Tricia Hoffmann

It's not surprising that much like good help, good comps are very hard to find! I don't envy appraisers right now.
With our market on the rebound from a small downturn, comps from the past 3-6 months stink. Well, at least for sellers it does. Trying to establish value is difficult because what exactly does a person value? Someone may see improvements as a waste of money because they don't like specific paint colors, granite selection, or magenta carpet. Some people like to be able to make the changes they want and not have the price of the house increased.
One of the interesting things I see being considered is the replacement cost of the dwelling as well as the land. One of the "problems" I have with that is a true value of the replacement cost of land. If your house burns to the ground, you lose the house, not necessarily the land, right? So in the absense of good quality comps, is the value of the land being increased to overcompensate the lower house price?
Over the past year or so, I have seen more and more appraisals coming in right at contract price. How convenient! I even had one deal done that was a desktop appraisal with an older home renovated that wasn't even close to the comps as far as upgrades and it came in right at contract price. So, in essence, the appraisers are allowing homeowners to set the value of their homes by using what they believe is "fair and just" and they are appraising it for that set value. I find that quite interesting! What do you think?

As I sit here anxiously awaiting a buyer for my listing in Little Elm at an open house, I decided to go ahead and take this opportunity to update my blog.
I have sat over 100 open houses in my four years as a real estate agent. I actually have procured a sale twice because of my efforts and picked up one or two clients along the way. They aren't very productive but when a seller wants one, why not do one!? All in the name of customer service!
Now getting to the best deal in town. I don't usually get balloons for my signs for many reasons. Cost, pain in the neck to transport and putting out the sign in the wind with traffic all around is bad enough. Add in some unruly balloons on a windy day and there's a task that has embarrasment written all over it!
A few months ago, I came across a service at Wal-Mart that is an absolute steal! Instead of going to Party City or Tom Thumb for my latex balloon needs at 89 cents or more a pop (no pun intended!), I buy a package of 12 or 15 balloons for $1.35 and they blow them up for me. What a bargain! So before you spend more than you have to, take advantage of Wal-Mart for their hot air and save yours!

Out here in Suburbia Central, a major step has been taken to focus on all different types of home dwellers.

In my opinion, townhomes are for a variety of homeowners. Even though there are many complexes that may target "empty nesters" or "young executives", these types of homes can be an attractive choice for anyone from 18-85 and beyond.

Recently, the city of Highland Village, where I happily call home, approved its' first town home and mixed-use development. The development will include 77 luxury town homes featuring six floor plans ranging from 1550-2500 square feet, with first floor master bedrooms and rear entry two car garages. Prices will start from the low to mid $200,000's. The District of Highland Villagewill also include retail shops, professional office space and restaurants. Construction on Phase 1 is expected to begin shortly (spring of 2008).

I imagine that as land becomes more of a premium and low-maintenance living becomes more poplular, townhomes and condos will be more and more desireable. While a small, nicely finished out unit may not be for a young family with two kids, it is ideal for that couple who married off their kids and are looking for something nice and new to enjoy retirement in. No yard to mow? Awesome! Just a concrete patio and some flower beds? I'm in. Master is on the ground floor? Woo Hoo!

As the Baby Boomers start to downsize and leave work behind, it's going to be a necessary adjustment the market will have to continue to make. Active adult communities like Del Webb's and Robson Ranch are resort-style living with activities and amenties that a semi-or retired person can enjoy. The new townhome development in Highland Village provides everything one could want or need. Shopping, doctors (I would imagine in the office space), restaurants and all within walking distance to grocery stores. Who could ask for more!?