housing market: So Many Buyers, So Few Homes For Sale - 02/23/14 05:05 AM
2012 and 2013 were great years for the real estate market. We saw a solid recovery with increasing sales prices and a reduction in inventory sitting on the market. So here we are in the spring of 2014. We have lots of buyers looking for homes but few homes for sale. In some price ranges, homes going on the market are selling in hours.
I spent the past few weeks working with a first-time buyer looking for a home between $150k and $180k in Allen, Plano, McKinney, and Frisco. He made offers above list price on 3 different homes only to … (4 comments)

housing market: Now May Be The Perfect Storm For Sellers - 09/23/12 08:00 AM
It’s been a crazy year so far in the north Dallas real estate market. Buyers are out in droves and homes are flying off the market. The bad news for buyers is there are very few homes available in some areas and the ones that are properly priced, prepared, and show-ready are under contract in days.
This is fantastic news for potential sellers! With low inventory and lots of willing buyers, this may be one of the best times in years to list and sell their homes. Even better news is that homes are selling for close to list price and … (4 comments)

housing market: How The Hell is The Market Supposed to Heal? - 09/20/12 10:05 PM
It’s been a crazy ride in the North Dallas real estate market this year. The heavy buyer’s markets of previous years have given way to a strong seller’s market in 2012. Properly prepared and show-ready homes are flying off the market in days at premium prices.
All should be well except appraisers keep killing the sales.
According to Fannie Mae, “Market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected … (6 comments)

housing market: Historic Low Rates Cannot Solve The Problem - 09/30/11 02:00 AM

Maybe Washington is finally getting the idea. Ben Bernanke recently said, “Historic low rates cannot solve the problem” and “strong housing policies to help the housing market recover are needed to advance a tepid U.S. economy.”
Given the current lending environment, many potential buyers either cannot or will not commit to purchasing a home. There are also thousands of investors waiting on the sidelines with deep pockets of cash to invest. There are simply too way obstacles and economic concerns.
Last year’s Federal Tax Credits spurred activity for a few months but it quickly tapered off as the deadline … (21 comments)

housing market: Why The First Half of 2011 Will Look Bad and the Second Half Will Shine - 01/22/11 03:49 AM
As we start into 2011, we need to be prepared for the media frenzy that’s going to happen as the sales figures are released. The market will be “crashing” and new worries will spread throughout not only the housing market, but the economy in general. How can I make such a bold prediction? 2010 was not a normal year. We had all the buying activity crammed into the spring driven by the Federal Tax Credits. For those of us on the inside, we know it was crazy. I sold every property I had listed under $200k. Come July, the market tanked. … (11 comments)

housing market: Would the Elimination of the Mortgage Interest Deduction Hurt the Housing Market? - 11/11/10 12:10 PM
I was reading the news this morning and came upon an article titled, “Commission Offers Controversial Solutions to Axe Deficit -- Members Balk” on the FoxNews website. The “Deficit Commission” appointed by President Obama is working on a plan to reduce the nation’s deficit. One of the commission’s suggestions is to eliminate the Mortgage Interest Tax Deduction in favor of a lower tax rate for all. Personally, I think this plan will have a huge negative impact on the housing market and our economy in general.Let’s look at a $250k, 5 percent mortgage. The homeowner pays $12,500 in interest per year … (8 comments)

housing market: State Of The Housing Market - 10/27/10 03:31 AM
I was interviewed yesterday evening by Bob Morrison with the Broadcast News Service concerning the general state of the housing market.
 
Today’s release of September New Homes Sales data is expected to show a modest increase. With interest rates at all-time laws and prices being slashed, one would expect to see much more activity.
According to Lawrence Yun, chief economist at the National Association of REALTORS®, "A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium."
Based on what I see locally in the greater Dallas Real Estate … (4 comments)

housing market: Another Federal Tax Credit for Homebuyers? - 08/29/10 06:16 PM

Well, just when I thought it was not possible, Shaun Donovan, Secretary of Housing and Urban Development, said that the housing market's July woes were "worse than expected" and that the administration may support a new homebuyer tax credit.
In an interview on CNN, Donovan said the administration is "concerned" about the direction the housing market has taken. He defended the Obama administration's record on supporting the housing market, despite new signs that the market is still in a downward spiral. Donovan did not rule out a further homebuyer tax credit to support the market. Congress passed a homebuyer tax … (17 comments)

housing market: Housing Recovery on Hold? - 08/27/10 03:28 AM

Today was not a great day for news on the economy and its impact on the housing recovery.  
The Commerce Department downgraded the economic growth rate to an anemic 1.6 percent, down from an initial estimate of 2.4 percent last month, confirming the economy has lost significant momentum in recent months.  This is a sign that doesn't bode well for employment and raises fears that the nation's jobless rate could climb higher.
I maintain that housing will not lead the way out of this crisis.  Putting people back to work is critical to the recovery. Higher unemployment rates will lead to a … (3 comments)