Articles Tagged "Homebuilding Permits"

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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
31

New Home Permits Soar in the Exurbs While New Home Permits Continue to Slow in the Suburbs

Single-family building permits continue to slide in the suburbs and exurbs north of Dallas and Fort Worth, although there are exceptions.  Year-to-date home-building permits are down 45% in Frisco, 27% in Celina and 21% in Prosper, with the spring building season well underway.  In Frisco, 624 single-family permits were issued in January, February, March and April combined. That compares to 1,134 in the same period of 2021, according to data compiled by Addison-based Tomlin Investments, which tracks new home construction around Dallas-Fort Worth.  So far this year, builders have pulled 732 permits in Celina and 378 permits in Prosper. That compares to 1,003 in Celina and 476 in Celina in the first four months of last year. Permits in Princeton plunged 48%, from 606 in the first four months of 2021 to 313 so far this year.  Home permits in McKinney, Melissa and Little Elm are down, too, albeit by smaller amounts. McKinney permits dropped 9% to 597 in the first four months, Melissa is down 4% to 295 permits, and Little Elm is down 5% to 451.

It's a different story in the exurbs Van Alstyne, Sherman, Anna and Denton.  Van Alstyne is up 146% year-to-date, with 251 permits so far. Sherman has soared 98% with 208 permits, Anna has escalated 29% with 516 permits, and Denton ticked up 9% to 381 permits to date.

  • Dallas Business Journal, May 24, 2022
May
9

Tips for Buying Outdoor Furniture

Outdoor Furniture

Nothing makes a house feel more like home than setting up a cozy outdoor living space. Not all patio furniture is created equal, though, which means your choice has to be a careful one. Here are a few tips from our real estate agents on how to choose the perfect outdoor furniture.

  • Choose the Right Size 
    Sizing is important, especially if you have a small patio space. Before you start shopping for furniture, measure the space for your outdoor furniture and sketch out a quick drawing of what the space looks like, along with the measurements. Take a tape measure with you as you shop, too, so that you can measure everything rather than just eyeballing it. Outdoor living spaces are highly popular in Dallas homes for sale, but the sizes of these living spaces can vary widely, so it's important to choose your outdoor furniture specifically for your space.

  • Keep the Weather in Mind
    Anyone shopping for Fort Worth homes for sale knows that weather is hard on outdoor furniture, so it's important to choose patio furniture with the local weather in mind. Cycles of strong sun and precipitation fade fabric, disintegrate stitching, and cause wood to crack and dry out. If your furniture is on a covered patio, shielded from sun exposure and precipitation, you won't have to worry about it as much, but if it's exposed to the weather, look for fade-resistant cushions and sturdy furniture that won't require a lot of upkeep.

  • Plan for Storage
    Speaking of the toll weather takes on your outdoor furniture, you can reduce this by storing your patio furniture during the off-season and putting away the cushions between uses. You can purchase covers to protect your furniture, cushions, and all when you're not using it, but keep in mind that the covers will likely need to be replaced periodically due to the same weather concerns you're protecting your furniture from. Moving the furniture indoors during the off-season is an option too, but requires the storage space to do so. An outdoor storage trunk makes a great solution for storing cushions between uses and keeps everything nearby for when you need it.

  • Make Your Decisions Based on Comfort
    There are two kinds of outdoor furniture available, and they both have their own distinct purposes: those chosen for looks and those chosen for comfort. There's nothing wrong with choosing patio furniture for looks, especially if you're staging your home for sale or setting up an idyllic tableau in your yard. But if you plan to spend a lot of time chilling on your patio, choose that furniture for comfort. Opt for big, sturdy furniture with thick cushions and a design that allows you to kick back and relax.

  • Balance Quality with Budget
    Most of us have a budget to watch when we pick out patio furniture, but it's important not to sacrifice quality when staying within your budget, or you'll find yourself replacing your outdoor furniture much sooner than planned. Opt for heavy-duty, weather-resistant furniture with fade-resistant cushions. If this is out of your budget now, buy a piece at a time, watch for sales, or search for used furniture listed for sale in your area. High-quality furniture will be worth the investment, as it'll last for years to come.

Well-appointed outdoor living spaces are good for more than just your own personal enjoyment: They help to sell your home, too. Contact us today.

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