July brought 10 closed home sales (as reported in the MLS for the period between 7/1-7/31/08) in McCormick Ranch.  THe lowest reported sale price was $449,500, and the high was $900,000.  For these properties which which a successful conclusion, the average sale price was at 93% of list price, with an average price per square foot of $234.06.

Sales continue to lag inventory.  The next entry will focus on current active listings.  There are 122 single family homes currently for sale in McCormick Ranch.  For July, that translates to approximately 1 closing for every 12 homes for sale.  

As always, statistics are a great place to start, but never provide the full story.  Every subdivision, builder and property is unique in McCormick Ranch.  Ranging from small ranch style homes with low ceilings built in the early 1970s to homes that have been completely rebuilt with soaring ceilings, modern architecture and the latest cosmetic upgrades, McCormick Ranch homes cannot be properly evaluated through raw data alone.  For a professional opinion of value for your home from your resident McCormick Ranch specialists, or for an opinion of value on a property you may have your eye on, contact Ray and Paul Slaybaugh with Realty Executives today.  We have over 40 combined years of living in and selling Ranch Real Estate.

paul@mccormickranchhome.com

Search McCormick Ranch Homes For Sale

(480) 220-2337

As of today, there are 185 homes for sale in Bedford, Texas according to the North Texas Real Estate Information System (the MLS).

Of the 185 Bedford real estate listings that are ACTIVE and available for sale, they range in size from 1083 square feet to a rare 5194 square feet with an average size being a practical 2179 square feet. On average, Beford homes have 3 bedrooms and 2 baths and most have 2 car garages.  Bedford offers opportunities to live within an established Fort Worth suburb at varying prices ranging from $67K to a rare $650000 while the average asking price is $190,576.  Currently, the average time on market is 85 days.

What did the Bedford home buyer's choose this summer?

There are a total of 31 properties that are awaiting close of escrow and these are referred to as PENDING deals. As those 31 deals close, more information will follow.  At this time, information that is available tells us that $154,854 was the average list or asking price that 31 home buyers chose from with an average square footage of 1996.  The average time on market was 65 days.

9 more Bedford homes are under OPTION at this time.  Option means that Bedford sellers have agreed to terms in which they will sell their home to a buyer and the buyer has the option to have home inspections completed as well as perform other due diligence.  At the end of the negotiated OPTION period, the buyer can OPT to move forward or move on.  As with pending properties, Bedford sale information is not available until the deal closes but the average list price for the listings that are currently under option is $185344 with an average size of 2014 square feet. 

From June 1, 2010 through August 31, 2010, a total of 92 Bedford homes were sold.  The homes were priced between $89K and $415000 with an average list price of $188,665 and sold for prices ranging from $85,200 to $410K.  The average sales price was $184,417 and the average size was a 3 bedroom with 2 baths and 2111 square feet.  22 homes sold had swimming pools.

Just North Bedford:

133 homes are Actively for sale in North Bedford with an average asking price of $215083 

• 8 listings are under OPTION contract with an average asking price of $195,450
• 17  are Pending the close of escrow with an average asking price of $183,740
• 75 North Bedford homes were sold for an average price of $198,671 after only 43 days on the market.

Amanda's Take on Things...

Buyers want to buy. While there are 185 active properties for sale in Bedford, there appears to be a shortage of serious Bedford sellers...in other words, there's a lot of junk for sale.  Buyers are frustrated and don't understand why everyone tells them that it's a buyer's market yet they continue to encounter homes for sale in Bedford in which the seller seems uninterested in selling.  It is my recent experience that Bedford homeowners who make the effort to freshen up and declutter their homes prior to going on the market, ask a fair price and are adequately marketed OWN this market as they sell for top dollar often in a matter of days. 

My name is Amanda Hall and I am the Broker and Owner of Hall Team Homes--an independent real estate brokerage licensed in Texas.  I believe that the best way to serve you is to provide you with the information you need to make the best decisions and that the best decisions are informed ones.  I can be reached directly at 817-239-9387.

In case you ever doubted that the AR Gods are a class act...

If you are on the phone with me and suddenly discover that you are talking to dead air then one of two things just happened. 

1.  The call was dropped due to a weak cell signal.

2.  The call was dropped because I just knew you were about to say something you'd regret.

Mary Lou is an incredibly nice lady with a nose for things that just smell bad.  When we first met, she told me how she'd worked recently with another agent that she terminated the business arrangement with because Mary Lou didn't feel like the agent was looking out for her best interests.  Apparently there were issues that arose out of being told and even signing off on one thing but getting different results.   

There was no doubt in my mind that in working with her, I'd want to make sure that everything we discussed would be confirmed and recapped in writing.  She would be more comfortable and it's how I like to do things, so I was sure we'd work well together.

Mary Lou found the home she loved and we negotiated a favorable deal.  She was happy with the terms and the contract was signed.  Part of the deal included a builder warranty for one year.  Combined with a residential service contract to protect her in case an appliance stopped working or the HVAC failed, Mary Lou had peace of mind.

Three days after contract signing, the listing agent called to tell me that the RELO seller just told them there is an addendum to the contract that needed to be signed by the buyer.  I just assumed that she misspoke or I misunderstood and asked that the amendment be faxed over.

It was a 5 page addendum and among so many other things, it stated that the property was to be sold "as is, where is" with "no warranty" and "this addendum supersedes any other agreement written or otherwise".

I knew Mary Lou was gonna flip her lid...and with good reason. You can't kill part of the contract after the fact and expect a buyer to accept it. Especially when it deals with a home warranty.

Dammit.

I knew I could send it to her and let her call one of her attorney friends that she'd known for a long time and had tons of trust in who would explain the difference between an amendment and an addendum.  Surely one of those attorney friends would explain that she didn't have to sign anything else until closing.

She was even madder than I thought she'd be and got so disgusted that I knew what was coming next but the call magically dropped right as she saying to "Kill the....."

Click.  Silence.  I didn't hear a thing.  Must be a dead zone on my cell.

She was mad and she had every right to be.  But if she'd just calm down for a minute or two I could explain to her that there was a contract for her to buy and the seller to sell...the deal was done and all she needed to do was stick to her guns, call an attorney friend and go to closing as agreed with the builder warranty intact.  She could just forget the addendum...just refuse to sign it or red line it until she liked the way it read.

Space and time.  She's very smart and she'd get it...if she just calms down.

She called me back...immediately.  I let it go to voice mail and crossed my fingers to no avail. She left a message notifying me that the deal was off and instructed me to send her an email confirming that I did indeed terminate.  She would not do business with liars and that's that.  She absolutely felt like the seller was reneging on the warranty.

OBEDIENCE - As a Texas Real Estate Broker, it means that if it's not illegal, my client is the boss and I have to do what I am told. Even though I believed she would regret it, it left me with no choice but to notify the listing agent that the deal was dead and the termination docs would follow.

Stupid voice mail.  Twenty-five years ago, people had time to think it all over & now things are over in an instant. 

Three days later, Mary Lou did calm down and realized exactly what occurred.  It was an addendum!  She now realized that the addendum couldn't be forced upon her once she was under contract. What the RELO seller (relocation company) should have asked for was an amendment but even that would require a meeting of the minds and Mary Lou wasn't about to sign an amendment that took away the coveted warranty. 

OBEDIENCE - It means that even if it's not in the client's best interests, if it's not illegal, I have to do what I am told and kill the deal.  And when the client calls me back three days later asking me to put it all back together, I do it even though I know that the seller is now going to require that lousy addendum to be signed.

And they did require the addendum be signed.  Fortunately, the seller agreed in writing that the builder warranty would remain intact. 

That all happened in March of this year.  Mary Lou and I had a moment to catch up for coffee one day last week and aside from a few minor warranty issues (imagine that), she is very happy in her new townhome.   I told her I'd be writing this post but that I would not use her name.  She insisted that I not only use her name but that I warn people to calm down and not to be hot headed like she was! 

OBEDIENCE - When the client tells you to tell the whole story, you tell the whole story. 

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It's Not Just Where You Live, It's How You Live

Amanda Hall - Broker/Owner of Hall Team Homes

817-239-9387

Coming Soon www.hallteamhomes.com Coming Soon

Hall Team Homes proudly serves the real estate needs of the Fort Worth and surrounding communities including Arlington, Hurst, Euless, Bedford, Colleyville, Grapevine and North Richland Hills.

If your 2nd time homebuyer bought their first home within the last 6 years, they are probably used to newer homes with bright shiny fixtures, large open kitchens that overlook the gathering areas and ginormous master suites with 3.5 secondary bedrooms and a loft gameroom upstairs in which to hide their 3.1 children. 

Your 2nd time homebuyer under the age of about 40 is used to having it all and then some and they are used to having it fairly easily.  Don't forget that the 1st time homebuyer of 2005 was able to qualify for a mortgage almost faster than the time it takes to order movies online - give or take a few minutes.  Fast forward to 2010 there's more than a strong likelihood that they will need to prove everything stated on the application at least ONE time if not THREE.  (Why isn't it ever two?)

The experienced buyers are upset..this isn't how it all went down in 2006?  Often they ask,

 "Why are they doing this to me?"

I  simply explain that the old, easy way caused a big mess with too many people who really couldn't afford to buy homes being in the market to buy. The good news is that buyers having to prove so much about themselves these days has taken quite a few "wanna be" buyers off the market creating great opportunity for the truly qualified buyer.  They can be picky about what they want, are offered lower fixed interest rates, have time and access to more information than ever before and should be thrilled about even more affordable pricing.  We just have to jump through a few worthy hoops that in the end serve to protect them more so than last time.

Looking at the bright side works and most buyers just want to know what's going on. 

All home buyers need to be prepared in advance to prove it all these days and then some.  I worked with a couple that were asked to prove that Mr. Buyers parents were married.  Think that's crazy?  I thought so too until the reasons were explained--it's a long story but it made sense.  It pretty much boils down to the lender reserving the right to ask just about anything they want during any stage of the loan process.  Does the borrower have to cooperate?  Only if they want a loan. 

Do buyers a favor and treat them all as if this is their first time and make sure their lender does the same. Accompanying the buyer to the meeting with the lender is the best way to know how they are being dealt with.  If your buyer tells you that you don't need to explain things because they've done this before, let them know that unless they bought last year, it's all different now and that you are here to guide them through 2010.  Ask the lender to provide them with a list of all the items that could be asked for and follow up with the buyer to make sure they are ready to provide a DNA sample in an instant.  Remind them that all documentation needs to be within the last 30 days so if they're closing in June, April paystubs might not be current enough. 

Remember, delayed closings are often preventable and they impact every aspect of real estate from the underwriters being backed up to the title companies being rushed to the moving trucks running idle to the utility companies not being able to flip a switch fast enough so that the locksmith can read the house numbers after dark.  The domino effect continues because our delayed closing effects the buyer or seller who is scheduled a few hours later to be sellers or buyers...and so on.  

*****It's Not Just Where You Live, It's How You Live*****

Amanda Hall is the Broker for Hall Team Homes.  Hall Team Homes proudly serves the real estate needs of Fort Worth and surrounding areas including Arlington, Grapevine, Hurst, Euless, Bedford, North Richland Hills, Watauga, Keller and Colleyville.  If you are looking to buy, sell, rent or walk away from real estate, please contact us. We consider our role in your real estate experience to be that of a trusted advisor and believe that your best decisions are informed ones.

I recommend that if you plan on practicing real estate past tomorrow that you do more than just consider getting as much distressed property/seller training as possible.  Given the market conditions we face now and in the future, I think it should be required that all licensees know how to assist distressed homeowners in sorting through their many OPTIONS.  I DO recommend the CDPE class as the first of many steps toward helping distressed homeowners with one of the most challenging situations they'll face in their adult lives.  (Although I do think the CDPE folks should update the printed material to 2010 since so many changes have r.  As of this writing, the printed materials offered are copyrighted 2008.  As the CDPE instructor said a few times in class, "that was 4 stimulus packages ago.")

Furthermore, I applaud the efforts of the CDPE founders and instructors for being part of the movement toward educating agents on matters of helping distressed homeowners, the National Association of Realtors (NAR) for promoting the effort and the professionals who are working hard day in and out to assist distressed homeowners.  I have no question, concern or opinion (other than stated above) about the CDP- part and consider the money and time spent toward the training to be worth it.

I wish I'd bought another vowel though.  CDPE stands for Certified Distressed Property Expert.

Expert seems more than a little strong to me.  My doctors, dentist,  and my lawyer all consider themselves to be practitioners of their field.  I've never once had a doctor tell me he was the expert...even though I believed it to be so.  They all practice because it is just that...a practice of medicine, practice of dentistry, of law and so on.  I haven't given a lot of thought to it in the past, but it stands to reason that the reason it's referred to as practice, is because it changes too often to be mastered.  What we do as practitioners isn't like woodworking or sewing with an established   that allows us to master a trade; ours is truly a practice that requires constant learning and to be experts.  If the laws and the rules and economic stimulus never change, then we stand a chance at expert mastery but certainly not until then. Am I an expert at continuing to learn all I can about my practice?  I guess so.

To the class and back to my point...

We were told that at the end of day 2, we would walk out ready to work short sales.  At the beginning of Day 1, the instructor asked for a show of hands as to the number of people who were working or have worked shorts. With less than half of the 39 sets of hands in the room raised, we were asked for a show of hands as to who was an expert.

Three hands remained.

To the Instructor, it was shocking to him that ONLY three hands remained in the air.

To this Texas Broker, it was shocking that as many as 3 hands remained in the air.  I've participated in a handful of short sales and I've attended several versions of online and in classroom training specific to short sales since 2006.  While I do consider myself to have expertise, I do not consider myself to be an expert.

The following day, 38 people, half of which have no prior short sale experience, walked out of that classroom with the Certified Distress Property Expert Designation.  There were several people in the classroom from other parts of Texas, but Wednesday afternoon, a couple dozen brand new EXPERTS hit the Dallas-Fort Worth real estate streets.

My question for you, the Active Rain community, is the following:

Do you think that it's possible to be an expert by attending a class or do you think that working to become an expert requires training and practice?  What about supervision of that practice?  Shouldn't there be a requirement that sponsoring brokers also earn and maintain designations held by their agents?  How many cans of worms did I just open?

Melina brings the message home.

P.S. I enjoy having coffee with people in Oregon, New Orleans, Georgia and California....and Arizona, Alaska, New York, Florida...you get it.

IT'S TIME TO SELL THE HOUSE

Clear the clutter, clean the house and paint the walls.  Check.

Water the lawn, pack a few boxes and update the fixtures.  Check.

 READY?  SET?  STOP! 

I recommend that seller's hire a professional inspector to check all major systems of their house prior to going on the market so that when they receive a contract from a buyer to purchase, they stand a stronger chance of making it to closing and walking away with as much equity as possible. 

 -THE OPTION TO BAIL OUT OF THE DEAL-

In Texas, when a buyer offers to purchase a home, the offer includes an Option Period as well as an Option Fee.  The Option period is a negotiated period of time for a buyer to back out of the purchase for any reason or no reason at all.  The Option fee is a negotiated amount of money that a buyer pays directly to the seller for the unrestricted right to back out of the deal.  During the Option Period, various inspections are performed including a general inspection where a profesional inspector is hired to find out if anything is wrong or is about to go wrong with the house. 

After the inspection is complete, a report is generated that provides a buyer with extensive details on every system in the house.  The buyer uses the inspection report to help determine if they will move forward with purchasing the home or not.  Sometimes, a buyer is satisfied with the inspector's findings and moves forward with no additional negotations.  More often, one of the following takes place:

• The buyer requests that the seller have certain repairs performed to their satisfaction by licensed contractors and completed prior to closing.
• The buyer asks for a price reduction or credit at closing to pay for repairs themselves after they own the house.
• The buyer terminates the contract and walks away.

-MOST OF THE TIME, THE BUYER WANTS THE MONEY-

It's hard to blame the buyer for wanting to handle the repair themselves and make absolutely certain that the work is done correctly. Asking for the credit makes sense and I recommend to buyer's to have the repairs taken care of themselves when possible. 

YOU WANT HOW MUCH FOR THE REPAIR?

I've seen the most commonly requested electrical repair range from a request of $25 to $900 in the last year.  I've seen a slow draining tub repair request come in at $200 when Liquid Plumber will do.  I've seen repair credit requests for "non-operating windows" on windows that weren't meant to operate.  When I've asked where the numbers came from, I've been told that they are good guesses.

-ELIMINATE THE NOT SO GOOD GUESS WORK-

Why not get the house inspected before it goes on the market by an experienced, licensed inspector?When our sellers follow our advice and have the pre-inspection performed, they know what to expect and they know how much the expectation is worth in terms of dollars and cents. They gather bids for any recommended repairs, hire licensed trades to fix as much as possible and then they price it right based on its current condition. In the end, the sellers who pre-inspect save time, money and hassle and maintain better control of the repair negotiation versus the seller who skips this important step. 

-ARE ANY OF THE REPAIRS COVERED UNDER EXISTING WARRANTIES? SAVE MONEY-

Is your home covered under a residential service contract or home warranty? Be sure to check your appliance and contractor warranties before you hire the repair man and write checks! 

Remember:  In this market, buyers often don't mind a few repairs if they can get the right house within their price range.  Attach the inspection report, along with a brief explanation of what has been fixed & the remaining repair estimates to the Seller's Disclosure notice and eliminate surprises on your way to the closing table.  Hall Team Homes listing agents know how to present the information to home buyers and their agents in such a way that creates a no nonsense approach to selling your home.

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***Questions?  Comments?  Looking for more advice about selling a home in Arlington, Fort Worth, Grapevine, Colleyville or Southlake?  Contact Amanda Hall, Realtor, Broker/Owner of Hall Team Homes today.  Our clients know the difference.