Should You Buy a Foreclosed Home in Dallas?

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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 An outdated property that needs repairs will cost you more money, of course.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?

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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?

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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

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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

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Selling a home? Click here for a FREE Home Value Report

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!

Dallas Real Estate Market Update

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Selling a home? Click here for a FREE Home Value Report

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!