Sign up to get new listings emailed daily! JOIN SIGN IN
Liz Snowden
REALTOR®, ABR
For Every Move You Make
Facebook Icon Twitter Icon LinkedIn Icon Instagram Icon VCard Icon 

Just the Facts

Just the Facts Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Allen TX | 8 Posts
Buying a House | 7 Posts
Coming Soon! | 2 Posts
Coppell, TX | 1 Posts
Covid | 1 Posts
Covid-19 Update | 2 Posts
Dallas TX | 15 Posts
DFW | 5 Posts
DFW Real Estate | 30 Posts
Economy | 42 Posts
Exurb Counties | 2 Posts
Financial News | 1 Posts
Forth Worth TX | 1 Posts
Frisco TX | 5 Posts
Home Appraisals | 1 Posts
Home Prices | 7 Posts
Home Sales | 4 Posts
Home Showings | 1 Posts
Homebuyers | 1 Posts
Homeowner Tips | 1 Posts
Homeownership | 5 Posts
Housing Starts | 5 Posts
iBuyers | 1 Posts
In The News | 4 Posts
Inflation | 1 Posts
Las Colinas TX | 1 Posts
New Build | 1 Posts
Plano, TX | 2 Posts
Relocation | 2 Posts
Renting | 1 Posts
School News | 3 Posts
Taxes | 4 Posts
The Economy | 4 Posts
Zillow | 1 Posts
Dallas | Foreclosure | Fort Worth | Jobs | Home Sales | Coppell | Carrollton | Flower Mound | Real Estate | Plano | Frisco | Relocation | Moving | New Construction | New Building | Home Prices | Home Prices | New Contruction | Growth | Forclosure | real estate | dallas | fort worth | remax | search for homes | Schools | Taxes | Dallas-Ft Worth | Growth | Trophy Club | 55+ Retirement Communities | Frisco | Roanoke | Byron Nelson | New Construction | Jobs | Texas | Schools | Little Elm | Little Elm | Frisco | DART | Commuter Rail | Public Transportation | Argyle | Lantana | New Construction | Fort Worth | RE/MAX | Real Estate | RE/MAX | Real Estate | Southlake | RE/MAX | Sales | Agents | Coppell | Flower Mound | Carrollton | Plano | Frisco | Irving | Relocation | Dallas | real estate | remax dfw | Dallas-Fort Worth | Housing | Real Estate | Economy | buying a house | buying a home | home buying tips | RE/MAX DFW Associates | Colleyville | Grapevine | Selling a house | Las Colinas | Valley Ranch | DFW neighborhoods | Keller | Arlington TX | Bedford TX | Euless TX | Hurst TX | Keller TX | Southlake TX | Selling a Home | area information | Denton TX | homeowner tips | First-time Home Buyer | RE/MAX DFW Associates | purchase offer | Buying a condo | First-time Buyers | Millennial Buyers | Baby Boomers | Retirement Community | Kitchen Remodel | Increase Home Value | Local businesses | St. Patrick's Day | Financing a home | For sellers | Painting tips | Downsizing | Homeownership | Homebuying tips | For buyers | Frisco, TX | Plano, TX | Addison TX | Allen TX | Anna TX | Aubrey TX | Celina TX | Corinth TX | Farmers Branch TX | Garland TX | Grand Prairie TX | Gunter TX | Highland Village TX | Justin TX | Lewisville TX | McKinney TX | Melissa TX | Mesquite TX | Murphy TX | Prosper TX | Richardson TX | Rockwall TX | Rowlett TX | Sachse TX | The Colony TX | Wylie TX | The Market | Zillow | Renting | DFW Metroplex | Interest Rates | Covid | Pandemic | Omicron | Homeschool | Christian Schools | IBuyers | Investors | Showings | Listings | Homebuilding | inflation | Homebuilding Permits | Home Showings | Appraisals | Exurbs | Suburbs
June
2

Plano and Prosper also rank in the Top 10 out of over 1,000 cities

Coppell, Plano and Prosper are the most popular housing submarkets in North Texas — and among the tops in the nation — as suburbs shot past major-metro cores nationally and in Dallas-Fort Worth coming out of the worst of the pandemic.

Pricey suburban locales near major cities rose to the top of Zillow's nationwide list of most popular places to buy a home.  In the Dallas-Fort Worth metro, Zillow found Coppell tops the pop chart. The typical home in Coppell is worth $565,930 and has seen 7% price growth in the first quarter of 2022, according to Zillow. Coppell home values are up 24% year over year.  Coppell ranked as the fourth most popular place in the nation to start 2022.

Following Coppell in the North Texas rankings is Plano, where the typical home is worth $513,325 and has seen 10% growth in the first quarter of 2022. Plano home values are up 33% year over year.  Prosper ranked third in the DFW market, with a typical home value of $774,456. That's up 13% in the first quarter of 2022 and 45% year over year.  Frisco ranked fourth and Carrollton fifth in Zillow's popularity contest, with typical home values of $661,460 and $410,270, respectively. Those values are up 13% for Q1 2022 and 39% year over year in Frisco, and up 9% for the quarter and 28% for the year in Carrollton.

  • Dallas Business Journal, May 28, 2022
June
1

The numbers: Sales of new homes in the U.S. fell in April for the fourth month in a row to the lowest level since the pandemic owing to high prices and soaring mortgage rates.

New sales slowed to a 591,000 annual rate from 709,000 in the prior month, the government said Tuesday. That's how many homes would change hands in a full year if the number of sales were the same in every month as they were in April. 

Big picture: The red-hot housing market was bound to cool off after mortgage rates jumped from just 2.75% in the fall for a 30-year fixed to more than 5.25% in mid-May. Low mortgage rates had made it easier for buyers to purchase a home despite record prices.  Builders, for their part, still aren't producing enough homes to meet demand. High material costs, supply and labor shortages and lack of cheap lots are among the constraints holding back construction.  A slower housing market is also likely to weigh on the broader economy. When people buy homes, they also need to buy lots of stuff to furnish it.

Key details: Sales fell in all four major regions of the country, but the largest decline occurred in the South, where about half of all new homes are built. Sales sank 20% in the South.

reverse the upsurge in prices over the past few years.

  • Market Watch, May 24, 2022
May
31

Single-family building permits continue to slide in the suburbs and exurbs north of Dallas and Fort Worth, although there are exceptions.  Year-to-date home-building permits are down 45% in Frisco, 27% in Celina and 21% in Prosper, with the spring building season well underway.  In Frisco, 624 single-family permits were issued in January, February, March and April combined. That compares to 1,134 in the same period of 2021, according to data compiled by Addison-based Tomlin Investments, which tracks new home construction around Dallas-Fort Worth.  So far this year, builders have pulled 732 permits in Celina and 378 permits in Prosper. That compares to 1,003 in Celina and 476 in Celina in the first four months of last year. Permits in Princeton plunged 48%, from 606 in the first four months of 2021 to 313 so far this year.  Home permits in McKinney, Melissa and Little Elm are down, too, albeit by smaller amounts. McKinney permits dropped 9% to 597 in the first four months, Melissa is down 4% to 295 permits, and Little Elm is down 5% to 451.

It's a different story in the exurbs Van Alstyne, Sherman, Anna and Denton.  Van Alstyne is up 146% year-to-date, with 251 permits so far. Sherman has soared 98% with 208 permits, Anna has escalated 29% with 516 permits, and Denton ticked up 9% to 381 permits to date.

  • Dallas Business Journal, May 24, 2022
May
30

April 2022 Nationwide

27% Decrease in Sales from April 2021

12% Increase in New Listings over April 2021

We are in a Changing Market

 

May
28

The red-hot housing market is starting to cool this spring, after nearly two years of soaring prices and shrinking inventories.

Why it matters: Homebuyers and renters who've been struggling to find an affordable place to live will have more choices and fewer bidding wars — if only just a little.

What's happening: The supply of homes for sale is finally increasing, after being depleted over the past year and a half, Zillow reports.

  • There were 740,000 homes for sale in the U.S. at the end of April, up from 715,833 at the end of March, per Zillow. That's still about half pre-pandemic levels in April 2019.
  • It's not just a seasonal uptick, either. Inventories are rising enough to begin closing the gap with 2021's available homes, and should surpass last year's inventory sometime later in 2022, Zillow says.

More houses for sale should help slow the frenetic pace of the U.S. market, in which the median home was snatched up in just six days in April.

  • That head-snapping sales rate is "extraordinary — unlike anything we've seen before in the national housing market," Jeff Tucker, senior economist at Zillow, the real estate website, tells Axios.

New home construction has also bolstered the housing supply, says Lawrence Yun, chief economist for the National Association of Realtors.

  • Yet persistent inflation — plus external factors, like the war in Ukraine — will continue to cause strain for potential buyers, he said.

The big picture: The dynamics of the housing market are shifting in many ways, with rising mortgage rates becoming a factor for the first time in a while.

  • The monthly mortgage payment on the median-asking-price home — which has risen to $408,458 — has hit a record high of $2,404 at the current 5.27% mortgage rate, per Redfin.
  • That's 42% higher than the $1,688 monthly payment a year earlier, when mortgage rates were 2.96%.
  • "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," says Redfin chief economist Daryl Fairweather in a company blog post.

Between the lines: As inventories rise, prices soften. Redfin reports 15% of home sellers cut their asking price last month — up from 9% a year ago.

  • "Even though price drops are becoming more common, most homes are still selling above asking price and in record time," notes Fairweather.

Be smart: The cooldown is not a sign of a housing crash — just an indication that we're going to return to a more balanced market, says Tucker of Zillow.

  • And while prices aren't expected to start falling fast, at least they won't be climbing quite as quickly anymore.

What to watch: Some overheated markets — like Charlotte, North Carolina, and Phoenix — could see a price correction over the coming year, Moody's Analytics chief economist Mark Zandi tells Fortune.

  • Axios, May 17, 2022
May
27

Dallas-Fort Worth saw the largest spike in home sales prices in the nation, according to a new study, with home prices up 39.5% over last year.  The jump brought the current median home sales price in DFW to $362,782 in April, according to the latest Re/Max National Housing Report.

Todd Luong, a real estate agent with RE/MAX DFW Associates, called the increase "astonishing."    Breaking it down in some of the popular suburbs north of DFW shows Frisco increased 36.6% over one year ago, McKinney rose 34.2%, and Little Elm climbed 33.9% over one year ago, Luong said.  Luong said that population and job growth are pushing home prices higher across North Texas.  "Corporate relocations have been the primary driver for all this," he said in an email. "During these past 10 years, office space in Dallas-Fort Worth has increased by over 55 million square feet, and only New York City has had more office space growth.  "During the same 10 years, industrial space in Dallas-Fort Worth grew by 230 million square feet. All this growth means more jobs, and more jobs mean more people are moving here."

The high price growth affects longtime homeowners and current and recent home buyers and sellers, Luong noted.  He said that appraisal districts have increased 2022 market values significantly across North Texas. On average, he said that home appraisals across Dallas County are up 25% compared to previous years.  "I have never had so many people asking me for help with protesting their property taxes than this year," Luong said. "I hope there can be property tax relief for homeowners in the future. Otherwise, some people may not be able to afford to live in their current neighborhood anymore. I have clients who have already expressed this concern." 

  • Dallas Business Journal, May 18, 2022
May
25

Home appraisals are up roughly 25% in Dallas County, 20% in Tarrant County, and more in Collin County and some of the other suburbs of Dallas-Fort Worth. The last day property owners can file to protest their appraisals is May 16, and protests are expected to surge.

After a year of unprecedented price appreciation — with multiple offers the norm and houses selling far over the asking price along with inventory shortages that caused many buyers to waive appraisal contingencies in purchase contracts — the market values that appraisal districts placed on properties for 2022 tax purposes are up sharply across the state. How sharply varies widely from county to county and even neighborhood to neighborhood.

The average increase in home appraisals across Texas is 25%, according to the Texas Association of Appraisal Districts.  Home appraisals are up roughly 25% in Dallas County, 20% in Tarrant County, and more than 50% down in Travis County, where the housing market is even hotter than it is in North Texas. 

Homeowners can apply for a homestead exemption to limit the increase, but the deadline to apply for this year was April 30.  The good news for homeowners who missed the April 30 deadline is that late homestead exemption applications can be filed for up to two years after the tax delinquency date, which is usually Feb. 1. Homeowners who file late are eligible for a new tax bill with a lower amount or a refund if they've already paid.  The next important property tax deadline is fast approaching. The last day property owners can file to protest their appraisals is Monday (May 16).

The higher appraised values mean that if taxing entities such as cities, counties and especially school districts do not cut tax rates, many property owners will pay hundreds of dollars more in property taxes for 2022, if not thousands.  For people who own their home, that means writing a bigger check to their local tax office by the end of the year. For folks with a mortgage, the amount their lender collects in escrow will climb, typically translating into higher monthly house payments.

The number grabbing the attention of property owners when they open their 2022 appraisal envelopes is the market value — the amount the county appraisal district estimates their house would sell for as of January 1 of this year.   But in many cases, property owners won't pay taxes on the full market value because they'll qualify for tax breaks such as the homestead, over-65, and disabled veterans exemptions.  The homestead exemption, for example, puts a 10% cap on the amount the assessed value of a primary residence can go up. A homeowner claiming a homestead exemption whose market value increases from $500,000 to $600,00 would pay property taxes on $550,000.

Meanwhile, Texans who voted on Saturday overwhelmingly approved two amendments to the state constitution concerning property tax relief. One will set a lower property tax rate for over-65 and disabled homeowners starting in 2023. The second will lower independent school district property tax bills by increasing the homestead exemption from $25,000 currently to $40,000, saving an estimated $175 per homestead.  In Dallas County, Proposition 1 passed by 87.2% and Prop 2 passed by 85.4%, both mirroring the statewide passage rate, give or take 1%.

Home-buying clients and other residential property owners are urged to protest their appraisals most years and says this year there's more reason than ever.  Most appraisal districts have online portals that give property owners a way to protest informally. Those who aren't satisfied with the results can then formally protest with their local Appraisal Review Board, which will hold a hearing. Protest hearings began in late April 30 and finish in mid-July.  Homeowners should arm themselves with documentation of recent sales of comparable homes in their neighborhood. Most real estate agents will pull the comps for free.

The process to protest appraisal hikes varies from county to county and has changed substantially from past years due to COVID.  For more information about how individual North Texas counties are handling protests given COVID restrictions, here's how to contact appraisal districts in North Texas:

  • Dallas Business Journal, May 10, 2022
May
24

Recent housing-market data has shown the massive effect the surge in rates has had on home buyers. "The pandemic boom in home sales is over, and activity is back at pre-pandemic levels," Mizuho Securities U.S. economist Alex Pelle and chief U.S. economist Steven Ricchiuto wrote in a research note.  It's clear that the affordability challenges posed by rising rates and higher prices has cooled demand among home buyers. Nevertheless, home listings remain few and far between. That means that home prices likely will continue to grow — albeit at a slower pace — since even with a reduced pool of buyers there aren't enough properties to grow around, analysts say.

Most economists anticipate that the housing market is balancing out, meaning that bidding wars and contingencies could soon become a thing of the past.

  • MarketWatch, May 8, 2022
|
DMCA.com Protection Status
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 10/02/2022. The listing information on this page last changed on 10/02/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of NTREIS (last updated Sun 10/02/2022 12:59:03 PM EST) or Permian Basin MLS (last updated Sun 10/02/2022 10:44:44 AM EST). Real estate listings held by brokerage firms other than RE/MAX DFW Associates may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

Privacy Policy / DMCA Notice / ADA Accessibility

Login to My Homefinder

Login to My Homefinder