The Texas Real Estate Commission is on the hunt for someone to fill the simultaneous roles of TREC executive director and Texas Appraiser Licensing and Certification Board commissioner, state home sales are trending upward again (but it’s more of a mixed bag in North Texas), and we find out what demographic is more likely to tap into retirement to fund their downpayment on a home, all in this week’s roundup of real estate news.
TREC on the Hunt For New Executive Director
Longtime Texas Real Estate Commission executive director Douglas Oldmixon is retiring in March 2020, and now the agency is on the hunt for his replacement.
The TREC executive director also serves as the commissioner for the Texas Appraiser Licensing and Certification Board and, according to the agency, “is responsible for organizational culture and day-to-day operations of the agency.”
“This includes managing staff and agency resources, overseeing the annual budget, and developing and implementing a strategic plan in collaboration with TREC and TALCB policymakers appointed by the Governor,” the agency continued.
TREC and TALCB provide oversight of real estate brokers, appraisals, property inspections, home warranties, and more. It also provides licensing, education, and complaint investigation services.
To find out more about the executive director position, click here.
Mixed Bag on Closings Across North Texas, But State Home Sales Trend Upward
Housing sales are trending upwards once again after second-quarter declines statewide, thanks in part to lower interest rates. Mortgage applications for home purchases and refinancing also continued to rise, but in North Texas, it was more of a mixed bag when it came to the closing table.
Supply continues to be stable, but far below the six months generally accepted to be the sign of a balanced market. Home prices continue to appreciate, but at a slower rate, and still outpaced wage growth.
Source: Texas A&M Real Estate Center
Millennials More Likely To Tap Into Retirement Savings for Down Payment
Millennials are tapping into retirement, living with family longer, and selling personal items to save for a down payment on their first home, a new survey by Bankrate found.
Forty-five percent of prospective Millennial home buyers say that the high cost of living is holding them back from buying a home. But Bankrate also found that they’re more likely to save their own money for a down payment, with 53 percent saying they are saving their own funds, compared to 47 percent of Gen Xers and 45 percent of Baby Boomers.
Millennial home owners said they needed on average three full years to save for their down payment, while Gen Xers needed two years and nine months, and Baby Boomers needed two-and-a-half years.
Another interesting finding of the survey? More than half of all U.S. adults surveyed by Bankrate said they had no idea how much the minimum down payment for a home is currently.