Articles Tagged "Coppell"

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

After weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.

1. Introduce Yourself to Your Neighbors
   Getting to know the people who live around you can help you feel settled in your new environment and your new routine. Within the first days of your move, it's a good idea to introduce yourself to the people next door. Tell them you are a newcomer and ask questions about your new neighborhood. You'd be surprised at how friendly your neighbors are. Be polite and keep your first interaction short. If you need recommendations or useful information about your new area, approach your neighbors again, offer some homemade cookies, and start a friendly conversation. 
   
   
2. Take Frequent Walks
   The most straightforward piece of advice is sometimes one of the most effective. If you want to get to know your neighborhood, go see it for yourself. Taking frequent walks is an excellent de-stressor during or after the unpacking process, and it will also give you a chance to observe daily life in the community. Take your children to the nearest playground or go to the nearest gym to meet other parents or fitness enthusiasts. If you have a dog, take them for a walk in the nearest park.
   
   
3. Join a Local Club or Community Organization
   One of the best ways to settle into your new neighborhood is to immerse yourself in the community. You can join local clubs, charities, and other community organizations, depending on your values, interests, and skills. This is a great way to meet like-minded people from the neighborhood and make friends. A polite introduction is all that's needed. Volunteering is also a great way to take an active part in bettering the neighborhood and learn about some of the issues that shape the community.
   
   
4. Find the Locals' Favorites Spots
   Dining and entertainment hangouts can be a key to the true neighborhood vibe. Thanks to online resources such as Google and Yelp, it's easier than ever to find the best restaurants, bars, local attractions, museums, recreation centers, entertainment venues, and more. This will help you meet people from the neighborhood and feel like one of them.
   
   
5. Shop Locally
   You can definitely find a box store in the area or buy your things online, but that little corner shop is something you'll find right in the neighborhood. So, whether you need to make a quick trip to the local café for a much-needed caffeine hit or a visit to the hardware for a few nails, you'll need to know where all the stores are. Shopping locally helps you engage with your new neighborhood while bolstering it at the same time.

As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.

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. 

Texas has been one of the fastest growing housing markets in the country in the last few years. The state has led the nation in homebuilding and Texas' major metros - Houston, Dallas-Fort Worth, San Antonio, Austin - have had big increases in the number of preowned home sales. But the latest snapshot of the Lone Star State's hot housing market is a mixed bag. While statewide home sales rose almost 3 percent in the second quarter from 2017 levels, sales in the D-FW area slowed for the first time in years.  And sales barely rose in the Austin area, according to the latest data from the Texas Association of Realtors.

"The demand for housing remains at an all-time high, but statewide we're seeing a slower rate of increase in sales compared to previous quarters due to the lack of inventory of properties for sale," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University said. Rising prices and higher mortgage rates have also dampened buying in some neighborhoods. Even with the dip in sales, the D-FW led the state in second quarter home sales by real estate agents with 28,934 properties changing hands.

D-FW home sales were 0.8 percent lower than in second quarter 2017. Statewide median home sales prices rose by 4.4 percent in the period ending with June. D-FW had the biggest jump in the number of homes for sale in the second quarter of any major Texas metro area. The number of homes on the market in North Texas grew by 14 percent, according to the Realtors.

• Dallas Morning News, September 13, 2018 (online)