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Date Archives: March 2019

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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
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Exurb Counties | 2 Posts
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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 | 1 Posts
Renting | 1 Posts
School News | 3 Posts
Taxes | 4 Posts
The Economy | 4 Posts
Zillow | 1 Posts
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March
31

Dallas Home Price Hikes Are Turning Buyers Into Renters

 

Should you buy or rent?

Dallas is one of the U.S. metro areas where rising home prices have hurt homeownership the most. Dallas, Denver and Houston were identified as the markets where there is the most downward pressure on homeownership, according to a new report by Florida Atlantic University and Florida International University faculty. The study ranked areas where the markets have tilted in favor of renting over buying homes. Researchers traced housing conditions in 23 markets for the report. Dallas was the most unfavorable for homeownership among the cities surveyed. "Of the metros in our index, Dallas is the highest and exhibiting the greatest downward pressure on the demand for homeownership," said Ken Johnson, real estate economist in FAU's College of Business. "The extraordinary appreciation in the area is a major driver of this score."  Dallas' housing market has taken off since the Great Recession, with soaring prices.

  • Dallas Morning News, March 20, 2019
March
30

Dallas Ranks #1 For Millennials Nationwide

 

Meyers Millennial Desirability Index (MDI)

        SOURCE: Meyers Research

 

Dallas and Houston are the hottest spots in the country for millennial homebuyers. That's what analysts at California-based Meyers Research found in their annual "millennial desirability index" that rated the country's largest housing markets. Austin ranked third on the same list, which compared data on housing affordability, job growth, cost of living and other factors for major metro areas across the country. Meyers Research's director of research, Ali Wolf, said factors such as Texas' relatively low new home prices, strong economy and high quality of life push the state's major cities to the top of the list. Job opportunities, affordability and lifestyle were key factors millennials said they would consider in moving to a new city. Meyers' study is one of two recent studies that give North Texas high marks for first-time homebuyers.

  • Dallas Morning News, March 24, 2019
March
29

Dallas and Los Angeles – The Top Markets for Investors

 Dallas and Los Angeles – The Top Markets for Investors

Dallas-Fort Worth is again near the top of a shopping list for commercial property investors — behind only Los Angeles in a new survey. For the third year in a row, commercial real estate firm CBRE ranked D-FW second nationally in its survey of property investors. Houston also made the top 10. Investors said industrial and warehouse buildings and apartments were their most targeted properties for 2019. "We are seeing unprecedented investor interest for industrial and logistics properties in Dallas-Fort Worth coming not only from U.S. investors but also global capital from Asia, primarily Singapore, Europe and the Middle East," Randy Baird, CBRE executive vice president of Industrial & Logistics, said in the report. "D-FW is capturing the interest of all forms of capital because we are at a central point in the U.S. supply chain, we have a pro-business environment with a low cost of doing business, and we have nation-leading population growth.

  • Dallas Morning News, March 21, 2019

 

 

March
28

Fed Sees No Rate Hike

 

Fed Sees No Rate Hike

The U.S. federal reserve on Wednesday brought its three-year drive to tighten monetary policy to an abrupt end, abandoning projections for any interest rate hikes this year amid signs of an economic slowdown, and saying it would halt the steady decline of its balance sheet in September. In terms of interest rates, the new Fed projections knocked the number of hikes expected this year to zero from the two forecast in December. This outlook is now also in line with President Donald Trump's criticism of Fed rate hikes endangering the recovery.

  • Reuters, March 21, 2019
March
27

Home Prices Fell in Dallas County in February

Home Prices Fell in Dallas CountyThe latest North Texas housing market numbers are not very encouraging, to say the least. Home sales were down in many Dallas-Fort Worth neighborhoods in February, and median home sales prices dropped for the first time since 2008-2009 in both Dallas and Rockwall counties.  Dallas County home sales prices fell 2.5 percent in February from a year ago, according to the latest figures from the MetroTex Association of Realtors. Median sales prices slid 4.5 percent in Rockwall County.  Collin and Denton counties eked out tiny year-over-year home price gains last month — less that 1 percent ahead of February 2018.  The only solid home price gain in the region came in Tarrant County, where houses are still relatively affordable.  Lower and moderate-priced house sales are still strong while purchases of expensive properties have lagged.

  • Dallas Morning News, March 22, 2019

 

March
11

States Where Americans Are Paying the Most/Least Taxes

Texas Ranks 45th on Taxation

Taxes are one of the few certainties in life — but they do not have to be a great burden. From the checkout counter to the 1040 form due every April, what Americans end up paying in taxes depends largely on where they live.  While all Americans are generally subject to the same federal tax code, each of the 50 states has broad authority to levy its own sales, income, and property taxes — or not.

With data from tax policy advocacy group Tax Foundation, 24/7 Wall St. reviewed the total tax burden as a share of income on a per capita basis to identify the states with the lowest and highest tax burden. Federal taxes are not included in the calculation.  While every state government relies on taxes to operate, no two state tax structures are exactly the same. For example, four states do not charge a sales tax and seven states do not levy personal income taxes. In stark contrast, 13 states derive the largest share of their annual tax revenue from sales taxes and nine from personal income taxes.

 

THE SIX HIGHEST TAXED STATES

  1. New York
  2. Connecticut
  3. New Jersey
  4. California
  5. Illinois
  6. Wisconsin

 

THE FIVE LOWEST TAXED STATES

 

  1. Texas

           * Taxes paid as percent of income: 7.6%

             * Income per capita: $47,362 (24th lowest)

             * State Income Tax Collections: -0-  (tied for lowest)

             * Property tax collections per capita: $1,731 (13th highest)

            * General sales tax collections per capita: $1,151 (5th highest)

  1. Louisiana
  2. Tennessee
  3. Wyoming
  4. South Dakota
  5. Alaska

- 24/7 Wall Street, March 2019

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

 

March
5

"Flip" Market Decreases in 2018 in the DFW Area

Only 6 percent of DFW market in 2018

"Flipping" Opendoor, other iBuyer companies and Investor Flips

Top Metros for 2018 Home Flips

Last year's slowdown in Dallas-Fort home sales meant fewer home flips. DFW area flips dropped by more than 6 percent in 2018. And the number of houses bought and flipped fell to a seven-year low nationwide, according to a new report by Attom Data Solutions. Almost 208,000 U.S. homes were flipped in 2018 — down 5.6 percent from 2017's total. Attom Data counts a flip as a single-family home or condo that traded twice within the same 12 months.  In the DFW area, there were 4,551 home flips, which was 6.3 percent lower than in 2017.

Home flips accounted for about 6 percent of total North Texas home sales, according to Attom Data Solutions. Phoenix was the flipping capital of the country with more than 9,300 sales in 2018. DFW ranked 12th for total flips. On average, it took 180 days to flip a house in 2018, with slightly less time to turn the property around in the DFW area.

Economists and real estate experts agree that only 5 percent of any market will be handled by iBuyer and/or Opendoor type programs. Phoenix is considered saturated with over 9 percent of their entire real estate market last year classified as a "flip" transaction, of which Opendoor and its competition was 5 percent of the "flip" brokerage and the remaining 4 percent was investor flipping, etc. In the DFW market, Opendoor and other iBuyer programs accounted for less than half of the 6 percent total "flip" market. As more iBuyer and/or "flip" companies have entered the DFW market, they share that same pie of about 3 to 4 percent of the entire market.

  • Dallas Morning News, February 28, 2019 and RE/MAX Brokerage Facebook Stats, March 1, 2019

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