Dallas Home Appraisals News and Information

A report in today's DMN says that 1 in 5 Dallas homeowners owe more than their houses are worth.  The source for this information is Zillow, which - by their own admission - is not terribly accurate and have a median error rate for Dallas county of 9.2%. 

One problem for sites like Zillow is that Texas is a nondisclosure state, meaning there is no requirement to report sale prices to any authority.  Since Zillow and sites like it basically use 'bots to cull information from public records, without verifying the information or attempting to seek out information that is lacking, who knows what the real number is.  Zillow and their counterparts have managed to put themselves in a position that was until now pretty much limited to baseball players and meteorologists - even if they only hit 50% they get paid (well, their press releases turn into articles anyway).

For a look at how sales and prices of existing homes are trending in any particular section of Dallas, click here.  If you have been on the fence about refinancing, many experts are saying that now is the time.  The link yesterday to the article in which some economists predict rates will go down to 4% by the end of the year notwithstanding, the stock market is gaining (though stress test results come out tomorrow and it's hard to tell if the market has already adjusted for the expected results), loan apps are up and pending sales are up - all factors which tend to push interest rates up.  Also keep in mind that for now the $8,000 tax credit expires on December 1, 2009, so if you're buying you don't want to wait too much longer either.

If you are considering a refi, looking to buy or sell, thinking about protesting your property tax assessment or looking to remove PMI, please contact us at Blue Star Appraisals Inc. to see how we can help.  For property tax protests you sometimes just need comps from your area in lieu of a full appraisal, but whatever your need is, we will help find the most cost-effective way to help you meet it.  We can also put you in touch with our trusted list of mortgage brokers, lenders and realtors.