Realty Times Feature Article by Blanche Evans
Dallas and Fort Worth are 30 miles apart but intercity growth has them connected as if they were born conjoined twins. A Fort Worth pundit once joked of the cities' rivalry, "Fort Worth is where the west begins, and Dallas is where the east gives out."
Fort Worth benefits as a tourist and convention town from its rich cattle-driving heritage, hence its nickname "Cowtown." It's one of the few bigger cities where men and women in cowboy hats and boots look more at home than in office attire. Yet don't be fooled by its agrarian roots. Fort Worth has a population dedicated to culture, and the city offers some of the finest performance and visual arts in the Southwest. Many feel its sophisticated offerings put larger, wealthier, but less civically-minded Dallas to shame.
Fort Worth was ahead of the curve when private investors joined the city in revitalizing the downtown area into a safe, clean and exciting place to enjoy business during the day and nightlife and special events in the evenings. The convention center, Bass Performance Hall and many other attractions and hotels are within walking distance. Revelers can walk to and from venues protected by not only Fort Worth police but also private plain-clothes officers.
A vital economy is kept chugging along by the Dallas/Fort Worth International Airport, the second largest airport in the world, as well as numerous corporate relocations, which came for the quality of life, temperate weather and transportation ease. Home sales, derailed slightly by the political and economic events of the year, are improving.
"Summer is here and there is a marked increase in real estate activity," says Realtor J.C. Cunningham. "As the first anniversary of the attack on the World Trade Center nears, both buyers and sellers are getting over their nervousness. Listings are increasing in almost every area, and we have a large supply of homes in almost all price ranges."
"Buyers are snapping up the homes that are priced attractively in regards to their competition," explains Cunningham. "Sellers that showcase their homes by insuring that the paint is fresh, the carpet is new or just cleaned and removing the clutter enjoy a faster sale than those that figure that the buyer can do all that."
Advises Cunningham, "Don't neglect the yard while you are at it. I sold a house the other day based on a drive-by. My buyer saw the yard and insisted on seeing the inside. While priced $10,000 above what she wanted to pay, she fell in love with it and promptly negotiated a contract."
"Well-maintained homes that are priced right are still selling within days," continues Cunningham. "Homes with potential but not showcased well are taking a little longer. Homes that need help sit on the market for weeks and generally sell for much less than they should, if at all. Homes over $150,000 are moving a little slower and homes above $200,000 may take a while to sell. This is understandable as there are fewer buyers who can afford homes in this price range. I am working with more buyers who want a home over $200,000 than I have in a long time so that is encouraging for you sellers."
"Home prices overall continue their upward trend, which is to be understood with the continued increase in the cost of labor and materials driving the price of new homes upward. This in turn pulls the value and price of pre-owned homes upward," says Cunningham. "Interest rates have stabilized again luring buyers into a false sense of security. Remember rates won't stay down forever. Look at your credit card rates. Many are still in the upper teens and quite a few are above 20%. They charge those rates because they can get away with it. Mortgage companies will do the same when they can. Higher rates mean higher profits. Don't get caught. A small jump in interest can cost you thousands of dollars over the life of your loan."
Seconds Realtor James Martone, "The quality of life is good and the commute times beneficial. Fort Worth has peaceful and mature neighborhoods with many graceful, older homes and tree-covered streets.
"Inventory of homes when compared to recent years is low," advises Martone. "Sales remain brisk going into the summer season and homes are selling quickly. Some areas with low inventories have seen significant increases in price, while the time on market has been generally less than 50 days. Buy now while mortgage interest rates are low!"
Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.
Published: July 8, 2002
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