February 2008

Market Overview for Collin County - January 2008

The Market Overview for Collin County for January 2008 is now available. The market in Collin County remains stable despite all the gloom in the media. Click the logo to open the report.

This report is compiled from data in the North Texas Real Estate Information System (NTREIS). NTREIS is the provider of the Multiple Listing Service (MLS) for all of North Texas including Collin County. If you would like more detail or want to see the data for a specific city, please email me and I will be happy to send you the data.

February 2008 Newsletter

Our February 2008 Newsletter is now available for viewing.

February's lead story is titled, "The Five Biggest Newlywed Mortgage Mistakes." One of the most common things couples often discuss when planning their wedding is buying their first home. Now, I don't have to tell you that buying a home is a topic best dealt with on its own, but when the love bug bites, it can often make its way into the wedding preparations. This is a huge mistake. In fact, this type of mass newlywed hysteria can cause some couples to make five very costly mistakes when they decide to purchase their home.

Be sure to check out the charts on Page 2. Note these charts reflect trends across the nation rather than in the local DFW market.

Click here for our February Newsletter

2007 A Relatively Stable Real Estate Market for Collin County and Surrounding Areas

2007 proved to be a relatively stable housing market for Collin County and parts of surrounding Dallas, Denton and Grayson Counties. Despite the national downturn, our local real estate market experienced only a small percentage of decline, according to the Collin County Association of REALTORS® (CCAR) based on data from the North Texas Real Estate Information Systems’ Multiple Listing Service.

The CCAR Pulse, which delves into the real estate markets of 35 communities in Collin, Dallas, Denton and Grayson Counties, reports that our area currently does not have an oversupply of homes as one might expect in a down real estate market. Rather, in the month of December, we maintained a balanced supply of homes and a steady mortgage rate.

While December’s new listings and sales were down from a year ago, sales prices are holding strong with median sales prices down slightly by 2 percent and average sales prices up by 4 percent. Homes in our area also remain very affordable, with the affordability index at 134. This number indicates that the median family income is 134 percent of the income necessary to qualify to buy a median priced home with a 20 percent down payment and a 30-year fixed rate mortgage.

“We are expecting a very good year with the real estate market getting back to its traditional cycle of heavy activity in the spring and summer,” says Jacob Narisi, 2008 CCAR president. “I strongly suggest that if anybody wants to sell or buy a home now is the time to start looking, spring is almost here.”

Last year also saw the median sales price of homes increase, a trend that has been ongoing since 2002. Currently, the median price of a home in the area is $178,000, up 3.3 percent from 2006. In addition, houses were on the market an average of 73 days in 2007, which is up slightly from 2006, but still in line with what it has been for the last several years. In 2004, homes were on the market a lot longer, an average of 87 days.

“As you can see from the data, Collin County and surrounding areas have not suffered the major market adjustment as reported by the national media, nor have we been affected as much by the lending crisis. However, we have felt a small sting and we are working through it like everybody else,” notes Narisi.

Source: The Collin County Association of REALTORS®

Property Tax Loans - A Fast Track to Foreclosure

We came across an article in the Dallas Morning News written by Kevin Krause exposing some of the problems with Property Tax Loans and some alternate solutions.

Click here to see the story in PDF format.

Property Tax Loans are relatively new in Texas. A homeowner with delinquent taxes can take out a loan from a Property Tax Loan Company. Property Tax Loan Companies pay the delinquent property taxes for the homeowner and then set up a payment plan. While this sounds like a good idea, most homeowners do not realize that the Property Tax Loan Company places a lien against the property and can foreclose if the homeowner fails to make the monthly payment.

There may also be other ways to solve the problem without taking out a property tax loan. Homeowners considering a Property Tax Loan should explore all options before making a decision.

* Story used with the author's permission

Broadway Pizza Opens in North Plano

Broadway Pizza, a family owned and operated business, opened a second location in North Plano on the northeast corner of McDermott and Independence. The family have been in the pizza business since 1985 and moved to the area in 1990. The original location is in the Plaza of the Americas in downtown Dallas.

Over the years all the small eat-in pizza places have transitioned to carry-out and delivery only. Broadway Pizza is reminiscent of a good old-fashioned pizza parlor. What sets this one apart is the level of service that's lost in many of the larger chains. If you're in the area, stop in and try Broadway Pizza.

"How To Think Like An Investor" DFW Real Estate Investing Workshop

David C. Bradley (CPA, Texas Mortgage Broker, Real Estate Investor, and Radio Talk Show Host) will host "How To Think Like An Investor" on Saturday, March 1st from 9:00 AM until 4:30 PM. Join Dave as discusses the immediate opportunities available today in the local DFW real estate market. Intelligent investors see tremendous opportunity and he wants to make you aware of all the immediate trends that you can turn into increased net worth.

Dave believes that the current market is ripe for purchasing properties at fantastic prices and being able to rent these properties for lasting wealth. But if you don’t know where to start or you feel you are not familiar with how to go about purchasing your first property, then this workshop is for you.

Space is extremely limited. Click here to visit Dave's website and to learn more about Dave and this seminar.

Realty Revolution LLC Announces New Service Designed for By-Owners (FSBO)

Realty Revolution LLC announces "Assisting DFW FSBOs" a new service line designed with the For Sale By Owner (FSBO) in mind. We offer a number of services for sellers and landlords on an "as needed" basis. You're always free to choose the services you need and not pay for services that you do not need. If you want all the services in a single package, we offer the "Super Saver" listing.

www.assistingdfwfsbo.com

Real estate is changing, yet so many brokerages and agents continue to work a business model from the 1950's. Many of today's homeowners have purchased and sold several homes over the years and may not need all the services provided by a full-service brokerage, yet they are forced to try to sell the property By-Owner or pay a large commission to a traditional brokerage.

Realizing that real estate is no longer a "one size fits all" industry, Realty Revolution LLC offers a variety of services on a fee-for-service basis. After all, why pay for services you don't need?

Realty Revolution LLC Selects DocuSign for Electronic Signatures

Today business documents are created electronically, then printed for paper/pen signature, transported to the signer, then transported back to the sender to be scanned back in electronically.

By using DocuSign’s web-based service, we can eliminate the paper/pen step and execute contracts and agreements electronically. The DocuSign solution not only saves time, it also greatly reduces the amount of paper used, fuel used, and carbon monoxide emissions caused by trucks and airplanes for delivery of these documents.

Click the DocuSign logo to visit their website.