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One question that we have often encountered when discussing real estate with friends and family is “How’s the Dallas market?”

This is a very good question amidst the many opinions floating around in the national media.

Well, we all know that every market has its ups and downs. Yes, we are in the midst of the sharpest recession in a generation, but housing markets vary from state to state, and even city to city. So here is the deal about DFW: We’re pretty stable!

Here is why: In the last 8-10 years, while other major cities across the US like Washington D.C., Los Angeles, San Francisco, Chicago, Miami, and so forth became very creative in their housing markets by raising prices and demanding as much as an avid consumer would pay for a “prime” piece of real estate, DFW remained SENSIBLE. Sure, DFW experienced its share of surplus buyers securing loans that weren’t truly fitting to their budgets such as those infamous ARM loans that we’ve all heard about. However, in other housing markets that are currently experiencing devestating losses in home values, the “bubble” has actually popped. That is, the market inflated as far it could go in real estate values, and now it has contracted to retrofit where market prices perhaps should have actually been in the first place.

In DFW, it’s pretty safe to say that we’re somewhat fortunate. What I have noticed is that, yes, some sellers are definitely eager to sell, and thus, they are now having to sell their homes at just below market value. There is a trend developing where sellers are having to drop their selling prices anywhere from 10 to 20 percent. However, put that statistic alongside another where homes in failing economies that perhaps would have demanded $400,000 to $600,000 four years ago won’t get more than $300,000 now, and you see that we’re not doing so bad!

I’m not overly praising the DFW housing market though. I know that sellers aren’t all that excited about where the economy is today. But rest assured, it seems as though, when the market does turn around again, DFW will be among those major US regions that bounce back quickest.

For buyers in DFW, I would definitely say that they should be excited. Right now, they are the ones who can get a whole lot of house at reduced values. Even so, I would say that buyers will still have their fair share of competitors. DFW is still an attractive region to move for many out-of-staters. Dallas can still boast that it has the most fortune 500 national headquarters, and business is still progressive here. Thus, people are still moving here.

The DFW housing market is still moving. Depending on the housing market tier that particular homes are on, the speed of movement is variable. So, this must be considered for buyers and sellers alike. DFW has A LOT to chose from in the $100,000 to $300,000 range. Thus, they move slower. Buyers seem to be getting overwhelmed in a market where this is simply too much to chose from. So what happens is that much time is spent trying to find the perfect home amongst the dozens of possibilities. In the $300,000 to $1 M+ range, home sales pick up. In this category, home buyers tend to know exactly what they want. Also, at this tier, homes tend to possess distinguishing features that make them move quicker.

So in a nutshell, that’s how the DFW market is doing. So dispell those negatory things circulating the media, and search for the facts. The best thing that a seller or buyer can do is accept the housing market of the day and seek the advice of prefessional realtor. I still have confidence in the DFW housing market, and I think it’s safe to say that you should too!

Our Real Tips email dated February 9, 2009 explains what stays with a property when it’s being sold. More accurately stated with real estate lingo, it tells what “conveys” when a property sells. We explain in that email that anything that would leave visible damage to the home by removing it should typically stay i.e. trees, shrubbery, fences, TV antennas, and any fixtures outside or inside (such as wall-to-wall carpeting or built-in cabinets).

Sometimes, it’s very confusing to sellers on what they should leave with a property when they sell it. Plus, it goes both ways: Either the seller can’t stand to part with items that they have accumulated over the years, so they snatch up everything, thereby physically damaging the property as previously mentioned, or they want to leave too much in the home (i.e. junk) as they get ready to settle into their new residence.

To complicate things even further, today’s real estate market is extremely shady. So if a seller is trying to get that house sold while buyers are keeping their wallets closed tighter and tighter with each passing day, the rules might have to change! – but only a little bit.

Here are a couple of suggestions that I have on what should stay with a property if you’re trying to AGGRESSIVELY sell your home:

Lighting:

Many times, I have shown homes with removed light fixtures. It’s such a pet peeve of mine to see a bunch of wires dangling from the ceiling. Obviously, the owner had purchased a light fixture that was just so adorable that he or she simply had to take it to the new residence. However, just like I hate looking at those wires, so will any prospects that I take into the home. If you adore any lighting in a home that you are trying to sell, you should leave it or replace it with something comparable. Just because you’re leaving the home, you can’t forget that you’re also trying to sell it. Always put yourself in the mindset of the buyer walking into your home for the very first time.

Window Treatments:

Blinds, curtains, curtain rods, etc. are all replaceable. Generally, they are replaceable for inexpensive prices. I can tell you from personal experience that buyers like the convenience of walking into a home that is fully furnished with blinds. A Texas trend among buyers is the desire for the beautiful white interior plantation shutters. Keep in mind that if you decide to leave blinds or shutters, they should be in immaculate condition. Curtain rods are a plus too, but you should use caution when leaving those. Leave curtain rods that are nice and complementary to the home. If they’re too ornate or show too much of your personal style, remove them as long as they don’t show physical damage to the window’s surrounding space. You could also replace them with something a little less dramatic. You should more than likely remove your curtains and other window treatments; however, if the curtains are generic and clean, yet modern enough to leave in certain window spaces that show your home well, then consider leaving them. One thing that you can think about is perhaps leaving those generic, crisp, modern curtains hung over a window that gets full sun in either the morning or evening. This will help a seller walk into a home already saving money on energy costs during our warm spring and summer months.

Appliances:

Buyer’s absolutely love it when they can buy a home that comes fully furnished with appliances that are in pristine condition. The newer the appliances appear to be is the better. Stainless steel appliances were a popular demand in recent years, but this is a dying trend. As long as appliances that you leave match, and aren’t in shabby condition, you’re good to go. Typically, buyer’s want to see the stove and dishwasher furnished. The refrigerator is, in most cases, a bonus item. If you decide to take any of these items to your new dwelling, please make sure that you clean up the areas that the appliances have been sitting in. We don’t want the buyers being grossed out by year-old food stains or dreading the thought of cleaning up your mess.

Furniture:

Of course, everyone knows that the better staged your home is often results in the quicker it sells. Most often, certain pieces of furniture will stand out more than others. However, furniture often defines space on the unique desires of you, the current owner. If you would like to appeal to buyers buy throwing in a furniture item or two, consider items like modern decorative mirrors, entertainment systems, or modern flat panel television sets. These items define space as well, but they are generic and useful enough to define the same space for the new owners too. Dining/Living room sets, bedroom sets, etc. are all too personal to consider donating to your new buyers. Something that you might also consider is perhaps an outdoor grill. If you can stand to part with it, this is one item that will definitely get the attention of buyers in the Texas real estate market.

Big Ticket Items:

Now I have heard of some real estate markets throwing in cars, season passes to sporting events, boats, and so on, but we’re not there yet! (LOL) Yes! The market has slowed down significantly, but the DFW market is still steady for now. We haven’t reached a crisis that demands such drastic measures. So, if you’re looking to sell anytime soon, please consider the suggestions made above, and if you’d like our assistance, don’t hesitate to give us a ring or send an email.

GOOD LUCK WITH YOUR HOME SALE!

Daymond
2TexasRealtors.com

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In today’s economy, we know that you are facing many major decisions…many of which involve the accumulation of assets and embarking on or continuing home ownership. For this reason, we have launched a new website and web blog so that we can be readily available for our clients and/or new customers. Feel free to comment on our blog at any time. Even if we do not have a post available addressing your immediate concerns, leave us a message. And we will be sure to respond!

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Best Regards,

2TexasRealtors