July 2016 North Texas Home Selling Prices: Color Them Red Hot!

By Alicia Kay Lanier, REALTOR

Our North Texas housing market continues to be as scorching hot as a summer heat wave, with average selling prices rising in many areas during July, 2016, even as sales number decline in some communities because of fewer homes available to buy.

Last month’s home sales statistics are now in and here are key numbers for selected communities in the Dallas-Fort Worth Metroplex. The chart compares number of sales, selling prices, and number of days homes remained on the market in July, 2016, as compared to the same month last year:

Let me know if you want to learn the probable selling value for your home in today’s market – or if you are interested in receiving a .pdf file that shows sales and average selling prices for all the cities/communities in North Texas.

Alicia Kay Lanier is a REALTOR affiliated with Coldwell Banker Residential DFW and represents both Home Sellers and Home Buyers in four North Texas counties:  Dallas, Denton, Tarrant, and Collin. Contact her at 972-998-8751 (call/text) or Alicia.Lanier@cbdfw.com.

Open House This Sunday in Las Colinas Riverside Village

By Alicia Kay Lanier, REALTOR

OPEN HOUSE 1:30-3:30 pm SUNDAY (August 7).

7120 Comal

Come tour this beautiful  5-bed/4-bath home at 7120 Comal in Las Colinas’ Riverside Village across from the Campion Trail.

Priced at $600,000, this custom home was built by Coventry in 2013 and offers $39,000 in recently added designer upgrades by owner. It begins with a new Entrada cast iron front door, a grand two-story entry hall highlighted with three Arhaus crystal chandeliers and wood maple circular staircase. Enjoy hand-scraped hardwood floors throughout the first floor where you’ll also find a deluxe master suite with a cast stone fireplace plus study, gourmet kitchen, and a second bedroom ideal for nanny, maid or nurse. The second floor has a game room area, home theater, three bedrooms, and two baths. This home has 4,136 sq. ft. on a lot of 0.188 acres. Riverside Village is a well located,  picturesque Las Colinas enclave in the heart of the Dallas-Fort Worth Metroplex.

Alicia Kay Lanier is a REALTOR affiliated with Coldwell Banker Residential DFW and represents both Home Sellers and Home Buyers in four North Texas counties: Dallas, Denton, Tarrant, and Collin. Contact her at 972-998-8751 (call/text) or Alicia.Lanier@cbdfw.com.

 

The American Dream and Rising Home Prices in North Texas

americandream

By Alicia Kay Lanier, REALTOR

Buying a home is an important goal of the American Dream, and for many home buyers today, that dream is feeling out of reach.

“Where have all the homes for sale gone?” serious buyers ask. It is a perplexing issue, this lack of homes for sale.

Our North Texas area remains in the top five metro housing markets nationwide because of soaring home prices, home loan interest rates under 3 percent (true!), and homes selling as quickly as they come on the market. And, that’s in the heat of summer, when home sales usually cool down.

North Texas home selling prices have increased approximately 40 percent since 2011, a time when we felt comfortable with a “normal” housing market offering six months inventory of homes for sale. We now have “just in time” inventory, less than two months supply.

Higher home prices have expanded most homeowners’ equity amount in their homes and other property, so this market presents a unique opportunity for anyone ready to move on: Empty nesters or seniors considering downsizing to a smaller or less expensive home; employees being relocated to other areas; or anyone for whom cashing out their sizeable home equity would allow them to contribute to another American Dream.

Real estate watchers in the DFW Metroplex expect this trend to continue through 2016.

Alicia Kay Lanier is a REALTOR affiliated with Coldwell Banker Residential. She works with home sellers and buyers in four North Texas counties:  Collin, Dallas, Denton, and Tarrant Counties. Contact her at Alicia.Lanier@cbdfw.com or 972-998-8751 (call/text). 

 

 

 

FREE “Smart Move” Brochure for Home Buyers: Crush the Competition in this hot market!

By Alicia Kay Lanier, REALTOR

Today’s home buyer must be better informed than ever in order to compete in a home selling market that is a sizzling hot as our Texas summer!

SmartMove_Tips for Buying A Home

With that in mind, I providing you with the above link for a FREE copy of “Smart Move,” a handy new brochure published by the Texas Association of Realtors. You won’t be sorry you took a few minutes to read through it and pick up some great tips for finding your dream home.

Alicia Kay Lanier, REALTOR, is affiliated with Coldwell Banker Residential. She works with both Home Sellers and Home Buyers in four North Texas counties: Dallas, Denton, Collin, Tarrant. Contact her at Alicia.Lanier@cbdfw.com or 972-998-8751.

 

How Serious Home Buyers Can Compete in Our DFW Metroplex Multiple Bidding Wars

By Alicia Kay Lanier, REALTOR

Not for the first time – and I’m sure not the last – I had home buyer clients ask me yesterday how they could get the winning offer among multiple offers which were pending on a house we had just toured.
As an aside, they then mentioned they do not want to pay more than list price.
Unfortunately that is not a winning buyer strategy right now – and definitely when there are multiple offers afoot. I see my job as not just finding newly listed homes and showing a property, but also providing the very real benefit of researching the immediate neighborhood and offering my opinion about a home’s value based on that research as well as my experience. If someone really wants to buy a home, I want to educate them about how to do that in this unique market.
It is understandable that no one wants to overpay for a property and that most buyers believe not paying more than list price feels like the best way to accomplish this goal. However, in this scorching hot home selling market in neighborhoods attracting multiple offers, buyers need to think of the situation as being at an auction where the list price is, frankly, more like an opening bid than a set-in-stone price.
In the case of yesterday’s home under discussion, the list price was well under the going rate for homes in this pretty North Carrollton neighborhood built in the mid-1980s. Our challenge, therefore, was to determine an appropriate purchase offer price price, one which would not be overpaying and would appraise by the Buyer’s lender, but also beat out the multiple offers already in competition.
The list price for my buyers’ chosen home was $190,000, which is not just below the selling prices for the neighborhood but under the listing prices as well.  For example, all four of its recent SOLD homes were list priced above this property – and three of them sold over even those list prices. Here’s the rundown of the neighborhood SOLD homes in the past 6 months which were very similar, showing list and selling prices:
Comp #1: Listed at $195,000 (Sold at $201,900)
Comp #2: Listed at $210,000 (Sold at $207,000)
Comp #3: Listed at $205,000 (Sold a $210,000)
Comp #4: Listed at $215,000 (Sold at $227,500)
Looking at the prices for the SOLD homes, you can see that my buyers’ preferred property will appraise at over $200,000+, with value depending on its amenities and size as compared to those of the comparable homes. It is apparent to me as a professional REALTOR that this home was priced low strategically in order to let the buyer market tell them what it is actually worth. (Which is basically how home values are determined: How much a Buyer is willing to pay and how much a Seller is willing to accept.) So I advised my Buyers that submitting a purchase offer at their low list price in light of the much higher prices for the SOLD homes would be a waste of their time, especially since there are already multiple offers placed on this home and the Sellers have called for highest and best purchase offers.
There are still homes that can be bought for list price (and occasionally under), but not for homes in popular areas with routine multiple offers. Also, I want to point out that the low $200,000s) and their preferred configuration (3-bed, 2-bath, 2-car garage) is one of the most competitive price ranges for home buyers today.
Is price the only factor when competing in a multiple offer situation? Not at all. But, candidly, it is the biggest factor for Sellers, who naturally want to walk away with as much cash as possible. And, speaking of “cash”, a home buyer paying cash usually rises to the top – because a cash buyer can close quickly and there are no issues of lender approval and appraisal.
Here’s one tip that can make a Buyer stand out for the Seller: I always recommend that my clients write a letter about how much they like the house and neighborhood, mentioning specific features that stand out, and also include some personal information (job, hobbies, kids, etc). Most homeowners love their property and the memories made there and want to entrust it to an individual or family who will do the same.
I have earned a good track record in helping my clients win out in multiple offer situations. Did yesterday’s couple take my recommendations and get the home – or did they remain fixated on not paying more than the list price? Stay tuned …
UPDATE: 5/21/2016 My clients did decide to participate in the multiple offers bidding on this property and instructed me to write a purchase offer for $205,000 – which was $15,000 over the listed price. Sounds pretty competitive, doesn’t it? Unfortunately, as strong as their offer was, they were one of 17 prospective buyers bidding on this property; the winning bid: $217,500, which was $27,500 over the list price. Will it appraise? If not, will the Buyers move forward with the purchase? We shall see…
Alicia Kay Lanier, REALTOR, is affiliated with Coldwell Banker Residential. She works with both Home Sellers and Home Buyers in four North Texas counties: Dallas, Denton, Collin, Tarrant. Contact her at Alicia.Lanier@cbdfw.com or 972-998-8751.

April Edition of My Newsletter with Tips for Healthy Wealthy, and Happy Living

By Alicia Kay Lanier, REALTOR

It’s time for the latest edition of my Service for Life monthly consumer newsletter.

Inside This Issue...
  • Hidden Causes and Cures of Pain…
  • Secure Your Cloud Storage…
  • Fun Facts and Laughs: Happiness Boosters, Websites For Virtual Services, And More…
  • Trivia Challenge: Just for fun!
  • Real Estate Q&A: What Should I Know About Investment Property?

Alicia Kay Lanier, REALTOR, is affiliated with Coldwell Banker Residential. She works with both Home Sellers and Home Buyers in four North Texas counties: Dallas, Denton, Collin, Tarrant. Contact her at Alicia.Lanier@cbdfw.com or 972-998-8751.

DFW March Housing Stats: Up Again!

By Alicia Kay Lanier, REALTOR

Here’s good news for your home equity: The median selling price for all homes continued to rise in North Texas in March, 2016, with Tarrant County showing a 10.3% increase, the highest of the four largest Metroplex counties.

Click on the links below to see each of our NRT Coldwell Banker video reports for March with home sales details for Tarrant, Dallas, Denton and Collin Counties.

Contact me if you want to know average sales prices and other numbers for your specific city or neighborhood.

Alicia Kay Lanier, REALTOR, is affiliated with Coldwell Banker Residential. She works with both Home Sellers and Home Buyers in four North Texas counties: Dallas, Denton, Collin, Tarrant. Contact her at Alicia.Lanier@cbdfw.com or 972-998-8751.



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