February Existing Home Sales Decline following Sustained Gains

WASHINGTON (March 21, 2011) – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®. 

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

Read the entire story.

Source: National Association of REALTORS®

Dallas TX Home For Sale 5026 Wenonah

Dallas TX Home For Sale 5026 Wenonah

3 Bedrooms | 1 Baths | 1644 SF/Appraiser

Dallas TX Home For Sale – 1940s charm with modern updates. Nice single level home has been completely updated including refinished oak floors, marble flooring in wet areas, granite countertops, stainless appliances, attic insulation, Tuff shed, steel entry doors, roof, hot water heater, fresh exterior paint, slate patios, and updated landscaping. Owner has approved plans for extended master suite and 3-car garage. Easy access to Love Field, Dallas Tollway, and downtown. 

Dallas Texas Home For Sale for Current Pricing, Details, Photos, and Virtual Tour.

Photo: Copyright ©2011 – Imaged2Sell | Source: NTREIS

Garland TX Home For Sale 2622 Princewood

Garland TX Homes for Sale 2622 Princewood

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3 Bedrooms | 2.1 Baths | 2-Car Garage | 2351 SF/Tax

Garland TX Home For Sale – Wow! Nicely updated home close to Firewheel Mall and Turnpike. Open floorplan with soaring ceilings, lots of windows and designer colors. Gourmet kitchen with granite counters and backsplash. Formal dining area with built-ins. Updated baths. Updates include 13 SEER HVAC, hot water heater, foundation repair, appliances, carpet, fixtures, ceiling fans, 2-inch wood blinds, and door hardware. Covered patio for entertaining and large storage shed. 

Garland Texas Home For Sale for Current Pricing, Details, Photos, and Virtual Tour.

Source: NTREIS

The Finish Line – Another Short Sale Closing – Prosper TX

Another short sale closed! The sellers avoided foreclosure, the buyers purchased a nice home at a discount, and the lender did not have the losses involved with a foreclosure.

The Finish Line - Another Short Sale Closing - Prosper TX

Many people feel that the nation’s economy rises and falls with the housing market. While this is often true, we believe the current housing crisis is a direct result of the economic downturn and massive job loss across the nation.

In the Short Sale community, the vast majority of homeowners did not get a bad loan or buy more house than they could afford; they’re just good, hardworking Americans who fell on bad times.

All indicators point to Short Sales being on the real estate horizon for the foreseeable future, at least through 2012, and maybe longer. Industry experts see another wave of distressed homeowners surfacing when the once popular Pay Option Adjustable Rate Mortgages (ARMs) begin to adjust in the coming months.

These mortgages allowed the borrower to essentially “pick a payment” that fit their budget in order to get into the house they wanted to purchase. These loans have the potential to negatively amortize and the rate will adjust upward – it’s just a matter of time. Pay Option ARMs were widely used in California and will begin adjusting soon.

We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

Susan L. Johsnon Earns NAR Short Sales and Foreclosure Certification

Short Sales and Foreclosure Resource

Susan L. Johnson with The Branch Team – RE/MAX Dallas Suburbs has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new “traditional” transaction.  REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.

Dallas Business Journal Top 25 Brokerages 2010

DBJ Top 25 by Brand

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RE/MAX Dallas Suburbs is once again in the top 25 real estate brokerages in North Texas based on closed transactions in 2010. 

Our office moved from 20th place in 2009 (1,038 transactions closed) to 14th place in 2010 (1,241 transactions closed).  We noted that 68% of the brokerages on the list had a decrease in the number of transactions closed between 2009 and 2010.

We compiled the data by brand in the chart above. We’re pleased that RE/MAX® brokerages have the highest production per agent at 13.3 transactions per agent than any other brand in the Top 25. RE/MAX Dallas Suburbs agents closed 15.51 transactions per agent–the second highest in the Top 25 (another RE/MAX® brokerage was number 1).




Source: Dallas Business Journal – March 4, 2011

Danger Lurks in Odd Places

I was out showing one of my short sale listings in Little Elm, Texas this evening. After showing the property, I did my usual walk-around to check on the property. As I looked at the front of the house, my eyes drifted to the roof of the neighboring property. It took me a few minutes to digest what I was seeing. It appeared that the chimney flue for the gas hot water heater was missing!

Missing Chimney FlueIt had either been removed or had dropped into the attic. Either way it is a highly dangerous situation. Gas furnaces and hot water heaters produce carbon monoxide (among other things) and the flue usually vents the exhaust gases into the air outside of the home. In this case the gases were being vented into the attic of the home.

According to the Environmental Protection Agency, “Carbon monoxide is an odorless, colorless and toxic gas. Because it is impossible to see, taste or smell the toxic fumes, CO can kill you before you are aware it is in your home. At lower levels of exposure, CO causes mild effects that are often mistaken for the flu. These symptoms include headaches, dizziness, disorientation, nausea and fatigue. The effects of CO exposure can vary greatly from person to person depending on age, overall health and the concentration and length of exposure.”

I attempted to contact the homeowner but nobody was home. I wound up leaving a handwritten note on the front door letting them know about the danger.

It’s a good idea to inspect the outside of your home on a frequent basis. You can often find problems in their early stages. I usually look for termite tubes and fire ant mounds around the foundation line. I also check out the roof for missing or damaged shingles. I’ve added missing flues to my checklist.

Tom Branch, Broker, CDPE, SFR




Photo ©2011 – Imaged2Sell