How The Hell is The Market Supposed to Heal?

Housing Market RecoveryIt’s been a crazy ride in the North Dallas real estate market this year. The heavy buyer’s markets of previous years have given way to a strong seller’s market in 2012. Properly prepared and show-ready homes are flying off the market in days at premium prices.

All should be well except appraisers keep killing the sales.

According to Fannie Mae, “Market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”

Appraisers were more than happy to take us down the “lower value” path. Part of it caused by the pressure asserted by the Appraisal Management Companies (which are usually owned by the banks themselves) and appraisers are tired of having to defend their valuations (why take the time when the AMCs lowered the pay per appraisal?) to underwriters so many of them take the path of least resistance.

I’ve had three sales in the past three months die because the appraisals were ridiculously low. Willing sellers and buyers have agreed upon a price and terms usually in a short period of time in an open market. Yet appraisals continue to come in low and no amount of work on our part can get the appraiser to look at it again. They’re dug in.

How the hell is the market supposed to heal if we can’t get values to go back up?

Photo licensed from iStockPhoto

Are Hip Pocket Listings Really A Good Thing?

Hip Pocket ListingsI read a blog posted on Candy’s Dirt this morning titled, “Newest Status Symbol: Our House Sold Before Going on the Market. Hip Pocket Sales and Why Brokers Love Them” In this blog, Candy talks about the growing trend for brokers to hold new listings off the market and then sell them to their own clients.

She goes on to write, “The proliferation of Hip Pocket sales is really good for Realtors, because they are back cutting deals again and doing what they do best: network. Also, it’s good for the brokers, especially if they can get both sides of the sale in the same firm. Yippee to that one!”

I’m going to argue that hip pocket listings are not really a good thing for the vast majority of sellers. Yes, there are some sellers who just rather not have people in their homes or desire to keep the sale secret for some reason–however this is not true for the vast majority of sellers. Exposing the home to the larger market will most often allow the seller to achieve the highest possible final sales price and better terms.

We listed a nice home in west Allen several weeks ago on a Friday. By Monday we had 7 offers and the seller wound up with a higher sales price and an all-cash offer. If we had held the listing with the intention to sell it to one of our internal buyers, the result would not have been the same. The multiple offer situation worked in the seller’s best interest.

The REALTOR® Code of Ethics requires us to put our client’s best interests in front of our own. In the vast majority of cases, hip pocket listings most likely put our best interests in front of our client’s best interests.

Photo Licensed from iStockPhoto

4688 Edith – Plano TX Townhome For Sale

4688 Edith Plano TX Townhome For Sale

2 Bedrooms | 2.1 Baths | 2 Car Garage | 1633 SF/Building Plan

READY NOW! 2-bd, 2.5 ba, vaulted entry townhome with iron railing at entry. Brick-stone exterior. Kitchen with SS appl, gas cooktop-oven, Granite, 42 glazed site-finished cabs. Formal dining and breakfast nook. Wood floors. Gorgeous Master Suite and 2nd bdrm up. Granite baths. 16 SEER HVAC, Radiant Barrier, low-E windows, natural gas cooktop, oven, furnace and wtr heater, and patio. 2-car garage. SS Fridge included for 30-day closings!

Click here for more details, photos, virtual tour, status, and pricing on this Plano TX Townhome For Sale.

Click here to see all townhomes for sale in Plano TX.

Contact us at 214-705-2470 for more information or to schedule a showing.

Photo 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.

The Thrill of Flight – Cessna Style

View of the North Dallas TollwayLike many children, I remember looking up in the sky and seeing planes flying over head.  My father was in the Air Force and each year the base would have an Air Show. Again, we would marvel at the aircraft and watch the Thunderbirds do their high-speed precision maneuvers.

I joined the Air Force in 1979 and had flown as a crew member but never had the chance to pilot an aircraft.

Over the past couple of months, I’ve been thinking about flying again. No good reason other than it’s a “bucket list” item and I’m not getting any younger.

As I researched the topic, I found that most private pilot schools offer a “Discovery Flight” allowing a prespective student pilot the chance to “sit in the left seat” and pilot a small aircraft. A quick phone call and I was ready to go.

I arrived at Monarch Air in Addison a few minutes ahead of my scheduled time to meet with Clayton Lynch, the Certified Flight Instructor (CFI) who would give me an orientation to the school, the aircraft, and then take me on my first lesson.

The school, hanger, and aircraft were all super clean. It reminded me of my days serving with an aircraft maintenance unit in the Air Force. After completing the tour and facility orientation, we dropped by into the office to pick up our equipment and we were off to the flight line.

Clayton had selected a Cessna 172SP for our flight. I followed him around as he did the pre-flight on the aircraft; visually checking the fuel tanks, insuring there was enough oil in the piston engine, and a number of other tasks to make certain the aircraft is safe to fly. Once completed, we attached a tow bar to the front gear and pulled the aircraft from its parking space.

As I climbed into the left seat, adjusted my seat and fastened my seatbelt; I felt a bit overwhelmed when I started looking at all the controls. I guess I expected less in a small plane!  The good news is that things I learned on active duty helped.  I knew the names for the various flight controls, and could pick out the basic gauges for direction, altitude, and air speed.

What’s really neat is the Garmin G1000. The G1000 has two cockpit displays–one with all the primary flight data and a multi-function display for mapping, traffic avoidance, and more. Sorry, but I digress from time to time when it comes to technology!

Clayton  turned over the engine and it came to life. Within a few minutes the motor warmed up and we were ready to taxi. The adrenalin was pumping as we held short of runway “one five” allowing a corporate jet to take off ahead of us.

A view of Ridgeview RanchThe next thing I know, we’re out on the runway gaining speed and the little Cessna is in the air. We took off towards the south and turned back to the north. I quickly realized we were just to the east of the North Dallas Tollway and I could see where it intersected the Sam Rayburn Tollway. I mentioned that I lived nearby and Clayton offered to fly over my house so I could see and photograph it from the air.

With that behind us, my first lesson began. As I took control of the aircraft, I marveled at how sensitive it was to slight movement of the yoke. It’s like driving a car but you have to think in three dimensions. Turning the aircraft results in a loss of lift so you have to compensate for it in order to maintain altitude.

I banked back to the north and we flew towards the Oklahoma border. Another turn to the left and I could see Lake Ray Roberts. Throughout the flight, Clayton was giving me instructions on maintaining altitude and heading, along with explaining the two displays on the G1000.

As we flew towards the Lake Lewisville marina, Clayton told me to start looking for the runway. It was a bit hazy that day and it took a few minutes for me to find it. I quickly realized I was lining up for my first landing.

The flight had been fun up to that point.

I concentrated on lining up while Clayton reduced our airspeed and lowered the flaps for landing. I was tipping back and forth trying to keep it perfectly lined up. I can only imagine what the pilots in the corporate jet waiting to take off were thinking watching my approach.

I finally realized that Clayton was trying to help me when I heard him tell me to “stopping fighting him” at the controls. We were a couple hundred feet off the ground, so I turned it over to him completely and we touched down smoothly.

If you have ever wanted to experience flying, call your local Cessna Training Center and set up a Discovery Flight. It was a fantastic experience and fulfilled a life-long dream to pilot an aircraft.

Photos Copyright 2012 – Tom Branch

It’s Still A Beauty Contest

Beauty ContestLast year I was telling sellers in the north Dallas suburbs that selling their home was both a “price war” and a “beauty contest.”  Their homes had to be in tip-top condition, properly prepared, and ready to show. Additionally, they had to compete with all the other homes in a “price war” in order to sell.

This year, the local market has rebounded nicely with the buyer’s markets of previous years yielding to a seller’s market in 2012. Properly prepared, staged and show-ready homes are flying off the market in days.

I was out showing homes today and I’m amazed to see how many homes have not been properly prepared and show very poorly. Many of these homes have been on the market for more than 100 days and have still not sold.

If you’re serious about selling your home in the shortest amount of time and at the highest possible price, you simply have to get the home prepared to show.

Take care of any deferred maintenance issues. I’m not talking about remodeling the kitchen, but touch-up painting, caulking, and a good deep-cleaning will go a long ways.

If you’re not comfortable with how to stage your home, hire a stager! While we provide 2 hours of staging consultation for our listing clients, not all agents do. A good stager in our area costs less than $300 for two hours of consultation. This is money well-spent and will be far less than your first price reduction.

Make the most of every showing with a show-ready home.  Most sellers know in advance that their home will be showing. When you get that call, it’s almost show time! Have a plan of action to get your home in show-ready shape. Turn on all the lights, open the blinds, and get some soft music playing!

Regardless of the market, It’s still a beauty contest!

Photo Licensed from iStockPhoto

Gina Branch Appears on Real Estate Talk with Willie Lambright

Gina Branch was a guest on Real Estate Talk with Willie Lambright on August 30, 2012.

Heard locally on KVCE 1160 and syndicated nationwide, Willie Lambright’s goal is to not only help anyone interested in the real estate market make smart, informed decisions, but to help them profit as well.

Gina covered topics including short sales, new home buying, first time homebuyers, and investing in residential real estate. You can listen to the show below.

Gina Branch on Real Estate Talk with Willie Lambright

Click here to see our other appearances in the news and media.


Photo and Audio Used with Permission

Five Sixty At Reunion Tower

Last night Gina and I had the pleasure of dining at Five Sixty by Wolfgang Puck. This fine dining establishment derives its name from its location in the 560-foot tall Reunion Tower, Dallas’ most notable landmark.

Five Sixty is located within the tower’s glowing ball and the dining room slowly rotates giving every seat a 360 degree view of Dallas and the surrounding areas. Reservations are a must in Dallas on Friday and Saturday evenings. The dress code is business casual but many of the men were in business attire.

We were surprised by the Asian-influenced menu (we should have checked out the menu online first, but that takes some of the fun out of it!) but the food was quite tasty. Like many finer restaurants, portion sizes are much smaller allowing you to enjoy several courses without being stuffed.

The Chrystal Chive Dumpling appetizer was playful with just a hint of spice. “Best Presentation” went to the Sea Bass which was brought to the table whole to be deboned and plated. My “Au Poivre” Filet was paired with a spicy wok-fried corn and a nice Malbec.

During our dinner we witnessed a wonderful sunset and watched as the Dallas skyline put on its lighted evening attire. The skies were clear and the views were spectacular.

No meal is complete without coffee (or an after dinner cocktail) and a nice dessert. Gina enjoyed the chocolate soufflé while I had a single scoop of the 50 Bean Vanilla Ice Cream.

Prices are on the upper-end yet similar to many other of Dallas’ best restaurants. The meal and the service were quite good and the views were incredible. Overall I’d give the experience an 8.5 on a scale of 10.

Don’t forget to have your valet parking receipt validated and to stop by the valet cashier in the lobby as they have your keys!

Top Photo Copyright 2012 – Tom Branch | Reunion Tower Licensed from iStockPhoto