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DFW Market Analysis: May 2018 vs May 2017

Rising housing market concept with multi-floor buildings.

According to the North Texas Real Estate Information System Summary MLS Report for: May 2018 compared to May 2017, the DFW Metroplex real estate market is escalating at impressive rates. The Median price of a Single Family Residential (SFR) home in the DFW Metroplex is 5% more in May 2018 than it was in May 2017. The SFR in the Metroplex averaged 39 Days on the Market (DOM) for homes that closed in May 2018. That is 3% slower than last year, and there are about 13% more homes on the market this year versus last year.

Condos are holding their value as well. The average price for a condo in the metroplex stayed the same from 2017 to 2018 ($286,196), but the average time on the market is 48 days- up 9% from last year. There are 17% more condos on the market in May 2018 than there were in May 2017.

Some notable changes in the market are in multifamily properties. Multifamily properties were on the market 15 days that reflects a 53% faster time compared to last year with prices up 25% on average compared to last year.

Rentals are also a great story, and congratulations if you purchased a rental property in January of 2016. The median price for rent in January 2016 was $1588 in the NTREIS compared to $1791 in May 2018. In January 2016, it took about 42 days to lease a home as a landlord (42 DOM) compared to about 36 days (36 DOM) in May 2018.

If you are renting, it is still a good time to buy. Yes you could have purchased cheaper if you had not waited, but I believe that the market will continue to pick at its current rate if not pick up at a higher pace. If you own a home that you are wanting to change, now is a good time to do it. I have worked with many people to make this happen. It is tricky, and it requires experienced real estate agent, the right lender, timing and a little luck. And, if you are considering purchasing investment property, just look at the numbers. I am very familiar with investors, the terminology and closing deals that sometimes close quickly and sometimes can take a year or longer.

If you are looking for a good and honest agent, reach out to me. I can help you with your real estate needs here in the Metroplex and am also very familiar with the Austin market as well as the Corpus Christi-Rockport-Copano Bay areas. I live on referrals, so please give my information to your friends who may need an agent in this crazy competitive market.

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Kiddie Condo Program

Do you or someone you know have a kid heading off to college in Austin? As if there is not enough going on for you now, but rent is ridiculous in most places around the state, and particularly in Austin, TX. Apartments.com reports that you can expect to pay about $1250-2000 per month for a one bedroom apartment near downtown/ campus area. It will be more like $1800-3000 for a two bedroom. This does not indicate luxurious living either. I can tell you from direct experience and my direct market analysis, you can expect to pay at least $2 per square foot in rent and much more ($5 and up) for one of those swank places in the sky in the shiny buildings downtown.

So, why not invest in a property? This is a perfect opportunity to take advantage of some programs available in these situations.  Ever heard of the kiddie condo loan? It is actually not a sanctioned FHA term, but a catchy way to describe the FHA “non occupying co-borrower”. Though this name is a bit deceiving. The loan program is NOT limited to condos. Townhomes and SFR are also eligible properties. This program does a few things. First it curbs the increase in rent in the Austin area over the next four or more likely five years for college. Second, it allows the co-borrower to establish credit. Third, when the co-borrower graduates, they should have some equity if they choose to cash out and start the next phase of their lives. There are also federal income tax bonuses, and you always have a place to stay for SXSW.

By using the “non occupying co-borrower” caveat, as long as the co-borrower is related by blood/ consanguinity  (i.e. parent, grandparent, sibling, etc.) then the loan requires as little as 3% down. The co-borrower can lease rooms out under this loan program, as long as they occupy the property.  There is also a lower interest rate for owner occupied versus investment/ lease property.

So, what can you get in the Austin area? Click below to see an active snapshot of condos available in the Austin and surrounding are that are $200,000 and under, with at least two bedrooms:

http://matrix.abor.com/DE.asp?k=1246113C1ZV&p=DE-66965481-423

The following link gives you an idea of what condos are available on the MLS now in and near the downtown area. Just click around. Home prices are on the rise in Austin and have been for a while. Read some of my other articles about the incredible market increases both in Austin and in the DFW area.

http://matrix.abor.com/DE.asp?k=1246113C1ZV&p=DE-66966016-68

I know this is a tough time, and maybe buying is too overwhelming at this point. Even renting takes a skilled and knowledgeable professional so that you get the best home for the best price in the right area, which trust me is not cheap or easy around here.  I can help you make that transition either by connecting you with the best lenders in the state and finding the best property for you. Or if you decide that leasing is best for you and your family, please let me know. I can help you find a killer apartment or service in Austin.

I hope you enjoyed reading this article. Please contact me with any questions or concerns. Also, feel free to pass this on or use it, but just give me credit, please.

Buyers Market?

Image result for real estate market pics

There are three good reasons why it is the season to buy now, in my opinion. If you are on the fence about buying or have been waiting for the right time, this may be it, from my perspective.

Reason #1: There has been a fundamental shift in the Texas market. I do not have the citations for this and do not know what the others are saying as I have been busy selling real estate. I am just writing what I am seeing in the real estate trenches. I can tell you that people who have been looking for homes for a long time are going into contract now. Buyers are not having to pay more than the home is worth to get it. And, buyers are not looking at 100 homes for a year before finding one. Now, that is a generalization, and there are still spots and price points where homes do not stay on the market more than a few hours, but for the most part, it is taking longer to sell homes, and particularly those from about $400,000 and up.  The back-to-school rush is over, so the market always cools down this time of year and will continue to slow as we approach the holidays.

Reason #2: The Feds and people who make those decisions are talking about raising interest rates. There have been arguments to why it is a good idea overall for our economy. They are almost giving money away at current interest rates. If you are in a position to get in on this, I recommend it. Even a small interest rate hike has significant impact on the price of a home you can purchase, and just think about all that extra interest over the next 30 years.  My own son who is not quite ready to buy is looking before the beginning of 2017, when I expect to see interest hikes. (Please read other opinions and news articles on this. There are always different sides to the story). While he will probably be making a little more money next year and more in a position to take on a mortgage, by that time I expect to see higher interest rates. While he will likely be in a higher price range in a year, he could probably buy about the same home he can buy now at less money at these historically low interest rates. Add that onto the value increase rates we are seeing, and we have ourselves a good-time-to-buy. I recommend you look at yours and your children’s position now as well.

Reason #3: If you close before the end of the year, you get your homestead exemption next year, which can be a nice tax savings at the end of the year. Further, there are tax deductions typically from closing, so it can help ease the burden for two years if you close before December 31.

Please note that I am not an economist, accountant or a tax adviser. I am a real estate sales professional and mother, and these are just my opinions and observations. Always consult the appropriate experts before making any financial decisions and/or investments. I am not saying to run out and do anything without great thought, but if you are a buyer deciding on good timing, then look at the variables closely.  I am your friend and expert in real estate…Call me with any of your needs. I work hard for every client, and I treat each client like family. My clients usually become good friends of mine, if they were not already.

Time to Sell This One! Great Spot in Pflugerville!

2216 Callaway Garden Ct. Meadows of Blackhawk, Pflugerville, TX

You really have to see this one if you are looking for a home in this price range! This is really a gorgeous home in Pflugerville located in the Meadows of Blackhawk. This one has custom 42″ mahogany kitchen cabinets and a very modern kitchen open to the rest of the house. It comes already wired with surround sound, remote control ceiling fans. The  Brazilian hardwood floors and crown molding really set this one apart. It is a 3 bed plus Den/Office/game room.  It has an extended patio in the backyard. It is near Lake Pflugerville, Hawaiian Falls water park, shopping, schools, storage facility, convenient stores, and toll roads 2-6 miles radius away, as well as midway located in the ATXplex with easy access I-35 Hwy. Recently Reduced to sell! $227,500!

house_edited-1 kitchen

 

Too Many Homeless Vets!

Veterans are men and women and their families who have a calling and serve for our freedom. They do it because they want to unless they are among those who were in the draft. They are a special breed. They are different, and thank you each for being who you are and for your service.

I drive by a man on the street corner everyday when I take my daughter to and from school. He has a sweet disposition and really piercing blue eyes. He is dirty and disheveled, but I have always noticed that he is tone and has amazing posture and a Marine hair cut.

I watch him when I sit at the red light. He has a military backpack, and he is always drinking a cup of what appears to be a Whataburger cup. He goes to his backpack and pours it from of a 40 ounce can of malt liquor or beer. He starts early and stays late. He is so fucked up by the end of the day that he falls down on his little hill. Once we saw him almost fall under the bus. He stopped just off the curb just before the bus wheels would have run over his head. He got up laughing.

One day early in our lives here, I saw him on my way to school. He is across the street when going. I saw an ambulance and a cop. They loaded him up and took him away. After I got my kiddo, I was at his red light and saw his backpack. I considered and talked to Jessi about picking it up and bringing it back to him later so that someone would not steal what he has in there. We opted out of that one. And someone did steal his backpack and his things.

I know that because when he was back a few days later with stitches on his head and abrasions all over his body. He had a different backpack. I stopped at the green light and stopped traffic behind me and asked him a few questions. He said that it had been his birthday, and he fell and hurt himself. Someone did steal his backpack, but a nice lady bought him a new one with a new alarm clock that he needed. The light turned green again, and I gave him a dollar and drove off.

I talk to him almost everyday after that. His name is Ed. He served our country in Iraq for four years in the Marine Corp. He has been arrested four times since then, so he is not eligible for any benefits. His hair is still cut right. His posture looks like that of a Marine when he is not completely shit faced. His eyes are clear, and his skin is dirty but not unkempt like a lot of homeless people.

I do not want him on the street. I offered to help him, but he does not want to go to homeless shelter. To Ed and the other homeless Veterans in America—estimated to be between 130,000 and 200,000 on any given night representing between one-fourth and one-fifth of all homeless people – according to the National Coalition for the Homeless, I say Happy Veterans Day.