Lydia Player's Discussions

You should start by finding a buyer's agent to work with in Hudson. Depending on what part of Dallas you live in, the selling time is 60-100 days. That is from the time you place your property in MLS until you get a contract. Typically the property closes 30 days after it goes under contract.So if you hope to move in June, you should list your property for sale in February or March. My web site has statistics of the time to sell (Days On Market) for different areas of Dallas.Please let me know if I can help you.Lydiawww.LydiaPlayer.com

Great conclusion for everyone & fantastic advice.

Speculation continues to run rampant about where the President & First Lady will live come January 2009. The New York Times gossip column saying they'll live in Preston Hollow and their description of Preston Hollow (mountains & golf club views) is about as accurate as most of the speculation.The agents really in the know aren't talking because the folks in black suits have said to keep quiet. Not a request, a requirement. And if you've met those guys, you know they're serious.The only accurate information so far is that it will be Preston Hollow. We'll have to wait for the actual closing before the address is revealed. That should happen any day now.

Despite the current headlines screaming that our market is going to hell in a handbasket, the Preston Hollow market is holding up well. According to the most reliable single family home sales statistics, we are doing much better than the rest of the country. Here are our most recent MLS statistics (from the North Texas Real Estate Information Service): The September 2008 Year-To-Date Statistics for the area of North Dallas south of LBJ (which includes all of Preston Hollow) shows a total sales of 423 homes this year. This is down 25% from this time last year. However the average sales price of $972,603 represents an increase of 5% from this time in 2007.  

With every headline screaming that our market is going to hell in a handbasket; here are our latest residental sales statistics according to the North Texas Real Estate Information Service (our local MLS).These stats are for single family homes : September 2008 Year To Date StatisticsNorth Dallas (south of LBJ, between Midway & Central):Number of Sales: 423 (down 25% from this time 2007)Average Sales Price: $972,603 (up 5% from 2007)Park Cities:Number of Sales: 554 (down 13% from this time 2007)Average Sales Price: $1,88,816 (down 3% from 2007)Northeast Dallas (east of Central, south of LBJ):Number of Sales: 485 (down 17% from 2007)Average Sales Price: $251,694 (up 1% from 2007)Northwest Dallas (west of Midway):Number of Sales: 391 (down 31% from 2007)Average Sales Price: $242,898 (up 7% from 2007)Far North Dallas (LBJ to Plano from Central to Marsh):Number of Sales: 739 (down 28% from 2007)Average Sales Price: $338,951(down 2% from 2007)

Check out these spooktacular photos of homes decorated for Halloween in my Preston Hollow neighborhood.www.PrestonHollowHalloween.com 

I'm so frustrated with the 'local expert' system that I'm ready to give up on Zillow. I even called and spoke with a Zillow rep who wasn't able to help. It is frustrating to have more contributions and more listings than the current 'local expert' and yet, not receive the designation. There is nothing to show my actual track record of selling homes in my neighborhood. I have to wonder how an agent who has very little presence in my area can be called the local expert.

Lets just take a look at this graph of residential sales in the metroplex over the past 4 years. Doesn't look like fire and brimstone to me. Judge for yourself. Click for larger image.

Like many Americans, I've lost a huge chunk of money in the stock market and various investments this year. My financial portfolio has dropped a whopping 40% and I know I'm not the only one. It is a sickening feeling, that I can't do anything about. And in some parts of Texas, home prices are down 3 or 4%. Whoa!Real Estate down less than 10% while other markets have lost 40% and more?Thats right. I don't know anyone who has lost 40% of the value of their homes in the last year. Do you?  There are probably some folks out there who have, but they certainly don't match the huge number of losers in the stock market.So for all the moaning and groaning about real estate, we need to put it into perpective. People need to learn that your home is not a liquid asset that you can sell or mortgage anytime cash gets short. You can't normally liquidate the clothes in your closet, your car, your furnishings or other personal possessions for more than what you paid for them. But we've changed the way we think of our homes in the past few decades. We no longer think of our home as a neccessary expenditure required for shelter - but as an investment opportunity.And yet today, real estate is still a great LONG TERM investment. Like Will Rogers once said, "Buy Real Estate cause they ain't makin' any more of it." You sure can't say that about the stock market.

One of the items forgotten in this debate is the E&O - errors and omissions insurance that I am required to carry as a Realtor. If something should go wrong with the transaction, guess who everyone wants to sue?Interesting, in the commission negotiation, it is usually the seller who wants to negotiate a reduced commission to sell their property. I'm asked to reduce my commission on a regular basis. The seller wants to pay me 2% while offering the buyer's agent 3% (in order to stay competitive in the MLS). However, the costs of marketing the property comes out of my pocket - regardless of if the house sells or not. And if I bring the buyer without another agent, guess who wants to save on the commission? The seller  - and the buyer. I might make more if I charged by the hour and got paid whether the property sells or not. I wonder how many sellers - or buyers - would be willing to pay someone an hourly rate to help them buy or sell a property? You can hire a real estate attorney to help you sell or purchase a property. They can handle the paperwork. Check their hourly rate and then decide for yourself.