What’s Your Home Worth Now?


Those of us fortunate enough to live in North Texas have seen plenty of media stories recently about the strength of the local housing market and rising home values. So, it’s only natural that you may be wondering, “What’s my home worth now?”

Well, the reality is there’s more than one answer. Your home actually has three potentially very different values:

Market Value

This is the measure most of us think of when trying to estimate our home’s value. Determined in part by the price people have paid  – are willing to pay – for similar houses in your neighborhood, market value is not based on what you paid for the home or how much it cost to remodel that beautiful new kitchen or master bath.

Understanding your home’s market value can help you determine your total net worth and how much equity you have in your home.

Determining market value is a job for a properly educated real estate professional. If you’re considering offering your home for sale, we recommend contacting an Ebby agent to determine the market value of your property. At Ebby Halliday, we take our fiduciary duty to provide current market research and strategic advice very seriously.

Property Tax Value

This is the number taxing authorities use to calculate your property tax bill. Typically, property tax values are meant to approximate a home’s market value, though sometimes there are large discrepancies between the two because of outdated assessments or mistakes by assessors.

If the property tax value of your home exceeds the market value, consider contesting the value with your taxing authority. Be aware that certain actions on your part, such as remodeling, could cause a reassessment and result in a larger bill.

Replacement Value

If your home is destroyed, by say, a fire or tornado, replacement cost is what it would take to remove debris and rebuild based on local construction costs. Most experts agree that homes should be insured for 100 percent of the minimum estimated replacement cost. If your home is not, you run the risk of coming up short if the cost to rebuild is more than your coverage will pay.

To learn more about the value of your home, contact a Dave Perry-Miller Associate today. To get started, visit DavePerryMiller.com.

Fall 2013 an Ideal Time to List a Home for Sale in North Texas


Offered for $1,269,000, 3620 Wentwood in University Park went under contract in 9 days.
The seller is being represented by Dave Perry-Miller & Associate Amanda Johnson.


The latest numbers from North Texas Real Estate Information Systems make a very compelling case for homeowners who are trying to decide whether now is a good time to sell a home in Dallas-Fort Worth. A few of the highlights from the NTREIS numbers for September 2013 vs. September 2012 include:

* Days on Market were down 26.6% to 59 days on average.

* Percent of original list price received was up 1.2% to 94.7% of asking price.

* Closed sales were up 10.2%.

* Finally, the median sales price was up 8.5%.

If you’re considering listing your home, call a Dave Perry-Miller Associate to learn more about the real estate market in your neighborhood and to find out what your home is worth in today’s market. Visit daveperrymiller.com for more information.

 

INTERNATIONAL HOME BUYERS


According to recent report based on data from the National Association of Realtors and the US Census Bureau, international home buyers purchased $6.1 billion in Texas real estate between March 2012 and March 2013, making Texas the third-largest state in international real estate sales.

The Ebby Halliday Companies and its 1,500 sales associates are very cognizant of this rapidly growing international real estate market. In fact, various Ebby Halliday Companies’ associates can assist clients in more than 36 international languages: everything from Chinese or French to Spanish or Urdu.

The locally owned firm’s affiliation as a founding member of Leading Real Estate Companies of the World, a network of premier real estate brokers with representatives in 30 countries, provides Ebby Halliday Companies’ sales associates an unparalleled means to successfully identify and work with the international buyer.

Leading RE is responsible for more broker-to-broker referrals than any other group, and its luxury property division, Luxury Portfolio International, generates extensive exposure for luxury homes through its award-winning, internationally focused website and global print advertising. Simply put, listing a property with the Ebby Halliday Companies significantly increases the chances of attracting a qualified international buyer.

Learn more about the Ebby Halliday Companies, its associates, and property listings at ebby.com or daveperrymiller.com. You may download the free Ebby Halliday or Dave Perry-Miller app from the Apple App Store or Google Play Store.

August Existing Home Sales Rise, Median Sales Price Increases


Existing-home sales increased nationwide in August and reached the highest level in 6 ½ years, according to a new report from the National Association of Realtors®. The report also shows the median home sales price has experienced nine consecutive months of double-digit year-over-year increases.

Total existing-home sales rose 1.7 percent from July to August, and are 13.2 percent higher than in August 2012. Sales are at the highest pace since February 2007, and have remained above year-ago levels for the past 26 months.

The national median existing-home price for all housing types was $212,100 in August, up 14.7 percent from August 2012. This marks the strongest year-over-year price gain since October 2005 when the median rose 16.6 percent, and marks 18 consecutive months of year-over-year price increases.

In North Texas, the median home sales price in August was $179,900, a 12.4 percent increase over August 2012’s median sales price of $160,000, according to data from North Texas Real Estate Information Systems, Inc.

To learn more about the housing market in your North Texas neighborhood, contact a Dave Perry-Miller Associate today!

Coming to America: Texas Ranks High For International Home Sales


According to a recent National Association of REALTORS® survey of foreign buyers of U.S. homes, approximately 46 percent of U.S. home sales to international buyers were more than $250,000.

Chinese buyers bought homes with a median price of $425,000; followed by India, $300,000; the United Kingdom, $250,000; Canada, $183,000; and Mexico at $156,250.

According to the NAR report, the mean and median prices of international purchases were higher compared with selling prices for domestic buyers; and the international nonresident client is likely to be substantially wealthier than the median domestic buyer.

International clients frequently pay all cash, especially foreign nonresidents. About 63 percent of reported transactions were all cash compared with 30 percent for domestic cash transactions.

The U.S. international home-sale market appears to be geographically concentrated. There is international activity throughout the country, but five states, including Texas, have 61 percent of the reported purchases.

The top five states in terms of number of foreign homebuyers as a percentage of the U.S. sales total are:

1. Florida (23 percent)

2. California (17 percent)

3. Texas (9 percent)

4. Arizona (9 percent)

5. New York (3 percent)

Buyers from Mexico purchased approximately 62 percent of their residential property in California and Texas. Texas continues to be a preference for residential buyers from Mexico and Latin America.

D-FW Home Prices Hit New Highs


Dallas-Fort Worth home prices rose by 11.5 percent in the second quarter from year-ago levels, according to a just-released report from the National Association of REALTORS®. The D-FW increase was the largest in more than a decade in the quarterly metropolitan home-price index.

Home prices rose in the second quarter in almost 90 percent of the U.S. markets surveyed in the report. Nationwide, prices were up 12.2 percent. Of course, North Texas home prices never saw the declines experienced in many U.S. markets during the recession.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” economist Lawrence Young says.

The national median price for pre-owned single-family homes in the second quarter was $203,500, compared with $181,800 in the Dallas-Fort Worth area. The D-FW price was a record high for the quarterly survey.

Recent reports indicate that North Texas home prices have surpassed levels before the recession.

With the number of pre-owned homes for sale at the lowest level in years, historically low interest rates and rising home values, North Texas offers the ideal conditions for selling a home. Contact a Dave Perry-Miller & Associate agent today to learn more about the housing market in your neighborhood and the current value of your home. Visit daveperrymiller.com.

Record-Setting Pace Continues in 2013


The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. We love hearing good news. We thought you would too!

For the second month in a row, Associates at the Ebby Halliday Companies (Ebby Halliday Realtors & Dave Perry-Miller & Associates) have set new, all-time sales records!

Ebby Halliday Companies’ sales Associates placed more than $800 million in Dallas-Fort Worth and North Texas area real estate under contract during May, and set a new, all-time record for pending sales in one month.

And, sales closed during May of more than $720 million also set a new all-time record for closed transactions in one month, exceeding the previous record of $638 million by a significant margin.

Actually, May marked the 16th month in a row of double-digit sales increases over the same month the previous year.

The Ebby Halliday Companies is so pleased to recognize the success of its Associates and congratulate them for their exceptional performance! What an outstanding team!

Many, many thanks to each of you for all that you do!

Mary Frances

DFW & Texas Market in the News


The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. We love hearing good news. We thought you would too!

The news for the Dallas/Fort Worth and Texas real estate market is very good!

According to the US Census Bureau, Frisco and McKinney are among the top 15 fastest-growing cities in the U.S. And, the state’s population has risen by 913,642 people since the 2010 census.
(Dallas Morning News 05/23/2013)

Dallas home prices are up 7.1% from a year ago. And there is a less than three-month supply of homes on the market, according to the Case-Shiller Indexes.
(Wall Street Journal 05/01/2013)

Texas is No. 1 in job gains, adding more than 326,100 jobs over the past 12 months according to the Texas Workforce Commission. And, Texas’ unemployment rate of 6.4% is well below the national rate of 7.5%.
(Dallas Morning News 05/18/2013)

So far in 2013, Dallas/Fort Worth area home foreclosure filings have dropped almost 40 percent from the first six months of 2012. The biggest decline in next month’s foreclosure postings is in Collin County, where there are 49 percent fewer postings than for June 2012. Dallas County foreclosure filings are down 45 percent.
(DallasNews.com 05/21/2013)

Together, these news items reflect an active, robust real estate market in the Dallas/Fort Worth and North Texas area.

The Ebby Halliday Companies’ 1,450 professional sales Associates and its Affiliated Companies are exceptionally well positioned throughout the DFW and North Texas area to provide comprehensive real estate services to both buyers and sellers in all facets of today’s market.

Mary Frances

Top Tips Every Buyer and Seller Need to Know in this Booming Market


Homes selling above asking price, countless offers swarming the same property, hip-pocket listsings shared only by word of mouth – it’s no secret that Dallas’ housing market is booming.

To help North Texans navigate these unprecedented home buying and selling waters, our experienced agents at Dave Perry-Miller & Associates collected their top tips that every buyer and seller need to know. Have a buying or selling question not addressed in this post? Call us and we’ll be happy to help you in any way we can!

 

Buyer’s Tips
1. Be qualified.  Pre-plan your financing by meeting with a mortgage lender ahead of time and receive a pre-approval letter that can be submitted later, when you make a written offer.

2. Act quickly.  In a hot market, taking time to see the house a second time or “sleeping on it” will likely cost you the opportunity to buy it.  When you see the house, even if your spouse or partner hasn’t had a chance to see it yet, and if it feels like “the one,” go ahead and submit an offer, because other buyers will be doing the same.

3. Offer a compelling price.  Sellers often price their homes based on historical sold data or appraisals, and in a strong market where prices are rising quickly, homes can sell for the listing price or higher. Study the sold comps, but also compare the house you want to other homes that are available, and ask yourself, “what price am I willing to pay, and at what price am I willing to lose the house?”

Seller’s Tips
1. Market to everyone.  You have the best chance of selling your home for the highest price by exposing it to the largest number of potential buyers. As soon as you take advantage of the MLS system, your home will be accessible to agents and buyers outside of the immediate neighborhood – and worldwide!

2. Respond and keep momentum.  There is an old adage that “time kills deals.”  A buyer’s interest is at a peak level at the time that they submit their offer, so keep the momentum going, choose the best offer, and respond in writing promptly.

3. Don’t be greedy.  Keep in mind that if a buyer offers your requested price and terms, you have won, so sign the offer and schedule the closing! Just know that when a property is offered for sale with educated pricing, it sells for what it is worth whether it is less than, equal to or more than the offering price.

As Seen in The Dallas Morning News: Ebby Halliday Companies Lead Luxury Market


The Ebby Halliday Companies, which includes Ebby Halliday Realtors and Dave Perry-Miller & Associates, closed 168 homes priced at or above $750,000 in the first quarter of 2013, according to North Texas Real Estate Information Systems MLS statistics. The company’s luxury sales outpaced its nearest competitor by approximately 45% in the quarter.

Among the first quarter’s more notable transactions was the sale of 3911 Beverly Drive in Highland Park.  The Preston Center Office’s Dave Perry-Miller & Jennifer Miller listed the property at $7,500,000 and Dave Perry-Miller’s Highland Park Office’s own Molly Malone brought the buyer.

Sales of luxury homes priced at or above $750,000 in North Texas were up 19.9% in the first quarter of 2013 over the same period last year, according NTREIS data. The Ebby Halliday Companies brought the buyers to 43.3% of those homes and represented the sellers in 42.8% of those transactions, according to MLS statistics.

“At the Ebby Halliday Companies, we’re proud of our undisputed role as the dominant real estate firm in North Texas,” says Mary Frances Burleson, president and CEO of the Ebby Halliday Companies. “Our clients benefit from many advantages that are a direct result of our status as the market-share leader.”

According to Burleson, Ebby Halliday Realtors and its sales associates possess a unique understanding of the global real estate market. This understanding is a result of the locally-owned firm’s longtime affiliation with Leading Real Estate Companies of the World®, a network of premier real estate brokers in 30 countries, and its luxury division, Luxury Portfolio International®.

The approximately 200 firms that comprise Luxury Portfolio are some of the most powerful independent brokerages worldwide. This prestigious network represents more $1 million-plus properties than any other luxury real estate network.

“Finding your home is a personal process of discovery, and the Ebby Halliday Companies and the accomplished global network of Luxury Portfolio brokers are ready to assist in the journey,” says Ms. Burleson. “I encourage you to explore luxury properties from around the world at LuxuryPortfolio.com.”

Learn more about the Ebby Halliday Companies, its Associates and all of its listings at daveperrymiller.com and ebby.com.