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Archive for January, 2012
Tuesday, 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
Posted in Dallas Real Estate | Comments Off
Monday, 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
Posted in Dallas Real Estate, DFW Real Estate | Comments Off
Wednesday, 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
Posted in DFW Real Estate | Comments Off
Monday, 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
Posted in DFW Real Estate | Comments Off
Friday, 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
Posted in DFW Real Estate | Comments Off
Thursday, January 12th, 2012
According to the housing market overview report by the Real Estate Center at Texas A&M University, Dallas real estate is more affordable and obtainable than other real estate across the country as a whole.
That’s good news for prospective home buyers looking for Dallas homes for sale. Even though Dallas is one of the most sought-after places to live and has one of the fastest growing economies in the country, Dallas real estate prices are remaining low.
According to the Texas A&M Real Estate Center, the median home price in the United States is $177,900. By comparison, the median home price in Dallas is just $162,800, and in Fort Worth, the median home price is even lower at $115,100.
What does that mean for people wondering if they can afford Dallas homes for sale? The report estimates that the average income required to qualify for home financing in Dallas is just $32,800. In nearby Fort Worth, those with an annual income of $23,189 can secure a mortgage. Both figures are significantly lower than the national average income needed for financing, which sits at $35,592.
Of course, there any many different types of homes for sale in the Dallas-Fort Worth area, ranging from meager and affordable to massive and thus more expensive. Even though real estate prices in Dallas are lower than in other places in the country, exactly what kind of houses are people buying in Dallas?
In 2010, the segment of homes that saw the most sales were those priced between $200,000 and $249,999, with 10.8 percent of all home sales occurring in this category. However, the second busiest price range consisted of much more affordable homes. Of all the Dallas home sales in 2010, 9.4 percent of the sales were for homes ranging in price from $120,000 to $139,999.
Many people have the impression that Dallas is a city that is simply too expensive to live in because of its ideal location, the pleasant climate, and the desirable school, home, and work environment the city provides.
Despite that commonly held assumption, the latest numbers show that anyone can afford to live in beautiful Dallas.
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Tuesday, January 10th, 2012
Both buyers and sellers of real property want the transaction, from escrow thru the closing process, to be smooth with minimum costs in terms of time, money and legal problems. Buyers want reassurance that they are the true titleholders and that if someone else claims the property, they have
the means and resources to protect the investment and pay attorney fees and other costs of defending the title.
A title insurance policy is an insurance policy you buy from a title insurance company when you buy a home or property. It protects you and your lender from loss if a property ownership dispute occurs. The title insurance company searches public records, such as liens, claims, deeds, tax records and maps, to make sure there are no problems in the title’s ownership and history for the property you are buying. A title insurance policy insures the buyer against legal claims to the title or some other ownership interest in the property purchased. Title insurance is required of any property financed through a lender.
The fee for title insurance is usually included in your itemization of closing costs from your lender, and it is a one-time fee. If a problem should occur at a later date, the terms of the policy define covered and excluded losses. The policy takes effect on the issue date and covers defects that arise prior to your ownership. By law, your lender must deliver your policy to you within a reasonable time after it is issued.
There are two types of title insurance:
▪ Lender Insurance: protects your lender against any loss that might occur due to unknown title defects. It also guarantees the lender to have a valid first lien against the property.
▪ Owner Insurance: protects you, the buyer, from issues that might emerge after you close the sale. Example
of issues may include human error, forged documents, undisclosed or missing heirs, and incorrect legal descriptions.
Only an owner’s policy will protect you from personal loss, such as legal expenses for a dispute after the sale. There are no annual premiums with owner insurance.
You pay when the policy is issued. It insures you for as long as you own the property. This protection is limited to the face amount of the policy, which is usually the market value of the property when you buy it. It does not cover increases in the value of your property. If you want to cover the increased value of your property, you may buy additional coverage through your title insurer.
If another person has an interest (or claims an interest) in your property it creates a cloud on title. A cloud on title in the chain of title reduces the value and marketability of the property. This is bad for all parties involved. Generally, to remove a cloud on title the owner must file a suit-to-quiet-title; in other words, a suit to remove the cloud whereby the court determines the rightful owner of the property.
We don’t need to get bogged down in the legal details here, but suffice it to say, a title policy is a good investment to avoid this potential nightmare. If you, the buyer, obtain a title policy and somewhere down the road someone else claims title to your property, your title insurer is obligated to defend you…and that is why you get a title policy!
Tags: Title Insurance
Posted in DFW Real Estate | Comments Off
Monday, January 9th, 2012
A huge concern of individuals moving is the quality of the local school if they are parents, or intend to have children in the future. The City of Dallas lists ten different school districts that prospective residents can choose to live in: Carrollton-Farmers Branch, Dallas, Duncanville, Garland, Grand Prairie, Highland Park, Lancaster, Mesquite, Plano, and Richardson. These districts range in size, proximity to Dallas proper, and demographics.
For the prospective mover, here are some quick facts about the Carrollton-Farmers Branch ISD:
- The Texas Education Agency rated the Carrollton-Farmers Branch ISD as recognized, with 16 schools (36.4%) rated as exemplary, 18 (40.9%) as recognized, 5 (11.4%) as academically acceptable, and 5 (11.4%) not receiving a rating (TEA Reports).
- This district’s enrollment total is 26,169 students. Specifically, the district website states their high schools to have 7,329 students, middle schools to have 5,478 students, and elementary schools to have 7,511 students.
- The district-wide student-teacher ratio is 16:1, with the lowest ratio, 14:1, in the pre-kindergarten, middle school, and high school, and highest ratio, 19:1, in the fourth and fifth grades.
- The district employs 3,016 individuals. Certified Teachers constitute the majority of this amount, at 1,698 employees. All core subject area teachers are identified as ‘highly qualified,’ according to the No Child Left Behind policies. The Specialized Professional Staff, which consists of counselors, librarians, nurses, diagnosticians, and speech pathologists, amount to 209 employees. Similarly sized, there are 216 Instructional Aids, 143 Certified Administrative Staff members, 270 Secretaries/Clerical Staff members, 203 Student Nutrition Services employees, and 209 Plant Operations/Security members. The district lists the least numerous as the Maintenance Staff, at 68 employees.
- Additionally, the district is ethnically diverse. Specifically, the district lists the students as approximately 53.0% Hispanic, 19.4% White, 15.2% African American, 10.6% Asian, 0.4% American Indian, and 0.1% Pacific Islander.
- In the 2010-2011 school year, the district received $144, 540, 912 in tax and local revenue, $62,851,086 in state revenue, and $8,441,609 in federal revenue. This amounted to the total revenue of $215,833,607, or $8,327 per student.
- The district’s mean SAT score is slightly higher than the statewide mean, but lower than the national mean. The 2011 mean SAT score of the district is 1476, whereas the Texas mean is 1446 and the national mean is 1500. Specifically, the district distribution is 478 in writing, 513 in math, and 485 in critical reading. The Texas distribution is 465 in writing, 502 in math, and 479 in critical reading and the national distribution is 489 in writing, 514 in math, and 497 in critical reading.
- The district’s mean ACT score is higher than both the statewide and national means. The district’s mean composite ACT score is 21.6, the state’s mean score is 20.8, and the national mean score is 21.1.
There is more to picking a location than the school. This school district includes 53.42 square miles in northwest Dallas County and southeast Denton County. Specifically, residents of Carrollton, Farmers Branch, Addison, Coppell, Dallas, and Irving may be included in the school district’s boundaries. Overall, this school district should appeal to many families as one where their kids can receive a solid education.
Tags: Carrollton-Farmers Branch ISD, Dallas School Districts
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Saturday, January 7th, 2012
With the economy still in doldrums in the rest of the nation, Texas is the place to move and is good for the following reasons.
1. Growing Economy: The number of months of job losses in Texas is lower than the national average. The state’s economy posted job losses for 16 months, from Jan 2009 to April 2010, compared with 28 months for the nation, from May 2008 to August 2010. And now the Texas economy is growing where as other state economies are still in recession.
Another important factor is that the GDP of Texas was more than $1.2 trillion in 2010 and was the 14th largest economy in the world. Texas offers more job opportunities than the rest of the nation. Texas’ share of US GDP increased from 7.3% in 1997 to 8.3% in 2010. In comparison, New York GDP is only 8% of the US GDP in 2010.
2. Lower Taxes: In 2009, Texans paid state and local taxes that amounted to 7.9% of the state’s per capita income. This is less than the 9.8% for the rest of the nation.
3. Business Friendly: Texas is an attractive destination for businesses. Favorable human resources, natural resources and its legal and policy environment make Texas a business friendly place.
In addition, Texas economy is profitable, has a growing population (which increases demand for services), has an international economy (not just regional), has an affordable housing sector (the average home amenities are above average than the rest of the nation) and has entrepreneurial spirit. These reasons make the move to Texas more beneficial.
Tags: DFW Real Estate, Texas Real Estate
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