TREC

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

TREC

Douglas Oldmixon

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. (more…)

PlanoPlano and Arlington are at the top of a list of best places to drive, pending home sales fell in July, and Realogy announced that its agents lead a top LGBT+ agent list. We have all this in this week’s roundup of real estate news.

Plano, Arlington Rank in the Top 25 for Best Places to Drive

You have to wait until No. 13 to find a North Texas city on WalletHub’s Best and Worst Places to Drive, but once you get there, it’s Plano that leads the DFW pack. Arlington comes in at 25th, according to the study, which looked at the 100 most populated U.S. cities. (more…)

 

Recently I wrote about how construction since the Recession has not kept pace with population increases and household formations leaving the nation with millions fewer homes than it needs, which has driven up prices. Because construction isn’t keeping up the supply end of things, people are staying in their homes longer – especially older people.

You see, the real estate market is a “circle of life” industry whereby the young start out small and move their way up until the kids are gone and they’re older, at which point they downsize to lower-maintenance properties. This makes room for the next generation to move up to the next level.

According to FreddieMac, 1.6 million senior-owned homes are not shuffling along the real estate conveyor belt to make way for a new generation. That’s essentially a typical year’s worth of new construction and over half the estimated 2.5 million home deficit the country struggles with due to over a decade of underbuilding.

The hot term is “aging in place” and I see the appeal of living independently – just maybe not in an oversized house I can’t take care of. Of course part of the reason those 1.6 million senior homeowners aren’t moving is because there’s nowhere to move. It’s not like the construction industry was building retirement facilities instead of homes for the past decade.  There’s not a ton of empty Shady Pines and Gossamer Meadows out there gathering dust.

And that’s not all.

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Fort WorthFort Worth is the country’s third-fastest growing city, North Texas cities are in the middle of the pack when it comes to being flip-friendly, and DFW rents rose — but not by as much as the national rate. We have all this in this week’s roundup of real estate news.

Fort Worth Country’s Third-Fastest Growing City

Fort Worth is the country’s third-fastest growing city, an analysis of U.S. Census data conducted by CityLab revealed.

Richard Florida,  co-founder and editor at large of CityLab, assembled a team of researchers to examine what cities have bounced back and are experiencing growth in population and jobs, and which ones are still struggling post-recession. The team looked at Census data between the years 2012 and 2017. (more…)

Unless you’ve been on a “cut the cord” vacation, you’ve seen last week’s headlines warning that an inversion in the bond market has folks worried we’ll be entering a recession soon. About a third of economists think we’re likely on that road. Remembering the Great Recession, should we shun the real estate market?

No.

As the New York Times points out, the last two big recessions occurred because something was in a bubble. In the early 2000s, it was the tech bubble and resulting crash made worse by September 11. The Great Recession began in the housing market that exposed shady lending and rippled into the global financial crisis.

At the moment there is no similar bubble out there. There are trade wars and tariffs. There are diplomacy stand-offs and a global rise in nationalism and populism that are fraying the stability of historic global ties. These governmental policy issues largely affect the business world and cause uncertainty which leads to conservative spending. Consumer spending is still chugging along fine.

But let’s say that business decides to pullback in a real way which starts the domino effect of lost jobs, lower wages that then do impact consumer spending (two-thirds of spending). Then we may see real estate prices impacted.

But again, learn from history.

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unemploymentThe unemployment rate for Dallas-Fort Worth held relatively steady in July, Dallas ISD seeks volunteers for 2020 bond subcommittees, and we find out what county in Texas is shrinking the fastest, all in this week’s roundup of real estate news.

Dallas-Fort Worth Unemployment Rate Holds Relatively Steady in July

The unemployment rate in the Dallas-Fort Worth-Arlington MSA rose only slightly from 3.3 in June to 3.4 in July, the Texas Workforce Commission reported last week. However, 3.4 is still an improvement year-over-year, when the rate was 3.7 in July 2018. (more…)

VRM

Bright Realty announced that the latest addition to the Castle Hills planned community in Lewisville, Crown Centre, had broken ground.

Carrollton-based VRM Mortgage Services earned an industry accolade, Bright Realty announced dirt had been turned on its latest phase of the Castle Hills planned community, and TREC announces changes to brokerage branch office licensure, all in this week’s roundup of real estate news.

VRM Mortgage Services Receives Industry Accolade

Carrollton-based VRM Mortgage Services was named one of the Top 25 Best Places to Work for Women and Minorities by the National Association of Minority Mortgage Bankers of America, the company announced last week.

The company was founded in 2006 by Keith D. Murray, and provides various real estate and mortgage services including asset management, servicing coordination, property preservation, and default management. The recognition from NAMMBA is awarded to companies who consistently show a commitment to diversity through best-practices and company culture and programs. (more…)

TexasHomeLight’s newest acquisition will allow it to lend in Texas, we have second-quarter housing reports from Texas Realtors, and pending home sales are up for the second month, all in this week’s roundup of real estate news.

HomeLight Acquisition Spurs Lending Expansion Into Texas

With its purchase of digital mortgage lender Eave, agent-referral site HomeLight can now offer loans to home buyers in six states, including Texas, Inman reported.

HomeLight takes buyer or seller preferences and compares them with agents, basing their matches on benchmarks like the time it takes an agent to sell a home, the average difference between list price and sales price (as well as how often they do price reductions), and more. They also factor in an agent’s past responsiveness to HomeLight referrals, as well as reviews. (more…)