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Showing posts with label homebuilders. Show all posts
Showing posts with label homebuilders. Show all posts
Monday, February 27, 2012
Friday, February 24, 2012
Friday, May 7, 2010
Thursday, April 15, 2010
Wednesday, September 3, 2008
Housing price changes
Percentage change in home prices in June 2008 compared to year earlier in each market.
Atlanta -8.1%
Boston -5.2%
Charlotte -1.0%
Chicago -9.5%
Cleveland -7.3%
Dallas -3.2%
Denver -4.7%
Detroit -16.3%
Las Vegas -28.6%
Los Angeles -25.3%
Miami -28.3%
Minneapolis -13.9%
New York -7.3%
Phoenix -27.9%
Portland -5.8%
San Diego -24.2%
San Francisco -23.7%
Seattle -7.1%
Tampa -20.1%
Washington -15.7%
20-city composite -15.9%
SOURCE: Standard & Poor's and Fiserv
Dallas housing, while slumping slightly, is still one of the strongest housing markets in the country. For more information about your home either call me or sign up for my market snapshot service.
Market Snapshot-what's your home worth?
Atlanta -8.1%
Boston -5.2%
Charlotte -1.0%
Chicago -9.5%
Cleveland -7.3%
Dallas -3.2%
Denver -4.7%
Detroit -16.3%
Las Vegas -28.6%
Los Angeles -25.3%
Miami -28.3%
Minneapolis -13.9%
New York -7.3%
Phoenix -27.9%
Portland -5.8%
San Diego -24.2%
San Francisco -23.7%
Seattle -7.1%
Tampa -20.1%
Washington -15.7%
20-city composite -15.9%
SOURCE: Standard & Poor's and Fiserv
Dallas housing, while slumping slightly, is still one of the strongest housing markets in the country. For more information about your home either call me or sign up for my market snapshot service.
Market Snapshot-what's your home worth?
Monday, August 4, 2008
Analysts: U.S. mortgage defaults to accelerate, peak in a couple of years
07:24 AM CDT on Monday, August 4, 2008
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Friday, August 1, 2008
Link to area home sales for 2008
The first half of the years real estate results are in and it confirms what I have seen in the market. Sales are down. In some parts of DFW, they are down dramatically. However, a good marketing program, a house priced correctly and in good repair will help move you house quickly. This isn't a market to hold out for a high return on your equity. It is a market to just get it sold.
Click here to go to the link
Click here to go to the link
Monday, July 14, 2008
Mortgage companies and bad lending practices
With news that IndyMac is being absorbed by the government, Freddy Mac and Fannie Mae are in trouble and the bailout of Bear Stearnes, it just makes me realize that the last 8 years of lending practices has been the worst thing for our industry.
Sure, the last 8 years have been great for business. From lenders, title companies, Realtors, home warranty providers and anyone else that benefits from real estate....the business was great.
I often time found myself wondering, "how are these lenders able to give people that can't verify their income a loan for 105% of the homes worth?". But of course, I like so many others just figured that the banking industry knew what they were doing.
I am proud to say, that only one of the couples that I have sold a house to have been foreclosed on. That foreclosure had more to do with health than a bad loan product. I always make sure that my clients are NOT getting into a situation where I wouldn't place myself in. That's what a good agent does. They are your fiduciary. They act in your best interst.
Now, the "mortgage meltdown", as it has been named, is affecting everyone. The home that forecloses down the street affects my property value just as much as anyone else. To top it off? These bailouts will be paid by us, the taxpayers. The last 8 years were to good to be true. Now, it seems, the house of cards has come crashing down.
Sure, the last 8 years have been great for business. From lenders, title companies, Realtors, home warranty providers and anyone else that benefits from real estate....the business was great.
I often time found myself wondering, "how are these lenders able to give people that can't verify their income a loan for 105% of the homes worth?". But of course, I like so many others just figured that the banking industry knew what they were doing.
I am proud to say, that only one of the couples that I have sold a house to have been foreclosed on. That foreclosure had more to do with health than a bad loan product. I always make sure that my clients are NOT getting into a situation where I wouldn't place myself in. That's what a good agent does. They are your fiduciary. They act in your best interst.
Now, the "mortgage meltdown", as it has been named, is affecting everyone. The home that forecloses down the street affects my property value just as much as anyone else. To top it off? These bailouts will be paid by us, the taxpayers. The last 8 years were to good to be true. Now, it seems, the house of cards has come crashing down.
Monday, June 30, 2008
DFW Housing Prices per Dallas News
Dallas home prices fell 3.4 percent in April from a year earlier
11:15 PM CDT on Tuesday, June 24, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Dallas home prices took another dip in the latest measure of the U.S. housing market.
Local home prices fell 3.4 percent in April from a year earlier in the Standard & Poor's/Case-Shiller home price index released Tuesday.
The local decline is much lower than the 15.3 percent falloff in prices for the 20 cities surveyed in the monthly report. It was the largest nationwide drop in home prices on record.
Across the country, home prices have retreated to levels last seen in August 2004.
Every city in the benchmark Case-Shiller April report saw prices lower than a year ago.
Las Vegas and Miami had the biggest price declines, down more than 26 percent from last year.
The smallest decline was in Charlotte, N.C. – down 0.1 percent.
But there were small gains in some markets in April compared with March, including a 1.1 percent increase in Dallas.
"There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline," Standard & Poor's David Blitzer said.
"If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets," Mr. Blitzer said.
Case-Shiller tracks the prices of typical single-family homes in each metropolitan area.
The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare "arms-length sales" of specific single-family homes over time.
Also Tuesday, the Office of Federal Housing Enterprise Oversight reported that its home price index showed a 4.6 percent nationwide decline in prices for the 12 months ending in April.
But in the region that includes Texas, prices were up 1.9 percent from a year ago.
Agency surveys don't include all houses sold in the market and only those with mortgages of less than $417,000.
A report released this week by Harvard University's Joint Center for Housing Studies suggests that a turnaround in the nation's depressed housing market is a ways off.
Harvard's State of the Nation's Housing 2008 study described the current housing recession as "the worst in a generation."
11:15 PM CDT on Tuesday, June 24, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Dallas home prices took another dip in the latest measure of the U.S. housing market.
Local home prices fell 3.4 percent in April from a year earlier in the Standard & Poor's/Case-Shiller home price index released Tuesday.
The local decline is much lower than the 15.3 percent falloff in prices for the 20 cities surveyed in the monthly report. It was the largest nationwide drop in home prices on record.
Across the country, home prices have retreated to levels last seen in August 2004.
Every city in the benchmark Case-Shiller April report saw prices lower than a year ago.
Las Vegas and Miami had the biggest price declines, down more than 26 percent from last year.
The smallest decline was in Charlotte, N.C. – down 0.1 percent.
But there were small gains in some markets in April compared with March, including a 1.1 percent increase in Dallas.
"There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline," Standard & Poor's David Blitzer said.
"If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets," Mr. Blitzer said.
Case-Shiller tracks the prices of typical single-family homes in each metropolitan area.
The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare "arms-length sales" of specific single-family homes over time.
Also Tuesday, the Office of Federal Housing Enterprise Oversight reported that its home price index showed a 4.6 percent nationwide decline in prices for the 12 months ending in April.
But in the region that includes Texas, prices were up 1.9 percent from a year ago.
Agency surveys don't include all houses sold in the market and only those with mortgages of less than $417,000.
A report released this week by Harvard University's Joint Center for Housing Studies suggests that a turnaround in the nation's depressed housing market is a ways off.
Harvard's State of the Nation's Housing 2008 study described the current housing recession as "the worst in a generation."
Monday, June 23, 2008
1st Quarter report from NTREIS Collin County
Collin County employement increased by about 1000 jobs in the first quarter. The housing market:
- Average sales price of home $238,100.00
- 11,608 homes on the market (up from 8,382 from the qtr. before)
- 2,527 homes sod down from 2,620 from the qtr. before
- 351 new homes built down from 892 from the qtr before
- average days on the market is 91 up from 86 from the qtr before
Sunday, June 15, 2008
Dallas-Fort Worth pre-owned home sales drop 12%, prices rise
Dallas-Fort Worth pre-owned home sales drop 12%, prices rise
11:02 PM CDT on Monday, June 9, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Home sales dropped 12 percent in North Texas last month.
Even with the decline, overall prices eked out a 1 percent gain from a year ago.
Also Online
Report: U.S. pending home sales move higher
A median priced home sold for $154,000 in May – the highest price since last summer.
More than 7,700 pre-owned single-family homes in North Texas were sold last month, according to statistics released Monday by the North Texas Real Estate Information Systems and Texas A&M University's Real Estate Center.
Through the first five months of 2008, pre-owned home sales have fallen 14 percent in North Texas.
Median home prices are down 2 percent through May compared with the same period of last year.
The most positive economic news from the latest local housing data is that the number of homes for sale has fallen.
At the end of May, there were 44,910 pre-owned homes on the market – 10 percent less than a year ago. May's decline in inventory follows several months of smaller decreases from last year.
The decline in inventory is good news for North Texas and comes as the number of homes for sale is soaring in many U.S. markets.
The drop in homes on the market here "shows the market is still relatively strong and that the sales season hasn't seen much slippage," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center.
"Let's wait a while to proclaim the worst is over and see how things go," he said, "but I do agree it's a positive sign."
Real estate agents say that the supply of unsold homes on the market varies significantly by neighborhood.
"There is lot of inventory on the market in certain price ranges," said Mary Frances Burleson, president of Ebby Halliday Realtors. "But this is not a Las Vegas or Miami.
"We had a very good April and May, and people are still buying."
It's still taking longer to sell houses in North Texas. The average was 79 days in May, 14 percent longer than a year ago.
Currently there is just over a seven-month supply of pre-owned homes for sale in North Texas.
And don't expect an increase in completed home sales in the weeks ahead. The number of pending home purchases at the end of May was down 28 percent from a year earlier.
11:02 PM CDT on Monday, June 9, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Home sales dropped 12 percent in North Texas last month.
Even with the decline, overall prices eked out a 1 percent gain from a year ago.
Also Online
Report: U.S. pending home sales move higher
A median priced home sold for $154,000 in May – the highest price since last summer.
More than 7,700 pre-owned single-family homes in North Texas were sold last month, according to statistics released Monday by the North Texas Real Estate Information Systems and Texas A&M University's Real Estate Center.
Through the first five months of 2008, pre-owned home sales have fallen 14 percent in North Texas.
Median home prices are down 2 percent through May compared with the same period of last year.
The most positive economic news from the latest local housing data is that the number of homes for sale has fallen.
At the end of May, there were 44,910 pre-owned homes on the market – 10 percent less than a year ago. May's decline in inventory follows several months of smaller decreases from last year.
The decline in inventory is good news for North Texas and comes as the number of homes for sale is soaring in many U.S. markets.
The drop in homes on the market here "shows the market is still relatively strong and that the sales season hasn't seen much slippage," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center.
"Let's wait a while to proclaim the worst is over and see how things go," he said, "but I do agree it's a positive sign."
Real estate agents say that the supply of unsold homes on the market varies significantly by neighborhood.
"There is lot of inventory on the market in certain price ranges," said Mary Frances Burleson, president of Ebby Halliday Realtors. "But this is not a Las Vegas or Miami.
"We had a very good April and May, and people are still buying."
It's still taking longer to sell houses in North Texas. The average was 79 days in May, 14 percent longer than a year ago.
Currently there is just over a seven-month supply of pre-owned homes for sale in North Texas.
And don't expect an increase in completed home sales in the weeks ahead. The number of pending home purchases at the end of May was down 28 percent from a year earlier.
Friday, June 13, 2008
73000 homes went into foreclosure in May
73,000 homes lost to foreclosure in May
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
NEW YORK (CNNMoney.com) -- The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.
The report follows months of increasingly gloomy housing market conditions with home prices, existing home sales and new housing starts all plummeting. The S&P Case/Shiller Home Price Index posted a record 14.1% decline in national home prices for the 12 months ending March 31, while April's existing-home sales were down 17.5% year over year.
Worst-hit cities
Nevada remained the most troubled default state for the 17th consecutive month. One out of every 118 households there received some kind of foreclosure filing during May, up 24% from the previous month and 72% from a year ago.
California led the nation in the sheer volume of filings, with nearly 72,000 properties in some stage of default, which works out to one out of every 183 households. More than 20,000 Californians lost their homes, more than any other state.
Florida recorded over 37,000 filings and 4,300 bank repossessions. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California.
Stockton, Calif., was the worst-hit city last month, with one filing for every 75 households. Cape Coral, Fla., where one out of every 79 homes received a filing, was second. Other hard-hit places were Merced, Calif., which ranked third, Modesto, Calif., which was fourth and Riverside, Calif., which was fifth.
Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.
Default rates will rise for many more months, according to RealtyTrac vice president Rick Sharga, who thinks that there could be another 18 months of this activity left. Several factors will continue to boost filings.
"We haven't even seen the full effects of the Alt-As (mostly loans issued without verification of income and assets) yet," said Sharga. Many of these mortgages are option ARMs, negative amortization loans that let borrowers make very small, minimum payments that don't even cover the interest they owe each month. But soon, these payments will spike.
Also driving foreclosures is the fact that more people are walking away from homes they bought at the top of the market that have since lost a lot of value, according to Keith Gumbinger of HSH Associates, a publisher of mortgage industry data.
"These people are looking at the present value of their homes and at their debts and saying, 'What's the point of paying the mortgage?'" said Gumbinger. "We may have not finished wringing these people out of the market yet."
Sharga says that price declines are probably the market's biggest problem right now. "If prices stabilize, foreclosures will too," he said.
As more people than ever are losing their homes, some state and local governments are trying to slow the foreclosure tsunami. Colorado has extended the initial default period to as much as 125 days, and Maryland has increased it to 150 days.
In Philadelphia, homeowner's can't be foreclosed on without having the opportunity to go through a court-sponsored reconciliation session.
Additionally, the administration's foreclosure prevention initiative Hope Now says it has helped over one million at-risk borrowers avoid foreclosure.
These measures help, according to Sharga, but to really break the spiral, more intervention on the federal level may be needed.
"The quickest solution is to get buyers buying again," he said. "The government may have to take some strong action to make that happen."
Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
NEW YORK (CNNMoney.com) -- The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% from May 2007, according to the latest release from RealtyTrac, the online marketer of foreclosed properties. Filings increased 7% from April.
"May was the 29th straight month we've seen a year-over-year increase," RealtyTrac's CEO James Saccacio said in a statement.
The report follows months of increasingly gloomy housing market conditions with home prices, existing home sales and new housing starts all plummeting. The S&P Case/Shiller Home Price Index posted a record 14.1% decline in national home prices for the 12 months ending March 31, while April's existing-home sales were down 17.5% year over year.
Worst-hit cities
Nevada remained the most troubled default state for the 17th consecutive month. One out of every 118 households there received some kind of foreclosure filing during May, up 24% from the previous month and 72% from a year ago.
California led the nation in the sheer volume of filings, with nearly 72,000 properties in some stage of default, which works out to one out of every 183 households. More than 20,000 Californians lost their homes, more than any other state.
Florida recorded over 37,000 filings and 4,300 bank repossessions. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California.
Stockton, Calif., was the worst-hit city last month, with one filing for every 75 households. Cape Coral, Fla., where one out of every 79 homes received a filing, was second. Other hard-hit places were Merced, Calif., which ranked third, Modesto, Calif., which was fourth and Riverside, Calif., which was fifth.
Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.
Default rates will rise for many more months, according to RealtyTrac vice president Rick Sharga, who thinks that there could be another 18 months of this activity left. Several factors will continue to boost filings.
"We haven't even seen the full effects of the Alt-As (mostly loans issued without verification of income and assets) yet," said Sharga. Many of these mortgages are option ARMs, negative amortization loans that let borrowers make very small, minimum payments that don't even cover the interest they owe each month. But soon, these payments will spike.
Also driving foreclosures is the fact that more people are walking away from homes they bought at the top of the market that have since lost a lot of value, according to Keith Gumbinger of HSH Associates, a publisher of mortgage industry data.
"These people are looking at the present value of their homes and at their debts and saying, 'What's the point of paying the mortgage?'" said Gumbinger. "We may have not finished wringing these people out of the market yet."
Sharga says that price declines are probably the market's biggest problem right now. "If prices stabilize, foreclosures will too," he said.
As more people than ever are losing their homes, some state and local governments are trying to slow the foreclosure tsunami. Colorado has extended the initial default period to as much as 125 days, and Maryland has increased it to 150 days.
In Philadelphia, homeowner's can't be foreclosed on without having the opportunity to go through a court-sponsored reconciliation session.
Additionally, the administration's foreclosure prevention initiative Hope Now says it has helped over one million at-risk borrowers avoid foreclosure.
These measures help, according to Sharga, but to really break the spiral, more intervention on the federal level may be needed.
"The quickest solution is to get buyers buying again," he said. "The government may have to take some strong action to make that happen."
Monday, June 9, 2008
High cost of gas
Could we actually be facing $5 a gallon for gas as a national average? This tremendous increase in fuel is spurring what I call "fuel driven regentrification". What does that mean?
People are moving back into the city. Areas that were dead even 2 years ago are experiencing a tremendous surge in popularity among todays buyers. The suburbs are definatley out right now. Cities like Irving, Farmers Branch, Garland, Richardson are seeing tremendous amounts of interst from todays buyers. The suburbs are saved only by the telecomuter and those that have their employers based in the suburbs.
Interesting times for sure.
People are moving back into the city. Areas that were dead even 2 years ago are experiencing a tremendous surge in popularity among todays buyers. The suburbs are definatley out right now. Cities like Irving, Farmers Branch, Garland, Richardson are seeing tremendous amounts of interst from todays buyers. The suburbs are saved only by the telecomuter and those that have their employers based in the suburbs.
Interesting times for sure.
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.
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.
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 .
Wednesday, April 9, 2008
Dallas Morning News Reports; DFW area home sales slide by 25%
Dallas-Fort Worth sales of pre-owned homes drop 25%
11:29 PM CDT on Monday, April 7, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
North Texas pre-owned home sales slid 25 percent in March from a year ago.
Last month's decline in home sales – one of the steepest so far – was enough to put the entire first quarter into a double-digit downturn, according to preliminary statistics released Monday by the North Texas Real Estate Information System.
During the first three months of 2008, pre-owned home sales in North Texas dropped by 18 percent from the same period last year, according to sales through the Realtors' multiple listing services.
Even so, median prices remained relatively unchanged – down only 1 percent during the quarter.
And the number of single-family houses on the market dropped 5 percent in March.
Real estate agents say business has increased in recent weeks, and they hope that the spring home sales season won't be a bust this year.
"Traffic has definitely picked up, and showings have picked up," said Jim Fite, president of Dallas-based Century 21 Judge Fite Co. "A lot of inventory is being bought up from the foreclosures, and that's a good thing."
At the end of March, about a 6.4-month supply of homes was listed for sale in the Dallas area.
Six months is widely considered a balanced market.
Much of the decline in home sales is being attributed to tougher lending standards that have locked some potential buyers out of the market.
Investors who had purchased thousands of houses are also on the sidelines.
The first-quarter drop in pre-owned single-family home sales – while significant – was less than the 30 percent-plus decline in new home sales in Dallas-Fort Worth during the same period.
Sales of condominiums and townhouses have fallen even further – down 40 percent in March from a year earlier, according to the latest Realtor numbers.
The outlook for the period ahead is clouded.
Pending house sales were down 30 percent last month from a year earlier.
The number of pending condo and townhouse sales was down 37 percent.
Economists don't expect a quick rebound in the local housing market.
"My best guess is no real market improvement until latter 2009," said Dr. James Gaines with Texas A&M University's Real Estate Center. "This year and next will be trying for everybody.
"2009 probably may show some slight improvement, but nothing to get real excited about," he said. "It'll take that long to work through the excess new home inventory plus sell off all the foreclosures, which won't slow down until later next year."
11:29 PM CDT on Monday, April 7, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
North Texas pre-owned home sales slid 25 percent in March from a year ago.
Last month's decline in home sales – one of the steepest so far – was enough to put the entire first quarter into a double-digit downturn, according to preliminary statistics released Monday by the North Texas Real Estate Information System.
During the first three months of 2008, pre-owned home sales in North Texas dropped by 18 percent from the same period last year, according to sales through the Realtors' multiple listing services.
Even so, median prices remained relatively unchanged – down only 1 percent during the quarter.
And the number of single-family houses on the market dropped 5 percent in March.
Real estate agents say business has increased in recent weeks, and they hope that the spring home sales season won't be a bust this year.
"Traffic has definitely picked up, and showings have picked up," said Jim Fite, president of Dallas-based Century 21 Judge Fite Co. "A lot of inventory is being bought up from the foreclosures, and that's a good thing."
At the end of March, about a 6.4-month supply of homes was listed for sale in the Dallas area.
Six months is widely considered a balanced market.
Much of the decline in home sales is being attributed to tougher lending standards that have locked some potential buyers out of the market.
Investors who had purchased thousands of houses are also on the sidelines.
The first-quarter drop in pre-owned single-family home sales – while significant – was less than the 30 percent-plus decline in new home sales in Dallas-Fort Worth during the same period.
Sales of condominiums and townhouses have fallen even further – down 40 percent in March from a year earlier, according to the latest Realtor numbers.
The outlook for the period ahead is clouded.
Pending house sales were down 30 percent last month from a year earlier.
The number of pending condo and townhouse sales was down 37 percent.
Economists don't expect a quick rebound in the local housing market.
"My best guess is no real market improvement until latter 2009," said Dr. James Gaines with Texas A&M University's Real Estate Center. "This year and next will be trying for everybody.
"2009 probably may show some slight improvement, but nothing to get real excited about," he said. "It'll take that long to work through the excess new home inventory plus sell off all the foreclosures, which won't slow down until later next year."
Thursday, April 3, 2008
A sign of a housing market pickup
Job creation is a good sign that the housing market is on the upswing. Typically, for every two new jobs created, one new home-owner is created.
Wednesday, March 26, 2008
To discount or not to discount
One Realtor offers to list your house (that’s “market your house in an attempt to get it sold” in the real world) for 6% commission; the next person you interview will do it for 5%. No brainer decision, right?
Give it some careful thought.
As I explained in some excruciating detail in a former post, the listing agent collects all of the commission for both the Buyer’s and Seller’s sides of a transaction. In Albuquerque right now, you offer 3% to the Buyer’s representative or you can pretty much forget about your house ever being shown. That means the agent willing to take 5% will collect 2% for herself and give 3% away. That same agent didn’t HAVE to take 5%. In fact, she may have other listings at 5.5%, 6%, 7%, etc.
On a typical morning, after getting the kids off to school, going to the gym, showering, starting a load of laundry, taking something out to defrost for dinner, eating some bon bon’s she finds in the freezer next to the peas (ah, the leisurely life of the Realtor), she gets going on some "real" work.
Looking at her listing inventory, she (perhaps subconsciously) sees her work in this way:
House 1 (YOUR house) – 5% commission, 2% to her
House 2 – 5% commission, 2% to her
House 3 – 6% commission, 3% to her
House 4 – 6% commission, 3% to her
House 5 – 7% commission, 4% to her
As Homeowner #1, where do you think you rank in your Realtor’s list of priorities for the day?
Give it some careful thought.
As I explained in some excruciating detail in a former post, the listing agent collects all of the commission for both the Buyer’s and Seller’s sides of a transaction. In Albuquerque right now, you offer 3% to the Buyer’s representative or you can pretty much forget about your house ever being shown. That means the agent willing to take 5% will collect 2% for herself and give 3% away. That same agent didn’t HAVE to take 5%. In fact, she may have other listings at 5.5%, 6%, 7%, etc.
On a typical morning, after getting the kids off to school, going to the gym, showering, starting a load of laundry, taking something out to defrost for dinner, eating some bon bon’s she finds in the freezer next to the peas (ah, the leisurely life of the Realtor), she gets going on some "real" work.
Looking at her listing inventory, she (perhaps subconsciously) sees her work in this way:
House 1 (YOUR house) – 5% commission, 2% to her
House 2 – 5% commission, 2% to her
House 3 – 6% commission, 3% to her
House 4 – 6% commission, 3% to her
House 5 – 7% commission, 4% to her
As Homeowner #1, where do you think you rank in your Realtor’s list of priorities for the day?
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