Luxury Properties Sales Trends in Denton County

Denton County Luxury Homes Market: Days on the market (blue line) vs Month Supply of Inventory (grey bars)

City of Denton, TX has seen a decrease in Luxury Properties sales over the last year. Based on the information provided by NTREIS (Local MLS), the number of luxury properties (defined as sold price equals or above $490,000) offered for sale has increased 11% in the city of Denton. It took on average 4 times longer to sell a luxury home in Denton in October 2009 than the same time last year. Very few homes in this price range go under contract per month. In fact, the largest number was 3 in August of 2009. Often, not a single property in this category finds a buyer. On the other hand, Denton county, overall, which includes cities such as Argyle, Flower Mound, Highland Village, Trophy Club, Corinth, Double Oak to name a few, has seen a much better market performance in the luxury homes category. Sold luxury homes are up 30% from 23 homes sold in October 08 to 30 sold in October 09. While the number of properties under contract has declined by 14%, the average days on the market for a luxury home in Denton County is down 24% since October 08.

Denton, TX Real Estate Market Update

Denton TX homes for sale market has seen changes over the past year. For example, the average days on market is up in October 09 vs October 08 by 9%. It now takes on average about 4 month to sell a single family home in Denton vs. 2.5 months a year ago.
However, fewer home owners are selling their homes. This is reflected in the 43% drop in average months supply of homes for sale inventory in Denton. We are seeing about 5.2 months of supply of inventory today vs. 9.7 a year ago - in October of 2008. Another interesting stats is the number of homes under contract is up 54% since October 2008! 94 homes in Denton are currently under contract! If you need more information or ready to put your home on the market - give me a call and I will prepare a Comprehensive Custom Market Analysis for your Property!

Top Five Security Tips for FSBOs.

If you are selling or thinking of selling your home yourself - you are familiar with FSBO abbreviation. It stands for For Sale By Owner.

Follow these security tips while having your home for sale by owner:

1. Never set an appointment unless you have full name and phone number of person who asked for it. Call back to verify the number.

2. Don't tell potential buyers about your schedule.

3. Never trust unknown person to go into your home without you (by giving them location of hidden key, security system info, etc.)

4. Keep a log of everyone who looked at your home.

5. Never leave prescription drugs, valuables, guns or items of value in sight or in places where the buyers can find them.


Please remember that most of people who want to look at your home will be honest potential buyers but it is always better to be safe than sorry.


p.s. One of the greatest and ofen "unnoticed" benefit of listing your home with the REALTOR who belongs to local association and showing system is the SAFETY and SECURITY of scheduling showings.

Leeza Morris earns e-PRO Certification

For Immediate Release

Contact: Leeza Morris, Keller Williams Realty 2434 Lillian Miller Parkway, Denton TX 76205 leezamorris@kw.com; (940) 391-5080; www.LeezaMorris.com

Local Real Estate Agent Earns Certification e-PRO^® Certification

October 6th, 2009 – Leeza Morris of Keller Williams Realty Denton, TX has successfullycompleted the e-PRO^® Technology Certification Program course to become one ofa select few real estate professionals to earn the prestigious certification offered by the National Association of REALTORS®.

The e-PRO^® certification course is an educational program unlike any other professional certification or designation course available, comprehensive and interactive. It is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home.

The e-PRO^® course was recently totally revised to include segments on Social Networking and Web 2.0 marketing.

“Today on the Internet, information about homes, neighborhoods, real estate professionals, the home buying and selling process, lending, you name it, are all available and searchable, at everyone’s fingertips,” said Leeza Morris of Keller Williams Realty “Being that the real estate business is really an information based business, Web 2.0 will have a major impact on the conduct and process of real estate related objectives by consumers.”

With more than 80% of consumers beginning their real estate research on the Internet, e-PRO^® certified agents have the experience and expertise to meet the demands of today’s buyer and seller.

The exclusive e-PRO^® certification course is presented entirely online and certifies real estate agents and brokers as Internet professionals. Because of its innovative design, students are able to complete the course at their own pace, when and where they want, via any Internet connection. The course is designed to help REALTORS^® stay at the leading edge of technology and identify, evaluate and implement new Internet business models.

Once completed, the e-PRO^® certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professionals who provide high quality and innovative online-based real estate services. Consumers can identify the e-PRO^® through the exclusive e-PRO^® Internet Professional logo.

“The real estate industry has undergone a fundamental change over the past several years,” Leeza Morris said. “A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public. It only makes sense to work with a REALTOR® who is up to speed on today’s technology.”

Both the content and the delivery platform were created by the San Diego-based technology company InternetCrusade®. The course instructs participants in the professional use of e-mail, the development of an interactive Web site, and the use of online research tools including Social Media and Web 2.0 instruction. Graduates use the skills they've acquired to provide clients information on properties for sale, local communities, and the local real estate market.



For more information, e-mail Leeza Morris at leezamorris@gmail.com or call (940) 391-5080

HUD approves the use of $8000 tax credit for downpayment

HUD has recently approved the use of the $8,000 tax credit for the purchase of a new home. Currently a buyer must purchase a home and then apply for the tax credit through their tax returns. However, with the new rule our qualifed buyers will be able to use the money for their down payment, closing costs, and prepaids. The program will be facilitated through The Texas Department of Housing and Community Affairs (TDHCA). TDHCA just released a letter acknowledging the new rule. As of yet, they have not implented the program. We do not have a definite timeframe when they will have it ready. I will email you as soon as I get word and with their guidelines. Please contact me with any questions.

Respectfully,

Bob Knoll
SWBC Mortgage Corp.

Interpreting the market conditions in Denton, TX

Absorption rate is an indicator of whether the area is buyer's, seller's or neutral market. True to the entire country and state - for the past 2 years the housing market was a buyer's market. However, this number can be different if calculated by zip code or specific neighborhood.

Formula's outcome is a number of months it takes to absorb current homes of sale:

1-4 months - sellers market

5-6 months - neutral

over 7 months - buyer's market

These data is for the last 30 days (April 18 - today)

1. Denton County  7.9
2. Denton 8.5
3. Flower Mound 8.8
4. Argyle 11.3
5. Aubrey 8
6. Corinth 7.4
7. Lake Dallas 5.2
8. Highland Village 12.3

Basically, if you list a home in Highland Village and want to sell it quickly you must price it at least 10% bellow at what currently available and comparable to your property or you are risking to stay on the market for over a year.

If you want me to calculate absorption rate in your ZIP code or your neighborhood (if it is large enough) let me know via email or phone: leezamorris@gmail.com (940) 391-5080

Pecan Creek - South Denton

Parkway Builders are incorporating high end home features that are not common in this area and this price range. As you drive south from Denton, exit Post Oak and turn left. The first turn left. This area is very nice, family friendly. If you like to bike - this is a dream - the neighborhood is located adjacent to Denton's longest bike trail. I stop by today in the open model home. I also visited other homes by this builder earlier. What is impressive is starnard features that they offer. The overall feel of the home inside with rounded walls, arched windows separates this builder from others in the price range of $160,000- 200,000. Here at the oreserve at Pecan Creek - 6 lots are available. Features include: Perma-Edge countertops, abundant cabinetry, island, large tub in master, and what's impressive is engineered foundation for each home, energy efficient water heaters, quiet A/C, great attic insulation, engineered wood floors and more. Don't go there without a realtor! Realtor commissions are not paid from the sale of any home - rather from their marketing budget. Let the realtor negotiate the best deal for you! Call me and I will set an appointment to show you these lots and available homes.