Derek Taylor’s Blog

August 2009 recap of the Real Estate market in Burleson, TX

Last month in Burleson, TX was exciting in the homes for sale business.  This is your monthly report for August 2009.  I pulled these statistics off of the North Texas Real Estate Information System and the information is deemed reliable but not guaranteed. 

What homes sold in Burleson TX?

All we as buyers, sellers and agents really care about when it comes down to it is what homes actually sold.  Here is a break down of actual sales for Burleson, TX.

• 45 homes sold in Burleson.  Of those 45, the average house was a three bedroom, two bath home.  The average square footage was 2014 and the average sold price was $136,196 with a list price of $138,568.  The average house was on the market for 79 days.

What homes were for sale in Burleson, TX?

• Active listings in Burleson TX  toatled 361 homes.  The average home was a three bedroom, two bathroom with 2422 square feet.  The average list price was $219,067 and was on the market for 104 days.  Keep in mind that one of the houses was a beautiful antibellum mansion listing for 3.9 million dollars. 

What about pending homes for sale in Burleson?

• There were 37 properties pending during August.  Of these the average was 1868 square foot three bedroom two bath home.  The average list price for pending homes was $119,144. 

What about the first time homebuyer tax credit?

• Home sales continue to be driven by the tax credit.  It is available for any person who has not owned a home in three years.  The credit is up to $8000 and is a true tax credit, not a deduction.  Based upon the average sales price of homes in Burleson, TX, most buyers would qualify for the full amount.  There is a way to use the money for closing costs at closing.  Please contact me for more information on this program.
• This tax credit is set to expire on November 30th, so if you are interested in buying a new home in Burleson, now is the time to do it.  All sales must close before the end of November to qualify!

For more information on any of the articles here, please visit my website at www.SeeASoldSign.com or email me at derektaylor@kw.com.  My direct line is 817-637-2249.   

August 2009 recap of the Real Estate market in Burleson, TX

Last month in Burleson, TX was exciting in the homes for sale business.  This is your monthly report for August 2009.  I pulled these statistics off of the North Texas Real Estate Information System and the information is deemed reliable but not guaranteed. 

What homes sold in Burleson TX?

All we as buyers, sellers and agents really care about when it comes down to it is what homes actually sold.  Here is a break down of actual sales for Burleson, TX.

• 45 homes sold in Burleson.  Of those 45, the average house was a three bedroom, two bath home.  The average square footage was 2014 and the average sold price was $136,196 with a list price of $138,568.  The average house was on the market for 79 days.

What homes were for sale in Burleson, TX?

• Active listings in Burleson TX  toatled 361 homes.  The average home was a three bedroom, two bathroom with 2422 square feet.  The average list price was $219,067 and was on the market for 104 days.  Keep in mind that one of the houses was a beautiful antibellum mansion listing for 3.9 million dollars. 

What about pending homes for sale in Burleson?

• There were 37 properties pending during August.  Of these the average was 1868 square foot three bedroom two bath home.  The average list price for pending homes was $119,144. 

What about the first time homebuyer tax credit?

• Home sales continue to be driven by the tax credit.  It is available for any person who has not owned a home in three years.  The credit is up to $8000 and is a true tax credit, not a deduction.  Based upon the average sales price of homes in Burleson, TX, most buyers would qualify for the full amount.  There is a way to use the money for closing costs at closing.  Please contact me for more information on this program.
• This tax credit is set to expire on November 30th, so if you are interested in buying a new home in Burleson, now is the time to do it.  All sales must close before the end of November to qualify!

For more information on any of the articles here, please visit my website at www.SeeASoldSign.com or email me at derektaylor@kw.com.  My direct line is 817-637-2249.   

Below is an article from the Fort Worth Star Telegram.  This addresses the filing of property tax exemptions.  It is free to do this yourself and quite painless.  Read the article below for more info.  If you have any questions, call me.  I do not charge for answers.  Also, If you have not checked recently, the appraised tax value of your house may have been increased recently.  I have spoken with several clients in Burleson and Granbury who have had this happen to them.  After looking at this, we felt the increase in tax value did not reflect the increase in actual market value for their home.  This is not uncommon, and you can appeal the increase easily.  Watch out for companies who want to do this for you.  I know of at least one that is currently under federal charges for fraud.  They may not have your best interest at heart.

Homeowners Warned of Possible Scam

FORT WORTH (Fort Worth Star-Telegram) – At least 1,000 Tarrant County homeowners have paid a Chicago-based company for help with property tax exemptions — a service provided free by the Tarrant Appraisal District (TAD).

The company, Property Tax Assessor Records Corp., mails homeowners an application form that can be acquired from and submitted to TAD for free, but charges $55 for the service.

“The problem that we have with this company is that they are providing misleading information about how much a property owner may be paying in taxes,” said Diane Collins, TAD’s director of support services.

The overstated figures may persuade many people to pay Property Tax Assessor $55, she said.

“What these folks are doing is meant as a clear deception, and they are really misleading homeowners,” said Tom Kelley, a spokesman for the Texas attorney general. “If you’re deceiving the public, it is a violation of the law.”

Many of the forms TAD has identified as coming from Property Tax Assessor are directed toward property owners older than 65.

I am writing this in response to several people I have spoken with lately who have used the “Zestimator” on the website www.zillow.com.   When I present a comparative market analysis, some clients are asking why my number is different than their “Zestimate” number.  The answer may surprise you.

Zillow is a fun real estate website who provides the public with information about houses for sale.  One of the services they provide is called the Zestimator.  According to Zillow, this service can provide you with an accurate market value for your home. 

What they are not telling you.

 Zillow bases their numbers off of a lot of different sources.  However, in the state of Texas, actual amounts that houses sold for are not publicly disclosed.  This is a problem for many people who depend on this service to help them value their largest and most valuable asset, their home.  What does Zillow use to determine the value of your house besides actual prices of comparable homes in your area?  Good question, they won’t say.  Here is a quote from a Zillow blog, ”

See the following website for reference.  http://activerain.com/blogsview/848811/How-Accurate-Are-Zillows-Zestimates

1:25pm • #2

OK, 12.9% median error rate in the state of Texas.  That’s median, not average.  I wonder what the average is? 

Why this is important to me.

Serving people in real estate is my passion.  I do not feel that Zillow is being responsible by offering their Zestimate and claiming high accuracy rates. This doen’t benefit anyone in the state of Texas.  Real estate is confusing enough in today’s market, and should be left to the professionals.  I personally don’t know any Texas Realtors who would charge someone to do a comparative market analysis of a home, and they use accurate, real sold comparable data if they are members of the local MLS.  Just ask one, I promise we don’t bite or ask you to write a check.  We earn our money when we represent the best interests of our clients and sell a piece of real estate quickly and for the most amount of money the market will bear.

This is especially important for those who want to sell their home on thier own, or purchase for sale by owner properties.  How would you feel if you priced your home 12% below what it should sell for, or paid 12% more than you should have?  What if you price your home 12% above the market and it sits there and doesn’t sell for 6-12 months.  How much are you losing in interest, utilities, taxes and insurance every month while you house sits on the market unsold? 

OK, that is my soap box speech for today.  Be careful, use professionals and keep a positive attitude and you will protect your investment. 

250 LOTS PURCHASED

FORT WORTH (Fort Worth Star-Telegram) – Over 250 single-family home lots in two neighborhoods have been sold recently near the Tarrant-Johnson County line.

Best Homes has purchased 161 lots in a platted 47-acre area from Dallas developer Arapaho East for $1.2 million. The site, which includes a two-acre commercial tract, is on the west side of Crowley Rd. along Hwy. 174 in Burleson.

Sperry Van Ness/Visions Commercial represented the seller, and Stephens Realty Group represented the buyer.

An additional 96 lots in the South Fort neighborhood on the west side of Crowley Rd. and north of Risinger Rd. were purchased by California-based developer Perance in a foreclosure deal.

I would like to take this post of my blog to get up on a soap box.  This is not something that I usually do, but this is important to the future of our city.  The following is a request form Mayor Ken Shetter calling for action on the part of State Representative Rob Orr’s constituents.  We need to call or email Rep. Orr’s office and ask him to support House Bill 3956.  The passing of this bill will allow many graduating senoirs from Burleson High Schools to keep receiving scholarships to Hill college.  

These are the benefits of the passing of HB3956 as I see them.

1. Can there be a better investment than the education of our children?

2. Adding more scholarships will help Hill college grow in students and staff.  Hill college is located in beautiful Old Town, a focus area for revitalization in Burleson.  As the college grows, the staff will grow and this in turn will bring more business to our community. 

3. Continuing the train of thought from point 2, this would increase the number of jobs available in Burleson and give us a better ability to attract businesses Burleson which will bring even more jobs.

4. As these new employees move to Burleson, the school tax base will increase and help BISD which is in a budget crunch right now. 

5. The scholarships will help increase the number of our children who will have the education to fill the jobs created.

Please read the following message from Mayor Shetter and take action.

 ” Please let State Representative Rob Orr know you support HB3956:

There is legislation currently pending before the Texas House Ways & Means Committee that would allow us to use 1/8 of the City’s 4A economic development sales tax revenue to help fund the Burleson Opportunity Fund. If the legislation passes we could effectively achieve universal access to at least a community college education in Burleson!

HB3956, which applies only to Burleson would NOT create any new taxes–it would simply authorize us to invest a small portion of our economic development funds in the higher education of our citizens. Everyone agrees this is good economic development.

The bill is pending in the House Ways & Means Committee. Because the bill is written to apply only to Burleson, the members of the committee have made it clear they will pass the bill out of committee ONLY IF OUR STATE REP ROB ORR SUPPORTS IT. Rob has not committed either way yet, but we are running out of time. If the members of this group contact Rob we would probably make the difference!

Please call or e-mail Rob today and urge him to support HB 3956 because it is good for our citizens and it is good economic development. Wouldn’t it be nice to invest in our best resource–our people–instead of just giving tax breaks and money to big companies and developers??!!??

Please e-mail Rob right now at

http://www.house.state.tx.us/members/email.php?dist=58&rep=rob.orr (copy and past link into your address bar)

or call his office at 512-463-0538 (they are working Monday-Saturday)

If you would like more information about the legislation, I have posted testimony from the bill’s hearing in front of the Ways & Means Committee on this group’s discussion board at http://www.facebook.com/topic.php?topic=8100&post=91956&uid=60025046413#post91956

When you send a message or make a call please send me a message and let me know–it will help to know how many people have made contact when I talk to Rob about our bill.

Thanks for your help!
Ken Shetter”

I was fortunate enough on my birthday to be treated by the Fort Worth Omni Hotel to enjoy a “nosh” and view their wonderful new facility.  I didn’t know that this building is the first new hotel construction in over 20 years in downtown.  One of the best features of this hotel are the 97 condominiums they are building a the top of the hotel.  They consist of one, two, and three bedroom condos and penthouses as well.  All of the properties will be located at the top of the hotel with the best views of Fort Worth in the area.  Prices start in the $400,000 range and allow full unrestricted access to all of the hotel services including housekeeping, great restaurants, an award winning fitness center, professional concierge services and more. 

The expansion of residential properties in Fort worth is directed up instead of out, and a the new Trinity River Project will just make Fort Worth the crown jewel of North and Central Texas.  Stay tuned for more information on this incredible project!

Be sure to see my website at www.SeeASoldSign.com to search for more downtown Fort Worth properties. 

D

What a blessing it is to live in Johnson County.  While Florida and California are having all those problems, our little North Texas county has decided to refuse to participate in this crisis.  Here is the proof.  Home sales are up over last year and home values are up over the same period last year.  Is it good values and responsible living or the insulating factor of the Barnett Shale?  Either way, it’s a great time to buy or sell.  In my opinion, we are slowly drifting into a Sellers Market! 

I hate the news!!  Last night I was watching one of the local channels and I listened to a news report about how bad the North Texas real estate industry is doing.  A local realtor  started to expound on the decline of the real estate industry in the area due to the banks new requirements for home loans.  The station then went on to say that if things keep going they way they are, 1/3 of all real estate agents will not have a job.  

I quickly went to the North Texas MLS Information System and looked to see just how terrible last month was and low and behold, phew, people bought houses!  Not only that, but they bought more houses  last month that in September 2007 for just a little bit less money per house according to the figures.  You can reference the chart below.

Sales Closed by Month: September 2008
Single Family – Part I

What we are seeing now is great news for us in Tarrant and Johnson counties.  Where other areas of the country are seeing massive property devaluation (25% or more in some), our properties are only showing a small drop in price.  Many areas of the country saw huge price increases in housing and then crashed when the bubble burst.  The North Texas area showed about a 4-5% increase during the same time.  Less appreciation to depreciate.  We have shown to be a very stable market. 

 What is also helping us is the large sums of money the residents are getting from their natural gas leases.  Much of that money is being pumped back into the local economy, giving us a little insulation in these not so dire times. 

I have always been one to find comfort in numbers, and from what I am seeing, now is the time to buy in the North Texas area. 

Here is why.

1. Prices are low.

2. Even if you have to sell your house for a little less, you buy one for a little less as well.  If you buy a bigger house, the       percentages are in your favor.

3. You have to put more money down.  Yes, it’s only .5% on an FHA loan, but that is .5% that you don’t have to pay 30 years of interest on, and your 5% closer to dumping your PMI insurance.  Amortize that!!

4.  First time home buyers can get up to $7500 in refundable tax credits, not deductions for buying a home.  Get paid to buy a home that has historically always appreciated over time.  WOW.

5. There is more help on the way.  The Bail-out passed and once they dig through the pork, there is real help in there. 

 So let’s all take a deep breath and start being objective.  I know, objective doesn’t sell advertising on a local affiliate, but it’s better for your heart, and your pocket book!!

 Good selling and buying and I’ll talk to you tomorrow.

Welcome to Derek Taylor’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Burleson.