Rich Patterson, Realtor, RE/MAX Urban, 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

Friday, 09/03/2010


Real Estate News
Dallas & National


Market Update

Week of July 26 - August 01:

48 New Listings
49 Active Foreclosures
55 Price Reductions *
15 Sold **

* Price Change Facts: Average list prices on "Active Only Listings" are running at 91% of original price after 162 days on the market.

** Sold Property Facts: Average sales price is 96% of list price. Average days on the market were 124.

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

Read more about current Dallas Real Estate Market Activity.


2010
Annual School Report

This Annual School Report is provided by my friends at Republic Title


WR Starkey Mortgage News

This week the BUZZ is all about ‘deflation.’ Will it come? What will happen? While the directors at the Fed agree that the economy will remain weak for a while, they are split on the deflation issue. This week, the core CPI came in positive but just barely, underscoring why there’s disagreement. So, what does this mean for rates?

View rates like a set of stairs: In lending money, the more risk you take (horizontally), the higher rate of return you want (vertically). Risk equates to how soon you’ll be paid back and who you lend to. The longer you wait to get your money back, the more risk you take – therefore, you want a higher interest rate. For example, a 10 note pays a higher rate than a 1 year note. Also, the risker the creditor, the higher rate of return you demand. So a mortgage to you and me requires a higher rate than Uncle Sam’s T-bills. Following so far?

Back to the stairs: Each step represents a different level of risk, either time lent or borrower lent to. The1 yr. T-bills are at the bottom, 10 year notes are in the middle, and 30 year mortgages are at the top. Well, the 1 year T-Bills are basically at 0….so they can’t go any lower. And if THEY can’t go any lower, can any of the other steps on the interest-rate-stair-case (i.e. mortgages) go any lower? Not really. The only way for mortgages (the top steps) to drift lower would be for the size of the steps to shrink – i.e. investors would have to be willing to take less return for their added risk. This might happen to some degree, but not much.

But what IF, investors WERE willing to take less for their added risk and those steps DID shrink, thereby lowering rates further? Well, a funny thing happens to a monthly payment when rates are this low. The difference between a 4.0% payment and a 4.25% payment is less than the difference between a 5% and 5.25%. My point? IF rates DID drift lower, which in my opinion is not likely, it wouldn’t impact your borrower as much as it did when rates were in the 5’s.

So, when your clients ask, “Shouldn’t I wait for rates to go lower?” Now you can explain and tell them adamantly “NO!”.

This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points (notice how we’ve been here for about 4 weeks?). Have a great weekend and have your buyers call us so we can get them approved to buy.

This update is provided by my friends at WR Starkey Mortgage. Contact Susan Moore with WR Starkey for your loan approval and call or email me to help you find and close the sale on your new home.

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Rich Patterson

REALTOR®
RE/MAX Urban
(214) 563-1667 mobile
(214) 853-9497 fax

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Rich Patterson - RE/MAX Urban Dallas Texas Real Estate

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About Rich Patterson


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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.

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