Browsing the archives for the Home Buyers tag.

Big Tex

City of Dallas, Dallas Culture, Dallas Pride, East Dallas, Lakewood, Neighborhood Events

State Fair of Texas

Today is the OPENING DAY of the Texas State Fair.  It is time for corn dogs and waffle cones, midway games and carnival rides, live music and live stock.  Big Tex has a new look and some new moves – It’s been reported he winks at you.  I’m looking forward to great weather and good times this year.

An estimated 3 million people attend the Texas State Fair and bring nearly $350 Million to the Dallas economy.  Plan on spending some money on the midway, but remember there are a lot of free events too.

And if you want to know how to save some money on your tickets, check out Culture Map Dallas with every discount imaginable.

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Let the Sales Season Begin

City of Dallas, Dallas Real Estate, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Real Estate, Real Estate Finance, Resources

In a recent article in the Dallas Morning News, Real Estate writer Steve Brown notes:

  • North Texas home prices were up 2 percent in February from 2013.
  • North Texas home sales prices jumped by 13 percent in February.
  • But sales of homes in the area struggled to rise above last year’s levels.
  • The number of pending home sales for March – properties under contract but not yet sold – is down 8 percent from last year.

So why the drop in Home Sales? The cold weather not only slowed down construction, but general market activity, as fewer folks were out looking at houses. In addition, the drop in February home sales is a reflection of a shortage of properties on the market.  At the current inventory levels, it is very much a sellers market and with high demand and low inventory, prices will go up.   Year over year, median home prices in North Texas have seen a 10% increase.

According to the National Association of Realtors®, the Existing-home sales fell in January to the lowest level in a year-and-a-half, but ongoing inventory shortages continue to lift prices in much of the U.S.

Dr. Jim Gaines, an economist from Real Estate Center at Texas A&M University, noted in a recent podcast that there are a few other factors to consider that have contributed to a fundamental shift in the market. At the state level, a  higher proportion of sales activity has shifted to the upper median high to high end  of the market, north of $300K.  Furthermore, in some markets the sales activity in the under $150K price range has declined.  Due to the upward shift into the higher end market, the statistics reported in the MLS will also cause a upward shift in home values.

This shift in the consumer market is a result of a tight credit market. Today’s buyers must have higher FICO scores, higher down payments,  and meet stricter underwriting conditions.  The continued Job growth in TX will continue to  contribute to above median income levels.

Housing markets to watch:
Up-Markets – Major Urban Markets
Houston  – driven by the energy sector
Austin  – driven by the  technology
DFW, San Antonio , and Chorpus Christi
These markets are doing well and will continue to do well. Population and economic growth with continue.

For more details you can listen to the housing market update with Dr. Jim Gaines here.

As always, if you are thinking of buying or selling a home, or have a property question in general, please do not hesitate to contact me.

Franceanna@CampagnaRealtors.com
972-588-8863
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Is Now a Good Time to Buy?

Economic Outlook, Home Buyers, Investors, Real Estate, Real Estate Finance

 

I received an email earlier today from a friend moving back to Dallas! Welcome Back! You know who you are.

My friend asked, Is now a good time to buy home? And what about those interest rates? How long will they last?!

I’ll give you the quick 411:

Home prices have gone up due to the shortage of inventory. There’s a lot of buyers in the market and not enough sellers. This is leading to an increase in home prices and a very competitive market. Gone are days of “lowball” offers.   The spike we have seen in price per sq ft for some areas is due largely to the lack of inventory and we will eventually see a market correction.  This should not deter you from considering a purchase. Interest rates are at an all time low.

The low  interest rates are an artificial low, as a result of the fed pumping money into the economy.  No clue how long it will last – but it can’t last forever. While I believe the mortgage rates should be low through the end of the year, they can only go up from here.

The first and most important step to becoming a home owner is: Talk with a lender.  Get pre-qualified. This will give you an idea of how much you qualify for, and how much you would be putting down. In addition, it will show to a seller you are a motivated and serious buyer.

So, is it better to wait to sell or buy? NO! History has proven that this bubble won’t last forever, interest rates will go up, and housing prices will fluctuate up and down accordingly.  Take advantage of the market. If you are a buyer take advantage of those low interest rates.  You have more purchasing power right now!

There are still some really great loan options for first time home buyers.  Please let me know if you need lender references.

My friend offered to buy me drinks / dinner in return for my time.  While I am Italian and will never turn down an offer for good food, there is no consulting fee.  I am your source for free information. I believe in educating my clients so they can make financially sound decisions.

If you are a first time home buyer or savvy investor (looking to buy or sell), please feel free to contact me.

What if I am a home seller, you ask?  Don’t wait! I’ll explain more in my next post: Is now a good time to Sell?

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March 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Lakewood, Real Estate

 

Below are the March 2013 Single Family Home statistics for East Dallas (MLS Area 12)

East Dallas: 218 single family homes sold which is a 5.3 % increase from March 2012. The Median Sale Price of $250,00  is a 12.1% increase  from March 2012. The average days on market is recorded as 57, reflecting a 45.6% decrease. The amount of inventory is 2.6 months, reflecting a 54% decrease from March 2012.

75214: Single Family Closed Sales: 64, which is a 1.6% increase from March 2012. Median Sales Price was $337,500 showing a 10.0% decrease from March 2012.  And a decreased average of 34 Days on Market, down 54.9%.

Price Range: $158,000 – $850,000

Below $200,000: 3 closed sales

$240,000 – $299,000: 22 closed sales

$300,000 – $399,500: 20 closed sales

$405,000 – $499,000: 4 closed sales

$510,000 – $595,000: 5 closed sales

$679,000– $850, 000: 10 closed sales

75206:  Single Family Closed Sales March 2013: 36, which is 23.3% increase from March 2012. Median Sales Price was $322,000, showing a 2.5% decrease from Jan 2012. The average days on market decreased 68.4% to 50 DOM.

Price Range: $164,000 – $740,000

$164,000 – $198,000: 2 closed sales

$222,500 – $299,900: 11 closed sales

$312,500 – $399,995:  8 closed sales

$400,000 – $585,00:  9 closed sales

$509,000 –  $537,000:  4 closed sales

$656,00  – $740,000: 2 closed sales

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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FHA Changes Coming Soon

East Dallas, Real Estate Finance, Resources

I recently received an update from one of my preferred lenders.   FHA has made some changes and the first change will begin on April 1, 2013.  There are several changes but there are two primary changes home buyers need to be aware of:

Changes coming soon to FHA Loans1.Beginning on April 1 the monthly mortgage insurance premium will go up to 1.35% (from 1.25%) for 30 year and 15 year loans with a loan to value of more than 95%.

2.  Effective June 3, 2013, FHA will collect this monthly mortgage insurance premium for the life of the loan, yes even when the balance falls below 78%.

What does this mean for you?  If you plan on purchasing a home using FHA financing, you will save a lot of money if you get a contract soon.

Feel free to forward or share this with anyone you think it will help and as always, if you have questions be sure to contact me.

If you have any financing questions, give Les a call.

 

Les Tuttle #313115
Cendera Funding #179242
214-221-4008
www.lestuttle.com

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January 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Lakewood, Real Estate

The Dallas Morning News reported that the Dallas-Fort Worth area hit a record high in 2012, and that D-FW home sale prices were up 7.5% from fourth quarter 2011.

The real estate market right now in Dallas is definitely a seller’s market.  Low inventory, multiple offers, and a frenzy of showings indicates that the supply level right now can’t keep up with the demand.  However, the averages don’t reflect the market as a whole.

 

Below are the January 2013 Singe Family Home  statistics for East Dallas.

East Dallas: 142 single family homes sold which is a 58% increase from January 2012.  The Average Sale Price of $216,057 Price was down 9% from Jan 2012.  The average days on market as 84, reflecting a 9% decrease.  The amount of inventory 2.5, reflecting a 53% decrease from Jan 2012

 

75214:  Closed Sales: 24, which is a 20.7% decrease from January 2012.   Median Sales Price was $324,000 showing a 6.2% decrease. And an increased average of 128 Days on Market, up 12.7%.

 

PriceRange: $160,000 – $1,079,000

 

Below $200,00:               2 closed sales

$215,000 – $282,000:     8 closed sales

$305,000 – $383,500:     7 closed sales

$420,000 – $675,000:     5 closed sales

$950,000 – $1,079,000:  2 closed sales

 

75206: Closed Sales: 22, which is 175% increase from January 2012. Median Sales Price was $358,125, showing a 2.4% decrease from Jan 2012.  The average days on market decreased 28% to 91 DOM.

 

PriceRange: $170,000 – $665,000

 

$170,000 – $285,000:     10 closed sales

$350,000 – $381,000:     4 closed sales

$409,000 – $468,000:     4 closed sales

$500,000 – $529,500:     3 closed sales

$685,000                         1 closed sale

 

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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2013 Predictions for the Dallas Real Estate Market

City of Dallas, East Dallas, Economic Outlook, Home Buyers
Dallas Real Estate

Find me a home

There always seems to be gloom and doom on the national horizon:  “Fiscal Cliff”, “Debt Ceiling” “High Un-Employment Rates”, “State and local government budget cuts”, “Big Banks unwillingness to lend”. And it looks like Washington will continue to muddle through their mess creating uncertainty and a general lack of confidence.  On my New Year’s trip to Las Vegas, I had a family friend say to me: “That’s it! We are moving to Texas! We say it all the time.  If things get any worse, we may actually mean it!” TEXAS, this beautiful Lone Star State, continues to outperform the national average and we have reason to be optimistic, especially here in Dallas.

Largely driven by the energy sector – oil and petrochemicals – Texas Job growth continues to outpace the national rate.  And in 2012, Jobs in the Dallas area increased by 2%.   This increase in area jobs, drives relocation and the population growth in Dallas is stronger than ever.  This means a DEMAND for housing.

In 2012, the number of home sales in Dallas was up by 18% from the previous year.   In addition, Dallas Home Prices increased by 22% with a median price of $215,000, compared to the median home price of $176,000 in 2011. (These statistics are based upon Single Family Home Sales in the city of Dallas, as recorded by North Texas Real Estate Information Systems / MLS).

New Construction is rebounding, but still has a ways to go.  In 2012, Dallas area Single Family home Building Permits were up 15% – 20%.  Home builders are still offering incentives!

Dallas is a thriving real estate market.  The combination of economic and business growth, affordable home prices and the continuing low interest rates makes 2013 a great time for qualified buyers to purchase a home!  And a great time for investors too!

As always, if you have questions about purchasing a home, or if you would like to know what your home is worth, send me an email or give me a call.  I am always available to provide you the most current market information.

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The New 3.8% Tax Rate

City of Dallas, Economic Outlook, Governmental Affairs, Investors, Lakewood, Multi-Family Property, Property Management, Real Estate, Real Estate Finance, Resources

Here is a report by the National Association of Realtors that explains the New 3.8% Tax Rate. When the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

To get you up to speed on the new tax legislation, the National Association of Realtors has prepared an informational resource. Click HERE to read.

As always, feel free to contact me with questions. You can also find more info on my website: www.CampagnaHomeSales.com

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East Dallas Crime Watch Meeting

City of Dallas, Crime Watch, East Dallas, Neighborhood Events, Real Estate Finance

The Old East Dallas Renaissance Coalition [OEDRC] will be meeting at the Meadows Foundation Center for Community Cooperation, 2900 Live Oak Street, Dallas TX 75204, 214.821.0911 on Thursday, May 3, 2012 at 8AM.

Advise your neighborhood groups of this meeting, bring your code enforcement concerns (PLEASE BRING STREET ADDRESSES OF NOTED PROPERTIES), report anything you think is a problem to 311 and get a SR number.

For further information call Ed Zahra, 214.688.1255. Please pass this email notification to anyone that would be interested.

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We found a deal!

Uncategorized

Click on Picture for additional photos PRE rehab

 

This post is long overdue! It has been a busy year and the demand for a good Real Estate deal is still driving the market.

In January, I helped some clients close a great deal. We had been on the hunt for several months, and all over the metro-plex.  While they were open to location and condition, they had a clear vision of the mid century modern home they wanted.  They were not afraid of a rehab and had contractors readily available.

We made an offer on a home, during the early stages of our home search.  It was located in North Dallas, in a well established neighborhood, on a circular street.  It had a huge lot and great drive up, but it needed everything. My buyers watched this home online for months and received an alert, every time the price reduced.

By the time they were ready to write the offer, another contract had been accepted.  We pursued a few other options, but couldn’t quite find a home they liked that was a real deal.

As luck would have it, the listing agent called us back in November and said the first deal with FHA financing fell through. Were we still interested? We went back to the home, walked through it again, and made an offer based upon the knowledge the the home would need cosmetic improvements, a new roof, and an a/c system.

After the home inspection it became clear it needed a lot more than cosmetics.  It was going to need system, structural, and mechanical improvements. This included foundation, electrical and plumbing.  During our option period we went back to the seller with a reduced purchase price to reflect the amount of money my clients would have to sink into it,  just to make it habitable.  And folks, we got one heck of a deal.  We purchased it at 53% less than original list price :-)

It pays to be persistent, to do your due diligence, and offer what a property is worth!

The new owners are almost done with their remodel process. I will post a few new photos soon of their custom mid century modern home.

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