Tom and Gina Branch, The Branch Team, accepting an annual production award at the RE/MAX of Texas Convention in Galveston, Texas.
Photo courtesy RE/MAX of Texas
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Gina Branch | DFW Realtor® | Dallas Homes | RE/MAX Dallas Suburbs
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We had the opportunity to have our picture taken holding RE/MAX’s 2011 J.D. Power & Associates awards at the RE/MAX of Texas Convention held in Galveston, Texas. For more information on these awards visit the J.D. Power and Associates Awards page at remax.com.
There is an alarming trend among many buyers of real estate these days. We’re seeing more and more people who want to “place bids” rather than to “make offers” on a home. Real estate is not eBay. While some real estate is sold in an auction format, the vast majority of sales are not. I realize that in some markets buyers are in full control given the volume of short sales and foreclosures, but in many places the markets are balanced and in some places there are seller’s markets. In the north Dallas suburbs, there is a severe shortage of good properties under $150k. Last weekend I was out with some first time homebuyers who had been looking for weeks. We found a home the first day it was on the market. By day 3 there were multiple offers and my clients actually had to offer more than list price in order to secure the contract. It’s a seller’s market for good homes under $150k. I’ve seen buyers totally upset when their low “bid” was not countered while a more reasonable offer was negotiated and accepted. That’s not to say that a lower offer is not appropriate at times such as with an overpriced property. However, throwing in a bid at 70 percent of market value on a hot property is usually a waste time. Many investors use this approach but don’t really care if hundreds are rejected while they look for the one seller who will sell at that price. The average home buyer will quickly become frustrated using this method. Many of our younger buyers have grown up bidding online and to some extent bidding has become part of America’s landscape. While I suspect this trend will continue in consumer goods, I don’t think it will last in the housing market and certainly does not apply to seller’s markets. My advice is to know what kind of market you’re looking in and use an appropriate strategy rather than always going in with a “bidding” strategy.
Photo licensed from iStockPhoto
Wow! It’s hard to believe but it’s raining in North Texas. With Stage Four Water Restrictions looming, this is a welcome sight. Last year’s drought left our lakes and reservoirs dangerously low. People living on Cedar Creek Lake and many of the local lakes could not get their boats in the water. A positive side was that it was a good time to do any repairs or maintenance on their retaining walls. While low lakes may seem like an inconvenience, there’s a much larger implication for those of us living here. Those lakes and reservoirs are also the source of our drinking water. When the levels are low, cities begin the various stages of water restrictions in an effort to insure we have water to drink. The droughts also have an impact on our homes. The vast majority of our foundations are slab foundations. These foundations are sensitive to changes in the water content in our expansive soils. Last year we saw a dramatic rise in homes with foundation issues due to the drought. This cost north Texas homeowners millions of dollars. Let it rain!
Photo Copyright 2012 Imaged2Sell
Finally! Ashton Woods has broken ground in The Preserve in Allen. I was out visiting the site over the weekend and found the two model homes are well on their way to being completed. I also noted the lake is filled and the fountain is operating.
There are two model homes under construction near the west side enterance. While I did not speak to the sales staff, I suspect they will be open in late March 2012. I understand that presales have been going well with about 12 homes already under contract.
Photos Copyright 2012 Imaged2Sell New Home Rebate Purchase a new home through us and we'll help you with your closing costs! We'll give you a credit of 1.5% of the price of the home at closing to use towards your closing costs. Click here for our New Home Rebates page.  Comments are closed  Allen TX, Homes For Sale, New Construction  allen, ashton woods, new construction, Texas, the preserve in allen, TX
In Part 1 we discussed how rental price impacts occupancy rate and the impact that can have on annual cash flow. In Part 2, we’re going to explore how rental price impacts the quality of applicants. Let’s say you have a rental property where the fair market rent is $1500 a month. If you list the property at $1600 a month, not only will you receive fewer applications, we’ll argue that those applications will be of lower quality. Applicants with good credit and clean backgrounds do not have to overpay for a rental home. Since they can easily qualify, they will spend the time to not only find a well-maintained rental home, they will not pay more “just to get in.” At $1600 a month, you’ll likely find that your applicants have credit or background issues. They want a decent place to live, understand they have issues, and are willing to pay more. It’s no different than a mortgage applicant who is willing to accept a higher interest rate because they have credit issues. In some cases the extra cash flow may be worth the risk. That’s a call you have to make based on the total application. Our recommendation is to price the home at market value to attract the largest number of quality applicants. One bad tenant can eat up lots of time and destroy a property. That little bit of extra cash flow just isn’t worth it in the long run. Have questions or want to work with an experienced real estate team on purchasing or managing investment properties? Contact us at 214-227-6626.
Photo licensed from iStockPhoto
Gina was out showing homes this morning. When she returned she told me about a house where the owner had filled the holes in the bottom of the brick. While this might seem like a good idea…it’s not for a number of reasons. Most building codes require builders to leave weep holes along the bottom row of bricks. These holes allow any water that might get behind the brick to drain. If the water gets trapped behind the brick, mold can form and the water may damage the supporting structure behind the brick. When the home is sold, these plugged weep holes will be caught by the inspector and most buyers will want them opened up again. The homeowner in the right-hand picture above has used expanding foam to seal the weep holes. This will be almost impossible to correct later depending upon the amount of foam injected into the weep holes.
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GINA BRANCH - RE/MAX Dallas Suburbs | Each Office Independently Owned and Operated
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