Great Time to Buy!

The stock market had big-gain days this week and a bevy of optimistic news came out of Europe over the past weeks, while Treasury bonds traded lower.  Normally these would signal a jump in mortgage rates, but the economic formulas just aren’t working as we might expect.  In fact, adjustable-rate mortgage loans hit new lows this week and fixed-rate mortgage loans remained near all-time lows.  Freddie Mac’s Primary Mortgage Market Survey shows all of this, but also shows that the number of mortgage applications is tumbling.

Wake Up Homebuyers! Be aware that a lower volume of loan applications can mean a better deal for you the buyer on mortgage fees, etc. which are always negotiable.  Historically low rates + negotiable fees = GREAT TIME TO BUY!

“What’s The GOOD News?” – 11/15/11

1.*   The Internal Revenue Service  increased the standard business deduction mileage rates from 51 cents to 55.5 cents per mile, due to increased gasoline prices.   The rate increase went into effect July 1, 2011 through December 31, 2011.  A new six-month rate for computing deductible moving expenses also increased by 4.5 cents to 23.5 cents a mile.

2.*   UNT will open the area’s first pharmacy school in Ft Worth by August 2013.  The College of Pharmacy will have a first class of 80 students, growing to 100 students by the 3rd year.  UNT is also beginning the largest construction project in the university’s history with an expansion and renovation of the Student Union building on the Denton campus.  The project is expected to cost about $100 million.

3.*   City of Highland Village has been recognized as the Safest City in North Texas for the past nine years. This year Highland Village is once again shown as the Safest City in North Texas, based on information provided by the FBI’s 2010 Uniform Crime Report.  Information on the FBI website confirms Highland Village is once again not only the Safest City in North Texas, but the Safest City in Texas with population over 10,000 and less than 100,000.

4.*    Nebraska Furniture Mart is planning a 1.8 million square foot retail and distribution center south of Hwy 121 between Plano Parkway and West Spring Creek Parkway in The Colony.  Construction is planned to be complete by the end of 2015, creating 1,700 full-time jobs and anticipating bringing 8 million customers a year and $600 million in sales from throughout the southwest region.  There are only three other locations for the retailer in the US:  Omaha, NE; Kansas City, KS; Des Moines, IA.

5.*   The U.S. Census Bureau released a report on September 22, 2011 listing Flower Mound as having the fifth-highest median income in the country for locations (including counties) with a population of at least 65,000. Flower Mound is the only geographical area from Texas to be included in the Top 5, with a median income of $105,637. The other cities in Texas within the list of 15 locations highlighted were Frisco, ranked at No. 13, and Sugar Land at No. 14.

6.*  The Dallas Museum of Art has opened its first ever exhibit dedicated to exploring the art of fashion with an exhibit of Jean Paul Gaultier’s fashion designs. Dallas is one of just three North American cities – along with Montreal and San Francisco – hosting the exhibit of works by the French designer.  The pieces displayed were created between 1976 and 2010.  The show is expected to attract thousands of “well-heeled” visitors to Dallas between its opening date of Sunday, Nov. 13th and its closing on February 12, 2012   A sneak peek for an opening usually attracts about 300 visitors to the Museum, but the sneak peek for this show had over 1,200 visitors from around the country.

From November 5 – 12 , 2011 in Flower Mound:
*************
From $150,000 – $250,000 there were 190 showings
From $250,000 – $350,000 there were 223 showings
From $350,000 – $500,000 there were 102 showings
*************
The business is out there –   how can we help you get your share?

Why You Should Have Your Home on the Market Over the Holidays in 2011

1. Many other properties will be taken off the market and re-listed after the holidays.  Inventory will be lower and you will have less competition.

2. Only serious buyers look for a home during this time.  Most November-December home shoppers need a home now.  These are motivated buyers.  If you are going to keep your home clean and rush out at a moment’s notice, doesn’t fewer showings with more motivated buyers sound good?

3.  Less competition with more motivated buyers means better negotiating power for you, the seller.  It’s just a fact.   People shopping for a home during the holidays want to get the task accomplished and know where they are taking their family.  They are more emotional, as we all are.  They do not want to be taken advantage of, but may have less patience for lengthy negotiations and just want to get the deal done.

Read the whole list of 12 reasons - Why You Should Have Your Home on the Market Over the Holidays in 2011

NOW is the Time to Invest in Real Estate

The Question: Based on what I know about my personal situation, how can I design my life today, such that I can build a stream of residual income that can fund my ‘Financial Freedom’ for myself and my family?”

The Answer:  Use real estate as your vehicle to Financial Freedom!

Why Now:   Mortgage rates are lower; rental rates are higher; distressed property can mean foreclosure, short sale, divorce or many other; population forecasts show our area growing dramatically in the next 20 years; stock market is uncertain and interest rates you can earn are lower; Gen Y’ers will arrive at their peak earning years in 2020 – 2025….expect another real estate BOOM!  When you analyze the facts and the situation – real estate is a great investment choice and the time to buy is NOW!

Seven Tips To Help Distressed Homeowners

#1):  Analyze leasing the home as an alternative.  Lease rates are rising and this can be a great way to wait for the market to improve or until the homeowner’s financial situation improves, and cover costs in the meantime.

#2):  Have the homeowner talk in great detail with their lender prior to choosing the short sale route.  (Or give the Realtor authority to talk to their lender)  While short sales are usually a great option, they should ask the tough questions in advance to assure they understand the process.  Get these answers in writing:  Will I receive a 1099 for the difference between the sales price and the amount owed on the loan?  Will there be a judgement placed against other assets for the difference between the sales price and the amount owed?

#3): The homeowner should consider all options.  Can they rent the home a few weeks a year during a convention or festival that comes to town?  Can they rent a bedroom and bath to a student?  Will that extra money get them by?

#4): If foreclosure appears inevitable, the homeowner should ask for a copy of their actual note, and they should ask in writing.  The lender should be able to provide the documents and the homeowner should review exactly what it includes.  While this may just be a stall tactic, it is a legitimate one.

#5): The Mortgage Bankers Association reports that the cost is 30% higher for a foreclosure than a short sale.  Make sure the lender knows what the realistic sales price of the home will be, and that a short sale is possible.

#6):  The homeowner should visit www.hopenow.com.  This website has great tools for considering all options and includes information on the federal Making Homes Affordable (HAFA) program, state programs and lender programs.  It is relevant 3^rd party information that could help.

#7)  Price the home to sell quickly.  This is a stressful and emotional time for homeowners.  Wishing won’t change anything, but selling the home quickly and efficiently will.

Distressed Homeowners Need A Professional – They Need Us

Our market in North Texas is going strong, and for that, we are grateful.  However, it remains true that many homeowners will be selling either because of an economic crisis or the crisis of divorce. 

Friends and neighbors are counting on the professionalism and expertise of their Real Estate Consultant….YOU!

 Be certain that your sphere knows you can help them, that you help people in difficult situations daily.  Make it easy for them and remove their embarrassment by talking about these situations as a part of your daily life as a professional, by asking regularly if they know anyone who needs your assistance during a difficult time.  Do people in  your sphere know that you can help them have foreclosure action deferred?  Do they know that you can guide them through a short sale?  Do they know that you can talk to both parties AND their attorney during the home sale and get it closed successfully?

Your marketing should directly address these circumstances, as they are a part of our business today.

Mental Toughness: All Important Today…and How To Get It

Regardless of your industry, regardless of your job or your position, today is a time that requires mental toughness in order to be successful.  Many of us wake up each day to undertake a career that maybe isn’t exactly what we signed up for or thought we would have.  We work with others who have heartache and stress, we ourselves have heartache and stress…..perhaps we have forgotten how to even see the big dream, much less how to attain the big dream.  ENTER MENTAL TOUGHNESS. 

Mental toughness is defined as: “having the natural or the developed psychological edge that allows you to generally cope better than your opponents with the many demands you face and specifically to be more consistent and in control of your responses and results.” 

First, let us acknowledge that some people are winning today, some people are gaining wealth, some people are engaged in work that rewards them both personally & professionally.  How do we join those ranks?  MENTAL TOUGHNESS.

#1:  Confidence.  Do you know your stuff?  Have you kept up with all of the tools utilized in today’s market?  If not, where can you go to get the education and support that will build your confidence?  Who has the courage & confidence to actually reach for success each day?

#2:  Systems & Routine Behaviors:  Practice (remember you WILL be practicing, it just depends on if it is with a client when it counts or with a friend with the opportunity to improve) regularly, because the questions and issues really don’t change.  In the real estate industry, you should have a great response ready for the following situations:  how is the market; I can’t afford to sell; I’ve been thinking of investing; I wish we could sell, and others that you hear frequently.  Schedule lead generation since without leads you do not have clients.  Focus all of your attention of revenue-generating activities, and do not become distracted from your scheduled, revenue-generating activities.  Consider these your pre-game rituals!

#3:  Recognize & eliminate negativity.   Victim mentality casts blame rather than looking for solutions.  A great attitude will carry you far each day.  Particularly today, a great attitude is noticeable and acts as a magnet.  People are drawn to happiness, to energy, to confidence, to success.  Remember the quote:  “Whether you think you can or you think you can’t, you’re right.”

#4:  Stay in control of yourself.  Poise and composure will retain and attract clients.  Poise and composure give you the highest chance of closing a transaction.  Poise and composure allow you to continue to focus on revenue-generating activities rather than expending energy on the negative.  Poise and composure allow you to let go of your own mistakes, to acknowledge failure and move on.