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Real Estate Blog

 Real Estate Blog 
Thursday, January 21 2010
As we look toward the New Year we wonder what will the real estate market do? Let’s first take a moment to reflect on the past 6 months. Often reviewing what we just finished helps us prepare for the future. 
Single Family Home sales in Parker, Texas were very consistent for the final half of 2009. 
·         Average List Price    $283,108
·         Average Sold Price $273,308
o       4% difference between list price and sold price!
·         Average Price Per Square Foot     $84
·         Average Days on Market               72
These stats tell us that homes sold on a consistent and reasonable basis. Not quite what the media would have you believe is it?   
We are here to assure you that people are buying homes and they are selling for a fair and reasonable price!    
The government tax credit has been extended and expanded – it is a GREAT time to buy a home! 
 
 
Posted by: Reechia Powell AT 08:20 am   |  Permalink   |  0 Comments  |  Email
Thursday, August 20 2009
In our last article we discussed how soon it will be too late to use the $8,000 tax credit for first time home buyers. Today we want to review things that may cause a delay in closing and being qualified for the credit.  
 
Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
 
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
 
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
 
Appraisal
 The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
 
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
 
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
 
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
 
 
Let’s get started today, call us and let us help you through the home buying process! 
 
Reechia & Keith
Posted by: Debbi Mortus AT 02:53 pm   |  Permalink   |  0 Comments  |  Email
Thursday, July 16 2009
Parker/Murphy is the smallest area we review each month. This is reflected in the number of homes sold, but the overall market in this area is robust!

For Parker/Murphy in May – Sold Properties:

33 homes sold
Average List Price $265,171
Average Sold Price $252,799
Average Price Per Sq Ft $74
Average Days on Market 62


June – Sold Properties

39 homes sold
Average List Price $292,386
Average Sold Price $282,962
Average Price Per Sq Ft $88
Average Days on Market 71

Homes in this area are boasting many less days on the market than earlier this year and a steady increase in the sold price category!

Posted by: Reechia Powell AT 08:30 am   |  Permalink   |  0 Comments  |  Email
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Reechia Powell

Reechia Powell Realty Group
301 S. Watters Road #100
Allen, TX 75013
Phone: (972) 979-9978
Email: Reechia@Reechia.com

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