new buyers

While the housing market might be lightly tapping the brakes as of late, a new report found that a wave of new buyers is coming — although how robustly they arrive will vary from city to city.

While there was an impressive wave of first-time home buyers over the last decade, Zillow did the math and found that in the next 10 years, an extra 3.11 million people will be at that prime first-time buyer age — 34.

“From 2019 through 2028, 44.9 million people will turn 34, the median age of current first-time home buyers,” Zillow said. “That’s an increase of 7.4 percent from the past 10 years, when 41.8 million people passed that threshold.”

Now, sure, not all of these prospective new buyers will actually be clamoring to buy homes when they hit their mid-thirties, that huge influx in potential buyers will definitely have an impact on the market.  The largest three-year generational group in the U.S. right now is only 24 to 26 years old — which means that the increased strength of their potential buying power has not been realized yet.

In Dallas-Fort Worth, it’s estimated the metro area will see about a 3.1 percent increase in potential homebuyers in that age range. Other major metros in Texas will also see increases — Austin and San Antonio well each see an estimated 14.2 percent increase, while Houston will see a 6.1 percent increase. (more…)

zip code

Illustration courtesy PxHere

From staff reports

If you want to sell your house in less than a week, you might want to live in the zip codes for Euless, Lancaster, Irving, or Balch Springs, new data from iBuying start-up OpenDoor revealed.

The hottest zip codes were gleaned from data from the first three months of 2019 and have given the real estate company a good indication of the areas they think will be most attractive to buyers this summer. (more…)

Panelists Corey Clothier (Mobility e3), Rod Schebesch (Stantec), Kelley Coyner (Mobility e3) and Tom Yardley (Stantec)

 
We’re starting to see the impact that self-driving, autonomous vehicles will have on real estate development. It corresponds, interestingly ,with the same trends we saw in the recent WalkUp Wake Up Call for DFW: these will be two major real-estate-driven boons to our local economy that will change the landscape of our cities over the next few decades.
 
If you’ve been following the autonomous vehicle conversation, you know there are LOTS of different companies working on AV technology with a variety of different applications, from long-haul platooning to neighborhood delivery robots and everything in between. Experts from Mobility e3 & Stantec broke down the real estate impacts of AVs at a panel discussion hosted by Munsch Hardt law firm.
 
Bottom line, the AV technology with the greatest impact on local real estate development will be the AVs adept at navigating high pedestrian densities. That is, once the novelty wears off and people stop jumping out, playing with, and laying in front of them, making for a very long and jerky ride. There are a few companies honing this technology for high-density, mixed-use areas where originations and destinations are within relatively close proximity. Navya is one. It’s a French company that built one of the first driverless vehicles and has been operating a driverless shuttle minibus in Las Vegas. They just delivered a public bus fleet to Oslo, Norway.
 
All but one of the prototype vehicles in use in the U.S. now are small vehicles carrying 4-8 passengers.

(more…)

The majority of sellers in 2019 are prepared to deal with a slower housing market, know they need an agent, but are still unclear on costs associated with selling a home, a new report revealed.

The report by Clever.com found that 65 percent of those surveyed were aware that 2019 might signal a slowdown in the market, and were prepared to wait longer for a good price versus selling their home quickly.

More than 60 percent of those surveyed said they wouldn’t feel comfortable handling the paperwork for a real estate transaction and would hire a Realtor, and half said they wouldn’t feel comfortable negotiating with buyers on their own. (more…)

relocationTexas welcomed 524,511 new residents in 2017, and 230,118 of them found homes in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, the latest Texas Relocation Report from Texas REALTORS® revealed.

The report, which was released on Valentine’s Day, analyzed migration data from the U.S. Census Bureau and U-Haul, found that Texas ranked second in the nation for relocation activity in 2017, and the DFW area was the spot most people relocated to.

“Texas remained a hotbed of relocation activity in 2017 due in part to our diverse job opportunities, record-breaking housing market and booming economy,” Tray Bates, 2019 chairman of Texas REALTORS®, said in a statement. “This is the fifth year in a row that Texas has gained more than 500,000 new residents from out of state and we anticipate that trend will continue in the coming years.” (more…)

recessionThe two Metropolitan Statistical Areas that encompass Dallas-Fort Worth ranked in a recent list of top 10 metros that have recovered the most from the Great Recession, HSH.com said.

But that recovery isn’t all that usual — 27 major cities still haven’t seen home prices recover peak values they were posting pre-recession. But that number is dropping, HSH said, and so far, 73 U.S. home markets seen complete recovery.

Dallas-Plano-Irving found itself in fourth place, with home prices 68.51 percent above peak). Fort Worth-Arlington was fifth, at 59.85 percent above peak.

Three more Texas metros found themselves on the recession recovery list as well: Austin-Round Rock at No. 2 (72.55 percent), Houston-The Woodlands- Sugarland at No. 6 (57.05 percent), and San Antonio-New Braunfels at No. 8 (44.47 percent).

“Although the Denver-Aurora-Lakewood, CO metro still holds the top slot, Texas markets dominate the most recovered group, holding five of the 10 slots,” the company said.

Additionally, El Paso made the company’s “nearly recovered” list, signaling that its current values are only one or two percent below previous peaks, and that the city is likely close to making that “fully recovered” list, possibly even by the next quarter.

The rankings are determined by using the Federal Housing Finance Agency’s Home Price Index to determine which markets have recovered fully and which ones are still lagging.

median home prices

From staff reports

While Dallas County’s median home value was lower than the national average, two other North Texas counties had median home prices that were much higher, new data visualizations from the National Association of Realtors revealed.

The report applied data from the American Community Survey and the FHFA’s House Price Index growth to calculate the median home prices for 3,119 counties in the United States.

“Nationwide, we estimated that the price of a typical home was $235,000 in the third quarter of 2018,” the NAR report said. “Based on our estimates, 87 percent of counties had a lower median home value than the national level.” (more…)

homebuyer

From staff reports

Single female buyers made up 18 percent of all homebuyers, National Association of Realtors®’ 2018 Profile of Home Buyers and Sellers revealed recently.

That statistic means that for the second consecutive year, single female buyers were the second most common household buyer group, behind married couples, which account for 63 percent of homes sold.

(more…)