John Jones - Mortgage, Real Estate, Credit

Dallas County Property Tax Rates - Lowest To Highest by City - 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 24 Nov 2009 21:14:49 -0600

Here's a list of the Dallas County property tax rates ranked in order of lowest to highest for 2009. The 2009 tax rates were just released by the appraisal district.

Property tax rates in Dallas county consist of three main taxing entities: City taxes, county taxes and school taxes. It's important to note that I don't recommend selecting a city in which to live based solely on the property tax rates because there are other factors to consider. Simply having a lower tax rate might in some ways equate to a lower cost of home ownership, but city and county services, as well as the quality of the schools, should also be considered.

Also, the Dallas area has some rather long commute times in some areas and some toll roads that can add up to a significant expense each month. Furthermore, the values by which homes are taxed at can often be quite different from their actual market value since home sales prices are not reported directly to the central appraisal district. It is not uncommon to see homes in some areas taxed below market value and homes in other areas to be taxed above fair market value.

The market value of a home may also fluctuate regularly, whereas tax appraised values are only set once per year. It's always a good idea to look up the individual tax value of a property before making a decision to purchase a home. The central appraisal district allows homeowners to protest the tax value of their home once per year, but not prior to actually becoming the owner of record.

Parts of some of the cities listed below also lie in adjacent counties. For example. part of the City of Richardson and the City of Dallas itself lie in Collin County. So the total tax rate for those areas may be different than what is shown below.

City City Rate ISD Rate County Rate TOTAL RATE

Highland Park	0.220000	1.110000	0.602212	1.932212
University Park	0.265480	1.110000	0.602212	1.977692
Wilmer	0.435990	1.271343	0.602212	2.309545
Addison/ DISD	0.496000	1.271343	0.602212	2.369555
Sunnyvale	0.407962	1.360000	0.602212	2.370174
Hutchins	0.563000	1.271343	0.602212	2.436555
Addison/ CFBISD	0.496000	1.342200	0.602212	2.440412
Farmers Branch	0.519500	1.342200	0.602212	2.463912
Richardson	0.575160	1.340050	0.602212	2.517422
Seagoville	0.650000	1.271343	0.602212	2.523555
Coppell	0.641460	1.283400	0.602212	2.527072
Garland	0.704600	1.253300	0.602212	2.560112
Sachse	0.705819	1.253300	0.602212	2.561331
Carrollton	0.617875	1.342200	0.602212	2.562287
Irving	0.540600	1.425000	0.602212	2.567812
Rowlett	0.747173	1.253300	0.602212	2.602685
Dallas	0.747900	1.271343	0.602212	2.621455
Balch Springs/ DISD	0.760000	1.271343	0.602212	2.633555
Cedar Hill	0.641400	1.400000	0.602212	2.643612
Cockrell Hill	0.788113	1.271343	0.602212	2.661668
Mesquite	0.640000	1.420000	0.602212	2.662212
Duncanville	0.696000	1.418000	0.602212	2.716212
Grand Prairie	0.669998	1.465000	0.602212	2.737210
Balch Springs/ MISD	0.760000	1.420000	0.602212	2.782212
DeSoto	0.699730	1.490000	0.602212	2.791942
Lancaster	0.777500	1.412700	0.602212	2.792412
Glenn Heights	0.739322	1.590000	0.602212	2.931534

This information was obtained by third parties. While I believe it to be accurate, I make no claim or warranty as to their accuracy.

Collin County Property Tax Rates - 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 24 Nov 2009 20:22:51 -0600

The Collin County Property Tax Rates for 2009 have been released by the Collin County Central Appraisal District. Below is a list of the cities and their respective tax rates for tax year 2009.

These tax rates will apply to property taxes that are due by December 31 of 2009 for tax year 2009. Property taxes are paid in arrears, and property taxes for 2010 will not be available until this time next year.

Collin County has a total of 23 cities that are incorporated within Collin county, but there are also several cities that lie partially within Collin county. The cities of Dallas, Carrollton, Richardson, Garland and Royce City lie primarily in other counties, but parts of those cities extend into Collin county. The tax rates for properties in those cities which extend into Collin county are listed below.

Furthermore, many cities in Collin county are served by more than one school district. Those cities are indicated with a (*). The property tax rates for some properties in those cities may differ from what is shown in this table.

CITY City Rate ISD Rate County Rate TOTAL

Allen	0.556000	1.540000	0.328800	2.424800
Anna	0.622733	1.540050	0.328800	2.491583
Blue Ridge	0.580868	1.476500	0.328800	2.386168
*Carrollton	0.617875	1.342200	0.328800	2.288875
Celina	0.645000	1.540000	0.328800	2.513800
*Dallas	0.747900	1.271343	0.328800	2.348043
Fairview - LISD	0.617875	1.342200	0.328800	2.288875
Fairview - MISD	0.617875	1.535000	0.328800	2.481675
Farmersville	0.645000	1.540000	0.328800	2.513800
Frisco	0.747900	1.271343	0.328800	2.348043
*Garland	0.704600	1.253300	0.328800	2.286700
Josephine	0.485834	1.495000	0.328800	2.309634
Lavon	0.414500	1.495000	0.328800	2.238300
Lowry Crossing	0.229777	1.540000	0.328800	2.098577
Lucas	0.374177	1.535000	0.328800	2.237977
McKinney	0.585500	1.540000	0.328800	2.454300
Melissa	0.610010	1.540000	0.328800	2.478810
Murphy	0.538405	1.328400	0.328800	2.195605
Nevada	0.161008	1.495000	0.328800	1.984808
New Hope	0.210000	1.540000	0.328800	2.078800
Parker	0.377080	1.328400	0.328800	2.034280
Plano	0.488600	1.328400	0.328800	2.145800
Princeton	0.728394	1.490000	0.328800	2.547194
Prosper	0.520000	1.640000	0.328800	2.488800
*Richardson	0.575160	1.340050	0.328800	2.244010
*Royce City	0.657600	1.430000	0.328800	2.416400
*Sachse - GISD	0.705819	1.253300	0.328800	2.287919
*Sachse - WISD	0.705819	1.590000	0.328800	2.624619
Saint Paul	0.421279	1.540000	0.328800	2.290079
Weston	0.250000	1.540000	0.328800	2.118800
Wylie	0.898900	1.590000	0.328800	2.817700

Annual property taxes (without exemptions) are calculated by dividing the assessed value of the property by 100 and then multiplying the result by the number in bold (total tax rate).

Information was provided by third parties and I believe it to be accurate but can make no guarantees.

Best Way To Search Homes Online In The Dallas Area? A customized Home Search Gateway Will Make Your Home Search A More Pleasant and Efficient Experience

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 24 Nov 2009 19:12:42 -0600

HOME SEARCH GATEWAY - THE EASY WAY TO SEARCH FOR HOMES ONLINE IN DALLAS - FORT WORTH

Thanks to the internet, it is now easier than ever to search for homes online. It is estimated that as many as 94% of homebuyers begin the search for their new home via the internet. And while there's little doubt left that the internet has simplified the home search process for many consumers, there can be some pitfalls to searching for a home online.

For starters, many websites only allow a very narrow set of search criteria. For example, a buyer searching for a three bedroom, two bath home in Dallas will quickly find that they have an overwhelming number of choices. How can buyers narrow down their search to the more specific criteria that's relevant to their individual needs and wants? And how can they eliminate the homes that don't fit their criteria so they don't have to keep sorting and resorting their favorites from the rejects?

Is there a better way to search for a home online? YES! It's called a Gateway search, and it can only be set up by a local Realtor®.

WHAT IS A GATEWAY SEARCH?

A Gateway is a customized home search linked directly with the MLS system, which is the computer and home search system used by all Realtors®. Only Realtors® have direct access to the full MLS system and the ability to create a custom Gateway search for a consumer.

The Gateway is essentially a custom website prepared by a Realtor® for a potential buyer. Instead of receiving an email with dozens or even hundreds of home listings to sort through, the Gateway sends an email once a day with a link to all homes that fit a buyer's specific requirements. And the search is updated every 24 hours with new listings, price and status changes and other updates. So once the criteria is entered by the Realtor®, the search process becomes much easier and more focused for buyers that have a specific idea of their wants and needs.

The criteria can be changed at any time, and multiple searches can also be added to a Gateway. For example, a buyer looking for a home either in the Frisco or Plano School District could have seperate search links for homes in each district.

But aside from the simplicity, the Gateway also offers many other features that make the process of finding a home even more efficient and enjoyable. Here are some other features the Gateway allows:

SAVE FAVORITES, POSSIBILITIES AND REJECTS TO SPECIFIC FOLDERS

The Gateway offers users the ability to save favorites, possibilities and rejects to folders for easy sorting and reference. They can also write and save notes on each home listing, and the Realtor® can make notes as well. This cuts down on multiple emails and phone calls once a buyer narrows down their selections and helps to keep all of the information and correspondence in one place.

SEARCH CRITERIA CAN BE CUSTOMIZED VERY SPECIFICALLY.

The MLS system allows for very specific search criteria to be entered on a Gateway search, whereas most online search engines only allow very general criteria, such as price range, bedrooms and city.

An example of some of the search criteria the Gateway allows:

SCHOOL DISTRICT AND EVEN SPECIFIC SCHOOLS. Many cities in D/FW lie in multiple school zone boundaries. Furthermore, most school districts have specific boundaries for each school. So if you have specific needs as far as school or district, a Gateway search is the best way to find the home you're looking for!
HOME FEATURES. Looking for a home with gas utilities? Or a pier and beam foundation with a backyard at least half an acre? The Gateway will find it. What about a two-story home with wood floors and energy-efficient windows? They are out there, but you'll be looking through a bunch of lemons to find that lemonade if you're only searching by price and bedrooms.
SPECIFIC GEOGRAPHIC LOCATION - Say you want a home within a five mile radius of your office. Or perhaps you want to be within the borders of specific roadways, such as "North of LBJ Freeway, West of the Tollway, South of Campbell Road and East of Central Expressway". Or perhaps you want to search multiple areas that aren't connected to each other and would like more than one custom search. The Gateway Search can do that!
ROOM DIMENSIONS AND LOCATION. Have a need for a garage at least 22 feet wide? Or want a two-story house with the master bedroom downstairs? A Gateway search will find it.

And in addition to these features, the Gateway allows all listings to be mapped as well.

It goes without saying that there is currently an oversupply of homes in most markets. With all the choices, why waste your time searching multiple websites, making phone calls and spending hours of your time viewing homes that might catch your eye online but don't meet the specific criteria that you're looking for?

It's your time, and you deserve a better way to search for your new home.

Contact me today to customize a Gateway search to fit your specific needs and criteria. The setup process is short, the service is free and it can easily be expanded to include multiple searches.

North Dallas Office Condo For Sale - Tollway and Frankford Area - One Unit or Two Units

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 12 Nov 2009 08:59:04 -0600

If you are a business owner looking for a great office location in the North Dallas area, the Tollway Park Office Condo development, located on the southeast corner of the Dallas Parkway and Frankford Road, is a great location to consider.

The development is centrally located close to the Tollway and George Bush (190), and just a few minutes drive to Plano, Addison, Carrollton and LBJ Freeway (635).

Our newest listing in the Tollway Park Office Condos is located at 18170 Dallas Parkway, Suite 303 Dallas, TX 75287. This listing is somewhat unique because the seller is offering unit 303 for sale as a single unit for $300,000 or both units 303 and 304 for sale as a package for $600,000.

The front of the building has a very nice drive up appeal for an office building. The Tollway Park Office Condos have been the home of many businesses, including an optometrist, a laser hair removal clinic, a financial planner and a law firm.

The seller is the original owner and did not spare any expense on custom upgrades in the finish out, including granite in the restrooms and granite countertops in both kitchen/utility areas.

Each unit has its own restroom with space for storage over the commode, handrails for handicapped access.

The restrooms also have good lighting and are in close proximity to all offices in the building.

Both units also have ample storage space, including seperate, firewalled attics that have been decked for extra storage.

Here's a view of the utility area of unit 303 looking into the utility areas of both units.

The two units currently connect together via this passage that connects each kitchen/utility area, which could easily be closed off for a buyer who only wanted to purchase unit 303.

There are enough options with this work space to mix business with some ammenities that you would find at home.

The lobby area/front office has a wood grain door with a ceiling fan, good lighting and also has small windows on both sides of the door. There is also a doorbell outside both entrances (Suite 303 and 304), as well as a security system throughout both units.

This front lobby area could also be used as an office.

The current owner uses the front entrance as a lobby (suite 303) and the other front entrance (suite 304) as an office.

Most clients won't mind a short wait in a room like this.

OFFICES IN UNIT 303

Both units combined have a total of eight offices and two lobby areas. The floorplan is laid out very efficiently with maximum space in the offices and work areas.

This is the front office in Suite 303. It is one of the larger offices in the building and has three windows that face east towards the adjacent building and parking lot.

This is the middle office in Suite 303. It is large enough to fit more than one person comfortably. The furniture is also negotiable with the sale of this unit.

The two back offices in unit 303 both have windows that face West. However, the adjacent building blocks much of the direct sunlight in the afternoon.

This office is where the current owner has officed for the last two years. It has more than enough room for a large desk and additional furniture.

These offices are large enough to hold meetings with several people and without feeling cramped.

The fifth office area in unit 303 faces west as well and is only slightly smaller than the owner's office next door.

Although this is the smallest office in Unit 303, it still has more than enough room for a desk, filiing cabinet, extra chairs and plenty of room to spare.

OFFICES IN UNIT 304

Unit 304 is essentially a mirror image of unit 303 with the exception of a few office dimensions. Some of the offices also have additional windows since this unit is not connected to another on the north side.

This is the front office/lobby of Unit 304.

The tile, crown moulding and other finish out items are exactly the same on both sides.

The middle office in Suite 304 is the smallest in the unit but still has more than enough room for a large desk, multiple chairs and other small office furniture, such as a filing cabinet. The large window faces to the north.

The second front office in suite 304 is currently used as a conference room and also has three large windows that overlook the parking lot and adjacent buildings.

This office is perhaps the best seat in the house! This corner office in the rear of Unit 304 has wondows that face both north and west with a view of the middle courtyard of the Tollway Park Office Condos.

A RECAP OF THE OFFICES AT 18170 Dallas Parkway Suite 303 and 304

Unit 303 is listed for sale for $300,000

•· 1175 square feet total.

•· 4 offices and a lobby that can be used as a fifth office.

•· Restroom with granite vanity.

•· Attic decked for additional storage.

•· Plumbed for kitchen connections.

•· Storage closet.

•· Custom finish out includes custom tile in kitchen/utility area, corwn moulding, granite in work area and six panel doors.

•· Fully wired with CAT5 and telephone connections.

•· Security system.

•· Ample parking spaces.

•· HOA dues of $200 per month

Units 303 and 304 are available as a package deal together for $600,000

•· 2350 square feet total.

•· kitchen area in 304 has dishwasher, sink and connections for a refrigerator.

•· Additional HOA dues of $200 per month.

•· Additional attic that is decked for storage.

•· More windows in the offices since this unit is not connected to another on the north end.

Unit 303 is also available for lease, fully furnished. Please contact me for additional details.

Tarrant County Property Tax Rates - 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Mon, 09 Nov 2009 16:24:26 -0600

The Tarrant County property tax rates for 2009 have finally been released. These tax rates will apply to tax year 2009, which are due at the end of 2009. Current Tarrant County homeowners that have specific questions about their property taxes should contact the Tarrant County Central Appraisal District at (817) 284-0024.

Tarrant county property taxes have several different taxing authorities and jurisdictions. In general, homeowners will pay a combination of County, City and School taxes. Additionally, some homeowners in Tarrant county will also pay an additional fee of $.02 per $100 for areas contained in the Tarrant County Regional Water District and .064% per $100 for the Tarrant County Emergency Services District. Contact the Tarrant County Appraisal District or visit their website at www.tad.org to verify if a particular property lies in one of these additional districts.

The total 2009 Tarrant County property tax rates are as follows:

CITY City Rate ISD Rate County Rate TOTAL TAX RATE

Arlington	0.648	1.272	0.629567	2.549567
Azle	0.631	1.19	0.629567	2.450567
Bedford	0.463348	1.295453	0.629567	2.388368
Benbrook	0.6575	1.322	0.629567	2.609067
Blue Mound	0.638	1.4658	0.629567	2.733367
Burleson	0.694	1.54	0.629567	2.863567
Colleyville	0.3559	1.29	0.629567	2.275467
Crowley	0.5755	1.535	0.629567	2.740067
Dalworthington Gardens	0.262739	1.272	0.629567	2.164306
Edgecliff Village / CISD	0.294112	1.535	0.629567	2.458679
Edgecliff Village / FWISD	0.294112	1.322	0.629567	2.245679
Euless	0.47	1.295453	0.629567	2.39502
Everman	0.904127	1.36	0.629567	2.893694
Forest Hill	1.09	1.322	0.629567	3.041567
Fort Worth	0.855	1.322	0.629567	2.806567
Grapevine	0.35	1.29	0.629567	2.269567
Haltom City	0.5983	1.405	0.629567	2.632867
Haslet	0.267197	1.355	0.629567	2.251764
Hurst	0.535	1.295453	0.629567	2.46002
Keller	0.44219	1.4863	0.629567	2.558057
Kennedale	0.7225	1.48861	0.629567	2.840677
Lake Worth	0.42859	1.67	0.629567	2.728157
Lakeside	0.323516	1.19	0.629567	2.143083
Mansfield	0.71	1.45	0.629567	2.789567
North Richland Hills	0.57	1.405	0.629567	2.604567
Pantego	0.37327	1.272	0.629567	2.274837
Richland Hills	0.473042	1.405	0.629567	2.507609
River Oaks	0.82	1.2133	0.629567	2.662867
Saginaw	0.449115	1.4658	0.629567	2.544482
Sansom Park	0.571627	1.2133	0.629567	2.414494
Southlake	0.462	1.415	0.629567	2.506567
Watauga	0.580763	1.4863	0.629567	2.69663
Westover Hills	0.366739	1.322	0.629567	2.318306
White Settlement	0.686037	1.54	0.629567	2.855604

** Some cities may lie in overlapping school district and county boundaries and some properties may have different final tax rates than the ones shown here. This information was obtained from Republic Title and other third party agencies and I make no guarantee that these are accurate.

Homebuyer Tax Credit Extended and Expanded - $8000 for First Time Homebuyers and $6500 for Move-Up Buyers

John Jones (Keller Williams Elite, Dallas/Park Cities) — Fri, 06 Nov 2009 18:37:27 -0600

The $8000 Homebuyer Tax Credit has been officially extended and expanded to include a new $6500 tax credit for move-up buyers. Dallas area first time homebuyers and move-up buyers now have until April 30, 2010 to obtain a written, binding contract and until June 30, 2010 to close the transaction.

Some of the details and guidelines for the homebuyer tax credit were changed slightly with passage of this new legislation. Some of the guidelines were loosened while others were tightened. And there is a sepearate set of guidelines for the new $6500 tax credit for repeat buyers as well.

EXTENSION OF THE $8000 FIRST TIME HOMEBUYER TAX CREDIT

The new legislation extends most of the guidelines of the previous $8000 first time homebuyer tax credit with the exception of the deadline extension, increased income limits and a few other details:

Guidelines that REMAINED THE SAME:

Amount of tax credit remains the lesser of $8000 or 10% of the purchase price.
Home must be primary residence that will be occupied by the owner. Investors do not qualify.
The tax credit does not have to be repaid unless the homeowner sells the home in the first three years.

Guidelines that worked out BETTER for homebuyers:

Deadline to obtain a WRITTEN AND FULLY EXECUTED CONTRACT is now April 30, 2010 and the transaction must CLOSE ON OR BEFORE JUNE 30, 2010. The previous program had no specific date to obtain a fully executed contract, but the deadline to close the transaction would have been November 30, 2009.
MILITARY SERVICEMEMBERS who were on active duty overseas for a period greater than 90 days in 2008 or 2009 will be allowed until April 30, 2011 to claim the first time homebuyer tax credit.
Income limits for single taxpayers raised from $75,000 to $125,000. The program phases out completely at $145,000.
Income limits for married couples raised from $150,000 to $225,000. The program phases out completely at $245,000.

Guidelines that became MORE STRICT for homebuyers:

Maximum purchase price cap is now $800,000. Previous program had no price cap.
Requires written proof of home purchase in the form of a certified HUD-1 closing statement. Also, the IRS has more authority to conduct oversight on claims for the tax credit. The previous program was plagued with fraud since it did not require homebuyer to show any proof of purchase.

CREATION OF THE $6500 TAX CREDIT FOR MOVE-UP HOMEBUYERS

This is a completely new program that was passed as part of the legislation that expanded the first time homebuyer tax credit. Current homeowners who are "moving up" will quaify for the $6500 tax credit beginning with all purchases that close after November 6, 2009 and who meet the other guidelines listed below. Many of the guidelines and deadlines are the same or close to the same as those of the first time homebuyer tax credit:

General guidelines (beginning after November 6, 2009):

Amount of tax credit is the lesser of $6500 or 10% of the purchase price of a new home.
Homebuyer must have owned and lived in their previous home for at least five consecutive years out of the last eight years.
Home purchased must be a primary residence that will be occupied by the homebuyer. Investors do not qualify.
Maximum purchase price is $800,000.
Tax credit does not have to be repaid unless the owner sells the new home in the first three years.
Income limits are the same as for the $8000 first time homebuyer tax credit ($125,000 for single filers and $225,000 for married couples, phases out completely at $145,000 and $245,000 respectively).
A written, binding contract must be signed on or before May 1, 2010 and the transaction must close on or before July 1, 2010. This is ONE DAY LATER than the deadline for the first time homebuyer tax credit for some reason, perhaps because simultaneous closings can often take two days to fully consummate.
IRS will require proof of purchase for the new home and will likely require proof that the previous home was both owned and occupied by the homebuyer.

Stay tuned for some additional updates and some frequently asked questions. If you have any questions about the extension and expansion of the homebuyer tax credit, please email me.

Dallas County Property Tax Rates - 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 05 Nov 2009 20:48:18 -0600

The Dallas County property tax rates for 2009 have been released. These tax rates will apply to taxes due in December for tax year 2009. All current homeowners should have received a property tax statement in the mail recently that shows the amount of taxes due.

The county mails a copy of the invoice to the homeowner regardless of whether or not the taxes are escrowed by their mortgage company.

The total amount of property taxes for Dallas county homeowners consist of three different taxing jurisdictions: County, City and School taxes. In some cases, homeowners who live in overlapping areas may receive two separate statements from different taxing authorities. For example, a homeowner who lives in the portion of the city of Dallas that lies in Collin county will receive a tax statement from the City of Dallas for ISD and city taxes, but will receive a statement from Collin county for county taxes.

Each taxing entity has their own rules for exemptions, such as homestead, over 65 years old and disability exemptions. The actual amount of taxes owed will be less if the property owner qualifies for any of those exemptions.

The total 2009 property tax rates for each city in Dallas county are as follows:

CITY CITY RATE ISD RATE COUNTY RATE TOTAL

Addison/DISD	0.496000	1.271343	0.602212	2.369555
Addison/CFBISD	0.496000	1.342200	0.602212	2.440412
Balch Springs/DISD	0.760000	1.271343	0.602212	2.633555
Balch Springs/MISD	0.760000	1.420000	0.602212	2.782212
Carrollton	0.617875	1.342200	0.602212	2.562287
Cedar Hill	0.641400	1.400000	0.602212	2.643612
Cockrell Hill	0.788113	1.271343	0.602212	2.661668
Coppell	0.641460	1.283400	0.602212	2.527072
Dallas	0.747900	1.271343	0.602212	2.621455
DeSoto	0.699730	1.490000	0.602212	2.791942
Duncanville	0.696000	1.418000	0.602212	2.716212
Farmers Branch	0.519500	1.342200	0.602212	2.463912
Garland	0.704600	1.253300	0.602212	2.560112
Glenn Heights	0.739322	1.590000	0.602212	2.931534
Grand Prairie	0.669998	1.465000	0.602212	2.737210
Highland Park	0.220000	1.110000	0.602212	1.932212
Hutchins	0.563000	1.271343	0.602212	2.436555
Irving	0.540600	1.425000	0.602212	2.567812
Lancaster	0.777500	1.412700	0.602212	2.792412
Mesquite	0.640000	1.420000	0.602212	2.662212
Richardson	0.575160	1.340050	0.602212	2.517422
Rowlett	0.747173	1.253300	0.602212	2.602685
Sachse	0.705819	1.253300	0.602212	2.561331
Seagoville	0.650000	1.271343	0.602212	2.523555
Sunnyvale	0.407962	1.360000	0.602212	2.370174
University Park	0.265480	1.110000	0.602212	1.977692
Wilmer	0.435990	1.271343	0.602212	2.309545

For more detailed infrormatoin on property tax rates in Dallas county, as well as to search by property address or owner name, visit the Dallas Central Appraisal District online.

This information was provided by Christina Annoboli at Republic Title.

Lochwood Branch Library - Grand Opening on Saturday November 7th

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 05 Nov 2009 14:15:58 -0600

The Lochwood Branch of The Dallas Public Library will be having its Grand Opening on Saturday November 7th, 2009 beginning at 10AM.

The City of Dallas has invited all citizens to the official grand opening of the new Lochwood Branch Library this coming Saturday, November 7th, 2009 at 10AM. If you live in or near the Lochwood area of East Dallas, then you have probably noticed the rather unique building that's been slowly taking shape for the last several months across from the Home Depot on Lochwood Boulevard. I had a chance to visit the library yesterday and it is quite amazing, both inside and out.

In addition to the over 70,000 books available to the public, the library has a huge selection of magazines, DVDs and CDs. The computer area has almost two dozen computers with high resolution flat screen monitors.

The Lochwood Branch Library replaces the old Casa View Branch of the Dallas Public Library that was on Ferguson road. When that library opened in 1964, they broke a record for the most books ever checked out in a single day at a U.S. public library. The organizers are hoping once again to break a new record, and they certainly have the inventory on hand to make that happen as long as enough people turn out on Saturday.

In addition to calling all citizens of Dallas to attend the grand opening, they are also asking for help from volunteers to come by the library between the hours of 10AM and 6PM to help put the finishing touches on the remainder of work that has to be done before the big event.

The Lochwood Branch Library also has a theater room with a maximum occupancy of 420 people. This room will likely be used for community affairs and theater events. The library is an impressive 19.000 total square feet, including the black box theater, classrooms and public meeting areas. The parking lot has enough space for over 100 cars and there is also an area to park and lock up bicycles close to the entrance.

The area is close to the DART bus lines as well. The DART rail station is only a few miles away on Northwest Highway.

The building itself is a Silver Rated Leadership in Energy building, so it will consume less energy and use recyclable materials.

The computer area is right in the middle of the library. There are 25 desktop computers available, as well as 10 laptops and wireless access. The library will also have self-checkout stations.

The residents of Lochwood and East Dallas have been anxiously awaiting the formal grand opening of the library ever since construction began back in April of last year. The previous building that occupied this land was the old YMCA building, which had been somewhat of an eyesore in the neighborhood for quite some time. The city of Dallas did a wonderful job on the Lochwood Branch Library, and hopefully the residents of Lochwood and East Dallas will have the opportunity to enjoy it for years to come.

SCHEDULE OF THE GRAND OPENING EVENTS ON SATURDAY NOVEMBER 7TH:

10AM - Grand opening begins.

11:30AM - Reilly Elementary Choir will perform.

12NOON - Reinhardt Elementary and Bryan Adams High School will perform

12NOON to 2PM - Childen's Crafts

3PM - Tango lesson with Laurie Vego

4:30PM - Teen Time.

The Lochwood Branch Library is located at 11221 Lochwood Boulevard in Dallas, TX 75218 almost directly across from the Home Depot.

View Lochwood Branch Library in a larger map

The Proposed Extension and Modification of the $8,000 Homebuyer Tax Credit

John Jones (Keller Williams Elite, Dallas/Park Cities) — Wed, 04 Nov 2009 22:26:44 -0600

The Proposed Extension and Modification of the $8,000 Homebuyer Tax Credit

November 4, 2009

Today, the Senate passed legislation to modify, expand and extend the homebuyer tax credit by a vote of 98-0. This bill must still be passed by the House of Representatives and then signed into law by President Obama, but the overwhelming consensus is that this will happen and happen quickly, perhaps by the end of this week. The House of Representatives does have the ability to change the bill before making a final vote, but the meat and bones of the legislation is likely to remain intact.

THE FIRST TWO HOMEBUYER TAX CREDIT PROGRAMS:

There have been TWO versions of the homebuyer tax credit thus far. The first, which initially applied to homes purchased between April 9th, 2008 and July 1, 2009, was essentially a $7,500 tax-free loan that had to be paid back over the course of 15 years at $500 per year. If the home was sold before the 15 years, then the remainder of the tax credit was recaptured in most cases.

Then the current $8,000 tax credit for first time homebuyers was passed into law as part of the stimulus plan in February. This new law applied to homes purchased between January 1 and November 30th of this year. Homebuyers that purchased a home after January 1 but before the new law was passed were allowed to claim the revised tax credit. In addition to the increase, the new plan did not require repayment of the $8,000 unless the home was sold in the first three years.

THE PROPOSED NEW HOMEBUYER TAX CREDIT PROGRAM AS PASSED BY THE SENATE TODAY WOULD:

EXTEND THE CURRENT $8,000 TAX CREDIT FOR FIRST TIME HOMEBUYERS to June 30, 2010 with a stiplulation that they must enter into a written, binding purchase contract on or before April 30, 2010.
CREATE A NEW TAX CREDIT OF $6,500 FOR "MOVE-UP" BUYERS who have occupied their current home for at least five out of the last eight years.
ALLOW MILITARY PERSONNEL who have been deployed overseas by more than 90 days in 2008 or 2009 to claim the credit until APRIL 30, 2011.
Cap the price of a new home at $800,000 in order to claim the tax credit. The current law does not have a cap on the purchase price.
RAISE THE MAXIMUM INCOME LIMITS from $75,000 to $125,000 for single homebuyers and from $150,000 to $225,000 for married homebuyers.

There will most likely be some other minor changes that haven't been fully explained as of yet. Again, it's important to remember that this HAS NOT BEEN OFFICIALLY PASSED INTO LAW AS OF RIGHT NOW (November 4, 2009).

In addition to these changes, the IRS will be given greater authority to verify the legitimacy of each tax credit claim rather than waiting for the results of an audit. There have been allegations that a significant amount of fraud has occured under the current program.

At one point, there was even speculation that many lawmakers would vote against the bill because of fraud concerns. The current tax credit doesn't require taxpayers to show proof that they purchased a home. The new law would require homebuyers to attach a certified copy of a HUD-1 statement in order to claim the tax credit. The HUD-1 statement is normally the first form that buyers sign at closing and should be kept in a safe place for those that plan to claim the new tax credit.

So stay tuned for updates as they occur. The consensus is that this will likely be passed by the House and signed into law by President Obama by next week at the latest.

Chapter 13 Bankruptcy and Rebuilding Credit For Dallas Homebuyers

John Jones (Keller Williams Elite, Dallas/Park Cities) — Mon, 02 Nov 2009 09:53:40 -0600

CHAPTER 13 BANKRUPTCY AND REBUILDING CREDIT FOR DALLAS HOMEBUYERS

Over the weekend, I received a letter from a gentleman who found my Chapter 13 bankruptcy blog online and had a few more specific questions. So i decided to post the questions and answers here (with his permission, of course) for everyone to see.

Here's a list of the questions (in bold):

"Hello John- Your chapter 13 and FHA loan article is very concise and helpful. A few additional questions- When opening at least 3 new credit lines should they be a combo of installment and revolving with low or high balances from month to month? "

I would recommend getting two revolving accounts and one installment account to even out the mix. 10% of your credit score is based on having a fair mix of credit, so two revolving and one installment account should do the trick. As far as the balances, there's no need to keep a high balance on the credit cards. In fact, this can hurt in the long run because a significant part of your credit score is determined by debt to limit ratios for each open account. Ideally, i would recommend keeping the balance of the credit cards below 25-50% of their respective limits at all times.

"And... We are in a chapter 13 ( five year plan and currently on month 19) My wife has been on her salaried job for 19 years and I am just starting a new salaried job. Have been out of work for 9 months yet the new job is what I did before- Does FHA still require a full 2 years for me or less time to qualify?"

FHA does require a two year employment history. However, an underwriter may grant an exception to this rule if the job loss was due to factors beyond your control and if the new job is comparable to the previous job. FHA will still want a full two year work history, so they will just require documentation of the previous two years before the nine month job loss. Going from a salaried job to another salaried job is just fine. If you would have started your own business this go-round, FHA would have required a two year history of earnings for the new business.

If we wait for the Chapter 13 to run its full 60 month course can we apply for an FHA loan the day after? It seems odd that one can apply for a FHA loan while actually in a Chapter 13.

I agree it seems odd, but it's the truth. FHA does allow a borrower to obtain an FHA loan even if they're currently in a Chapter 13 bankruptcy. However, there are a few guidelines and requirements that must be met:

The borrower must have made at least 12 months of timely payments in the Chapter 13 repayment plan.
Payment history on accounts not included in the bankruptcy must be near perfect. This is ultimately an underwriter's call, but they are typically very strict with regards to payment history for all accounts once a bankruptcy has been filed.
The borrower must meet all other underwriting requirements to obtain an FHA loan (acceptable job history, debt-to-income ratios, cash reserves, credit score, etc). A loan officer and underwriter will make this determination.
The bankruptcy trustee must give written permission for the borrower to obtain a mortgage. This is true for both purchases and refinances. To the best of my knowledge and based on my past experiences, there are no specific guidelines for this, but the trustee will generally not approve a request to increase the current payment by very much if any at all. For example, a person who pays $1000 per month for rent would likely be restricted from purchasing a home with a mortgage of over $1000 per month. An exception could possibly be made in cases where a specific and compelling need to increase the size of the family home due to a chance in familial status is present (such as an elderly parent having to move in with the family or the birth of a new child). If you have specific questions, please contact the bankruptcy trustee directly.

Once the bankruptcy is completed (discharged) and all payments have been disbursed to creditors, you may apply for an FHA loan without having to obtain a letter of permission from the bankruptcy trustee. But as I mentioned above, it may be possible to obtain a mortgage prior to discharge of a Chapter 13 bankruptcy. This may or may not be a good idea, depending on your individual financial situation.

It's very important to focus on rebuilding your financial strength both during and after a bankruptcy. Ideally, a buyer should try to save at least twelve months of cash reserves in addition to the money needed for down payment.

Also, make sure to keep all records pertaining to the bankruptcy, including the full petition, discharge and especially the record pf payments to the trustee. It's not uncommon to see errors on accounts that have been included in a bankruptcy because the creditor did not note the account as included in a bankruptcy.

Feel free to email me with any specific questions related to this or any other issue regarding credit, mortgages or real estate in the Dallas / Fort Worth area.

Interactive Map Showing D/FW Area Home Prices and Statistics for 3rd Quarter of 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 29 Oct 2009 14:07:47 -0500

Interactive Map Showing Dallas/Fort Worth Area Home Prices and Statistics for 3rd Quarter of 2009

The Dallas Morning News published an interactive map today showing the performance of the Dallas / Fort Worth area real estate market for the third quarter of 2009 compared to the second quarter of 2009. This interactive map, broken down into the various MLS numbered areas, shows various data about home values and the Dallas real estate market, including:

The number of home sales.
The percentage change in the number of sales compared to the previous year.
The median home price.
The percentage change of median home price compared to the previous year.
The median number of days on the market.
The median price per square foot.

Their source for this data was the North Texas Real Estate Information Service, which is the company that manages the MLS system that all realtors use to input home listings and home sales prices. It's important to note that some of these numbered MLS areas overlap into different cities and parts of town.

This data does not include homes that have sold "by owner", nor does it include home prices of homes that were "Z'd out" in MLS by home buyers and sellers. "Z'd Out" is a term used by real estate agents when the sales price of a home was not disclosed in MLS. Texas is a non-disclosure state, which means that a buyer and seller can opt-out of publicly disclosing the sales price of a home in the MLS system if they both agree.

THE NUMBER OF HOME SALES IN THE D/FW AREA

While it appears that every single area had a decrease in home sales compared to the previous year, some areas fared better than others. Frisco showed only a 4% decrease in the number of home sales, while Far North Dallas, Westlake and Kaufman county only saw single digit declines.
The highest percentage decrease in home sales were the Wilmer-Hutchins area, followed by the Park Cities and Sunnyvale area. All three had a decrease of greater than 30%. The Grapevine area also posted a 28% decrease.

THE MEDIAN HOME PRICE IN THE D/FW AREA

Some areas of the D/FW area actually had either small increases or saw no change in the median home price from Q3 2008 compared to Q3 2009. Overall, Westlake showed the largest increase in median home price at 14%, followed by Duncanville at 7%, while Arlington and Ellis County showed median home price increases of 4% and 3% respectively. Cedar Hill, Garland, Richardson, Wylie, Euless and Denton County all increased by a modest 1%. Areas that posted saw no percentage change included Far North Dallas, Northeast Dallas, Colleyville and Grapevine.
Areas that saw modest price declines of only 1% were The Colony, Northwest Dallas, Grand Prairie. The Sachse-Rowlett area dropped by 2%. The highest drops in median home price included Wilmer-Hutchins, which dropped by 35%, Oak Lawn and Southeast Dallas, which saw decreases of 23% and 17% respectively, as well as North Dallas and Park Cities, which both saw declines of 13%. The declines in Wilmer-Hutchins and Southeast Dallas were likely due to the high number of foreclosures and general oversupply of homes, whereas North Dallas and Park Cities likely decreased because of the lack of financing available at their median home price range, which is generally above both the Fannie Mae conforming loan limit, as well as the FHA loan limit for this area. Oak Lawn likely suffered because of declining prices in some condos, as well as some of the areas priced above the loan limit for traditional financing.

Overall, the Dallas real estate market is still performing very well compared to many of the bubble states, such as California, Nevada, Arizona and Florida, which saw enormous inflation in real estate values for many years in the late 1990's and early to mid 2000's. Although prices in many areas of Dallas did post increases during these same periods, the median home price to median income ratio never rose to levels anywhere close to the bubble states.

While this data can be very useful, it does not tell the whole story. Real estate values can fluctuate significantly even between individual neighborhoods and subdivisions. Ultimately, appraisers determine market value by the sales price of comparable homes that have sold within a short distance from the subject property within the last three to six months. The individual characteristics of a home, as well as the specific market demand in the neighborhood, have a significant impact on the appraisal value of a home.

DALLAS MORNING NEWS INTERACTIVE REAL ESTATE MAP

Reestablishing Your Credit To Get A Mortgage Loan

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 22 Oct 2009 17:15:38 -0500

REESTABLISHING YOUR CREDIT TO GET A MORTGAGE LOAN - DALLAS, TEXAS HOMES AND REAL ESTATE

Despite the various reasons why people may find themselves in a financial bind that damages their credit rating, the major obstacle that stops most from rebuilding their credit is lack of knowledge regarding how credit scoring works and what specific steps should be taken to ensure a quicker recovery.

The popular myth is that once a person's credit score is damaged from late payments, collections, a bankruptcy or even a foreclosure, those issues must be resolved or removed from their credit report or they face a seven year curse of bad credit.

It's almost like the old tale about breaking a mirror - once the damage is done, the only thing that can remove the curse is to wait around for the seven years of bad luck to pass.

This myth ends up becoming a self-fufilling prophecy because doing nothing instead of taking proactive steps to rebuild credit will often guarantee a prolonged period of bad credit. And when it comes to qualifying for a mortgage loan, lenders are usually forgiving of past mistakes if a new track record of responsible credit history can be established after the fact. And that is true even in today's new reality of tighter mortgage qualification guidelines.

In many cases, a person who encounters a major setback such as a repossession or bankruptcy may be able to qualify for a mortgage in as little as two years. In other cases of minor credit issues, such as sporatic late payments and/or collections, the wait time to qualify for a mortgage might even be less than a year, depending on the overall situation.

In cases where a home loan applicant has experienced past credit issues, a mortgage lender will typically want to see THREE things before they will consider approving them for a loan:

An explanation and sometimes documentation of the reason for the bad credit and some type of assurance that this resulted from circumstances that are not likely to recur. Some oversimplified examples of this would include a job loss, a divorce or ending of a relationship, an illness or injury, a death in the immediate family or some other type of event that most everyone experiences at some point in life that results in a financial hardship. Even an admission of irresponsibility with regards to past finances may be acceptable, provided the applicant has since demonstrated the ability to manage their finances properly.
A twelve month history of on-time payments on at least three accounts, preferrably accounts that report the payment history to the credit bureaus. This usually also includes a satisfactory rental or mortgage payment history for the last 12 months. This is a MANDITORY MINIMUM REQUIREMENT to obtain most types of mortgages. It is also the one thing that most consumers aren't aware of that keeps them from qualifying for a home loan for a much longer period of time after experiencing a financial setback that adversely affects their credit rating. Many assume that since bad credit lingers on their report for seven years, it may take that long before they can qualify for a mortgage. The secret is knowing how to obtain credit with a bad credit rating.
Proof that the applicant has sufficient resources to afford the monthly mortgage payment and that they will likely be able to pay on time each month. Of course, this is something required of all home loan applicants regardless of past credit history. This boils down to character, capacity and capital, known as the "three C's of underwriting". Character can be summed up to a person's overall credit and payment history, capacity is their ability to repay (income and stability of employment) and capital is both the down payment (equity) and the amount of money they will have left over after closing. Every loan has specific requirements for each of these, and a strength in one area may help to overcome a weakness in another, depending on the overall picture.

So the real question is "How does a person with bad credit go about obtaining credit in the first place?" Well that's actually easier than most people think. Secured loans and secured credit cards are a form of credit that can be obtained by virtually anyone, regardless of past credit history.

What is secured credit? It's basically any type of credit that is secured with collateral (in this case, CASH). Most banks and nearly every credit union offers secured credit cards, but very few actually promote this service.

A secured credit card usually requires a minimum security deposit of $300-$500 dollars, which is held as collateral for repayment of any balance incurred on the card. The credit limit is usually equal to the amount of the deposit. In other words, a fully functional, major credit card that reports to all three credit bureaus can be obtained by nearly anyone by simply putting up a cash deposit in a savings account with a bank or credit union that offers this service.

And in addition to secured credit cards, many of these institutions offer secured installment loans as well.

But why on earth would someone put up a $300 deposit to obtain a credit card with a limit of $300? Doesn't it make more sense to just spend the cash and avoid credit entirely? Well, normally it would. But the purpose of obtaining a secured credit card isn't to actually borrow money, it's to reestablish a solid credit history.

Unfortunately the credit bureaus can only generate a credit score based on data that's reported to them by creditors, not on other factors such as income, employment or a person's ability to save money. And paying bills such as insurance, utilities and rent do not usually help one's credit score since these companies rarely report the payment history to the credit bureaus.

So unless there's something to report, the bad credit from the past is the only thing the credit bureaus have to consider. And that's where people get into a pickle with credit once they've had a setback and have closed all of their past accounts. The secured credit card is the catalyst that helps to actually rebuild the credit score.

Having said all of this about credit repair and restoration, I would not recommend someone buy a home that isn't financially ready for the challenge. Owning a home isn't like renting, it requires a steady supply of time and money to own and maintain a home. There is no maintenance man to call when the toilet overflows at 4AM or the air conditioner stops working in August.

Rebuilding credit is very important, but rebuilding and reestablishing overall financial health, including building up a six to twelve month reserve of cash, should be top priority for anyone who has experienced a financial setback.

IF YOU HAVE HAD A PERSONAL FINANCIAL AND/OR CREDIT SETBACK AND WOULD LIKE MORE INFORMATION ON THE RIGHT STEPS TO TAKE TO REBUILD YOUR CREDIT, PLEASE CALL OR EMAIL ME TO SET UP A CONSULTATION. I WORK WITH A NETWORK OF LENDERS THAT SPECIALIZE IN CONSULTING WITH CREDIT-CHALLENGED CLIENTS THAT NEED SOME FREE GUIDANCE ON WHAT STEPS TO TAKE TO QUALIFY FOR A HOME LOAN AS QUICKLY AS POSSIBLE.

D/FW Area Single Family Home Sales - Four Year History With September 2009

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 13 Oct 2009 18:54:34 -0500

D/FW Area Single Family Home Sales - Four Year History With September 2009

The September 2009 Single Family D/FW Home Sales Report came out today. The report, supplied to me every month by Christina Anniboli of Republic Title, shows that the greater NTREIS area had a total of 6,020 sales for the month of September. While this was down a total of a little over five percent from last months total of 6338, this was the smallest percentage decline from Aug to Sept for D/FW Home Sales for all years dating back to 2006.

This smaller than normal percentage decline is almost certainly a result of the rush to take advantage of the $8,000 first time homebuyer tax credit, which will be ending on November 30, 2009.

I would not be surprised if we actually have an INCREASE in the number of D/FW single-family home sales from September to October or even from October to November of this year. It's too early to know for sure, but there sure seems to be a surge in activity from last month.

Many buyers have chosen to wait until the last moment to take advantage of the first-time homebuyer tax credit. And many more have been struggling to find a home for the last few months because of the increased closing times caused by foreclosures, short sales and the lending process in general.

Buyers still looking to find a home before the homebuyer tax credit deadline should plan on being under contract no later than this week or next in order to have a reaonable chance of closing on time. There are still some lenders in town that can underwrite and close loans in less than 30 days. However, keep in mind that the deadline is November 30th, which happens to be the monday after the Thanksgiving holiday, which is quite possibly the worst day of the year to close.

To avoid potential problems, plan on closing the week before Thanksgiving or the beginning of the week of Thanksgiving at the very latest to avoid delays that may put your chances of securing the $8,000 tax credit in jeopardy. There is currently no grace period allowed, so you may miss out if you're not closed and funded by Monday November 30th.

FOR LEASE - Preston Hollow Duplex - 6415 Del Norte Dallas, TX 75225

John Jones (Keller Williams Elite, Dallas/Park Cities) — Fri, 09 Oct 2009 19:57:17 -0500

FOR LEASE - Preston Hollow Duplex - 6415 Del Norte - With Hardwood Floors In Master Bedroom!

READY FOR IMMEDIATE MOVE-IN

6415 Del Norte is situated right in the heart of North Dallas just two blocks from Northwest Highway and less than a mile from the Dallas North Tollway. The two bedroom half-duplex also has two full bathrooms and wood floors in the master bedroom and hallway.

Located just blocks from Preston Center, this home is just a short drive from uptown, downtown and most areas of Dallas.

The home is available for immediate move-in to a qualified tenant, and offers TWO PARKING SPACES (one covered, one in the circle drive in front of the home).

The oversize kitchen has ample counter space for cooking large meals and plenty of storage space, and also includes:

Double oven
Dishwasher
Pantry
Landlord provides refrigerator

The family room is a very nice size and should accomodate many types of furniture arrangements. A large window overlooks Del Norte. The living/dining area measures 12X22.

Home also has the "Low-E" energy efficient window tinting and programmable thermostats to help cut down those electric bills. The central heat is gas.

The home has two full bathrooms. One is attached to the master and the other is located in the hall next to the second bedroom.

The second bathroom has a full bathtub and shower. Both bathrooms have updated plumbing fixtures that accent the retro-look and feel of the original tile and window treatments.

Both bedrooms are spacious enough to fit a decent-sized bedroom set with room to spare.

The master bedroom is 14X12
Second bedroom is 12X12.

The bedrooms also have updated ceiling fans, fresh paint and blinds. Wood floors throughout the master bedroom and hallway leading from family room to master.

This home is ready for move-in and just needs a qualified tenant or tenants who are looking for a cozy duplex in Preston Hollow. Call me today to schedule a time to view this home!

Landlord will allow pets with a pet deposit. Please email or call me directly for restrictions on size and number of pets.

UPDATE!! - THIS HOME WAS JUST REDUCED TO $1,100 PER MONTH!

John Jones

Keller Williams Elite, Park Cities

(972) 978-3553

August 2009 Home Sales Report By Price Range - Single Family Homes in D/FW

John Jones (Keller Williams Elite, Dallas/Park Cities) — Thu, 24 Sep 2009 00:46:30 -0500

Here's a chart I put together that shows the number of single family home sales in the D/FW area for August of 2009 and also shows the months of inventory on the market for each price range. This data is interesting because it shows just how much the sales volume drops off on homes priced above $400,000. The difference in the months of inventory is evident as well, although the increase is significant on prices above the $300K to $400K range.

These numbers leave little doubt that the higher priced home market has declined significantly in D/FW.

Source: NTREIS data provided by Christina Anniboli at Republic Title

This data also helps to answer the question of how the real estate market is doing as a whole here in the Metroplex. Our market is doing very well compared to many other areas in the country, but there are some factors that are certainly affecting sales of higher priced homes. Besides the obvious fact that there is simply a much larger quantity of homes priced under $300,000, why does there seem to be such a significant difference in these numbers?

I believe there are several reasons, but here are the ones that are likely causing a significant impact:

Jumbo loans (loans over $417,000) have tougher qualification standards than in previous years, plus they are not backed by a government-sponsored entity such as Fannie Mae or Freddie Mac. The interest rates for jumbo loans are also higher.
The FHA loan limit in the D/FW area is currently $271,050. FHA loans typically offer the best combination of low interest rate and low down payment for buyers in this price range. So while the higher priced market is suffering, the lower price market is moving at a decent pace. The chart above shows a 5.4 month supply of homes in the $100-$200K range, whereas million dollar homes are 30+ months.
Contrary to popular belief, the upper class is experiencing a downturn just like everyone else. And those that bought at the top of the market may easily have seen a 10% or more decline in their home value in the D/FW area. A lack of available financing at a certain price range will typically lead to an increase in supply, which drives prices downward more than lower price ranges with more financing options. With the exception of some changes and risk factor adjustments, most credit worthy buyers who can prove income can still obtain financing with down payments as little as 3-5% for homes priced in the low to mid $400,000 range.
The HVCC process is arguably driving down home prices in many areas, which "trickels up" to higher priced homes. Although there needs to be a level of separation between loan production staff and appraisers, the HVCC process has some issues that many feel has led to homes being appraised for less than their market value.

The next three to five years will likely be very challenging for real estate markets all over the country, even in Dallas / Fort Worth. Some additional changes will likely be coming very soon with FHA and Conventional loans which may make it harder for some to obtain financing and may also drive down market appraisal values. Also, the $8,000 tax credit is set to expire soon. Although there is quite a bit of speculation that Congress may extend this program, we probably won't know for sure until the current program is close to expiration.

Regardless of all these reasons, the economy itself remains on life support to some degree. Until we are able to sustain some level of meaningful economic growth, these numbers will likely continue to decline.

Unemployment in Texas, D/FW Continues To Outperform U.S. Average

John Jones (Keller Williams Elite, Dallas/Park Cities) — Wed, 23 Sep 2009 02:27:53 -0500

Unemployment figures for August 2009 were recently released by the Bureau of Labor Statistics. The bad news is that unemployment continues to increase, although it appears that it may be slowing down. Unemployment in the United States was reported to be at 9.7%.

The good news is that Texas and the D/FW area continue to outperform the rest of the nation by a small margin. Our unemployment rate in D/FW is almost 1.5% lower than the national average, and the unemployment rate in Texas as a whole is 1.7% lower than the national average.

The unemployment rate in the U.S. is currently 9.7%
The unemployment rate in the State of Texas is currently 8%.
The unemployment rate for D/FW is currently 8.3%.

Search FEMA Flood Maps By Address / Area

John Jones (Keller Williams Elite, Dallas/Park Cities) — Mon, 21 Sep 2009 13:17:45 -0500

FEMA has an online seach engine which allows the general public to search flood maps by address. New home buyers who suspect their home may be in a flood zone may want to input their property address to see if the area was re-classified as a flood zone. FEMA has recently re-drawn some flood maps in the Dallas metroplex area. This has resulted in some areas being reclassified as flood zones that were not previously considered to be in flood zones.

The FEMA online search engine is located at http://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1

Many mortgage lenders to not request a flood certification from FEMA until the underwriting process is nearly complete. This can result in a buyer learning the home they are purchasing is in a flood zone at the last minute, which is a surprise that nobody likes to hear.

Additionally, all mortgage lenders reserve the right to require a home owner to obtain flood insurance if their home is determined to be in a flood zone, even if this occurs months or even years after they purchased the home. The price of flood insurance is set by the government since it is issued by FEMA directly via independent insurance agents. The price varies based on the amount of coverage required, the various deductibles and also the type of flood zone.

For a list of insurance agents that sell flood insurance in the D/FW area, click here. Some, but not all, insurance agents require a home owner to purchase hazard insurance (fire, etc) in order to write a policy for flood insurance. Most agents will also require a copy of the FEMA flood cert before they can provide an accurate insurance quote.

How To Check Property Taxes For Homes In The Dallas Fort Worth Area - Dallas, Collin, Tarrant, Denton, Rockwall County

John Jones (Keller Williams Elite, Dallas/Park Cities) — Mon, 21 Sep 2009 11:16:39 -0500

Checking the amount of property taxes for homes in the Dallas Fort Worth area can be a little tricky if you don't know where to go to find the information. Dallas, Collin, Tarrant, Denton and Rockwall counties all have their own tax appraisal districts and the taxes for each county are shown online for each appraisal district.

And although each county in the D/FW area has their own website for each appraisal district, they all function quite differently. Some do not even show the amount of taxes. In some cases, it may be better to use an alternate site such as www.taxnetusa.com to view the estimated property taxes.

If you are actively looking for homes in the D/FW area, check out these links and bookmark them for future reference.

DALLAS COUNTY APPRAISAL DISTRICT

The Dallas county appraisal district's website is www.dallascad.org. Their website is very user friendly and DOES SHOW ESTIMATED TAXES. It also has some other features that show the deed history of the property and some other helpful information.

To search homes by address:

Click http://www.dallascad.org/SearchAddr.aspx
Enter the street number, street name and use the dropdown to select the city.
A link will appear at the bottom of the page showing the property record. Click that link and it will show the estimated amount of taxes.

For a detailed list of all owners of record for the last 10 years, click the link at the bottom of the page that says "HISTORY".

TARRANT COUNTY APPRAISAL DISTRICT

Tarrant county's appraisal district is located at www.tad.org. Their website is relatively easy to navigate, but to look up the amount of property taxes for an individual address or owner name, you'll need to go to a different site (below).

To view the tax appraised value (NOT the actual amount of taxes):

Go to http://www.tad.org/Datasearch/re_location_search.cfm?matches
Type in the street number, street name and city.
Click "search"
This will display the tax appraised value and will provide links to past deed transfers.

To view estimated taxes for Tarrant county:

Go to http://taxoffice.tarrantcounty.com/AccountSearch.asp
Click the dropdown to search by Owner name, address or account number.
HINT - CLICK "LOCATION ADDRESS" to search for taxes on a particular property. If you click "owner address" and the taxes are billed to a different address than the subject property, it will not return any results.

COLLIN COUNTY CENTRAL APPRAISAL DISTRICT

Collin county's central appraisal district is located at www.collincad.org. Their site is quite user friendly and has several options that show a great deal of information.

To search Collin county property taxes by address:

Go to http://www.collincad.org/mainsearch.php?mode=address&kind=real
Type in the street number and street name.
Click "find"
Click the account number on the left side of the page when the search results display.
This will forward you to a page that shows the tax appraised value and any exemptions on the property.
To view the estimated taxes, scroll down about halfway down the page and click the link in the middle that says "Notice Of Appraised Value"
Click the button that says "Value Notice".
This opens a PDF file of the property tax statement that shows the total taxes for each entity (City, County, College and School). Grab a calculator and ADD UP THE FOUR AMOUNTS UNDER THE COLUMN "2009 ESTIMATED TAXES" TO FIGURE THE TOTAL AMOUNT OF PROPERTY TAXES.

DENTON COUNTY APPRAISAL DISTRICT

Denton county's appraisal district is located at http://www.dentoncad.com/ Their website includes some helpful information, but DOES NOT SHOW THE ESTIMATED AMOUNT OF PROPERTY TAXES. Again, I would recommend using www.taxnetusa.com to search property tax amounts by address.

To view property information for Denton county:

Go to http://www.dentoncad.com/index.php?option=com_content&task=view&id=98&Itemid=54
Type in the address
Select the property to view the tax appraised value.

To view ESTIMATED TAXES by property address:

Go to http://www.taxnetusa.com/texas/denton/
Type in the street number and street name.
Click the yellow "search" button in the top right hand corner.
Click the account number to see the estimated taxes.
NOTE - This site is not owned or maintained by the City of Denton, so verify the amount of taxes by contacting the Denton appraisal district. The easiest way to do this is to search for a property address at http://www.dentoncad.com/index.php?option=com_content&task=view&id=98&Itemid=54, and clicking the link that says "Question About This Property". They shoudl email you the answer to your questions.

ROCKWALL COUNTY APPRAISAL DISTRICT

Rockwall county's appraisal district is located at www.rockwallcad.com. Their site is easy to

To view ESTIMATED TAXES by property:

Go to http://propaccess.rockwallcad.com/clientdb/?cid=1
Select "address" from the dropdown.
Type in the street number and street name.
Click "search"
Click "view details" in the top right corner.
Click the link that says "taxing Jurisdiction" to show the estimated taxes with and without exemptions.

A COUPLE OF THINGS TO REMEMBER:

If you are unable to locate a particular property on any of these sites, try typing the address in http://maps.google.com/maps?hl=en&tab=wl to verify the county in which the property lies. In most cases where the proerty address cannot be located, the reason is that the home lies in an adjacent county.
Make sure you spell the street name correctly. If you are unsure, try typing in just the first few letters of the street name to see if it comes up.
If all else fails, try searching the property at www.taxnetusa.com
TO DETERMINE HOW MUCH YOUR MONTHLY ESCROW TAX PAYMENT WILL BE (FOR A MORTGAGE THAT ROLLS IN TAXES AND INSURANCE), DIVIDE THE ANNUAL TAXES BY 12. This should provide an accurate picture of the monthly cost of taxes for any particular home.

Where Has All The TARP Money Gone?

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 18 Aug 2009 01:47:43 -0500

Last week, Elizabeth Warren, the Harvard professor who is also chair of the Congressional Oversight Panel of the TARP program made an appearance on the Jon Stewart show. While the interview is certainly funny, the subject is certainly something to be taken seriously.

Remember, she's not a member of Congress, she's the head of the oversight panel that is responsible for holding Congress accountable to the public for how the TARP money is spent and the return that taxpayers will receive on their "investment" in TARP.

Here's part 1 of the interview. Listen to some of the numbers that she's quoting...

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Elizabeth Warren Pt. 1

www.thedailyshow.com

Daily Show
Full Episodes

Political Humor

Spinal Tap Performance

And here's the second part of the interview. I think her analogy of "pulling the threads out of the fabric of financial regulations" is a perfect way to describe the crux of our problem with the financial system. The problems with credit default swaps, overleveraging and lack of objectivity in the rating of mortgage bonds are just three of the problems that come to mind as serious holes in our financial regulatory system that must be plugged if we plan to avoid a rapid deterioration of the financial system again in the future.

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Elizabeth Warren Pt. 2

www.thedailyshow.com

Daily Show
Full Episodes

Political Humor

Spinal Tap Performance

Keep in mind that she's just talking about the costs associated with TARP and not any of the other countless programs that have been implimented since the financial crisis began.

She makes a good point that some "common sense" regulations need to be put into place if we're going to avoid repeating the same mistakes in the future. That, of course, will be up to the politicians to decide.

And we all know they would never do anything that a banking lobbyist might suggest, right??

There have been some new regulations put in place aimed at protecting consumers, but they mostly fail to address the larger issues with the banking industry and Wall Street. In other words, they might help to protect a consumer from getting scammed for a couple of thousand dollars, but what about the bond investors that got ripped of for TRILLIONS? If those investors can't regain confidence in the system, how do we expect to sustain any time of a measurable growth cycle, especially in housing?

At some point, we'll have to pull the plug on the Federal Reserve's life-support system of printing money to buy mortgage debt. In fact, that's scheduled to happen at the end of this year. I guess we'll find out soon enough just how much demand remains for mortgage bonds.

Wall Street obviously loves the "heads, I win-tails, you lose" business model of capitalizing on the profits and socializing the losses, but it's a complete disaster for pretty much everyone else. I believe we will slowly return to a point where investors start to come back into the market, but unless reasonable laws are passed to control accountability, transparency and conflicts of interest (such as the banks and the rating agencies), this certainly can and will happen again, and I believe sooner than most people think. And it could easily be worse next time, just as this one was worse than the last.

Don't get me wrong here-overregulation can be a really bad thing. Many regulations do little more than line the pockets of lobbyists at the expense of both consumers and corporations, but there have to be some regulations that keep banks from losing control and taking huge risks that put the whole financial system and future of the country in jeopardy. The government can add all the paperwork, disclosures and waiting periods they want to the mortgage process, but in the end, it won't matter if there aren't rules in place to prevent the overleveraging, conflicts of interest and huge risk-taking that Wall Street enganged in over the last several years. And in order to do that, these laws must be drafted by politicians who represent the public's interest and not the interests of lobbyists.

What are the odds of that happening? And what do you think needs to change in the system to prevent this from happening in the future? I realize, of course, this is a subject that's been literally beat to death. But we seem to have a knack for repeating mistakes rather quickly when it comes to the economy, and we're to the point where I'm not so sure we can afford to make one of this magnitude again. Without new, smart, common sense regulations to plug these holes, this it will happen again before we know it.

Mortgage Rates Will Likely Soon Be Going Up

John Jones (Keller Williams Elite, Dallas/Park Cities) — Wed, 12 Aug 2009 15:02:48 -0500

Mortgage rates have remained very low for quite some time now. In fact, many people have become used to the "record low" mortgage rate ads that have been plastered all over the TV, radio and internet for the last year or so. And for the most part, those ads have been true. Mortgage rates have been at or near record 40 year lows for quite some time.

But don't make the mistake of assuming this is normal. In fact, rates will likely be increasing very soon. What many consumers don't realize is that there's not a magic button or lever at Federal Reserve that Ben Bernanke pushes to control mortgage rates. Rates are set by the supply and demand of mortgage backed securities (mortgage bonds) on the secondary market. When supply is lower and demand is higher for these securities, rates tend to stay low.

So again, there's no magic button, BUT the Federal Reserve has managed to keep rates low by directly intervening in the mortgage and Treasury bond market. This is the key reason why the supply/demand equation in the mortgage bond market has been tilted in favor of low mortgage rates for over a year now. The Federal Reserve has been purchasing both Treasuries and mortgage bonds on the secondary market.

And we're not talking just a few bucks. The Fed was authorized to purchase a total of 300 billion dollars worth of Treasuries, which they have almost exhausted. Today, they announced this program would be extended to October from the original date of September, but purchases would begin winding down. In other words, they are still purchasing the full 300 billion, but they're just going to spread that out between now and October instead of ending the program in September. So that means there will likely be an immediate decrease in demand for Treasuries. In fact, this news immediately led to a spike in Treasury yields and also a repricing of mortgage rates. Why? Because higher Treasury yields often make the yields on mortgage bonds look less attractive, so the market reprices to keep them competitive.

In addition to the Treasury purchasing program, the Fed started a program to purchase mortgage bonds back in November of 2008. If you'll notice on the above chart, there was a significant decline in mortgage rates right before the beginning of 2009. That's no coincidence. The program "worked" by raising the price of mortgage bonds, which lowered mortgage rates.

This program was expanded to include a total of 1.25 TRILLION dollars of mortgage security purchases on March 18th of this year, but that is scheduled to end at the end of this year. Why? Quite simply, the government can't continue to print money to buy debt forever, otherwise the entire financial system would likely collapse. This was just a "temporary fix" by the Fed to stimulate the housing market.

The real question is what kind of demand will exist for these bonds once the Fed mortgage bond purchasing program finally ends at the end of this year.....My guess is it will liikely shrink significantly, which will result in higher yields and higher mortgage rates.

Details Of The $8,000 Tax Credit For First Time Homebuyers

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 11 Aug 2009 23:53:27 -0500

The First Time Homebuyer Tax Credit is a great incentive for Dallas / Fort Worth area first time homebuyers. But to take advantage of it, you need to get your plan in motion and start looking for a home rather quickly. You must close and fund on the purchase of a home by no later than November 30, 2009. Many changes in the mortgage industry have resulted in much longer closing times. Time will be running out to take advantage of this very quickly.

The $8,000 tax credit is a true tax credit, not just a deduction from gross income. Essentially it's $8,000 of free money the government will give you for buying a home as long as you meet certain requirements. The money can be taken as a direct tax refund or can be used to lower the amount of your taxes due (or a combination of both).

WHAT ARE THE MAIN REQUIREMENTS TO RECEIVE THE $8,000 TAX CREDIT?

FIRST TIME HOMEBUYERS are only allowed to receive the tax credit - A first time homebuyer is defined as a person that has NOT OWNED A PRIMARY RESIDENCE IN THE LAST THREE YEARS.
PRIMARY RESIDENCE - Individuals must purchase a single family primary residence in order to qualify. This includes townhomes and condos. Any type of home purchased as an investment property that you WILL NOT OCCUPY (rental properties, flips) is not allowed.
INCOME LIMITS - Maximum Modified Adjusted Gross Income - $75,000 for single buyers / $150,000 for married buyers to receive the full credit. The tax credit phases gradually phases out and is eliminated up to $95,000 for single buyers and $170,000 for married buyers.
TAX CREDIT IS EQUAL TO 10% OF THE PURCHASE PRICE UP TO A MAXIMUM OF $8,000. So to qualify for the maximum $8,000, you must purchase a home for at least $80,000. Buyers who purchase a lower priced home will still receive a tax credit, but only up to 10% of the purchase price.
HOME MUST BE PURCHASED BETWEEN JANUARY 1, 2009 AND NOVEMBER 30, 2009 - For homes purchased between April 8, 2008 and January 1, 2009, you may qualify for a different tax credit.

DOES THE $8,000 HAVE TO BE PAID BACK?

ONLY IF you do not keep the home as your primary residence for three years. In that case, the entire $8,000 must be repaid to the IRS in the same year the home is sold or that you move to another primary residence. But as long as you maintain the home as your primary residence for at least three years, YOU WILL NOT EVER HAVE TO REPAY THE $8,000.

The previous tax credit program for homebuyers who closed between April 8, 2008 and January 1, 2009 did require repayment of the tax credit regardless of how long it was kept as a primary residence.

CAN I USE THIS $8,000 TOWARDS MY CLOSING COSTS AND/OR DOWN PAYMENT?

There is no way to receive your $8,000 tax credit from the IRS prior to closing. HOWEVER, HUD is allowing buyers to "monetize" their refund by receiving a loan from a non-profit organization and using that money for closing costs and down payment. This is ONLY for buyers that use FHA financing for their mortgage.

There are two state-sponsored programs available to qualified Texas buyers that allow them to secure a loan against their tax credit and repay the loan over a set term. Terms and conditions apply to both of these, so please call or email me for details. These programs have specific requirements that must be met in order to obtain the loan and there is an application process that's involved. Therefore, buyers who have enough money to pay their closing costs and down payment should consider paying those upfront and then consulting with their tax advisor about filing an amended tax return to receive the $8000 after closing. That process may allow for a quicker closing instead of having to go through this additional process which could potentially delay the closing.

WHAT IF I WANT TO BUY A HOME FROM SOMEONE IN MY FAMILY?

The home cannot be purchased from your parents or grandparents, nor can it be purchased from your children or grandchildren. It also cannot be purchased from your spouse. Consult a tax advisor for more information.

CAN I AMEND MY 2008 TAX RETURN AND RECEIVE THE TAX CREDIT EARLY?

The IRS does allow people to do this, but you will need to consult with your tax advisor regarding the procedure and paperwork involved as I am not licensed to give tax advice.

Remember, the DEADLINE to CLOSE AND FUND on a home in order to qualify for this program is on or before NOVEMBER 30, 2009. That happens to be the MONDAY AFTER THANKSGIVING and it will more than likely be one of the busiest closing dates in history. With the new Federally mandated waiting periods for closing dates, as well as the significantly longer closing times associated with many short sales and foreclosures, there is not much time left to start looking for a home if you plan to meet this deadline and take advantage of the $8,000 tax credit. Legislation to extend and expand an additional tax credit for homebuyers was rejected by the Senate last week, so many feel that November 30, 2009 will be the final curtain call for homebuyer tax credit benefits from Uncle Sam.

BEWARE - Nigerian Scam Targeting Renters Searching on Craigslist in the Dallas Area

John Jones (Keller Williams Elite, Dallas/Park Cities) — Tue, 11 Aug 2009 23:16:38 -0500

Well I guess all of the emails from those Nigerian "millionaires" finally lost their effectiveness now that every person in the country receives at least 100 per day. So now the Nigerian scam artists have become more crafty in their tactics and are targeting people looking for rental properties on Craigslist.

There are apparently several different versions of this scam, but the most common type seems to unfold like this:

A renter finds an unbelievable bargain (a.k.a. TOO GOOD TO BE TRUE) on a rental property listed on Craigslist. Often times, the ad has pictures of a REAL HOME that is ACTUALLY FOR RENT because the scammer simply copied the pictures and property description from an ad on another website.
The renter contacts the landlord (scammer) via email eager to lease the property before another tenant can jump on the "opportunity".
The scammer replies and convinces them to wire money for a deposit and/or first months rent, etc., in order to secure the property. The scammer claims the keys will be mailed or delivered as soon as the money is received.

And you know how this story ends.

This is a pretty brilliant idea for a scam if you ask me. If I was going to be a scammer for a living, this would probably be the way I would do it. After all, there is often a "for rent" or Realtor sign in the front yard advertising the home for all to see. And rental homes are often vacant, so there's no way to knock on the door and verify anything with the owner. I could see how lots of people might fall for this because they may drive by the home and see the sign in the yard and assume it's a legitimate deal.

Of course, there are plenty of ways to avoid falling for a scam like this. First, ask a Realtor® to look up the property in the MLS so they can verify the owner and terms of lease are legitimate. It's very common for renters to use a Realtor® to list their property for lease, and using the services of a Realtor® to locate a rental property is usually free of charge for a tenant since our commission is usually paid by the landlord.

And if the home is not listed in MLS? You can always look up the property online and verify the ownership with the Central Appraisal District. And as Craigslist points out on their site, simply meeting someone in person will significantly decrease your odds of getting scammed. They also have some other tips for avoiding scams on their site.

Ask to meet the owner in person and ask to see their photo ID if the property is not listed in MLS. It should match the name of the owner listed or they should be able to provide a good, verifiable reason why it does not. Sometimes the property may be listed in the name of a corporation, but ask to see proof that the individual owns or works for the corporation. If the home is managed by a property management company, they should have an office and should be willing to meet you in person.

I haven't heard any stories of people being scammed face to face like this, but I'm sure it can happen. The Nigerian scams usually involve a request to wire funds or a request to exchange a smaller amount of funds for a larger amount that is delivered by the scammer in the form of a fake cashiers check or money order.

Using common sense will help you avoid scams like this, but always be on guard, especially for deals that seem too good to be true.

REALTORS® and home owners who have rental properties advertised should also consider periodically monitoring Craigslist to make sure their listings aren't being used in one of these scams. I've heard stories from two agents in our office who discovered they had a rental that was ripped off by one of these scammers and were able to get the ad removed. Craigslist supposedly complies with removal requests very quickly if they are notified of a problem.

And if you're looking for a little entertainment, check out this post written by Michael Creel. He spent a great deal of time scamming a Craigslist scammer so we could have a good laugh and see firsthand how these guys operate.

City of Dallas Outdoor Watering Restrictions - Water Conservation Ordinance

John Jones (Keller Williams Elite, Dallas/Park Cities) — Sun, 09 Aug 2009 21:55:35 -0500

As part of the Water Conservation Ordinance passed by the Dallas City Council on September 21, 2001 and amended in 2007, Dallas residents are not allowed to water outdoors between the hours of 10AM and 6PM between April 1 and October 31. This applies EVERY YEAR, not just in 2009.

The ordinance also applies regardless of the lake level or the amount of precipitation that has occured throughout the year. The city is always at liberty to impose additional restrictions on water usage in the case of a drought, but we've escaped that so far this year.

HAND WATERING and SOAKER HOSES (like the type used to water foundations) are allowed anytime, but keep in mind that watering during peak hours may not be as effective as watering during non-peak hours. More of the water evaporates in direct sunlight, and some experts say that watering your yard in direct sunlight may cause damage.

In addition to the restriction on watering times, the ordinance also mandates that all automatic sprinkler systems be installed with rain and freeze detectors. Proper maintenance of sprinkler systems is also required, so make sure to replace any broken sprinkler heads as soon as possible.

And keep in mind that the City of Dallas can impose a surcharge on water use of more than 15,000 gallons per month. That may sound like a lot, but it breaks down to just 500 gallons per day.

This summer has been a hot one so far, but fortunately we haven't had the major drop in lake levels that we had in 2006. Let's hope it stays that way.

Pier And Beam Versus Slab Foundations in the Dallas Area

John Jones (Keller Williams Elite, Dallas/Park Cities) — Sun, 09 Aug 2009 21:31:56 -0500

Dallas has a rather unique mix of homes with slab (also called "slab on grade") and pier and beam foundations. The majority of pier and beam foundations in the Dallas area can be found on older homes built up to the 50's and early 60's.

Pier and beam foundations are still built today, but usually only by a few custom builders and contractors. Most large production builders use only slab on grade, but some of them also use post tension slab, which may help to increase strength and durability on Texas soil.

The soil in the Dallas area tends to be very expansive because it contains a good deal of clay, which expands and contracts depending on the amount of moisture. Hot, dry conditions in the summer can lead to foundation problems on both pier and beam and slab foundations, but are generally more common with slab.

Here are some advantages and disadvantages to both that may be worth considering. Every house is built different, so these are not the only factors to consider. As always, consult with a licensed structural engineer if you have specific questions about foundations.

PIER AND BEAM FOUNDATIONS

Advantages:

Allow for easy access to service or relocate plumbing, electrical and other mechanical items provided there is adequate crawl space under the house.
In many cases, foundation issues with pier and beam can be both less common and also less expensive to repair than slab foundations as long as it was initially designed and built properly. I have seen a few instances where an inexperienced contractor attempted to build a pier and beam foundation that failed, and the result wasn't pretty. If you plan on building a home with a pier and beam foundation, make sure the builder and their contractors have experience with pier and beam foundations and can provide references.
Some othe remodeling projects may be easier to construct on a pier and beam. It depends on what you're doing.
It may be easier to prevent and detect termites in pier and beam homes since they must tunnel along the concrete piers and/or wall in the crawlspace of a pier and beam foundation before reaching wood (assuming no wood is touching the ground). Check to make sure the piers have termite guards that can make it extremely difficult for termites to build tunnels up the concrete piers. And since the tunnels are normally visible along the exterior concrete walls as well, it can make them easier to detect overall. Termites can tunnel through cracks as small as 1/32 of an inch, which can make it harder to detect in slab foundations, especially if the termites tunnel through a crack directly into a part of the house that is not accessible or viewable.

Disadvantages:

Pier and beam foundations must be vented properly to avoid excessive moisture. The moisture can sometimes lead to mold, rotting wood or a musty smell if not vented properly.
Broken vent screens can allow bugs and rodents to get under the house, which can be a real pain (especially if a rodent happens to DIE under the house). The screens can be repaired, but rodents and bugs can easily chew through the older screens.
Proper ventilation of pier and beam foundations can lead to colder floors in the winter, especially if there is no insulation under the floor.
The floors can creak and move in some cases. Large items of furniture, especially items like China cabinets that contain movable, breakable pieces can rattle when someone walks or runs by. If you have young children (especially if they're HYPERACTIVE) or even large pets, it's a good idea to test the stability of the floor.
Pier and beam foundations are still prone to movement and foundation problems. Pier and beam homes can sometimes flex vertically, which may cause areas of the floor to appear higher or lower than surrounding areas, which can cause problems with flooring, etc. Tile floors can break and become loose when pier and beam foundations flex.

SLAB FOUNDATIONS

Advantages:

They are generally LESS EXPENSIVE to build than pier and beam foundations.
The floor generally feels more SOLID than pier and beam in many cases. No shaking/vibrating of the floor means no rattling furniture when you walk by. Thus, they may also be quieter than pier and beam foundations.
Recent improvements in technology and engineering of post tension slab foundations have led to some improvements in quality, design and durability, especially on Texas soil, which very expansive because of both the high clay content and the hot, dry climate.

Disadvantages:

Foundation repairs on slab foundations can be more expensive than pier and beam in many cases.
Plumbing repairs under the house can be extremely expensive and difficult repairs because they are hard to detect and can require parts of the foundation to be jackhammered and rebuilt in order to access the damaged plumbing in some cases.
Can have a higher tendency to crack since they only touch the top level of the soil, whereas pier and beam foundations can go deep into the soil and can even anchor on bedrock in some cases.
Relocating electrical and plumbing can be more expensive and difficult with a slab than with a pier and beam foundation.
Some remodeling projects may be harder to accomplish on slab foundations.
Termite treatment can require holes to be drilled through the floor and foundation, which may have to be repaired and could possibly damage the look of the floor, depending on the material.

There are many things to consider when deciding what foundation best fits your needs and wants. As always, consult a licensed structural engineer if you have specific questions or suspect a problem with your foundation.

Proper care of a foundation, regardless of type, is essential to avoiding expensive repairs. The Foundation Repair Association performed a study in 2000 and found that the most common reason for foundation problems was lack of maintenance. And since Texas has very expansive soil and also a hot climate, it's important to keep the area around the foundation properly irrigated. People new to the Dallas area often don't realize this and fail to maintain their foundation properly.

Most foundation experts I've spoken with recommend watering the foundation with soaker hoses for 15-30 min per day at least 3-4 times per week during the hot, dry season. It's important to keep the hoses around 18-24 inches away from the house to avoid water pooling under the foundation and causing additional problems Soaker hoses used in conjunction with electronic hose timers can be a good way to ensure your foundation receives a steady dose of evenly distributed moisture around the perimeter.

And here's a great link to an article about foundation maintenance from foundationrepair.org that covers many details about proper maintenance and care of foundations.

Amazing Flight Into The Edge of Space

John Jones (Keller Williams Elite, Dallas/Park Cities) — Sat, 08 Aug 2009 04:08:00 -0500

Who wouldn't want to experience a flight into space? It's certainly one of the things on my bucket list.

This is a video taken from a recent flight aboard a U2 spyplane. They reached a maximum altitude of over 70K feet, which is just over 14 miles above the Earth. It's certainly worth a view. As they say, a picture is worth a thousand words. I'd say this video is worth a couple of million, so i'm going to shut up now so you can watch it....

I'd highly recommend utilizing the "full screen" option since the resolution is very good....

And despite how awesome this view looks, it's technically not the "edge of space". Space begins at an altitude of around 62.1 miles (100km) above the Earth. If you really want to experience the full effect, you can opt to hitch a ride on Richard Branson's Spaceship II, which is scheduled to start flying in late 2010. One ticket will set you back around 200 grand though, but the maximum altitude is just over the 100km mark and passengers actually experience total weightlessness for several seconds. It sounds a bit more fun than the rides at Six Flags.... Check it out...