Plano Texas Real Estate Blog - Local Plano Real Estate.

This just started, New York New Years - eve in Plano?
Yes, it's getting that sophisticated...or Big D NYE at
Victory Park - take your pick.  It's getting better all the
time.
Happy New Year!

How Real Estate Searches Sell Homes

Not too many talk about this because I don't think many
Real Estate Professionals really take too much time to
learn how online marketing works for selling or buying a home.

The Internet has changed so dramatically in the last two
years that it's left your typical real estate web site in the dust.
Static pages and templates sites don't sell homes.  Many
broker sites are not much better.

The new web 2.0 (going on web 3.0) now, is interactive and the
dynamic social media that can sell or find your home is amazing.

Real Estate web sites must change content frequently to
attract traffic and visitors. Since most real estate sites are boring
or the same; new technology has taken a turn and real estate
agents or Realtors doing this are benefiting by it, such as blogging
about real estate, giving listings their own special page, posts,
videos and new technologies that syndicate everywhere on the web.

Here's an example of how it works and it starts with searches.

When you sit down at the computer to look for real estate, what is
the first thing you put in? Probably location, Right? So on this site
Plano Real Estate, would make sense. However, because the
Internet has made everyone smarter, searches have gotten much
more sophisticated. 

Take a look below, this is really how people search and because
this site is interactive Plano Homes and Land comes up on the first
page of google, usually in the top 5 unpaid links.



This is just a small example of how you find real estate or
information about a community on the web.  When a site has
written, current content about any of the topics above, chances
are they will find your home.

For example, last year a post was written about celebrities
in Plano, Troy Aikman and Dieon Sanders were mentioned and
that's how buyers will find Willow Bend real estate.  Every topic
above has been covered on this site, so many visitors that search
for anything real estate in Dallas or Plano will find it here plus
listings by neighborhood, which is hard to find.

Keywords and searches have gone way beyond Dallas Real
Estate and Plano Real Estate.  Marketing online is not just
having a web site but actually creating content about real estate
and listings so your home can be found.

The MLS is the first step to selling your home and online real
estate marketing is next.  This type of exposure reaches the
world and is becoming standard in real estate services and
you as a seller should be demanding it, especially in today's
market.  Online marketing is the future of real estate.

Dallas Home Prices since 2002

It's a good idea to take a look at historical figures for real estate when the market is
changing, especially when real estate is the hot topic of the media.  When average prices
are quoted it gives you an idea of value in a specific location. Nothing more - it's an average.
Going back to January of 2002 you can see the average price was $190,000 vs. $250,000
today, that's about a 4% appreciation a year, nothing earth shattering but steady. It has
climbed back up since the dip in 4th quarter 2006.  Will it cave to 2002 level?  My guess
is no, it will start back up again in February because the value and cost of living in Dallas
far outweighs other cities in the country.

Short Fraud Video from Freddie Mac

As the year comes to a close this video could help if you
think you might be part of a scam or need some help.
This link goes to Freddie Mac's web site on how to avoid fraud.
Pass it along if you know someone, it could help.

It's doesn't snow in Plano, but we can wish - Here's Bing Crosby
and Frank Sinatra singing "White Christmas"



Wishing you a very Merry Christmas and Happy New Year!  Thanking
all of you who we have met through this site and had the pleasure to
work with.

Generously Yours

Terry & Jerold

Going to Northpark is really a treat - besides the best shopping in Dallas,
you get beautiful modern floral displays and some of the best contemporary
art viewing while you finish your shopping - a total package to enjoy.

A Simple Presentation on Selling Homes

The future of real estate marketing is a blog on Web 2.0
technology and how it's effecting the real world of real
estate.  We follow it for the latest news in RE technology.
So, I thought I'd pass along this viral video that was posted
last night.  After a rather hectic week this simple video is
strictly black and white, from the Real Estate Zebra.
A fellow Realtor in VA,  who tells it like it is...

Need an unusual gift idea?

With the holidays almost here and assuming you have not bought all
your presents yet.  Here's a unique gift idea for that go-girl, kind of girl.

The Lash Lounge just opened in the Shops at Legacy. 

It's a semi permanent eye lash boutique, with the additional
services of permanent makeup plus unique clothing and accessories
to boot.  Texas's first eyelash boutique and proud of it!

Check out their site and services, they do group parties too and it's
right next to Vin Classic Wines.  One of those gifts for the girl that
has everything!  Address and phone number below.

Tree is lit - but why no ceremony!

It doesn't get much more childish than this.  You can read
the Dallas Morning News article Plano tree lighting demise
linked to developer's incentive

Every year for the last 5 years the Shops at Legacy has had
an annual tree lighting ceremony. Last year 20,000 people
participated in the event.  Families, kids, vendors and all the
shops participated, had a great time and generated revenue
for the city of Plano. Take a look at last years post and photos.

Basically, a developer and city council member don't like
each other and the annual event was canceled by the developer.

Bah! Hum Bug! Scrooge, please not this year...

So, business was hurt, families disappointed and charities
deprived because of sour grapes. Get over it!  Do the right thing!
Grow Up!  Everyone is counting on a huge event next year!

Seasoned Money

photo by huberific on flickr

Tis the season, but did you know when buying a home
that your down payment must be seasoned too.

OK, Whats' that?

Salt and Peppered.... no, it's a lenders term for knowing
you personally have money sitting in an account patiently
waiting to be used in your home transaction. You know that
10% to 20% down.

The money must be in an account in your name for around
60 days, it used to be 30, but with lenders tightening the reigns,
its 60 days now.

So, if you plan on borrowing money for your down payment -
like from family or friends - remember to get it early and let it sit
in a account.

Don't be surprised if you can't buy your home because your
money isn't seasoned.  Doing 100% financing is an option but
you'll probably have PMI (principal mortgage insurance) -
and you know any insurance is expensive...
which means you'll probably have to refinance again after your
money has been slow cooked to perfection.

Year to Date Real Estate Stats for Plano

It's been a busy week so I'm a little late on posting stats.

It's no surprise that sales have been down across Dallas
for 4 months.  November sales were down 16%.

So I thought we'd look at year to date just for Plano
so you can get a handle on the overall picture.

Year to Date for Plano - Area 20 from MLS
(Criteria is compared to last year)

Sales:                     down 10% - 3806 units
Average Price:       up 5% - $277,327
Price Per Sq. Ft.:    up 2% - $99.
Sold to List Price:   flat at 97%
Days on Market:      up 8% -  54 days
Pending Days:        down 10% - 4075
New Listings:          flat at 6728
Active Listings:       up 13% - 1688
Months Inventory:   up 26% - 5 months

These are good numbers to know for an overall view.
However each neighborhood has its own comps so
you do need to dig a little deeper.

What does all this mean?

From looking at the inventory at a 26% increase and
new listings up 13% and pending sales down 10%,
I would say prices need to come down more, not
drastically but some.

is for FORECLOSURE or is it.

How many foreclosures have you bought?

If the answer is none, one or two read on...

Everyone thinks they are going to get a great buy on a foreclosure
and you can - maybe 20-25% discount -but it depends on who owns it.

Banks or mortgage companies are the sellers in most foreclosure
transactions and some set there own rules to play by.

You must be willing to walk away and go play with someone who
really wants to sell their home.

Here's a lender tactic that we're currently working on
This is not for the faint of heart. Here's the story...

Home has been on the market for over 200 days, we write a
contract, we negotiated the contract with the listing agent,
took 5 days, that's reasonable.

We docusigned the contract and sent electronically to the
listing agent immediately to get signed.  It has to be in
writing.

Well, 10 days later we are still waiting for the contract to be
signed because 3 people have to sign it.

Usually when you agree on a contract you sign it asap to get the
ball rolling.  Our closing is Dec. 21, 2007, This was on Dec. 6th.
Financing usually takes 30 days to close, but you can get it done
quicker if you know and work with professionals.

Why did they take so long to sign it?

Because the lender really wants to leave the property on the market so
they can receive other offers.

Why? So they can get a better offer!  It doesn't matter if legally they are
under contract with you.  Sound Right? Nah...it's deceptive.
But that's how they play...

The listing agent actually called us while we were waiting for the original
contract to be signed to say she had another offer.

What did we do?

You tell the agent to go work the other contract and
say good bye or hang up - you call their bluff - the listing agent
immediately called back and said she actually didn't have a contract
but might be getting one.  It's a roller coaster ride...

Usually after the contract is signed you have 48 hours to get the
earnest money to the title company for the contract to be valid.

But this particular lender doesn't care about the contract.
They are following their own set of rules - no time is of the essence
or due diligence.

They don't even care if the earnest money is deposited, which is
the money that a buyer could potentially lose if they don't close.
A copy of the check is OK by them.

Which is OK - because you will not lose anything to try and buy it
except for your time and agents, but really you don't have a contract.
But why give $5000. to someone you already know doesn't play fair.
Just play it out and see if it closes.....

As of now, we are still waiting for a repair amendment to be signed
and it's suppose to close a week from Friday. What will happen?
Remains to be seen.  This particular property has had 4 previous
contracts that didn't close - That's a Sign...

So how do you handle this craziness? Follow these points:

• Have other houses to bid on
• Do not fall in love with the house until you own it
• Have patience
• Make sure you're getting a great buy for the neighborhood
• If it doesn't work out, just move on.
• Accept that the negotiations will be difficult but don't lose sleep over it.

Not all foreclosures are like this, it depends on who you're dealing with.
Good thing banks aren't in the full time business of buying or selling real estate,
because they just don't get it! They can just stick with lending the money, if
they can make a deal.  This is a typical situation of why a property will not
close and come back on the market.  Still want to buy a foreclosure?

Nice to see such pretty color

photo by: Tom Warren Davis (a good relative)

Traffic Flow

Through my networking base I've been fortunate to connect
with some very interesting folks in the U.S. and internationally.
I belong to a group out of the U.K. under the banner
SHAPING TOMORROW  who publishes a newsletter that I
receive weekly.

One of the recent articles in their 5 December Insight Newsletter
was entitled Going Local and addresses the various information
tools now available to us regarding traffic conditions, locations of
restaurants, gas stations, driving directions, driving times, etc. This
article also spoke of TeleAtlas which is helping people find the
quickest route to somewhere by analyzing traffic flows based on
2 years of traffic data showing the most/least congested roads for
every hour of the week.  For those out there who have the need to
know about such things as TeleAtlas is starting to bring to the
marketplace and make our life's a little saner (if that's possible)
check these folks out and enjoy.

Saturday Night - The Shops at Legacy

As you know, they didn't have the annual tree lighting ceremony this year at
"The Shops" ( it would've been the 6th) but the tree is lit and beautiful, if you're
in the neighborhood check it out. It's amazing!  Go North on Dallas Tollway, exit
Legacy and go right, then right on Bishop.

Christmas Decorating

Balmy and Bright in Plano

What's the weather like in North Texas this December?

Last night was a balmy 70 degrees and pleasant, light breeze, today is
suppose to be 80 degrees then tomorrow it's going to drop to 40. ( if the
weather man is right )  That's North Texas weather.  We do have some
palm trees in Plano but not as many as Houston because it can freeze,
but not often.  This photo could be a Corona beer ad sans beach, but still balmy.

Property Tax Rates for 2007

Many of you search for property tax rates in the metro area so
I've posted them on the right side bar of this site and below.
Of course these change yearly.  Rates are for 2007.

Plano   2.06%
Dallas   2.50%
Frisco   2.36%

Since Texas does not have a state or city income tax property,
taxes are higher than other cities in the nation.

Another interesting note is any homeowner after living in a
property for 1 year can claim a homestead exemption which varies
by city to get a further reduction in taxes. That's a good thing!

Also note that many cities cross county and school lines
and sometimes you will be billed by two counties.  For example,
if you live in the city of Frisco you could be in Denton county schools
and be billed by each. It can get complicated but you can find
out all tax info before you purchase your home.

In Dallas the tax rate is the same for Dallas or Highland Park
Schools.  That surprises many because Highland Park School District
is exemplary and the Dallas District is not.  This is one more reason
why Highland Park or University Park real estate is a wise investment.

Dallas Real Estate Update

The Real Real Estate market has really picked up in Dallas the last month or so.  Buyers are out looking for a sweet deal - and there are many opportunities.  Everyday mass emails come in of price reductions on properties and I'm not talking just a measly 5K or 10K. Major reductions on everything - 25K to 100K plus - relocation properties, foreclosures, builders and resales.

Just like all the retail stores are discounting so is the housing market for the year end specials.
A new house would make a nice Christmas gift!  Yeah..I'll take two.

Two things a buyer should watch for in this market that has changed a little:

• The Asking Price - just because a property has a certain price doesn't mean that it is priced right for the location or condition or situation of the seller, it pays to investigate to see if a deal can be made.
  
• Comps from 6 months ago are not correct - the market has adjusted and you should really look at currents comps in last 60 days, these numbers will be more correct in making an offer.

Take a look at the chart below - these are market indicators from Collin County Association of Realtors. (our dues are finally paying for something beneficial)  This is an overview of the Dallas Metro Area.



There is really some good information for Oct. 2007. If you look at the Three Month
Forecast you can see that new listings, listings under contract and closed sales are all down.
However, median and average sales price are flat and holding.  Year to date prices are still up
6.0% plus.

What does this all mean for a buyer?  Real estate is still very affordable in Dallas, it is
nothing like certain markets in CA, NV or FL.  Prices have been adjusting all over the metro
area for the past two years, the market fell off in August and is quickly starting to pick up.

Bottom line: There has not been a better time in Dallas to make a real estate purchase than now!

Having a hard time reading the chart? Click here for the complete market indicator report in a convenient PDF file.  Watch for posts on specific areas covered on the site, if you like this kind of stuff.

Santa's on Abbott

These pics were taken a couple of days ago on Abbott Street in Highland Park
right before you get to Knox.(Henderson Area)  Every holiday is celebrated
by this home - glorious gardens all year round and Santa's already arrived with
his sleigh of Texas appropriate cows.  Everyone will love this!

Spectacular New Construction

4136 & 4138 Prescott Ave. - Dallas,  TX  75219
3 Bedrooms | 3.2 Baths | Formals| Game - Media Room & Study| 2 Car
Wine Galley and much more...$775,000



If you are looking for new construction in Dallas very close to Uptown and
Highland Park, then this could be for you.  Designed by Boerder-Snyder
Architects and built by Epic Homes - these homes are one of a kind
Mediterranean masterpieces.  Superior finishes and amenities that you'll
love and the kitchen you won't believe. Take a look at the MLS & Virtual
Tour below.  Located in Oak Lawn - Neighborhood of University Place.

4136 Prescott Ave.
4138 Prescott Ave.

AWESOME VIRTUAL TOUR

Bad Inspection? What do you do?

Part of the process of buying a home is having a thorough
inspection done by a licensed professional.  If you don't,
be prepared for extra expenses.

You should even have one done prior to buying a new home,
just because everything is new, doesn't mean you won't have
problems.                                                               

So what happens is you get your inspection report back
and it's so overwhelming that you don't know what to do?

First of all there is always something and many things that
look horrible on the report but are simply some handyman
issues - like a lot of tightening and caulking. The five biggest
things that might prevent you buying a home are:

• Foundation
• Roof
• HVAC - AC & Heating
• Termites
• Windows
  

These are the most expensive issues - you definitely want
to go back to the seller for credits or repairs to be made. 

What a Realtor or agent should do is coordinate estimates
on repairs and submit to the sellers with an amendment to
the contract so you know what your costs are up front.
This is a very important step - don't guess estimates.

That way you can decide whether you want to buy the
house during your option period, which is the time line you
have agreed upon with the seller, the fee is usually a $100.
or so and well worth the risk if the home turns out to have
more repairs than you bargained for and especially if the
seller will not do them. Next home please....

Make sure you opt in for the option fee on your contract.
That's your out clause, even if you wake up the next day
and say "I don't want to buy it" because of a bad inspection
or feel buyer's remorse (which is normal) - you can walk away
from the contract.