By Tom Branch, on September 23rd, 2012  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 in many cases for more than list price.
Many sellers believe that the spring may be the best time to list and sell, but selling now may actually be a better time given the market conditions and low inventory.
Thinking about selling? Click here to find out what your home may be worth.
Please contact us at 214-227-6626 if you have any questions.
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By Tom Branch, on September 21st, 2012  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 by undue stimulus.”
Appraisers were more than happy to take us down the “lower value” path. Part of it caused by the pressure asserted by the Appraisal Management Companies (which are usually owned by the banks themselves) and appraisers are tired of having to defend their valuations (why take the time when the AMCs lowered the pay per appraisal?) to underwriters so many of them take the path of least resistance.
I’ve had three sales in the past three months die because the appraisals were ridiculously low. Willing sellers and buyers have agreed upon a price and terms usually in a short period of time in an open market. Yet appraisals continue to come in low and no amount of work on our part can get the appraiser to look at it again. They’re dug in.
How the hell is the market supposed to heal if we can’t get values to go back up?
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By Tom Branch, on September 18th, 2012  I read a blog posted on Candy’s Dirt this morning titled, “Newest Status Symbol: Our House Sold Before Going on the Market. Hip Pocket Sales and Why Brokers Love Them” In this blog, Candy talks about the growing trend for brokers to hold new listings off the market and then sell them to their own clients.
She goes on to write, “The proliferation of Hip Pocket sales is really good for Realtors, because they are back cutting deals again and doing what they do best: network. Also, it’s good for the brokers, especially if they can get both sides of the sale in the same firm. Yippee to that one!”
I’m going to argue that hip pocket listings are not really a good thing for the vast majority of sellers. Yes, there are some sellers who just rather not have people in their homes or desire to keep the sale secret for some reason–however this is not true for the vast majority of sellers. Exposing the home to the larger market will most often allow the seller to achieve the highest possible final sales price and better terms.
We listed a nice home in west Allen several weeks ago on a Friday. By Monday we had 7 offers and the seller wound up with a higher sales price and an all-cash offer. If we had held the listing with the intention to sell it to one of our internal buyers, the result would not have been the same. The multiple offer situation worked in the seller’s best interest.
The REALTOR® Code of Ethics requires us to put our client’s best interests in front of our own. In the vast majority of cases, hip pocket listings most likely put our best interests in front of our client’s best interests.
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By Tom Branch, on September 10th, 2012  Last year I was telling sellers in the north Dallas suburbs that selling their home was both a “price war” and a “beauty contest.” Their homes had to be in tip-top condition, properly prepared, and ready to show. Additionally, they had to compete with all the other homes in a “price war” in order to sell.
This year, the local market has rebounded nicely with the buyer’s markets of previous years yielding to a seller’s market in 2012. Properly prepared, staged and show-ready homes are flying off the market in days.
I was out showing homes today and I’m amazed to see how many homes have not been properly prepared and show very poorly. Many of these homes have been on the market for more than 100 days and have still not sold.
If you’re serious about selling your home in the shortest amount of time and at the highest possible price, you simply have to get the home prepared to show.
Take care of any deferred maintenance issues. I’m not talking about remodeling the kitchen, but touch-up painting, caulking, and a good deep-cleaning will go a long ways.
If you’re not comfortable with how to stage your home, hire a stager! While we provide 2 hours of staging consultation for our listing clients, not all agents do. A good stager in our area costs less than $300 for two hours of consultation. This is money well-spent and will be far less than your first price reduction.
Make the most of every showing with a show-ready home. Most sellers know in advance that their home will be showing. When you get that call, it’s almost show time! Have a plan of action to get your home in show-ready shape. Turn on all the lights, open the blinds, and get some soft music playing!
Regardless of the market, It’s still a beauty contest!
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By Tom Branch, on September 3rd, 2012 
Gina Branch was a guest on Real Estate Talk with Willie Lambright on August 30, 2012.
Heard locally on KVCE 1160 and syndicated nationwide, Willie Lambright’s goal is to not only help anyone interested in the real estate market make smart, informed decisions, but to help them profit as well.
Gina covered topics including short sales, new home buying, first time homebuyers, and investing in residential real estate. You can listen to the show below.
Gina Branch on Real Estate Talk with Willie Lambright
Click here to see our other appearances in the news and media.
Photo and Audio Used with Permission
By Tom Branch, on August 31st, 2012  As the Texas summer gives way to cooler fall temperatures, the North Dallas real estate market is staying hot, hot, hot!
The average Days on Market for properties under $500k is down to just 71 days–a level we have not seen locally since 2005. We listed a property in west Allen on Friday and had seven offers by Monday.
Last year we were telling sellers that it was a price war and a beauty contest. While pricing is less of an issue this year (as long as it’s not above market value), it’s still a beauty contest. Properly prepared and show-ready homes are flying off the market in days.
This is a great time to sell a home. There are plenty of buyers looking for homes and with a short supply of inventory, buyers are “all over” a good-looking property.
We have many resources on our website:
Home Value Request – What’s my home worth?
Seller Tips
Are You Show Ready?
Looking for an experienced team of agents with a proven track-record to sell your home? Click here.
Feel free to contact us if you have questions or need more information.
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By Tom Branch, on August 31st, 2012  Lately, many buyers have experienced the “multiple offer” notice after making an offer on a home. The notice usually asks the buyer to make their “highest and best” offer by a certain date.
One of our clients has been through this on three homes and by the time they received notice that the home was sold to another buyer, their second choice was also under contract. Talk about frustrating!
The buyer finally asked, “Can I make offers on more than one home at a time?”
Buyers can make offers on more than one home. While less experienced agents will argue that it’s not legal or the buyer could get stuck with more than one contract, there’s nothing illegal about making offers on more than one home.
The logical follow-up question was, “What happens if both are accepted?”
In Texas our state promulgated contracts contain a paragraph that allows a buyer to purchase the “unrestricted right to terminate the contract” for a certain number of days for a nominal fee. This paragraph is the key to buyers making offers on more than one property at a time. If more than one offer is accepted, the buyer can simply “opt out” on the property they do not wish to purchase.
While this is not a technique we encourage, in a hot seller’s market or when time is very limited making offers on more than one home may be a good idea as long as the offers include the unrestricted right to terminate.
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