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Denni Kay Scates, PhD
REALTOR®, CLHMS, MCNE, CRS
Broker Associate
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Articles Tagged "RE/MAX"

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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
May
27

RE/MAX Report: Dallas-Fort Worth posts biggest home sales price spike in nation

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
January
11

How to Make Your Home Smarter this Year

Smart Home DFW

Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.

In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.

  1. Smart Home Assistant
    The smart home assistant is the foundation for any smart system. There are two that dominate the market: Amazon Echo with Alexa and Google Home with smart speakers. Similar to the way they work, these devices control all the other smart devices in your home, from lights and doorbells to security alarms and cameras.

  2. Smart Hub
    If you go with a smart speaker without a built-in hub, you'll need a smart hub for automating all the smart devices in your home through only one app. A couple of the best are the Smart Things Hub and the Hubitat Elevation Home Automation Hub.

  3. Lighting
    No need to get up. Add smart bulbs and control the lights through your phone, either by voice or touch. Still at the office? Turn on some light for the dog remotely. Change the mood by changing the color of the light if you opt for RGB lighting.
  4. HVAC Thermostat
    Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.

  5. Carbon Monoxide and Smoke Detectors
    Smart smoke detectors not only detect smoke but send a message to your phone that there's a problem.

  6. Garage Door Opener
    Let workers in your garage when you're away with an app on your phone. Did you forget to close the garage door? No problem. You can close it remotely as long as you can access Wi-fi.

  7. Smart Security Features
    A complete smart security system should include indoor and outdoor cameras, door locks, lighting, and even the doorbell. Here's how these features play into your overall security strategy:
    • Indoor camera -- There are many reasons to monitor what's going on inside your home, from watching a babysitter or cleaning employee to monitoring your pets' activities to recording a break-in.
    • Outdoor camera -- Again, you want to be able to record who comes up to your front door and what they do. The Nest outdoor security camera comes with night vision and has a built-in microphone and speaker; plus, you can use the app for the Nest to view live footage on your smartphone.
    • Door lock -- These devices do away with the need for keys; you can unlock them via your smartphone or with a fingerprint or a pin.
    • Doorbell -- These come with a camera that lets you see who's ringing the bell and communicate with them through your phone. Some devices have the ability to recognize your visitors.

Our real estate agents can help you upgrade your home and appliances to create a more convenient, efficient, and secure smart system. Contact us today. 

December
14

4 Ways to Give Back in the DFW This Holiday Season

DFW Giving Back

The holiday season ushers in excitement, but for thousands of men, women, and children in the Dallas-Fort Worth area, this time of the year is especially difficult. Some of our family members, friend, neighbors, and coworkers struggle to make ends meet or receive the care that they need. Our real estate agents understand that this time of the year is busy, but we shouldn't let shopping and festivities distract us from the reason for the season. Above all, these next few days give us the opportunity to share our kindness, spread joy, and brighten the lives of whomever we can. We encourage you to give back to the DFW this holiday season through one of these compassionate acts.

  1. Adopt a Family
    Our society is accustomed to giving and receiving gifts this time of the year. This custom makes it exceptionally difficult for those under financial stress to stay in high spirits. Thankfully, you can make sure that everyone has a gift to open during the season by adopting a family. Many organizations provide wish-lists for families or children in need, such as these DFW charities:
  1. Volunteer at a Shelter
    The gift of your time is often much more valuable and personal than any physical gift that you can give. Multiple charities throughout the DFW need various forms of in-person assistance. For instance, some food banks need help sorting donations, while others need help serving food to those in need. Consider signing up to volunteer at some of these local organizations:
  1. Donate Vital Items
    If you're unable to volunteer at a local shelter or food bank, you can still donate items to ensure that their pantries are fully stocked. It may not seem like much, but a few cans of vegetables and toiletries can make a world of difference in the lives of those in need. Help a family receive the nourishment and self-care that they need by donating food or goods to these charities:
  1. Shop Small
    While we admire anyone who makes an effort to give back to our communities directly, we also understand that it's an afterthought if you aren't used to donating. Thankfully, many of our local businesses are committed to giving back throughout the year. They donate proceeds from their sales to organizations that keep our community strong. Ask your favorite shops if they're supporting local charities this holiday season and shop small as much as possible to keep our economy and community healthy.

We hope that you take any opportunity to help those in our communities who need it most this holiday season. As always, if you would like assistance with your search for Dallas homes for sale and Fort Worth homes for sale, please don't hesitate to reach out. Contact us today to find your dream home in the Lone Star State.

September
7

Dallas Area Market Appears Headed for Slowdown

Percent of Prospective Home Buyers

  Source: National Association of Home Builders
 

Is the housing boom running out of gas?  During the last few years, the home market has been on a tear in North Texas and in other parts of the country, with prices soaring and buyers lining up as soon as a sign hits the front yard.  But there are growing signs that the fast-paced housing market is shifting gears, with a decline in sales in many markets and smaller price increases.  In July, U.S. preowned home sales fell from a year ago for the fifth month in a row. And nationwide new home sales were down almost 2 percent in July, causing analysts at IHS Markit to question if the bull home market has turned bearish.  "The economy is strong. Labor markets are solid. Yet, new home sales and single-family housing starts and permits have stalled. How can this be?" said Patrick Newport, executive director of the U.S. economics team at IHS.

Newport said rising home prices and higher mortgage rates have cooled the ardor for home buying.  "This has choked off demand," he said. A slowdown in immigration and household formation could also be factors, Newport theorizes.  In North Texas, year-over-year preowned home sales have fallen in many neighborhoods, and for the entire region, year-to-date sales were up a measly 2 percent as of July.  At the same time, the double-digit percentage home price gains of the last few years have faded in Dallas-Fort Worth. Through the first seven months of 2018, median home sales prices were up only 6 percent from the same period last year, according to sales data from real estate agents.

Property agents say that some first-time buyers have given up after losing out to other buyers or all-cash investors who snapped up affordable homes.  At midyear, the number of prospective U.S. homebuyers who said they planned to make a purchase in the next 12 months fell to just 14 percent — down from 24 percent in fourth quarter of 2017, according to the National Association of Home Builders. That's still another sign that the home market — while not in a traditional bubble — may be headed for slower sales in the year ahead.  "It's clear that the winds that have boosted sellers over the past few years are ever-so-slightly starting to shift," said Zillow senior economist Aaron Terrazas.

  • Dallas Morning News, August 27, 2018

 

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