Adding Value by Dennis O'Hagan

Just The Facts...

Plano Lands At The Top Of The Charts Again...

Plano is a top U.S. market to buy a home, report says...

 

Plano has landed on a list of the best cities in the country to buy a home.

Researchers at SmartAsset do the annual survey comparing housing costs, apartment rents and incomes in cities across the U.S.

And Plano was ranked fifth nationally in the 2019 study that measured factors including change in home values, change in rent, percentage of housing cost-burdened homeowners, housing costs as a percentage of household income and the average effective property tax rate.

"The median housing costs are just 18% of the median average salary in Plano," SmartAsset analysts said. "That's the best rate in our study, and it shows that if you have a job in Plano, you stand a good chance of being able to afford a home there."

Legal Update: Single Family Zoning...

Oregon becomes first state in nation to nix single-family zoning

Oregon Governor Kate Brown signed a quartet of housing bills Thursday including one that would eliminate single-family zoning in cities over 10,000 people, a move that lawmakers believe will bring back much-needed “middle” housing.

“This session, we committed to significant investments that will help every Oregon family have a warm, safe, and dry place to call home,” Brown said in a statement. “No one single solution will address our housing crisis, and this legislation tackles the whole spectrum of issues, from homelessness, to stable rental housing, to increasing homeownership.” 

HB2001, signed Thursday, requires cities with a population greater than 10,000 to “allow duplexes in lands zoned for single-family dwellings.” It also requires metro counties and cities with a population greater than 25,000 to allow “middle housing” in neighborhoods where zoning had previously only allowed single-family homes.  Middle housing typically refers to units that fall somewhere in between suburban-style single-family homes and high-density urban apartments. It includes small multi-family buildings like duplexes and four-plexes, as well as groups of tightly packed houses called “cottage clusters,”

Proponents of missing middle housing argue that it represents a more diverse range of home sizes and price points, which leads to greater affordability and neighborhoods that can accommodate greater diversity. 

Minneapolis also recently voted to end single-family zoning last year. 

• Inman News, August 9, 2019

Ways To Keep You Electric Bill Low...

Circulating Air with a Fan

• Most people use a fan when it's warm and switch to the AC when it's hot. But fans and AC units should not be either-or; in fact, AC units work better when combined with fans.
• Cool air accumulates where it gets blown out. For window AC units, this means the area right in front of the unit is the coolest. For central units, the coolest areas are right around the vents.
• To cool down the rest of your air space, you either must wait for thermal transfer-which is painfully slow-or you can force the cooled air to circulate using a fan.
• Imagine a drop of blue food coloring in a glass of water. If you wait, it could take hours before the color seeps throughout the water. But if you stir it, the color goes everywhere within seconds.
• In addition, the circulation of air helps your sweat to evaporate faster, and this has a cooling effect on your skin. Which means you can set your AC to a higher temperature while feeling just as comfortable. This trick can shave significant amounts off your energy bill on hot days.

Thanks to Google

How To Make A Winning Bid In A Tough Market...

In a tough market, it pays to be prepared. Make sure you’re ready to pounce once you find your dream home with these five tips to help you place the winning bid.

1. Down Payment
There are plenty of low down payment mortgage options that can help you get into the home of your dreams, but saving up a larger down payment gives you leverage to offer more for your home in case you find yourself in a bidding war. Just remember to keep in mind how much home you can realistically afford when you’re considering offering more for a home.

2. Get Pre-Approved
Getting pre-approved for a mortgage is one of the first steps to buying a home.Not only will it give you a solid idea of what you can afford to pay for your home, it will reduce the seller’s risk when choosing your offer over someone else’s in a multi-offer situation.

3. Know What You Want
Time is a critical factor when placing an offer in a tight market. While you sleep on your decision to put in an offer, other buyers could be making their move. So, as soon as you’re sure you want the home, take action!

4. Minimize Contingencies
The fewer conditions you add to your offer, the more appealing it will be to the seller. If you love the house, but hate the carpet, consider a renovation loan instead of requesting the seller install new flooring. Pick and choose your contingencies carefully.

5. Be Flexible
Most buyers have a very specific time frame they’re hoping to move during - one that lines up neatly with the end of their current lease or sale of their current home. If you can create some flexibility on when you need to close to better accommodate the sellers, it could give you a serious advantage.

How To Get Your Yard Open House Ready...

An open house is a great way to drum up interest in your home, but you want to make sure your home look its best before your first buyer pulls up to the curb. Here are some steps you can take to make your yard shine.

1. Tidy Up
Keeping your yard neat and clean is an important step to making your home as appealing as possible. Pick up any toys, leaves, sticks, or other debris scattered about your yard. Also take time to clean out the gutters and power wash your home’s siding and lawn furniture.

2. Landscape
Keep your bushes neatly trimmed and mow your lawn the day before your open house to keep your yard looking nice. Remember to blow away any extra grass clippings around the edge of your lawn to make the edges of your lawn look nice. Consider hiring a lawn care service while your home is on the market to ensure it consistently looks its best.

3. Details
Small details can make a big difference to your home. Oil any squeaky screen door hinges you have, replace dead light bulbs and torn screens, and add some touch-up paint to the doors, woodwork, or exterior of your home. Also consider adding a nice pot of flowers to add a pop of color to your porch or deck.

If you or someone you know is thinking about making a move, let me know! I have the resources you need to minimize the stress of moving and get you the best deal possible!

Dallas Home Prices Growing at Slowest Rate Since 2012...

Dallas-area home price gains have dwindled to their lowest level in more than seven years.  Home prices in the Dallas area were just 2.6% higher in May than a year earlier, according to the latest S&P CoreLogic Case-Shiller home price index.  The last time local home prices saw such a small year-over-year gain was in March 2012.  Nationwide home prices were 3.4% higher than in May 2018, according to the closely watched Case-Shiller report.  "Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so, and a broad-based moderation continued," S&P's Philip Murphy said in the report.  Dallas-area home price appreciation has been cooling for more than a year. Local home prices are still at all-time highs and are a 50% ahead of where they were before the Great Recession.  Dallas-area home prices have surged by about 70% since 2009, according to Case-Shiller.

• Dallas Morning News, July 30, 2019

HUMOR - Real Estate and The Land Of Make Believe...

DFW Area Is #1 With Home Builders...

DFW Area Builders Start More Homes Than Any Other U.S. Market

Dallas-Fort Worth is hanging onto its position as the top homebuilding market in the country.   North Texas has led the nation in homebuilding for the last three years.  "D-FW remains in the top position in spite of annual starts declining for the first time since first-quarter 2012," said Paige Shipp, who heads Metrostudy's Dallas office. "Interestingly, many of the other regions' starts, including Houston, are either generally flat or down."   D-FW home starts at midyear were at an annualized rate of 33,104 homes — down 5.4% from a year ago.  Houston's 29,222 home starts put it in second place.  The Austin area also made the list with 16,404 starts, and San Antonio ranked 10th with 12,502 houses started by builders.  "I think home starts for Dallas-Fort Worth will probably land in the 33,000 to 35,000 range," Shipp said. "Most builders are pretty content with sales and are feeling better going into the second half of this year.  "It helps that we have added 120,000 jobs over the last 12 months."

• Dallas Morning News, July 25, 2019

Six North Texas Communities Make the Nation’s Top 10...

Plano Named Nation’s 2^nd Hardest Working City

North Texas workers might deserve some time off.  Six of the country’s 10 hardest-working cities are in Dallas-Ft Worth, according to a recent ranking by industrial equipment supplier Kempler Industries.  Plano ranks No. 2 in the country, behind Washington, D.C.   Dallas isn’t far behind in third.  Grand Prairie, Garland, Irving and Arlington all made the top 10.  The ranking looked at 200 U.S. cities with populations over 150,000.  Five metrics were derived from Census Bureau data to create a city’s score: average commute time, weekly hours worked, share of workers over and under 65 and percentage of unused vacation days.

• Dallas Morning News, July 31, 2019