When you interview your next agent to sell your home, it is imperative that you ask them how extensive their marketing program will be. A comprehensive marketing plan will include direct mail, print advertising, signage, latest technology utilizations and most important extensive online marketing packages.
To see an award winning home selling marketing plan, call J.J. today. His 180 point marketing campagin has been successful in selling millions of dollars in listings.
Tuesday, May 27, 2008
Monday, May 26, 2008
Happy Memorial Day
For those that have served, are serving and especially those that have given the ultimate price in the service of our great nation, I want to give my sincerest appreciation.
Thursday, May 22, 2008
Omega Delta Phi DFW Alumni Golf Tournament benefiting the Dallas Can Academy
Every year, The Omega Delta Phi DFW Alumni assocation hosts a golf tournament that benefits the kids of the Dallas Can Academy.
To participate, simply email me at JJ@JJChapa.com.
The cost to play is ONLY $65 and includes lunch. The tournament play is June 20, 2008 at 7:30 a.m.
To participate, simply email me at JJ@JJChapa.com.
The cost to play is ONLY $65 and includes lunch. The tournament play is June 20, 2008 at 7:30 a.m.
Tuesday, May 20, 2008
Choosing the right lender
Choosing the correct lender to help you through your home purchase is as important as choosing the right real estate agent.
I just closed a deal where I represented the seller. The buyers had a lender that left $900 of closing costs "on the table". The sellers had agreed to give a certain amount back to the buyers. However, these closing costs are closely regulated and strictly spelled out in the real estate contract. The buyers lender had over a month to get his job done. They, like many lenders, left everything to the last minute.
Long story short, there was a $900 mistake that the buyers had to eat. The sellers came out with $900 more. This is just one small example of how a lenders inability to get their job done can cost a buyer.
I just closed a deal where I represented the seller. The buyers had a lender that left $900 of closing costs "on the table". The sellers had agreed to give a certain amount back to the buyers. However, these closing costs are closely regulated and strictly spelled out in the real estate contract. The buyers lender had over a month to get his job done. They, like many lenders, left everything to the last minute.
Long story short, there was a $900 mistake that the buyers had to eat. The sellers came out with $900 more. This is just one small example of how a lenders inability to get their job done can cost a buyer.
Monday, May 19, 2008
Realtors say lending practices holding back housing recovery
stevebrown@dallasnews.com
A rebound in the housing market is being held back by stingy lending standards, the president-elect of the National Association of Realtors said Thursday.
Irving real estate agent Charles McMillan – who takes over as head of the 1.3 million-member Realtors association later this year – faults mortgage companies for keeping some potential homebuyers out of the market.
"All of the relief that's been given to the banks in the marketplace has not trickled down to the consumer," Mr. McMillan said at the annual meeting of the National Association of Real Estate Editors in Dallas.
"What they have done is raise fees and make qualifications almost impossible for people to get loans," he said.
In particular, Mr. McMillan criticized the high costs of so-called jumbo loans – mortgages of $417,000 and more – that are chilling buyer demand in many markets. Interest rates on such mortgages now are much higher than those on smaller loans.
And Mr. McMillan said that in some depressed housing markets lenders are raising costs even higher to homebuyers and making it tougher for them to qualify for loans. "That stigmatizes properties unfairly," he said.
The National Association of Realtors is forecasting a slight improvement in nationwide home sales in the second half of 2008.
"In 2009, we anticipate a 6 percent increase going up to 5.7 million homes sold," he said. "In many markets, we are already on track for that and moving beyond.
"In the housing market we have a pent-up demand throughout this nation," Mr. McMillan said. "Interest rates are lower than they have been for many, many years."
But he acknowledged that across large parts of the country, housing markets are still in turmoil.
"We have consumers angry that they can't sell their homes," Mr. McMillan said. "America is hurting now."
On Thursday, the House of Representatives passed a broad housing relief bill that includes tax credits of up to $7,500 for first-time home buyers. However, the White House has threatened to veto this legislation, which awaits action in the Senate.
"A tax credit would quickly lift home demand and lessen foreclosure pressures," Mr. McMillan said.
For their part, big lenders say they are trying to respond to the housing crisis.
Federal Housing Administration commissioner Brian Montgomery said his agency has already provided help to more than 200,000 Americans with troubled home loans.
And he said that a recent increase in the price of home loans that the FHA can insure would make it easier to buy and sell more expensive homes around the country. The bill passed by the House would make this increase permanent.
"We believe that the new temporary loan limits will help more than 100,000 homeowners," Mr. Montgomery said.
The House bill also would let the FHA take on up to $300 billion in additional mortgages. Mr. Montgomery said he's against some of what the House just agreed to. Proposed legislation would send $15 billion to states to buy and fix up foreclosed property.
"That would primarily benefit lenders," Mr. Montgomery said.
He said some of the costly housing relief plans being debated in Washington, are not "fair to American taxpayers who had no part in the subprime loan market."
Mortgage Bankers Association senior vice president Steve O'Connor said lenders have been "ramping up their capacity" to help homeowners with problem loans, he said, while admitting "it's a challenge."
Mr. O'Connor said that recent sharp cuts in interest rates have helped homeowners with adjustable-rate mortgages who were facing big increases in payments.
"The payment shock that would have been in place a year ago is much less severe," he said.
The big concern now is that many homeowners have little or no equity in their houses.
"They owe more than their home is worth – that's the problem," Mr. O'Connor said.
Debbie Dunn, executive vice president with Dallas-based CTX Mortgage, said "The housing market could still be 18 to 24 months away from a total recovery.
"Declining home values are at the core of the confidence crisis," she said. "They make potential purchasers decide to sit on the sideline."
Buyers are also facing new obstacles.
"In certain markets, mortgage insurance has become practically unobtainable," she said.
That means that homebuyers are forced to come up with a much larger – and for some unaffordable – down payments.
Ms. Dunn said despite all the headlines, most neighborhoods in America are stable.
"Over 90 percent of all homeowners either don't have a mortgage or are making their payments on time," she said.
The Associated Press contributed to this report.
A rebound in the housing market is being held back by stingy lending standards, the president-elect of the National Association of Realtors said Thursday.
Irving real estate agent Charles McMillan – who takes over as head of the 1.3 million-member Realtors association later this year – faults mortgage companies for keeping some potential homebuyers out of the market.
"All of the relief that's been given to the banks in the marketplace has not trickled down to the consumer," Mr. McMillan said at the annual meeting of the National Association of Real Estate Editors in Dallas.
"What they have done is raise fees and make qualifications almost impossible for people to get loans," he said.
In particular, Mr. McMillan criticized the high costs of so-called jumbo loans – mortgages of $417,000 and more – that are chilling buyer demand in many markets. Interest rates on such mortgages now are much higher than those on smaller loans.
And Mr. McMillan said that in some depressed housing markets lenders are raising costs even higher to homebuyers and making it tougher for them to qualify for loans. "That stigmatizes properties unfairly," he said.
The National Association of Realtors is forecasting a slight improvement in nationwide home sales in the second half of 2008.
"In 2009, we anticipate a 6 percent increase going up to 5.7 million homes sold," he said. "In many markets, we are already on track for that and moving beyond.
"In the housing market we have a pent-up demand throughout this nation," Mr. McMillan said. "Interest rates are lower than they have been for many, many years."
But he acknowledged that across large parts of the country, housing markets are still in turmoil.
"We have consumers angry that they can't sell their homes," Mr. McMillan said. "America is hurting now."
On Thursday, the House of Representatives passed a broad housing relief bill that includes tax credits of up to $7,500 for first-time home buyers. However, the White House has threatened to veto this legislation, which awaits action in the Senate.
"A tax credit would quickly lift home demand and lessen foreclosure pressures," Mr. McMillan said.
For their part, big lenders say they are trying to respond to the housing crisis.
Federal Housing Administration commissioner Brian Montgomery said his agency has already provided help to more than 200,000 Americans with troubled home loans.
And he said that a recent increase in the price of home loans that the FHA can insure would make it easier to buy and sell more expensive homes around the country. The bill passed by the House would make this increase permanent.
"We believe that the new temporary loan limits will help more than 100,000 homeowners," Mr. Montgomery said.
The House bill also would let the FHA take on up to $300 billion in additional mortgages. Mr. Montgomery said he's against some of what the House just agreed to. Proposed legislation would send $15 billion to states to buy and fix up foreclosed property.
"That would primarily benefit lenders," Mr. Montgomery said.
He said some of the costly housing relief plans being debated in Washington, are not "fair to American taxpayers who had no part in the subprime loan market."
Mortgage Bankers Association senior vice president Steve O'Connor said lenders have been "ramping up their capacity" to help homeowners with problem loans, he said, while admitting "it's a challenge."
Mr. O'Connor said that recent sharp cuts in interest rates have helped homeowners with adjustable-rate mortgages who were facing big increases in payments.
"The payment shock that would have been in place a year ago is much less severe," he said.
The big concern now is that many homeowners have little or no equity in their houses.
"They owe more than their home is worth – that's the problem," Mr. O'Connor said.
Debbie Dunn, executive vice president with Dallas-based CTX Mortgage, said "The housing market could still be 18 to 24 months away from a total recovery.
"Declining home values are at the core of the confidence crisis," she said. "They make potential purchasers decide to sit on the sideline."
Buyers are also facing new obstacles.
"In certain markets, mortgage insurance has become practically unobtainable," she said.
That means that homebuyers are forced to come up with a much larger – and for some unaffordable – down payments.
Ms. Dunn said despite all the headlines, most neighborhoods in America are stable.
"Over 90 percent of all homeowners either don't have a mortgage or are making their payments on time," she said.
The Associated Press contributed to this report.
Friday, May 16, 2008
Fun night
Ok...I'm not a horse race person, but, I have to say Lone Star Park is very nice. I just wanted to thank North American Title for inviting me to their suite last night. Great food, and a great dessert bar made a great ending to an otherwise long real estate workday.
I was able to catch up with some old real estate friends. Their consensus about the market is basically what mine has been so it's good to get some validation. While the market isn't as dreadful as the media would have you believe, it is definatley requiring more work to get deals put together and closed.
Sellers have to be more patient in our current market. Buyers have to be more realistic. Are there good deal out there? Sure! But those that buy real estate for a living already know where they are and are typically one step ahead. Do sellers really have $40k in equity that they are just going to give buyers? No. Would you? They'll hold out for a better market or just sell to a buyer who understands that there may be some wiggle room on price but not $40k worth of wiggle room.
Tomorrow, I would like to discuss the importance of choosing a lender that has a good reputation.
I was able to catch up with some old real estate friends. Their consensus about the market is basically what mine has been so it's good to get some validation. While the market isn't as dreadful as the media would have you believe, it is definatley requiring more work to get deals put together and closed.
Sellers have to be more patient in our current market. Buyers have to be more realistic. Are there good deal out there? Sure! But those that buy real estate for a living already know where they are and are typically one step ahead. Do sellers really have $40k in equity that they are just going to give buyers? No. Would you? They'll hold out for a better market or just sell to a buyer who understands that there may be some wiggle room on price but not $40k worth of wiggle room.
Tomorrow, I would like to discuss the importance of choosing a lender that has a good reputation.
Monday, May 5, 2008
Foreclosures up 112%
Foreclosures being up, doesn't necessarily constitute a poor real estate market. Dallas is still enjoying a steady market. Not as good as it has been as there are fewer buyers to go around. Buyers also get to choose homes from this foreclosure market, however, most foreclosure homes are a big turnoff to todays picky buyer.
From CNN
NEW YORK (CNNMoney.com) -- Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday.
Real estate information firm RealtyTrac reported that nearly 650,000 foreclosure filings - which include notices of default, auction sales and bank repossessions - were issued in the first quarter. That represents 1 of every 194 households and marks a 23% increase from the last quarter of 2007.
Housing bust: Tell us your story
So far this year 156,463 families have lost their homes to repossessions.
"Foreclosure activity hasn't slowed down yet," said Rick Sharga, spokesman for RealtyTrac. "But I was a little surprised that foreclosure filings more than doubled since last year."
Foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas. Some regions that had been only marginally hurt by the mortgage meltdown recorded large increases in filings. In Connecticut, for instance, filings tripled compared with the first three months of 2007. Massachusetts recorded a 260% increase.
Nevada: Hardest hit
The worst hit states are still clustered in the Southwest; Nevada, California and Arizona lead the nation in foreclosure filings. Prices ran up rapidly in these areas during the bubble years as speculators snapped up single-family homes and condos as investments.
In the first quarter, 1 of every 54 homes in Nevada received some type of foreclosure filing - more than any other state. Its largest city, Las Vegas, had 1 out of every 44 homes go into foreclosure.
Stockton, Calif., had the highest foreclosure rate out of any U.S. metro area, with 1 out of every 30 homes receiving a notice - nearly seven times higher than the national average. The Riverside/San Bernardino region had the second highest rate in the quarter, with one of every 38 homes in default.
Only two metro areas in the ranks of the 20 hardest hit were outside the Sunbelt - Detroit, which ranked sixth in the nation with 1 in every 68 households in default, and Cleveland which saw 1 in every 105 homes go into foreclosure.
The news comes despite increased foreclosure prevention efforts by lenders and community organizations. Hope Now, the coalition of mortgage lenders, servicers investors and community groups, announced Monday that it helped over a half a million home owners avoid foreclosure during the first three months of the year.
And some local governments have stepped up their programs to help borrowers, according to RealtyTrac CEO James Saccacio.
"For example, in late March Philadelphia issued a temporary moratorium on all foreclosure auctions for April," he said. "The city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt to create a loan workout plan that would prevent foreclosure."
More trouble ahead
Additionally, lawmakers in Washington, D.C. are at work on several plans that would deliver foreclosure relief to distressed borrowers.
All of these foreclosure prevention efforts may not be able to stand up to the tsunami of foreclosures on the way. Sharga says that a record number of hybrid adjustable rate mortgages (ARMs) - worth $362 billion - will reset in 2008.
These so-called "exploding ARMs" usually have low introductory interest rates that reset much higher after two or three years, and then re-adjust as often as every six months after that. Unless these loans can be reworked, many will fail.
"We expect to see another foreclosure peak in the late third or fourth quarter of the year," said Sharga, "because of the record number of resets coming."
Thursday, May 1, 2008
March housing activity report
NTREIS MLS Area Housing Activity ReportCompiled for North Texas Real Estate Information System
Current Month Summary for: March 2008
Click above link to see this last months reports regarding area housing activity. Home sales are down 25% from this time one year ago. However, the median price of homes has risen 2%.
To get you home sold successfully, you will need to have your home priced correctly and marketed effectively. Call me if you have any questions. J.J. Chapa 972-254-2011, www.JJChapa.com .
Current Month Summary for: March 2008
Click above link to see this last months reports regarding area housing activity. Home sales are down 25% from this time one year ago. However, the median price of homes has risen 2%.
To get you home sold successfully, you will need to have your home priced correctly and marketed effectively. Call me if you have any questions. J.J. Chapa 972-254-2011, www.JJChapa.com .
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