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        <title>North Texas Real Estate Blog</title>
        <link>http://www.tommypennington.com/blog/local-market-conditions/</link>
        <description>Get the latest market news and property listings in the North Texas real estate market. Areas include Southlake, Keller, and the rest of the Dallas-Fort Worth Metroplex.</description>
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            <guid>http://www.tommypennington.com/blog/this-year-is-off-and-running.html</guid>
            <link>http://www.tommypennington.com/blog/this-year-is-off-and-running.html</link>
            <author>info@tommypennington.com (Tommy  Pennington Realty Group)</author>
            <title>This year is off and running!</title>
            <description> <![CDATA[ I'm very excited about the activity we are experiencing this year compared to last.  (Although last year we were once again the NUMBER 1 TEAM at Keller Williams-Southlake... I had to add that small shameless plug.) The showings are up but it still appears offers are not happening yet.  Our online traffic is also on the rise.  Last year the market seemed to be geared toward the mid to lower price points.  I think the US Government Tax Credit helped.  This year we are seeing more activity in the upper price points which is encouraging.  I hope this is the year we get on track.  Texas is the NUMBER 1 Relocation Destination which can't hurt.  Our public schools continue to be great in our area.  If you have questions feel free to contact me. I'm here to help! ]]> </description>
            <pubDate>Tue, 01 Feb 2011 12:35:39 -0600</pubDate>
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            <guid>http://www.tommypennington.com/blog/curious-about-southlake-median-home-prices.html</guid>
            <link>http://www.tommypennington.com/blog/curious-about-southlake-median-home-prices.html</link>
            <author>info@tommypennington.com (Tommy  Pennington Realty Group)</author>
            <title>Curious About Southlake Median Home Prices</title>
            <description> <![CDATA[ 
 
  SouthlakeHome Values 
 
 

 
 
  Southlake, TX Homes for Sale  Get this widget 
 
 ]]> </description>
            <pubDate>Mon, 08 Nov 2010 23:23:32 -0600</pubDate>
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            <guid>http://www.tommypennington.com/blog/5-reasons-you-should-sell-your-house-today.html</guid>
            <link>http://www.tommypennington.com/blog/5-reasons-you-should-sell-your-house-today.html</link>
            <author> ( )</author>
            <title>5 Reasons You Should Sell Your House TODAY!!  </title>
            <description> <![CDATA[ 
5 Reasons You Should Sell Your House TODAY!
 


&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 


&nbsp; Selling
your house in todays market can be extremely difficult. It is for that
reason that every seller should take advantage of each and every opportunity
that appears. Each fall, such an opportunity presents itself. This fall, that
opportunity may be just too good to pass up.
 


Below are five reasons you should consider when pricing your house to sell
in the next 90 days. Meet with your real estate agent and mortgage professional
today and see whether it is the right move for you and your family.
 


1. Entering this time of year, the buyers are more serious.
 


We all realize that buyers are not quick to pull the trigger on the purchase
of a home today. There is no sense of urgency with the supply of eligible
properties at all time highs. However, at this time of year, the
&lsquo;lookers are at the stores doing their holiday shopping. The home
buyers left in the market are serious and are more apt to make a purchasing
decision. Less showings  but to more motivated purchasers.
 


2. If you are moving up, you can save thousands.
 


The Chicago Tribune stated in an article last week that sellers who want to
&lsquo;trade up should act now:
 


It could be a bigger house, different neighborhood or a better school
district, but it comes with a higher price tag. Do the math; this might be the
right time.
 


A home that was once worth $300,000 may now be worth $240,000 in a
market where prices have fallen 20 percent. Wow, you think, the seller is
taking a bath. But that seller may also be a prospective buyer who wants a
house that once was valued at $400,000. With an equivalent market drop and a
realistic listing price, that house may now sell for $320,000. So, in effect,
the person is losing $60,000 on the sale of one home but coming out ahead
$20,000 on the purchase of another.
 


Keep in mind the spread may be even greater. Theres a smaller
pool of potential buyers for more expensive homes, so sellers may be more
willing to cut their price to get a deal done.
 


3. Interest rates just fell again  to 4.19%.
 


Professor Karl E. Case, the founder of the Case Shiller Pricing
Index in an article in the New York Times
last month actually did the math for us:
 


Four years ago, the monthly payment on a $300,000 house with 20 percent
down and a mortgage rate of about 6.6 percent was $1,533. Today that $300,000
house would sell for $213,000 and a 30-year fixed-rate mortgage with 20 percent
down would carry a rate of about 4.2 percent and a monthly payment of $833
&hellip; housing has perhaps never been a better bargain.
 


4. You beat the rush of inventory that is coming next year.
 


Every year there is an increase of inventory which comes to market from
January through April as homeowners put their houses up for sale in preparation
for the spring market. As an example, here is the number of listings available
for sale in each of those months in 2010.
 



January  3,277,000 

February  3,531,000 

March  3,626,000 

April  4,029,000 




You wont have to worry about this increasing competition if you sell
now.
 


5. You have less &lsquo;discounted inventory with which to compete.
 


This year, sellers of non-distressed properties have been given an early
holiday present. With banks declaring a suspension on the sale of many
distressed properties (foreclosures), there has been a large supply of
discounted properties removed from competition. No one knows how long this self
imposed moratorium will last. However, while it does, every homeowner has a
better chance of selling their property.
 


Bottom Line
 


If you are looking to sell in the near future, there may not be a more
opportune time than this fall. Serious buyers, great move-up deals and less
competition from foreclosures creates the perfect selling situation.
Dont miss it!

&nbsp;

(courtesy of Dana Hinson-Benchmark Mortgage) 
 ]]> </description>
            <pubDate>Wed, 20 Oct 2010 15:29:38 -0500</pubDate>
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            <guid>http://www.tommypennington.com/blog/to-appraise-or-not-to-appraise.html</guid>
            <link>http://www.tommypennington.com/blog/to-appraise-or-not-to-appraise.html</link>
            <author> ( )</author>
            <title>To Appraise or Not to Appraise?</title>
            <description> <![CDATA[ 

Every
house for sale in todays real estate market must be sold twice. First,
you must find a buyer ready, willing and able to purchase the home.
Second, you must sell the value of that house to a bank so they will
agree to lend money based on the negotiated price. The second sale may
be more difficult than the first in the current lending environment.






A mortgage is necessary in the vast majority of real estate
transactions in this country.&nbsp; The buyer puts a certain amount of money
&lsquo;down and then borrows the remaining balance from a lending
institution. The lending institution then issues a mortgage to the
buyer using the house as collateral. In order to establish the value of
the house (collateral), the bank will send out an appraiser. The
appraiser will inspect the home; do research on the homes like it that
have recently sold in the area and report back to the bank whatever it
deems to be the value of the house. The bank must feel comfortable that
the value is strong enough to justify using the home as collateral for
the loan.


The appraisal process can be much more difficult in the current environment than it has been in the past for two reasons:


1.) More mortgages are becoming delinquent.


The value of the collateral has always been important. The other
major consideration of the bank when making a loan was the borrowers
previous credit history. If the borrower could show a history of always
paying their bills on time, the bank would have less concern about
having to take the home back in a potential foreclosure action for
non-payment. The collateral would then be less of an issue in the
banks mind.


The number of people defaulting on their mortgage payments is currently 
ten times greater than historical levels. Some borrowers are even 
&lsquo;walking away
from their mortgage obligation even if they have the financial
resources to pay. There is currently a greater chance that the bank
will have to foreclose on a loan. That makes the appraised value of the
home (the collateral behind the loan) more important. We have seen
banks become more conservative with appraisals because of this.


2.) The &lsquo;mix of homes used to establish value has changed.


There were very few distressed property sales (foreclosure or short
sales) five years ago. Distressed properties make up over twenty five
percent of all homes sold today. The homes used as comparables by
appraisers to establish value today reflect this change. More and more
distressed properties are entering the &lsquo;mix of properties being used
as comparables. The distressed properties sell for less. The result is
lowered appraisal values when they are used as comparables.&nbsp;&nbsp;


&nbsp;


Should an appraiser even consider distressed properties when
establishing the value of a non-distressed property? There is much
debate on this issue. We must realize that the reason the bank is doing
an appraisal in the first place is to protect the loan they are making
to the borrower. The house is the collateral to that loan. If the
borrower fails to make payments, what will the bank be left with  A
FORECLOSURE! With that in mind, the bank can make a reasonable argument
that distressed properties should be considered.


What does this mean to you?


If you are a buyer&hellip;


Realize that only you know what the true value of the home 
is to you and your family.
You have probably shopped online and seen 100s of homes. You then
picked out the ones you thought were best and visited them. You went
into every room and saw every amenity. After scrutinizing all these
homes, you picked out the one that best fit the needs and goals of your
family. You agreed on what you believed to be a fair price.&nbsp;Dont
allow&nbsp;the appraisal to convince you that you were wrong. The report was
done in just a few days (or even hours)&nbsp;and was completed to satisfy
the banks current need to be conservative.


Be willing to revisit the price of the home and see whether the difference can somehow be negotiated.


If you are the seller&hellip;


Realize you are selling your house at a time when banks are being
conservative on values. If your appraisal does not come in, do not be
quick to &lsquo;kill the deal. There is no guarantee that you will&nbsp; find
another purchaser. There is no guarantee that&nbsp;a new buyer will match
the offer the previous buyers made and, even if they do, there is no
guarantee that you wont have the same challenge with&nbsp;a new appraisal.


Think hard and long and see if perhaps you can re-negotiate a deal that both you and the buyer can live with.

&nbsp;

Courtesy of Dana Hinson of Benchmark Mortgage 

 ]]> </description>
            <pubDate>Tue, 08 Jun 2010 15:14:56 -0500</pubDate>
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            <guid>http://www.tommypennington.com/blog/local-market-is-on-the-rise.html</guid>
            <link>http://www.tommypennington.com/blog/local-market-is-on-the-rise.html</link>
            <author>info@tommypennington.com (Tommy  Pennington Realty Group)</author>
            <title>Local Market is On the Rise</title>
            <description> <![CDATA[ 










 





Currently, the Tommy Pennington Realty Group has 37 ACTIVE
listings, 2 ACTIVE OPTION, 2 PENDING, 14 CLOSED and 3 offers on the table
working on negotiations!&nbsp; In a time when the media has all but given up on
the housing market and called it &quot;belly-up&quot;, we are thriving.&nbsp;
Demographically speaking, in the last 8-10 years alone, Southlake has seen at
least a 23% increase in population and it's steadily on the rise.&nbsp; States
such as Florida, California, Illinois, Oklahoma and Louisiana are migrating to
Texas and mainly the DFW area.&nbsp; What does this mean to you?&nbsp; Well,
for starters, you can take it as a sign that the housing market, though having
gone through a lull, is not dead.&nbsp; We are actually on the rise from where
we were this time last year, with the demand increasing.&nbsp; Stay tuned for more updates.



&nbsp;



&nbsp;



 ]]> </description>
            <pubDate>Fri, 04 Jun 2010 16:27:32 -0500</pubDate>
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            <guid>http://www.tommypennington.com/blog/spring-is-here-we-listed-two-new-homes-and-got-multiple-offers-within-hours.html</guid>
            <link>http://www.tommypennington.com/blog/spring-is-here-we-listed-two-new-homes-and-got-multiple-offers-within-hours.html</link>
            <author>info@tommypennington.com (Tommy  Pennington Realty Group)</author>
            <title>SPRING is here!  We listed two new homes and got multiple offers within hours.</title>
            <description> <![CDATA[ I'm excited to say the activity is on the rise. &nbsp;You may ask: What listing price are these homes and where? &nbsp;Both of these homes are in Southlake and around the 500K price point. &nbsp;I have to say also both homes were updated and NO BRASS! &nbsp;It amazes me of the amount of listing appointments I go on and give advise as a professional that sees homes everyday and talks to my 7 Buyer Specialists who KNOW WHAT BUYERS WANT and when I give these items don't always seem to get done. &nbsp;Price your home correctly. &nbsp;BUYERS want a &quot;de-brassed&quot; home. BUYERS want granite. BUYERS want fresh neutral paint. BUYERS want wood floors. &nbsp;BUYERS want stainless appliances. &nbsp;BUYERS want updated master bathrooms. &nbsp;BUYERS want to just move in, period. &nbsp;Now, I know it may be tough times. &nbsp;I have seen A LOT of Sellers over the past year that need help financially so it is sometimes tougher to do these things. Consider this. &nbsp;Find a way to borrow the money! &nbsp;In the end, you will SELL QUICKER which means saved money on the carrying costs of these homes like the mortgage, taxes, insurance, utilities, etc. &nbsp; ]]> </description>
            <pubDate>Sat, 13 Mar 2010 06:59:16 -0600</pubDate>
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            <guid>http://www.tommypennington.com/blog/buyers-appear-to-be-on-the-move-will-you-listen-to-your-realtor.html</guid>
            <link>http://www.tommypennington.com/blog/buyers-appear-to-be-on-the-move-will-you-listen-to-your-realtor.html</link>
            <author>tommypennington@tommypennington.com (Tommy  Pennington)</author>
            <title>Buyers Appear To Be On The Move... Will YOU listen to YOUR Realtor?</title>
            <description> <![CDATA[ Well... I'm excited that it is March 1st and we are getting busy. &nbsp;We are seeing an increase in traffic. &nbsp;I'm seeing homes in our market that are priced right and in great condition not lasting long. &nbsp;You must be ready if you are a Buyer. &nbsp;The good ones don't last long. &nbsp;I STRONGLY advise the Buyers to realize we are not like other parts of the country that saw huge amounts of appreciation over the past several years when times were good. &nbsp;Why is this important? &nbsp;Most people here aren't getting rich when they sell and often are just covering their costs if they aren't losing money. &nbsp;Homes here sell for what is currently FAIR MARKET VALUE. &nbsp;Did you know most of our area (Northeast Tarrant County) the homes sell 96 - 98% of list price. &nbsp;I have seen offers in the past 6 months anywhere from 20-45% off list price. &nbsp;Why waste your time? If you come to North Texas and try to deal, you may find your home slipping through your fingers to another Buyer who listened to their local Realtor. &nbsp;It is more important now to work with a local expert than ever. &nbsp;Listen to YOUR Realtor! &nbsp;For those of you that want to deal, you will need to be patient and not get emotionally attached. &nbsp;The question I ask is: Is it more important to you to get a deal or to &quot;feel&quot; like you got a deal and to get a home you actually like and want to live in? Again, Listen to YOUR Realtor! &nbsp;I'm always happy to talk in person so feel free to reach out to me. ]]> </description>
            <pubDate>Mon, 01 Mar 2010 06:44:05 -0600</pubDate>
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            <guid>http://www.tommypennington.com/blog/what-is-going-on-in-the-local-market.html</guid>
            <link>http://www.tommypennington.com/blog/what-is-going-on-in-the-local-market.html</link>
            <author>tommypennington@tommypennington.com (Tommy  Pennington)</author>
            <title>What is going on in the local market?</title>
            <description> <![CDATA[ Every month in order to keep our Sellers in Northeast Tarrant County up to speed with our market we send them data that I feel is more valuable than what most people provide.&nbsp; Anyone can come up with an average days on market, but when you have a huge range of prices I think you need to get more in tune with the truth.&nbsp; Take a look at this link to Northeast Tarrant County Real Estate Market update.&nbsp;  ]]> </description>
            <pubDate>Wed, 30 Sep 2009 21:37:26 -0500</pubDate>
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