J.T. Oden (the Real Estate Man)

Blast Off 2012 - what to expect in North Texas and Collin County in 2012

2012-01-25T08:16:00.014-06:00

Today I am attending a CE program that will forecast economic, political, and legislative issues that will effect Collin County and the North Texas area this year. I'll be active blogging throughout the event. I'm sure the list of subscribers will likely overload a server somewhere in India...

8:30 -- Continental Breakfast
9:00 --Oh! Blueberry muffins and coffee, not bad.
9:12 --the MC is funny... Why do event persons think I want to see their computer desktop?

Mark Dotzour, Cheif economist TAMU Real Estate Center, with the economic outlook for 2012.

Home sales should be up 10% in 2012. However, that's improvement from a low position. The government snuck a sales tax (transaction fee) past us. All new houses now have a sales tax at the time of the transaction. Thanks congress. Stupidity. Congress did it to fund two months of payroll tax deductions! Fannie Mae and Freddie Mac has been the slush fund, the read headed step child, the slave, the scapegoat--the corner prostitute for republicans and democrats. If Fannie Mae and Freddie Mac finally die, intrest rates will rise.

Texas is going to double the national job growth whatever that is. But if double a lousy number (due to a crappy congress) may not be impressive. Release sing he US economy depends on four things. Corporate Profits are high but they are sitting on e cash. Our government is devaluing our dollar. Every economic indicator is positive for Texas the LID that's keeping us down is the Fed. The Dodd Frank mortgage laws will fine a lender for a failed mortgage. So lender underwriters are hammering buyers to approve them. THIS IS THE RESULT OF GOVERNMENT REGULATION AND MISMANAGEMENT--BAD POLICY!!!

Folks, there is no free lunch. The low intrest rates we get are artificially low because it helps get them votes. However, your savings account is worthless because theo interest rates are so low. You can't steal your interest rate and make a 12% return on your investments!

No one talks about second mortgages either. If the standard mortgage costs a bank 40% of the loan value. The second mortgage costs you 100% of the loan value! Foreclosing on gillions of dollars of thes mortgages would dissolve many banks. The government is artificially propping this up. It's like a man who is bleeding to death internally, but his doctor keeps advertising that he healthy because after all, you don't see any blood, right?

We are going to sell more houses in Texas this year.
Interest rates are going to stay low.
Home prices are going to stay flat in Texas.
Http://blog.recenter?tamu.edu/

Douglas e. Oldmixon, Admin. from TREC
Industry regulation inside info... Etc., etc...

Dan Kessler, Assistant Director of Transportation, North Central Texas Council of Governments

Population growth is rising in DFW and it is still on the rise. Collin county is even more positive. by 2035, Collin County is projected to grow to ten million persons! DFW is the 12th largest economy in the world! He forecasts the growth of the Regional Rail System. The A-Train allows the use of existing rail that was once for freight and other purposes.

EBAY and Market Value

2011-12-30T09:50:00.002-06:00

Happy New Year!

I've been shopping on Ebay for some pocket knives that I collect. I am always amused when I get on Ebay. I mean, you can find anything... nearly. For whatever reason you can't buy and sell firearms on Ebay. Anyway... I wonder how some of these sellers arrive at their price? I suspect they are asking what they want for the item based solely on WANT. Maybe they overpaid for a particular knife and they are letting that error determine their price.

The knife in red is one that I bought for $15 in an auction. It has some scratches and there are many out there of this model despite it being about 30 years old. So, it went for a market price of only $15.

I also bought the one in blue for $50 because it is very rare and in like-new condition. Pretty easy to understand so far? Of course it is. Ebay auctions are a pure-free-market environment. You want widgets, I've got widgets, how much will you pay based on how much you and the rest of the world want widgets? Easy. Ebay.

Nevertheless, sellers on Ebay frequently try to sell things for a price that has no reflection of market value. I have seen the $15 knife for sale for $25-$50. Needless to say, the buying population looks at that auction, and passes--the item ends, unsold. We buyers move on to the ones that start at $0.99 and then bid them up to the "market price."

Market Value. A simple but elusive concept. When folks try to sell their homes, they sometimes forget they are selling one house among hundreds--the local real estate market. If you have that rare "$50 knife" then you can expect a bit more. But be honest with yourself. If you have a "beat up two-blader" and there are 5 others out there just like it, you aren't going to hit your goal trying to get "$50" for it.

As a REALTOR, one of my most finely tuned and important skills is analyzing market value for my clients. It starts before they go on the market, and it continues regularly until we are sold. That translates into a short time on market for you and a greater feeling of success. Very often accurate pricing also sells for a higher price than inaccurate pricing which has to be compensated for by many days on market and painful price reductions.

Sellers of used pocket knives on Ebay and sellers of real property in the NE Dallas Metro area have the same objective and the same reality: Market Value.

PS Any currently listed clients of JTOden Realty need not take this post personally. We experience this phenomenon ALL the TIME and applying it to your own present circumstance, while possible fruitful and valid, is unintentional. Besides, any client of JTOden Realty that is over priced, KNOWS IT.

Realtor Sentenced for Harassing Former Employee Online

2011-12-26T21:40:00.000-06:00

Realtor Sentenced for Harassing Former Employee Online

Staging a Kitchen for Pictures

2011-10-07T14:34:00.002-05:00

In the business of selling homes, you know that there's more to photographing a listing than pointing and clicking a camera. A little prep work is necessary.

Staff photographer JP Beato of the The Real Estate Center at Texas A&M offers simple tips on how to effectively stage and photograph a kitchen.

In just under two minutes, Beato covers proper camera placement and the types of kitchen items that should be removed before shooting (hint: nobody needs to see that dirty sponge sitting next to the sink).

Ten Tax Tips for Individuals Selling Their Home

2011-08-20T08:29:00.001-05:00

When I see a list of tax tips from the IRS, I assume it' going to say,

Pay frequently
Pay some extra
Pay more

But instead, this list of tips may actually be beneficial to sellers who want to squeeze what they can out of their transactions. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home. Take a look...

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home.

In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
If you can exclude all of the gain, you do not need to report the sale on your tax return.
If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
You cannot deduct a loss from the sale of your main home.
Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

Publication 523, Selling Your Home ( PDF)
Form 5405, First-Time Homebuyer Credit and Repayment of the Credit ( PDF)
Form 8822, Change of Address ( PDF)

Prices are down in the DFW Area

2011-07-28T12:22:00.007-05:00

There.
I said. it.

House A -- Murphy

2008 = $199,900

2011 = $185,000

The thing is, people have been forecasting doom and gloom on the real estate market for years now. Maybe they were well meaning sorts that wanted to slow down an out of control industry that was lending money to people who couldn't afford it. Builders were starting up new editions anywhere there was open land. REALTORS.... well, we brokers and agents just ride the waves, right? Wrong. We were all too happy to push folks in and out of transaction in order to cash checks.

But now, 3-4 years later, I can show you several instances of prices sliding. Now, don't panic. We're still only talking about a decline of less than 10% in the NE Dallas area. But that's a real decline and there isn't any denying it. Some areas will resist the drop in price better than others. If you have updated your home regularly in the 5-7 years you've owned it, you won't see a drop but an increase in sales price. But it won't be as much as you'd like.

House B -- Richardson

2008 = $140,000 (needed updating)

2011 = $160,000 (updated, should have been > $170K)

In a buyer's market you have more inventory than you do buyers. More supply than demand. Hey, I got a C+ in Economics at Blinn Jr. College (Go Buccaneers) and I leaned this stuff in between keggers, so you can too. If you and three other guys are trying to sell the same thing to the same one guy, you have to make yours stand out. So you fancy it up and you sell it for less than the other two guys. Note I used the conjunction "and" not "or?" I could have said "or" ...I didn't.

In a buyer's market you have to consider that every buyer wants more for the same. You and the other two sellers have to offer more house, more amenities, more updating than each other. One of the amenities is the price. So, put in your granite, your slate, your butlers with shoe-shine kits, and lower the price.

Fear not, we are likely near the bottom. But don't forget this advice because ours will not be an overnight change. Dallas resisted the recession and we'll likewise ease into the recovery while Californians are screaming hallelujah---or whatever you scream when you're happy in California.

Want to know what the value of your home has done in the last three years? Want to know what it is worth, today? Email J.T. and he'll produce for you a detailed and logical market analysis for free and without any arm twisting run-you-out-of-your-house-pressure.

Move into Snoopy's House!

2011-07-09T13:30:00.000-05:00

Super-cartoonist Charles Schulz, creator of the Peanuts cartoon, purchased his Santa Rosa, Calif. property from the Catholic church and married his second wife there in 1973. The chapel has been converted into a media room and gym, and the six-bedroom home still bears evidence of Schulz's presence.

The office, complete with typewriter, aging television, and Peanuts art, has been left as a sort of shrine to the famed funny pages master. The rest of the Wine COuntry Estate is uber plush, including two large homes totaling 8,000-square-feet, two acres of well-landscaped grounds, and broad outdoor entertaining spaces, including a swimming pool.

The property is listed by Southerby's International.

Happy Independence Day! ...How to Make a Smoke Bomb

2011-07-04T11:56:00.002-05:00

(From the wonderful pages of About.com)

The smoke bomb you would purchase from a fireworks store usually is made from potassium chlorate (KClO3 - oxidizer), sugar (sucrose or dextrin - fuel), sodium bicarbonate (otherwise known as baking soda - to moderate the rate of the reaction and keep it from getting too hot), and a powdered organic dye (for colored smoke). When a commercial smoke bomb is burned, the reaction makes white smoke and the heat evaporates the organic dye. Commercial smoke bombs have small holes through which the smoke and dye are ejected, to create a jet of finely dispersed particles. Crafting this type of smoke bomb is beyond most of us, but you can make an effective smoke bomb quite easily. There are even colorants you can add if you want to make colored smoke. Let's start out with instructions for the easiest/safest type of smoke bomb you can make:

Smoke Bomb Materials

sugar (sucrose or table sugar)

potassium nitrate, KNO3, also known as saltpeter (buy it online or you can find this at some garden supply stores in the fertilizer section, some pharmacies carry it too)

skillet or pan

aluminum foil

Once you've gathered your smoke bomb materials, it's easy to make the smoke bomb...

NEW LAW BANS PRIVATE TRANSFER FEES

2011-06-24T15:03:00.000-05:00

From RECON at Texas A&M University comes this important legislative update...

AUSTIN (San Antonio Express-News) – Gov. Rick Perry has signed legislation banning private transfer fees attached to home purchases, the San Antonio Express-News reported yesterday.

Such fees throw a percentage of a home’s sale price back to the original developer each time the home is sold.

Under the new legislation, new private transfer fees will not be allowed. Developers who have existing fees on properties must file a notice of the obligation in county property records by Jan. 31, 2012, and update it every three years. If they fail to meet this requirement, the transfer fee is void.

Real Estate Center attorney Judon Fambrough and Research Economist Dr. Harold Hunt discussed private transfer fees on theReal Estate Red Zone podcast (episode 26).

Why am I updating a Dallas, Texas blog again?

2011-06-09T19:19:00.007-05:00

Blogging... yeah, it seems a bit vain at times. Did a NY Times writer really say, "Never have so many written so much to be read by so few?" Hilarious!!! I like the discipline of writing articles. I like putting useful North Texas area real estate information out there. I think that Facebook is quicker, faster, and certainly has greater traffic.

. But, who knows... at least the brain is twisting, turning, and my clients can see that on my website I am eager to communicate to them about their real estate needs in Murphy, Rowlett, Richardson, Plano, etc...

I like my job. Reminds me of a joke my Dad used to tell me, he got it from Henny Youngman. ...An elderly Jewish man was crossing the street when he was hit by a car. The paramedic shows up and says, "Are you comfortable?" The man says, "I make a good living."
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Insight into why the economy is suffering...

2011-05-31T16:17:00.001-05:00

(I had to have some satire relief today)
The United States is apparently built on ancient Native American Indian burial grounds. Yup, we're cursed...

What's your budget, Richardson?

2011-05-21T16:15:00.002-05:00

How about $415,000? ...Got it:

Less? Ok, what about $175,000? ...Bamn:

Discount Realty! Selling for 1% 0% ...and even less!!!

2011-05-11T10:41:00.006-05:00

7% seems about right to me. Does it seem too high to you?
What about 6%? 5%? Is there a standard rate in Murphy or Richardson? What about 1%? What if the 1% is really 4% and *YOU* have to do 80%?
Would you believe that the way discount realty is practiced by most licensees is illegal?!

Discount realty agents lure you in telling you they will put your house on the MLS for $500, or they'll sell your house for 1% and then that really means you pay 4% and they give 3% to the buyer's agent. Trouble is, that every listing agent under contract to sell your house is obligated to a minimum service requirement via the State of Texas who issues their license. The Texas Real Estate Commission requires licensees to "inform the party of material information related to the transaction, including the receipt of an offer by the broker, and answer the party's questions and present any offer to or from the party. The bill prohibits a broker who represents a party from telling another broker to negotiate directly with the broker's client."

Wow! I can find you a listing on the MLS any day with the opposite of that in the description. They often say, "contact the seller for more information" or, "send all offers to 972-555-5555" --which of course is the sellers fax line or an e-fax that the seller checks rather than the listing agent.

So what?

Fair question. Folks, you get what you pay for. It is conceivable that your transaction will never get off the ground with limited service. It is completely reasonable that a licensee fighting violation charges or trying to cover his ASSets might not get your home sold and closed. You get what you pay for.

JTOden Realty is an independent real estate brokerage so we set our fees ourselves. Each listing and each buyer is unique therefore, each fee we collect is reflective of that individual buying or selling situation.

What is consistent is our commitment to OUR minimum service standard: We represent our clients like they would work if they had the time, inclination, experience, and passion to be the very best Brokers they could be.

Is it Cheaper to Rent or to Buy?

2011-05-01T11:52:00.009-05:00

I guess that depends on where you live.

In Dallas and its suburbs, you should buy. However, if you move to Fort Worth, maybe you should rent? New York City? Definitely rent. In fact, Inman News reports that It is cheaper to buy a home than to rent one in 39 of the nation’s 50 largest cities. Inman cites a a quarterly report released today by real estate search and marketing site Trulia.

The folks at Trulia have produced a rent vs. buy index that compares the median list price with the median rent on two-bedroom apartments, condominiums and town-homes in the 50 most populous cities in the U.S. listed on Trulia.com as of April 1, 2011.

Ken Shuman, Trulia’s spokesperson, stated, “With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying.
“As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home — much more so than in previous years.”

A price-to-rent ratio of 1 to 15 means that it’s much cheaper to buy than to rent in a particular city.

Top 10 cities to buy vs. rent:

Rank	City	State	Price-to-rent ratio
1	Las Vegas	Nev.	6
2	Phoenix	Ariz.	7
3	Arlington	Texas	7
4	Fresno	Calif.	8
5	Miami	Fla.	8
6	Mesa	Ariz.	8
7	Jacksonville	Fla.	9
8	Sacramento	Calif.	9
9	Detroit	Mich.	10
10	Omaha	Neb.	10

Source: Trulia.com

Inman reports that this index considers the total cost of homeownership compared to the total cost of renting. Calculations for total rental cost include rent and renters insurance. The total cost of homeownership was highest, compared to the cost to rent, in New York; Fort Worth, Texas; and Kansas City, Mo.

Top 10 cities to rent vs. buy:

Rank	City	State	Price-to-rent Ratio
50	New York	N.Y.	39
49	Fort Worth	Texas	30
48	Kansas City	Mo.	22
46	Memphis	Tenn.	20
47	Los Angeles	Calif.	20
43	San Francisco	Calif.	19
44	Boston	Mass.	19
45	Seattle	Wash.	19
42	Portland	Ore.	18
41	Oklahoma City	Okla.	16

Source: Trulia.com
http://www.inman.com/

Working By Referral

2011-03-23T13:43:00.001-05:00

When we enlist the services of any professional, aren’t we really looking for someone we can trust—someone proven who comes highly recommended and is willing to go the extra mile to help us achieve our goals?

Relationships Are More Important Than Transactions
Working by referral is the commitment I have made to provide my clients with unsurpassed service whenever they need me, and to maintain long-term relationships that will offer added benefits for years to come. My primary source of new business is referrals from people who already know and respect me. Since I don’t have to spend excessive amounts of time prospecting and promoting myself, I can focus my time and
resources on the tasks that benefit you most, and always deliver truly exceptional service.

Service Above and Beyond
I devote myself to serving the needs of my best clients like you before, during and after the sale. I will stay in
touch and send you valuable information every month, and I’ll also call from time to time just to see if you
need anything. There are a number of ways I can help, such as researching your home’s current value, or suggesting improvements that will enhance its resale potential. And when you have a need for a particular trade or service, I know many reliable professionals that I am happy to recommend. If there is ever something that I can do for you, please feel free to ask.

You Control My Business
I want to earn your confidence and your referrals; therefore I have a vested interest in making sure
that you are completely satisfied at the end of our transactions together. My goal is that you will be so
impressed that you can’t wait to tell your friends and family about me and the fantastic service you received

Oh, by the way... if you know of someone who would appreciate the level of service I provide, please call me with their name and business number. I will gladly follow up and take great care of them.

Texas Independence Day

2011-03-02T07:57:00.000-06:00

Happy Texas Independence Day fellow Texans!!!

A Rant: SPAM Spam spam spam....

2011-02-22T13:46:00.001-06:00

Spam.

I hate spam. Who doesn't? What I really hate is the "Unsubscribe" option. Listen, Bonehead, I never subscribed to your digital detritus and have no interest in it at all! To unsubscribe, one MUST have subscribed. It is an absolute law of our language! Now, if you want to offer me the opportunity to un-spam myself, or "To reject our unsolicited marketing crappola, click here" then you might win my respect--but not my business.

I can only think of one spam solicitation I have ever attended to and grasped hold of in a transactional manner. That spam email was for a unique product. Dear Gussie, there is another word. Can we all agree that unique means one. Not rare, nor unusual, but singular. One. Only. So, this unique product caught my eye and I continue to trade with that service provider today. But the sea of spam I am awash in is all very common. Are there any shortages of mortgage lenders? Is the MLS down? Then why are you sending me e-flyers of properties for which I have no actively shopping buyer-clients? If you need a CE class in your field, could you find 20 to choose from without the aid of a spam concierge? Yet I get 3-4 slices of spam a week telling me about every school for real estate brokerage continuing ed. options--ironically, I don't get any spam from the one source I will always use for CE.

Ok. Enough. One last confessional defense against a charge of hypocrisy. I do send out a lot of postcards, letters, and real estate information to fill the mailboxes of my friends and acquaintances. Ah-ha! In that confession lie three defenses against prosecution. 1) I use the post, not the email. Isn't there a level of urgency with email that snail mail lacks? 2) I send out material that is intended to either inform or amuse, not merely solicit your dollars. And, 3) I only mail to folks with whom I am acquainted or at least live near.

I now release you to your regularly scheduled programming...

Getting Good Photos of Your Home for Sale?

2011-01-27T11:39:00.003-06:00

Does their photography stink,
or does the house need major foundation repair?

Seriously.
It's a real one right off the MLS.
Are you buying the house or the lamp?

"Your Broker Matters"

That's just my latest clever marketting tag line, right? WRONG. Maybe it shouldn't be so, but it is very true that the level of expertise and commitment to quality that your broker brings to the table is very relevant to your selling and buying success.

So, I guess the used shampoo is included?
This tub makes my neck hurt.

To prove the point: this is a list of photography tips I just saw, written for listing agents. Take a quick look....

Photography tips for listing agents

You will need: A camera, a towel, a table or sturdy flat surface, a hammer, a phone and a room that needs to be photographed.
Remove camera from case.
Remove battery from camera and put it in your pocket.
Place towel on flat surface.
Place camera on top of towel.
Fold towel over camera until it is completely covered.
Pick up the hammer and hit the camera at least 10 times. When the camera is flat you have hit it enough times.
Use the phone to call a photographer.
Carefully pick up the towel and keep it folded and toss it in the trash (this part may take some practice).
Take the battery to a recycling center.

Ha! JTOden Realty has worked with a professional photographer for listing images for years now. It seemed OBVIOUS to us. To read the whole of Teresa Boardman's article at Inman News click here.

Meagan Block Photography... done the RIGHT way.

Your Broker Matters. Really.

To Build On or to Move? That's the question.

2011-01-20T11:41:00.026-06:00

So...

You've found a nice little home and you like the neighborhood, the schools, the location and the house.
You have plans for updating it and improving as you go.
After a while you realize that the only thing your home needs to be perfect for the rest of your lives is another bedroom, or a game room, or a larger master bath. So, what do you do? Move or remodel?

The objective analysis of this choice will come to you after your call your REALTOR and get a good referral for a general contractor. He'll do an analysis and produce for you an itemized bid estimate for your project. In my area, the cost for adding a game room could be as much as $105 per square foot.

A REALTOR can also tell me that my home would likely sell for less than $105 per square foot. Furthermore, and this is important, there is a diminishing return per square foot. If your home sells for $100 per sq. ft. and you add 550 sq. ft. you do NOT necessarily add $55,000 to the value of the home. Nevertheless, adding a room to a house adds more than just price-per-sq.-ft-value to a home and your REALTOR can help you evaluate that potential gain.

Let me divert for a second here and say out loud, please, please don't turn your garage into anything but a garage? Garages are garages and rooms are rooms. Don't use the toilet for a planter and don't rent out your master closet to migrant workers, no matter how big it seems! Garage conversions are almost always a negative value characteristic.

Now, the subjective analysis is the second important part of your decision making. We started out saying this was your perfect home, neighborhood, schools, location, and yard. Those things can't always be replicated by moving. For example, if you live in a cul-de-sac, those are hard to come by and finding a cul-de-sac home that cures your other issues may be unreasonable. If you have 0.3 acres in an area where everything is 0.15 acres, or if you have a nice view, a creek, or a greenbelt you will have a greatly reduced selection of for-sale homes in any given area of town. Now, you have entered into the *Amenities Zone*!

If the amenities of your property are more dear to you than the temporal value of the home, you may be ready to do an expensive remodel. If you have looked and can't find your present home + whatever you think it is lacking, then you may be ready for a remodel. Again, your REALTOR is a vital asset here. He can tell you how much house is too much for your neighborhood, what your add-on is likely to do for the over all resale appeal of your home.

Remember, an independent broker REALTOR gets paid to be objective, not conciliatory. When folks ask me about their remodeling ideas, I first tell them what I would want as an agent selling their home. "Well Mr. Jones, I'd have a tough time selling a home with a master bedroom add-on meat packing plant." Or, "Yes, Mrs. Smith, granite countertops are a super idea and a real value-add should you ever decide to sell this home." Then it occurs to me, "And you'll really enjoy them whether you sell in 6 months or 6 years." Oh yeah, "No Mr. Jones, I'm not at all certain that a meth lab would be any better."

Well. As you can see, there are powerful objective AND subjective elements to this discussion. You and your family have to decide if you are moved to action by either. No one reason is usually enough to make the decision to remodel, build additional room(s), or pack up and move. Either way, the friendly advice of a REALTOR should be a premium asset to your plans.

Oh, one more thing, if you find yourself just wanting to wipe the lot clean and build one from scratch--just the way you want it--I can help with that too!

TEXAS' NOVEMBER HOME SALES DOWN, PRICES UP

2010-12-28T16:22:00.000-06:00

COLLEGE STATION (Real Estate Center) – More than 13,700 existing homes were sold in Texas last month, according to newly released data from Texas Multiple Listing Services (MLS). That's a 24 percent drop from November 2009.
Meanwhile, the median price for an existing home increased by 3 percent last month to $146,700, and there was a 7.6-month inventory.
November 2010 MLS data for many Texas cities (current as of Dec. 21, 2010) are available on the Real Estate Center website. Here is a sampling:

	Sales	Change from Last Year	Median Price	Change from Last Year	Months' Inventory
Abilene	121	down 7%	$85,700	down 25%	6.4
Austin	1,345	down 22%	$181,300	up 3%	6
Beaumont	150	up 9%	$150,700	up 21%	11.2
Brownsville	49	down 21%	$95,000	down 5%	--
Dallas	2,736	down 27%	$156,100	up 3%	6.9
Fort Worth	577	down 24%	$106,800	down 7%	7.1
Houston	3,905	down 23%	$151,000	No change	7.8
Killeen- Fort Hood	160	down 39%	$125,700	up 1%	7.9
Longview- Marshall	142	down 30%	$122,900	up 2%	9
McAllen	150	up 7%	$106,000	up 3%	13.9
Midland	88	down 17%	$180,000	up 11%	5.8
Port Arthur	38	down 14%	$95,000	down 24%	12.7
San Antonio	1,249	down 22%	$152,900	up 8%	8
Texarkana	55	down 10%	$102,500	up 3%	9
Waco	146	down 6%	$129,200	up 24%	8.9
Texas	13,745	down 24%	$146,700	up 3%	7.6

Finally! En Fuego Cigars opens in Murphy!!!

2010-12-11T09:50:00.001-06:00

En Fuego Murphy is just hours away from opening and they want all of us to come and help break the store in properly. They will be having an opening party Thursday night. Feel free to grab your friends and come on out and party with us.

In Murphy

Excellent!

HAPPY Holidays?

2010-12-02T09:37:00.004-06:00

Humbug!

I'm very disappointed in my beloved Murphy: there are scant few homes with Christmas light displays! I can find whole streets, half a mile long without one single decoration. What's the deal people??? Has Scrooge won?

To combat this lackadaisical holiday spirit, we are announcing the JTOden Realty Christmas Lights Decoration Competition.

Winner get's $100 gift-card medley. Post your address here for evaluation, or email me if you are afraid that Jack Frost will ID-theft you. Outdoor displays only. Not at all limited to Murphy only but I'm not driving to Fort Worth or Florida.

MERRY CHRISTMAS!

(PS Runner up gets maybe a slice of pumpkin pie)

Foundation Repair Sucks! (Well, actually, it blows*)

2010-10-06T13:55:00.000-05:00

*One of the most common methods out there--thet BLOW a high pressure jet of water into the whole straight down to create a sloppy channel for the concrete piers to push through until they hit a terminal resistance.

A few years ago, we had foundation repair done to our 23 year old Fox and Jacobs home in Rowlett, Texas. It was a textbook repair job that required a set of piers along the eastern perimeter of our house.
Three years prior we had done the same to the western perimeter.

Now, if you live in Rowlett and own a 20+ year old home built by F&J you WILL repair the foundation if it hasn't already been fixed. That's it, I am a prophet.

Thankfully, our Murphy home is on slightly more stable soil--but some day, who knows..

Piers usually cost between $350 and $500 a pop. You seldom will get away with stretching them out further than every 5-7 feet. So, for a 20 ft. wall, that's likely about $1,600 bucks. Ouch, right?

If you ever think you need foundation repair call me. Your Broker Matters (TM).
I have seen dozens and dozens of homes that need foundation repair.
I've overseen more tan 10 repairs.
I talk to agents frequently about the pluses and minuses of this company and that company.
I've witnessed the estimates of over 15 different companies. Hopefully, you'll have to do this repair once or less!

I can help.

En Fuego in Murphy -- UPDATE

2010-09-29T11:25:00.010-05:00

Check out who was the first En Fuego customer to enjoy the new patio?

J.T. enjoying his pipe on the new patio.

That's J.T. Oden the Real Estate Man enjoying his pipe on a small pile of bricks. Something tells me that's not the final seating design but it's going to be nice. See why Your Broker Matters (TM)? Yup.

Construction on the patio proceeds on...

So, I'm getting ready to run away from home. The best coffee house of all: Saxby's in Murphy, is a scone's throw from the new En Fuego location. Sweet.

The Moore guys reported on Facebook that the wood floors went in Tuesday. That's going to be a lovey value add. Nice. I suspect that there are Murphy residents who are occasional pip and cigar fans who have never been inside an upscale cigar establishment like En Fuego. They're going to love it.

Customer Service Post #54

2010-09-23T14:07:00.006-05:00

Mozy.com

It's an online backup service. No CD's, no external hard drives, secure, fast, easy---or so they said.

Guess what, it broke. It wouldn't work on my computer. Now, at only $5 a month, I didn't expect a lunch with the company president. I didn't get it. I did get a refund! Not only that, but 2 free months should I chose to stay with their service. Grand total cash we're talking about? $25. My 3 months paid when the service failed plus they gave me 2 more months free. But money isn't the point for either of us.

Customer service is what moved them and makes me willing to stay on as their customer.

Hey, you gotta give props when they're due. I like www.mozy.com

10 Reasons to Buy a Home

2010-09-17T16:57:00.002-05:00

Time magazine is being overly pessimistic [because Time magazine is largely edited by idiots --Ed.] in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed [and because Time magazine doesn't remember that there is more to the USA than California and the East Coast--Ed].

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.

2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.

6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.

7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.

8. It's forced savings. A part of your payment each month goes to equity.

9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

Murphy is SMOKIN! ---UPDATE

2010-09-17T10:23:00.002-05:00

En Fuego Murphy Update

I describe En Fuego as an upscale cigar shoppe (with two p's). This is no discount tobacco store. This is as delightful a location as you could imagine for sharing a cocktail, a cold beer, coffee, and sitting with friends to chat and catch up----provided you enjoy cigar and pipe tobacco smoke. We look forward to their grand opening!

En Fuego is expanding to Murphy! We anticipate opening in November. We will keep you informed of their progress.

BP offers compensation to real estate professionals

2010-09-02T16:26:00.006-05:00

The Texas Association of REALTORS(R) reports that real estate brokers and agents in Texas who have lost income as a result of the Deepwater Horizon oil spill may be eligible for restitution from the BP Gulf Coast Claims Fund. To qualify for these emergency funds, applicants’ lost business must be in close proximity to the coastline.
What’s the objective of this fund?
The fund is intended as emergency assistance and pertains only to certain types of lost income with many exclusions, such as commercial transactions. Consult the claim form to determine eligibility.

How much assistance is available?
Each claim is eligible for a maximum payment of $12,000.

Who decides if a claim is paid?
Members of the Texas Association of REALTORS® Legal Department and Leadership Team will conduct preliminary reviews of claims to confirm eligibility, but the association will not determine fund allocations. The eligible claims will be forwarded to a third-party administrator who will decide which claims to pay.

How do I file a claim?
Download the claim form from TexasRealEstate.com. The deadline to file a claim is Nov. 23, 2010. Contact the Texas Association of REALTORS® Legal Department at 800/873-9155 for more information.

(Article reprinted crassly without permission, originally published by

Murphy is SMOKIN!

2010-08-31T18:43:00.003-05:00

En Fuego Murphy says, "Light 'em up!" Well, nearly.

Construction has begun on En Fuego's new cigar lounge & tobacco shop location in the Murphy Marketplace. The space adjacent to Sprouts on the Lowes side. Owner Larry Moore says that the Murphy location will feature an outside patio area as well! Lovely. Larry hopes the store will open around November first. If he's right, that patio will be fantastic come fall in Murphy.

En Fuego is currently located in Rockwall.

Easy Ways to Increase Home Value - Real Estate - daveramsey.com

2010-08-03T12:32:00.000-05:00

Easy Ways to Increase Home Value - Real Estate - daveramsey.com

5 Real Estate Scams You Need to Know About

2010-07-22T11:38:00.003-05:00

By Melissa Dittmann Tracey | August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

No Shortage of Construction in DFW!

2010-05-25T18:44:00.001-05:00

(Dallas Business Journal) – According to New York-based McGraw-Hill Construction, there is an increase in the number of future construction projects in the Dallas-Fort Worth area.

Filings for new nonresidential construction projects totaled $421 million in April, up 6 percent from the previous year, when filings were $396.3 million. The total contract value on new residential filings in April reached $383 million compared with $307.6 million from a year earlier, a 25 percent increase.

This bodes well for our area. Moving to Murphy should continue to be a great idea!

I Am a REALTOR®

2010-03-16T21:06:00.002-05:00

The I Am a REALTOR® Pledge

I Pledge Myself

To protect the individual rights of real estate ownership and to widen the opportunity to enjoy it;

To be honorable and honest in all my dealings;

To seek better to represent my clients by building my knowledge and competence;

To act fairly towards all in the spirit of the Golden Rule;

To serve well my community, and through it my country;

To observe the REALTOR’S® Code of Ethics and conform my conduct to its lofty ideals.

Be Prepared for Inspection Day

2010-03-15T13:18:00.002-05:00

Adapted from an article by the Collin County Association of REALTORS(R) Affiliate Committee.

A quick guide for listing agents and sellers:

• Make sure all utilities are ON inside the home.
• Clear the areas around the electric panel, water heater, furnace and air conditioner to give Inspector full access.
• Unlock gates.
• Clear attic access and landing areas.
• Clear out closets to access crawlspace (under floor area).
• Leave the fireplace gas key on the mantle.
• Empty the dishwasher and oven.
• Make arrangements to secure or remove pets.
• Remove pet waste from the yard.
• Clean the swimming pool.
• Be prepared to leave the house for about 3–4 hours (varies).

Reducing Items on an Inspection Report – 12 easy fixes for homeowners:
• Replace batteries in smoke detectors and/or install smoke detectors in each bedroom, hall and on each floor level.
• Replace missing or broken switch and outlet cover plates.
• Repair leaky faucets.
• Tighten loose doorknobs.
• Repair or replace exterior door weather stripping.
• Caulk doors and windows at the exterior brick/siding.
• Replace damaged or missing screens.
• Replace broken panes of glass in doors and windows.
• Replace burned-out light bulbs.
• Secure loose hand and stair railings.
• Patch holes and cracks in walls and ceilings, then repaint.
• Replace heating and air conditioning filters.

These are the most common gigs on inspection reports. Keep in mind that buyers often use 10 items to leverage for the 2-3 they really want done. So, if you can reduce the list, you the seller reduce the leverage being applied against you.

Your Broker Matters (TM)

Do I Need a Home Inspection?

2010-03-08T12:08:00.012-06:00

Yup. Home inspections are good, good, good!

I think most Murphy, Plano, Rowlett, Richardson, etc., home buyers naturally gravitate toward having a home inspected by a licensed inspector when they buy. The federal Housing and Urban Development folks even have a handy flyer about buyers home inspections you can read here. http://www.hud.gov/offices/adm/hudclips/forms/files/92564-cn.pdf

But what about the value of home inspections to sellers? Well, did you know that the Texas Real Estate Commission's mandatory contract for resale says that if your buyer finds a needed repair, you have to pay big bucks to a licensed person for that repair?

COMPLETION OF REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, Seller shall complete all agreed repairs and treatments prior to the Closing Date. All required permits must be obtained, and repairs and treatments must be performed by persons who are licensed or otherwise authorized by law to provide such repairs or treatments. At Buyer's election, any transferable warranties received by Seller with respect to the repairs and treatments will be transferred to Buyer at Buyer's expense. If Seller fails to complete any agreed repairs and treatments prior to the Closing Date, Buyer may do so and receive reimbursement from Seller at closing. The Closing Date will be extended up to 15 days, if necessary, to complete repairs and treatments.

So, let's say you have a GFCI plug that's bad (those outlets with the little test button) and you need to replace it to sell your house. Those sell at Lowes for $14.99. To have a licensed electrician come out per the contract you will spend $85 to $125!

So, if your pre-listing home inspection had revealed that issue, a simple and cheap DIY project would have saved $$$!

For more information on home inspections for buyers and getting your home ready for sale, contact us at JTOden Realty.

Mortgage Industry Update

2010-03-05T14:26:00.003-06:00

Buying a home in Murphy, Plano Richardson, etc? You'll likely need a Mortgage.

So what's up with mortgages today? Keith Bazzell at Integrity Mortgage in Dallas tells me that rates are holding strong and should be promoting some good growth in the economy. Bazzell says that 30 year fixed rates on FHA and Conventional loans are right at 5% with a couple of recent days actually dipping into the high 4’s and the 15 year rates are in the 4.25% range. Now more than ever, these rates are subjective based upon credit scores, down payment and loan amount due to investors changing their risk assessments. Overall these should be good incentive for you.

Also, Bazzell reminds us that the First Time Homebuyer and Move-Up Buyer loans are drawing closer and closer to an end. Contracts on homes in Murphy, Richardson, Dallas, Plano, etc. must be in place by April 30^th in order to take advantage of these programs! So far there hasn’t been a push to extend this any further.

For folks interested in more info, Mr.Bazzell is available by phone and email and also points us toward a long but good read about the housing market (Review Housing Market Indicators.).

Your Broker Matters!

February is Black History Month

2010-02-17T11:57:00.002-06:00

Matthew "Bones" Hooks was born to former slaves, best remembered as a cowboy & Amarillo, Texas civic leader.

Hooks was also a religious leader, businessman, cowboy and horse breaker and became one of the first black cowboys to work alongside whites as a ranch hand, and the first black person to serve on a Potter County grand jury.

Morris Overstreet
is the first African-American
elected to the Texas Court of Criminal Appeals in 1990 and served 8 years. He grew up in Amarillo graduating high school from Amarillo High School (GO SANDIES), earned a BA from Angelo State University, earned his Juris Doctor Degree from Texas Southern University School of Law in Houston.

February is Black History Month

2010-02-10T13:25:00.016-06:00

The United States has many historical figures that have achieved notably and well represent the African American community. From current figures like Bill Cosby, Michael Steele and President Obama to historical figures like George Washington Carver, MLK, and Harold Washington the country is ripe with black achievement. This February, I'd like to blog about noteworthy black TEXANS.

Barbra Jordan. Ms. Jordan served as a congresswoman in the United States House of Representatives from 1973 to 1979. She was the first black woman elected to that post from Texas.

Daniel Webster (80 John) Wallace.

Mr. Wallace was a cowboy, born into slavery, worked

until his freedom was secured and died Texas'

first Black Millionaire.

How About a Ranch in the City?????

2010-02-08T13:03:00.008-06:00

Click HERE to see the REALTOR.com listing for this property

225 Mortgage Companies failed in 2009

2010-01-08T15:27:00.011-06:00

225 Mortgage Companies failed in 2009.

Here's one that didn't:

Intergrity Mortgage Corp.

& Keith Bazzell -- 214-342-0044

http://imcoftx.com/

Record Year for Mortgage Company Failures

More than 225 mortgage-related companies ended their operations or failed in 2009, more than any year since MortgageDaily.com began tracking data in 1998.

Bank failures lead the decline with 140 suspended and forced into bankruptcy. There were 66 non-bank closures and 19 credit union failures.

The most notable 2009 failures included Ocala, Fla.-based Taylor Bean Whitaker Mortgage Corp., Melville, N.Y.-based Lend America, and Montgomery, Ala.-based Colonial Bank.

Source: MortgageDaily.com (01/04/2010)

REALTOR® Magazine-Daily News-Record Year for Mortgage Company Failures

Home Buyer Tax Credits

2009-12-17T14:17:00.002-06:00

So what? So, who can qualify for this and what does it look like when you get your check?

Well, the law qualifies a first time home buyer as a buyer who hasn't owned a principal residence in in the last three years. Those folk can buy a new or resale home and get up to $8,000 in a tax credit. Here's the part no one knows about: home owners who make a "move-up" may be eligble for a a $6,500 tax credit! That means that if you move from your existing property to a new one, Uncle Sam may pay over six thousand dollars to you via a tax credit. HUD may even allow you to use that money as closing costs. That's a lot of closing cost assistance! But the jig is up in April, so it's time to start moving TODAY.

For more information, call JTOden Realty, or read more at www.irs.gov

Some details were lifted from http://www.federalhousingtaxcredit.com/ by the NAHB.

Toys, Toys, and More Toys!!!!

2009-12-10T22:26:00.001-06:00

Go Murphy!

CITIZENS OF MURPHY, TEXAS GO ABOVE AND BEYOND AT HOLIDAY CELEBRATION TOY DRIVE

Murphy, Texas (Dec 10, 2009) -

The City of Murphy would like to extend a big thank you to our community. With over 1000 friends and families in attendance at the December 3 Annual Christmas Tree Lighting and Holiday Event, the outpouring of kindness shone through.

Attendees were asked to bring and donate a new unwrapped toy benefiting the Collin County Children's Advocacy Center. The amount of toys donated that night exceeded all expectations and once again proved the strong sense of community in Murphy and coming together when neighbors are in need.

On Friday, December 4, staff delivered a truck load overflowing with generous toy donations from the citizens of Murphy. With excitement, hundreds of toys were unloaded at CCCAC and are on their way to children in need this holiday season.

"The children served by Collin County Children's Advocacy Center (CCCAC) need our help year round, but when it comes to the holidays, we work hard to do what we can to make it special for the kids," says Vanessa Gill, Holiday Project Coordinator of CCCAC. "We have many children who would otherwise have no gifts at the holidays and communities such as Murphy are a tremendous blessing." The mission of Collin County Children's Advocacy Center is to identify, protect and improve the lives of abused and neglected children in Collin County.

For more information contact Kristen Roberts, Assistant to the City Manager at (972) 468-4006 or kroberts@murphytx.org. For additional information on Collin County Children's Advocacy Center, please call Betsey DeVenny at (972) 633-6608 or visit www.cacplano.org.

Real Estate Sales Soar in Collin County

2009-11-24T08:18:00.001-06:00

October sales of homes in Collin County and surrounding areas are projected to be 23 percent higher than in October 2008, reports the Collin County Association of Realtors (CCAR). In addition, "under contract" listings also increased by 27 percent from a year ago.

"This is a tremendous rebound for real estate sales in this area, especially for this time of year," says Steve Haid, CCAR member services director.

The CCAR Pulse, which delves into the real estate markets of 36 local communities, also reports that the time it took to sell a home in October decreased 8.2 percent from 100 days a year ago to 92 days.

Year-to-date, median sales price is approximately 1 percent less than the same time last year, which is mostly due to the large number of sales of foreclosure listings.

"As we continue to absorb the large number of lower-priced foreclosure properties that were listed earlier in the year, we can expect those sales to continue to impact the overall median sales price," notes Haid. "However, sales prices have held pretty steady because the prices of non-foreclosure listings has increased and offset the impact of the foreclosure sales."

In addition, buyers continue to enjoy record low mortgage interest rates and very affordable homes. In fact, the Housing Affordability Index is up 18.4 percent over the same time a year ago. This means that most people in this area could afford to purchase the median priced home -which is not the case in many other parts of the country.

Collin County and surrounding areas remain in an overall balanced market, as has been the case all year. However, there is a shortage of homes priced below $200,000 and an oversupply of houses priced above $500,000.

"Overall, we are enjoying a strong rebound in our local market," says Haid. "Closed sales and homes going under contract are very brisk for this time of year. And, homes in the area are very affordable with low mortgage interest rates. These are the right ingredients for a strong local real estate market."

The U.S. Metros Least Touched by Recession

2009-10-23T16:46:00.002-05:00

The U.S. Metros Least Touched by Recession

A combination of stable home prices and sizable sectors in health care, energy, government, and education kept these metropolitan areas relatively stable

By Prashant Gopal

America's strongest economies have one thing in common—home prices that never got too hot or too cold.

Home prices in metros such as San Antonio, Oklahoma City, Pittsburgh, Rochester, Little Rock, Ark., and Baton Rouge, La., remained steady through boom and bust. Although no metropolitan area entirely avoided the economic downturn, the most resilient metros were protected by a potent mix of recession-resistant jobs.

The upstate New York areas of Syracuse, Rochester, Albany, and Buffalo suffered from declining jobs in manufacturing, but got significant boosts from sizable health-care, education, and government sectors. Construction is booming in Baton Rouge, Louisiana's capital, as firms take advantage of financing for post-Katrina hurricane recovery work and service-related companies expand to meet the needs of a growing population. Omaha and the state of Iowa have relatively strong insurance sectors.

Texas, the last state to enter recession, has been bolstered by its oil and gas industries—which have also helped Oklahoma, North Dakota, and Louisiana. Texas also has many other things going for it, including affordable home prices and relatively low wages, which attract corporations.

BusinessWeek.com used data and analysis from the Brookings Institution's new MetroMonitor to come up with the nation's 40 strongest economies. The MetroMonitor, which measures the nation's health on a quarterly basis, ranks the top 100 metros based on job growth, unemployment, gross metropolitan product, and home prices.

A relative boom in Baton Rouge

"No place has been untouched by this recession. This is a change from previous recessions," said Alan Berube, a senior fellow and research director of the Brookings Metropolitan Policy Program. "But there's a big difference in losing one-tenth of a percentage and losing 15% of jobs."

Baton Rouge, which was ranked No. 6, "grew jobs every month until August 2009 and in August it only lost nine-tenths of a percent, compared to 5.1% nationally," said Lauren C. Scott, professor emeritus of economics at Louisiana State University.

Scott said $5.1 billion of construction projects have been announced or are under construction in the Baton Rouge metro, including a new plant for French chemical company SNF and the expansion of an ExxonMobil (XOM) chemical plant.

"One nice thing after another thing happened that has countered what's happening in the rest of the country," Scott said.

Ernie Goss, an economist at Creighton University in Omaha, who studies much of the nation's energy and farm belts, said the strong dollar early this year hurt farm exports. "But the dollar has now weakened significantly and that will be good for the farm sector and energy commodities," Goss said. "I think 2010 is going to be much better than 2009. But we are still not going to have a lot of job gains.

A 22-year unemployment high in Texas

Although the metros in the ranking are strong by relative standards, their unemployment rates in many cases are now peaking because they entered the recession late. Texas, which had 5 metros in our top 10, including No. 1 San Antonio, is a good example.

The unemployment rate in Texas hit 8.2% in September, rising above 8% for the first time in 22 years. But that's a very low unemployment rate, compared to the national rate of 9.8% or to Nevada's 13.3% rate.

Texas is unlikely to face a prolonged downturn, said Terry Clower, an economist at the University of North Texas. The state's affordable cost of living make it attractive to new residents and corporations, the largest of which tend to be based near Houston and Dallas.

"It's perceived as a low-cost place to do business," Clower said. "Because housing is affordable, the wage rates reflect that."

Marisa Di Natale, a director at Moody's Economy.com, said late arrivals to the recession will generally face mild downturns.

These metros "haven't had a big erosion in housing wealth, which has kept consumer spending stronger than it would otherwise be," Di Natale said.

Dallas-Fort Worth-Arlington, TX

Overall rank: 5

The sprawling, vibrant, and diverse metro has a major international airport, professional sports teams, and large corporations. It is home to ExxonMobil, J.C. Penney, and TXU Energy. Employment in the Dallas metro peaked in the second quarter of last year. Gross metropolitan product in the second quarter was down just 1.7% from the peak in the third quarter of 2008. Home prices grew 3% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 8.2%, up 3.1 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.)

Job growth (since peak) rank: 13
Gross Metro Product (since peak) rank: 11
Unemployment change (year over year) rank: 32
Home price change (year over year) rank: 3

The link below will allow you to view the entire list of the 40 strongest economies

http://images.businessweek.com/ss/09/10/1022_40_strongest_us_metro_economies/2.htm

Have a Great Weekend.

Why Business is Slow...

2009-09-14T09:50:00.003-05:00

Sunday, someone asked me, "How's business, how's the market?" So I thought a second and replied, "Business is slow, but the market is fine!" **

So why is business slow? Because of my new addiction to Ragdollcannon.net I warn you, don't try it if you are responsible for running a business, being productive, or have any life apart from your computer.

**Actually business is brisk, but I do love that game!

$115,000 is the "new" $100,000

2009-08-07T20:32:00.011-05:00

www.mymesquite.info

When I started my real estate career, you could still get a good house for right at $100K. Rowlett, Mesquite, South Garland were good neighborhoods with 1,500 sq. ft. or so and perfect for the starter-home-buyer. First time buyers ate those homes up and all an agent had to do was show them about 35 or so and BAMN! A Sale was Born!

Today, that market is very much the same, just a little more expensive. Becky and I sold our $100K home for about $115K and that's indicative of the starter-home market today.

Behold, one of JTOden Realty's best in that price range, the Flood's home at 809 Parker in Mesquite. MLS#11179085.

Two Cities in Texas are in the Top Five

2009-05-23T16:21:00.003-05:00

By Forbes

Unemployment is on the rise, credit is tight and consumers aren't spending — which means they aren't picking up and moving much, either. Very few places in America saw significant population growth in 2008.

Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers — even if it's at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability.

Behind the numbers

To determine the fastest-growing metro areas in the country, Forbes used 2008 population estimates for metropolitan statistical areas with a population of more than 1 million, released March 19, 2009, by the U.S. Census Bureau. MSAs are geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics.

Forbes then compared the 2008 population estimates to the previous year's data to see which areas had grown the most, percentagewise.

The cities that made the list share similar qualities: more business opportunities, better weather and more affordable housing. The top three areas according to the data are Raleigh, N.C., ranking first, which jumped 4.29% to nearly 1.9 million; Austin, Texas, which came in second, with a 3.77% increase to almost 1.7 million; and Charlotte, N.C., which moved up 3.36% to 1.7 million.

All these areas' increases were smaller in 2008 than they were in 2007 (Raleigh increased by 4.7% in 2007, Austin by 4.29% and Charlotte by 4.2%), but a slight slowdown is not necessarily a bad thing, says William Frey, a demographer at the Brookings Institution, an independent research and policy group based in Washington, D.C. "Part of the story here is the rapid rise in growth in the middle of decade," he says. "That growth was unnatural."

The in-migration that happened in the middle of this decade certainly had a lot to do with the housing boom. When that went bust, so did those crazy population balloons. But these particular places are still growing because instead of building an economy that relies heavily on one industry, most of the metro areas on Forbes’ list serve as headquarters for a diverse range of companies.

For example, Austin's biggest employers include the University of Texas, Advanced Micro Devices and Dell. That wide range might have something to do with the area's relatively low January 2009 unemployment rate of 6.4%.

This is the opposite of what happened in true housing boom-and-bust towns like Las Vegas. In 2004, Las Vegas — a foreclosure mecca — saw a population increase of 4.6%, followed by 3.66% in 2005, 3.98% in 2006 and 3.22% in 2007. In 2008, that number fell to 2%.

The power of business

When it comes down to it, a buzzing business community is a metro area's most important characteristic, says Sean C. Safford, a professor at the University of Chicago and author of “Why the Garden Club Couldn't Save Youngstown: The Transformation of the Rust Belt.” He studies the social economics of U.S. cities and metro areas.

However, that doesn't mean that these metros won't suffer from a slowdown in population growth when 2009's numbers are released next year. Charlotte, for example, reported a 10.5% unemployment rate for January 2009, likely related to the fact that Bank of America is headquartered there. That high unemployment rate almost guarantees stunted growth in 2009.

"We don't quite yet know what the impact (of the ongoing recession) will be for 2009 populations," Frey says. "But we do know it's not going to get any better."

Indeed, where Americans are relocating today has little to do with where they'll be moving tomorrow.

Top 5 cities where Americans are relocating

1. Raleigh, N.C.

2. Austin, Texas

3. Charlotte, N.C.

4. Phoenix

5. Dallas

This article was written by Lauren Sherman for Forbes.

Mortgage Rates Continue to Fall

2009-05-22T13:52:00.001-05:00

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.

The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.

(Source: Investor's Business Daily (05/22/09))

Very Important Information !!!

2009-05-06T12:12:00.008-05:00

At JTOden Realty, we take the business of home sales, purchases, and real estate investing very seriously.

But that doesn't mean we take ourselves very seriously!

We prefer big profits over big egos.

Who's Paying YOUR Mortage?

2009-05-02T16:51:00.000-05:00

Senate Defeats Mortgage Cramdown Bill

The proposed law allowing bankruptcy judges to modify mortgages, known as the cramdown bill, was voted down Thursday by the U.S. Senate.The financial industry opposed the bill, arguing that the change would drive up interest rates and make the market less stable.

Some senators also were concerned that their constituents who pay their bills on time would resent this measure.Minority Leader Mitch McConnell, who led the opposition, says the vote "ensures that homeowners who pay their bills and follow the rules won't see an interest-rate hike at the whim of a bankruptcy judge."The reform was a key part of President Obama’s foreclosure prevention plan, leaving some to question ultimate likelihood of its success."It won't render the loan modification program useless, but it removed an important ingredient that would have helped realign everybody's interests," says Barry Zigas, director of housing policy for the Consumer Federation of America.

Source: CNNMoney.com, Tami Lubby (04/30/2009)

Texas Real Estate II

2009-04-21T20:40:00.006-05:00

Happy San Jacinto Day!

As a result of the Battle of San Jacinto, almost a third of what is now the United States of America changed ownership. (Non-native Texans can read about the Battle of San Jacinto, here...)

Texas Real Estate

2009-04-14T09:02:00.004-05:00

The Tenth Amendment to the Constitution

Blogger's Despair

2009-04-06T11:11:00.013-05:00

I blog about real estate elated stuff for one reason: because Amber Boyd, Ninja Real Estate Business Coach Extraordinaire tells me to.

Oh, sure, it's a good discipline, it occasionally helps my clients reflect on some important stuff like the post below on home improvements. But mostly I do so because Amber tells me to. And after all, when Amber was selling she sold the entire metropolitan area of Kansas City. I mean ever square foot of land. So... she oughta know.

Then she sends me this link...

What do I do now? How can I ever face the three people who regularly read my blog?

What do I wanna do with my life???

This post brought to you by JTOden Realty. We take the business of real estate sales and our clients very seriously. But do we take our selves seriously? Nah, not so much.

For REALTORS: Builders and Developers Who Don't Pay

2009-04-02T17:41:00.001-05:00

Developers and builders who will not work with REALTORS are alarming and frustrating. Obviously, agents are in this industry to make a profit. Additionally, an unrepresented home buyer is at risk. Who is their fiduciary? Who represents their interests? Who is on their side? What does a successful, financially liquid builder have to fear from the presence of a REALTOR?

Agents, please submit the names of Developers and Builders who refuse to pay for your services to your clients.

This is a list of Builders and Developers in the North Texas area that are reported to not pay or cooperate with buyers' agents:

Developer:
Stone Canyon East, LP
Sunnyvale, Texas
The Stone Canyon development in Sunnyvale will only sell to buyers who are underrepresented.

What Projects are Worth the Money?

2009-03-30T11:02:00.021-05:00

"We want to get the house ready to show. It needs some work, what should we fix first?"

This week I had the same conversation with three different clients. They want their homes to sell quickly and for full price. So do I! They each recognize that they need to get their homes in the best possible condition to garnish the best possible sale price. Where to begin and on what to spend their precious time and money is not always clear to homeowners.

Fortunately, your Friendly Neighborhood Real Estate Man has the answer!

in the summary charts to the right and below, the higher the percentage of return the better. So, if you spend $1,000 updating your kitchen, you can count on that adding value to your property at sale in an amount close to $795.00. The bathroom remodel (esp. the master bath) will come back to you at 74%. After that, the percentages drop off slightly with most returns centering in the mid-sixties percentile.

What about the exterior?
Drive up appeal is important right? WAY important it appears.

If the house was built prior to 2002 it's likely to need some or a LOT of attention to the siding. Wood fiber siding is fine until it looses the protection of it's coat of paint. Then the stuff turns into a sponge. As it swells with water it cracks, deteriorates, then abandons ship! A good carpenter can make replacing pieces of siding affordable, call J.T. for a referral.

Fences are very expensive. I've had clients replace whole fences before calling me. That's THOUSANDS of dollars, guys. Sometimes it might be necessary, but often a few hours of pay to the Handyman, some new pickets, a post or two, a gallon of stain and you're set! See why Your Agent Matters? On the other hand, I've had clients who were sure that everyone would like the linoleum their mom picked out for them and look at me like I'm nuts when I suggest that some affordable ceramic tile might be worth the expense. Seriously.

The bottom line is this: unless you've meticulously updated and maintained your home throughout its life, you're going to have some work to do in order to make the impact on the market you desire. Where to drop the big bucks and where to just plant some Pansies and Marigolds, that's where your Friendly Neighborhood Real Estate Man comes in!

This article by G.M. Filisko was a great source for this post. Next... the value of a pre-inspection (an inspection provided by a TREC licensed home inspector). The punchline? How can a inspection by All Pro Inspections, Inc. turn a $275.00 GFCI Outlet replacement into a $10 trip to the hardware store! Yes, I put the decimal in the right spot...

Charitable Giving

2009-03-23T20:07:00.009-05:00

From the Tonight Show, with Jay Leno, as published by the White House:

...

Mr. Leno: Now, are they going to put a basketball –- I imagine the bowling alley has been just burned and closed down.
Mr. Obama: No, no. I have been practicing all –- (laughter.)
Mr. Leno: Really? Really?
Mr. Obama: I bowled a 129. (Laughter and applause.)
Mr. Leno: No, that's very good. Yes. That's very good, Mr. President.
Mr. Obama: It's like -- it was like Special Olympics, or something. (Laughter.)
Mr. Leno: No, that's very good.
Mr. Obama: No, listen, I'm making progress on the bowling, yes. ...

Another great cartoon by Michael Ramirez!

How about something helpful to say about Special Olympics?

Donate Online to Special Olympics

Plano Special Olympics