Tuesday, March 19, 2019

Lubbock still a seller's market


I've been posting and everyone has been talking about the Dallas area real estate market.  Specifically, the NE Dallas metroplex area seems to have a balanced (flat) market recently.  Well, it's not necessarily state-wide.  The Lubbock Avalanche-Journal reports that local home sales slowed but the median price increased in February, according to data from the Real Estate Center and the Lubbock Association of Realtors.

Home sales were down 5 percent from February 2018 with 280 homes sold. The median price increased 13 percent to $182,500.  The number of active listings grew 7 percent over the year at 1,024 listings.  Monthly housing inventory decreased from 2.9 months to 2.7 months in the same period. The TAMU Real Estate Center considers a six- to 6.5-month inventory a balanced market.

Homes in Lubbock spent an average of 87 days on the market. ​ For more on the Lubbock housing market, read the Center's latest housing report​​.​

Wednesday, March 13, 2019

Feeling Rich yet?



Well of course not.

But we are officially still in the black, employment-wise.  The soothsayers at the Federal Reserve Bank of Dallas adumbrate a modest growth in job-having.  The Texas Employment Forecast suggests jobs will grow 1.5 percent this year.  So, yeah.

Here's a cool chart they made for the occasion...

https://www.dallasfed.org/-/media/Images/research/forecast/2019/emp190308c1.png














https://www.dallasfed.org/research/forecast/2019/emp190308.aspx

UPDATE:

Texas unemployment holds, 17,700 jobs added in February

 

AUSTIN (Texas Workforce Commission) – February marked the 106th consecutive month of annual nonfarm employment growth as 17,700 seasonally adjusted positions were created, according to the Texas Workforce Commission. ​

Texas' seasonally adjusted unemployment rate held at 3.8 percent.  The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2.2 percent. McAllen-Edinburg-Mission had the highest at 6.6 percent.

The mining and logging industry saw the most seasonally adjusted growth in employment from February 2018 to February ​2019, growing 8.4 ​percent. The information industry was the only sector to see a drop in employment, falling 1.5 percent. 



Monday, March 4, 2019

WSJ says the Boom is Over (this is not new news to us)



Yup.

Local REALTORS have been saying it for months now; the market is even.  That means no more ever soaring prices.  Yes, Mr. Seller, that means you need to conservatively price your home to sell it.  To get an offer.  And the offer you get, you better not blow it off because it is too low.

And you non-Native Texans?  You can't low-ball Texans.  It is frowned upon.  Also, this isn't a low-ball market.  Not by a long shot.  Listen friends, it is a FLAT market, or perhaps you'd prefer "even?"  It's an even market: as much in the seller's favor as the buyer's
No overpricing.
No low-balling.

Even.
Fair.
Flat.

Even.


https://www.wsj.com/articles/the-u-s-housing-boom-is-coming-to-an-end-starting-in-dallas-1543248073?mod=e2fb


Tuesday, December 18, 2018

Merry Christmas!!!!



Visual History of Christmas Traditions Infographic by Balsam Hill

Christmas is celebrated in a multitude of rich and cherished traditions. This illustrated timeline, brought to you by Balsam Hill Christmas Tree Company, captures the flow of some of the most popular Christmas traditions and figures throughout Christmas History.

Wednesday, December 12, 2018

Help Wanted

Hey you loan officer that always email me, spam me, call me.... UGGH!  You can't have my buyers/borrowers because they are going to Supreme Lending and my trusted lender, Joe Boggs.  However, you CAN go to work at Joe's office!



https://joeboggs.supremelendinglo.com/

Tuesday, July 31, 2018

Movin' on UP ...way up NORTH!


Texas Real Estate Developers and Global Alternative Investment Firm Värde Partners Acquire Windsong Ranch in Prosper, Texas



​​​​Carey Marin at BusinessWire writes that Tellus Group, a joint venture of Vä​​rde Partners and developers Craig Martin and David Blom, has purchased the Windsong Ranch from the Terra Verde Group. 

The 2,030-acre master-planned​ community is at 1001 Windsong Pkwy. S. At full build-out, the community will have 3,100 single-family homes, 600 acres of open green space, and 150 acres of mixed-use development. 

It will be the first North Texas development to offer​ a Crystal Lagoon (I bet the folks in Rowlett are pretty jealous). The five-acre lagoon will open in spring 2019.

Homes will be priced from the $200,000s to over $1 million. Builders include American Legend Homes, Belclaire Homes, Britton Homes, Chesmar Homes, Darling Homes, Drees Custom Homes, Grenadier Homes, Highland Homes, Huntington Homes, and MainVue Homes.

Thursday, July 12, 2018

DFW home sales see first Y-O-Y decline in nearly two years

 CHILL OUT!


Steve Brown at the Dallas Morning News says that North Texas home sales actually fell 3% in June, marking the first year-over-year decline in almost two years. 

Last month, 10,754 preowned single-family homes were sold, according to data from the Real Estate Center and the North Texas Real Estate Information Systems. 

With June's decline, preowned home sales are up just 1 percent so far this year compared with 2017's record sales. 

Median home sales prices were up 7 percent over the year, hitting a record high of $273,000. ​

​There was a three-month supply of homes in the area. The average North Texas home was on the market for 38 days​. 

In June, there were 10,998 pending sales. There were 24,174 homes listed for sale in the metro, up 12 percent over the year.  

So, that's a cooling of the market.  Not a bursting bubble.  A corrective slowdown.  We think that is good news.

Tuesday, February 27, 2018

DFW Prices Still Rising: Appraisers Still Stupid

Standard & Poor's/Case-Shiller Home Price Index shows that Dallas home prices still increasing, but slowing...

 

Steve Brown at the Dallas Morning News writes that Big D's home prices increased 6.9 percent year over year in December, according to the Standard & Poor's/Case-Shiller Home Price Index.

That's slightly higher than the nation's 6.2 percent gain, but it was the smallest percentage price rise for Dallas ​home values in almost five years.

North Texas home price increases have been slowing for months after hitting record levels in 2017.

A combination of  larger home inventories and buyer push back against high prices has slowed the rate of area property appreciation, analysts say.

In contrast to the proven reputation of the S&P index, you can find a random residential appraiser who will tell you home sales are slowing or stable.  Why?  Well, most appraisers are just involved in a transaction to get paid.  Paid through an archaic and federally supported not-needed dogma that is supposed to protect the buyer.  See, the lender has to get an appraisal so that he can resale the loan on the back side to investors but according to the too-influential FHA guidelines.

The appraiser who takes his job too seriously and refuses to allow for market pressure is a guy who think his shoulders alone can carry the burden of controlling the free market.

Appraisers... who needs 'em?  Your broker matters.


Wednesday, December 13, 2017

An Amazing Blog Post

Wow.
This is it.

This is the moment my website goes viral. 

I should warn the GoDaddy that their servers are about to get overloaded... Here are the new TREC advertising rules for real-estate-ors.  HOLD ON TO YOUR HATS!

These new rules are... [about] clarity of advertisements for consumers with the least restrictions on license holders. ...Senate Bill 2212, ...made changes to the regulations governing advertising for brokers and sales agents, eliminating an age-old law that the advertiser be identified as a broker or agent in all advertising. However, it clarifies that an advertisement is misleading if it fails to include the name of the broker or implies that a sales agent is responsible for the operation of a brokerage...


https://www.trec.texas.gov/article/trecs-advertising-rules-what-you-need-knowhttps://www.trec.texas.gov/article/trecs-advertising-rules-what-you-need-know

Tuesday, November 28, 2017

How much income is enough to buy a mid-priced DFW home?

A mortgage resource website reports that a household in the Metroplex needs more than $59,500 in annual income to qualify for a median-priced house.​  That's roughly $4,100 more than the income needed at the national level.

The study, by HSH.com, is based on a median home price of $249,000 and a 20 percent down payment.​

Finding a $250K home is tough, but it is possible.

Your Broker will matter, a great deal...

Tuesday, November 14, 2017

Staging: Setting the Stage

 

World Class Mortgage Officer, Joe Boggs of Supreme Lending tell us how to take the mystery out of staging a home to sell:


Joe BoggsRemember the last time you visited a new home development? How did you feel touring the model? Usually, pleasant memories come to mind about how well the home looked. That's because it was "showcased" properly.
Home showcasing is not about remodeling, fixing up or making your home look sterile. Instead, it focuses on simple steps to make your home show like a model without spending a lot of money. The secret is setting the stage, which helps potential buyers imagine themselves and their families at home in your "home for sale."
Strip Down and Build Up
The first step is to clear the set. Take out extraneous furniture, decorations, pictures, etc. Take each room down to its most basic form, opening up the living space as much as possible. Then build it back up to the way you want it to look, as simple as possible, and without clutter.
Make the strip-down process simpler by stowing packed boxes in a staging area like the garage, or by renting a storage space to hold extra furnishings while your home is on the market. In essence, pack up early.
Props
When building the set, try to make each room tell a story. Help potential buyers see themselves in each room. A clever arrangement of props will make it easy for buyers to imagine writing a letter at the desk in the kitchen, clicking on the television and enjoying a bowl of popcorn, turning on the stove and preparing a holiday repast.
Themes for a room can help you narrow down how to display it. You can, of course, stage the room as you use it now, or choose a particular motif, i.e. Southwestern, country style, international. Or you could pick an activity to illustrate on your stage, i.e., relaxed office or library, gourmet cooking, resort or vacation living. What would you like to do in that room? Place the props needed for those activities throughout the room.
Lighting
Lots of lights open up a room and give it a larger appearance. If you've been using 50-watt bulbs, move up to 100 watts. If a large living room has only one lamp, move in another. Open curtains and add mirrors. When it's being shown, the home should be bright. It makes your home look like it's in center stage.
Do Your Homework
Ask what buyers are looking for in your community. What are they saying about the homes they don't buy? And what is it about the homes that are selling that make them so popular? By determining your ideal target buyer, you will better understand how to merchandise your home. Our experience in your specific neighborhood can help you answer all these questions and more.
Aroma Therapy
Almost as important as how a home looks is how it smells. Ask a close friend to walk through your home—objectively—and take a whiff here and there. Are there any offensive odors? Is it too perfumy? Too drab? Stale? Musty? Are there pet odors (which should be fixed—not covered up)? What can you do to impress potential buyers with aroma therapy?
When it comes time to sell your home, you'll want to work with a real estate professional who knows all aspects of the selling process—including showcasing. Call us today to talk about how we can help you display your home to sell for the best possible price!

 Email J.T. for a "backstage pass" to staging your home to sell... jt@jtoden.net

Friday, October 27, 2017

73-acre Stacy Green gets green light 

​​​
Steve Brown with the Dallas Morning News ​​reported that the Allen City council has approved​ the development of the 73-acre Stacy Green mixed-use project at the southwest corner of US 75 and Stacy Rd.
The project ​will include over 600 rental units and 500,000 sf of office, commercial, and retail space. A theater and hotels are also planned. 

A 13-acre greenbelt and park along Cottonwood Creek will be dedicated to the city but maintained by the developer. 

Provident Realty Advisors and Glaser Retail worked on the plans for 18 months. GFF and Architecture Demarest did design and renderings. Stream Realty Partners is working on the office component. 

The site is one of the last remaining pieces of the old Stacy family farm.