Articles Tagged "Selling a house"

The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today.  DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.

And what a difference a month makes.  Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year.   In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021.   Homes in DFW spend an average of 23 days on the market before selling.

Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates:  "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."

While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said.   Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing.  "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."

A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons.  According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.

Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.

According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June.  Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.

The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit.  Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing.  This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"

Luong said he sees positive signs in the market.  The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country.   "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."

• Dallas Business Journal, August 19, 2022

Having a well-appointed kitchen is a must, especially if you plan on selling your house in the near future. Kitchen updates hold their value when you resell, plus it's just nice to enjoy cooking in a clean, modern kitchen with new appliances. Here are five updates our real estate agents promise you'll enjoy, and the boost in your home's appeal to buyers won't hurt either.

• Smart Fridge
  You may have seen smart kitchen appliances before in Dallas homes for sale or glimpsed refrigerators with big screens on the front of them while shopping. While it may seem like overkill, it makes total sense for our kitchens to use the same smart technology that we use in the rest of our lives. For instance, a smart fridge can display a calendar on that screen with the entire family's schedules, or it can let you know when you're running low on something. It can even add to your shopping list! A smart fridge can also act as the communication hub in your upgraded kitchen and control other smart appliances. For instance, from an app on your phone, you could direct the smart fridge to start the dishwasher.
  
  
• Smart Oven
  After the fridge, the next appliance that can benefit from a "smart" upgrade is your oven. With a smart oven, you never have to worry about having left it on, as you can check that from an app, even after you've left the house. Plus, you can preheat the oven or even start cooking remotely using the app.
  
  
• Induction Stove
  Speaking of cooking, if you haven't cooked on an induction stove yet, you don't know what you're missing. An induction stove is the best of both worlds, electric versus gas. You get the easy-to-clean smooth service of a glass-top electric stove, but with a heat source that is as fast as gas, if not faster. Plus, since induction stoves use magnetic fields to generate heat, the stove's surfaces don't get hot, making this top-of-the-line type of stove a preferred option for professional-level chefs and parents alike.
  
  
• Refrigerated Drawer
  A popular trend in kitchens is to install drawers instead of cabinets for easier access. Drawers aren't just for pots, pans, and pantries, either. A refrigerated drawer under the counter puts what you're looking for right at your fingertips. For instance, a drawer instead of a more traditional wine fridge makes it easier to see all of your options at once. Likewise, a produce drawer makes it easier to eat healthy, whether you're preparing dinner or grabbing a snack.
  
  
• Second Sink
  While it's not strictly a kitchen appliance, having a prep sink or a butler's pantry with its own sink should be high on your list of kitchen upgrades. Having a second sink enables you to get more done in the kitchen when prepping for big meals, or even just a separate sink for the family to use for hand washing while you're cooking.

Just think, with a few carefully chosen kitchen upgrades in 2022, by this time next year, you'll be cooking for the holidays in a much different kitchen... or perhaps in an entirely different home if you're planning a move in 2022! If you're ready to start the search for your dream home or just want to get some information about upgrading your current home to sell, contact us today.

Today's real estate market remains hot, hot, hot, with sellers enjoying high prices, while buyers are facing a highly competitive market that has made it difficult for some to land the home they're longing for. This is especially true for those selling homes in Dallas/Fort Worth or shopping for Dallas homes for sale and Fort Worth homes for sale. 

It's easy to get distracted during the buying or selling process by certain widespread real estate myths. Our real estate agents help many families in the area find their dream home and advise them to not fall for misconceptions they might hear from well-meaning friends and family members.

Read on about some common real estate myths you should not fall for.

• Myth 1: You don't need to do any prep work
  Many home shoppers think the process starts by rushing out and touring houses either in person or online before you've gotten yourself organized. The best course of action to ensure a smooth transaction is to plan your financing. Get either a preapproval letter or perhaps even a prequalification letter, from the lender you choose. This will help you be prepared when it's time to make an offer, but you'll also be able to focus on searching within the price range you're qualified for -- rather than wasting time looking at homes that are out of reach.
  
  
• Myth 2: You can do it alone
  You'll be missing the expertise an agent brings to the process, including knowledge of market conditions, and above all, the ability to negotiate the best deal. A good agent will also help you get your paperwork ready. Organized, complete paperwork can make the process flow much more smoothly than when papers and forms are shoddily prepared and incomplete.
  
  
• Myth 3: You can rely solely on online sources
  These resources can tell you a lot, such as an estimate of what your home is worth, or a calculation of your monthly mortgage payment. What's missing is a visit to a property by an agent, who can determine if the data is all correct.
  
  
• Myth 4: You won't need to worry about repairs
  Modern builders are tending to build quickly at minimal expense. That means you need to exercise caution regarding lower-quality construction. Hire a home inspector who is well versed in new home construction to suss out potential problems. Talk to your real estate agent about what to look for in new home construction  -- or older homes if you're looking at an older model.
  
  
• Myth 5: You should always offer less than the asking price for a home
  Low-balling the seller can be annoying to the point they may move on to a potential buyer who's easier to work with. Do you really want the home? Is the price reasonable? Then offer the list price or a price that's close to it. In really hot markets, you may need to offer over the list price to make sure you're in the competition. Your real estate agent should be able to help you strategize the best approach.

Need more help navigating today's real estate market? Contact us today.

Pet ownership in the U.S. has never been so high, with 48 million dog-owning households and 32 million cat-owning households, according to the American Veterinary Medical Association. But if you're one of them, and you're getting ready to list your home among Fort Worth homes for sale or Dallas homes for sale, it's important to remember that not everyone loves pets -- particularly when they're trying to look at a home and envision themselves in that setting. Someone else's pet can be a considerable distraction, whether it's the pet itself or just evidence that a pet is in residence.

Keep these seven tips in mind when getting your home ready for the market.

1. Plan for Showings
   If possible, make sure your pet is gone when a potential buyer is being shown your home. Make arrangements with friends or relatives to keep your pet during showings, or arrange to board your animals. That goes for any kind of pet -- birds, hamsters, rabbits, or snakes in an aquarium. Some people have allergies to animals, so it's best they and your pets don't meet. Avoid sequestering pets in a closet, a room, the basement, or a kennel.
   
   
2. Remove the Evidence
   Yes, it's a hassle every time your house is shown to have to remove all evidence of your pet, but for the sake of a potential sale, do so. Pick up bowls, toys, beds, kennels, cat climbing trees, etc. 
   
   
3. Schedule a Deep Cleaning
   Not all pets are equal when it comes to the kind of mess they make. Some shed mighty amounts of hair or feathers, while others leave scarcely a trace. Regardless, you will want to schedule a professional cleaning to make sure rugs and carpets, flooring, baseboards, and upholstery are all spic and span before potential buyers arrive.
   
   
4. Don't Try to Mask Odors
   Scented candles, incense, and chemical deodorizers won't mask urine, or other pet smells. What's more, some potential buyers won't care for fragrances from these sources.
   
   
5. Keep Marketing Photographs Pet-Free
   When the photographer comes to take pictures of your home for marketing purposes, make sure you've removed all traces of pet toys, beds, litter boxes, and dishes. Evidence of pets won't enhance your chances of attracting a buyer.
   
   
6. Repair Damages
   Go around your home and assess damages from pets, from urine spots on the carpet, furniture, or baseboards, to scratches on door frames and floors. Fix what you can with putty and paint; replace carpets if need be. You may have to cover up the scratched-up hardwood floors with laminate.
   
   
7. Clean up the Yard
   Go over the backyard and make sure it's clear of any pet mess. Fill in Fido's prized holes that he's been digging in the yard. Repair any damage to the fencing and make sure to pick up any outdoor toys.

Are you and your pets ready for a new home in the DFW? Our real estate agents can advise pet owners on prepping a home for viewing and on how to find the perfect home your whole family will love. Contact us today. 

Paige Shipp, regional director with housing analyst MetroStudy Inc. fears home sales might slow next year in the ramp up to presidential and congressional elections.  "We typically have much slower selling seasons right before an election," she said. "After that happens, the flood gates open and people come out. It's not a matter of who wins."   Worries about a recession may also impact the home market.  "We spent the better part of the last decade still looking over our shoulder," said George Ratiu, senior economist with Realtor.com.  "The last recession was so bad that we are still carrying some of the scars from that."   However, Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University states that Texas economy is still expanding.  "And we are extremely unlikely to be in a recession by the end of this calendar year," he said. "We are probably pretty safe through the first six months of next year."

• Dallas Morning News, October 14, 2019

The number of homes listed for sale with North Texas real estate agents has risen by about 15% this year. But they aren't in the price range most buyers want.  "The inventory is increasing at the upper end — $750,000 and above," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University said. "If you have a well-located $300,000 house, you can sell it tomorrow. We are seeing evidence of price fatigue in the market."  D-FW home prices are up only about 3% so far in 2019 — nothing like the double-digit percentage home price gains of a couple of years ago.  "The recent spike in mortgage rates did expose how price sensitive the market is," said Paige Shipp, regional director with housing analyst MetroStudy Inc. "Things are not quite as rosy as they seem in terms of what people can afford."  Many home sellers haven't gotten the message, she said. "They want to list their house for more than their neighbors sold for and sell it overnight."  D-FW has an undersupply of homes priced below $250.000.

• Dallas Morning News, October 14, 2019

Dallas is one of the U.S. metro areas where rising home prices have hurt homeownership the most. Dallas, Denver and Houston were identified as the markets where there is the most downward pressure on homeownership, according to a new report by Florida Atlantic University and Florida International University faculty. The study ranked areas where the markets have tilted in favor of renting over buying homes. Researchers traced housing conditions in 23 markets for the report. Dallas was the most unfavorable for homeownership among the cities surveyed. "Of the metros in our index, Dallas is the highest and exhibiting the greatest downward pressure on the demand for homeownership," said Ken Johnson, real estate economist in FAU's College of Business. "The extraordinary appreciation in the area is a major driver of this score."  Dallas' housing market has taken off since the Great Recession, with soaring prices.

• Dallas Morning News, March 20, 2019

Homebuilders are starting off 2019 with hopes of another increase in U.S. sales, especially newly built houses. But the building industry also sees an upcoming drop nationally in purchases of preowned homes because of rising affordability issues. "2019 looks like a year of solid, if not spectacular, growth," said Robert Dietz, chief economist of the National Association of Home Builders. "I think new-home sales will be up a tad and existing home sales down." The building industry forecasts a 2 percent rise in nationwide home starts in 2019, making it the best year since the Great Recession. That's the most positive sign in this year's outlook. "We actually have existing home sales declining year-over-year in 2019," Dietz said at the industry's annual meeting this week in Las Vegas. The drop in existing home sales is likely to be between 2 percent and 4 percent this year, according to the latest industry outlook. Preowned home sales in Dallas-Fort Worth fell slightly in 2018 after several years of increases. The decline continued into the new year. Higher mortgage rates and record prices are blamed for the slowdown.

• Dallas Morning News, February 19, 2019

In Dallas County, home sales by real estate agents fell more than 12 percent in January from the same month in 2018. Sales were down almost 13 percent in Denton County and down 10.5 percent year-over-year in Collin County. The smallest sales decline was in Tarrant County — 8.5 percent — where a larger inventory of more affordable houses on the market has made purchase activity stronger. Real estate agents are scrambling to adjust to the downshift in the local home market. "We are being realistic with our sellers, telling them you need to price your house at what it will sell for," said Cathy Mitchell, 2019 president of the MetroTex Association of Realtors. "I think this market correction is good for us." There was about a four-month supply of houses on the market in North Texas at the end of January.

• Dallas Morning News, January 16, 2019

A flood of North Texas houses hitting the market in January means it will take longer to sell a Dallas-Fort Worth home. The number of houses up for sale in Dallas County rose more than 43 percent in January compared with a year earlier, according to the latest numbers from the MetroTex Association of Realtors. Home listings were also up by more than 42 percent in Denton County and were 37 percent higher than a year ago in Collin County.

The wave of properties hitting the market comes at a time when home sales in the area are declining and price increases have evaporated. At the end of last month, there were almost 22,000 houses listed for sale with North Texas real estate agents — the largest January inventory in six years. More than 10,000 additional home listings hit the market in January alone. Real estate agents are warning sellers not to expect a quick sale like the market was seeing few years ago. "You can't expect to get 30 offers in 30 minutes," said Cathy Mitchell, 2019 president of the MetroTex Association of Realtors. "It's a market correction — we couldn't be sustainable the way the market was."

• Dallas Morning News, February 16,2019

There's no doubt that selling a home can be an emotional experience, especially if you're doing it for the first time. The highs, lows, and unknowns of the sales process can be enough to put even experienced sellers on edge, so it's only natural to feel some anxiety as you work to sell your home.

Fortunately, there are plenty of ways you can limit anxiety while you're selling your home, and limiting anxiety can have the side-effect of helping you maximize the value that you receive for your home. Our real estate agents are here to help, with our guide to curbing anxiety while you're selling a home.

How to Curb Anxiety and Maximize Value When Selling Your Home

1. Remember Why You're Selling
   One of the easiest ways to limit anxiety is to always remember why you're selling your home. Whether you're looking to move to a new, exciting community, starting a new job, increasing the size of your family, or selling to move into a home that better fits your financial needs, remembering the why can help keep anxiety at bay.

2. Pick the Right Price
   Watching your home sit on the market with few or zero offers coming in can make anyone start feeling anxious, so it's a good idea to price your home in a way that helps maximize interest from buyers. That means not going too high or low, and finding a price that's just right for current market conditions.

3. Work with the Right Real Estate Agent
   Choosing the right price is much simpler when you have the right real estate agent to provide a comparative market analysis (CMA) and help you understand what buyers are willing to pay for a home like yours. The right agent can also limit anxiety throughout the process, by answering questions, helping accomplish your goals, and marketing your home effectively so that you attract competitive offers.

4. Create a Plan of Action to Address Concerns
   Most buyers today have an excellent eye for detail, which means they'll be looking carefully for any maintenance issues or repairs when they visit your home. Making the necessary repairs and preparations can feel like a huge task, so it really helps to have an action plan. Create a to-do list, prioritize the most important tasks, and continue making progress to keep anxiety at bay.

5. Take a Break
   Selling a house is the type of process that can dominate your thoughts, even when you're working or otherwise away from the home. So remember that it's okay to take a break! Keep enjoying your favorite hobbies, hit the town to have some fun, or even just take a break in a nice, quiet place where you can think about something other than selling your home.

6. Be Prepared to Work
   There's no getting around the fact that selling your home and addressing the anxiety that comes with the process takes work, so it's important to be ready to roll up your sleeves. Whether you're tackling maintenance issues, working to find the right real estate agent, marketing your home, or negotiating with buyers, be prepared to invest the necessary effort will ultimately make it much easier to see the process through to the finish line.

Working with the right real estate team is one of the easiest ways to curb anxiety when selling your home, and we'd love to help you navigate the process with confidence. Contact us to buy and sell homes throughout Dallas-Fort Worth area.

By Brandon Cornett | January 18, 2019 | © HBI,

Recent forecasts for the real estate market in Dallas, Texas suggest that home prices in the area could rise faster than the national average in 2019. A separate forecast from Zillow ranked Dallas as one of the top ten "hottest" housing markets of 2019.

Bold Outlook for Dallas Housing Market in 2019

At the start of 2019, the median home value for Dallas, Texas was around $201,000. (The median for the broader DFW metro area was a bit higher.) That was a gain of more than 13% from a year earlier, according to data collected by Zillow.

Predictions from housing analysts point to continued home-price growth throughout 2019. In fact, the Dallas real estate market is expected to outperform the nation this year, in terms of annual home-value appreciation.  Given the current rate of appreciation, it would not be surprising to see the median house price in Dallas rise somewhere between 7% and 10% over the next year.

Zillow's research team recently predicted that the median value in Dallas would climb by 11.2% over the next 12 months. That was a much bolder forecast than the one they issued for the nation as a whole, which predicted 6.4% growth.

Housing Supply on the Rise

Inventory is another important trend that could shape the Dallas-area housing market in 2019. This year, home buyers across the metro area could have more properties to choose from.  At the end of 2018, the Dallas real estate market had more than a 4-month supply of homes for sale. That was a higher level of inventory than most metro areas across the U.S., and also higher than the national average during that same timeframe.

The key takeaway here is that housing inventory in Dallas (i.e., the number of homes listed for sale) increased during the latter part of 2018. As a result, buyers who enter the market this year should have more options when it comes to choosing a property.

Dallas Makes Zillow's "Hottest" List

In January, Zillow published a forecast that included what they felt would be the ten "hottest U.S. housing markets for 2019." Dallas was ranked at number seven on that list.  To create their "hot list," Zillow examined a number of factors for the nation's 50 largest metro areas. They then combined these variables to create a "hotness" score. They looked for metro areas with strong income growth, growing populations, and low unemployment — among other factors.

A Cooling Trend Could Prevent Affordability Issues

The Dallas real estate market is something of a paradox right now, as we move into 2019. Home prices in the area continue to rise faster than the national average. At the same, however, there is clearly a cooling trend taking place.

Paige Shipp, regional director at MetroStudy, recently told The Dallas Morning News: "Dallas-Fort Worth, the nation's top new home market, is slowing from a frenzied, overheated pace to a more stable, normalized market. Builders and developers are hard at work delivering product to meet the strong demand for affordable new homes."

Dallas currently leads the nation in terms of new-home construction, according to MetroStudy and other sources. There were nearly 35,000 housing starts in the DFW area during the third quarter of 2018, more than any other metro. (A "housing start" is the beginning of construction for a house.)

If inventory continues to grow in this market — as expected — it will likely lead to smaller home-price gains in the future. And that's probably a good thing. When house prices rise at a much faster pace than local wages and income, it can create affordability problems. So a cooling trend could actually be beneficial at this point.

Disclaimer: This article includes housing market predictions for the Dallas-Forth Worth metro area in 2019. They were provided by third parties not associated with the Home Buying Institute. Real estate forecasts are the equivalent of an educated and are far from certain.

No Real Estate Transfer Tax

Texas is one of a handful of states that does not have a transfer tax when a seller sells their home. Dallas is one of the few cities in the nation that does not have a city transfer tax. Several years ago the voters in the state of Texas passed a constitutional amendment that disallowed any such taxes in the future. So not only do some 40 states have a transfer tax, the cities as well have an additional transfer tax. Another reason so many are moving to Texas. See below the city and state transfer tax on a home sale of $500,000 in selected northern cities.

2019 - Real Estate Transfer Tax

Based on a $500,000 Sales Price

2018 was the year of the housing slowdown in Dallas.  After seven years of rising home purchases in North Texas, the speeding home market hit a speed bump in 2018. The decline wasn't much — only about 1 percent fewer homes sold than 2017's record sales. But the new wind blowing through residential neighborhoods freaked out many home sellers who were hoping they could keep asking the moon for the roofs over their heads. "The sky is not falling" on D-FW's housing market, insists Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. "You're just getting back to normal." Gaines is forecasting a flat to slightly lower home sales volume in North Texas next year. And he's expecting year-over-year home price increases to moderate to mid-single-digit percentages. Most national forecasts call for D-FW home prices to rise 4 percent to 5 percent in 2019. That's about the long-term norm for North Texas housing value growth.  But after several years of runaway home price gains, that could seem like a downer to home sellers looking to cash in on their properties.

• Dallas Morning News, December 28, 2019

Dallas-area home price gains slightly outperformed the national average in 2018.Dallas home prices rose 5.3 percent from 2017 levels while the U.S. price increase was 5.1 percent, CoreLogic reports. CoreLogic is forecasting that nationwide home prices will grow less than 5 percent in the year ahead."The rise in mortgage rates has dampened buyer demand and slowed home-price growth," Dr. Frank Nothaft, chief economist for CoreLogic, said in the report. "These higher rates and home prices have reduced buyer affordability," he said. "Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index." Along with Dallas' 5.3 percent year-over-year home price gain, CoreLogic found that prices were up 6.9 percent annually in the Fort Worth area and were 5.8 percent higher in San Antonio. Houston prices rose by just under 4 percent from a year ago. And prices in the Austin area were only 3.4 percent higher than in November 2017. 

Homeowners that CoreLogic surveyed attributed the growing home values as part of a strong national and local economy. "A strong economy helps homeowners feel confident about the value of their property," said Frank Martell, president and CEO of CoreLogic. "If recent declines in the stock market shake consumer confidence in the national economy, we may see homeowners' perception of home values change and a subsequent buyers' market emerge in 2019." Even with the declines in the rate of home appreciation, Dallas-Fort Worth home prices are at record levels and have risen more than 40 percent in the last five years.

• Dallas Morning News, January 2, 2019

It's no secret that Dallas' home market has a winter chill.Home sales have slowed, along with the rate of home price increase in North Texas.The market changes have put Dallas on Realtor.com's list of the 10 cities hit hardest by a housing slowdown."In the last few months, the real estate market has actually begun slowing down. including in some of the big cities that have been leading the go-go post-recession housing boom," according to a report on the website. "To be clear, prices aren't always dropping in these places, which are predominantly located on the West Coast."Mostly, they're decelerating, coming back down to earth."

Realtor.com based its rankings on a year-over-year rise in home price markdowns, increases in listings and changes in overall list prices."There's a rebalancing that needs to happen," Len Kiefer, deputy chief economist at Freddie Mac, told Realtor.com. "Prices have risen so high in some of these markets that it's very tough from an affordability perspective [for buyers]. ... It's not surprising to me that we're seeing a little bit of a leveling off."

Median home prices in North Texas are still up about 5 percent compared with 2017 levels. But that's a much smaller number than the double-digit annual gains seen in recent years. Home list prices in the Dallas area are down 1.4 percent from a year ago, and the number of listings has grown 15 percent year over year, according to Realtor.com

• Dallas Morning News, December 11, 2018

No place builds more new houses than Dallas-Fort Worth.  As of the third quarter of this year, D-FW was the solid leader in U.S. homebuilding with almost 35,000 single-family annual home starts, according to a new report by housing market analysts at Metrostudy Inc.  Houston was second nationally with 29,370 home starts in the 12-month period ending in September. D-FW and Houston have topped the country in home construction for several years.  And the two Texas titan building markets show no sign of a slowdown. D-FW starts were up 8.7 percent and Houston starts were 6 percent higher than a year ago, Transwestern found.

While D-FW builders are still busy, what they are building has changed, according to Metrostudy's Paige Shipp. "Over the past 12 months, builders and developers have been addressing the need for affordable new homes by developing in previously overlooked submarkets and building smaller, less amenitized homes," said Shipp, regional director of Metrostudy's D-FW market. "As such, the median price has dropped since last year.The decrease in price is not devaluation, rather it's an indication that buyers are purchasing smaller, more affordable homes."

Shipp said that homebuyer traffic has slowed in North Texas in recent months. "While this cooling may worry some, it should be viewed as a positive stabilization of an overheated, frenzied market," she said. "Builders and developers should use this opportunity to catch their breaths and return to the fundamentals of homebuilding including land acquisition and selling." Shipp said the inventory of vacant new homes in the D-FW has increased to the highest level since 2012.

A smart home seller is one who does their homework before listing their house, and plans for a range of possibilities in regards to potential buyers and their offers. One of the least desirable situations that you may encounter after you list your home is getting an offer that is considerably lower than what you're asking for your home. Years of experience and genuine interest in meeting your goals are what set our real estate agents apart from others, and we want you to be prepared to make a confident counteroffer should the need arise.

Have Your Strategy in Place

You may receive an offer on your home that's at or above your asking price, but if offers aren't coming in or those offers seem too low, it's best to know how you'll respond beforehand. Preparing yourself for the possible lowball offer means doing your homework before you list your home. Make sure your listing price is in line so that you'll know you're not asking too much. Property tax value, a home inspection and/or appraisal, and a comparative market analysis are great tools to use to determine what your home is worth.

Understanding current real estate market trends is also important, as they can affect how much you'll ultimately be offered for your home. A buyer's market means that there are plenty of homes to choose from, so under these conditions, getting a lower than expected offer for your house is more likely. Our real estate agents always have a firm grasp on what's happening with real estate trends, and we'll be there to offer advice and insight.

Once you have set your asking price, your agent will market your home, and those offers should start coming in soon. If you only receive a few offers, and they are disappointing, remember that you are still in control of the situation.  How flexible are you with your listing price? If your list price is reasonable for the current market, you may choose to refuse a lowball offer unless you are pressured to move quickly. Otherwise, it's time to make a counteroffer.

Counter With Confidence

Potential buyers may present you with a lowball offer to see if they can snag a real bargain in your home. If the buyer is serious, however, they will probably be expecting a counteroffer. You already know the lowest amount you're willing to accept, but you shouldn't necessarily counter with that figure. Take some time to consider all aspects of the offer and make your counter accordingly.

A give-and-take approach is common in real estate negotiations, so you might opt to lower your asking price a few thousand dollars to see if the buyer will accept or at least increase their offer by the same amount. You may have to counteroffer more than once in this case until a satisfactory proposal is presented.

You may be able to negotiate parts of the offer other than the selling price such as closing date and closing costs. If a buyer sees that you're willing to accommodate part of their terms, they may agree to your asking price or close to it than their original offer.

Making a counteroffer doesn't have to be counterproductive. As an informed, confident seller, you can make the negotiation process easier, and we're always here to guide you through the process. If you're ready to sell or would like more information about homes in our area, contact us today. We're excited to discuss your real estate needs.

Questions to Ask Before Trying a FSBO

As a DIY person, you get a two-part thrill from doing things yourself.

1. It's satisfying to complete a project with your own two hands.
2. The money you save is an exciting bonus.

If you're a DIY kind of homeowner, you may think selling your home is the ultimate do-it-yourself project.  However, when it comes to selling your home, our REALTORS® know using the For Sale By Owner method is not necessarily the best choice. Marketing a home is exciting indeed, but experience tells us, your FSBO strategy will likely cost you more money than you save on sales commissions. Ask yourself these questions.

Do you know how to prepare your home to get the best price?

When you prepare your home correctly, you get more lookers and a better price. When you're selling a house you've lived in for a long time, it's easy to become oblivious to faded paint, broken tiles, and other conditions in need of attention. Little problems make your home less attractive to buyers. Any offers you receive will likely reflect anticipated repair and upgrade costs.

A real estate professional would walk through your home and recommend pre-listing adjustments such as repairs, decluttering, depersonalization, staging and curb appeal enhancements. 

Are you sure about your listing price?

If your price is too high, buyers may quickly scan your listing then move on to more reasonably priced homes. The "2017 NAR Profile of Home Sellers and Buyers" revealed that 15 percent of FSBO sellers had difficulty pricing their homes. REALTORS® recommend comparative market analyses of similar homes sold and pre-listing appraisals to resolve difficult listing price issues.

Do you know how to market your home?

The NAR study found that many DIY sellers relied on yard signs and relatives to get the word out. Twenty-eight percent didn't market their homes at all. While some listed via MLS and Facebook, most FSBO online marketing stats were surprisingly low. This approach can be problematic since 51 percent of buyers found their homes online. 

If real estate professionals make marketing look easy, it's because they have experience and professional resources. Real estate professionals list on MLS sites, Agency websites, and social media, and they have a built-in client base. They also have an agency budget to market homes via print media, direct mail, online videos and other sources.

Do you know how to qualify a buyer?

Unless a potential buyer has a pre-approval letter (not a pre-qualification), you shouldn't get too excited when they come to tour your home. Pre-approval means a lender has reviewed their financial and credit data and decided they are mortgage-worthy. While that letter won't guarantee a mortgage approval, it lets you know they're a serious buyer.

Do you know how to seal the deal?

Each element of your negotiation/sales process--offers, counter-offers, sales agreements, closing documents--require written contracts. Each contract outlines seller and buyer duties, responsibilities, and the steps you must take to make the sale a reality. When you do it all DIY, you might end up hoping for the best as you sign off on a contract written by the buyer's attorney. 

Are you willing to accept less?

NAR's 2017 study determined that professionals negotiated better sale prices. The average home price for an FSBO sale was $190,000 while homes listed and sold by real estate professionals went for an average of $249.000. 

Selling Your Home in the DFW

Selling a house can be far more complicated than you imagine, but our professionals are ready to assist you. Contact us at RE/MAX DFW Associates when you're ready to list your home for sale in the Dallas - Fort Worth real estate area.

Every seller wants their home to look its best. With all the visual marketing prospective buyers are exposed to today, getting professional photos of your home can be a real game changer. Using a real estate photographer will help your home get sold faster and for top dollar.

The Role Photos Play When Selling

Thanks to the internet and social media, most buyers now start their home searches online. They scout neighborhoods, pick a price range, and see what kinds of amenities are available. Potential buyers even use it to passively shop and help them make the decision to call a real estate agent in the first place. According to The National Association of REALTORS®, over half of buyers found the home they purchased on the internet. And The Wall Street Journal says buyers only spend 20% of that time online reading descriptions of a property, while 60% is spent viewing the photos.

You can't disregard that kind of impact. Selling a home requires as many potential buyers as possible. The internet is where those buyers are. And the internet is extremely visual. If the photos aren't great, buyers will move on without seeing the home in person.

We've all heard the saying "a picture is worth a thousand words". Often word counts and character number restrictions just won't allow a written description to do a home justice. Sure, it's helpful. But "four bedrooms, two bathrooms" leaves a lot to the imagination. Great photos will fill in that gap and guide buyers that are a good fit right to your home.

Why Professional Photos

Not all photos are created equal. We've all seen photos taken with poor equipment, bad lighting, unnatural colors, and questionable editing, just to name a few. While most pros know how to avoid those problems, one that specializes in real estate photography offers additional advantages.

• Superior shot composition. The photographer will be able to make sure photos are creative, staged correctly, and attract the interest of the buyer.
• Getting the right photos. The photos of your home should appeal to all buyers and provide the essential information they need. Finding out afterward that you don't have a photo of the outside or the kitchen isn't going to help sell your house.
• Knowing how the photos will be used. Real estate photos are used to sell, and an experienced real estate photographer will keep that in mind. They'll also understand how the agent will use the photos. MLS, social media, and email all have different requirements and a real estate photographer will likely be familiar with the most of them.

A Note About Luxury Homes

Luxury homes are a bigger investment and you need to make sure you're getting what your home is really worth. You'll need to highlight all those amazing features and high-end amenities. When buyers look at these homes, they're really thinking about the lifestyle a home purchase of this kind implies. A real estate photographer will make sure buyers have no problem imagining the lifestyle they're looking for. While it may seem expensive, homes with professional photos sell for more money. That increase is usually much more than the cost of the photos.

Amazing photos help buyers associate positive feelings specifically with your home. That gives you a real advantage when they see it in person. Our REALTORS® at RE/MAX DFW Associates will make sure you have all the resources you need to get your home sold. Contact us today to speak with an agent to find out what we can do for you.

Real estate transactions don't happen in a vacuum, and understanding the conditions of your local market will play a key role in setting the right price to get your home sold. A comparative market analysis (CMA) is one of the most important tools that your real estate agent has for analyzing the market, and it's something that every seller should look for before putting a home on the market. A CMA looks at what similar homes on the market have listed for and sold for, along with listings that have expired (usually) due to a lack of offers. Our REALTORS® rely on CMAs as part of the process of finding the right price for your home, and we've put together three reasons why a CMA will help sell your home.

CMA Basics

1.  A CMA Helps Take Emotion Out of the Equation 

Even if you're excited about moving on to your next home, there may be some sentimental attachments to your old one that influence your asking price in negative ways. A CMA is a great tool for seeing your home as buyers will see it, in comparison to similar homes in your area. With a CMA, you can set a price based on the realities of the market, and where your home fits into it. It doesn't mean you'll have to list the home for a bargain, but it does give you a better chance of making a competitive listing to maximize your return on investment while minimizing the time that your home spends on the market.

2.  A CMA Will Make You a More Informed Seller

Selling a house can feel a little overwhelming at times, even if you've done it before with success. There's so much information to sort through, and it's not always easy to figure out on your own which market factors are most important. A CMA gets directly to the heart of the issue, by looking at what other similar homes have sold for in the area, how long they similar homes have spent on the market, and how the sale price of homes in the area compares to their list price. So if you're competing with other Dallas homes for sale, a CMA will help give you an idea of exactly what you're up against, and how you can best approach the market. And you don't have to figure out all of the data alone! Your real estate agent should be a great source of help when making sense of your CMA.

3.  A CMA Is Focused on Your Needs

While it's true that you can learn plenty about real estate prices and demographics by researching online, most of the time you'll be getting very general information. If you're selling Fort Worth homes, then you're not really worried about what houses in Houston are selling for, and you may not even be too worried about homes in Fort Worth that are outside of your neighborhood. A CMA is focused on similar "comps" for your home, which removes some of the noise from the equation by getting rid of homes that aren't comparable to yours. Since a CMA tells you about the homes that don't sell in your area, you'll also have the opportunity to learn from the mistakes of other sellers and set a competitive price.

Are you searching for a real estate team who uses all of the latest tools and tactics to get your home sold?

Contact us at RE/MAX DFW Associates to buy and sell homes throughout the Dallas-Fort Worth area