Neighborhoods

Image courtesy/Trulia

Bluffview, M Streets and Oak Lawn were named as local favorites for Trulia’s first-ever 2018 Neighborlys, citing the best, friendliest neighborhoods across the country. Zillow Group-owned Trulia named national and local winners in 18 major housing markets, ranked by data in categories such as friendliest neighbors, dog-friendliest, most holiday spirit, best social calendar, most walkable, and kid-friendliest.

Nearly 10,000 neighborhoods across the country were ranked based on more than 20 million written reviews and answered polls by participating locals on Trulia Neighborhoods’ What Locals Say feature. Nationally, neighborhoods in Oakland, Orlando, Philadelphia, Minneapolis, Long Beach, and Gilbert, Arizona were named best in the country.

Among the local honorifics:

North Dallas: Friendliest Neighbors

preston hollow

Trulia says you’ll find the friendliest neighbors in this very broad definition of neighborhoodwhich spans most of Preston Hollow. Developed from farmland in the 1930s, Preston Hollow still has a pastoral feel when neighbors gather in front yards for impromptu gab sessions. While there is some debate about boundaries, they are generally considered to be Royal Lane, Hillcrest Lane, Northwest Highway, and Midway Road. (more…)

1 million

This home on Deloache Avenue in the Sunnybrook Estates neighborhood of Old Preston Hollow is priced at $8.9 million, meaning that the neighborhood is likely one where the median home price is more than $1 million.

As home prices continue to rise, it’s not unusual to see homes that might have been $700,000 to $800,000 a few years ago suddenly come in at a healthy $1 million or more — all over the country.

A new Trulia report analyzed home values nationally and found that the share of single-family homes with $1 million or more asking prices has grown 7.6 percent in the last year alone, and has doubled since 2012. Homes valued at $1 million or more now make up almost 4 percent of all the homes on the market.

“Over the past year, as prices continued to rise, the median home value in more than 100 neighborhoods crossed into $1 million territory,” Felipe Chacón, a housing economist for Trulia’s Housing Economics Research Team, said. “More than 3,000,000 U.S. homes are currently worth $1 million or more.”

Trulia took a look at these million dollar neighborhoods — where rising home values mean that the median home value in a neighborhood is more than $1 million. The report looked at 15,100 neighborhoods, and 838 of them now fit in that category.

But where are those neighborhoods? In short, the bulk of them are not in Texas, which probably is one of the reasons that despite a robust market, you’re still seeing the state as an attractive place to relocate.

About two-thirds of these neighborhoods are in California, where 29 percent of all neighborhoods fit the bill. In San Francisco alone, only 15 neighborhoods have median home values that are below seven figures.

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scam

(Illustration courtesy Pixabay)

Every so often, I’ll get tipped about a listing in Dallas that seems too good to be true — a scam, some might say. Sometimes you get photos of the inside, and immediately understand why the Realtor or owner chose a bargain price.

Other times, you know immediately it’s a scam. And that’s what happened Friday when someone mentioned a three-bedroom, two-bath listing near Knox-Henderson that had been priced at $34,000.

Now, we’ve done this before, and by now most CandysDirt.com readers know we have zero reticence about engaging with folks that are probably up to no good. A few years ago we did just that when a property owner found her rental listing duplicated, with the new listing offering the house in Highland Park for a ridiculously low $1,000 a month.

Now, I’d love to send you to the actual listing, but after being alerted by the actual property owner (more on that in a minute), Zillow pulled the fraudulent listing down. However, knowing this would probably be the case, I grabbed screenshots. (more…)

346012

New analysis by Trulia confirms what we’ve been seeing all over Texas and the Dallas-Fort Worth region. Entry-level or starter homes priced in the median range, which usually falls below $200,000, are scarce. In fact, if you want to find a new home in the $200,000 range, it’s getting mighty difficult to impossible.

To measure the dearth of dedicated inventory for first-time homebuyers in the starter market, Trulia has launched the “Trulia Inventory and Price Watch,” which measures housing affordability along three market points: starter homes, trade-up homes, and premium homes.

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millennials real estate

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

millennials real estate

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but millennials are much more into texting.

“With millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

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Sure, Zillow and Trulia are popular portals for consumers to shop for homes, and there are a lot of fantastic luxury properties marketed as hip pockets, but does that spell the end for MLS systems everywhere?

Sure, Zillow and Trulia are popular portals for consumers to shop for homes, and there are a lot of fantastic luxury properties marketed as hip pockets on select sites, but does that spell the end for MLS systems everywhere?

Inman contributor Creed Smith wrote a column published on the real estate news site suggesting that the system real estate agents use to access listing information, the Multiple Listing Service, was on the way out. It ignited a heated debate among Inman staffers and commenters, earning a reply from Inman managing editor Matt Carter. 

If the real estate industry were invented today, there would be no NAR (National Association of Realtors) or MLS (multiple listing service), and perhaps no franchises — there might not even be real estate brokers.

The MLS was built for three reasons:

  1. To place all information on homes for sale and sold homes into a central location for brokers.
  2. To create a percentage of sale price payment agreement between brokers.
  3.  To elevate NAR and the MLS companies to almost godlike status with monopoly power.

The marketplace now demands a system built on their desires, not those of NAR. How would you build a system for selling and buying homes based on market desires with today’s technology and market dynamics? You would offer an open-source international database (website … portal).

You can read Smith’s full-length piece on his Demon of Marketing website, but we wanted to get the perspective of local brokers and Realtors on the cutting edge of real estate here in North Texas as to whether we should be writing a eulogy for the MLS system.

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Millennials texting

Millennials use their smart phones extensively in the homebuying process and use apps for research. Photo: Garry Knight

For years, Millennials have largely been thought of as renters, not buyers, but that has changed. Millennials, born from the early 1980s to the early 2000s, now represent the largest group of homebuyers in the U.S. at 32 percent, taking over from Generation X, according to the 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study released today, which evaluated the generational differences of recent home buyers and sellers.

This matters because the way Millennials buy real estate is markedly more technology-driven than older generations, and Realtors need to adapt to their style if they want to keep up, says David Maez, Broker and Co-Owner at VIVO Realty.

“There’s lots of frustration among older agents in working with the Millennials, but they’re not going away and agents need to learn to adapt,” Maez said. “It’s exciting because of all of the technology that’s available to us to make it easier to buy and sell properties. How people buy properties is going to continue to evolve on the technology level.”

NAR graph

Take, for instance, the telephone. Many Realtors are used to speaking with clients, but Millennials are much more into texting.

“With Millennials, you have to communicate how they want to—they are big on texting and many don’t even answer their phones,” Maez said. “Some agents have had success using Facebook messaging because [their Millennial clients] are not checking their email, either.”

The smartphone is key to a lot of the differences in Millennial real estate patterns. More than half of them search for homes on their mobile phones and 26 percent of those buy a house they found that way, according to research from NAR.

(more…)

Haunted House Trulia 2

We’ve been on the receiving end of boatloads of Halloween-themed press releases, but nothing really sticks with you like a cool video. That’s why I love this hidden-camera gem from Trulia, which rigs a cluttered Victorian with a murder back story with some pulleys and sheets for an old-school fright fest!

Jump for the full video!

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