Realty Revolution LLC Blog

Ask George and Chuck - Are Some Sellers Exempt From Disclosure Requirements?

Dear George: I heard that some property owners are exempt from providing a seller's disclosure to potential buyers. Is this true?

Answer: Yes, there are exceptions. A seller of a single residential property is not required to provide a purchaser with a disclosure notice when the transfer is...

Click here for the complete answer.

Source: Texas Association of REALTORs(R)

Home Warranties

After you buy an existing home, let’s face it—the last thing you want to worry about is a broken big-ticket item like the air conditioner or oven. For this reason, it’s a good idea to get a home warranty plan (also called a residential service contract).

The general idea behind a home warranty is this: If a covered item malfunctions, the homeowner calls the home warranty company, which contacts a contracted local service provider. The local provider makes an appointment with the homeowner to evaluate the failed equipment. If the item can be fixed, it will be. If it cannot be repaired, the policy pays for a replacement and installation.

Home Warranties

Source: Texas Assocation of REALTORs(R)

No Housing Bubble in Collin County, Texas

The media is always reporting on the “housing bubble” and the decline of property values across the U.S. For many of us, our homes are the largest single investment we ever make, and this kind of news invokes fear and uncertainty.

However, the Collin County Association of REALTORs® just released its monthly Market Indicators Report and there is plenty of good news for homeowners in Collin County. According to the data taken from the North Texas Real Estate Information System (NTREIS) and the Multiple Listing Service (MLS) for North Texas, both the median sales price and the average sales price for homes in Collin County remain unchanged from the same period in 2007. While we have not seen appreciation in our property values, the good news is our property values are not declining.

While many areas of the country such as California, Las Vegas, Phoenix, Florida, and several New England states had run-a-way property value increases, they are now experiencing the natural correction of the market and values are declining. North Texas did not see those run-a-way increases and has not seen the rapid market correction as a result.

The real estate market in Collin County, and Texas in general, remains healthy and stable. That’s great news for homeowners and people relocating to the area. Dallas remains one of the top markets for business as well due to its central location, climate, and affordable housing among other things. Many companies are moving their headquarters to Dallas, which contributes to our growing economy. Homeowners in the Dallas area are fortunate to live life without the “housing bubble.”

CCAR Monthly Report

Authors: Tom and Gina Branch

Can This Be Fixed?

You've heard it 1000 times; don't ever buy a home without getting a home inspection.....

Can this be fixed?

Source: Texas Association of REALTORs(R)

Market Overview for Collin County - July 2008

The Collin County Association of REALTORs® just released the Market Overview for July 2008.

While 2008 sales are down by 21 percent compared to this time in 2007, our market remains stable with sales prices down just six tenths of one percent. Overall we are not seeing an increase in prices but we are not experiencing the decline in sales prices seen in other parts of the country.

Click on the Market Overview Logo below to see the complete summary.

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.

Source: Collin County Association of REALTORs(R) with commentary by Tom Branch

Timeshare Rental Business? Do Your Homework

Timeshare buyers are cautioned about labeling their weeks as investments. Think of it as prepaid vacations, timeshare developers famously say.....

Source: Texas Association of REALTORs(R)

The Importance of Online Marketing

When searching the Multiple Listing Service (MLS), I’m often amazed to find listings with one or no photos. I wonder how the listing agents expect to effectively market the properties. There was a time when this was not a big issue but those times have passed. We need to take a look at where we were to understand where we are now and why photos are so important.

There was a time when the MLS was simply a computerized tool to share listings with other REALTORs replacing the listing books of days past. As time went on, brokers started displaying the listings of other brokers on their web sites through the Internet Data Exchange (IDX) protocol. These IDX search portals allowed the public to access all active listings within a particular MLS. As Internet usage grew, so did the utilization of those search portals. In 1995, only two percent of consumers used the Internet during their home searches - in 2008, 84 percent start online.

Why is this important? In the early days, we placed our listings into the MLS to market them to other agents. In 2008, we market to the public. What? If 84 percent of buyers start their searches online, then the online marketing has to appeal to that 84 percent. Multiple photos are critical to the marketing of a property. According to statistics complied by the National Association of REALTORs(R), properties with multiple photos have a 200-plus percent click-through rate over those with one or no photos! Virtual and video tours are appropriate for larger or unique properties.

As consumers, you should review the online marketing completed by your agent. If you’re unhappy with any aspect of it, give your agent a call. Most of us are more than willing to modify the listing and/or explain the reasoning behind the marketing avenue chosen.

Authors: Tom and Gina Branch

What Does Real Estate Have To Do With It?

When most people think of REALTORS, the first thought that comes to mind is a person who helps you buy and sell properties. But real estate is tied closely to so many other aspects of our lives than just the buildings where we live and work.....

What does real estate have to do with it?

Source: Texas Association of REALTORs(R)

Any Time's a Good Time

"Now's not the best time ... can we set something up for later?" These are words that a buyer and his agent do not want to hear when they're out looking for a property.....

Any time's a good time

Source: Texas Association of REALTORs(R)

What Not To Do

Maybe you’ve just gotten married. Maybe you got a raise … or maybe you’re just plain sick of renting. Whatever the case, you’ve decided that it’s time to buy a house. You’ll be given all kinds of advice and pointers about what you should do and how you should do it, but there are things you shouldn’t do that are equally important...

What Not To Do

Source: Texas Association of REALTORs(R)

Can I End My Listing Early?

Dear George: Can I end my listing early if I no longer want to sell?.......

Ask George and Chuck

Source: Texas Association of REALTORs(R)

Market Overview for Collin County - May 2008

The Market Overview for Collin County for May 2008 is now available. The real estate market in Collin County remains stable.

New listings continue to come on the market but we are still down by almost 20 percent over 2007. This is not a bad indicator if you have a property on the market. Fewer new listings mean less competition. We have seen a steady increase in new listings over the past 90 days which is typical of the late Spring, early Summer cycle.

The days-on-market remains stable at about 82 days. This is up by almost 24% over 2007.

Click on the Market Overview Logo below to see the complete summary.

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.

Source: Collin County Association of REALTORs(R) with commentary by Tom Branch

Selling A Vacant House

So you’ve accepted your new job and have moved on to your new life in a different city.

The only problem is that your previous house hasn’t sold yet and now you’re faced with the prospect of selling a vacant house—a sure way to look desperate, lose money, and ensure the place languishes on the market, right? Not necessarily. There are steps you can take to make your house more appealing and marketable, even though it’s—gasp—unoccupied...

Selling A Vacant House

Source: Texas Association of REALTORs(R)

Texas Stadium!

We recently had the pleasure of attending a REALTOR(R) event at Texas Stadium. Standing at the 50-yard line looking at the goal posts at the far end of the field gave us a new perspective on how really difficult it must be to kick field goals from that distance! While standing there, we realized that the end of an era is close and soon the Cowboys will move to their new stadium in Arlington.

The City of Irving owns Texas Stadium and we understand that it will be torn down to make room for new multi-use development. We vowed to make a game or two this year before the Cowboys move to their new home. You can’t stop progress!

Real Estate and Mortgage Newsletter - May 2008

Our May 2008 Newsletter is now available for viewing.

March's lead story is titled, "Moving on Up? Thinking About it?" Sometimes, making the decision to sell your house and buy a new home is relatively easy. What will you gain by moving? What will you lose? Get out a piece of paper...

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 May Newsletter

Wired For Sound -- And Plenty More

Say you're on a business trip in L.A. and want to cool down your place in Dallas before getting home. If your residence has "smart" wiring and certain high-tech tools, you could log in on your BlackBerry and punch in the desired temp.

But that's just the beginning: You can control your lighting with a touch-screen unit, program your home's security system, even make sure Junior is doing his homework.

Wired for sound -- and plenty more

Source: Dallas Morning News - Lisa Martin

Showing Restrictions

I was scheduling showings this morning for a couple of potential buyers. I selected the properties and called the showing service to set up times to show them. In this market, I’m always amazed by the showing restrictions. I was told the seller requires a 48-hour notice and a 30-minute showing window for all appointments and the home is vacant! I passed on showing it.

As a heavy listing agent (about 50 per year), I understand there are times when restrictions are necessary due to special circumstances such as a baby, home schooling, elderly or sick occupants, etc. However, if a seller makes the home too difficult to show, busy agents will pass it up. If you have to have notice, ask your agent to put the restriction and reason in the private remarks section of MLS. Most of us are very understanding and will try to accommodate the need for advance notice. Try not to reduce the showing window to less than 2 hours. The amount of time a buyer spends in a property varies with their interest. If your home is the fifth showing of the day, it is very difficult to plan on a 30-minute window.

Buyers need to understand that it’s not always possible to show a home at the last minute as well. Routes need to be set up and showings scheduled in advance.

A little planning and courtesy can go a long way for both parties!

Author: Tom Branch

Are You Show-Ready?

We were out showing homes this week and began wondering why so many occupied homes are not properly prepared for showing. The sellers knew we were going to show their home several hours in advance and yet most of them were not “show-ready” when we arrived.

Homes sell on either emotion or price. Homes that create emotion with buyers sell faster and at a higher price. Many sellers hire a professional stager to help create that warm and inviting atmosphere. While professional staging is a great idea, we’ve seen staged homes that would look even better if they were “show-ready.”

What is “show-ready”? Click here for the complete article.

Source: Tom and Gina Branch

Hand-Scraped Floors Add Value to Upscale Homes

For new homes built with an Old World feel, builders often turn to a centuries-old wood-floor technique: hand-scraping.

Hand-scraped floors add value to upscale homes

Source: Dallas Morning News - Kate Goodloe

April Storms!

The storm that rolled through in the early morning hours of April 10th have come and gone, but now we’re left picking up the pieces and hauling off the debris. While many homes in the area had obvious damage, be sure to do a thorough visual inspection of your roof. Use binoculars if necessary. We don’t recommend climbing up on the roof, as many are very steep. Leave the dangerous work to professionals!

If you see any damage, you may want to contact a qualified roofer prior to filing a claim with your insurance company. Many roofs can be repaired for far less than the 1 percent deductible on most homes in the North Texas area, and claims can cause an increase in your annual premium.

If your home survived unscathed, you’re very lucky. If you did suffer roof damage, the sooner you can have it repaired, the better. It won’t be long until Mother Nature brings us another round of severe weather. Welcome to springtime in Texas!

Authors: Gina and Tom Branch