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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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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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December
19

Dallas-Forth Worth Dominates List of Best School Districts in Texas

A new ranking by Niche has these 12 school districts among the state's bests

There are 1,029 school districts in Texas – yes, 1,039!   Therefore, to be in the Top 25 school districts in the state is a tremendous accomplishment.  Well, let's congratulate 12 suburban Dallas area school districts.  Niche regularly analyzes and rates schools based on test scores, graduation rates and several other data information.

 

Here are the 12 districts in North Texas that placed in the Top 25 for school year 2020-2021:

  • No. 2: Southlake Carroll ISD
  • No. 4: Highland Park ISD
  • No. 5: Lovejoy ISD
  • No. 6: Coppell ISD
  • No. 7: Frisco ISD
  • No. 8: Grapevine-Colleyville ISD
  • No. 9: Allen ISD
  • No. 12: Plano ISD
  • No. 13: Argyle ISD
  • No. 14: Prosper ISD
  • No. 18: Sunnyvale ISD
  • No. 25: Wylie ISD
  • Dallas Morning News (excerpts), December 10, 2020
December
18

DFW North Counties Saw Biggest Home Sale Increases in Texas

Collin and Denton counties broke all records in November

Two counties north of Dallas saw some of the biggest home sales spikes in November, based on nationwide figures.  Sales of single-family homes were up by 30% in both Collin and Denton counties, according to figures from the MetroTex Association of Realtors.  Overall, home sales were up 23 % throughout North Texas.  All of the North Texas counties continued to have a sizable decrease in number of homes in inventory.  The greatest inventory drops from 2019 levels were in Collin County – down 58.3% and Rockwall County, which had a 57.7% drop in the number of houses for sale compared to one year ago.

  • Dallas Morning News (excerpts), December 16, 2020
December
17

RE/MAX National Housing Report - November 2020

The housing market continued its extraordinary half-year run of high activity, with November 2020 home sales up almost 20% over November 2019 – establishing a new high for the month in the 13-year history of the report.

November did experience the normal seasonal decline from October, with home sales decreasing 14.5% month-to-month, but that drop was in line with the 12% average of the past five years. In fact, November 2020 broke several records for the RE/MAX National Housing Report, and inventory reached its lowest point since the report debuted in 2008.

In addition to Home Sales that eclipsed the previous high for November, set in 2017, new November records reflecting averages across 52 U.S. markets included:

  • The Median Sales Price of $292,000 was up 13.8% from November 2019
  • Days on Market was a mere 36 – down nearly two weeks from last year's 49
  • Months Supply of Inventory totaled 1.8 – only slightly more than the report record low of 1.7 set in August

"The nearly 20% year-over-year gain in sales is another sign of the housing market's enduring strength and appeal. People are on the move, and we anticipate buyer demand staying high into next year," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The low interest rate environment is driving opportunities for both buyers and sellers, so the upticks in price aren't slowing things down much at all. The primary headwind continues to be the severe lack of available inventory across the country."

"Eventually, generational factors, lifestyle choices and workplace flexibility should bring more sellers into the market, addressing the current imbalance. If that happens next year, 2021 could be one for the record books."

Home sales continued to far outnumber new listings. November was the fourth consecutive month of 2020 to set a new report record for fewest listings.

Highlights and the local markets leading various metrics include:

Closed Transactions 
Of the 52 metro areas surveyed in November 2020, the overall average number of home sales is up 19.7% compared to November 2019, and down 14.5% compared to October 2020.  Leading the year-over-year sales percentage increases were Little Rock, AR at +36.5%, Chicago, IL at +32.3%, and Hartford, CT at +30.6%.

Median Sales Price – Median of 52 metro median prices
In November 2020, the median of all 52 metro Median Sales Prices was $292,000, up 13.8% from November 2019 and down 1.0% from October 2020. No metro area saw a year-over-year decrease in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +26.4%, Tulsa, OK at +20.7%, and Boise, ID at +19.2%.

Days on Market – Average of 52 metro areas
The average Days on Market for homes sold in November 2020 was 36, down 13 days from the average in November 2019, and down one day from the average in October 2020. The metro areas with the lowest Days on Market were Omaha, NE at 16, Cincinnati, OH at 18, and Boise, ID at 19. The highest Days on Market averages were in Des Moines, IA at 91, Miami, FL at 83, and New York, NY at 74. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 52 metro areas
The number of homes for sale in November 2020 was down 31.8% from November 2019 and down 13.3% from October 2020. Based on the rate of home sales in November 2020, the Months Supply of Inventory was flat at 1.8 compared to October 2020, and decreased compared to 3.7 in November 2019. In November 2020, of the 52 metro areas surveyed, only two metro areas reported a months supply at or over six, which is typically considered a buyer's market. Those markets were Miami, FL at 6.7 and Indianapolis, IN at 6.2. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.6, and a three-way tie among Albuquerque, NM, Denver, CO, and Manchester, NH at 0.8.

For specific data in this report or to request an interview, please contact mediarelations@remax.com.

September
1

Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM

In today's housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we're seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.comexplains:

"Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market; while encouraging, the improvement to new listings is only the first step in the long road to solving low inventory issues keeping many buyers at bay."

Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest. The National Association of Realtors (NAR) reports:

"Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019."

Houses today are selling faster than they're coming to market. That's why we only have inventory for 4 months at the current sales pace when in reality we need inventory for 6 months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:

"The 'housing supply' component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year."

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don't want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

Why is this good for buyers?

It can be challenging to find a home in today's low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. 

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
May
9

Home Sales & Prices Will rebound in Second Half of Year

Home sales will likely plunge this spring in the wake of the coronavirus pandemic, but bounce back by the end of next year, according to a new forecast from real estate search site Zillow.  Sales will likely plummet by up to 60% in some markets, as stay-at-home mandates and overall worries about the economy take the steam out of what was previously expected to be a robust spring home-buying season, according to Zillow's economists and analysts.

But prices will likely experience a much slighter slide, and a quicker recovery. Zillow expects prices to drop no more than 3% by the end of this year, and then creep back up throughout 2021.

Home sales should also increase by roughly 10% a month through 2021, according to the forecast.  "Much uncertainty still exists, particularly with some states beginning to reopen and experts warning of a possible second wave of the coronavirus in the fall,'' Svenja Gudell, Zillow's chief economist said in a statement. "However, housing fundamentals are strong, much more so than they were leading into the Great Recession, and that bodes well for housing in general."

"Despite the difficulties, we're seeing several signs that there is still a good amount of demand for housing and buyers, sellers and agents are growing more comfortable moving transactions forward where possible,'' Gudell says.

  • USA Today, May 4, 2020
April
9

Real Estate Will Boom Once the Threat is Over

The minute that people are legally allowed to take a physical tour, the market is going to boom. It's like when the new iPhone comes out. We want and expect lines out the door, just no tents, please.   People will be lined up at the doors of those homes they have obsessed over for months.  In the meantime, real estate professionals are utilizing virtual tours to keep buyers excited, and it is working, and relationships are getting back to the core — the heart.  We are entering what is usually the busiest season of real estate, that usually lasts through the end of the summer. I am confident that the busy season will last through the fall, and possibly through the winter.  Momentum is building, so there is no need to fear putting your home on the market.  Now is our chance to build and maintain confidence in the real estate market, because as soon as our world begins to shift back into normalcy, the market will be at its height.

  • Fox Business, April 5, 2020
June
29

New California Residents Lean Conservative

There has been much chagrin among native Texans that the influx of Californians would change Texas politics, since Texas is a "red" state and California is a "blue" state.  Not so, says a recent generalized study by the Dallas Morning News.  In an exhaustive research of social media postings of Californians moving to Texas it appears that a majority of these new residents lean conservative – and conservative Texas politics and low taxes are two of the factors with so many moving to the Lone Star State.   So the recent new billboards in West Texas stating, "Don't Californiaize Texas," may be misinformed.   Californians are now moving to Texas in record numbers, and the trend is expected to only increase.   Now, maybe the increased traffic could be a bigger issue.

  • Dallas Morning News, June 22, 2019 (excerpts) 
June
1

TxDOT officials select $2.597B bypass alignment for US 380 in Collin County

Collin County residents finally have an answer about solutions to relieve congestion on US 380.  Texas Department of Transportation officials are recommending a bypass for US 380 from the Denton County line to Hunt County line, according to details released at a meeting May 6 in McKinney. TxDOT's preferred alignment is a combination of its previous options, which were labeled in earlier plans as Red A, Red D and Green B.

 

This preferred alignment will start in Prosper along US 380's current alignment then run north between Ridge Road and Stonebridge Drive in McKinney, avoiding the Tucker Hill neighborhood. The alignment then continues east along Bloomdale Road, moves slightly north and connects with US 75 near Laud Howell Parkway. It reconnects with US 380 at Airport Drive. The alignment also connects US 380 to SH 121 west of the McKinney National Airport. The alignment also runs south of New Hope, north of Princeton and south of Farmersville.

 

Talk about ways to alleviate traffic congestion on US 380 began in April 2018 when TxDOT presented five proposed alignments for the roadway. Those were narrowed to two in October. In March, residents learned about two new proposed bypass segments being considered for US 380 in Collin County.  TxDOT's recommended alignment is estimated to cost $2.597 billion.

 

Once the study is complete, a final design, construction plans and cost estimates will be determined.

  • Community Impact, May 9, 2019

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