What It’s Really Like to Live in Dallas




Today we are talking about what exactly it’s like to live in Dallas. The reason we chose this topic is because a good 30-40% of our buyer clients aren’t from around the area. We get all kinds of interesting questions from people all around the country (and the world, for that matter) about living in Dallas, and there are a lot of misconceptions people have which simply aren’t true. Some of my favorites are that everyone rides a horse, and everyone carries a gun on them at all times on the ranch or prairie home they live in.


As you can see from the view in my office, this is a bustling, urban city. It’s not the wild west, rather it’s a modern metropolis that is continually growing. There are a ton of great positives to living in the Dallas area, including our great schools, lakes, and water parks. There is also a wide variety of shopping and dining options around the city. I grew up in this city and wouldn’t want to live anywhere else.

If you’re unfamiliar with Dallas or just want to learn a little more about what it’s like to live here. I’d be happy to help you out. Just give us a call or send us an email and we will be in touch. If you’re looking to buy or sell a home in Dallas, don’t hesitate to reach out to us either. We look forward to hearing from you soon!

Why Sell During the Holidays in Dallas?




Contrary to popular belief, the real estate market doesn't disappear during the winter. A lot of people wait until the spring because they mistakenly believe that homes don't sell during the fourth quarter. This is one of the biggest myths in real estate, and I'm going to give you some cold hard facts today.

Inventory experiences a seasonal dip during the fourth quarter, which means that there are fewer homes for sale. This puts you in a great position as a seller because buyers will have less home to choose from. This increases your chances to sell quickly and for more money.


After the New Year, people will start to put their homes on the market and you'll lose out on the opportunity to have a low level of competition. Now is the time to list your home if you've been thinking about it lately.

Another consideration to take in mind is that buyers are far more motivated to purchase during this time of year. They may need to buy for tax purposes, or they may have been transferred for work. Either way, they are often desperate to find a place to live and will be easy to work with in a transaction.

The market is working in your favor right now, so hop off the fence and get your home listed. We would be very happy to help you! We guarantee to sell your home in 59 days or we'll buy it.

Should You Buy a Foreclosed Home in Dallas?




Is buying a foreclosure a good deal? It depends. Although a property is bank-owned or foreclosed, it doesn't mean you can get it below market value or get a great deal.

Often, you can find a great deal on a foreclosure. However, as the market improves, banks increase their asking price. As a result, they receive higher values. The margin between the top of the market and the bottom market decreased, so margins investors aren't concerned with margins when buying foreclosed properties.

There are lots of ways to buy foreclosed properties: HUD homes, Fannie Mae properties, independent bank-owned properties, and REO packages. REO packages allow investors to buy multiple homes at once. Some investors can even purchase 100 homes through REO packages. You can also buy a foreclosure at the auction.


For example, a clean, ready-to-move-in foreclosed property in a nice area could be a bargain. You can purchase a home from the bank and move in immediately. An outdated property that needs repairs will cost you more money, of course.

If you're interested in buying a property below market value, please reach out to us. We can help you find a foreclosure or a motivated seller who is highly motivated to get out of the home. We look forward to hearing from you!

What Is the Number One Deal Killer in Real Estate?



Today we'll talk about the number one deal killer for real estate transactions. I've been doing this for about eight years, and I've seen hundreds of deals. Once the buyer and seller agree on price and terms, the contract gets executed. Then the buyer starts doing their due diligence, which includes the home inspection.

The home inspection is the number one deal killer for all transactions in the pre-owned market. For buyers, this is why we always recommend that you get a home inspection. We really think it's in your best interest to have one so you get a clear idea of the property's condition. Then, if you can't negotiate with the seller on the inspection results, you don't have to buy the home.


For sellers, the home inspection is the most nerve-wracking part of the transaction because once the contract is executed, you don't have any more negotiating power. If you can't come to an agreement with the buyer after the inspection, you will have an uphill battle selling your home. Other potential buyers will want to know what happened and why the previous deal fell through.

That's why we recommend sellers get a home inspection done before they put their home on the market so you can anticipate issues before they arise.

Of course, if the home inspection goes smoothly, everything after that is a piece of cake. If you have any questions, give me a call or send me an email. I would be happy to help you!

How Is the Dallas Market Performing Right Now?




Today we are excited to be bringing you the latest market statistics for the Dallas/Forth Worth real estate market, as well as a preview of some upcoming local events. 

First, I want to share a few statistics with you about our local market. When we take a look at the market statistics, we always make sure to take special note of things like the median price, the average price per square foot, and how fast homes are selling. We will touch on all of these numbers for our current market, but right now we want to focus on the most important figure to look at: inventory. 

The amount of inventory in a given market dictates and spurs all of the growth in the market. In the most popular segment of our market (pre-owned single-family properties) we have just 2.7 months of inventory, which is extremely low. A balanced market has anywhere from 5-7 months of inventory, so having only 2.7 months puts us firmly in a seller’s market, where homes are moving at a rapid pace. Now let’s take a look at some of the other important statistics in our market. 

Days on market are much lower than they have been the last few years. Right now, the median days on market is 28 days, a great figure. If your home has been sitting on the market for more than 30 days, there is probably something wrong. It could be your pricing strategy, it could be the condition of the home, or it could be the marketing of the property. 


The median sale price has continued to rise throughout the DFW area. Right now, it’s sitting at $190,000. This is different from the average sales price, which is between $240,000 and $250,000, and takes the average of all the homes sold. The median sale price is exactly what its name implies, the exact middle of home sale prices right now. It is up 8.6% from last year!

The average price per square foot in the DFW area right now is $94, which is definitely up from where we were at just a few short years ago. 

The market is still moving along pretty nicely, so people have been asking us a lot lately if they should take action now, or wait for the market to continue to improve into next year. I tell these people what I tell all of my customers: whether you want to buy or sell, the best time for you to do so is whenever you are ready. The timing of the market doesn’t mean much here in DFW, so there’s really nothing to be concerned about as far as a price increase is concerned.

Finally, we wanted to take a minute to talk to you about some community events coming up. Obviously, the big one is the State Fair of Texas, at Fair Park in Dallas. It runs from September 25 to October 18, and is a great time for you and your family to come out and experience all the sights, sounds, and smells that this great event has to offer. We love going to the state fair, and hope to see you there this month!

If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you!

Three Ways to Prepare for a Successful Home Sale




Today we're going to be discussing phase one of the home selling process, which is the preparation phase. It's important to get started off on the right foot, and to do so you need to ask yourself: what will it take to get your property to sell?

You probably want to sell quickly and for top dollar, so here are some things you can do to move closer to that goal.

Market knowledge: You need to have a solid understanding of what's going on in your market, and this is especially important when you price your home. You need to look at pending sales, expired sales, and what other competition you have on the market. You don't want to price your home too high nor too low, so this process is very crucial.


Condition of the home: Buyers want turnkey homes. They don't want properties that need work done on them when they move in. They expect you to be proactive and take care of issues so they don't have to. Getting a home inspection may not be a bad idea if you're worried about the condition of your home.

Showability: How does your home look when people walk through it? If you were a stranger, how welcoming would your home be? This involves everything from curb appeal to the way that you have pictures hung on your walls. If you can stage your home appropriately, you can rake in some extra cash at closing. Ask about the professional staging services that we offer!

Once you have completed this phase of the selling process, you'll be ready to move on to the marketing phase. Stay tuned because that will be our next topic!

How to Start the Buying Process




There are four phases of the home buying process: preparation, home search, negotiation, and closing. Today, we'll focus on phase one: the preparation process.

Preparation includes a few different things. Don't skip the preparation phase and dive into searching for a home. In the long run, that could cost you money.

The first part of preparation is gathering information. Talk to friends or family members who have recently bought a home, and, of course, talk to an agent. We would be happy to answer any questions you have before you get started.


The next thing to do is hire an agent who will work in your best interest. They will not only help you find the home, but they will also save you tens of thousands of dollars in the long run. Our VIP Buyer program is designed to do just that.

The third part of preparation is getting your financing together. You need to make sure that everything is in line so that the moment you find your dream home, you can pounce.


If you have any questions about today's video or about the home buying process, give me a call or send me an email. I'd be happy to help you!

How Can You Sell Your Home Quickly and for Top Dollar?




Today, I discuss three things that cost sellers money when selling their property.

  • Not taking care of the condition and showability: The buyer who is willing to pay the most amount of money for the property is a buyer who is expecting everything to be turnkey. They don't want to have to go in and put a bunch of money into fixing the place up. They want to move in and start living! 


  • Overpricing the property: We are in a very hot seller's market, which means it's easy to sell fast and for more money. However, you still have to price your home to the market and be competitive about your price. Properties that have to reduce their price take three times longer to sell than properties that are priced right from the beginning. 


  • Hiring a discount broker or an inexperienced agent: This is really not a list it and sell it type of market. There is a huge difference between a top agent, who invests in the right tools to market the home and generate demand, and a discount broker with limited experience. 

In our market, the average seller is going to sell their home for 96.4% of the original asking price. However, 
people who work with our team sell for an average of 100.3% of the original asking price! If you want to get the most out of your home sale, give us a call. We would love to help you accomplish your selling goals! 

Dallas Real Estate Market Update




This market update is focused on the Dallas area in the second quarter of 2015. A lot of clients are asking me whether we're in a seller's market or a buyer's market. 

The truth is that we actually do have quite a strong seller's market right now. We have less than three months of inventory, and this is creating a lot of competition for buyers. 

Now is a great time to sell because prices have risen almost 25-30% in some areas of town. So, please contact me if you've been thinking of selling. You have a very good chance to profit off of a home sale right now. 


If you're buying, the longer you wait the more expensive it will be for you to purchase a home. Interest rates are set to rise, and this will continue to hurt your affordability. When you see a good home you have to be ready to act. Otherwise you run the risk of losing out on it.

If you have any questions, or if you need any assistance with real estate in Dallas, please don't hesitate to contact me!

Ninja Negotiating Strategies for Buyers in a Low-Inventory Market



Ninja Negotiating Strategies 
for Buyers in a Low-Inventory Market

We have super-low inventory in the Dallas area market, and that means homebuyers have a lot of competition.  Multiple offers, over asking price sales, and homes going under contract in a matter of hours are just a few things buyers have to deal with today.

So how do buyers position themselves to get their offers accepted?  Believe it or not, it's not always about price.

1. No Financing Contingency

If a buyer is FULLY APPROVED for their home loan, then a seller is much more likely to choose the offer than someone who is bidding a higher price but still needs to apply for financing.  This means that the buyer has already turned in tax returns, bank statements, verified funds and employment, and received underwriting approval.  This is the next best thing to a cash offer in the seller's eyes.

2. Shorter Option Period

In Texas, our contracts do not include an "inspection period".  Instead, we have what is called an option period.  This is negotiated between the buyer and seller and allows for the buyer to terminate the contract within a certain period of time.  Offering a higher option price and shorter days can show good faith for a seller and can push an offer over the edge versus others.

3. Free Leaseback to the Seller

On occupied homes, the sellers may need some time to move.  Especially since they might have to compete in the same type of market for their next home.  Giving the seller some extra time after closing at no cost can be a great way to have the seller choose an offer over another.

These are just a few tricks that we advise our clients to use to help them win, but it is the buyer's decision.  Knowing the market is half the battle!



Start you home search today at 
Thinking about selling?  Get a FREE home value report

Q1 2015 DFW Housing Market Update


Q1 2015 DFW Housing Market Update

The market is in full Spring-time swing, and things are just as hot as they were this time last year.  Let's take a look at the current market stats:


Days on Market:

Median days on market rose 11.5% DFW wide to 29 days.  That's not too bad.  Sellers can expect to sell in less than 30 days if priced correctly.  Buyers need to jump on properties quickly in order to find themselves in the home they want.







Inventory:

The amount of residential real estate for sale fell another 13.9% to 3.1 months.  This is still a low since the bubble burst in 2007-2008, and the key indicator to follow for price appreciation.  Anything below 4-5 months represents a "seller's market".







Pricing:

The story that everyone always wants to know is "Where are home prices?"  Well...they're up!  DFW's median home price rose another 7.9% in Q1 2015 to $189,900.  Buyers should buy now!








Sales Activity:

Sales have definitely slowed, even though consumer confidence remains high.  Only up 1.6%, 90,263 residential sales occurred in DFW over the past 12 months.  Sales remain flat mainly because inventory is so low.




 


Advice for Buyers:

If you have been wanting to buy...BUY NOW!  Don't wait any longer.  It will only become more expensive over the coming years with rising prices compounded by rising mortgage rates.  In addition, rents have been on the rise as overall housing inventory shrinks.  

Our VIP Buyer Program will take care of your entire buying strategy, including inspections, appraisals, financing, insurance, etc.  We will help you find the best home while saving you $1000's in unnecessary expenses. 


Start you home search today at 


Advice for Sellers:

If you've been waiting for prices to increase, here we are!  Take advantage of this great seller's market and get top price for your home!

We're so confident that we can sell your home in 59 days, we guarantee it.  We offer a list of innovative services that the average real estate agent doesn't have to offer.  If you've been wanting to sell, call us today!

Thinking about selling?  Get a FREE home value report


Scott Neal Real Estate
214-295-5060
info@scottsealrealestate.com


5-Step Negotiation Process



Our 5-Step Negotiation Process

We break the home-buying process down into 4 distinct phases: Preparation, Search, Negotiation, Closing.  Across these phases are over 80 different variables that ultimately impact the outcome for the buyer.  In order to help our clients potentially save $10's of $1000's we must proactively manage these variables.

Today we'll focus on the Negotiation Phase.  This is where the rubber really meets the road when it comes to actually getting the house a buyer wants to purchase.  And since we negotiate real estate contracts on a daily basis, we have the experience to give our clients a position of strength.

We've developed a very simple negotiation process that has 5 steps:

Step 1 - Seller Interview

Once a shopper has selected the house they want to buy, the first step before any offers are written is the seller interview.  We want to know as much information about the property and the seller as we can get a picture of the landscape.
 
Step 2 - Market Analysis

A full market analysis of the market conditions and the comparable sales will help to establish pricing for the property in question.  We want to make sure that the price the seller is asking is reasonable given the market conditions.
 
Step 3 - Bottom-line Analysis

It is essential to not just focus on price, because there are many other costs involved in the closing.  A bottom-line analysis will alert the buyer to the estimated total costs associated with the down payment, closing costs, monthly payments, etc.
 
Step 4 - Offer Presentation

There is a strategy and etiquette to presenting an offer.  Just like the seller wants to present the house in its best light, we also want to present our offer in the best light.  You may have a different strategy of how to present an offer in light of the information gained during the seller interview.
 
Step 5 - Due Diligence

Part of the overall negotiation process is gathering information related to condition, value, chain of title, etc.  We have all of the people needed to make sure that our clients have the data they need to make the best decision: inspectors, appraisers, surveyors, contractors, title researchers, attorney's and more.  This will give the buyer peace of mind that they are buying the right house at the right price.


If you've been thinking about buying, put us to the test.  Our VIP Buyer Program is designed to ensure that your home-buying experience is top-notch!



Start you home search today at 
 
 
Thinking about selling?  Get a FREE home value report



Find Off-Market Properties For Sale [PRIVATE CLIENTS ONLY]


Find Off-Market Properties For Sale 
[PRIVATE CLIENTS ONLY]

One of the biggest issues facing homebuyers today is the lack of inventory in the market.  A normal amount of inventory is considered 5-6 months.

Absorption Rate:  

ACTIVE INVENTORY ÷ AVG HOMES SOLD PER MONTH = MONTHS OF INVENTORY

Since many of our clients are looking in areas and price ranges under 2 months of inventory, the selection relative to the amount of buyers is VERY LOW!  This creates some tough situations like multiple offers and finding out about properties too late.

As a buyer, you want to have an advantage.  You need to have choices.  You need to be in a position of strength.

This is why we have a unique Home Hunter Service.  Our Home Hunter Service is available only to our private clients, and will get you access to off-market properties that other buyers and real estate agents don't have access to.  This can make you a home-buying hero!

RECENT STORY:  We had a private client looking in a specific area, and our property research team found a property that was not listed on the internet, not listed by a real estate agent (not in the MLS), and not available to the public.  Not only were we able to help the seller by having a pre-approved ready-to-buy client, but we were also able to help our buyer get the home of their dreams!

If you've been looking around for a home, chasing listing agents, or just relying on the internet to find your next home...CALL US NOW!  This program is only offered to our private clients, and it's FREE for you to become one today!



Start you home search today at 
 
 
Thinking about selling?  Get a FREE home value report
 
 
 

Happy New Year & 2015 Market Predictions



Happy New Year & 2015 DFW Market Predictions

Happy Happy Happy New Year!  Can you believe that it is already 2015?  "Time flies when you're having fun," I've heard someone say before.  I guess that's true.

We had a great year in 2014.  We helped many families sell and buy real estate in the DFW area, and we're hoping to help even more in 2015!

Let's first take a look at 2014 in review:


Days on Market:

The median days on market remained flat at 28 days.  With half of all home sales completed in less than 60 days from time of listing, sellers should be prepared ahead of time with moving plans, living arrangements, etc or life can feel like it is going out of control.  But quick home sales are positive for long-term real estate growth.








Inventory:

The amount of residential real estate for sale fell another 17.5% to 3.3 months.  This represents a 3-year low, and is the key economic indicator studied by Scott Neal Real Estate to determine the overall landscape of the market.  Low inventory means rising prices. 








Pricing:

The story that everyone always wants to know is "Where are home prices?"  Well...they're up!  DFW's median home price rose another 7.2% in 2014 to $185,000.







Sales Activity:

Sales have leveled off.  Down 0.3% from 2014.  Almost 100,000 residential sales occurred in DFW.  Sales seem to be flat mainly because inventory is so low.








2015 Predictions

2015 doesn't show any signs of slowing down.  Inventory remains low, interest rates remain historically low (4%-4.5%), builder confidence remains high, and consumer confidence in the overall US economy remains high.  

Most economists and industry experts are predicting a 15%-28% rise in national home prices over the next 5 years.  Interest rates are expected to rise gradually as well.  However, last year we were blessed with a slow decline in mortgage rates (4.5% to 4.0%).  

 
Advice for Buyers:

If you have been wanting to buy...BUY NOW!  Don't wait any longer.  It will only become more expensive over the coming years with rising prices compounded by rising mortgage rates.  In addition, rents have been on the rise as overall housing inventory shrinks.  

Our VIP Buyer Program will take care of your entire buying strategy, including inspections, appraisals, financing, insurance, etc.  We will help you find the best home while saving you $1000's in unnecessary expenses. 


Start you home search today at 


Advice for Sellers:

If you've been waiting for prices to increase, here we are!  Take advantage of this great seller's market and get top price for your home!

We're so confident that we can sell your home in 59 days, we guarantee it.  We offer a list of innovative services that the average real estate agent doesn't have to offer.  If you've been wanting to sell, call us today!
Thinking about selling?  Get a FREE home value report
Scott Neal Real Estate
214-295-5060
info@scottsealrealestate.com