Well, the November sales numbers are in. Comparing the month of November (2006 vs. 2007) you'll see that the number of sales for Collin County is down by around 150. While that is a lot, it is consistent with the past several months and the trend is actually a little better than Sept. & Oct. The average days on market is slightly up but our sales prices remain steady at an average of $95/sq.ft.

Number of Properties Sold in Collin County - Nov. 2006: 1036
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Price per Square Foot	Days on Market
Avg	2539	3	2	0	$248,561	$241,638	$95	64

Number of Properties Sold in Collin County - Nov. 2007: 883
	Square Feet	Bedrooms	Full Baths	Half Baths	List Price	Sale Price	Price per Square Foot	Days on Market
Avg	2666	3	2	0	$261,805	$253,941	$95	80

Have you ever wondered if it would be better to remodel your home office, give your bathroom a face-lift or add-on that extra room you've been contemplating? Every year there is a great report published about the cost of many home updates and remodeling projects versus the value those changes will return. The "Cost vs. Value" report by Remodeling Magazine is produced each year by compiling data from industry experts (I've participated, for example). Check out the 2007 version here:
http://costvalue.remodelingmagazine.com/index.html
It doesn't get into all of the details, nor every possibly home improvement project, but a good agent can help where this article leaves off. For example, spending money in the "wet areas" (i.e. kitchens and bathrooms) is generally considered one of the best uses of your remodeling dollars if you're looking for ROI (that's "return on investment" for the non-business types). Carpet and paint don't add much value, but they are critical in helping homes sell (and some of the most affordable updates you can make). Wood flooring can return value, but typically only if it is real hardwood. Laminate wood flooring, like Pergo, is similar to carpet. It can help a home sell, but it doesn't tend to return much value (though it generally holds up better than carpet). Of course, we don't just improve our homes for the ROI. Pools are a great example of a home improvement that have a poor ROI. Many homeowners are not aware, but a pool will generally only return around 50% of its cost. However, you and your family get to enjoy it... and that's a large part of a pool's value. For more tips, or if you have questions about a potential home improvement, feel free to post a comment or contact me directly.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

Having someone co-sign on a loan is a great way to get into a car or home if you don't have the credit score (or tax returns, for those self employed) to support a purchase. Not that co-signing is just done by Parents (anyone can co-sign), but Parents often co-sign loans for their kids. Be careful though... If you live in one of the nine community property states listed below, one-half of a married couple co-signing usually obligates both to the debt.
Nine Community Property States: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.
You see, co-signing makes the co-signer (i.e. Mom & Dad) just as responsible for the debt as the main signer (i.e. Son or Daughter). So, if the co-signer is married, it makes their partner equally responsible. If payments are not made (or made late), it can adversely affect the credit of both the main signer and both co-signers. It is for this reason, the Federal Trade Commission has a web page specifically about co-signing. See it here:
http://www.ftc.gov/bcp/conline/pubs/credit/cosign.shtm

On a related topic, even though one-half of a married couple may be the one to qualify for a loan, and only the one name is on the loan paperwork, BOTH parties need to sign the sales contract in community property states. The reason: even though the wife (for example) may be the one who qualifies for the loan (i.e. makes the money and has good credit), the husband must also agree to buy the home because their assets will jointly pay for the home. Even if he's a stay-at-home Dad (i.e. no income), in community property states, courts have ruled that Mom wouldn't be able to work and pay for the home without Dad watching the kids, cleaning house, running errands, etc. So be careful... if you have a contract to sell your home to one party, and it turns out they have a "better-half", things could get messy if that spouse decides against the purchase (i.e. they never signed the contract and half of the funds to purchase, in theory, belong to them).

Back to the point at hand though (and a common related question): After Mom & Dad have co-signed, how do we get their names off the loan so that they are no longer liable? Well, the mortgage lienholder has three parties responsible for the loan (which is always better than one). So, they'll probably never remove anyone by choice. The best way to do this is to refinance the loan once the kiddo has improved their credit and/or established better income via subsequent tax returns. They can't say anything if you pay them in-full with a new loan in just the Son or Daughter's name. Of course, you could always try just asking your mortgage lender nicely to remove the co-signer... just listen carefully for the laughter.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

I found a few good websites I wanted to share with readers. They all revolve around toy recalls and keeping kids safe from dangerous toys and products. While I realize that this is not even remotely real estate related, I felt that it was a really important topic for this time of year. Note: Not everyone knows where to go to get this type of information (so feel free to share these links with those you care about):

http://www.recalls.gov/

http://www.cpsc.gov/cpscpub/prerel/category/toy.html

http://www.cdc.gov/nceh/lead/Recalls/default.htm

http://www.toyinfo.org/toy-recall-info/recall-list.html

I hope these links help keep you and your kids, grand-kids, nieces and nephews safe this holiday season.
Wait, maybe this post is selfish/real estate related after all: You see, I want these little ones safe and sound for a long time to come. After all, I'll probably still be selling real estate when they're ready to buy in 20 years... and they'll want a great REALTOR® who has been concerned about their well-being since early in their lives. :-)

Have a Happy Holiday Season!

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

When you're thinking of moving to a completely new area, how can you find social, economic, demographic and scholastic information? You can "get the skinny" on any zip code at www.ZipSkinny.com. Though the information can be a little out of date, as it's based on U.S. Census data, it generally gives a good picture of an area and can be useful in side-by-side comparisons. For example, if you prefer to live in an area with more single people, or one with more college graduates, ZipSkinny.com can help show you these stats. Now if I can just find a site that tells me which zip codes have the highest number of lottery winners... moving there has to increase my chances, right?

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

I found an interesting website that is designed to help inform Buyers and Renters about good and bad neighbors/neighborhoods before they buy or rent. Check it out here:
www.rottenneighbor.com
I don't know how useful it will be until more people find and use it, but it's an interesting idea. Also, I think it's a bit misleading in their FAQ where I found the statement "Real estate agents will never tell you about bad neighbors". Let me make a few comments on this statement:
First, as it reads, this statement is a lie. As a Real Estate Agent, I have personally pointed out bad neighbors (or their yards, cars, etc.) to potential Buyers. However, the truth is that unless it is clearly visible that a neighbor is a "bad neighbor", Real Estate Agents usually don't know about them. How would they unless they lived in the home they are selling? Sellers don't generally share the negative information about the "lovely" home they are trying to sell. Next, it is important to know who the Real Estate Agent represents. Buyer's Agents are supposed to look out for the Buyers' best interests. So, if you have a good Buyer's Agent, they will almost always point out "bad neighbors" if they are aware of them. However, Listing Agents work for the Sellers... thus they must look out for the Seller's best interests. Even so, Listing Agents seldom know about "bad neighbors" for the aforementioned reasons. So, in summary, even if they happened to know about a "bad neighbor", Listing Agents are often obligated NOT to disclose these to potential Buyers who they do not represent. Let me be clear: they are not allowed to lie, but in looking out for the Seller's best interest, they are generally obligated not to share such information freely. Ask yourself, would I want my Listing Agent running around telling people I had a "bad neighbor" while trying to sell my home?
This brings me to my final question: What is a "bad neighbor"? While you might consider this someone with dogs that bark too much, I might love to hear animals frolicking. I might hate pink flamingos while you might think these are beautiful additions to a neighbor's lasndscaping. Hopefully, this website will allow more information to circulate so that Buyers and Renters can make these decisions for themselves... before they buy or rent (if it doesn't cause a war of words or some hurt feelings first).

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com