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…)

DallasFrom staff reports

Dallas remains a go-to destination for many moving in from out of state, coming in at number six in a recent analysis of census data and migration trends.

Americans are moving to new states at a fairly rapid clip, despite the fact that only about 11 percent moved to new homes last year — and there hasn’t been a lower rate in the 70 years the government has been recording that data, a new report from Realtor.com revealed.

But while the number of people migrating from state to state might be reduced, “the country is still going through a period of profound migration,” the report said. (more…)

 

Gig Economy

I adore Joel Kotkin and agree with most everything he writes. In fact, I have written for him, and wish I had time to do more.

By the way, don’t ever let anyone tell you that blogging is fast and easy. It’s not. All writing sucks up an inordinate amount of time. When I visited Joel in California, his wife told me he is always, always at the computer writing. Pretty much the same here now.

Like most of us, I have been struggling to make real estate sense of the crazy reality show our White House has become, balancing that with the extreme weirdness — and intensity — of the coming elections. There are many examples, but Texas governor! A former Dallas County Sheriff who didn’t pay her property taxes on time (“better to offer low rent than pay taxes on time, she says“) is running against a staunch conservative incumbent governor. The Ted Cruz vs. Beto O’Rourke race is just war, and in these two, as many races across the U.S., you could not find more polar opposite candidates.

Middle-of-the-road, centrist politics was buried with John McCain, it seems.

Where will this take our country and what will it do to the housing market, already whiplashed from the new tax law?

Will the new tax law, which limits the mortgage deduction to $750,000 worth of debt and limits your property tax deduction to $10,000 (about a $700,000 home in Dallas) force more to sell their homes and become renters? Dallas is only second to New York City in apartment starts, and 2017 brought in 30,000 units with more than 50,000 under construction. (Dallas rents are actually now beginning to recede.) I am seeing some stunning luxury apartments the likes of which we have never had, that I would move into in a New York minute (stay tuned). Then I see luxury listings lowering prices to sell, while the under $500,000 market remains on steroids. What gives? Where are we going with all this?

Oligarchal socialism, says Joel. It allows “for the current, ever-growing concentration of wealth and power in a few hands — notably tech and financial moguls — while seeking ways to ameliorate the reality of growing poverty, slowing social mobility and indebtedness. This will be achieved not by breaking up or targeting the oligarchs, which they would fight to the bitter end, but through the massive increase in state taxpayer support.”

Bingo.

(more…)

A slowdown isn't a bad thing for real estate

The slowdown in the real estate market is more like a shift toward balance for sellers and buyers.

WOW–tremendous responses and feedback on Part I of this real estate slowdown blog topic from last week.  Thanks so much!  Nice to know people are reading, following and giving thought to #tarrantcountytuesday.

Last week we established (with data) that there indeed is a slowdown or market shift in the housing market.  One Dirty Reader asked about this “recession” and I would strongly caution the use of that word.  There’s a big difference from a slowdown to a recession.

Is This Slowdown a Good Thing?

Many have indicated that this shift from a sellers’ market to a buyer-friendly market might actually be a good thing.  I would agree.

As the data indicated, when prices are increasing so quickly, interest rates are going up and individual incomes not keeping pace buyers aren’t buying.  That’s not good for anyone in the real estate business. (more…)