Michelle Scott

I keep hearing how bad home sales are in Dallas and how no one can get a loan right now. Well I just wanted to put some facts out there and give some people a better perspective on what's going on in Dallas compared to the rest of the nation.

Let's start with our market first. As most of the nation has declined at a great percent, Dallas has only decreased by 2.5% in the last year. This was after a couple of year's steady increase creating record highs between 2005 and 2007. In the last month, home sales were up 2% and the home inventory in Dallas has shrunk by 15% in the last year. Dallas Fort Worth does have one of the highest foreclosure rates in the country. However, most of these are in lower income outlying areas of Dallas and not actually in Dallas proper. Here is what the housing market boils down in a nutshell: East Dallas is better than Dallas, Dallas is better than Dallas Fort Worth, and Dallas Fort Worth is better than most of the country. As far as all of the statistics that you hear about the car industry, you should know that car sales in Dallas are only down 3% to last year.

On the loan issue, I was talking to one of my friends the other night who is a well educated professional who was absolutely sure that there was no loan money out there for any one to buy a home. She had heard all through the media that this was true, even a Realtor was quoted on Channel 11 News stating that all of the loan money was gone. Well in shock to this and researching that Realtor who has not had one sale in her real estate career, I assured my friend that this was not true and let her know the facts and what the media is not telling everyone. I think that I finally convinced her about this but everyone knows not to argue with a lawyer! So, you ask, what is the real deal? The mortgage industry has tightened up a bit, but not to the point where you can't get a loan. Basically, there just isn't any 100% financing anymore for the average individual. You have to have some money in the bank to buy a house. This should not be shocking as this is how it was done in the past. FHA requirements have gone up to 3.5% down instead of 3% down. This really is not much when you put it into perspective. Conventional loans are now requiring a 5% down payment. Investors are now required for the most part to put down 20% down, but in the past have been required to put as much as 30% down. Rates are still at a 40 year low! A "good credit score" to get a good rate is a little higher than it used to be, but there are still plenty loan programs out there that can get you approved at a decent rate. All of this seems to be pretty reasonable to me. In my opinion, owning a home is something we work and strive for and should be treated as such.

If you have any comments about any of this, please let me know. I would love to discuss it with you.

Michelle Scott, GRI

Hello everyone. My name is Michelle Scott and I am a Realtor in Dallas working for Keller Williams Dallas City Center.

I would like to give you a little information on myself and my background. Coming from a sales oriented career, I began real estate 3 years ago at Coldwell Banker Lakewood and met some great people and role models in our industry. Two of my coworkers and I then decided to form a team at the Keller Williams office located in lower Greenville between Lakewood and the M Streets. Out group, The Dallas Living Team, has been together for a little over a year and is having great success.

Before my real estate career, I have had the opportunity to receive a great insight and education in our industry. My parents, Howard Scott and Wendy Kumpe, started an appraisal company in Fayetteville, Arkansas in the late 70's when I was growing up. After going out on each own for a while, my father sold the business and retired while my mother continued Appraising for some time. She ventured out to a successful career in Mortgage lending and started a real estate brokerage with my stepfather, Chad Kumpe, but is now back doing what she loves, appraising. Chad, once a regional manager for Century 21, is a long time Realtor, who currently specializes in lakefront property in Northwest Arkansas, enjoys teaching Real Estate courses, and is highly involved in Rotary. You can check out his blog at http://activerain.com/blogs/chadkumpe . While this is not my personal experience, it did make an impact on my life and where I am now.

Why did I get into real estate? I feel that real estate is important in any individuals life. Whether it is buying your first home as an individual, to start a family, or invest in your future, it a decision that will impact the quality of your life. It is my goal and passion to help each of these people in their own ways to better their future and help them through this critical process. It makes all of my efforts worthwhile when I can see that I made a difference in a person's life.

Other than my real estate career, I feel that being involved in the community is one of the best things that a person can do to make their life and the lives around them safer, more educated, and happier. Through the Junior League of Dallas, I volunteer my time to raise money and help a vast number of nonprofit organizations throughout Dallas. I am also involved in the Dallas Museum of Art, the Lee Park Junior Conservancy, the Dallas Arboretum, my own neighborhood association, Hollywood Santa Monica, and the Alpha Delta Pi Dallas Alumnae Chapter whose philanthropy is the Ronald McDonald House.

If you have any questions or comments about my real estate career and experience, any real estate needs or wants, please contact me or visit my website at www.DallasLivingTeam.com.

Look forward to hearing from you!

Michelle Scott, Realtor, GRI