North Texas Real Estate
I spoke to MetroTex Association of Realtors MLS Director Cathy Faulkner yesterday about “Z sales” coming to an end. In the luxury market, “Z sales” gave lofty sales prices a sense of anonymity.
I won’t bore you with the technical details of what a “Z sale” is exactly. Check out this site for a primer on the practice. The gist is this: sellers who were gun shy about disclosing what they paid for a home listed on MLS put a “Z” instead of a big number followed by a lot of zeroes.
Dallas Realtor Jeff Duffey says the death of the practice “will never affect approximately 99% of the real estate market areas throughout North Texas.” However, he estimates roughly 20 percent of the sales in high-end neighborhoods such as the Park Cities, Preston Hollow, and Turtle Creek are “Z sales.”
Read MoreI am hearing it from agents and sellers, I am hearing it from appraisers and title companies: people are buying homes again (like these) in Dallas. Numbers are the proof: The Texas Association of Realtors said Tuesday that home sales in the state were up 12 percent in the first quarter from the same period…
Read MoreThe North Texas real estate market is showing signs that it is getting stronger. Today everyone is reporting the good news, Steve Brown at The Dallas Morning News, and Sandra Baker at the Fort Worth Star Telegram: pre-owned home sales in North Texas soared in February — up 27 percent from a year ago. That’s the biggest rise in six months. And last month’s increase was one of the largest gains the local housing market has seen in the last seven years. Meantime, the number of pending home purchases is increasing even faster: up a whopping 35 percent jump from a year ago.
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