New report shows rise in Dallas-area home prices
Monday, December 22, 2008
By STEVE BROWN / The Dallas Morning News
A new housing report shows that the Dallas area is one of the few large metropolitan areas in the country where home prices haven't fallen this year.
Four of Texas' biggest metro areas had slight price increases at the end of October compared with a year ago, the study released Monday by First American CoreLogic said. That put them in the top four spots among 30 metropolitan areas nationwide.
Overall home prices in the Dallas area were up 2.4 percent for the year, while the nationwide price index fell more than 10 percent.
Other recent studies have said that North Texas home prices fell between 2 percent and 4 percent in the last year. It's not uncommon for these surveys to disagree.
Dallas housing analyst Ted Wilson said that the home price numbers all "depend on what statistics you look at" and that small changes are a "nonevent."
"Compare that to other parts of the country where prices are dropping 25 and 30 percent," Mr. Wilson said. "Thank goodness we don't have that in Dallas.
"Our inventory levels are much lower than in other areas, and that's what drives the price discounting."
The Dallas area was behind Austin and Houston in the ranking of price increases in more than 30 large markets. Austin had the biggest increase, at 5.26 percent.
First American CoreLogic's report is based on an index that tracks sales prices for the same homes over time.
Analysts are hoping the worst of the U.S. home price declines are behind us.
"The rapid contraction in the economy, deteriorating labor markets, the large inventory of unsold homes and increasing defaults suggest that home prices will continue to decline but with a moderating pace throughout 2009," said Mark Fleming, chief economist for First American CoreLogic.
HOME PRICE INDEX
Annual change in home prices for each major market in October vs. a year earlier:
BIGGEST DECLINES
Riverside-San Bernardino-Ontario, Calif. -28.79%
Oakland-Fremont-Hayward, Calif. -28.55%
Miami-Miami Beach-Kendall, Fla. -27.34%
Las Vegas-Paradise, Nev. -26.56%
Los Angeles-Long Beach-Glendale, Calif. -26.48%
GAINS
San Antonio 1.39%
Dallas-Plano-Irving 2.43%
Houston-Sugar Land-Baytown 4.43%
Austin-Round Rock 5.26%
For more information on the DFW Housing Market, contact The George Group at www.troygeorge.com or 817-410-8769.
Home staging is the process of preparing a house for sale in such a way that it creates immediate buyer interest. Staging combines basic marketing philosophies with design principles. The result... a house that is market-ready and appealing to a wide variety of buyers. Follow these staging tips and techniques to help get your house in prime showing condition.
1. De-clutter: Start the packing process early by removing the clutter in your house. Small knick-knacks, collectibles, excess toys, and miscellaneous papers should all be removed before showing your house to buyers. Removing clutter will instantly increase the visual size of your room. Remember, you are selling your house not your stuff.
2. De-personalize: Continue packing by removing personal photos, awards, collectibles, and other individualized items. De-personalizing your home allows buyers to envision themselves living in the house. When buyers see your personal photos or collectibles displayed in the house, the only person they can imagine in the house is you.
3. Clean: You are in competition with many other houses as well as new construction homes. Make your house feel as fresh as possible by thoroughly cleaning everything from light fixtures to baseboards. This will help to eliminate any odors left by pets, smoking, or cooking. Don't rely on candles or heavy room sprays to cover up unwanted scents; it is best to get rid of the source of the odor.
4. Arrange Furniture: Furniture layout determines the visual size and "flow" of the room. Take note of how the furniture is placed in your house. Is there a focal point in each room? Are there easy pathways around the furniture? Try a few different layouts to see what looks best. Move unneeded pieces to the garage or a storage unit.
5. Color Choices: Freshen up outdated or dirty walls with a new coat of paint. Painting is the least expensive way to update a room. Consider soft, neutral colors that appeal to a broad range of buyers while avoiding stark white or paint that is too bright. Choose wisely, wall color sets the atmosphere in a room.
6. Accent Placement: Place only a few, key decorative elements in focal points of each room. Leaving minimal decor pieces allow buyers to see the house and not be distracted by the decorations. Properly placed home accents sell the life-style when you are marketing your house.
7. Ask For Help: When in doubt, call a professional. Troy George and The George Group can help you get started by working with one of our preferred home staging companies and completing a detailed consultation that any "do-it-yourself-er" should be able to follow. No time to stage your house? They can do the staging for you!
The worst thing you can do when selling your home is... nothing. Take a proactive approach to selling your house, and you will reap the benefits from a quick sale!
For more information on Southlake real estate and the Northeast Tarrant County housing market, contact Troy George and The George Group with Synergy Realty at 817-410-8769 or www.troygeorge.com.
Real Estate
Cities Where Your Nest Egg Goes Farthest
Maurna Desmond, 10.20.08, 4:00 PM ET
A significant number of Americans will soon retire, but the economic downturn may be causing some to rethink how they'll spend their golden years.
Topping the list of second-act must haves? A place with affordable housing, low cost of living and decent job prospects.
That's what they'll find in Columbus, Ohio. This river city tops our list of cities where your nest egg goes farthest, thanks to reasonably priced housing relative to income and a 4.5% inflation rate that allows a buck to stretch a little further than other quickly growing areas. With tens of thousands of Ohio State Buckeyes, folks will enjoy the verve and energy that comes with a bustling college town.
Texas also welcomes retirees. Dallas and Houston ranked second and fourth, respectively. A warm climate and growing economies make both of these spots great places to live up your golden years. Each city can brag about latter-year employment possibilities for the enterprising type; that's because 20% of those 65 and over collect a weekly paycheck.
Minneapolis, Minn., ranked third. The South made a strong showing with No. 9 Atlanta and No. 10 Nashville, Tenn.
Behind the Numbers
To find the best areas in the U.S. for a sustainable and exciting second act, we ranked the 40 largest Census-defined metropolitan statistical areas and looked at cost of living factors like housing affordability and inflationary pressures. All our data was provided by the Bureau of Labor and Statistics and the U.S. Census.
With a growing number of retirees planning on continuing to work or start a second career, we also factored in the number of persons over 65 who are currently employed.
To get a pulse on what retirees are thinking based on where they flock, we looked at net migration for persons over 65. To get a feel for how they fare in their community, we looked at what percent of people living below the poverty level are in their golden years.
Finally, with retirees living longer and health a top priority, we included the number of doctors per capita, as well as the number of citizens tapping their Medicare benefits per thousand people--an important issue for those 65 and older.
The Census in August reported that by 2030, nearly one in five U.S. residents is expected to be 65 and older. By 2050, this silver-haired crowd is expected to increase to 88.5 million, more than doubling the 38.7 million currently. What's more, the 85 and older population is expected to more than triple, from 5.4 million to 19 million between 2008 and 2050.
Most in this burgeoning demographic will want--and need--to make their dollars stretch as much as possible. This relates to longer life expectancy and shorter savings among baby boomers as much as it relates to suddenly slimmer nest eggs.
Top Spots
Cynthia Rickman, a spokesperson for the Columbus Department of Development, says Columbus attracts retirees because the community is walkable and has a low-cost of living. What's more, empty nesters are migrating in droves from the suburbs to the city's recently revitalized downtown.
With low taxes and lots of professionals, Dallas has its own gravitational talent pull and tax revenue wellspring.
"It's the capital of corporate headquarters second to New York," says Ed Friedman, an economist at Moody's. "Texas in general is really strong. It's the only state that has no trace of an economic slowdown versus anywhere else in the United States."
Friedman says Dallas' growth is unique because it doesn't have a natural feature, like a coast, to explain its growth over the last few decades. Big companies have been relocating there steadily, which has lead to an "agglomeration effect," where other firms want to be move to be near large businesses.
Houston's economy, meanwhile, is rooted in promising industries like energy, health care technology and computer technology, making it a good long-term bet with regard to continued growth and an industrious population.
It was former U.S President Calvin Coolidge who said, "There is no dignity quite so impressive, and no one independence quite so important, as living within your means."
Most important, make sure that no matter where you retire, sticking to your budget won't get in the way of living your life the way you want to.
For more information on the Dallas Fort Worth Metroplex, contact The George Group at 817-410-8769 or www.troygeorge.com
Real Estate
Cities Where Your Nest Egg Goes Farthest
Maurna Desmond, 10.20.08, 4:00 PM ET
A significant number of Americans will soon retire, but the economic downturn may be causing some to rethink how they'll spend their golden years.
Topping the list of second-act must haves? A place with affordable housing, low cost of living and decent job prospects.
That's what they'll find in Columbus, Ohio. This river city tops our list of cities where your nest egg goes farthest, thanks to reasonably priced housing relative to income and a 4.5% inflation rate that allows a buck to stretch a little further than other quickly growing areas. With tens of thousands of Ohio State Buckeyes, folks will enjoy the verve and energy that comes with a bustling college town.
Texas also welcomes retirees. Dallas and Houston ranked second and fourth, respectively. A warm climate and growing economies make both of these spots great places to live up your golden years. Each city can brag about latter-year employment possibilities for the enterprising type; that's because 20% of those 65 and over collect a weekly paycheck.
Minneapolis, Minn., ranked third. The South made a strong showing with No. 9 Atlanta and No. 10 Nashville, Tenn.
Behind the Numbers
To find the best areas in the U.S. for a sustainable and exciting second act, we ranked the 40 largest Census-defined metropolitan statistical areas and looked at cost of living factors like housing affordability and inflationary pressures. All our data was provided by the Bureau of Labor and Statistics and the U.S. Census.
With a growing number of retirees planning on continuing to work or start a second career, we also factored in the number of persons over 65 who are currently employed.
To get a pulse on what retirees are thinking based on where they flock, we looked at net migration for persons over 65. To get a feel for how they fare in their community, we looked at what percent of people living below the poverty level are in their golden years.
Finally, with retirees living longer and health a top priority, we included the number of doctors per capita, as well as the number of citizens tapping their Medicare benefits per thousand people--an important issue for those 65 and older.
The Census in August reported that by 2030, nearly one in five U.S. residents is expected to be 65 and older. By 2050, this silver-haired crowd is expected to increase to 88.5 million, more than doubling the 38.7 million currently. What's more, the 85 and older population is expected to more than triple, from 5.4 million to 19 million between 2008 and 2050.
Most in this burgeoning demographic will want--and need--to make their dollars stretch as much as possible. This relates to longer life expectancy and shorter savings among baby boomers as much as it relates to suddenly slimmer nest eggs.
Top Spots
Cynthia Rickman, a spokesperson for the Columbus Department of Development, says Columbus attracts retirees because the community is walkable and has a low-cost of living. What's more, empty nesters are migrating in droves from the suburbs to the city's recently revitalized downtown.
With low taxes and lots of professionals, Dallas has its own gravitational talent pull and tax revenue wellspring.
"It's the capital of corporate headquarters second to New York," says Ed Friedman, an economist at Moody's. "Texas in general is really strong. It's the only state that has no trace of an economic slowdown versus anywhere else in the United States."
Friedman says Dallas' growth is unique because it doesn't have a natural feature, like a coast, to explain its growth over the last few decades. Big companies have been relocating there steadily, which has lead to an "agglomeration effect," where other firms want to be move to be near large businesses.
Houston's economy, meanwhile, is rooted in promising industries like energy, health care technology and computer technology, making it a good long-term bet with regard to continued growth and an industrious population.
It was former U.S President Calvin Coolidge who said, "There is no dignity quite so impressive, and no one independence quite so important, as living within your means."
Most important, make sure that no matter where you retire, sticking to your budget won't get in the way of living your life the way you want to.
For more information on the Dallas Fort Worth Metroplex, contact The George Group at 817-410-8769 or www.troygeorge.com
Are You Ready for Winter?
7 Steps to Take Now to Prepare Your Home for Winter
As the dog days of summer usher in autumn, I begrudgingly face the reality that it's time to buckle down and handle a few important chores around the house. These are the kinds of tasks that aren't particularly rewarding now but, on a cold, wind-swept winter night, let me sleep a little better knowing they've been done.
Once winter blows in, houses have to get serious. Roofs must shed rain and snow, windows and doors must reject the cold, and the heating system must keep rooms comfortable. If any of these components don't hold up their part of the bargain, we have to scramble around in the wet, cold, and/or dark to fix them.
So let's get started! By handling these few, important, reasonably easy tasks now, you can avoid considerable grief later.
1) Inspect the roof
If possible, go up onto the roof to check its condition, but only do this if you can do it safely. Look for cracked or missing shingles, bald spots on shingles, missing or damaged flashing, and other conditions that might allow leaks. If composition shingles look aged, bend back the corner of one; if it crumbles or breaks, figure it is time for replacement. In most cases, you can seal minor cracks or tears with roofing cement or do minor repairs yourself.
Do not climb onto a roof that is steep, wet, or icy. Instead, consider checking the surface from a ladder or, if you can't safely climb a ladder, use a pair of binoculars to scan for broken or missing shingles. From the top of a ladder, you can check the gutters along a typical asphalt-shingle roof for fine gravel-like granules that wash down from the roof's surface. An accumulation of these usually means the surface is wearing away and replacement time is near. If you see problems, call a roofing contractor.
2) Check the gutters
While you're on the ladder, look into the gutters. If they are clogged with leaves and debris, either call a gutter specialist or clean the gutters yourself. Gutters prevent basement and foundation flooding and water damage to siding, windows, and doors. When clogged with leaves and debris, they will fill with rainwater and overflow. To make matters worse, the added weight of the water may pull them loose from the eaves.
3) Look at the siding
Check the siding for cracks, damage, and separations. In most cases, you can seal-up any leaky spots with clear caulking compound (or buy paintable caulk and touch-up with paint). Either handle more serious siding repairs yourself or call a siding contractor.
If close inspection of the paint reveals problems such as blistering, peeling, alligatoring, wrinkling, or chalking, either touch them up (if areas are minor), or call a painting contractor.
4) Investigate weatherstripping
Also look to see if windows and doors are effectively sealed with weatherstripping. Weatherstripping will prevent drafts and winter heat loss. If weatherstripping is damaged, it's usually easiest and most effective to entirely replace it rather than to repair it.
5) Service the heating system
If your home is heated by a forced-air furnace, turn off the power to the unit and replace its disposable filter or clean its permanent filter according to the manufacturer's recommendations. While the furnace cabinet is open, brush and vacuum the blower blades. If you see potential leaks around air ducts, seal them by wrapping with duct tape. If you are not familiar with doing this type of work yourself, call a furnace technician.
6) Sweep the chimney
If you can see past the damper in the throat of the chimney, shine a flashlight up from inside to look for black, scaly creosote buildup on the inner walls. Creosote buildup on the inner walls of the chimney must be removed periodically to prevent chimney fires. The amount of buildup inside the chimney will depend upon how much wood you burn seasonally (especially resinous wood such as pine) and how long it has been since the last cleaning. Cleaning is generally recommended at least once a year for an active fireplace. Call a chimney sweep to have this done.
7) Adjust storm doors
A storm door can reduce energy costs and prevent drafts. To keep your storm door working properly, put a couple of drops of light oil or spray a little WD-40 on hinges and latches. Be sure the door closer is adjusted and working smoothly; to adjust the closing speed of a pneumatic closer, turn the adjustment screw in the end cap. If you have a storm-and-screen door with interchangeable glass and screen panels, switch from screens to glass panels.
For more information on the DFW real estate market, contact Troy George and The George Group at 817-410-8769 or www.troygeorge.com.
The George Group is Your Complete Real Estate Company For Life.
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