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August
23

Dallas-Fort Worth Only U.S. Market Where Home Sale Prices Dropped Last Month

The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today.  DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.

 

And what a difference a month makes.  Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year.   In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021.   Homes in DFW spend an average of 23 days on the market before selling.

 

Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates:  "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."

 

While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said.   Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing.  "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."

 

A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons.  According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.

 

Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.

According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June.  Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.

 

The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit.  Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing.  This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"

 

Luong said he sees positive signs in the market.  The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country.   "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."

  • Dallas Business Journal, August 19, 2022
July
5

Your Guide to Long-Distance House Hunting

House Hunting Tips

Finding the perfect home is a challenging endeavor under normal circumstances, but searching for a home in a different city or state might seem impossible. Coordinating the purchase of a lifetime from several hundred miles away can seem like a daunting task.

While long-distance house hunting can pose challenges, our real estate agents want you to know that it's not as difficult as it seems. In today's world, with easily accessible online listings and the ability to conduct virtual tours, it's actually never been easier. Here are some tips on how to make your long-distance home search a success:

  • Visit Your New Neighborhood
    When starting a long-distance home search, it always helps to visit the new town to get a sense of the neighborhood, community, and amenities. A basic familiarity with the area allows you to choose the right location, envision your new life, and plan ahead. Take a trip or two to your new hometown and drive around, visit local businesses, and explore the area. When clients travel into town to look at Dallas homes for sale, we always encourage them to spend a day or two exploring our great city.

  • Choose A Reputable Local Agent
    When long-distance house hunting, working with an agent you can trust is more important than ever. Your agent can provide valuable local information, find listings that meet your criteria and negotiate the terms of your home sale. They can also help coordinate virtual listing tours. Choosing an agent that knows the area and has a strong reputation can really help make long-distance house hunting a success.

  • Include Travel Expenses In Your Budget
    Chances are you're going to want to make a trip to your new hometown at some point, whether it's during the house-hunting process or after your new home is under contract. Travel expenses can quickly eat into your funds, so make sure to factor travel expenses such as airfare, rental cars, gas, and hotel into your home-shopping budget.

  • Determine What You're Looking For
    Because your ability to tour homes in person may be limited, your buying decision will be naturally influenced by logic rather than emotion. Therefore, start by clearly defining your price range, and then create a list of the top 5 things you can't live without. Whether it's a specific location, a home office, or two full baths -- determine your non-negotiables and use them to narrow down your choices.

  • Don't Waive Your Inspection Contingencies
    Making an offer on a home sight unseen can be nerve-wracking, to say the least. If you aren't able to see the home in person, you can at least rely on your inspection contingencies to uncover any red flags. Be sure to consider the standard home inspection, pest inspection, radon, and sewer. These inspections give you the ability to back out of the deal without any penalty if problems arise and you can't come to terms on how to resolve them. Make sure to talk to your agent about what to expect with inspections.

Buying a home in a new city comes with its challenges, but it's actually never been easier than it is today. Contact us today to check out some great home listings in the Dallas area.

November
8

Don't Fall for These Real Estate Myths

Real Estate Myths

Today's real estate market remains hot, hot, hot, with sellers enjoying high prices, while buyers are facing a highly competitive market that has made it difficult for some to land the home they're longing for. This is especially true for those selling homes in Dallas/Fort Worth or shopping for Dallas homes for sale and Fort Worth homes for sale

It's easy to get distracted during the buying or selling process by certain widespread real estate myths. Our real estate agents help many families in the area find their dream home and advise them to not fall for misconceptions they might hear from well-meaning friends and family members.

Read on about some common real estate myths you should not fall for.

  • Myth 1: You don't need to do any prep work
    Many home shoppers think the process starts by rushing out and touring houses either in person or online before you've gotten yourself organized. The best course of action to ensure a smooth transaction is to plan your financing. Get either a preapproval letter or perhaps even a prequalification letter, from the lender you choose. This will help you be prepared when it's time to make an offer, but you'll also be able to focus on searching within the price range you're qualified for -- rather than wasting time looking at homes that are out of reach.

  • Myth 2: You can do it alone
    You'll be missing the expertise an agent brings to the process, including knowledge of market conditions, and above all, the ability to negotiate the best deal. A good agent will also help you get your paperwork ready. Organized, complete paperwork can make the process flow much more smoothly than when papers and forms are shoddily prepared and incomplete.

  • Myth 3: You can rely solely on online sources
    These resources can tell you a lot, such as an estimate of what your home is worth, or a calculation of your monthly mortgage payment. What's missing is a visit to a property by an agent, who can determine if the data is all correct.

  • Myth 4: You won't need to worry about repairs
    Modern builders are tending to build quickly at minimal expense. That means you need to exercise caution regarding lower-quality construction. Hire a home inspector who is well versed in new home construction to suss out potential problems. Talk to your real estate agent about what to look for in new home construction  -- or older homes if you're looking at an older model.

  • Myth 5: You should always offer less than the asking price for a home
    Low-balling the seller can be annoying to the point they may move on to a potential buyer who's easier to work with. Do you really want the home? Is the price reasonable? Then offer the list price or a price that's close to it. In really hot markets, you may need to offer over the list price to make sure you're in the competition. Your real estate agent should be able to help you strategize the best approach.

Need more help navigating today's real estate market? Contact us today.

October
18

Forecasters – What to Expect Over Next 12 Months

Paige Shipp, regional director with housing analyst MetroStudy Inc. fears home sales might slow next year in the ramp up to presidential and congressional elections.  "We typically have much slower selling seasons right before an election," she said. "After that happens, the flood gates open and people come out. It's not a matter of who wins."   Worries about a recession may also impact the home market.  "We spent the better part of the last decade still looking over our shoulder," said George Ratiu, senior economist with Realtor.com.  "The last recession was so bad that we are still carrying some of the scars from that."   However, Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University states that Texas economy is still expanding.  "And we are extremely unlikely to be in a recession by the end of this calendar year," he said. "We are probably pretty safe through the first six months of next year."

  • Dallas Morning News, October 14, 2019

 

July
11

6 Tips for Buying a Condo in Dallas

Buying Dallas Condo
Thinking about buying a house? Are you interested in condos for sale in Dallas?

As the leading city in the Dallas-Fort Worth Metro Area--the #4 most populous metro zone in the US--Dallas has something to offer everyone. It has a history as an economic engine for the whole region and attracts professionals of all stripes.

Home to more than 1.1 million people, Dallas is located in five distinct Texas counties. It features world-class universities, museums, sports complexes, hospitals, and more. Recently, high-end technological research has become key to the economy.

With all this action and excitement, it's no surprise Dallas is a great place to buy a condo.

In fact, condominiums are among the most accessible housing options in the area. Growing families, retirees, and young professionals can all find ideal options to meet their needs and their budgets. Dallas makes it all possible!

Let's look at ways you can find the best Dallas condo for you.

Finding the Ideal Dallas Condo 

  1. Meet the Neighbors
    One of the biggest issues with living in a condo for the first time is proximity to the neighbors. In most cases, condos are directly attached to one another and you'll be side-by-side with two sets of neighbors. Don't fall in love with a property until you're satisfied you'll get along.

  2. Double-Check Your Services
    Many condos come with services like reserved parking, extra storage, and lawn care. Early in the process, be sure you know what services will be included in your agreement. Get everything spelled out in writing so there'll be no confusion over informal agreements.

  3. Learn About Association Fees
    Association fees are levied on condo owners on a monthly, quarterly, or annual basis. These pay for things like insurance and maintenance. They can also include one-time fees for major repairs. Review records from multiple years to understand how quickly fees are rising.

  4. Check on FHA Approval
    The Federal Housing Administration is a government entity that helps establish some basic housing rules. It also backs a number of programs for buying a house – you may qualify for a loan with 3.5% down payment, but only if the condos are FHA approved.

  5. Verify the Reserve Fund
    Unlike buying a house, when you buy a condo you're also "buying into" the association. How can you be sure that your local association is well-run? One way is by verifying how much cash it has on hand. A big reserve helps prevent unexpected costs and protect owners from issues.

  6. If Resale is a Concern, Go Big
    A key part of buying a house – or any other dwelling – is having a plan. If you know you're going to be leaving within three or five years, a bigger condo will be more likely to appreciate in value. Average and smaller condos gain value more slowly and need to be maintained carefully.

Make Your Dallas Condo Search Easier

If you want to find a quality condo at an affordable price in Dallas, it's especially important to partner with a trusted local real estate team. When you choose RE/MAX DFW Associates, our REALTORS® in Dallas will work with you every step of the way to find the perfect condo. Our decades of experience in Dallas-Fort Worth means our team is second to none.

Contact RE/MAX DFW Associates for fast, friendly, personalized service.

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