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Plano Texas Real Estate Blog - Local Plano Real Estate.
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Thursday, 28 December 2006
What Exactly is the MLS?
As this year comes to a close and a new one begins, I think it is always good to go back to the basics.
This year has brought much change to the Real Estate community, local as well as national. Technology is trying to catch up to Real Estate just like it has evolved and improved our lives in the financial, travel and retail businesses.
The Multiple Listing Service (MLS) is a very complicated animal for your home search. As a REALTOR®, we tend talk in our own jargon which may not be clear to the general public. So here is a brief explanation of what the MLS is and how it works and how it is trying to survive in the new world of Real Estate Technology.
First of all, there is not just one MLS, this a dream of many new Real Estate Tech Ventures and many out there, but this goal will be one that will take time.
You see the MLS is a proprietary tool that only REALTORS® have access to for a fee and it varies by state. There are many MLS's in the United States by counties and different geographical areas and some REALTORS® belong to several MLS’s to encompass areas they service, just depends on the guidelines of the MLS.
For example, we belong to the NTREIS, (North Texas Real Estate Information System) which services all of the North Texas counties. Another point of interest is that beside NTRIES, we REALTORS® have another software based program called Rappittoni, some use one system and some the other, both are good and have different features depending on a particular searches you are doing.
These tools are far more advanced then any third party real estate search out there for the general public because they encompass ALL information that is entered into the MLS.
This is what happens when a listing is taken by a REALTOR®:
1. Very Detailed information is entered into system, photos, tours, disclosure and any files you want to upload you can within certain size limits.
2. When all listing info has been entered and approved the listing is marked active and given an MLS number. (Congratulations! you are officially on the Market)
3. Your Days on market starts, with day 0 and starts counting. (First 5 weeks are most important because this is considered a NEW listing and will generate the most interest.)
4. MLS info is downloaded by other brokers and third party sites and this is where it gets interesting, download times will verify dramatically and the way information is given depends on the way the third party has written software and what they want to show and what the MLS will allow then to show, usually very basic info.
When information is entered into the MLS it is entered by many different people, so mistakes are made by pricing, amenities, locations, zip codes which affect the mapping of a property and how the property is perceived online. All this can be changed but it has to be caught and then changed on the MLS then downloaded once again to all the third party sites.
That is why a lot of information about there is not correct and a great house does not have pictures or a good description or pertinent information that can sell a home! For example, today I looked up a property that the status had changed 10 days but show shows active on all third party sites. Usually, sites will not download new MLS info everyday, maybe once or twice a week, so you can see the information you get can have many flaws in it, REALTOR.com takes a while to correct, although it has gotten better.
With the onslaught of national MLS searches and databases, Trulia, Zillow, RealEstate.com, Propsmart just to name a few, that are changing how we get information for our homes and communities, only one thing stands in their way and that is assembling the proprietary information from all the MLS's all over the country, it is old school vs new school and the gloves are on.
We are all in for an interesting year as the dissemination of Real Estate takes shape. You see the MLS makes money from all the brokers and REALTORS® that enter their listings on to this service, they get all this information for free then sell it to third party vendors, who in turn will get leads form the listings and sell back top REALTORS®, just because you are the agent or broker of record does not mean you will be the first point of contact. Anyway, that is the mess the NAR (National Association of Realtors) needs to figure out and fast!)
So, What is the most accurate MLS information out there to start your home search? It is your local MLS, broker or REALTOR® websites that will give you the best or most accurate information, the most accurate would be a website set up specifically from your REALTOR® from the MLS directly so you can take advantage of the best tools out there today. All REALTORS® have this at their fingertips and should be using this for all their client searches, see example here.
Now more then ever the information available has been so dissected and massed out there that listings are more like a commodity and the fight is over who owns them, I really don't care, I just want my listings marketed and out there for the world to see and get it SOLD! Even though REALTORS® work on 100% commission and are self employed it still seems like we work for a corporation! Stay tuned, it will be an interesting year and you will find the latest tools to search for your home here. (this is in progress, so please check back)
Happy New Year & Happy House Hunting in 2007!
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Tuesday, 19 December 2006
The Tradition of the Candy Cane
Every month our church publishes FWD: an update on the ministries of Christ Church. The December issue has some interesting stories about many of the symbols of Christmas and I would like to share the story of the candy cane, the rock of all ages.
According to legend, there was a candy cane maker who wanted to invent a candy that was a witness to Christ. The result was the candy cane. First of all he used hard candy because Christ is the Rock of all ages. This hard candy was shaped so that it would resemble either a "J" for Jesus or a shepherd's staff. He made it white to represent the Purity of Christ. Finally, a red stripe was added to represent the blood of Christ shed for the sins of the world and three thinner stripes for the stripes He received on our behalf when the Roman soldiers whipped Him.
The flavor of the candy is peppermint, which is similar to hyssop. Hyssop is in the mint family and was used in the Old Testament for purification and sacrifice. Jesus is the Pure Lamb of God who came to be a sacrifice for the sins of the world. So the next time you see a candy cane, hear the Sermon it preaches: Jesus Christ, the Good Shepherd, is the Rock of all Ages who suffered and died for our sins.
Happy Holidays! Enjoy your friends and family!
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Sunday, 17 December 2006
Where's my PHONE????
Last Thursday I had an appointment with a favorite client of mine. She is a very busy Mom with a 6 month and a 2 year old. She is very considerate of others and we make house hunting plans a couple of weeks out. This is what happened last Thursday.
The two year old is in pre school and the 6 month looks at $1M homes with us, she really is good and loves every home we go in, she can't make up her mind. Anyway, we were looking at homes in East Dallas in Lakewood, the whole area is going through re gentrification and we had 3 homes to look at on the same street, Lake Circle. We were leaving one home and going to another that was French Country and their were 8 workman, painting, sawing, etc. it was a mess and we quickly went through it, the baby did not like the style, so off we go to the Marvelous Mediterranean, when my client in a gasp with the baby in tow, says...
"Terry, I have lost my phone, can you help me find it?"
We had driven a few houses up and had to backtrack to the other two houses, I was hoping it was not in the house we had just been in with all the workmen. It wasn't, I found it in the grass on the sidewalk that is why we didn't hear it drop. My client was so relieved!
She said, "Thank you, thank you" and we got back in her car and drove up the block, maybe 1 minute had passed and she said "My phone is gone again" we both looked at each and she said "I think I have a hole in my pocket" and I said "Do you think you can put it in your other pocket and make sure that one doesn't have a hole in it." She said "let me check?" We laughed! We drove back where we put the baby in and sure enough it was on the grass. Thank Goodness! We all need our cell phones!
Now I did say, "Do you think your husband can buy you a new pair of pants for Christmas to go with your $1M home, we both had a good time with that one.
Realtors have many funny stories about house hunting and they are all different, everything about real estate is problem solving, including a lost mobile along the way.
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Saturday, 16 December 2006
What is Appraised Value?
Well, it is not an exact science. It is an objective opinion of value, so appraisals may differ. There are also different kinds of appraisal for different purposes in Real Estate. I can't tell you how many times clients will say how come that home is so much less on the tax rolls then what it is listed for? That is an example of an appraisal by your friendly property tax assessors vs.market value. Market Value is what a buyer is willing to pay based on comparatives from the MLS.
I know this is kind of a dry topic, but it is important so I will just highlight important points, please read on...
For buying and selling purposes, appraisals are usually based on market value - what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter the appraised value.
Appraised value does not consider special considerations, like the need of the seller to sell rapidly because of job loss, death, illness, bad luck, poor judgment, need to liquidate etc. That is why there is always deals to be had in any market and the world.
Lenders usually use either appraised value or sale price, whichever is less, to determine the amount of the mortgage they will offer for a particular property. There can be some wiggle room here...
For people wanting to sell their properties, most the time it is a good idea to get an appraisal done before you list. If you have done a lot of updates etc. a professional can give you a detailed value of location, lot information and value of your updates, and a REALTOR who knows the neighborhood can certainly give you a value range to get you more money for your updates that you have spent a lot of time and money on.
For people wanting to buy properties, the value on the property tax rolls sometimes varies 10%-50% less than what the market value of the property is listed for. This changes dramatically by neighborhood. It is safe to say that if you can buy a home at or below the assessed value you are making your money going in and that is a great deal! (most investors try to buy at 20% below market or assessed, depending on how bad a person needs to sell.
So the appraisal is really an objective opinion of value and working with a trusted adviser and professional can get you the most money whether you are buying or selling a home. If you want to see what your property is assessed for here are a few links for appraisal districts in the Dallas Area.
Dallas Appraisal District
Collin County
Denton County
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Friday, 15 December 2006
 Sales Closed by Area for Nov. 2006-Single Family
| Area |
Sales |
% Change
Year Ago |
Dollar
Volume |
% Change
Year Ago |
Average
Price |
% Change
Year Ago |
Median
Price |
% Change
Year Ago |
| Far North Dallas |
99 |
5% |
$35,641,188 |
7% |
$360,012 |
1% |
$241,000 |
-12% |
| Dallas North |
43 |
-19% |
$40,794,616 |
-9% |
$948,712 |
12% |
$565,000 |
3% |
| East Dallas |
194 |
0% |
$42,823,366 |
1% |
$220,739 |
1% |
$177,510 |
-5% |
| Oak Lawn |
13 |
160% |
$3,031,262 |
96% |
$233,174 |
-24% |
$149,950 |
-49% |
| Plano |
273 |
-22% |
$76,351,002 |
-18% |
$279,674 |
5% |
$221,500 |
4% |
| Park Cities |
49 |
-17% |
$53,190,823 |
-1% |
$1,085,527 |
19% |
$882,000 |
18% |
| Frisco |
182 |
-22% |
$54,358,304 |
-14% |
$298,672 |
9% |
$288510 |
2% |
Recap: The Dallas metro as a whole for sales of single family homes for the month of Nov. was down -7% from last year, dollar volume was down -8% from last year and average price was the same as a year ago. Dallas is doing OK, foreclosures are still an issue as it is around the nation. Note: Year ago figures we are up 3% in properties sold.
Observations:
- It is much worse in other markets, on the east and west coasts that are down 40% or more.
- The market is adjusting here, you are finding more luxury homes that builders have built and need to sell.
- If you are looking in the $700K-$1M+ range, there is a current supply of 15.8 supply and many amenities and areas to chose from.
- Builders will make deals to close out inventory by the end of the year.
Sellers across the board are adjusting prices for the market, properties that have been sitting for a while more than 60 days need to take a price cut, that is a no brainier. You will make better deals in the slower months of Real Estate than when spring comes around because there is less competition and less buyers.
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Wednesday, 13 December 2006
Nov Sales Stats for 75024
| ACT - 161 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
List Price |
Price per Square Foot |
Days on Market |
| Min |
1729
|
3
|
2
|
0
|
$179,500
|
$64
|
4
|
| Avg |
3690
|
4
|
3
|
0
|
$513,598
|
$139
|
86
|
| Max |
14066
|
6
|
6
|
5
|
$7,500,000
|
$2,086
|
471
|
| EXP - 16 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
List Price |
Price per Square Foot |
Days on Market |
| Min |
1920
|
3
|
2
|
0
|
$189,000
|
$83
|
54
|
| Avg |
2948
|
3
|
2
|
0
|
$312,646
|
$106
|
109
|
| Max |
4229
|
5
|
4
|
2
|
$699,999
|
$165
|
183
|
| SLD - 21 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
List Price |
Sale Price |
Price per Square Foot |
Days on Market |
| Min |
1602
|
3
|
2
|
0
|
$180,000
|
$179,000
|
$54
|
2
|
| Avg |
2962
|
3
|
2
|
0
|
$331,009
|
$318,225
|
$107
|
39
|
| Max |
4988
|
5
|
4
|
1
|
$999,500
|
$983,000
|
$207
|
150
|
| PND - 15 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
List Price |
Price per Square Foot |
Days on Market |
| Min |
1560
|
3
|
2
|
0
|
$159,000
|
$78
|
5
|
| Avg |
3567
|
4
|
3
|
0
|
$394,993
|
$110
|
62
|
| Max |
5989
|
5
|
4
|
2
|
$905,000
|
$154
|
268
|
| OPT - 5 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
List Price |
Price per Square Foot |
Days on Market |
| Min |
1920
|
4
|
3
|
0
|
$210,000
|
$65
|
34
|
| Avg |
3219
|
4
|
3
|
1
|
$279,960
|
$86
|
71
|
| Max |
4248
|
4
|
4
|
4
|
$350,000
|
$109
|
168
|
check 75093 Nov Stats
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Monday, 11 December 2006
EXCELLENT QUESTIONS FOR YOUR CONDO BOARD ???
Before you buy in any one of the many Condo Projects in the Dallas area, (or anywhere else in the nation) you must consider these important questions to ask your condo board or REALTOR, especially if it is a new building that is not yet fully occupied.
 A Condo Board is just like a Home Owners Association in a subdivision. Their purpose is to set standards for living in that particular community. They will tell you what you can or can not do architecturally to your residence and usually a management company will run the show, for a fee of course. The fees can be very substantial in NEW Condo Buildings.
The Hook...by the developer... to get you to buy into the new condo is low condo fees upfront, then when the building becomes fully occupied the fees go way up, and it could be thousands of dollars. Of course, if many people live in the building the less it will impact you.
You need to consider what amenities your condo has to offer: Work-Out Facility, Spa, Concierge, Hotel Services, Maintenance, Valet, Pool, Common Maintenance, etc. etc.
So here are 10 Questions to Ask your Condo Board or Developer:
- What percentage of units is owner-occupied? What percentage it tenant-occupied? In general, The more owner-occupied units the better it is for resale.
- What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find dates for when you bought by a certain date that you can not rent out your unit. Ask for a copy of the bylaws to see if you can live with them and have a lawyer review.
- How much does the association keep in reserve? How is the money invested?
- Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. Compare the rate to others in the area, to see if it is reasonable.
- What does the assessment cover and what does it not? - common maintenance, recreational facilities, trash collection and if up north or west snow removal?
- What special assessments have been mandated in the past 5 years? How much was each owner responsible for? Some are necessary, but if there are a lot, that is a RED flag of the condition of building or boards fiscal policy.
- How much turnover occurs in the building?
- Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can quickly disappear.
- Is the developer reputable? Is it a Quality project? Find out what other projects are in the works or completed, talk to other homeowners about their perceptions. Request an engineers report for developments that have been reconverted from other uses to see how roof, windows, bricks etc. are in good condition or need repair. (There are a lot of condo conversions, this is a type of investment strategy.)
- Are multiple associations involved in the property? in very large developments there could be umbrella associations which you could be buying into and may require a separate assessment.
This may sound like a lot but it is in your best interest to find these things out before you buy. Your REALTOR can help provide you with all this information or have the network in place to get it.
Note: Dallas has many new projects with lots of glass and windows, be sure and ask how often they clean the windows, so you can see your view that you are paying dearly for...
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Saturday, 09 December 2006
 Dancing Fountains, Martini Park and Nylo Hotels coming to Plano soon...
News broke last week that the city council of Plano is weighing in favor to help fund a mini version of the Belliago dancing fountains for The Shops at Legacy. If you don't know, The Shops at Legacy is considered a very hot commodity on the heat map.
The fountains will cost a total of 3 Million, developer, Karahan has asked the city to help pay for a portion of the project. The City of Plano has 1 Million left over from another project that they are considering putting toward the fountains and it is going the right way. Of course, there are nay sayers, who object, but the Shops at Legacy has done so much for Plano and the beautiful fountains would only bring tourists and business to Plano. Go for it! See CBS11TV article and video here.
Also, an update on the opening of the much anticipated Martini Park, it will open Dec.22, right across from the Angelika Film Theater. Check out their cool website, Meet Me at the Park and make your New Years Eve plans now, I am sure it will be packed.
Check Nylo Hotel is set to open end of 2007 at the Shops at Legacy, an allergy friendly - loft style hotel.
The City of Plano is a business minded group that looks out for the community by giving tax incentives to businesses and hotels to keep the quality of life the best it can be. See you at the Park....and Yes Vegas is coming to little ole Plano, TX.
Wednesday, 06 December 2006
The Art of Investing in Real Estate is a financially rewarding experience, but how does one learn the ins and outs of a DEAL? Well, I will tell you it is not going to these investment seminars that can teach you overnight how to invest with NO money down. Seems that the past few years has brought everyone out of the woodwork to participate in the riches of real estate investing. OH! and you don't learn it from watching late night TV either...So,
- How do these investors do it?
- How do they get started?
- What do they concentrate on?
The core of Real Estate investing involves these 3 basic principals:
- Criteria: What you Buy
- Terms: How you Buy It
- Network: Who Helps You
When you deal with a complicated topic like investing in real estate it certainly helps to break things down, here we go...
Criteria describes what you buy, like a single family or multi family ? What is the construction? What are the amenities for resale or to rent? Most important is the location. These are all the items that can't be negotiated. Criteria is the foundation of your investment. What are the predictable opportunities of the property. This is how you select an investment property!
Terms defines how you turn it into a deal. Once you decide on your criteria and chose a property, the terms determine its value to you now and in the future. These are the negotiable elements of the purchase, price, down payment, loan terms, interest rates, conveyances, occupancy and closing costs. A skillful negotiation of terms can lead to a better equity position, more cash flow and maybe both. A millionaire real estate investor makes their money going into the deal not going out! Terms are about understanding the financial fundamentals of the deal.
Network are all the people that help you succeed in your deal (s). This would be REALTORS, Lenders, brokers, banks, lawyers, property management firms, just to name a few. This is your dream team and leverage to make the deals happen the way they need to. You can accomplish more with qualified help then by yourself. This a network of qualified people that will get the job done, no matter what! This is your support.
Criteria, Terms and Network- if you master these, they will give you the greatest chance of success in becoming a Millionaire Real Estate Investor. Whether this is your first investment or you are a seasoned investor, we have all the tools and experience in place to make your deal a sound investment that you can take all the way to the bank. Is Real Estate Investing Right for You?
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Saturday, 02 December 2006
Housing Information Overload?
I Hear You!
Take a look at the monthly housing breakdown for Feb. 2013 for insight into the current real estate market. Every month new information will be posted as a trusted souce for excellent advice. Any questions about local real estate in Plano? Just ask us for expert advice.
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J.W. & Terry Smith
Common name, Uncommon service
Licensed Broker - Owner, TX Realtors®
Smith & Smith Realty
info(at)planohomesandland.com
| Real Estate Forms and Consumer Info | |
Property Tax Rates 2013
Plano 2.17%
Dallas 2.66%
Frisco 2.18%
Sales Tax 8.25%
Property Website
Just Listed! 3225 Oak Hollow, Plano, 75093 -MLS 11927773 - Hills at Prestonwood, Plano Schools, Hard to find 5 bdrm,4.1 bath, 4589 sq ft, .45 acre lot, pool & spa-Updated, Lux Spa Master Bath & Outdoor Livng Area--$629K, See more info on this property. Call or text for private showing, 214.415.9829
Should Texas Home Sale Prices be Disclosed?
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Nov Statistics Results for Zip Code 75093
