Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: April 2008

For those of you who keep up with my blogs, you know I've been waiting and waiting for a Drama-free transaction... I'm almost there, but don't want to jinx it.  In the meantime, here's some more drama for you...

I have a deal that should have closed March 27. I represent the seller.  The seller has kindly allowed extensions, but "kindly" is going out the door.  They asked for another extension on Friday stating they were taking their loan elsewhere and needed another couple of weeks for financing to go through.

My seller and I came up with a counter stating tax prorations would hault as of the original close date, his title policy will be paid at the original contract price and the buyer would be responsible for the escrow he wanted to create, and a couple of other very reasonable things to help my seller recoup some of the costs since he already moved out.

Come to find out, one of the reasons it hasn't closed is because the mortgage person's son broke his ankle.  HUH? I'm sorry, but what part of your teenage son breaking his ankle has to do with a contract with a date on it?  Our Texas purchase agreement is a legally binding contract.  When dates aren't met, the party who doesn't perform is in DEFAULT. Do you think the mortgage person cared?  When I asked her why she didn't have someone else handling the file, her response was that the buyer was the son of a friend of hers for 30+ years and that he understands.

He understands??  Who cares if the buyer understands.  My SELLER doesn't understand, and we don't care about your personal life.  No offense, but this is business, and it's business for my seller to stop paying for two places to live and two sets of utilities because he already moved out because the mortgage lady "promised" an April 18 closing after two previous extentions.

Why promise when you can't get it done?  What happened to the saying to Under Promise and Over Deliver?

Against my advice, my seller extended the contract this morning with only a stipulation of the buyer contacting one of my lenders to get his credit pulled to make sure it's not his credit that is preventing this from closing. 

And the Drama continues...

On average, Texas has the lowest credit score in the country.  The score is a whopping 651 while the country has an average score of 692.  What does this mean for Texas buyers?  This means you're a higher risk and loan programs in Texas are different from other states. Look at this pretty chart. 

To put things into perspective, Texas ranks 41^st out of 50 states in home ownership.  This is because with lower scores, it's harder to obtain a mortgage.  Before the subprime fiasco that we're currently going through, a buyer with a 550 credit score could probably obtain 100% financing with higher than average interest rates, like 9%.

With the way the mortgage industry is going, the cut off of credit scores is now getting higher again.  Though FHA doesn't look at credit scores, conventional mortgage companies do, and many want a minimum of a 600 score, if not 620.  If the "average" in Texas is 651, that leaves you very little room for mistakes on your credit.

Average also means, half the people have higher scores and half the people have lower scores.  If half the people have lower scores, and scores can go down into the 300's, that's not a good number. Texas has over 20 million people, so if approximately half those people can't obtain a mortgage, it's easy to see why we're ranked 41^st in the country.

Another interesting fact that I found is that 23% of Texans lowered their credit score up to 50 points from January through June 2007.  With an average at 651, I can see that score only getting worse if people don't start paying their bills and looking at credit in a different and better way.

What I find very interesting is that it seems that the higher scores are based in colder states and the lower scores are in warmer states.  I guess when it's colder, it's less tempting to go out on a shopping spree and then not pay those bills.

I would welcome the opportunity to help you buy a house, but you have to do your part as well because your credit score is in your hands.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

What a great condo in the heart of the Popular Dallas M-Streets with many updates & a view of the beautiful Glencoe Park.

2 story condo with the main living on the second floor and the bedroom upstairs on the third for privacy.

Tile floor throughout the downstairs. Newer Interor Paint, Light Fixtures & Fans, 2" Blinds, Hot Water Heater, and Exterior Paint & Balcony by HOA. Features include Breakfast Bar, Window Seat with View of Park, Wood Burning FirePlace with Mantel & Hearth, Full Size Washer & Dryer Closet, Security, Underground Parking Garage with assigned parking, & so much more.

All this for ONLY $123,000!!

Ask about FREE Travel Certificate for Bahamas, Mexico, or Hawaii. 

CLICK HERE for the Visual Tour!!

Make your appointment today!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Great house in great condition. This interior corner has a lot of space for family, pets, & entertaining.

There are 3 bedrooms and 2 full baths with a 2 car garage in the Fabulous Plano school district. All this for ONLY $125,000!!

Vaulted Ceilings in the Family Room show off the Brick, Wood Burning FirePlace. The Bedrooms are split for privacy & all have generous closet space. Sprinklers, gutters, tile, fresh paint, and newer roof & water heater.

The Foundation was repaired and has a warranty. Priced for the buyer to make further cosmetic updates, unless you would love a vintage Kitchen of Mustard Yellow!

Ask about FREE Travel Certificate for Bahamas, Mexico, or Hawaii! 

CLICK HERE for the Visual Tour.

Make your appointment today!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

It's no wonder that Texas is getting so much relocation from across the country these days.  We're the place to work, which means we're the place to live.  Texas has finally beat out New York for the most Fortune 500 Companies across the state.  Texas has 58, New York fell to second with 55, and California has 52.

Some of those companies are Frito Lay, Blockbuster, JC Penney, Exxon Mobil, Brinker International, Michaels Arts & Crafts (my previous employer), AT&T, Dell, DR Horton, Centex, and many many others...

WalMart, in Arkansas is ranked #1 while ExxonMobile, in Irving, TX, is ranked #2.

Here is a full list of the top places.

If you're thinking about relocating, think of all the jobs being offered in Texas, and especially in the Dallas Metroplex. 

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Foreclosures are going down!  It's true!  It was on the news last night, and I had to pause the TiVo to make sure I wrote down the numbers correctly. 

The Dallas/Ft Worth Metroplex area had a 16% DROP in foreclosures compared to last year.  WOW!  They compared this to the National foreclosure rate that INCREASED 57%.  That is a huge difference.

To put the number into perspective, approximately 10,700 houses started the foreclosure procedures last month.

For those of you who follow my blogs, this just reiterates what I keep saying, that it doesn't make sense to compare your local market to the National market if the facts show different results.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Apparantly, the word is out on how addictive ActiveRain is.  My local association (MetroTex Association of Realtors) sent their weekly email yesterday, and within the email was a link to take a survey from GE's Supra to help them design a new lockbox. 

One of the questions was:

9. What software applications are of interest to you on a smartphone?

I did not mark that answer as I don't use my Treo for blogging and can't see myself using it for blogging in the future because the keys are too small and my mind goes faster than my fingers can press those tiny buttons, but I found it interesting that they're thinking of making this available because they think many people are that addicted to the site to need to blog to and from appointments.

I know ActiveRain is known to the almost 83,000 members that have joined, but with NAR having a membership of over a million, I thought it odd that it would be part of a survey like this with such a small percentage of Realtors knowing about it.  I'm sure there are many people who are taking the survey wondering what the heck ActiveRain is.

Congrats, ActiveRain, for making it as an example in a survey!

As a listing agent, when I have a listing priced at $182,000, why do I care that the buyer only wants to pay $165,000 for a house?  I had a listing that closed a couple of weeks ago, but negotiations were a little difficult.  We were listed at a very competitive $182k for a 2700 sqft home built in 2002.  I know buyers in many parts of the country are drooling over that price!

I get a call from a buyers' agent asking if my seller would take $165k.  I tell her she can write up an offer and I'll present it, but that it seems pretty low for this house and not sure how the seller would react to it.  Of course I knew how the seller would react because I prepare my sellers at our initial listing appointment.  I run through several scenarios with my sellers so they know what to expect, the good and the bad.

She continues to tell me that her buyers are already approved to $169k, but only feel comfortable staying around $165k, oh, and they'll need closing costs.  It's like she's trying really hard for me to discuss confidential information about my seller to see if he'll take less, but I never fall for it.  I again tell her to send me an offer.  So, I let my seller know about the conversation.  By the way, the house was only on the market about 6 weeks.

I end up getting an offer the next day for $169k with no closing costs.  Great, it's better than she said it would be.  We countered it back since it was still fairly low.  The buyers' agent is very upset that we countered and reiterated that her buyers' comfort level was only $165k and by submitting the offer at $169k with no closing costs, that they were serious about the house.

"I'm sorry, but what part of your buyers wanting to pay $165k has to do with my seller listed at $182k?  Why are you showing your buyers houses that they can't afford?" 

"Well, it's a buyers' market and my buyers thought your seller would be excited to receive an offer."
It's been 6 weeks, not 6 months... "Umm, what market do you typically work in that it's a "Buyers'" market?"

For people across the country who are in buyers' markets, we're not in Dallas.  Yes, we have a lot of inventory, but in most areas, houses are selling about 97-98% of asking price, and some individual communities are selling at a full 100%.

I looked up the agent in the MLS.  She has sold only a handful of houses in the past couple of years.  Great, another agent who "dabbles" in real estate as a hobby.  Just so you know, my seller sold for a very nice price at 98.11% of asking price, and the buyers' comfort level increased when another offer was on its way.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

As a listing agent, when I have a listing priced at $182,000, why do I care that the buyer only wants to pay $165,000 for a house?  I had a listing that closed a couple of weeks ago, but negotiations were a little difficult.  We were listed at a very competitive $182k for a 2700 sqft home built in 2002.  I know buyers in many parts of the country are drooling over that price!

I get a call from a buyers' agent asking if my seller would take $165k.  I tell her she can write up an offer and I'll present it, but that it seems pretty low for this house and not sure how the seller would react to it.  Of course I knew how the seller would react because I prepare my sellers at our initial listing appointment.  I run through several scenarios with my sellers so they know what to expect, the good and the bad.

She continues to tell me that her buyers are already approved to $169k, but only feel comfortable staying around $165k, oh, and they'll need closing costs.  It's like she's trying really hard for me to discuss confidential information about my seller to see if he'll take less, but I never fall for it.  I again tell her to send me an offer.  So, I let my seller know about the conversation.  By the way, the house was only on the market about 6 weeks.

I end up getting an offer the next day for $169k with no closing costs.  Great, it's better than she said it would be.  We countered it back since it was still fairly low.  The buyers' agent is very upset that we countered and reiterated that her buyers' comfort level was only $165k and by submitting the offer at $169k with no closing costs, that they were serious about the house.

"I'm sorry, but what part of your buyers wanting to pay $165k has to do with my seller listed at $182k?  Why are you showing your buyers houses that they can't afford?" 

"Well, it's a buyers' market and my buyers thought your seller would be excited to receive an offer."
It's been 6 weeks, not 6 months... "Umm, what market do you typically work in that it's a "Buyers'" market?"

For people across the country who are in buyers' markets, we're not in Dallas.  Yes, we have a lot of inventory, but in most areas, houses are selling about 97-98% of asking price, and some individual communities are selling at a full 100%.

I looked up the agent in the MLS.  She has sold only a handful of houses in the past couple of years.  Great, another agent who "dabbles" in real estate as a hobby.  Just so you know, my seller sold for a very nice price at 98.11% of asking price, and the buyers' comfort level increased when another offer was on its way.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Great Carrollton 3 Bedroom home with a POOL, Study, 2 full baths, Large Living Area, and 2 Dining Areas all for ONLY $219,500.

Ask about your FREE Travel Vouchers to the Bahamas, Mexico, Dominican, or Hawaii given at Closing!

Fabulous house with thou$and$ of dollar$ in updates & upgrades. New Water Heater, Appliances, Granite Sink, Fixtures & Fans, & Perimeter Fence for Pool. Extended Backyard Patio & Pool is great for entertaining. New Radiant Barrier in Floored Attic lowers bills tremendously. Oversized Master is split & has sitting area. Kitchen 'island' will remain with the house & provides extra pantry storage. Light & Bright! Move right in.

CLICK HERE for the Visual Tour.

Make your appointment today!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Please keep an eye out for your new Property Tax valuations in the mail.  They'll be going out the week of May 5.  It's very important to look at this document and make sure there are no problems.  I am currently working with some home owners who just found out that they've been assessed with a pool, and they don't have a pool.  They've been in the house for 30 years, and who knows when the pool was added to the documents, but even if it's $10k high because of this error, that's a lot over 30 years.

Dallas County will only mail out new assessments if your value changed.  If you don't get it, there is nothing wrong with calling the county's office and making sure you weren't supposed to get one.  Everyone in Collin county will get one even if the value hasn't changed.

You will have until June 2 to file a complaint with the Appraisal Review Board.  If you don't like your value after talking with the ARB, you can then file Arbitration with the state, and I am actually on the state comptroller's list for value arbitration.

For further information, Dallas county residents can go to http://www.dcad.org/.  Collin County residents can go to http://www.collincad.org/.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Don't you love it when you hear about Real Estate drama going on in your neighborhood?  Aren't you glad it's not you?!  I had lunch today with Leonard Thomas.  Leonard and I met a few years ago while he had the sellers and I had the buyers.  It was one of the smoothest transactions I can remember having as he met me at my buyers' hotel at 11pm at night to pick up the signed offer to take to his sellers. Though we've never worked another deal together since, we've kept in touch over the years as I've shown many of his listings.

Whenever Leonard and I get together, it's gossip this and gossip that but it's all about real estate and we learn a lot from each other.  I love trading stories with him and it's even more fun when we can guess who the story is about just from what happened.  Leonard and another agent are very competitive in my neighborhood.  I don't even farm my neighborhood because I would be shunned away as they have the market share, and that's fine.  I rather not "mess" where I sleep! LOL

Leonard was telling me about this overpriced listing one street from him.  He had competed for the listing, but the other agent basically "bought" the listing instead.  It was listed last year about $35k over what was suggested.  It got a contract immediately.  Didn't appraise. Back on the market at same price.  Under contract immediately.  Didn't appraise.  After two contracts in a short time, the seller decided to wait.

It goes back on the market this year for the exact same price as last year.  Under contract immediately.  Didn't appraise.  Under contract immediately didn't appraise... at the same time, Leonard gets a new listing in the neighborhood listed for the same price as the other, but with a pool and spa.  Those buyers submit an offer to Leonard's sellers, it's excepted, and the buyers terminate their other contract with no penalty because it was during their option period.

The other listing agent "figures" out what is going on as she saw both things happen simultaneously with her buyers backing out, and the other listing going under contract.  This other agent actually had the "nerve" to call the other buyers' agent and stress how much better her property was and how the buyers were making a huge mistake and yadda yadda.  She basically was borderline infringing on the successful close of the transaction which is against some of our Realtor Code of Ethics and Standards of Practice rules.

Leonard didn't think this was a good story to blog about as he's very new with the blogging world, so I told him I would do it for him.  He'll post his comments and add more to this.  Just to end the story, this listing did go back under contract immediately AGAIN, but has yet to close.  I can't wait to see what the final sales price is!!

Why is it if not just one, but three or four appraisers can't find value, that sellers still think they can sell for whatever they want when buyers can't get their financing for that amount, and we're not in an area that condones bringing the extra cash to closing in order to make up a difference.  No one is going to "over pay" for a house these days.  Open your eyes, Mr and Mrs Seller... and Listing Agent!!

WOW!  Can you say B-U-S-Y??  I feel so sorry for other parts of the country right now, but in the past 4 weeks, I have contracted 9 properties!!  Yes, 9!!  Seven of them were in March, and I contracted two today. It's only April 1, and I already have 2 contracts.  Granted, I don't count my chickens before they hatch, especially since one buyers' financing already fell through on one of the properties (going through Banco Popular in case anyone is familiar with them), but their agent is going to get one of her investors to buy the house and seller finance for these buyers.

What does this mean for the Dallas market area?  We're going STRONG!  The housing market news is regional, so will you please stop listening to the national news.  I feel like I preech this every week.  Dallas did not have a huge price appreciation.  Dallas did not have a bubble.  There is no bubble to survive.  Yes, Dallas is having a lot of foreclosures, but those people shouldn't have been able to qualify for loans anyway, with scores in the low 500's.

Bottom line, if you're relocating here, we've got a great amount of inventory for you to look at.  If you live here and are thinking of buying, stop thinking, and actually do it! Rates are awesome right now.  If you're thinking of selling, as long as you work with my marketing strategy, it's going to sell!!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Look around your house. Now, take another look and count how many times your eyes move to all the photos of your family sitting on the shelves and hanging on the walls. Did you notice your college degree? I've had buyers not buy houses because they were Longhorns and they saw the Aggie diplomas on the walls, and vice verse. Sounds silly, but it's very true!

I showed a house this weekend that had stuffed animals EVERYWHERE!  We couldn't get a good feel for the room sizes, and it was quickly crossed off he list.  I emailed the listing agent for feedback, and she thanked me over and over.  She said she has asked them to pack things up, but the kids started crying when she did, so she decided to leave everything out.  She's hoping enough feedback from other agents will convince her to pack.

You want buyers to be as comfortable in your home as possible. Not everyone shares the same religious beliefs so remove some of the non denominational things that might cause discomfort. Please, don't be offended by this suggestion. You're selling a "house" not a "home." I once tried to show a house that had a shrine-type atmosphere around the fireplace. My buyers and I were very uncomfortable and they didn't even want to finish walking the house, and we left.

Another thing that has made many buyers walk out of houses before were dead animal heads on the walls. Yes, you're a hunter, and that's great... to you. The buyers aren't too fond of seeing eyes watching them walk around and horns up on the walls. Let's take the trophies down and show more wall space.

Again, these are just suggestions. You want people to look at your house, condition and floorplan. You don't want them focusing on your family pictures and your hobbies.

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!