By Tom Branch, on March 5th, 2013  It’s been a crazy early spring sales season in North Texas so far. Inventories are at near record lows and buyers are pouncing on almost every new listing. Many sellers are enjoying multiple offers in a matter of days. That said, there are listings that just will not sell leaving those sellers looking for answers.
There are four deadly sins that block offers and the good news is that sellers can avoid their wrath and get their home sold!
Cleanliness and Odors
There almost nothing worse than walking into a showing only to find the home is a mess, there are some really strong odors, or both. I love to cook but not everybody appreciates the smell of caramelized onions in balsamic vinegar or the smell of the cat’s litter box! Part of selling a home is to create emotion. Taking the time or spending a few hundred dollars to have the home deep cleaned is money well spent.
Clutter and Too Much Furniture
Many of us simply outgrow our homes and we are looking to sell in order to purchase a larger home. When your home is cluttered or has way too much furniture it makes the home look small and dark. Both of these turn off buyers and block offers. Want to know how it is supposed to look? Visit some new home builders model homes and try to do it yourself. Our best advice is to hire a stager. We think it’s so important that we pay for two hours of consultation with one of the best stagers in the area for our listing clients.
Deferred Maintenance
While you may have tolerated that dripping faucet for the past four years, it really sends the wrong message to potential buyers. While most people understand that a home has been lived in, lots of deferred maintenance will have them running for the door. Take some time to lubricate squeaking doors, replace the flapper valves on the running toilet, and repair that dripping faucet. Many of these tasks can be completed by the sellers or a local handyman.
Grossly Overpriced
If you do not feel like dealing with the first three sins, you can make up for it here by correctly pricing the home. Want top dollar? You need to have the home properly prepared, staged, and show-ready. If you don’t want to do these things, you can always reduce the price to offset.
There you go. As sellers you always have a choice. Our advice: avoid the four deadly sins and get your home sold quickly and for top-dollar
Want to work with a Dallas Real Estate team named as Residential Top Producers by D Magazine? Contact us at 214-227-6626.
Photo: Licensed from iStockPhoto
By Tom Branch, on March 3rd, 2013  We often talk about the drought and subsequent watering restrictions in North Dallas. While many of nature’s problems are caused by a lack of rainfall and Zebra Mussels, the drought being faced by North Texas homebuyers is caused by a deep lack of homes for sale.
Properly prepared homes that are professionally marketed and priced right are flying off the market in days.
We were out working with a first-time home buyer yesterday and we found two homes they liked. One had been on the market for three days and had five offers, the other had been on the market for one day and had three offers. Our clients made an offer above list price and their offer was not the accepted offer!
What does this mean for North Texas homeowners?
This may be the perfect time to sell your home. Many of our sellers are “waiting until the Spring Sales Season” to go on the market but now may be a far better time. Low inventory and high demand create the perfect storm for home sellers. This is the opportunity to get a far better price in far less time than any time in the past five years.
Homes for sale still need to be properly prepared, professionally marketed, and priced right. Get all of this right and pack your bags!
Thinking about selling? This is one of the best times in years. Want to know your home’s value? Click here to get a free market analysis.
Are you looking for an experienced listing team? The Branch Team was named a 2012 Residential Real Estate Top Producing Team by D Magazine. Contact us at 214-227-6626.
Photo licensed from iStockPhoto
By Tom Branch, on February 24th, 2013  When we’re working with buyers, we always do a final walk-through of the home just prior to closing.
We do this for a number of reasons: to make sure any agreed to repairs have been completed, to see that the home is in the same condition as it was when the contract was executed (normal wear and tear is acceptable), and to make sure that items that were supposed to remain in the home are still there.
The items that seem to come up missing most often are the curtains and draperies.
When this happens it’s not usually a case of the sellers being dishonest, it’s that they were not made aware that the curtains and drapes are considered Accessories in the TREC Promulgated Contract and supposed to remain in the home. If a seller wants to retain them, they should be listed as excluded items in the contract.
We hate walking into a home for that final walk-through and hearing the buyers say, “What happened to the draperies?” These last-minute surprises can be avoided with a clearer understanding of what’s in the contract.
Have questions about Texas Contracts? Click here to contact us or call 214-227-6626.
Photo Copyright 2013 Imaged2Sell
By Tom Branch, on January 22nd, 2013 
Is this a good time to sell our home? This is a question we get quite often. Local data have indicated a Sellers Market since January 2012.
I just received the results of survey conducted by the National Association of REALTORS® (NAR) that shows that the trend is actually nationwide.
According to the NAR report, “Demand continued to expand faster than supply. The Buyer Traffic Index rose to 56 from 36 in the same period last year, while the Seller Traffic Index barely moved, ending at 38 from 37 last year. REALTORS® reported numerous cases of multibidding resulting in “properties selling above the list/asking price” or “distressed sales selling close to market price.”
In our local market, 2012 was a great year for sellers. Home sales outpaced home listings by almost 10 to 1 and we don’t see that letting up in 2013. We have many sellers waiting for the “spring sales season” to list their homes.
If you want to get your home sold, get on the market as early as possible to take advantage of the lack of inventory!
Click here for more information on selling your North Texas home.
Click here to request a Market Analysis of your North Texas home.
Contact us at 214-227-6626 if you have any questions.
Graph: Copyright 2013 National Association of REALTORs® | Base Photo: Licensed from Buffini and Company
By Tom Branch, on January 11th, 2013  Media rooms have become the rage in North Texas over the past few years. According to TheaterAdvice.com, “A media room is a dedicated room in the home in which a Home Theater is installed and enjoyed. You can do anything from a modest system with above average results for around $5000 installed to a sky is the limit scenario on both level of equipment and custom craftsmanship making the room anything you can dream of. Even for a fairly modest budget you can easily exceed anything you will see and hear in a Movie Theater without the crowd and people texting during your movie.”
Click here to see all homes for sale in Collin County with Media Rooms.
Contact us at 214-227-6626 for more information or to schedule a showing on homes inthe greater north Dallas area.
Photo: Licensed from Shoot2Sell
By Tom Branch, on January 10th, 2013  Homeowner’s insurance provides coverage for your house and contents. In states like Texas, homeowner’s coverage starts high and goes higher. Texas had the highest homeowner’s insurance in the nation in 2011. States regulate homeowner’s insurance, approving the policy language and rates. One solution to rate increases is to shop around for your homeowner’s insurance. High price does not necessarily give you better insurance.
Homeowner’s insurance comes in three basic types. HO-1 is too basic, and some states and companies no longer use the form. It covers 11 items or perils and no others. HO-2 includes the 11 basic perils and 6 more for a total of 17 perils. HO-3 provides better coverage for the home and contents ans is more expensive than the H0-2. HO-3 covers 17 perils and any others it does not specically exclude. Exclusions might include flood, earthquake, war and nuclear accident.
Your homeowner’s policy costs will go up based on certain factors. Premium calculations are based on location, sometimes down to the county or city, and the distance from a fire hydrant. So if those risk factors changed in the past year, you could see a premium hike. The Federal Trade Commission reports that auto and homeowner’s insurers use credit scores for determining insurance costs too, because better credit scores represent more stability and less risk. If your credit scores have decreased, your homeowner’s insurance premium may increase.
Most polices increase the policy limits based on inflation rates. Your premium cost goes up each year, but so do your coverage limits. If you have a replacement cost insurance policy instead of actual cash value, premiums will increase with the cost of construction materials. Actual cash value considers depreciation and age of the home and contents; replacement cost considers only the cost of replacing the item in today’s market.
C.L.U.E. -The Comprehensive Loss Underwriting Exchange database retains records of information about any claims you make . Homeowner’s insurers use C.L.U.E. reports for your history to evaluate your likeihood of making a claim. If you have made a claim in the last seven years, C.L.U.E. has it in the database and the insurer rates your policy premium based on the report. A recent claim will cause your homeowner’s insurance to increase.
Photo: Licensed from iStockPhoto | Source: John Wendell, Risk Guru
By Tom Branch, on November 8th, 2012  Historically, debt cancelled or forgiven as part of a mortgage restructuring, default, or foreclosure proceeding is treated as taxable income. In 2007, Congress enacted legislation providing a temporary tax exclusion of up to $2 million for income derived from forgiven mortgage debt. After a subsequent extension, this tax exclusion is set to expire at the end of 2012. S. 2250 was introduced by Senator Debbie Stabenow (D-MI) to extend the tax exclusion for forgiven mortgage debt through the end of 2014.In recent years, Congress has passed a number of legislative packages known as “tax extenders” to extend expired or expiring tax provisions that are used by businesses and individuals alike. On August 2, 2012, the Senate Committee on Finance approved the Family and Business Tax Certainty Act of 2012, which included a number of these tax extenders, including a one year extension of the tax exclusion for forgiven mortgage debt through 2013.
It is not presently clear whether Senate Majority Leader Harry Reid (D-NV) will put either S. 2250 or the broader package of tax extenders on the Senate calendar during the upcoming lame duck session.
It’s time to be writing to our elected officials. If S. 2250 or something similar is not passed by the end of the year, any debt forgiven in a short sale will become taxable income for the seller.
Photo licensed from iStockPhoto | Source: Senator Kay Bailey Hutchison
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