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 

Articles Tagged "Real Estate"

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
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
April
1

Pending Home Sales Fall

  • Setting a soft tone for the usually busy spring season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January.
  • This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out.
  • The median monthly payment on a new mortgage is now taking up a much larger share of a typical consumer's income. It jumped 8.3% in February compared with January.

In a grim sign for the housing market's busiest season, pending home sales, which measure signed contracts on existing homes, fell 4.1% in February compared with January, according to the National Association of Realtors.  Sales were down 5.4% compared with February 2021. Analysts were expecting a slight gain. This is the fourth straight month of declines in pending sales, which are an indicator of future closings, one to two months out.  Since this count is based on signed contracts in February, when mortgage rates really started to take off, it is a strong indicator of how the market is reacting to the new rate environment, especially as it is entering the crucial spring season.

  • CNBC, March 25, 2022

February
11

Builder's Dilemma, "We Can't Just Have a Market Where Only Californians Can Afford It"

After a year of record-breaking construction, North Texas homebuilders are starting 2022 with a backlog of sales and not enough supply.  Dallas-Fort Worth builders sold almost 46,000 single-family homes in 2021.  Even though local builders started more homes than in any market in the country, they can't keep up with demand for new housing units in North Texas.  Don't look for the supply-demand imbalance to end this year, housing analysts warn.  "2021 turned out to be one of the most extraordinary years in D-FW housing history," said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. "Builders were enveloped by an unprecedented swell of housing demand that prompted the industry to rev up its production pace.  "Unfortunately, as builders rushed to sell houses to the wave of buyers, the resulting surge in starts was quickly met by the reality that there were limitations to the North Texas construction capacity."  A lack of labor, materials shortages and other constraints have driven up costs and stretched out average building timelines, Wilson said Thursday in his firm's quarterly market update.  Unlike in previous housing cycles, North Texas builders can't meet the appetite of consumers.  "There appears to be ample demand to sell houses at healthy margins but the reality is that no one is able to get houses constructed and completed as quickly as they would like," Wilson said.  North Texas housing demand is being driven by a combination of demographics and relocations to the state.  D-FW led the country in single family new home starts last year.

 

Phil Crone, executive director of the Dallas Builders Association, said most of the area's builders are focused on overcoming the unprecedented challenges of the pandemic-impacted industry.  And with the prospect of both higher mortgage rates and construction costs this year, affordability issues will continue to plague D-FW builders.    "We can't just have a market where only Californians can afford it."

  • Dallas Morning News, February 11, 2022

Inflation Concerns Are Sweeping the Nation

March
6

Lawsuit: Bad Zillow Info 'Corrupted' Price on $150M Mansion

Lawsuit: Bad Zillow Info 'Corrupted' Price on $150M Mansion

Once the most expensive listing in the US, the Bel Air mega-mansion was incorrectly listed as sold multiple times. The seller of one of the nation's most expensive real estate listings is suing real estate giant Zillow Group for $60 million in damages, alleging the company was negligent when it allowed a "troll" to falsely claim they were the homeowner of the listing on Zillow and then posted inaccurate information about the property.

The listing, 924 Bel Air Road in Los Angeles, was first listed for $250 million in 2017 and cut to $188 million last year before coming back on the market at a $150 million price in January.

In a lawsuit filed on Feb. 24, the plaintiff, a company owned by Makowsky, alleged Zillow published false information about the property that was uploaded by someone claiming to be the listing's owner. This included claims that the home had sold on Feb. 9, 2019 for $110 million, that there was an open house for the property on Feb. 8, 2019 from 1-4 p.m., that the property sold on Feb. 9, 2019 for $90.54 million, and that the property sold on Feb. 9, 2019 for $93.4 million.

"Zillow is disseminating misleading, false, and inaccurate information that has a large prominence because of Zillow's market power," attorneys for the plaintiff wrote in the complaint.The plaintiff's attorneys alleged that it took Zillow more than a week to take down the false information and false claims of ownership, despite Zillow acknowledging it was "aware of the issue."

  • Inman News, March 1, 2019

 

February
27

2019: New Home Sales Up 2%, Preowned Sales Down 2-4% Nationwide

U.S. Home Starts

Homebuilders are starting off 2019 with hopes of another increase in U.S. sales, especially newly built houses. But the building industry also sees an upcoming drop nationally in purchases of preowned homes because of rising affordability issues. "2019 looks like a year of solid, if not spectacular, growth," said Robert Dietz, chief economist of the National Association of Home Builders. "I think new-home sales will be up a tad and existing home sales down." The building industry forecasts a 2 percent rise in nationwide home starts in 2019, making it the best year since the Great Recession. That's the most positive sign in this year's outlook. "We actually have existing home sales declining year-over-year in 2019," Dietz said at the industry's annual meeting this week in Las Vegas. The drop in existing home sales is likely to be between 2 percent and 4 percent this year, according to the latest industry outlook. Preowned home sales in Dallas-Fort Worth fell slightly in 2018 after several years of increases. The decline continued into the new year. Higher mortgage rates and record prices are blamed for the slowdown.

  • Dallas Morning News, February 19, 2019

 

February
20

Home Sales Fall by 10-13% in January

DFW January Home Sales UpdateIn Dallas County, home sales by real estate agents fell more than 12 percent in January from the same month in 2018. Sales were down almost 13 percent in Denton County and down 10.5 percent year-over-year in Collin County. The smallest sales decline was in Tarrant County — 8.5 percent — where a larger inventory of more affordable houses on the market has made purchase activity stronger. Real estate agents are scrambling to adjust to the downshift in the local home market. "We are being realistic with our sellers, telling them you need to price your house at what it will sell for," said Cathy Mitchell, 2019 president of the MetroTex Association of Realtors. "I think this market correction is good for us." There was about a four-month supply of houses on the market in North Texas at the end of January.

  • Dallas Morning News, January 16, 2019
October
19

DFW Homes Sales Stumbled in 3rd Quarter

Texas Quarterly Report

Dallas Morning News, October 18, 2018

Dallas-Fort Worth was the only major Texas market that saw a decline in third quarter home sales. D-FW preowned homes sales fell 2.3 percent from third quarter 2017, according to a new report by the Texas Association of Realtors. Statewide sales were 4.4 percent higher than in the previous year. Among the big metro areas, the largest sales increase was in Houston were real estate agents sold 11.6 percent more houses than they did in third quarter 2017. 

"Our market remains extremely strong but is still slowly moving toward normalization," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University, said in the report. "Median home prices and home sales are up, but the rate of increase statewide is beginning to slow compared to prior years."

Even with the year-over-year sales decline, D-FW had the largest number of preowned property sales in the state with 27,660 properties changing hands, according to the Realtors association. The Houston-area was second with 24,028 home sales. Median home sales prices rose 4.4 percent in the third quarter from the previous year to $235,000. In D-FW, prices were up 3.9 percent to a median of $265,034.

Residential appreciation in North Texas has slowed this year after median home values grew by more than 40 percent during the last five years. D-FW had the largest inventory increase of any of the major metros - up 14.5 percent from third quarter 2017. "At the current rate that home sales and active listings are increasing, we are trending towards another record-breaking year in Texas real estate," Kaki Lybbert, chairman of the Texas Association of Realtors, said.

June
20

Buyers Are Paying 19% More Than One Year Ago

Buyers Are Paying 19% More Than One Year Ago

Homebuyers are getting a double whammy. "Home prices are up and mortgage rates are up," said Frank Nothaft, chief economist with CoreLogic. Nationwide home prices are almost 7 percent higher than a year ago. And the average long-term mortgage cost has risen by seven tenths of a percentage point interest compared with this time in 2017, according to CoreLogic. "That translates into a 16 percent increase in the monthly principal and interest payments to buy the same house," Nothaft said. For the first-time homebuyer there is a 19 percent increase from one year ago. "Average wages around the country are up only 2.5 percent to 3 percent from a year ago. Each passing month as prices rise and mortgage rates rise, it's increasingly challenging for home buyers, especially entry-level homebuyers," he said. "The pinch it takes out of their monthly budget starts to affect more and more buyers across the country." Dallas-Fort Worth is one of the markets with record-high home costs. While overall median home prices in North Texas are up about 5 percent so far in 2018, prices for the most affordable houses — under $200,000 — are rising at almost twice that rate.  CoreLogic is forecasting further increases in home prices and interest rates in the year ahead.

  • Dallas Morning News, June 15, 2018
May
30

The Real Estate Slowdown is Real: Don't Panic as Buyers Bring Balance

by Seth Fowler

 

(This article appeared in Candy's Dirt.  It is specific to the Ft Worth side of the Metroplex, but the facts are the same for all of North Texas.)

 

Real Estate Slowdown

Some will agree, and some won't,  but data doesn't lie — we are heading into a real estate slowdown.

 

First of all…R-E-L-A-X.  No, we are not heading toward a recession.  No, the housing market isn't crumbling.  No, it's not time to sell your home, stock up on canned beans, ammo, and get off the grid.  But the real estate market is changing … dare we call it a slowdown?

How Can You Say It's a Slowdown?

How can I say this? We are in the midst of an historical real estate boom like we've never seen before and everything we hear and read says the market is hot, hotter, hottest!  Please hear me: the Dallas/Fort Worth Metroplex is still by far the absolute best place in the world to live, work, play, and own real estate.  The daily, weekly, monthly growth that is happening to this part of the state is still out of this world.

But the market is experiencing a slowdown.  Interest rates are rising .  Municipalities are getting more and more greedy with property taxes.  Home values are increasing at a rapid pace.  New home construction is increasingly expensive and not meeting demand.  Wages aren't increasing as quickly as prices and that's causing a slowdown in the real estate market.

 

In Part One we will look at those factors and how they combine to cause this slowdown.  In Part Two next week, we will discuss whether or not an actual slowdown in the real estate market is a good thing, a precursor to doom-and-gloom (again, R-E-L-A-X), and what it means for buyers and sellers in this brave new world.

Just The Facts Ma'am

According to the Fort Worth Housing Report distributed by the Greater Fort Worth Association of Realtors, the median sales price of homes is going up, up, and up.  Up 9.7 percent from February 2017 to 2018 at $214,000.  Up 9.3 percent from March 2017 to 2018 at $219,750.  Up 7.3 percent from April 2017 to 2018 at $220,000.  We see that the overall price continues to increase, but the percentage from year-to-year is falling a little bit.  Across the country home prices increased 8.7 percent over the past year according to a recent Zillow report.  Increases like this simply are not sustainable in the long run for a stable economy.  While sellers enjoy their large return on their investment, fewer and fewer buyers are able or willing to pay these steep increases.

Active Listings And Days on Market

From same reports active listings were up 3.4 percent from February 2017 to 2018 at 1,668 homes.  Up 6.4 percent from March 2017 to 2018 at 1,851. Up 17.1 percent from April 2017 to 2018 at 2,105.  The more listings the better right?  Well, yes and no is the answer.  Yes more listings on the market the better for buyers.  But that's only if they are good listings that are priced correctly.  Days on market has also increased.  Homes sat for one day longer in February 2018 than 2017 at 43 days.  Seven days longer in March 2018 than 2017 at 44 days.  Seven days longer in April 2018 than 2017 at 37 days.

No — not time to panic — but numbers don't lie.  Buyers are gaining some control.

Word on The Street

While considering this article over the past month or more, I have talked to many agents, lenders, and title company officers in the D/FW area and 100 percent of them have mentioned how it appears that the buyers are finally pushing back at the skyrocketing prices.  Sellers have been in control for a number of years when it comes to asking price.  Depending on the range, sellers have tended toward higher asking prices and buyers have very little recourse.  If a buyer wants a house then they'll meet asking price … or go higher.  As inventory increases (albeit slightly) we are seeing buyers be a little pickier and price conscious.  It's not as if buyers are offering 50 cents on the dollar, but more than ever in the past year we are seeing lower offers as homes sit longer on the market.  Of course there are variables like price range and location and condition of homes — I know that — so these stats might not apply for all homes universally.

In Summary

We have been living in the longest real estate boom in the history of ever.  It's not going away, it's just not booming like it was, and I contest that it will not boom like that again.  A slowdown is happening and will continue to happen.  While this might cause panic for some, it could also be just what our overall economy needs — balance.  Come back next week and see what else I have to say.  If you disagree with this article — or if you agree — hit me up, let me know, I'd love to hear YOUR perspective.

Well that's all from Tarrant County this week Dirty Readers.  Thanks for reading and following and sharing!  As always, if you have questions, comments or great ideas for a blog … hit me up!

Seth Fowler is a licensed Real Estate Sales Professional for Williams Trew Real Estate in Fort Worth, TX.  Statements and opinions are his and his alone.  Seth has been involved with the home sales and real estate industry in the Fort Worth area since 2004.  He and his family have lived in the area for over 15  years.  Seth also loves bowties!  You can reach Seth at: 817.980.6636 or seth.fowler@williamstrew.com.

 

May
17

DFW Area Price Alert – Home Price Increases Are Slowing

10 Markets Where Home Prices Aren't Rising

 

A new look at the prices sellers are asking for their homes is another sign of a shift in the North Texas housing market.  Dallas-Fort Worth made it onto a list of 10 major cities that are seeing declines or just tiny increases in the asking prices for houses up for sale.

Researchers at property market firm Trulia compared major home market to see where list prices for homes were rising and where they were falling. All four of Texas' major home markets made the ranks of places where home value increases are stalling.  That's obviously nowhere near the double-digit percentage annual home price gains North Texas recently saw.   Trulia estimates that the median price of homes up for sale in D-FW was $356,999 in March.  In March, homes listed for sale in North Texas traded for 98 percent of what they were listed for, according to local real estate data.  Trulia's report that D-FW sellers aren't jacking up their asking prices as quickly this year is another indication that the home market dynamic is changing in the area.

  • Dallas Morning News, May 8, 2018
May
15

DFW is Still the TOP Texas Market for Real Estate Sales

Texas Home SalesThe Dallas-Fort Worth area led the state in first-quarter home sales.  Local real estate agents sold more than 20,000 homes in the area, according to a new report by the Texas Association of Realtors. It was more than a fourth of the total 70,292 Texas homes sold in the first three months of 2018.   The Houston area was a close second with 17,652 sales.   While D-FW hung onto its lead in Texas sales, the number of home purchases increased from first-quarter 2017 by less than 1 percent.  D-FW's housing market shows signs of cooling from several years of rapid increases.   D-FW median home sales prices in the first quarter were at an all-time high of just under $260,000, according to the Texas Association of Realtors.

  • Dallas Morning News, May 9, 2018

 

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 12:24:00 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