Reason #1 Our Economy is in Crisis

Hello dear DREB readers. I have racked my brains deciding what to say about all of the mess we are currently hearing about on the news and the interwebs. And oh do I have much to say about this nasty economic business and plenty of blame to pass around to boot. So I have decided to share my thoughts one-at-a-time. And here we go.

Reason #1: People don't know how to stay in their damn houses

Over the past 4 years people took out "creative mortgages" and may or may not have been educated as to the fact that they took out 103% of their home's value. Assuming your home is worth $100,000 ($103,000 loan) you now have negative $3,000 equity. Awesome! So you live in your home for 2 years and realize around 5% appreciation over those 2 years, overall. Now your home is worth ~$105,000. Great! But you want to move up in the world so you call me, a Realtor, to help you sell your home. It costs roughly 8% to sell a home which means that if you sold your home for $105,000 - you owe $100,000 to the mortgage company - you would have to bring around $8,000 to closing. But you don't have that because you don't know what savings are and you put NOTHING down at closing. So you're screwed and have to either engage in a short sale with your bank or go into foreclosure.

While many people are blaming the lenders for lending these people money in the first place without putting any money down, no one told these people they should move and sell their home after 2 years. And the homeowners certainly don't want to take responsibility for their actions so they blame the lenders and let their homes go back to the bank and hurt their neighborhood sales statistics.

I've said it before, irresponsible homeowners are just as guilty as irresponsible lenders for getting us into this economic mess. And I don't feel sorry for either of them.

5331 Ridgedale Ave. in the M-Streets

Immaculate M-Streets home with fabulous updates and energy features. Granite counters,maple cabinets,Anne Sacks glass tile backsplash and breakfast area overlooking sparkling and heated saltwater pool.Bedrooms are huge and split.Spacious master has WIC and bath has marble and travertine finishes with jetted tub.Guest quarters has half bath and 1 car garage is newer frame with room for fridge.New AC, radiant barrier in attic, landscaping in '08!

5331 Ridgedale Ave. - $349,900

(Click on a picture for a larger view)


Living Room



Dining Room



Dining Room



Kitchen



Breakfast Area



Master Bedroom



Master Bath



Guest Bedroom



Guest Quarters


Saltwater Pool



Saltwater Pool

More details:

Description: 2 bedrooms, 2 baths
Square Feet: 1,242 main house + 130sf guest quarters with half bath
Garage: 1 car detached
Fireplace: Gas
Foundation: Pier & Beam
Utility: Stackable W/D
City: Dallas
County: Dallas
Zip Code: 75206
Schools: DISD
Year Built: 1938

To set up a viewing please contact Jeff Duffey. Cell: 214-507-2878 or jeff@duffeyhomes.com.

4407 Mill Creek Road in North Dallas

You must see this impeccably updated ranch home on a 120x125 corner lot. Centrally located just north of Hockaday this home boasts 2,718sf with 4 bedrooms, 3.5 baths and a 2 car attached garage. The 4th bedroom is split and has a private full bath. The open floor plan is accentuated by the many large windows in the front and rear of the home and the open wall between the formal living room and family room. The plantation shutters enhance the already stunning curb appeal while the 2 large trees and lush landscaping complete the picture. Looking onto the crystal blue pool in the rear of the home is the oversized master bedroom with plenty of closet space and an updated master bath with travertine floors, tumbled marble accents and a Jacuzzi tub. The crown jewel of the home is definitely the kitchen featuring granite counter tops, double ovens, butler's pantry, large breakfast area with floor to ceiling windows, built-in buffet and plenty of cabinet and storage space. And finally, you won't want to miss the pool in the backyard with a spa and waterfall for those hot summer days. Or enjoy the large covered patio on those cool, crisp Fall evenings. And of course there is plenty of grass space including a spacious side yard for play equipment, gardening, pets or any other uses you can think of. This home offers something for everyone and is in one of the most sought after and established neighborhoods South of LBJ.

4407 Mill Creek Rd. - $449,900

(Click on a picture for a larger view)


Front angle


Kitchen


Breakfast Area


Family Room


Formal Dining


Formal Living


Master Bedroom


Master Bathroom


Guest Room


Back Patio


Pool


More details:

Description: 4 bedrooms, 3.5 baths
Square Feet: 2,718
Garage: 2 car attached
Fireplace: Gas
Foundation: Slab
Utility: Full size with space for extra freezer
City: Dallas
County: Dallas
Zip Code: 75244
Schools: DISD
Year Built: 1966

To set up a viewing please contact Jeff Duffey. Cell: 214-507-2878 or jeff@duffeyhomes.com.

Speaking of Divorce...

...if you've recently found yourself alone for one reason or another then fret no more. Dallas is the place to be! Or at least the 3rd best place to be if you're single, according to a new Forbes ranking of the "Best Cities for Singles".

Sluggish Real Estate Market Keeps People Married

According to this study out of the U.K. While sad, it makes perfect sense to me. Society is becoming so dependent on making money on their homes that they're not focusing on making money at their jobs. Or by learning to curb spending habits and actually saving their money. What an amazing concept. I should write a book on that. [Sarcasm]