Showing posts with label dallas housing market. Show all posts
Showing posts with label dallas housing market. Show all posts
Thursday, July 11, 2013
Tuesday, April 19, 2011
1439 Snowberry, Allen, Texas
Call me today for your private viewing of this home. Priced to sell quickly! 972-254-2011
Thursday, December 30, 2010
Tuesday, December 28, 2010
Wednesday, November 24, 2010
Thursday, November 11, 2010
Wednesday, April 21, 2010
Mortgage Rates Fall But Stay Above 5%
McLEAN, Va. – Rates for long-term mortgages dropped this week but still remained above 5 percent, mortgage financier Freddie Mac said Thursday.
The average rate on a 30-year fixed-rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, a survey by Freddie Mac said. Last week's average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.
Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.
"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac's chief economist.
This week, the average rate on a 15-year fixed-rate mortgage was 4.4 percent, down from 4.52 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The Associated Press
The average rate on a 30-year fixed-rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, a survey by Freddie Mac said. Last week's average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.
Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.
"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac's chief economist.
This week, the average rate on a 15-year fixed-rate mortgage was 4.4 percent, down from 4.52 percent last week.
Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The Associated Press
Thursday, April 15, 2010
Monday, February 15, 2010
Friday, November 6, 2009
Thursday, June 18, 2009
Monday, June 1, 2009
Monday, January 19, 2009
My numbers for 2007
The measure of a good real estate professional is results. That's it. Period. Just results. Can your agent close deals?
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Tuesday, December 16, 2008
Dallas housing market
Yes. Houses are still selling. Buyers are still buying. There is just a lot less of it happening in todays market. Like everything, ever market must shift. The excess in our housing market and the excess values (in some parts of the nation) have reared their heads.
The PRO is that the DFW market, while slow, is still one of the strongest in the nation. Why? With the tremendous burdens our nations businesses are facing, many of them are choosing to re-locate into the DFW area where the cost of living is one of the most affordable in the nation.
Call me and let's discuss your re-location needs or your need to up-size or down-size your housing.
The PRO is that the DFW market, while slow, is still one of the strongest in the nation. Why? With the tremendous burdens our nations businesses are facing, many of them are choosing to re-locate into the DFW area where the cost of living is one of the most affordable in the nation.
Call me and let's discuss your re-location needs or your need to up-size or down-size your housing.
Friday, October 10, 2008
New listings down
-J.J.'s opinion- Fewer homes on the market with shorter days on the market is a start to correcting our Dallas area housing market -end opinion-
The Dallas area has had one of the largest drops in home listings in the country in recent months, according to a new report.
Altos Research and Real IQ said Wednesday that during the last three months, the number of homes for sale in the Dallas area declined more than 9 percent.
Nationwide, home sales listings fell more than 4 percent on average in the research firm's 21-city comparison.
"While inventories have continued to slowly decline, they remain at historically high levels," Stephen Bedikian, partner and research director for Real IQ, said in the report. "The result is that prices remain under pressure in most markets.
"Until we see large and sustained declines in inventory, we're not going to see a market bottom."
That's less the case in Dallas, where home listings dropped 9.2 percent in the last three months, according to the report. Only Seattle, with 9.3 percent, has seen a bigger decline in the number of homes for sale.
Local statistics show the drop in pre-owned homes for sale may be even steeper. MLS listings fell 15 percent from a year earlier, according to September numbers.
And the number of vacant new homes on the market was down more than 25 percent from the peak.
But hard-hit housing markets are still seeing increases in the number of homes for sale. Listings rose last month in Phoenix, Philadelphia, Charlotte, N.C., and Boston, Altos Research reports.
And in 19 of the 26 markets the research firm tracks, it now takes more than 100 days on average to sell a home. The worst case is in Miami, where it takes six months on average to find a buyer.
The Dallas area has one of the shortest times in the country at 96 days, according to Altos.
Average home listing prices here were flat, according to the report, while they were down about 3 percent nationally in the last three months.
HOME LISTING INVENTORY
Percent change during previous three months.
BIGGEST DECLINES
Seattle: -9.3%
Dallas: -9.2%
Austin: -7.7%
Detroit: -7.3%
San Francisco: -7.3%
SOURCE: Altos Research and
The Dallas area has had one of the largest drops in home listings in the country in recent months, according to a new report.
Altos Research and Real IQ said Wednesday that during the last three months, the number of homes for sale in the Dallas area declined more than 9 percent.
Nationwide, home sales listings fell more than 4 percent on average in the research firm's 21-city comparison.
"While inventories have continued to slowly decline, they remain at historically high levels," Stephen Bedikian, partner and research director for Real IQ, said in the report. "The result is that prices remain under pressure in most markets.
"Until we see large and sustained declines in inventory, we're not going to see a market bottom."
That's less the case in Dallas, where home listings dropped 9.2 percent in the last three months, according to the report. Only Seattle, with 9.3 percent, has seen a bigger decline in the number of homes for sale.
Local statistics show the drop in pre-owned homes for sale may be even steeper. MLS listings fell 15 percent from a year earlier, according to September numbers.
And the number of vacant new homes on the market was down more than 25 percent from the peak.
But hard-hit housing markets are still seeing increases in the number of homes for sale. Listings rose last month in Phoenix, Philadelphia, Charlotte, N.C., and Boston, Altos Research reports.
And in 19 of the 26 markets the research firm tracks, it now takes more than 100 days on average to sell a home. The worst case is in Miami, where it takes six months on average to find a buyer.
The Dallas area has one of the shortest times in the country at 96 days, according to Altos.
Average home listing prices here were flat, according to the report, while they were down about 3 percent nationally in the last three months.
HOME LISTING INVENTORY
Percent change during previous three months.
BIGGEST DECLINES
Seattle: -9.3%
Dallas: -9.2%
Austin: -7.7%
Detroit: -7.3%
San Francisco: -7.3%
SOURCE: Altos Research and
Monday, October 6, 2008
Countrywide to modify mortgages
The New York Times
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in Texas and 10 other states.
The agreement comes just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
To settle the suits, it will provide $8.4 billion in direct loan relief, affecting an estimated 400,000 borrowers nationwide, while waiving certain fees and setting aside additional funds to help people in foreclosure who are relocating.
"Countrywide's greed turned the American dream into a nightmare for thousands,"said California Attorney General Jerry Brown. He led the negotiations for the states with Lisa Madigan, the Illinois attorney general.
"Our goal here is to help as many people stay in their homes as possible and get some compensation for those who have already been pushed out of their homes," he said.
Details on how many homeowners in Texas would be helped were not available.
The Countrywide effort is the most comprehensive mandatory loan workout program since the mortgage crisis began last year. Congress has proposed various programs, but those measures did not make it into the final $700 billion government bailout.
Countrywide has pledged before to modify large swaths of loans. Late last year, it vowed to help about 82,000 borrowers who were facing higher payments through 2008. But the new program will be mandatory and will be monitored by state officials.
Along with the direct relief, Countrywide will waive late fees of $79 million and prepayment penalties of $56 million and suspend foreclosures on delinquent borrowers with the riskiest loans.
A foreclosure relief fund will be created with $150 million from Countrywide to help borrowers who are four months or more behind on their payments or whose homes have already been foreclosed on. The company will also provide $70 million to help troubled borrowers relocate to rental housing. In all, Countrywide is setting aside $8.7 billion to help borrowers.
A Bank of America spokesman, James E. Mahoney, said the cost of the program had been anticipated by the company in its acquisition of Countrywide.
Countrywide settled with the states without admitting any wrongdoing.
Under the terms of the settlement, Countrywide will reduce principal balances in some cases and cut interest rates in others. Rates could decline to 2.5 percent, depending upon a borrower's ability to pay, and remain at that level for five years. Then the rate will adjust to prevailing interest rates charged by Fannie Mae on its fixed-rate mortgages.
The program will focus on borrowers who were placed in the riskiest loans, including adjustable-rate mortgages whose interest rates reset significantly several years after the loans were made. Pay-option mortgages, under which a borrower must pay only a small fraction of the interest and principal, thereby allowing the loan balance to increase, are also included in the modifications.
Borrowers whose first payment was due between Jan. 1, 2004, and Dec. 31, 2007, can participate. The loan balance must be at least 75 percent of the current value of the home, and the borrower must be able to afford the adjusted monthly payments.
Other states in the settlement are Arizona, Connecticut, Florida, Iowa, Michigan, North Carolina, Ohio and Washington. It is the largest predatory lending settlement in history, far exceeding the $484 million deal struck in 2002 with the Household Finance Corp.
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in Texas and 10 other states.
The agreement comes just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
To settle the suits, it will provide $8.4 billion in direct loan relief, affecting an estimated 400,000 borrowers nationwide, while waiving certain fees and setting aside additional funds to help people in foreclosure who are relocating.
"Countrywide's greed turned the American dream into a nightmare for thousands,"said California Attorney General Jerry Brown. He led the negotiations for the states with Lisa Madigan, the Illinois attorney general.
"Our goal here is to help as many people stay in their homes as possible and get some compensation for those who have already been pushed out of their homes," he said.
Details on how many homeowners in Texas would be helped were not available.
The Countrywide effort is the most comprehensive mandatory loan workout program since the mortgage crisis began last year. Congress has proposed various programs, but those measures did not make it into the final $700 billion government bailout.
Countrywide has pledged before to modify large swaths of loans. Late last year, it vowed to help about 82,000 borrowers who were facing higher payments through 2008. But the new program will be mandatory and will be monitored by state officials.
Along with the direct relief, Countrywide will waive late fees of $79 million and prepayment penalties of $56 million and suspend foreclosures on delinquent borrowers with the riskiest loans.
A foreclosure relief fund will be created with $150 million from Countrywide to help borrowers who are four months or more behind on their payments or whose homes have already been foreclosed on. The company will also provide $70 million to help troubled borrowers relocate to rental housing. In all, Countrywide is setting aside $8.7 billion to help borrowers.
A Bank of America spokesman, James E. Mahoney, said the cost of the program had been anticipated by the company in its acquisition of Countrywide.
Countrywide settled with the states without admitting any wrongdoing.
Under the terms of the settlement, Countrywide will reduce principal balances in some cases and cut interest rates in others. Rates could decline to 2.5 percent, depending upon a borrower's ability to pay, and remain at that level for five years. Then the rate will adjust to prevailing interest rates charged by Fannie Mae on its fixed-rate mortgages.
The program will focus on borrowers who were placed in the riskiest loans, including adjustable-rate mortgages whose interest rates reset significantly several years after the loans were made. Pay-option mortgages, under which a borrower must pay only a small fraction of the interest and principal, thereby allowing the loan balance to increase, are also included in the modifications.
Borrowers whose first payment was due between Jan. 1, 2004, and Dec. 31, 2007, can participate. The loan balance must be at least 75 percent of the current value of the home, and the borrower must be able to afford the adjusted monthly payments.
Other states in the settlement are Arizona, Connecticut, Florida, Iowa, Michigan, North Carolina, Ohio and Washington. It is the largest predatory lending settlement in history, far exceeding the $484 million deal struck in 2002 with the Household Finance Corp.
Thursday, October 2, 2008
Friday, September 26, 2008
Dallas housing market: Nations strongest market
With news of the Federal Reserve rate cut, anxieties about a declining housing market and a possible recession are spreading across the country. The good news for Dallasites is that the Dallas housing market is the strongest of any major city in the United States.
A recent PMI Group study reported that the risk of U.S. housing price declines remained low in many areas of the South, Midwest and Northwest. Among the 50 largest metropolitan statistical areas, Texas cities were the lowest and most stable in risk outlook during 2007.
Home prices in Dallas have avoided the speculative bubble that rapidly drove so much of America's real estate to record prices and record unsold inventory levels. To this point, home prices in the Dallas area increased a steady 17% over the last five years, while the U.S. averaged an extreme 53.5% increase during the same time period, according to the Office of Federal Housing Enterprise Oversight. Inevitably, the rest of the country now suffers from rising mortgage foreclosures, falling housing prices and weekly real estate auctions.
Dallas has consistently outpaced the rest of the country on nearly every important economic stability indicator and is currently running counter to national housing trends. There are three reasons why.
First, prices have remained stable in Dallas because the Metroplex has both favorable zoning regulations and an ample land supply, factors that allow the market to keep up with demand. Few restrictions and land availability give builders easy access to enter or leave the market depending on changing market conditions. This competition has proven to be highly responsive to the market and therefore effective in creating price and supply stability.
A second factor that supports the continued housing demand and stable home prices is that Dallas continues to experience a robust job market. For a city's housing growth to be stable and healthy, the demand must be reflective of internal job and income growth. Texas is adding jobs at the rate of almost 250,000 per year -- nearly double the rates of Florida, Arizona and New York. The Dallas metro area alone added more than 90,000 jobs last year, leading the nation as one of the top 10 cities in employment growth. An influx of jobs, incomes and availability of living space helps keep new and used house prices in the Metroplex safe from excessive price increases and corrections.
The third reason Dallas has avoided the current housing crisis is its physical location, central to both U.S. coasts and Mexico. The Dallas/Fort Worth International Airport, mild climate and prime location have helped attract diverse industries and a number of major corporate relocations. The Texas economy is one of the most diverse in the country, with major players in key long-term growth sectors, notably transportation, aerospace and defense, financial services, high-tech electronics, retail and wholesale trade.
To ensure that strong housing trends continue here, proactive steps have been initiated that keep our city's housing supply aligned with new consumer demands. For example, the Uptown housing landscape now accommodates buyers with many new housing options. Twenty years ago, few condos or high-end rentals were offered because there was inadequate infrastructure to support demand. As demand increased, zoning expanded to permit much higher densities with a mix of commercial, rental and retail properties in the area, transforming Uptown into an exciting urban experience.
Dallas developers have demonstrated real responsiveness to the needs of the market. Condo ownership and high-end apartment rentals are now a convenient alternative to single-family homes. Baby boomers who want to downsize and young adults who want to be close to Dallas' cultural offerings are creating a need for new development opportunities.
The Dallas residential market, especially for condominiums, is still emerging: Dallas is the fourth largest city in the country, but only the 16th largest condominium market. Condominiums typically account for 7.7% of the housing stock in the top 50 U.S. markets. In Dallas, however, they represent only 4.4% of available housing.
Condos eventually will be one of the strongest sectors in the marketplace, but the housing slowdown has affected the middle-market condo and luxury condo market, although some of the slowdown appears to be psychological.
Condos selling for less than $400,000 have been affected by the tightening mortgage supply, but decreasing rates should provide some relief. Condos priced at $650,000 to more than $1 million also have slowed as buyers sit on the sidelines. Drexel Development Co. continues to sell about three condos a month, compared to four a month in 2007.
Dallas, by virtue of its robust job growth, land resources and location, has avoided the major housing problems that beset other U.S. cities and can leverage continued economic success by viewing its land as a reusable resource and evolving its housing market to keep up with changing lifestyle demands.
EDELMAN is president of Drexel Development Co., which builds luxury apartments and condominiums.
A recent PMI Group study reported that the risk of U.S. housing price declines remained low in many areas of the South, Midwest and Northwest. Among the 50 largest metropolitan statistical areas, Texas cities were the lowest and most stable in risk outlook during 2007.
Home prices in Dallas have avoided the speculative bubble that rapidly drove so much of America's real estate to record prices and record unsold inventory levels. To this point, home prices in the Dallas area increased a steady 17% over the last five years, while the U.S. averaged an extreme 53.5% increase during the same time period, according to the Office of Federal Housing Enterprise Oversight. Inevitably, the rest of the country now suffers from rising mortgage foreclosures, falling housing prices and weekly real estate auctions.
Dallas has consistently outpaced the rest of the country on nearly every important economic stability indicator and is currently running counter to national housing trends. There are three reasons why.
First, prices have remained stable in Dallas because the Metroplex has both favorable zoning regulations and an ample land supply, factors that allow the market to keep up with demand. Few restrictions and land availability give builders easy access to enter or leave the market depending on changing market conditions. This competition has proven to be highly responsive to the market and therefore effective in creating price and supply stability.
A second factor that supports the continued housing demand and stable home prices is that Dallas continues to experience a robust job market. For a city's housing growth to be stable and healthy, the demand must be reflective of internal job and income growth. Texas is adding jobs at the rate of almost 250,000 per year -- nearly double the rates of Florida, Arizona and New York. The Dallas metro area alone added more than 90,000 jobs last year, leading the nation as one of the top 10 cities in employment growth. An influx of jobs, incomes and availability of living space helps keep new and used house prices in the Metroplex safe from excessive price increases and corrections.
The third reason Dallas has avoided the current housing crisis is its physical location, central to both U.S. coasts and Mexico. The Dallas/Fort Worth International Airport, mild climate and prime location have helped attract diverse industries and a number of major corporate relocations. The Texas economy is one of the most diverse in the country, with major players in key long-term growth sectors, notably transportation, aerospace and defense, financial services, high-tech electronics, retail and wholesale trade.
To ensure that strong housing trends continue here, proactive steps have been initiated that keep our city's housing supply aligned with new consumer demands. For example, the Uptown housing landscape now accommodates buyers with many new housing options. Twenty years ago, few condos or high-end rentals were offered because there was inadequate infrastructure to support demand. As demand increased, zoning expanded to permit much higher densities with a mix of commercial, rental and retail properties in the area, transforming Uptown into an exciting urban experience.
Dallas developers have demonstrated real responsiveness to the needs of the market. Condo ownership and high-end apartment rentals are now a convenient alternative to single-family homes. Baby boomers who want to downsize and young adults who want to be close to Dallas' cultural offerings are creating a need for new development opportunities.
The Dallas residential market, especially for condominiums, is still emerging: Dallas is the fourth largest city in the country, but only the 16th largest condominium market. Condominiums typically account for 7.7% of the housing stock in the top 50 U.S. markets. In Dallas, however, they represent only 4.4% of available housing.
Condos eventually will be one of the strongest sectors in the marketplace, but the housing slowdown has affected the middle-market condo and luxury condo market, although some of the slowdown appears to be psychological.
Condos selling for less than $400,000 have been affected by the tightening mortgage supply, but decreasing rates should provide some relief. Condos priced at $650,000 to more than $1 million also have slowed as buyers sit on the sidelines. Drexel Development Co. continues to sell about three condos a month, compared to four a month in 2007.
Dallas, by virtue of its robust job growth, land resources and location, has avoided the major housing problems that beset other U.S. cities and can leverage continued economic success by viewing its land as a reusable resource and evolving its housing market to keep up with changing lifestyle demands.
EDELMAN is president of Drexel Development Co., which builds luxury apartments and condominiums.
Monday, September 22, 2008
Exciting service upgrades
My office has upgraded our virtual tour technology and will be parterning with Just Snooping.com to bring an even better marketing piece to market our awesome listings.
Look for new exciting changes to the virtual tour technology on all listings from today on. Samples are coming.
Our office is always looking at how we can improve on how we market our listings. We are one of the only offices that is still having tremendous success getting our listings sold. Our comprehensive marketing package is the reason why. This upgrade makes our marketing package even stronger.
Look for new exciting changes to the virtual tour technology on all listings from today on. Samples are coming.
Our office is always looking at how we can improve on how we market our listings. We are one of the only offices that is still having tremendous success getting our listings sold. Our comprehensive marketing package is the reason why. This upgrade makes our marketing package even stronger.
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