Ronda Allen's Blog

All in all, 2009 wasn't a bad year for selling homes in Prosper, Texas.  The media would have you believe that it was gloom and doom all over DFW.  We certainly did see our area home sale prices drop about 2%, and we were selling homes at around the same levels where they were selling in 2007.  Honestly, there are so many regional markets worse off that we have NO cause for complaint. 

There are still some December pending sales missing from these figures, but I think you get the point of how well our year in Prosper really went when you see sales posted to the MLS as of 12-15-2009:

Homes sold = 200

% of that figure in the luxury home market (in DFW, that's $350,000 and up) = 44%

# of homes that had pools = 38 (that's 19% of our market - pretty high for homes with an average build date of 2005)

% of our home sales that were classified as "Z" sales (undisclosed sales price in the MLS) = 12%

An average home sale in Prosper fits this (very attractive) description:

Bedrooms = 4

Baths = 3.1

Garage = 3-car

Square footage of living space = 3719

Lot size = .72 acres

Sale price to List price = 96%

Days on market average = 172

Price per square foot = $98.07

Sale price = $370,561

There were some excellent deals for buyers to pick up in the first half of 2009, which was the tail-end of the economic downturn for our area.  Since Summer, it has been a steady improvement of sales in Prosper.  Luxury home starts and resale purchases are up, and sellers are holding more firm to their asking price that at this time last year.  The outlook for 2010 in Prosper is outstanding.  The formula for success is in place - great location, great schools, beautiful neighborhoods, nice lot sizes, tons of upgrades, area parks, waterways, and playgrounds, and reasonable prices. 

Welcome to Prosper - A Town Where Everyone Matters!

Have a blessed day.

Ronda

I got a call from a semi-retired client today.  They contacted their bank to move some of their savings to their checking account, in preparation for a family reunion vacation.  Sounds normal.  Something we've all done.  The ramifications of that call were as follows, and could have happened to anyone:

Bank:  Thanks for contacting us, Mr. X.  We haven't updated your status in our files in a while.  Would you mind if we did this? (Just say NO).

Mr. X:  Okay.  (Mr. X proceeds to tell the bank that they are done with the latest contract job and looking for another freelance contract.  Bank takes this as 'unemployed', even though Mr. X is highly employable and turning down assignments waiting for that perfect 2-3 year project.)

Bank:  Thanks for updating your records.  We have completed the transfer you requested.

End result:  After the call, the bank proceeded to reduce the limit on Mr. X's line of credit and one of their credit cards, backed coincidentally by the same bank, lowered their limit from $10,000 to only $500.  OUCH!!

Reduced capacity will change your credit scores.  It changes your ratios.  The rules for tightening up lending have gotten so ridiculous that normal people just trying to go about the course of their day are being impacted in a negative way for what used to be a normal banking transaction. 

Right now, I don't call these buyer's or seller's market conditions.  The only ones I see coming out ahead in the lending industry are the big lenders.  I hold more faith in the small banks with relationships in their local markets.  The big banks are, in my personal opinion, the boa constrictors of middle America - squeezing the life out of normal folks every time they take a breath.  

My faith comes from Mr. X and others I encounter every day.  In spite of these games being played by a too-restrictive lending trade, I see people returning to simple values and the ways our parents taught us to live by example.  It warms my heart to see people lease out their big homes to keep their kids in their private schools.  It tickles me to see families riding bicycles together and kids fishing in our communities.  I love driving home to see neighbors pulling lawn chairs out to sit and talk with their neighbors.  Just keep on living, folks!  

Have a blessed day!
Ronda



Ronda Allen, C.P.M.
Realtor, Life Coach, and Certified Purchasing Manager
CEO of www.comingsoonhomes.com
RE/MAX Dallas Suburbs
Keith Dobbs Team
www.keithdobbs.com


 

The June 1 deadline to file a protest with the tax appraisal office is fast approaching.  I am getting calls daily for recent sale comps.  This is a free service to anyone who asks, and not just for my existing clients.  I am filing a protest this year on my own tax valuation.  This is the first year I have ever been compelled to do so on my own home. 

I got a call the other day from a reporter from a Fort Worth newspaper.  He called about my last blog about property taxes and what to do this year in light of the recession and the impact it had on our area from Fall, 2008 to Spring, 2009.  I'm not the expert in property taxes.  I am not looking to get quoted in the paper as an expert in property taxes or any other subject.  The goal of my blog is not self-promotion.  The only reason I blog is to educate buyers and sellers and to find a way to best match a buyer and seller in my marketplace.  I promote my listings and work very hard for my buyers.  In a year when I feel you may be best served by filing that protest, I am going to tell you so.  If I run your comps and don't see a need to file a protest, I will tell you so.

As real estate agents go, I am not the worst and I am not the best.  The best sacrifice so much for that top spot - I strive for a more balanced life.  I like to help people with a family-first mentality.  The kids and the pets are invited on home tours.  My Sister will tell you that I don't care what my clients think of me.  In a way, I guess that is true.  I know how hard I work for them each and every day.  I hit the pillow at the end of a day that was likely longer and filled with more activity than theirs was, and I feel very good about the effort I expend on their behalf.  My Aunt once sent me a scripture passage that went 'Serve others as you would the Lord'.  That never leaves me.  The path is clear. 

Have a blessed day, and let me know how I can serve you today.
Ronda


Ronda Allen-Keith Dobbs Team
Realtor and Certified Purchasing Manager
RE/MAX Dallas Suburbs




 

My Husband is always amazed by the way my weekend plays out, and he is constantly telling me that I should tell people about the real life of a Texas Realtor.  The activities behind the scenes are pretty normal to me after 8 years, but he is perplexed by the variety of situations I encounter throughout the course of a day.  So, he encouraged me to blog today about the weekend I just had.  If you are considering a career in real estate, use this as a best-case/worst-case example.  Busy is good, but a double-edged sword at times, too.

7:30pm Friday evening - met buyer client at my home office to write an offer.  Finished up around 9pm.

5:30am Saturday morning - got up and ready, organized files, and headed off to my Plano office to meet another buyer client to write his offer at 8am.

8:00am-8:45am - Drafted offer and obtained signatures.  Scanned and emailed offer to the seller's agent, then called to advise her the offer was sent.  Described the buyers and the offer to the agent, so she could take that information to the owner's when explaining the offer.

8:45am - headed off to Burleson to show a home to a new prospective buyer client.  Pleasantly surprised that the commute took 1:15 on a Saturday morning.  The North Dallas suburbs to the South Fort Worth suburbs is only a doable drive on the weekends, but this is the only time this particular buyer has to look at homes - so it works out great for both of us.

10:30am - showed the house in Burleson. Yikes.  Deferred maintenance.  Stained carpets. Marred walls.  Bad do-it-yourself paint jobs in almost all rooms.  Dog poo in the gameroom (I kid you not!).  Buyer brought her Uncle along (a home builder), and we walked the house inside and out.  Not the house for her.  But, we got along well and she asked if I would help her find the right home. I got more information about the home she wants, and we set an appointment to look at homes again.

12:00 noon - was in South Fort Worth and the rains were letting up anyway, so I headed to Duncanville, in South Dallas, and put chlorine in the swimming pool of a vacant home I have listed.  Checked the house (someone left a light on from the last showing, so I turned that back off and checked to make sure the thermostat was still set properly) and left at 12:30pm.

12:30pm - Heading back to the North side of Dallas for two open houses.  Fortunately, my wonderful Husband was holding one in Allen, and I was holding one in Frisco, so we met at his open house so I could open the door, and then headed to mine.  My son surprised me and decided to come along, so he could see Mom for a while.  Yeah - 13 and he still wants to spend time with me.  That felt like a major victory!  

2-4pm - held two open houses - both of which got foot traffic.  Yeah!!  The one I held had a scheduled showing during that same time frame.  These days, it seems like buyers are using open houses as a way of informally interviewing agents, as well as checking out the homes.

5:00pm - met back at the house and got ready for dinner.  We met an old friend and co-worker from my Boeing-Corinth days for dinner in Ponder (Ranchman's Steakhouse - very laid-back, casual, good food and great pies/cobblers for dessert - just what the doctor ordered after my day).  Friend just moved back to the area and wants me to find her family a home in Ponder or Justin before the end of June.  Guess what?  This just turned into a business dinner.  I picked up the tab and we headed home around 7pm.

7:00pm - checked voice mails in the car on the drive home.  My buyer from this morning got his house, but there are a couple of small terms negotiated.  My buyer from last night got a full-price counter and decided to walk away from the unreasonably priced seller.  We set an appointment to get back out mid-week to look at a couple other homes that just came on the market.

8:15pm - got home and pulled the counter-offer from my computer -  and my Hubby drove his tired wife over to Carrollton for buyer initials to the changes, so we could execute the contract tonight.  Would not normally have worked on it this late, but that house had 12 showings and two offers today.  I was not going to lay my head on the pillow tonight without having that contract fully executed.  Other agent was kind enough to be on board with that.

9:45pm - got to Carrollton.  Buyer and his fiancee were both there.  He signed the changes and both of them gave me a big hug for working so late and making sure they could sleep soundly tonight knowing that home was theirs and not worried someone else would get it.  

10:15pm - pulled into office in Plano - haven't I been here already today?  Scanned and emailed the contract back to the listing agent.  

10:45pm - got home, hugged and kissed the Hubby and son, and went off to brush my teeth and go to bed.  WOW!  What a great day!!  But, must...have...sleep...

Sunday
More of same, but only from 1-5pm.  I'm not Wonder Woman.  

Have a blessed day!
Ronda


Ronda Allen
Realtor
Certified Purchasing Manager
Keith Dobbs Team at RE/MAX Dallas Suburbs
 

We're back down below a total of ten properties for lease in our MLS for Prosper, TX in the 'below $3,000/month' category.  Only 19 listings total, and most are above $3k per month lease rate.

If you have a home that isn't selling, you would be wise to consider allowing a lease on your home.  We're getting lots of requests for residential leases from buyer's coming to DFW from other states who still have homes to sell.  These 'tenants' aren't renting because they want to.  They rent just until their equity is freed up and they can qualify to buy again.  They don't want to move twice, and they are asking for sellers to be somewhat flexible on the lease terms, so they can have first right to purchase the home during the course of the lease.

Most of my leases are occupied in 2-6 weeks, and 90% of them have tenants asking for first right to purchase. 

Have a blessed day!
Ronda

Ronda Allen, Realtor
Certified Purchasing Manager
Keith Dobbs Team at RE/MAX Dallas Suburbs

I have a client in Dallas County for whom I did some research today. She wanted to know how things were selling in her area so far this year.  Her question was whether values were down, and if-so, by how much?  And, she wondered if they were down if it would be a good time to protest her property tax value?

I ran the comps, and yes - the neighborhood was selling significantly lower.  In fact, the area in Irving that I ran has dropped from $103.00 per square foot sale comp to almost $91.00 per square foot. 

It is a good time to be thinking ahead on what you'd like to do regarding your property tax values in 2009.  Not every neighborhood is going to be down.  We do have neighborhoods with high demand and appreciation in 2008 and first quarter 2009.  Until you see the comparative sale data, you won't know the whole story. 

This year, it is important to go in armed with information if you are going to protest your property tax value.  You don't just need the comparative sales figures.  You need to be an expert in your neighborhood.  You need the back-story behind the sales.  Was it a foreclosure? What was the condition? Was the home that sold in a better or worse location than yours? Was the sale due to divorce? Corporate relocation? Sold vacant or occupied? Did the seller contribute toward the buyer's closing costs?  Was the sale a 'z'-sale in the MLS (undisclosed sales price)?  Were there incentives offered in the MLS to the buyer's agents that had to be paid out by the seller at closing? 

The form to protest tax values is located online at the county appraisal district website for the county in which you live.  Downloading and completing this form may not be all you need to do this year to come away with the result you want.  Speak to a Realtor.  Get comps.  Learn the back-story on the sales that did happen in your neighborhood.  Then, go in armed with a level of knowledge that will give you the best chance at success.

Have a blessed day!
Ronda


Ronda Allen, Realtor
Certified Purchasing Manager
The Keith Dobbs Team at RE/MAX Dallas Suburbs

What to do when the stream of income that existed in the past dries up due to layoff, downsizing, outsourcing, restructuring, etc...?  Don't fall behind on the mortgage.  If you can foresee being unable to pay your mortgage soon, or have already fallen behind, pick up the phone and call an agent.  Ask about the possibility of leasing out your home for the next 4-24 months.  This could buy you the time you need to replace your income to it's former glory.  There is no judgment out there.  Everybody is in the same boat.  The government is working in a 'trial and error' environment, and there is still no money trickling out the other end of the lending bailout.  It's time for people to help people and get on with the business of living.  There are options.  You may just need to be advised what options are open to you.

Have a blessed day.
Ronda


Ronda Allen, Realtor
Certified Purchasing Manager
RE/MAX Dallas Suburbs
The Keith Dobbs Team