Ronda Allen's Blog

I was a first-time home buyer during the last big recession in the early 1990's.  Other people were buckling down and riding out the times, and Joel and I were just starting out our married life and dual income status.  It was a great time to be a buyer.  We purchased a 4-bedroom home on the budget of a normal 3-bedroom home.  We purchased a home that was mid-way between both of our offices, so that nobody had an outrageous commute to work.  And, we purchased within our means.  Sounds too perfect, right?  To some extent, it was...

The BAD and the UGLY

The house was built in 1970.  The carpet was the original dark brown, 20-year old carpet. 

The house was painted inside with a cream colored paint that dated the house and was probably 10-years old.

The secondary bathroom had silver and light blue wallpaper.  I should have kept some of it in a memory book - it was so horrendous! 

There were no ceiling fans in the bedrooms and it had small closets.

The countertops in the kitchen were wood-look laminate covered MDF (medium density fiberboard).

The fence was 20-years old.

Starting to wonder why we bought it?

The very, very GOOD

1.  It had great bones.  Four spacious bedrooms, two full baths, two living rooms, a formal dining room, two patios, two-car garage, and a nice-sized yard.

2.  The work it needed was cosmetic.  Structurally, the house aced the inspections.

3.  The work that needed to be done could wait until we could afford to do it.  We budgeted for the carpet and paint to be done immediately.  The rest of the work would either wait (we did one project a year on a signature loan from the credit union that we paid off over the course of the year), or we agreed we could do it ourselves.

4.  We were able to assume the loan of the seller, and negotiation to also assume all of their equity.  Financially, this set us up with equity in the home from the minute we purchased it. 

When we sold that house, it had an 8-foot fence, beautiful flooring and paint that still looked new (but was really 5 years old), the same icky countertop (it was in good shape - I learned I could live with it), and a beautiful secondary bathroom remodel that I got to enjoy for five years.  I also sold that home (and each one since) in the month of December, fully decorated for the holidays. (don't let people tell you homes don't sell in DFW in the Winter months - so false!)

As-Is or With Repairs/Treatments

Something I haven't seen a lot of in the buying public in the last decade is a willingness to update a home.  Buyers tend to want a home to be move-in ready.  But, the projects that my Husband and I did in the early years of our marriage set us up for a better equity position on every home we've purchased since then.  And, we had fun with the projects.  We learned a lot about each other in those early years.  We've laughed so many times about that awful wallpaper in the bathroom and my Husband has told the story of how I single-handedly remodeled that bathroom after the battle to take down that wallpaper.  We learned that cosmetic home projects are not really that expensive, and that there is a huge amount of pride that comes from doing the job yourself.  We also learned that home improvement projects are for the young.  As we got older, it became easier just to hire the job out to save ourselves from the exhaustion or the painful joints that set in after a 3-10 day home improvement project. 

Don't be a critic!  Consider a home

I've seen buyers walk through homes and immediately dismiss them because they didn't like the countertops in the kitchen.  But, they won't blink an eye about the 15-20 year old fence.  These days, if you do the math, that fence is more expensive that a new countertop.  So, which project are you willing to do yourself?  Only you can decide.  I just suggest that buyers not just blow off a house for a couple of cosmetic issues that they want to draw a line in the sand over.  Go into your home tour with an idea of which projects you might want to negotiate over, or even do yourself.  When a house goes beyond he limit you set, then it comes off the list.  You may be surprised how many of them stay on the list.

Picky, Picky, Picky

It's all too easy now for buyers to be too picky over a home.  It seems like there is always another house to view, and you just might stumble across one that is perfect AND in your budget.  I've been doing this long enough to know that this is a myth.  An urban legend.  Home buying is about compromise.  We're looking for a home that is acceptably close to your perfect home, but I guarantee that, unless you build it, there will be something that you want to change.  Just don't get caught up so much in critiquing the homes, and focus on considering the homes.  Your wish list will drive your home tour.  If your wish list is thorough enough, you'll be looking at fewer than 30 homes.  The more detailed your list of needs and wants, the smaller the list will get.  But, are you out there to see lots of homes, or are you out there to see the homes that meet your wish list?  Don't lose sight of the prize and think of yourself as the fashion police for homes.  Give thoughtful consideration (and a rating) to each home you view, and you'll be narrowing the list down to homes for a 2nd showing appointment and a possible purchase.

Have a blessed day!

Ronda

Just a short drive North on Preston from Hwy 380 is the beautiful community of The Bridges at Preston Crossing in Gunter, TX.  This is a golf course community being developed by Bluegreen Corporation.  The terrain is amazing.  The homes are beautiful.  Build to suit.  And, just about every fee that can be waived has been waived.  Here's the notice Sean sent me yesterday.  I help clients build homes from the ground up every year, and my experience can help you build a wonderful home and a wonderful life in Gunter.  

Have a blessed day!
Ronda
 

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Dear Ronda

Build Now & Save Up to $62,000 on

Even though I moved to RE/MAX Dallas Suburbs in January of this year after 8 years with another broker, my old personal website is still getting over 1500 hits a month.  When I made the decision to join a team, I knew things would be different.  I had to set ego aside a bit (not entirely), and allow myself to list homes under another agent's name.  But, I have found the cross-marketing of everyone listing under one name amazing.  The showing traffic went up in all price ranges, there were more buyer and tenant leads to share, and I was very diligent in finding an agent who worked the way I did and had a good reputation in my area.   That transition was not easy - but, a few weeks of discomfort were worth the gains.

www.comingsoonhomes.com is still a thriving online resource.  But, since I am not listing homes under my own name any longer, I gave up the personal website www.rondaallen.net.  It isn't under construction.  Anyone searching for my listings can find all of our team's listings at www.keithdobbs.com.  This team concept, and gaining a licensed agent office manager who keeps us all current online, allows extreme focus on the task of buying, selling, and leasing residential properties.  It even allowed me the time to delve into coaching new agents and learning light commercial real estate (shopping centers), two things that have been on my to-do list for the last couple of years.  The team has more value than I ever imagined.

Have a blessed day!
Ronda



Ronda Allen - Realtor, Life Coach, and Certified Purchasing Manager
CEO of comingsoonhomes.com
Follow us on twitter:  www.twitter.com/comingsoonhomes
RE/MAX Dallas Suburbs-Keith Dobbs Team
#1 office and #3 team fo RE/MAX in the North Texas Region at mid-year 2009
See all our team's listings at:  www.keithdobbs.com
   

I blogged recently about the leasing market in the North Dallas suburbs.  What was interesting to me was that the lease market has been opening up this year into the Far Northern suburbs of Frisco, Prosper, and McKinney.  But, a nice family from Austin, TX was kind enough to advise me through trulia.com that I did not give any information on how the Plano leasing market was doing this year.  Thanks, Mr. G.

Plano is a phenomenon in our DFW Metroplex.  People know it.  It's huge.  It has excellent Fortune 500 presence, which keeps the property taxes at what we would consider the 'reasonable' level for Texas.  There is demand for Plano always.  That was the primary factor in why I moved my office back to Plano in January of this year.  My biggest problem in Plano, in terms of selling and leasing, is that I can't keep a listing long enough to generate other business from that listing.  That's a good problem to have.  It means homes are in demand.

The Plano leasing market has been strong for decades.  Most agents in Plano will work with a buyer, seller, or tenant - and not just stick to one type of real estate client.  We are used to multi-tasking, and we enjoy working with the internet-savvy clients that being in a large, corporate-based city affords us. 

Right now, there are 125 homes in Plano available for lease at or below $3000 per month rental.  There are also another 23 homes from $3000 to $9000 per month lease.  That's a big luxury rental market for our area.  By the way, $9000 per month rents a 6,000 square foot, six-bedroom Tuscan estate in Willow Bend.  It's a gorgeous home, and at $9,000 per month, it will lease. 

The average lease of a 4-bedroom home in Plano is going to lease at $1800-2400 per month.  Most of the rentals I'm doing in our suburbs this year are taking a lease in 2 weeks to 6 weeks.  The interesting thing about the leases this year is the customized lease terms we're writing to fit the needs of the tenant.  From a 4-month fixed rent plus 4-months at month-to-month (which fit a tenant who was building a home), to the 9-month lease (to accommodate a sale in another state), to the 12-24 month standard variety lease.  The terms are anything but standard this year.

As I hear from many people looking to lease in DFW this year, they still have a home to sell, but they want to lease a home that they would consider buying.  Nobody wants to move twice, if they can avoid it.  So, the 'tenant' is actually the strongest potential buyer of the home.  That is waking up a stale listing for sale, just by adding the option to do a lease.  Homes without showings can suddenly be in demand just by being flexible in the light of the current market conditions outside of our immediate area.

Have a blessed day!  I'll be spending the afternoon doing open houses on 4106 Briargrove in Dallas (which happens to be for sale or lease), and at 4700 Canvasback in McKinney (for sale only).  Thanks again to Mr. G from Austin, for reaching out through Trulia.com to ask me to blog about the Plano lease market! 

Ronda




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

There is a song my teenage son sings about me.  I have no clue the band, so they'll have to forgive me.  But, the lyrics go on about how some teenager's Mom is still pre-occupied with things from 1985 - the bands, the music, etc...  I fit that profile to a 't'. 

The passing of Michael Jackson and Farrah Fawcett came within 48-hours of my meeting up with a great friend from my high school days.  I also just recently added social media like Facebook, which put me in touch with a few more friends from back when I was living in Duncanville.  There is usually a CD in my car from some heavy metal band from the 1980's.  You wouldn't know it today, driving my soccer-Mommy SUV and sporting my professional demeanor, but there is a girl with big hair and lots of black eye-liner hidden somewhere in there even today.  She takes control of the radio as soon as I drop off the last client of the day.  

How does any of this pertain to houses?  I'm getting to that.  As a Realtor, I get clients who come into my office and share their wish list for a home.  Nobody walks into my office and says 'show me a home from the 1980's'.  Most people want the same from their home as from their technology - the latest and greatest.  But, you miss a gem when you skip 1984-1989 built homes in Dallas.  This was back in the days of J.R. Ewing and Southfork Ranch (which you can still tour and is MUCH smaller than it looked on tv).  Big oil days!  Pre-recession days!  Days when builders were putting special touches into their homes as signatures, and the cost of materials to build a home were much more reasonable.  These are homes that stand out as 'timeless' in their construction.  It is very hard to date these homes from the curb.  And, they were the homes built on lots prior to 'lot premiums' because the cost of land shot up.  They typically sit on a nice .20-.25 acre lot, meaning plenty of front and back yard.

I see homes in Dallas dating from 1950 to today.  I live in Prosper, so the homes around me were generally built after 2002.  But, my heart belongs to those 1985 ranch style homes with their unique floorplans and tasteful facades.  So, yes - I am proudly pre-occupied with 1985!  

I'm going to dig out my Thriller album today and reminisce about dancing in my room, and I wore my hair big and feathered in honor of Farrah today.  I wanted to be her when I was 10, and they actually filmed a scene for Charlie's Angels at the quarry behind my neighborhood in Mission Viejo, California, when I was a kid.  Some of us will take 1985 along for the ride forever!

Have a blessed day!
Ronda




Ronda Allen
Realtor, Realtor Life Coach, and Certified Purchasing Manager
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

Have you noticed the open house signs springing up around town?  Agents are venturing out in big numbers to speak with people about the local housing market.  The media is still filled with gloom and doom to sell papers, but in DFW - we know homes are getting more showings, getting offers, and going under contract.  Builder specs are dwindling, and should be in short supply this year.  That means it's a much better market for existing home sales in our DFW Metroplex.  The Stimulus Package should help (in the words of Jerry McGuire 'show me the money' - we'll believe it when we see it trickle down to the general public), but we're also seeing people venturing out again to the malls, restaurants, and movies.  We're spending a little...just a little.  We're looking for deals, but we're not as fearful as we were a few months ago.  

Visit an open house.  Ask about interest rates, good faith estimates, the buying or selling process, the stimulus package, the neighborhood, the city, the region, or the state.  Real estate is a localized market.  Don't try to nationalize the picture.  Speak to those who work in your local area.