Tag Archives: Dallas

Hottest Housing Markets for Early 2016

The overall national housing market in January mimicked the traditional seasonal trend of fewer homes on the market and slower sales, however the market is projected to increase into a possible record-breaking Spring season. According to Realtor.com, initial results from January documents positive growth at statistically significant higher numbers than January 2015. This should result in the positive growth in the residential real estate market in 2016, which is the prediction by almost all experts in the field.

Realtor.com noted in their report that the median days in inventory is now 100 days, which calculates to 6% longer to sell in January than in December, 4% faster than January 2015.

Here are the 20 hottest housing markets in January 2016, according to Realtor.com:

  1. San Francisco, California
  2. San Jose, California
  3. Dallas, Texas
  4. Vallejo, California
  5. San Diego, California
  6. Sacramento, California
  7. Nashville, Tennessee
  8. Stockton, California
  9. Denver, Colorado
  10. Los Angeles, California
  11. Santa Rosa, California
  12. Oxnard, California
  13. Palm Bay, Florida
  14. Yuba City, California
  15. Modesto, California
  16. Detroit, Michigan
  17. Midland, Texas
  18. Santa Cruz, California
  19. Tampa, Florida
  20. Fort Wayne, Indiana

And here’s Zillow’s top 10 of the hottest housing markets in 2016.

  1. Denver, Colorado
  2. Seattle, Washington
  3. Dallas-Fort Worth, Texas
  4. Richmond, Virginia
  5. Boise, Idaho
  6. Ogden, Utah
  7. Salt Lake City, Utah
  8. Omaha, Nebraska
  9. Sacramento, California
  10. Portland, Oregon

 

Austin vs DFW

I work in two great real estate markets. I get asked all the time what are the differences. They are apples and oranges in my opinion. Here is the best breakdown I can give you. I did some of my Misti calculations according to the MLS numbers I have access to, and the following is what I see for sellers and buyers. I started with what a regular person who is approved for an FHA no down payment bond programs of about $130,000. Now, let’s go find a house.

There are 4722 properties available in the DFW market on the MLS at 1:30 this afternoon under $130,000. Here is what I can sell you in Arlington for $130,000 in the DFW market. Or take a look at my listing in Plano.

5611 Sarasota Drive, Arlington , TX 76017

SqFt: -1564

Beds:-3

Bath:-2

$83.12/ sq ft.

MUST SEE!! BEAUTIFUL, WELL-MAINTAINED HOME IN QUIET NEIGHBORHOOD. HIGHLY SOUGHT AFTER ARLINGTON SCHOOLS–MARTIN, MOORE, AND BOLES. LAMINATE FLOORING AND TILE THROUGHOUT–NO CARPET. UPDATED FIXTURES IN BOTH BATHROOMS. ROOMY KITCHEN WITH BREAKFAST BAR. COZY DINING ROOM THAT LOOKS OUT OVER THE BACKYARD. LARGE FAMILY ROOM WITH BUILT-IN LIGHTED BOOKSHELF. FULLY FENCED LARGE PRIVATE BACKYARD WITH PLENTY OF ROOM FOR THE KIDS OR GRAND-KIDS TO PLAY. This will go FHA financing.

DFW home

Now, if you are a buyer in Austin, we have 226 properties available in the ATX market on the MLS at 1:30 this afternoon under $130,000. In areas surrounding Austin, this is what you can get. There is nothing in the city that is in this price range. There was one home that would go FHA in Georgetown, so I just selected the best one I see on the market.

6002 Turnstone CT

SqFt: 880

Beds:  3

Bath:  1

$136.6 0/ sq ft.

ABSOLUTELY NO CLOSING BEFORE AUGUST 1, 2015 – Amazing opportunity-fixer upper sold “AS-IS “with all faults” – NO DEDUCTIONS OR REPAIRS! — 3/1 w/converted garage. Price reflects the need for a complete makeover. Great margin for the investor, rehabber, flipper, owner occupant willing to take on a project. This will not qualify for FHA financing.

ATX Home

The following numbers are my research findings from the Austin Board of Realtors MLS and from the Metrotex Board of Realtors MLS at about 1:30 this afternoon (7/10/15).

  • There are approximately 29,000 listings in the DFW MLS residential market at the current time.
  • There are approximately 11,000 listings in the ATX MLS residential market at the current time.
  • 4,722 properties available in the DFW market on the MLS at 1:30 this afternoon under $130,000.
  • 226 properties available in the ATX market on the MLS at 1:30 this afternoon under $130,000.
  • There are 954 homes between $400,000 – $500,000 in ATX at the same time.
  • There are 2,397 homes between $400,000 -$500,000 in the DFW at the same time.
  • There are 1,591 homes between $500,000 and $1,000,000 in the DFW at the same time.
  • There are 3,777 homes between $500,000 and $1,000,000 in the ATX at the same time.
  • There are 1,461 homes between $1,000,000 and $5,000,000 in the DFW area at the same time.
  • There are 674 homes between $1,000,000 and $5,000,00 in the ATX area at the same time.
  • There is one home in the ATX MLS for more than $20,000,000.
  • There are four homes in the DFW MLS for more than $20,000,000.

ATX chart DFW chart

 

 

Dallas/Fort Worth’s Booming Market

It is hard to name the metroplex. We call it DFW or Dallas Fort Worth. However, there is a lot more to the metroplex. South like Arlington, Grand Prairie and now a booming Mansfield.  These areas are hot, but the real growth is north! Plano, Frisco and Allen are on fire! Homes last less than 24 hours in those areas with multiple full-price offers. That is actually the case all over this big ol town.

It is a sellers market for sure. It is hard to find a home, and when one is available that a buyer likes, then the competition really begins.  For listings, some cannot even get the signs in the yard before the offers start rolling in – sight unseen at many times. This makes the hussle hard for buyers but easy for sellers. The reason? 4,000 people are moving here each week. That’s crazy!  According to the Dallas Morning News, Dallas-Fort Worth added more new residents than almost anywhere else in the U.S. in the latest population estimates.

The following chart is from the Dallas Morning News (with permission) and depicts what is going on up here.

I have clients ask me if the market is going to correct. I can only say that I cannot see it going anywhere here in this boom economy. Businesses are moving to Texas for the amazing tax breaks. People are moving here to work for those businesses and also because Texas has no income tax. I had several clients who wanted to purchase property just before the end of the year for that purpose alone. I do not think that the prices or housing stock are going to correct any time soon, so if you want to buy, do NOT wait a few months for things to calm down. The stats show that will not happen. If you buy now, and things continue as they are, you will have equity in your home in just a few minutes, pardon me months!

I am experienced and know this area very well – all over it! I am back home here in DFW most of the time, though I still work in the Austin market, mostly lake properties and student housing. I love helping people, so call, text or email me. I can help make this process fun and reduce the stress…

Real Estate Market Trends In This Country

According to the 2014 Urban Land Institute report released at their annual planning conference in Chicago, we are about half way through the real estate recovery market. Or I think we are about 2/3 of the way there. It has been slow and painful, but there are some excellent markets out there that are thriving.

The report and conference highlighted a number of housing trends we can expect to see playing out over the next few years, based on surveys and interviews with real estate developers, investors, lenders, services and builders.

The Millennial generation are changing the market, and the real estate movers and shakers are increasingly interested in where this generation is headed. A number of the cities have seen increased economic activity in the real estate sector led by this generation, particularly Austin, Seattle, Portland and the Twin Cities in Minneapolis.

Investors, developers and builders are losing some interest in the so-called 24-hour gateway cities — San Francisco and New York City — and have developed more interest in cities like Dallas and Portland, where there are more housing deals to be had.

For example, in 2011 only New York City and Washington, D.C. had good prospects for real estate investors and developers, according to the ULI report, but now Austin, Boston, Dallas, Houston, Miami, Orange County, Portland, San Francisco, San Jose and Seattle make that list — and D.C. actually dropped out.

There’s optimism among those surveyed by ULI that lending standards will loosen next year. That is straight up conjecture in my opinion. The interesting thing that is happening to fill the void is a concept called “shadow banking”. Shadow banking is similar to traditional bank lending, but it’s done outside banks and can therefore get around bank regulations. Borrowers going this route will find a hodge-podge of private funds, wealthy individuals, family offices, and refugees from other lending markets, according to the report.