students.
Despite the slightly lower District Accountability Rating, the class of 2011 greatly outperformed the national and state averages in standardized testing, an indicator that Plano ISD exceptionally prepares its students for college (pisd.edu):
| |
Plano ISD |
Texas |
National |
| 2011 SAT AVG |
1677 |
1436 |
1483 |
| 2011 ACT AVG |
25.7 |
20.8 |
21.1 |
Parents should also look at Plano ISD’s unique offering of AP and IB Programs, one of the few school districts to offer both. Motivated students can take advantage of these, setting themselves up for success with college acceptances and college performance. In 2011, 3,209 students took AP tests for college credit, making Plano’s AP program one of the largest in the US. Of these tests taken, 76% received a score of 3 or above, generally enough to quality for credit at most colleges. Plano’s IB students attend Plano East High School, with 109 students completing the rigorous full diploma program in 2011.
Tags: Plano ISD
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February 1st, 2012
The most important and simplest thing you, the tenant, can do to create and maintain a healthy relationship with your landlord is…PAY YOUR RENT ON TIME! When and if the time comes that you cannot pay your rent on time, be upfront about it. Call, or better yet, go talk to your landlord in person. Tell them that you are going to be late in paying your rent. Your landlord has bills to pay the same as you so of course he/she will not be happy about it, but most time they will be much more understanding than if you had just remained silent and said nothing at all.
Another easy way to stay on your landlord’s good side is by caring for your rental property as if it were your own. In a sense it is yours. You have a legal right to use and occupy the property so keep it clean and in as good a condition as when you moved in. It is not the landlord’s responsibility to clean up your mess. It is the landlord’s duty to repair any issues you have. However, if the problem is a minor one that you can handle on your own without investing too much of your own time or money, then do it yourself and don’t bother your landlord with menial tasks that you can easily do. Of course, if you cannot do it or it is a costly repair, then by all means, your landlord should take care of it.
If you have neighbors who are also tenants of your landlord then it is a good practice to be considerate of your neighbors. Any problems that your neighbors may have with you will be directed to your landlord. Loud music, late night parties, trash, and parking space issues are all common problems amongst tenants who live in close proximity to one another. It is not a pleasant situation for a landlord to have to mediate a dispute over something like a parking space between neighbors. Be considerate of your neighbors and landlord and follow the rules that everyone else has to follow.
If and when the time comes that you move out you will be much happier if your relationship with your landlord has been a positive experience. They are likely to cut you some slack on your security deposit for things like minor carpet stains and repainting the walls after you leave. Also, if for some reason it becomes necessary for you to vacate the property before your lease is up, thereby breaking you lease, the landlord may be much more lenient in not charging you a termination fee if you have been a good and respectful tenant.
So remember these few things and your landlord/tenant relationship will be a positive one:
- Pay your rent on time
- Keep the property clean
- Care for the property as if it were yours
- Do minor repairs yourself, if you can
- Be considerate of your neighbors
- Follow the rules
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January 24th, 2012
Should you self-market your Dallas home for sale or hire a Realtor? Hire a Realtor, home selling is a complicated process…and you will make more money!
Pricing is a critical element in a successful sale. The best approach is to price the home based on its market value with a small margin for negotiation. To calculate this, you need to know the actual sales prices of similar homes that have sold recently. You also need to know what factors influence a home’s market price, such as size of the house, neighborhood and condition of the property, among others.
A Realtor will prepare a comparative market analysis to help you price your home. The analysis compares recent sales data from several similar homes in your neighborhood or close by, and adjusts the prices for differences in house characteristics. A Realtor has access to sales data from the Multiple Listing Service (MLS) in the Dallas real estate area. A Realtor’s personal experience in selling homes in the local market is helpful in judging the appeal of your home versus the homes used in the comparative market analysis.
The simplest marketing method is posting a “for sale” sign in your Dallas home for sale front yard. In addition, Realtors list the home on the MLS. When a home is listed in the MLS, information about it is provided to all member Realtors and their sales staffs. Your Realtor also may conduct a tour of the home for interested brokers to increase the number of eligible buyers who see and con- sider your home. During peak home selling periods, your Dallas Realtor may sponsor an open house for prospective buyers to view the home.
Prospective buyers will want to see the home. If you sell your own home, you will have to arrange for interested buyers to view the home, usually at the buyer’s convenience. During the visit, you must allow the prospective buyer to look closely and freely at all areas of the interior and exterior of the home. You must be available to answer questions. This can be a time-consuming process and an imposition on you.
Realtors and their staff are experienced in showing homes, and offer several advantages over do-it-yourself tours. They will screen buyers and show the house only to buyers who can afford it. They are trained to point out the best features of a home, including many you may take for granted. Also, buyers may feel less inhibited about viewing a home with a Realtor than with the owner. Usually, the owner’s absence is preferable when a salesperson is showing the home. A Realtor will try to dispel a buyer’s indecision by answering questions and will be prepared for the next step in the process–the offer.
As the seller, you have to decide how much you are willing to cut your asking price and what conditions to accept. A Realtor can assist you in this by:
♦ providing contract forms to the buyer,
♦ advising you whether or not to counter the prospective buyer’s offer,
♦ communicating with the buyer to expedite negotiations and
♦ arranging with a title company to escrow the earnest money deposit and handle the closing.
While Realtor commissions may seem high to you, the services offered by a Realtor are extremely valuable. Unless the sale is successful, no commission is paid. A Realtor’s service is almost risk-free, as the seller loses only the time spent during the listing contract term.
Sellers usually recover at least part of the commission by receiving a higher price through the Realtor’s efforts. A broker has access to more buyers and may be able to drive a better bargain than the seller. A home for sale by its owner may give the impression of a bargain property to many buyers who will be encouraged to offer less than they might otherwise. In other words, buyers often want to share in the “savings” they perceive the seller is receiving by not using a Realtor.
Tags: Dallas real estate, Sell Your Home
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January 23rd, 2012
The quality of education available is a top priority for any prospective homebuyer. Individuals who would like to live within the DFW Metroplex should consider homes within the Carroll ISD when looking at Dallas Real Estate.
The Carroll ISD boundaries mainly include the families of Southlake, but also serve small portions of Colleyville and Grapevine. Depending on one’s exact destination, the estimated travel time between Southlake and Dallas is approximately 32-36 minutes on the TX-114 E or I-35E S. This convenient location is ideal for parents who would like a suburban community while also having access to the many amenities of a busy city like Dallas.
Southlake’s ideal location is not its only benefit for those looking at Dallas Homes for Sale. For homebuyers that are parents, the high quality of education at Carroll ISD may be the number one factor that influences their decision to purchase real estate in Southlake. Carroll ISD has the District Accountability Rating of Exemplary, with all 11 of its schools receiving this rating as well.
Carroll ISD schools are some of the best available in the DFW Metroplex and contain a high caliber of students. The school district reports an impressive dropout rate of only 0.1%. Of the 99.9% of students who graduate, 97% of those attend college. When looking at attendance, the students can be viewed as dedicated and responsible, with a 97% attendance rate.
Homebuyers may also be interested in standardized testing averages because this may play a huge role in their child’s college acceptance. Carroll ISD consistently outperforms the state and national averages:
| |
Carroll ISD |
Texas |
National |
| 2008 SAT AVG |
1664 |
1473 |
1511 |
| 2008 ACT AVG |
24.5 |
20.7 |
21.1 |
Many other factors exist that may interest the Dallas homebuyer when looking at Southlake. In 2010, its Census Report stated there were 26,575 residents in Southlake, with 8,193 households total. Out of these households, 54.7% had children school age children. To many prospective homebuyers, this may be important because they may want their children to have neighborhood friends.
The mean and median incomes throughout Southlake may also be an important factor for some homebuyers looking at Dallas Real Estate. The median 2010 household income was $178,364; however this number increases for those households with children. The median 2010 family income was $187,207. The mean incomes also shed light on the Southlake demographics. The mean 2010 household income was $216,393 and for families was $227,195, showing that many families earn far more than the median income. For households with school age children, Carroll ISD reports only 1.59% of its students as economically disadvantaged.
More importantly, for many homebuyers, the most important factor when considering Dallas Homes for Sale may be the average cost of real estate. The Census Report offers a three-year estimate for the value of homes in Southlake. From 2008-2010, the median Southlake home is valued at $497,900, with the median room total of 9.0+ rooms.
Dallas homebuyers may also care about the average age of their home. For homebuyers looking for a newer home, Southlake is perfect. 90.9% of the structures were built after 1980. Moreover, 50.4% of the structures were built during 1990-1999.
Tags: Dallas real estate, School Districts
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January 18th, 2012
When deciding what school district to relocate to within the Dallas real estate area, three districts stand out as offering the best education: Highland Park, Lovejoy and Carroll. This rating is primarily based on the Texas Education Agency’s 2011 School District Summaries, most specifically the District Accountability Rating listed within the reports.
1) Highland Park: Widely regarded as one of the priciest areas of Dallas, Highland Park ISD encompasses the Park Cities and offers an outstanding education for its residents. Unlike other school districts, Highland Park only has one high school, Highland Park High School, which is frequently rated as one of the top 100 public high schools in the United States. In 2011, US News and Rankings ranked it as the 71st best high school. In the 2009-10 District Accountability Rating, 100% of the schools received an Exemplary rating. Also noted within the report is the district’s impressive dropout rate for the Class of 2009: 0.2%. In the 2009-10 school year, the report classified 0.0% of the students as economically disadvantaged, an unusually low amount for any district in the US. Another important factor to note is the proximity to Southern Methodist University, creating opportunities for Highland Park students to benefit from the many resources offered to the SMU students, such as the ability to use the libraries during daily visitor hours.
2) Lovejoy: Located 25 miles north of Dallas, the district covers an approximately 19-square-mile area in central Collin County. It serves around 1,316 students in the communities of Lucas, Fairview, and a small portion of Allen. The district was founded on July 2, 1917, forming the Lovejoy Common School District, Number 32, from the consolidation of the Forest Grove and Lick Springs schools; its name is taken from Mrs. J.L. Lovejoy, a local resident who was a strong proponent of educational causes.
3) Carroll: Carroll ISD is a K-12 public school system located in the heart of the Dallas-Fort Worth Metroplex. The 21-square-mile district consists of 11 schools serving more than 7,900 students and 1,000 employees. The district is the largest in the state of Texas to earn the top rating of “Exemplary” by the Texas Education Agency. CISD has a zero percent drop out rate, a 97 percent attendance rate and consistently scores above the state and national averages on assessments. Five of CISD’s schools have been named National Blue Ribbon Schools by the U.S. Department of Education. Eight of 11 campuses were named to the Texas Business Education Coalition’s 2008 Honor Roll. Approximately 98 percent of Carroll’s seniors go on to attend a college or university after graduation.
Tags: Dallas real estate, School Districts
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January 16th, 2012
While the national economy has been struggling over the past few years, one positive side-effect for consumers looking at Dallas real estate has been the impact of the economy on the housing market and the low mortgage rates that have come as a result.
Even though the economy is beginning to bounce back, mortgage rates still remain at all-time lows, making 2012 the perfect time to check out Dallas homes for sale and find one that’s right for you.
According to a Jan. 12 mortgage market survey by Freddie Mac, 30-year fixed rate mortgages dropped to 3.89 percent in early 2012, which is the lowest rate ever recorded. An Associated Press report confirms that 3.89 percent is a new all-time low, dating back to the 1950s when records for mortgage rates started to be kept.
There has literally never been a better time to take advantage of these low rates and buy Dallas real estate. The 3.89 percent mortgage rate recorded by Freddie Mac beat out the previous all-time low of 3.91 percent, which was reached in Dec. 2011.
In addition, if consumers who are interested in Dallas homes for sale choose a 15-year fixed rate mortgage, even better rates await. The average rate for 15-year mortgages dropped from 3.21 percent to 3.16 percent as of Jan. 12, also an all-time low.
Whether consumers select a 15-year or 30-year mortgage, the fact of the matter is that mortgage rates have never been lower. It is always possible that mortgage rates will continue to drop, but with rates at an all-time low right now, buying as soon as possible is a smart decision.
If you are in the market for Dallas real estate and want to take advantage of the record low mortgage rates that are currently available, contact DFW Realties today.
Tags: Dallas real estate, Mortgage Rates
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January 13th, 2012
First-time homebuyers are often intimidated when it comes time to look for Dallas real estate. With no prior experience, buying a house can be a daunting task – especially when it comes to scraping up enough money to pay for one. Dallas homes for sale are more affordable than the national average – with a median sale price of around $163,000 – but that can still be an overwhelming figure for those new to the real estate scene.
Fortunately, there are a number of resources at the disposal of first-time homebuyers. Having a realtor you can trust like DFW Realties is a huge advantage. A good realtor will walk you through the process step-by-step, explain how everything works and answering any questions you may have until you feel at-ease.
Of course, there’s still that tricky subject of money – but buying a house is easier than you might think! Despite the long-standing myth that you need to put between 15 and 20 percent down up-front when buying a home, first-time homebuyers looking at Dallas real estate can buy a house with just 3.5 percent down. Thanks to federal government programs, financing is available for up to 96.5 percent of the purchase price of a home.
That makes for an incredibly affordable down payment! Take the median Dallas home price of $163,000, for example. If a first-time home buyer wanted to purchase Dallas real estate at that price, the transaction would require a down payment of only $5,700.
If you’re thinking about buying a home in the Dallas-Fort Worth area, remember that these resources and more are available for you. For first-time homebuyers in particular, looking at Dallas homes for sale, finding one you love, and paying for it is much easier than you think, and DFW Realties is here to help.
Tags: Dallas real estate, FHA Loan Program
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