Plano Real Estate

While markets continue to struggle in many areas of the country due to the continual downward pressure on home values from foreclosures and short sales Plano real estate values remain strong.  According to Trulia the year-over-year median listing price has increased a whopping 28.5% with an average listing price of $353,941.  Sales prices have appreciated 17.5% over the last five years in Plano.  Popular neighborhoods in Plano include: Carriage Hill, Willow Bend, Kimberlea, Hunters Ridge, Spring Creek Pkwy Estates, and Parkway Estates.

The strength of the Plano real estate market can be attributed to many factors including: job and small business growth, exemplary schools, community amenities and a well run city government.  Now is a great time to buy a home in Plano as prices in the foreseeable future should remain strong and continue to appreciate.  With interest rates at historical lows there may never be a better opportunity to own Plano real estate.

The government has been promising that they will loosen the credit markets to make it easier for people to obtain financing to purchase a home.  All we have seen however is a continual tightening of the credit markets.  A few years ago a would-be home purchaser had to have a minimum credit score of 580 to qualify for an FHA insured mortgage.  Today that same home purchaser needs a 640 credit score, has to put more money down and pay a higher mortgage insurance premium to boot.  If you don’t meet all of these lending standards you probably won’t be buying a home anytime soon, or will you?  Does this mean that if you want to buy a home and you don’t meet all of these financing criteria that you can’t buy a home?

Fortunately, there are Dallas home sellers who either want or need to see their homes via owner financing.  A homeowner who has little or no equity in their home and does not have or want to bring money to closing to sell their home can still sell their home buy acting as the mortgage company.  What do I mean?  A buyer will pay a down payment to, and make monthly payments to, the seller.  The benefit to the seller is that they can get their home sold and move on.  The benefit to the buyers is that they can buy a home without going through the stringent qualifications of a mortgage companies lending standards.  Can owner financing be use with home sales?  It can be used for most home sales but not all, Dallas foreclosures, for example will not qualify for owner financing.

As with any Dallas real estate transaction there is risk with an owner financed transaction.  From a seller’s perspective, they will have to foreclose if the buyers stops making mortgage payments to them.  From a buyer’s perspective, they may lose their home even if they make on time payments to the sellers because the sellers may not make their underlying mortgage payments.

There are different types of owner financing and different methods for each type of owner financing that will protect both the buyers and the sellers.  If you are interested in an owner financed transaction with from a buyers perspective or a sellers perspective find am experienced Dallas Realtor to guide you through the process.

Dallas Mavs

We all know that the Dallas Mavericks are in the finals!  The Mavs and the Heat will go at it tonight in American Airlines Center in Dallas.  Will the fact that the Mavericks are playing in the finals have an effect on the Dallas Real Estate market?  What if the Mavs become this years champions?  Of course not but it will shed a positive light on our beautiful city and the types of people and fans that live here.  The Dallas area is known for its presence of business who have their corporate headquarters here and for being one of the best areas in the country for strong job growth.  This area is also known for great school, abundant shopping, restaurants and entertainment.  Well run City and State Governments,  friendly people and nice weather are another bonus.  Even with all of these benefits and amenities Dallas real estate is still a great value.  Regardless If the Mavericks win or loose if you live in Dallas or its surround areas you are a winner.  Go Mavs!

As of January 3.5% of all homes in the US are in foreclosure. This is a high rate of homes going to the auction block. What is even more alarming is that an additional whopping 7.9% of homes owners are at least 60 days late on their mortgages. Many of these homes will soon add to the number of Dallas Foreclosures and could put downward pressure on DFW real estate prices or will it?

DFW Real Estate

It is not all doom and gloom for those of us who are fortunate to live in the DFW Metroplex.  This area continues its unprecedented growth and job stability.  Although there are some pockets of declining home values around the Metroplex there are many areas with steady real estate values and even a few areas with rising home prices.  With interest rates still at historical lows and a large inventory of available homes, if you have provable income, reasonable debt ratio and a good credit score you are not going to want to miss this once in a lifetime chance to invest in your own DFW home.

VIP Realty Platinum and Dallas real estate broker, Harry Ridge, along with sponsors and volunteers,  staged a blowout Second Annual Thanksgiving Brigade!  On Thanksgiving eve, eleven volunteers produced 42 care package for the homeless in Dallas.  This is more than a 100% increase from last years event.  The care packages included two full meals and several personal items.  Shortly after dusk volunteers in three vehicles full of care packages went into the streets of Dallas to serve the unfortunate homeless with their final destination a well known Dallas homeless shelter.  Each care package contained a note:

Every adversity, every failure, every heartache carries with it the seed on an equal or greater benefit. Edison failed 10,000 times before he made the electric light. Do not be discouraged if you fail a few times.
- Napoleon Hill

Even in a time that will surely go down in the history books as the Great Recession members of the community stepped up to give what they could, food, money, time, knowledge, labor to take care of ourselves so we can take care of others.  The homeless we met, while not bashful about receiving their care packages, were very grateful for the gifts they received.  Our experience at the shelter, the sites, the feelings will not soon be forgotten they will motivate us to do more and give more.

Sponsors and Volunteers

Mary, Mike & Whitney  - Jessica & Robbie  - Barbara T.

Tammie, Eric, Samantha & Ben  - Jay K.  - Sandeep B.

Phyllis R.  - Harry & Barbara R. - Samantha & Shane L.

Corporate Sponsors

VIP Realty VIP Realty Platinum Hosse Financial

National Lottery Rae’s Photography Envoy Mortgage

We are in the mist of what will go down in the history books as the Great Recession.  The challenges many families and business are experiencing will change the way we live and the way we run our business for decades to come.  The National Association of Realtors reports that in the month of July, nationwide home sales fell a record 27% from the month of June and 25.5% from July 2009 the biggest one month drop in 15 years.  Nearly 1 in 4 homeowners are upside down on their homes, owing more that their home is worth.  With 43 .4 million people having a credit score under 599, and most lenders requiring a minimum credit score of 620, foreclosures and short sales will be with us for years and years to come.

The Great Recession

 All of this is taking place with some of the lowest mortgage rates in history.   And what about Obama’s attempts to jumpstart the housing market with the Homebuyers Tax Credit, and his Bank Bailout so that these banks would modify existing mortgages and to loosen lending standards?  Well, the Tax Credit offered a short lived boost in sales but was it worth the cost?  The jury is still out on that one.  What about the loan modifications to help families save their homes from foreclosure and what about making it easier for people to get mortgages so they could buy a home?  Banks have modified very few loans and continue to tightened lending standards.  President Obama, did you forget to add a clause to your legislation that says these banks, that the people of this country bailed out with their hard earned tax money, MUST help home owners save their homes and loosen lending standards so that more families can become homeowners or are you rolling over allowing these banks to fleece the American Citizens extending the recession and running up our deficit?

All doom and gloom?  Absolutely not!  People just need to know the facts so they can make the best decisions for themselves and their families.  Although there is plenty of pain from the Great Recession, in the Dallas Texas area, the Dallas real estate market, compared to the rest of the country has remained resilient.  Dallas foreclosure filings are down 15% this month from a year ago and prices in many communities have actually edged upward.  Much of this is due to the fact that many people are relocating to the Dallas area from other areas of the country.  The Dallas area remains attractive because of very reasonable Dallas home values, job growth and the knowledge that the Dallas area is a great place to live and raise a family.  The job market is poised to excel as many companies choose to expand into the ever-growing Dallas population with many companies moving or expanding their corporate headquarters in the area.

Is it a good time to buy a Dallas home or a Dallas foreclosure?   If you do your due diligence, retain the services of a professional Dallas Realtor and keep the following rules in mind you will have your answer:   Know that you are going to live in the home for a minimum of 5 years.  It is generally better to buy less home in a better area.  Don’t be greedy when writing your offer to buy a home.  It is a misnomer that home owners and banks will give their properties away.  Trying to steal a home is a waste of your time and you will create ill will everywhere you go.  You will just be wasting your time and energy, get frustrated with the process and probably never buy a home.  Make an intelligent, fair offer and you will be in your home and enjoying in for many years to come.  The bottom line:  It is a great time to invest in a Dallas home of your very own.  Get started now!

Are things really different in Texas?  What is the Texaplex?  View this video and see why there is a mass exodus from other parts of the country to Texas.  See what elements are coming together to fuel the boom to come.  Is Texas truly the land of opportunity?

VIP Realty Platinum is a Dallas Real Estate Brokerage Firm that offers many exclusive benefits to its clients and now adds another “Value Added Service”.  They now provide a Human Edited Home Market Analysis at no cost to any Dallas area homeowner.  To obtain a home market analysis a Dallas home owner needs only to go to the VIP Realty Platinum web site, click on “Selling” and then click on the “Sellers Page” fill out the electronic form and click on submit.  Within 24 business hours the Home Market analysis will be completed and e-mailed directly to the homeowner, free of cost and obligation. 

VIP Realty Platinum Broker, Harry Ridge, tells his clients not to waste their time with sites like Zillow.com, HomeValues.com and the like because these automated services rarely provide home owners and home seekers with the correct values of homes.  To prove this point click here: Zillow Data Coverage and Zestimate Accuracy and see the numbers for yourself.  You will find a high degree of inaccuracy.  *As of 10/2009 Zillow’s Median ERROR is 34.2% in the Dallas/Ft. Worth area. 

Each market area can differ by thousands of dollars for similar types of houses, even houses located only a few blocks away.  Ridge goes on to say that there are only two ways to get the actual market value.  One way is to obtain an Appraisal from a duly licensed Appraiser costing in excess of $400.  The other way for a Dallas area homeowner is to have one of VIP Realty Platinum’s experienced, professional Realtors complete a comprehensive market analysis for them.         

 VIP Realty Platinum implements another “Value Added Service” for our seller clients. VIP Realty Platinum allows our seller clients to view their home showings and their home showing report right from the Sellers Page on our website and at no cost. Our clients get their own log on ID and password so they can log on any time to see upcoming scheduled showings on their homes, the time of the schedule showings and the name of the showing agent.  One of the best features of this program is that our sellers can view any comments the prospective buyers or the showing agent have about their home! This is valuable information for any seller. If there is an overlooked repair, a bad smell, or if the price is to high then the seller will get the information directly and can make the appropriate adjustments adjustment to help their home sell faster at a higher price.

Are you thinking about buying a home?  ACT FAST!  The $8,000 first time home buyer federal tax credit expires December.1^st, 2009.  This program is available to residents who have not owned a home as a primary residence in the last three years.  This program allows for a tax credit of up to 10% of the purchase price of a home for a maximum benefit of $8,000.  The income qualifications for this program are as follows:  Individuals with a modified adjusted gross income (MAGI) of up to $75,000 per year qualify for the full tax credit.  The benefit for individuals begins phasing out at $75,001 and is not available to those whose annual  modified adjusted gross income exceeds $95,000.  Couples can receive a full credit if their MAGI is less than $150,000, with the phase-out beginning at $150,001 and ending at $170,000.  The tax credit does not have to be repaid unless you sell the house within 36 months of the purchase date.   If you are considering buying DFW Real Estate contact one of of our Professional DFW Realtors today!