November 20, 2008

Are you crazy? Are you so flush with money that you don’t mind giving away $20,000 or $30,000 of your equity? I almost said “hard-earned” equity – but for most of us who’ve bought in the last 10 years, we didn’t have to do much other than sit back and watch our home appreciate. But however we’ve earned the equity, it doesn’t seem on the surface to be a good idea to sell right now.

But what if I told you that by giving away $20,000 I’ll give you back $30,000? You’ve now netted $10,000. Sounds a bit better now, doesn’t it? You’re continuing to earn equity the “easy” way – even in this different market.

Let’s say that you own a house that a few years ago was valued at $200,000 – up 30% from when you bought in 1999. Unfortunately prices have dropped in your area so now your home is only worth $180,000 – down $20,000 from 3 years ago. Ouch! It’s no good wishing you’d sold then – that window of opportunity has already passed. But if you have a stable job in an industry that appears to be weathering the economic downturn fairly well, then you might want to consider taking advantage of lower prices on larger homes. If you’ve had to drop your price 10%, then larger, more expensive homes will have to drop their price also. A home that would have cost $300,000 two years ago may now be listed for $270,000.

Then add in the monthly savings of an incredibly low interest rate (I just spoke to a Mortgage rep and he told me as of December 30, 30 year mortgage rates are holding at between the high 4% and mid 5% range. Fifteen year rates are slightly lower at 4.75%.) So what does this mean to your bottom line? For many, the cost is only a couple of hundred dollars more a month for a much bigger comfortable home. Only you can do your calculate what the cost of moving into a more spacious home would be. If I were looking to move up, and my long-term employment seemed secure, I’d definitely be looking now!

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Local Information for Dallas, TX

Latitude: 32.799528 -- Longitude: -96.787166

ZIP Codes for Dallas, Texas	75201 75202 75203 75204 75205 75206 75207 75208 75209 75210 75211 75212 75214 75215 75216 75217 75218 75219 75220 75221 75222 75223 75224 75225 75226 75227 75228 75229 75230 75231 75232 75233 75234 75235 75236 75237 75238 75239 75240 75241 75242 75243 75244 75245 75246 75247 75248 75249 75250 75251 75252 75253 75254 75258 75260 75261 75262 75263 75264 75265 75266 75267 75270 75275 75277 75283 75284 75285 75286 75287 75295 75301 75303 75310 75312 75313 75315 75320 75323 75326 75336 75339 75342 75346 75353 75354 75355 75356 75357 75359 75360 75363 75364 75367 75368 75369 75370 75371 75372 75373 75374 75376 75378 75379 75380 75381 75382 75386 75387 75388 75389 75390 75391 75392 75393 75394 75395 75396 75397 75398
Area Code for Dallas, Texas	214
Time zone for Dallas, Texas	CST

Other Area Cities: Ennis, TX Waxahachie, TX Frisco, TX Pleasant Valley, TX Dallas, TX Addison, TX Carrollton, TX Irving, TX Richardson, TX Plano, TX Highland Park, TX University Park, TX Garland, TX Grand Prairie, TX Mesquite, TX Cedar Hill, TX De Soto, TX

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Dallas is the third-largest city in the state of Texas and it is the ninth-largest in the United States. The city covers almost 400 square miles and is the county seat of Dallas County. As of 2005, U.S. Census estimates put Dallas at a population of 1,213,825. The city is the main cultural and economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area—at over 5.8 million people, it is the fifth-largest metropolitan area in the United States. Dallas is one of 11 U.S. world-class cities, as ranked by the Globalization and World Cities Study Group & Network. Dallas was founded in 1841 and formally incorporated as a city on February 2, 1856. The city is known globally as a center for telecommunications, computer technology, banking, and transportation. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Dallas	Texas	United States
Population	1,188,580	20,851,820	281,421,906
Median age	30.5	32.3	35.3
Median age for Male	29.8	31.3	34
Median age for Female	31.3	33.4	36.5
Households	451,833	7,393,354	105,480,101
Household population	1,167,416	20,290,711	273,643,273
Average household size	2.58	2.74	2.59
Families	266,789	5,247,794	71,787,347
Average family size	3.37	3.28	3.14
Housing units	484,117	8,157,575	115,904,641
Occupied units	451,833	7,393,354	105,480,101
Vacant units	32,284	764,221	10,424,540

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November 20, 2008

Local Information for Dallas, TX

Latitude: 32.799528 -- Longitude: -96.787166

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