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…)

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.

(more…)

home buyingWho is most likely to have home buying as a goal this year? Will remodeling and home improvement spending continue to grow?  We look at this and more in this week’s roundup of real estate news.

Four Percent List Home Buying a 2019 Goal

Four percent (about 10 million Americans) said buying a new home was their main financial goal for the year — and millennials were the most likely generation to claim that as a goal, a new Bankrate survey revealed.

Seven percent of millennials said they wanted to buy a home this year.

But that doesn’t mean financial goals aren’t being set. Bankrate’s survey revealed that about 89 percent of Americans have at least one goal for the year, with paying down debt being at the top of the list, with three in 10 saying that was their goal, followed by better budgeting (13 percent), saving more towards retirement (12 percent), saving more for emergencies (10 percent), getting a higher-paying job (6 percent), and investing more (5 percent). (more…)

When Mark Law took his job as the vice president of product innovation for HomLuv, it necessitated a move to Austin from Seattle. His wife was still in Seattle, in fact, when the couple also became one of HomLuv’s earliest users.

HomLuv.com is a visual search platform for new home buyers that takes the joy of Pinterest and Houzz and the practicality of your budget to make a tool that takes some of the hardest parts of picking a home builder and makes them disappear.

“We found that many people will use Pinterest and other sites and they’re putting million dollar photos of rooms they like, and then they are disappointed when they can’t get it because it’s out of their budget,” Law said.

HomLuv is different because users can log on to the site (which went live today) and page through pictures of kitchens, bathrooms, bedrooms, and even garages — all filtered by the prospective homebuyer’s budget, square footage desires, number of bedrooms wanted, and more. (more…)