New Seller's Disclosure Form for Texas as of 9.01.07
A couple of weeks ago I posted some updated real estate forms that
could be of interest. Located on upper right hand side bar.
These are the new and improved, ever changing versions, of the Texas
Real Estate Commission, as of 9.01.07.
The new seller's disclosure now requires the seller of a property to
let the buyer know if smoke detectors are working properly.
So, if you have them unplugged or need to replace the beeping
batteries, now's the time.
Anyone can download this form in PDF, if you want to look at what
a seller's disclosure form looks like. Or...
If you are a For Sale By Owner (FSBO) you are required by law to
fill out this form for your buyer. Have at it!
Dallas Real Estate and it's surrounding suburbs are growing fast
and furious.
This week we've met with several developers, builders and investors
about exciting new developments and homes that will soon be available in
Plano and other suburbs.
In a conversation with a Preston Hollow builder, who perceived value
of the Midway Corridor (those homes west of the Dallas Tollway) as lesser
homes than - let's say "Willow Bend".
So, being a resident and real estate aficionado of the area, I got a
tad offended than stated my case for the Midway Corridor.
Nothing could be farther than the truth! Here's Why...
Homes were built the same time as Willow Bend & Windhaven
(90's) with the same fine custom builders.
The topography is the most beautiful and mature.
It is away from the traffic and quite.
There are many different subdivisions at all price points.
Arbor Hills Nature Preserve, Hills at Prestonwood Golf Course
Presbyterian Hospital of Plano.
Less than 1 mile from the Shops at Legacy
And here's the scoop, the best value are these neighborhoods
for appreciation. All are located east of Midway and the tollway,
Homes are priced well between $299K and $425K (give or take
a bit) and all are in West Plano Schools. Excellent for resale!
West of Midway you will find higher end neighborhoods,
but the schools vary from street to street in each one. Schools
are important for resale whether you have kids or not.
You can always find all the listings by Neighborhood on this site and
insight about the community. West of the tollway is still growing and
flourishing by leaps and bounds - new homes are starting at 500K.
Did you ever wonder how some people determine values
of a particular home?
Like what were they drinking when they decided to price
it way above the market value!
Here's an example of all the price reductions and 4 different
real estate agents that this poor home has had.
This particular home started on the market in May of 2006:
List Price: $699,999K
2nd Price: $549,000K
3rd Price: $530,000K
4th Price: $524,900K
5th Price: $500,000K
6th Price $524,500K as of 9.26.07
Now, you know this seller has got to be frustrated and
tired of showing his home....there doesn't seem to be any updates... so, how come so many prices?
Because the property was never priced correctly for the
neighborhood, condition or competition. The seller was holding
out for more money!
If you are currently in the market for buying a home, get your agent
to run a complete property history of the home you're considering, it's
invaluable for the negotiating process!
What do you think you could offer?
A home does not get better with age and buyer's always determine value.
Median list price $1,580,000
Asking Price per Sq Ft. $360
Average Days on Market 130
Total Inventory 153
Sold This Week 7
Median Age 25
The Market has been trending down lately. Prices have settled and are stable.
Lower prices are where the buyers are showing interest due to this close in
location with excellent schools. Inventory has been climbing in recent months.
University Park - 75225
Median list price $1,396,000
Asking Price per Sq Ft. $320
Average Days on Market 121
Total Inventory 188
Sold This Week 15
Median Age 19
The market has been trending down also. Prices are staying around their high
point and "ditto" due to the close in location, excellent schools and police department.
It's definitely a buyers market with the inventory increasing in both cities, but no
matter what the market conditions in the Dallas area, the real estate in the Park
Cities always is in high demand and will hold its value.
Even for the first half of this year home sales in the Park Cities are up 4% from
last year with a 9% increase in average price! A great place to live and safe
investment!
This past weekend was the EDS credit union balloon festival in Plano - The photo
above was sent by one of our clients from their backyard. What an awesome
view to look forward to every year.
And guess what? It's for Sale!
2604 Dublin Park is ready for new owners, move in ready and priced to sell. Take a look and see if this 1 acre estate is right for you or anyone else you
know that's looking for a pristine, new property that's barely been live in.
This is a new development hot off the press,
only 15 homes sites :
interior lot prices start at $170K
lake view lots start at $265K
Come build your own custom home on one of these
beautiful lake lots and only 20 minutes from downtown
Dallas. LuxuryLakeside Living!
Contact us for more info......
Zillow, property valuation and property marketing company (those are very
carefully chosen words) has just received another $30 million in investor
financing. WOW, just think what they could get if they had correct real estate
information!
Now I'm all for new technology and finding more efficient means for buying
and selling houses, but with real reliable data.
Maybe the financing will help them write their algorithms more correctly,
but they can't do that because they don't have access to the correct
data, which is the MLS.
To have access to the MLS, you must be a licensed broker or agent of a
specific MLS area, that is the most correct data available. Zillow is a
marketing company and doesn't actually buy or sell real estate for
a living.
I have zillow and trulia as search engines on this site, ( personally I find
trulia much better and useful for the consumer.)
As technology has improved, now you can find a sea of listings everywhere
with a lot of mash up info that's incorrect, and so redundant that it doesn't
provide leads or sell your house.
The closest thing to a national MLS is Realtor.com. They are trying hard but
are still way behind on the technology compared to zillow, trulia or the 1000's
of other property sites available today, I think one is created every 5 minutes!
The problem with Realtor.com is they have taken away things that use to be
free, like having more than one photo and over charging Realtors
more to be on it! Way to go NAR. (National Association of Realtors)
BTW, anyone can upload photos to any site for free.
As a side bar, even some MLS's have decided not to participate with them
anymore so they do not have all the listings either. Their traffic has also
decreased. They aren't the only game in town...
So what's the solution?
Welcome to the local real estate portal, that gives current, accurate property
information and feeds directly from the MLS plus some insight into the local
market.
Isn't that what we all want anyway? A go to source to look at specific
neighborhood listings and get accurate property valuations from a licensed
professional. It's free too!
That may seem kind of boring, but we really do buy and sell real estate for a
living and have the most reliable data and know the market conditions.
My humble request to NAR, is:
Why can't you hire the best GEEK available and take back what we do and
present real estate technology the way it needs to be done?
I know our dues would certainly cover it! Heck, maybe you could even get investor financing!
Realtors(R) might actually gain back some trust from the public, plus add
some really cool TV ads about being on top of technology and driving people
to do business with us. That's a novel idea! Instead of "I'm a Realtor (R)"
stchick.
Old School vs New School and the wheels keep turning!
Short Sale
Some terms like "short sale" are done every day by the real estate industry,
above is an estate short sale, from a long time ago.
Certain market conditions bring other ways to sell property for the struggling
homeowner.
This is in simple terms what a short sale of a real estate property does:
If a distressed homeowner cannot make their house payments due to
legitimate life situations like:
job loss
divorce
death
illness
adjustable rate mortgage drama
The homeowner can contact the lender and ask to qualify for a short sell.
Which is selling the property to another buyer that is for less than what is owed
on the loan. (short sale)
If the lender approves the sale, then there is no derogatory credit rating for the
seller.
However, if the lender chooses he can send a 1099 at the end of the year and
the seller might have to pay taxes on the difference, the short sale.
A short sale is for owners that are really in trouble, it's not for anyone that just
wants to move. The first step is to call your lender...
It's a better solution than foreclosure.
Market Conditions 75093
Week of 9-14-07 for West Plano Every week we watch the market closely by specific zip codes and cities.
These reports help us mark trends in the real estate areas that we cover on this
site with the help of Altos Research.
Here's a breakdown for this week in zip code 75093.
Median Price $530,000
Average List Price $721,190
Least Expensive Listing $138,900
Most Expensive Listing $4,995,900
Asking Price Per Sq Ft $142
Average Days on Market 94
Total Inventory 348
Sold This Week 21
Median House Size 3787
Median Age 13
Of the 21 homes that sold last week, 76% were under $440,000.
Inventory has been decreasing but the market Action is falling too.
(see below) Days on market is climbing also.
Usually this is not a positive outlook for the market.
What does this mean?
Buyers will find a reasonable selection of homes to chose from.
If the market action index continues to fall, it's 26 and usually
hovers right below 30, then the prices, which have been holding,
will probably come down some.
With the Fed taking a .5% rate cut yesterday, this will make
it easier to get financing and help relieve the financial markets.
What we are finding in this market is that prices have been
coming down for the past year. Every week we are getting
more calls and emails announcing short sales on properties
at all price points, even $1,000,000 real estate.
Some sellers are hanging on to their prices and will need
to take another price adjustment to really sell their home.
Bottom feeder buyers are out and while some properties
will not meet this criteria, some will.
It really is a great time to buy and buyers really do determine value.
To take a look at some other zip codes: North Dallas, Preston Hollow,
Park Cities etc. click here
Last week I wrote a post on this fab new development that is just getting started. What's great about this
real estate is 52 prime lots are West Plano schools, it's an exceptional development by Hawkins-Welwood. If you haven't had a chance drive by, the terrain is gorgeous. Also, I couldn't find the website because it's a .net not a .com, so here it is: Normandy Estates. (coming soon....)
This photo is the Shops at Legacy's new addition - more great townhomes,
shops, dining, apartments all in walking distance of each other. Located at
Dallas tollway and Legacy on the east side. Williams Sonoma Homes store
is just getting ready to open.
Taken directly across from the new Ritz Carlton that opened last month in
Uptown at McKinney and Pearl. Buildings are going to be office, apartments
and retail shopping which is badly needed in this area. Some views at 1999
McKinney will be blocked from this.
Side view of the Ritz, understated elegance, art deco influence, in the back
is the Crescent. Ritz Rooms go for $500. a night, a steal compared to the W at $700.
These are triplets who just turned 3 this month. They are
taking a stroll on G Daddy's ranch. It doesn't get more
Texas than that! Boots and all! Their aunt is a good friend
and client of mine...Could not resist sharing this sweet photo!
Friday's Feature - New Home Development in West Plano
Normandy Estates has started to lay the roads for this new luxury development
in West Plano. This was originally called Spring Creek Residential, Normandy
sounds more refined, don't you think?
This is by far the best location of any new home development on the westside,
beautiful terrain, not by power lines or railroad tracks! Horses and lake nearby.
It is located just North of Shoal Creek and is on Spring Creek Pkwy
and Tennyson - close to Legacy Corp. Campus and Shops at Legacy
and very close to the Tollway.
There will be Estates, Villas and Townhomes starting at $500,000.
Watch for home listings information here as the progress continues...
Have a great weekend!
Everyday we get a lot of inquiries about relocation to the Dallas area.
People come from this site, Plano blog, our listings, referrals and the many
sources from the Internet we use to market and advertise our services.
One source we use to market our listings is Craigslist. We submit a
professional flyer presentation every 45 days because that's the timeline
they have set.
About two weeks ago we had a very interesting prospect inquire about
one of our listings from Florida. They were downsizing.
Here's how the story played out.
I received an email about 2 hours after the flyer was posted.
The question was asked...
"Please send us more information and would our seller be interested
in leasing the property."
So we emailed MLS info, webpage, map and virtual tour etc.
We went back and forth a few times and then they made a low
ball offer without even seeing the property and compared the other
property on the same street and told us what he could buy it for.
BTW - the other property was a bad floorplan and needs updating.
Lots of Bad Wallpaper!
Our seller was not going to take the low ball offer, so our buyers from
Florida were making a trip to the area and we made an appointment
to show the property.
They came and stayed about an hour and we all still tried to negotiate
an offer, possibility of a cash deal. We still ended up being too far apart
by 20K - so it just wasn't going to work.
We have dealt with many folks that want to represent themselves
from the internet and that's fine. You can sell your own house too.
There are a few of things to be aware of before you do this:
1. You need to know who is representing who by this form.
2. Get pre-approved or have proof of funds before you make an offer, it has
much more credibiltiy that way.
3. Don't give up too much information about yourself, just the facts.
4. Know the correct comps of the neighborhood - as much as I love the new property
value sites they are far from accurate!
5. If you are dealing with an experienced Realtor, you might want to ask how many
transactions they have completed, so you know who you are dealing with.
6. Possibilty of using an attorney to help you with a contract.
7. This is another form you might find useful.
The one thing that a Realtor who works a particular neighborhood brings to the
table is the knowledge of viewing every home in an area and really does know
the true value in comparsion to others. Knowing the competition is worth its
weight in gold. The other thing is the motivation of the seller, to know how
you should approach an offer.
As I'm writing this it's raining cats and dogs, kinda the feeling of August
Stats...
Overall the market is in a holding pattern because of the mortgage mess and media madness!
Real estate is retail so if the consumer doesn't feel good, things slow
down. I preface this by saying it has been a little over a month and we all start
to get antsy. When the Feds lower interest rates on Sept. 18th (being optimistic
here) - that should start a pre holiday round of activity.
Overview of the market in August shakes out like this:
Single family home sales were down 10% from a year ago, dollar volume
down 3% and the average price of $212,655 was up 7% from a year ago.
Prices are holding well, the Dallas market is considered value from the rest of
the country. Properties still need to be priced well to sell, in this market -
It is critical!
Year to date sales are also down 6% now, dollar volume down 1% and average
price of $204,813 is up 5%.
Across the board there is a 6.4 month supply of homes on the market - this is
growing and one of the most important increases year to date. In the areas
covered below with the exception of North Dallas, (-4%) inventories have
increased in double digits from 20 to 31%.
Properties priced over $500,000 are plentiful with a 10.7 to 15.4 month supply.
Townhomes over $500,000 have a 20.4 to 56.5 month supply!
Here are August Results by Area...
Month-to Date Sales Closed by Area for: August 2007 - Single Family
Part I
Far North Dallas- north of LBJ
Sales down 2% from year ago, Dollar volume down 3% from year ago,
Average price flat from year ago.
North Dallas-south of LBJ (Preston hollow)
Sales up 34% from year ago, Dollar volume up 63% from year ago,
Average price up 22% from year ago.
Park Cities Area
Sales up 11% from year ago, Dollar volume down 14% from year ago,
Average price up 3% from year ago.
Plano Area
Sales down 13% from year ago, Dollar volume down 13% from year ago,
Average price flat from year ago.
Lakewood-M Street Area
Sales up 9% from year ago, Dollar volume up 7% from year ago,
Average price down1% year ago.
Uptown-Oak lawn- Condos & Town homes
Sales down 14% from year ago, Dollar volume down 4% year ago,
Average price up 12% year ago.
Year-to Date Sales Closed by Area for: Aug 2007 - Single Family
Part II
Far North Dallas- north of LBJ
Price per sq ft up 2% from year ago, Sold to list price up 1% from year ago,
Days on market down 8% from year ago.
North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 12% from year ago, Sold to list price flat from year ago,
Days on market up 6% from year ago.
Park Cities Area
Price per sq ft up 8% from year ago, Sold to list price flat from year ago,
Days on market up 5% from year ago.
Plano Area
Price per sq ft up 3% from year ago, Sold to list price flat from year ago,
Days on market up 4% from year ago.
Lakewood-M Street Area
Price per sq ft up 4% from year ago, Sold to list price flat from year ago,
Days on market down 2% from year ago.
Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 7% from year ago, Sold to list flat from year ago,
Days on market up 22% from year ago.
Year-to Date Sales Closed by Area for: Aug 2007 - Single Family
Part III
Far North Dallas- north of LBJ
Pending sales up 2% from year ago, New listings down 1% from year ago,
Active listings down 5% from year ago, Months Inventory down 4% year ago.
North Dallas-south of LBJ (Preston hollow)
Pending sales down 9% from year ago, New listings up 4% from year ago,
Active listings up 14% from year ago, Months Inventory up 20% year ago.
Park Cities Area
Pending sales down 3% from year ago, New listings up 5% from year ago,
Active listings up 20% from year ago, Months Inventory up 24% year ago.
Plano Area
Pending sales down 10% from year ago, New listings up 4% from year ago,
Active listings up 15% from year ago, Months Inventory up 31% year ago.
Lakewood-M Street Area
Pending sales down 4% from year ago, New listings up 2% from year ago,
Active listings up 6% from year ago, Months Inventory up 8% year ago.
Uptown-Oak lawn- Condos & Town homes
Pending sales down 11% from year ago, New listings down 12% from year ago,
Active listings down 16% from year ago, Months Inventory up 6% year ago.
A word about average dollar per sq ft as of August 07
Far North Dallas - $120.
North Dallas - $240.
Park Cities - $346.
Plano - $98.
Lakewood - $130.
Oak lawn Condo-Town homes - $198.
Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.
When you buy a home on a golf course and it's near the fifth-hole T box and you have been bombard by golf balls for 9 years, do you have the right to
erect a 50 x 100 foot barrier which is just like the nets you see at driving
ranges off the highway?
This has happened in my neighborhood and it has gotten way out of control
with all kinds of law suits. The net is on the side of the home not on the
back as reported by the Dallas Business Journal last week.
The net was put up about 18 months ago when one too many golf balls had
pelted the owners stucco home and to prevent any injury to his family.
The home is in the interior of the development in a separate subdivision call
Prestonwood Club Estates, which consists of 12 homes.
Surrounding homes in another subdivision, Hills of Indian Creek, are mad and
feel the net is driving property values down. They have joined the suit with
the city.
Prestonwood Country Club is the golf course and I think they kind of figure
they were their first, if the net was on the golf course, believe me, this would
have been resolved a long time ago.
Now the city of Plano inspectors have sited the owners for exceeding the 8ft
fence height requirement.
Two districts court suits have been filed and a federal suit in Eastern Texas
District Court by the owner. There is a legal truce now to see if the owner
can deal with Prestonwood Country Club Golf Course.
The owners, in their suits say that golf-equipment technology has improved
so much since they built their house on the fifth hole dog leg about 9 years
ago, their lives are threatened by 100 mph screaming tee shots.
I probably think there is some truth to that!
The home is valued over 600K on the Denton tax rolls and it's a shame that
something can't be resolved without all the legal hassles! It's a nice neighborhood!
Seems like the neighbors and Prestonwood Country Club would be sympathetic
and try to work out issues.
Good news is they are all going to sit down on Sept.10th to try and hammer
it out.
I do understand having lived on a golf course and being located on the wrong
angle of the tee box.
We use to say we had to wear hard hats to swim in the pool for safety,
just the windows would get broken.
There is always a reason why the last lot on a golf course doesn't sell first,
or you pick it first without knowing the consequences.
PLUMES of Pampas Grass This summer has been the mildest on record in North Texas - Days
are Indian Summer now and the light is bright and colorful. All kinds of
beautiful grasses do very well here, blowing in the wind and are very relaxing.
The Pampas grass is blooming all over the city and signifies the change in
season. Dallas has never looked better! This is in the Hills at Prestonwood.
Have you been looking at homes for a while and just can't find
the right one?
Have you scoured the neighborhood and looked up and down the streets?
I have some clients that look for very specific properties, like a creek or view lot
in a certain price range. They are hard to come by so what do you do?
If you're like me you do an auto search and get daily emails of what's new
on the market.
Or you can try this....
Every market presents new opportunities, you will need access to the Realtors
MLS data wherever you live.
On all the public IDX searches you only get active status properties. Did you
know there are 11 different status changes on properties?
One status is active kick out. What is that? Here's the answer.
It's a property that has a contract on it with a contingency. Most
likely a buyer that needs to sell their home first.
Active kick out means the seller will consider another offer and the
original buyer will have 24-48 hours (generally) to respond. If they cannot buy
the home then their original offer will be kicked out and yours will be
accepted. If everyone agrees to agree.
I bring this up because some sellers in this market have taken contingencies,
in some great neighborhoods. Thinking some offer is better than none.
It's bad for the seller because it does take their property off the market.
But a great opportunity to look at real estate that is still available under a different
status. More than likely the other buyer will not have sold their home and you
just might find your home in this creative way.
You will need to ask your Realtor to do this, most don't even think to look.
There are a wide variety of styles available in West Plano.
You will find all kinds of architecture. Lots of variations of English
and French too - formal or relaxed. Besides these you will find
cool contemporaries that are very modern. Not your cookie cutter
exurb at all.
I Can Sell Your Home in 60 Days! or 90 Days! or 120 Days!
OR I (Agent or Realtor) Will Buy It!
Which is it? All or None of the Above?
I'm sure you have seen this type of Realtor(R) advertising.
Billboards are placed prominently in high traffic freeways and
intersections for you to quickly call and take advantage of this
once in a lifetime opportunity. Or is it?
The answer is none of the above.
So exactly how does this program work?
Really pretty simple, the ad is to make you call and set up a
listing appointment and find out.
The Agent or Realtor will come with the standard listing presentation.
They should then explains how it works:
"I will list your home and if its does not sell in an agreed upon time -
I or an investor or mortgage person will buy your home at 30% less
of appraised value."
What? Aren't you going to buy it at the price I want?
NO, they are not going to buy your home for the price you want, they
will purchase it at wholesale - meaning a bad deal for you, unless you
just want out...
Also, as the market has changed and the days to sell your home have
increased, I would say 90 to 120 days is what you see on the
billboards now. There are many variations of this tactic, watch for hidden
fees somewhere on the listing contract. Could be a transaction fee.
This is just another advertising Real Estate tactic that you don't need
to explore unless you want to give your house away, and BTW, all
commissions agreed upon apply, but always negotiable.
Selling your home at retail is the best way for you to get the most
dollar for your home in any market. Ching! Ching!
The Texas City Management Association (TCMA) gave Plano the 2007
City Council Award just a few days ago on Aug. 27.
Besides being commended for ethics, welfare of citizens, prudent
financial management, leadership abilities and functioning as a whole
policy body, it was really picked because of their Rules of Conduct:
At the seat of each member is a reminder...
Focus your comments on the issue
Avoid personal attacks, accusations or characterization
Listen before judging comments or the other person
Respect the other person, the community and the council body
Make decisions at the meeting
On important issues it is OK to state an opinion and state your objection
Once a decision is made, the discussion ends
Sounds civil, doesn't it? Congratulations to the City Council of Plano!
Maybe they could share these key things with a City Council just south of us that
would benefit from this wise set of rules - it might help make Dallas a better
city council, a least more civil. Just a thought.
YourNeighbor@PlanoHomesAndLand.com Smith & Smith Realty
Jerold and Terry Smith
Common name, Uncommon service
Licensed Texas Real Estate Broker - Owner
Phone: 214.415.9829
PRIVACY POLICY
Jerold and Terry Smith is the sole owner of the information collected on this site. Jerold and Terry Smith nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for Jerold and Terry Smith.
CONTACT POLICY
By submitting information such as name, address, phone number, email address and/or additional data, the real estate client or prospect consents that Jerold and Terry Smith or their authorized representative may contact client/prospect by phone, U.S. postal system or email whether or not client/prospect is in a local or federal or "do not call" program of any type.
Jerold & Terry Smith, Common name, Uncommon service
Some terms like "short sale" are done every day by the real estate industry,
