Rich Patterson, Realtor, The Michael Group Real Estate, Downtown Dallas, Uptown Dallas, Oak Lawn, Oak Cliff

Learn More about Rich Patterson, Dallas Realtor in Uptown, Downtown, Deep Ellum, M Streets, Oak Lawn, Oak Cliff, Highland Park, University Park

Thursday, 03/11/2010


Real Estate News
Dallas & National


Market Update

Week of February 21 - 27:

63 New Listings
52 Active Foreclosures
62 Price Reductions *
13 Sold **

* Price Change Facts: Average list prices on "Active Only Listings" are running at 88% of original price after 199 days on the market.

** Sold Property Facts: Average sales price is 95% of list price. Average days on the market were 123. CMA Home Details with list price.

Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.

Read more about current Dallas Real Estate Market Activity.


WR Starkey Mortgage News

This week Bernanke spoke, Greece almost went bankrupt, and U.S. retail sales came in higher than expected. How are they related? Interest rates of course. Here’s how:

When a country like Greece almost defaults on their debt, it sends shivers through the bond market. Remember, mortgages are bonds, they are both I.O.Us. And U.S. bonds can’t help but be tainted by global jitters. So, if the people who buy bonds are a little scared to buy after hearing about Greece, you have to sweeten the pot in order to convince them to buy. With bonds and mortgages, you sweeten the pot by offering a higher rate…and that increase is passed on to you and me.

What keeps rates from falling back down is that the economy is showing life. This is backed up the retail sales figures. What will keep rates from skyrocketing is Fed Chairman Ben Bernanke’s comment that inflation will remain subdued as the economic recovery faces “formidable headwinds.” But rise they will. The dye is cast. The march has begun. This week just confirms again what I’ve been saying:

So, lock ‘em in now. Starkey has ALL KINDS of locks: Locks that you can use without having found a house; Long term locks for up to 10 months; Float down locks and many more.

This week, rates ranged from 4.875% - 5.125% depending on program, credit and points. Have a GREAT weekend and have your buyers call me so we can lock them in and get them approved to buy.

Contact: Susan Moore with WR Starkey for your loan approval, and contact Rich Patterson to help you find your new home.


President Obama Signs the Tax Credit Bill

President Obama signed the tax credit extension and expansion bill today, November 6, 2009.

Details of the plan.

HUD Announces Change Regarding $8,000 Tax Credit

HUD announced a change which will allow first time home buyers to apply the $8,000 tax credit towards closing costs or an additional downpayment.

Printable Flyer from the National Association of REALTORS
Details of the plan.


Trulia Posts

American Recovery and Reinvestment Act of 2009

President Barack Obama signed the American Recovery and Reinvestment Act of 2009 into law in Denver, Colorado on Tuesday, February 17th. Among the many aspects of this law is the tax credit for first time home buyers. This $8,000 tax credit applies to those who have closed since January 1, 2009 or will close by December 1, 2009.

More details about the ARRA can be found here.

Frequently asked questions.


Dallas in 36 Hours - NYTimes

According to the Travel Section of the New York Times, here's what to do in Dallas if you've only got 36 hours. Although a little bit of a slap in the face at first, it does have some great links for things to see and do in the Big D.


Surge in First Time Home Buyers

The NAR and HouseHunt, Inc. reported first time home buyers make up 41% - 50% of the buyers on the market today! It's no wonder. First time home buyers do not have a home to sell before they purchase. Apartment complexes are averaging 92% occupancy. Lease rates are high (which are the normal economics of a buyer's market) and mortgage rates are at historic lows.

The information was released at the 2008 NAR convention in Orlando. Read the entire NAR press release here.


Search for Homes on Your Mobile Device

Have you ever been out looking at homes, found one you like but there's no information available at the property? Now you can find that information or just search for homes on your mobile device.

http://m.richpatterson.net

Pre-Owned S.F.Home Sales up 2%

DFW Single Family home resales are up slightly at 2% over last year - Condo and townhome resales are down 13% over the same period.

You can read the Dallas Morning News article here.

More Local News


Rich Patterson

REALTOR®
The Michael Group
(214) 563-1667 mobile
(214) 853-9497 fax

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Rich Patterson - Dallas Texas Real Estate

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About Rich Patterson


Biography


Testimonials


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Rich Patterson - Dallas Texas Real Estate

Biography

I am currently a REALTOR® for RE/MAX Urban in Dallas. Although I’ve been unofficially in real estate for many years, I started my licensed real estate career selling for a multi-million dollar sales team in one of Boulder, Colorado’s top real estate firms. The housing market in Colorado suffered greatly in July of 2007 and I moved back to Texas. I’ve spent the majority of my life in and around Dallas and, although Colorado is very beautiful, it is good to be back home.

1427 Cascade Avenue
Sample Listing Marketed and Sold While in Boulder


Initially, after graduating school, I left a rural Missouri town in January of 1983 and headed for Dallas. I spent 12 years working in various customer service and marketing positions for American Airlines at DFW International Airport. I voluntarily left American in 1995 to open a digital imaging service bureau in Englewood, Colorado. It’s there I expanded my knowledge of digital printing and marketing. I also developed a digital scanning and storage solution for the College of Architecture, Landscape and Planning division of the University of Colorado, Boulder.

In 2001, after selling my business to a local FASTSIGNS store in Colorado, I joined FASTSIGNS International, Inc. (the franchisor) in Carrollton as a Technical Services Advisor and Corporate Trainer. I helped FII make the transition from machine cut vinyl signage to digital printed banners and signs. It’s there I won employee of the year after only two and a half years of service. When my work there was complete in 2005, I started merging my years of experience in digital imaging and marketing with my knowledge of the real estate industry.

My first official marketing work for a seller was developing 3D online marketing plans for Antares Homes in Arlington, Texas. I later expanded that to and created high definition virtual tours for Antares. After that contract was complete, I decided I could offer most of these services myself to my own clients (Sellers). A seller’s agent, among other things, is the one responsible for properly marketing the home - the better the marketing, the faster the sale.

Antares Homes 3D Sample
Antares Homes 3D Sample Image


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Testimonial

"The real estate market in the US has been on an economic roller coaster ride with no captain at the helm for quite some time. The intricacies of the market place leads one to conclude, rightfully so, that the 'devil is 'indeed' in the detail' when it comes to a home purchase or home sale. This is even further complicated by the fact that there are thousands of brokers and agents - each one vying for the consumer's business. Some of them are as unscrupulous and sly as can be; however, Rich Patterson does not at all fit remotely into this group. Rich's professionalism, his interest in helping his clients find the right home or the right buyer for a home, and his down-to-earth and humorous personality make for one trusted person on whom you can count to do the job you seek with integrity and a smile or laugh.

I count myself among those who knew absolutely nothing about the intricate process of purchasing my first new home. I put myself completly into Rich's care to help guide me through the bamboo-laden track of sorting out the places to see, not to see, not to touch; neighborhoods of good and ill-repute; houses versus condos; HOAs; neighbors, roof repair, foundation repair, alleys, streets, businesses; sewer systems; decorating ideas, - in fact, I'd be Rich's model for writing a 'Home Buying for Dummies' guidebook.

Our path started in March - was interrupted by a 2 month business trip to India until June and ended last Friday with my closing on a condo near downtown. The process was long and arduous; however, with Rich's expertise, his knowledge of the Dallas area; his wealth of resource on his website; and his friendship, I survived and came out a very satisfied customer. Thanks Rich - for everything."

August 6, 2008
Mark A Wagner
Training Manager
BCD Travel

Testimonial

Rich is a caring individual who will make sure he is giving you the very best deal along with the very best service. He will do his homework for you!

June 2, 2008
Claire Billingsley
Director of Training
FASTSIGNS International, Inc.

I recently purchased a home. Rich Patterson made the experience extremely easy. I had heard horror stories from friends that have tried to purchase homes during these rough economic times, so I was a little apprehensive to buy one, so I discussed my concerns with him. He thoroughly addressed all my questions and concerns, and was prompt in doing every thing to make my home ownership dream come true. He was so helpful and found me the perfect place. I couldn't be happier. I would encourage anyone that is second guessing themselves about purchasing to give Rich a call. I will be telling all my friends about my wonderful experience. I just couldn't believe how easy the overall experience really was.

October 25, 2008
Cory Mercant
Owner
FASTSIGNS Irving

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Connecting home buyers and sellers in Dallas, Fort Worth and surrounding Metroplex communities.

RE/MAX Urban
1001 Ross Avenue, Suite 114
Dallas, Texas 75202
(214) 563-1667 mobile
(214) 853-9497 fax
(214) 999-1181 office

Send Email to Rich Patterson


Each RE/MAX Office is Independently Owned and Operated.

Fair Housing and Equal Opportunity  Equal Housing Opportunity