Dallas Still One of The Strongest Metros in U.S. for Real Estate

Sixty-one percent (or 19) of the Top 31 "core based statistical areas" saw price declines from September 2006 to September 2007. Dallas was not one of these and rounded out the Top 10 major metros to see a rise in sales prices during this time period. Texas represented by having 4 out of the Top 10 cities to see price growth. Another reason why Texas is better than every other state.

Thanks to Top Producer for linking to the Inman News article that you would otherwise have to subscribe to.

Hollywood Here I Come

After Wick Allison of D Magazine linked to my blog last Wednesday morning, I received a call from local news station CW33 asking if they could interview me for a real estate piece they were going to air that evening on their 9 o'clock news. I happily obliged and think it turned out well, if I do say so myself.

Click Here to watch the clip.

Listen to Frontburner. They're Smart.

The DMN's Steve Brown strikes yet again perpetuating national real estate doom and gloom. "U.S. home sales will hit 5-year low in 2007", ugh. That may be true but how does that apply to Dallas/Ft. Worth? Oh, that's right, it doesn't. Brown even writes "[Housing analyst, John Tucillo,] agreed that market conditions vary dramatically by city.” Brown obviously disagrees with this assessment. I mean, is he trying to give Jim Schutze over at the Observer a run for his money by being such a muckraker? Publisher and editor of D Magazine, Wick Allison, takes Brown and the DMN editors to task on Frontburner for his incessant prattlings about how the real estate boat is sinking faster than the Titanic. (A big thanks to Frontburner and Wick for linking to my blog post about how Dallas/ Ft. Worth real estate is on track to have the 2nd best year in real estate sales ever.) And then I stumble upon this article by Brown that reluctantly tries to take a positive spin on our local market using many of the same statements and stats from the doom and gloom article referenced earlier. I think I can actually feel him squirming as he lifts his pen to write something positive about our local real estate market. He references how Realtors have largely blamed the media for our real estate woes but quickly gets his revenge by ending the article with a nice jab by making sure Realtors take part of the blame as well. I don't know Steve Brown personally but I'm not sure where all this negativity is stemming from? I mean seriously, did you have a bad real estate experience back in the day? What I do know about Steve Brown is that when you drive by his East Dallas home it looks like his yard hasn't been trimmed in ages and is literally trying to eat his house. Honestly. The fence is leaning, the trees haven't been trimmed since 'Nam and forget about actually using the detached garage as, well, a garage. I'm not saying this to be (completely) vindictive but our Dallas/Ft. Worth real estate columnist is responsible for swaying our city's opinions and has a honest-to-goodness “tear down” that looks as though it is uninhabitable and certainly not up to city code by a long shot. The irony of this is not lost on me. So my challenge to Mr. Brown would be to either 1. Start talking about LOCAL real estate issues and numbers or at least put our market into perspective with California and Vegas; or 2. Clean up your yard and maintain your house. Because why should we listen to what you say about real estate when you can’t even take care of your own.

Selling Solo is a No, No!

There is an awesome article in the Park Cities People about For Sale by Owners. Part of the reason I think it is so awesome is because it includes some insightful snippets from yours truly. So go here, take notes and pass this along to your friends who are thinking about selling their homes by themselves.

Keep Your Friends Close and Your Personal Assistants Closer

I heard about the terrible story regarding an immensely successful Realtor in New York who was murdered in a Park Ave. apartment. Apparently the culprit was arrested. Note to self, give personal assistant a pay raise and show more appreciation.

Haunting Reality?

Now everyone knows I don't like to spread doom and gloom real estate lies but I couldn't resist posting this. I can't take credit for this so thanks to BlownMortgage.com. Love it!

Barbie Not Exempt From Real Estate Woes Either

I doubt that my brother reads my blog but if he did he would be so proud of this link.

Hilarious!

Real Estate Stats You Need to Know

Recently, the President of my company, Sue Meyer, wrote a letter to the Dallas Morning News and the Star Telegram encouraging them to write more positive articles about our local real estate market. In this letter she uses statistics that some people will find startling. As you all know, I have been a consistent advocate for our local real estate market trying to make sure people understand Dallas/Ft. Worth is doing fine amidst all of the doom and gloom real estate markets around the country. “Real estate is local” has been my mantra for many months. What is happening in Florida has no effect on your home’s sales price. The only effect these stories have had is only on our psyche. So now it’s time to put my money where my mouth is, so to speak, and show you those statistics Sue Meyer showed all 1,300 agents with Coldwell Banker Dallas/Ft. Worth.

2006 was the best year for real estate sales ever in the North Texas region with a sales volume of $18.2 billion dollars. If North Texas sales continue at their current pace (5% appreciation overall), even with the slight dip in sales numbers we have seen recently, we are still going to have the second best year for real estate sales ever! These are very impressive statistics but I have yet to see any of our local newspapers put these numbers in writing and into perspective. It is true our sales have declined. But is that really a bad thing when compared to the best year in the history of real estate? I don’t think so.

So now that you are adequately armed with knowledge, go tell your friends and family. The more people think our real estate market is doing poorly, it is only a matter of time before we make that a reality. We are our own worst enemy. So the next time someone tells you real estate in North Texas is headed South, quote these numbers taken straight for the North Texas Real Estate Information System. Not only will they be impressed, your local real estate market will thank you.

"Fish or Cut Bait" Among Other Things

Dallas is suffering from buyer paralysis. Home buyers have heard about the horrific real estate doom and gloom for so long that now they now are going to "wait it out". Question: What are you waiting for? Interest rates to rise? Inventory to get smaller. Which means not only less homes to choose from but possible multiple offer situations. This article from Realtytimes.com addresses this issue.

"...you have plenty of housing inventory from which to choose. Sales are slow, so sellers are offering thousands of dollars in incentives to tempt you to buy. Prices are flat. Interest rates are still historically low. Sounds to me like the buyer who has been waiting on the sidelines needs to get off the fence and pull out his checkbook."

I couldn't have said it better myself.

Best Real Estate Quote of 2007

Beautifully stated. This quote by Michael Bizenov, president of Sterling National Mortgage, has Dallas written all over it.

"The sellers are still looking at the price their neighbor got two years ago, and the buyers are looking for the mythical 30 percent price cut [the media keeps ranting about] and they're both wrong," he said. "It'll take some time for the stalemate to end."

Preach on!