Troy Corman On Texas Real Estate

Tuesday, October 23, 2012

Dallas Home Sales Statistics Through September 2012..

This 4-bedroom home at 805 Brookshire Circle in Garland, Texas
is for sale at $111,500 or for rent at $1,200 monthly. View details

Below are the Dallas area home sales statistics year-to-date through September 2012. Statistics are courtesy of the Real Estate Center for NTREIS (North Texas Real Estate Information System). If you're neighborhood or area is not covered, contact me for a free, over the internet, no-obligation custom report at 214-690-9682 or email troycorman@t2realestate.com and I'd be happy to help.

Cedar Hill home sales year-to-date were up 12% in September 2012 while the average sold price increased to $137,355, up 1% over 2011. Average days on market was 78 days, and there are 3.7 months of inventory.

Desoto home sales year-to-date were up 23% in September 2012 while the average sold price decreased to $123,420, down 2% from 2011. Average days on market was 84 days, and there are 3.5 months of inventory.

Lancaster home sales year-to-date were up 4% in September 2012 while the average sold price increased to $78,893, up 1% over 2011. Average days on market was 71 days, and there are 3.0 months of inventory.

Mesquite home sales year-to-date were up 4% in September 2012 while the average sold price increased to $86,930, up 8% over 2011. Average days on market was 69 days, and there are 3.5 months of inventory.

Sachse and Rowlett home sales year-to-date were up 23% in September 2012 while the average sold price increased to $160,615, up 8% over 2011. Average days on market was 69 days, and there are 3.3 months of inventory.

Addison and far north Dallas home sales year-to-date were up 31% in September 2012 while the average sold price increased to $342,946, up 5% over 2011. Average days on market was 65 days, and there are 4.6 months of inventory.

North Dallas home sales year-to-date were up 25% in September 2012 while the average sold price decreased to $731,121, down 9% from 2011. Average days on market was 94 days, and there are 6.7 months of inventory.

East Dallas home sales year-to-date were up 25% in September 2012 while the average sold price increased to $274,452, up 7% over 2011. Average days on market was 78 days, and there are 4.3 months of inventory.

North Oak Cliff home sales year-to-date were up 2% in September 2012 while the average sold price increased to $114,700, up 9% over 2011. Average days on market was 67 days, and there are 4.5 months of inventory.

South Oak Cliff home sales year-to-date were up 1% in September 2012 while the average sold price increased to $61,658, up 5% over 2011. Average days on market was 67 days, and there are 2.5 months of inventory.

North West Dallas home sales year-to-date were up 30% in September 2012 while the average sold price increased to $253,313, up 8% over 2011. Average days on market was 74 days, and there are 3.7 months of inventory.

Oak Lawn home sales year-to-date were up 44% in September 2012 while the average sold price decreased to $438,721, down 27% from 2011. Average days on market was 77 days, and there are 7.7 months of inventory.

North East Dallas home sales year-to-date were up 29% in September 2012 while the average sold price increased to $269,613, up 11% over 2011. Average days on market was 55 days, and there are 3.3 months of inventory.

Sunnyvale home sales year-to-date were down 57% in September 2012 while the average sold price decreased to $284,224, down 2% from 2011. Average days on market was 106 days, and there are 7 months of inventory.

Plano home sales year-to-date were up 17% in September 2012 while the average sold price increased to $273,705, up 1% over 2011. Average days on market was 57 days, and there are 3.3 months of inventory.

Coppell home sales year-to-date were up 8% in September 2012 while the average sold price decreased to $303,753, down 6% from 2011. Average days on market was 55 days, and there are 3.2 months of inventory.

Richardson home sales year-to-date were up 23% in September 2012 while the average sold price increased to $178,756, up 2% over 2011. Average days on market was 57 days, and there are 2.8 months of inventory.

Garland home sales year-to-date were up 12% in September 2012 while the average sold price increased to $114,006, up 4% over 2011. Average days on market was 77 days, and there are 3.3 months of inventory.

University Park and Highland Park home sales year-to-date were up 24% in September 2012 while the average sold price decreased to $1,039,596, down 5% from 2011. Average days on market was 77 days, and there are 4.9 months of inventory.

Irving home sales year-to-date were up 15% in September 2012 while the average sold price increased to $199,945 up 8% from 2011. Average days on market was 71 days, and there are 4.1 months of inventory.

Duncanville home sales year-to-date were down 2% in September 2012 while the average sold price increased to $108,894 up 4% from 2011. Average days on market was 83 days, and there are 3.9 months of inventory.

Wylie home sales year-to-date were up 20% in September 2012 while the average sold price increased to $178,657, up 1% over 2011. Average days on market was 68 days, and there are 3.1 months of inventory.

Allen home sales year-to-date were up 13% in September 2012 while the average sold price increased to $247,834, down 1% from 2011. Average days on market was 58 days, and there are 2.8 months of inventory.

Frisco home sales and Denton county east year-to-date were up 17% in September 2012 while the average sold price increased to $302,339, up 5% over 2011. Average days on market was 58 days, and there are 3.0 months of inventory.

Prosper home sales year-to-date were up 27% in September 2012 while the average sold price increased to $326,775, down 1% from 2011. Average days on market was 85 days, and there are 4.6 months of inventory.

Celina home sales year-to-date were up 20% in September 2012 while the average sold price increased to $222,988, up 1% over 2011. Average days on market was 81 days, and there are 6.0 months of inventory.

Bedford home sales year-to-date were up 18% in September 2012 while the average sold price increased to $173,536, up 9% over 2011. Average days on market was 51 days, and there are 2.9 months of inventory.

Euless home sales year-to-date were up 33% in September 2012 while the average sold price increased to $162,732, up 3% over 2011. Average days on market was 55 days, and there are 3.0 months of inventory.

Hurst home sales year-to-date were up 40% in September 2012 while the average sold price increased to $152,584, up 15% over 2011. Average days on market was 60 days, and there are 3.4 months of inventory.

Colleyville home sales year-to-date were up 30% in September 2012 while the average sold price increased to $473,508, up 15% over 2011. Average days on market was 95 days, and there are 5.8 months of inventory.

Grapevine home sales year-to-date were up 21% in September 2012 while the average sold price increased to $260,215, up 3% over 2011. Average days on market was 53 days, and there are 2.8 months of inventory.

Southlake home sales year-to-date were up 30% in September 2012 while the average sold price decreased to $593,135, down 3% from 2011. Average days on market was 71 days, and there are 5.0 months of inventory.

Keller home sales year-to-date were up 26% in September 2012 while the average sold price increased to $326,868, up 3% over 2011. Average days on market was 78 days, and there are 4.8 months of inventory.

Roanoake home sales year-to-date were down 18% in September 2012 while the average sold price decreased to $164,670, down 5% from 2011. Average days on market was 74 days, and there are 4.1 months of inventory.

Finally, the hottest residential real estate market in DFW... Trophy Club and Westlake home sales year-to-date were up 52% in September 2012 while the average sold price increased to $517,968, up 20% over 2011. Average days on market was 76 days, and there are 4.7 months of inventory.

Again, if your neighborhood or area was not covered, or if you're just curious as to what your home is worth, contact me for a free over-the-net, no obligation, custom markreport. Call 214.690.9682 or email troycorman@t2realestate.com.

Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.

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Tuesday, October 16, 2012

To Succeed In Real Estate, You Can't Be A Jackass.

Those that are "stubborn as a mule" in real estate dealings
usually lose financially and emotionally.

By Troy Corman, www.t2realestate.com

I am often amazed at how many folks in real estate transactions get locked in to a single way of thinking. Whether, they don't want to sell for a certain price, or they don't want to put in the physical effort to make their property more attractive, the folks usually end up losing time, money and emotional well-being in the end.

What often happens is a seller turns down an early offer. Then, they never get the offer they really want. Then, they get worn down mentally and emotionally. And finally, they just want the process to end so they take whatever they can get.

To me, adaptability is the key to real estate, and to life. Sure, there is certainly some admiration for those with persistence and discipline, but when it gets in the way of common sense and reasonableness, then nobody wins.

I must admit I am prone to this character defect myself. I often want what I want, when I want it. I can get all wound up and notted up and waste a lot of valuable time and emotional energy wearing myself out. I then have to turn my will over to my God and trust in His will being done, not mine. This brings a calming effect - even though I still hope things turn out the way I want them to!

I know that we're all wired differently, and some are more prone to be "as stubborn as a mule" than others. But do yourself a favor if things aren't getting done in your real estate transaction. The world doesn't revolve around YOU, or what YOU want. So get over it. Get things done. And make your life a jackass-free zone!

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Thursday, October 11, 2012

The 2013 Tax Hike. How Real Estate Ownership Can Lessen The Blow.

By Troy Corman, www.t2realestate.com

We hear a lot these days about the fiscal cliff facing American taxpayers in 2013 if the Bush tax cuts expire. According to the Tax Policy Center, 88% of tax payers will see their taxes rise. The only folks who will escape the increasingly desperate hand of our federal government will be the elderly. If we don't reduce the ratio of our entitlement debt to GDP, financial experts like Bill Gross, expect the US government to continue to print money which will ultimately lead to inflation and a declining dollar. Believe it or not, the "Bond King" just recommended that investors buy "hard assets" and gold.

Hard assets include real estate. Raw land has long been considered a hedge against inflation. In fact, signs of inflation are here now as some agricultural land parcels in the midwest have recently sold at record prices. Those that own income-producing real estate may benefit doubly from inflation. Inflation means higher prices on rental rates, too. While rents rise, monthly mortgage payment amounts remain fixed. The result? Rental income increases. Net operating income increases. Property value increases.

Of course, you don't have to own multifamily properties to benefit. A single family rental home with 20% equity will net you roughly $10,000 worth of tax deductions. If you're in the 25% tax bracket, that's an extra $2,500 in your pocket after taxes, instead of Uncle Sam's. Notable deductions would include property depreciation, mortgage interest, property taxes and any repairs.

You can also benefit just by owning your own home. Let's say you put 10% down on a $150,000 home. A mortgage at 3.5% on a $135,000 loan amount would result in a monthly payment of roughly $1,075 with insurance, property taxes, pmi and the monthly mortgage, all included. If the property taxes are at 2.5%, you could deduct $4,000 plus the mortgage interest of $5,069, or $9,069 in total deductions. That's an after-tax savings - money in your pocket - of $2,267 (25% tax bracket). Plus, you'll chip away $2,500 of what you owe on the home - instead of giving it to the landlord. Finally, if inflation sets in, a declining dollar should send your property value higher. Higher, baby!

The writing is on the wall. The Federal government will be forced at some point in the VERY NEAR future to either drastically raise taxes, continue to print money to pay on the debt, or a combination of both. Printing money is obviously the easier route for politicians. Inflation will likely be the result - it's the stealth tax most damaging to those with lower incomes and the middle class. The time to prepare, is now.

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Tuesday, October 9, 2012

Tips For Buying A New Home In Today's New Home Market.

Almost an acre of land for sale. 212' x 200' per DCAD. Zoned for 10,000' lots minimum.
Priced at only $10.85'. 6506 Robin Rd. Dallas, Tx

By Troy Corman, www.t2realestate.com

Home builders are back. Demand for new homes in some areas is exceeding supply. Commodity costs for land, concrete, lumber, steel and labor are rising. And so are the prices of new homes. So much for tame inflation, huh, Helicopter Ben? Nationally, the median price of new homes sold in July was $224,200 which is up 9.8% from only one year ago.

Last year marked the lowest units of new homes sold ever recorded - a meager 306,000 according to the U.S. Commerce Department. Dallas-Fort Worth home builders are now on pace to build almost 16,000 new homes this year, which is up 25% from last year, but still well below the 2006 pace, when they built almost 50,000 homes.

Dallas housing analyst Ted Wilson, a partner with Residential Strategies said, "there is a concern by the builders that the pace of the recovery is outstripping their capacity. There is a shortage of new home lots. In a market like Frisco, lot prices are up 50% from where they were." He continued. "We are hearing across the northern suburbs that builders are raising their prices a couple of thousand dollars a month."

North Texas and Dallas new home inventory is at a 20-year low, with finished new homes at less than a 2-month supply, according to Metrostudy, Inc. The last time there were only 2,500 finished new homes on the market was us 1993, when there were 2.5 million fewer residents in the DFW metroplex.

With the current new home market more favorable to sellers, it's more important than ever to have a Realtor represent your interests when purchasing a new home. Below are a few suggestions.

The advertised price isn't always the final price. Often, builders advertise a base model so to speak, and then charge you for extras like, upgraded cabinets and carpet, or a lot premium.

Speaking of premium, expect to pay one on a new home, as new homes nationally sell for 34% more than existing homes.

Strategically, you're in a stronger position as a new home buyer when the home is completed or near completion. Builders are usually more motivated to sell, when a home is sitting finished and vacant. In fact, often, the last couple of homes in a subdivision sometimes sell for healthy discounts.

Finally, one thing to keep in mind when buying a new home in rural areas is - how much land is available for additional new homes to be built? It's very hard to compete with home builders when you're trying to sell your 2-year old to 5-year old home versus their brand new homes.

If you are a home buyer looking for a new home, or a home builder looking for land for sale, I'd love to help you. Contact me directly at 214-690-9682.

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Thursday, September 6, 2012

Non-distressed Dallas-area Home Prices Up 7.2% Over 2011.

Dallas-area July home prices continue to rise. DFW home prices are up 3.2% versus 2011.

By Troy Corman, www.t2realestate.com

National real estate research analysis group CoreLogic reports that Dallas-area homes sold for prices 7.2% higher than a year ago when excluding distressed sales. Distressed sales refer to foreclosed homes or short sales. Short sales occur when a home lender agrees to allow the home owner to sell their home for less than the mortgage balance.

Speaking of foreclosures, filings for residential foreclosures in Dallas-Fort Worth are down 22% versus 2011, with 4,786 filings a year ago versus 3,724 in 2012.

When including all home sales, Dallas home prices were still up 3.8% in July versus a year ago. Standard and Poor's Case-Shiller Home Price Index reported last week that Dallas home prices were up 3.7%.

Available Dallas-Fort Worth homes for sale are at the lowest level in years which is market-favorable for sellers of well-maintained homes in Dallas' best neighborhoods.

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Saturday, September 1, 2012

Is DFW Residential Real Estate Market Spring-Loaded?

6506 Robin Road, (the Inwood and Mockingbird area of Dallas)is zoned for 10,000' single-family lots.
Lot shown is 212' x 200' per DCAD.

By Troy Corman, www.t2realestate.com

Is the Dallas-Fort Worth residential real estate market spring-loaded? Over the past few months, the big news in the residential real estate market is that there are fewer Dallas area homes for sale. In some sought-after neighborhoods, local title companies and Dallas real estate brokers are witnessing multiple offers and bidding wars.

Nothing creates higher prices like scarcity, when demand exceeds supply. And that appears to be happening in Big D as we speak. As the nationally noted Case-Shiller Index reported for June, Dallas home prices were up 3.7% versus June of 2011. It was Dallas' fourth straight month of year-over-year increases.

David Brown who heads up housing consultant Metrostudy locally, was quoted by the Dallas Morning News this week saying "absolutely, our view is that the market has turned." Furthermore, he quipped, "my expectation is that we'll see increasing appreciation in the second half of the year locally, and in a lot of markets around the country." He went on to say that there are currently about 29,000 homes listed for sale in the DFW area, but he expects that number to drop to 22,000 homes by years' end. If that happens, it would mark the lowest level of homes for sale in the Dallas-Fort Worth metro since 2000, when 1.5 million fewer people resided in the metroplex. "That's a recipe for higher prices," Brown said.

Through the first eight months of this year, 52,851 DFW area homes have been sold versus 47,611 in 2011, a 11% increase. Surprisingly, new home sales are about 2% below last year, with NTREIS (North Texas Real Estate Information System) reporting 4,273 new homes sold in 2012 versus 4,358 in 2011. Lots booked as sold are up 9% year-to-date year-over-year, as builder confidence is at a 5-year high and new home construction is picking up across north Texas. Let's hope the positive momentum continues to build!

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Sunday, August 5, 2012

Why You Can Buy a Home For 25% Less Than 1 Year Ago.

This home at 6506 Robin Road in Dallas resides on a 212'x200' lot.
Zoned for 10,000' lots and located across the street from Greenway Parks.

By Troy Corman, www.t2realestate.com

Perhaps home builder confidence is at a 5-year high because home buyers can now buy a home at a 25% discount versus a year ago. Huh? What? How - you ask?

Very simply, the cost of financing. Average 30-year mortgage rates on a FHA loan are around 3.54% versus 4.54% last year. According to bankrate, on a $200,000 30-year loan, you would pay $902.56 per month for financing versus $1,018.13 in 2011. If that's not enough to whet your appetite, just imagine the savings long term. Over the course of the full 30 years, your savings would total a cool $41,604!

If you max out to the FHA single family loan limit in Texas ($271,000), your monthly mortgage payment this year would be around $1,222.97 versus $1,379.57 a year ago. Over the course of thirty years, you'd save over half a hundred (thousand), as Barry Switzer liked to say, $56,374. As homes for sale inventories shrink, and multiple offers are commonplace today on good homes in good neighborhoods, the housing bottom may be in the rear view mirror. Don't be one of those folks who looks back in a few years and says "coulda, woulda, shoulda".

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