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August
23

Dallas-Fort Worth Only U.S. Market Where Home Sale Prices Dropped Last Month

The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today.  DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.

 

And what a difference a month makes.  Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year.   In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021.   Homes in DFW spend an average of 23 days on the market before selling.

 

Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates:  "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."

 

While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said.   Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing.  "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."

 

A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons.  According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.

 

Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.

According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June.  Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.

 

The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit.  Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing.  This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"

 

Luong said he sees positive signs in the market.  The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country.   "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."

  • Dallas Business Journal, August 19, 2022
January
11

How to Make Your Home Smarter this Year

Smart Home DFW

Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.

In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.

  1. Smart Home Assistant
    The smart home assistant is the foundation for any smart system. There are two that dominate the market: Amazon Echo with Alexa and Google Home with smart speakers. Similar to the way they work, these devices control all the other smart devices in your home, from lights and doorbells to security alarms and cameras.

  2. Smart Hub
    If you go with a smart speaker without a built-in hub, you'll need a smart hub for automating all the smart devices in your home through only one app. A couple of the best are the Smart Things Hub and the Hubitat Elevation Home Automation Hub.

  3. Lighting
    No need to get up. Add smart bulbs and control the lights through your phone, either by voice or touch. Still at the office? Turn on some light for the dog remotely. Change the mood by changing the color of the light if you opt for RGB lighting.
  4. HVAC Thermostat
    Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.

  5. Carbon Monoxide and Smoke Detectors
    Smart smoke detectors not only detect smoke but send a message to your phone that there's a problem.

  6. Garage Door Opener
    Let workers in your garage when you're away with an app on your phone. Did you forget to close the garage door? No problem. You can close it remotely as long as you can access Wi-fi.

  7. Smart Security Features
    A complete smart security system should include indoor and outdoor cameras, door locks, lighting, and even the doorbell. Here's how these features play into your overall security strategy:
    • Indoor camera -- There are many reasons to monitor what's going on inside your home, from watching a babysitter or cleaning employee to monitoring your pets' activities to recording a break-in.
    • Outdoor camera -- Again, you want to be able to record who comes up to your front door and what they do. The Nest outdoor security camera comes with night vision and has a built-in microphone and speaker; plus, you can use the app for the Nest to view live footage on your smartphone.
    • Door lock -- These devices do away with the need for keys; you can unlock them via your smartphone or with a fingerprint or a pin.
    • Doorbell -- These come with a camera that lets you see who's ringing the bell and communicate with them through your phone. Some devices have the ability to recognize your visitors.

Our real estate agents can help you upgrade your home and appliances to create a more convenient, efficient, and secure smart system. Contact us today. 

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 10/01/2022. The listing information on this page last changed on 10/01/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of NTREIS (last updated Sat 10/01/2022 5:39:39 PM EST) or Permian Basin MLS (last updated Sat 10/01/2022 4:45:44 PM EST). Real estate listings held by brokerage firms other than RE/MAX DFW Associates may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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