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Dallas Market Statistics – June 2015


Dallas Market Statistics – June -2015 

In the Dallas real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to his time last year. June 2015 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from North Texas Real Estate Information System.

The 12,6662 new listings in June 2015 represented a 7 percent increase over June 2014. Active listings decreased 12 percent to 19,558 over the same period. Pending listings had an even higher jump, with the 8,719 pending listings in June 2015, indicating a 14 percent increase over June 2014. Actual sales of single-family homes also increased  over the same period.

The North Texas Real Estate Information System reports that in June 1025, a total of 10,575 single homes were sold in the Dallas area. This represents a 12 percent increase over sales in June 2014.

Prices in the Dallas real estate market continued to climb during that year-long period. The median price of a single-family home in the Dallas area increased 12 percent between June 2014, to $220,000. Average home prices rose 10 percent during that period to $276,463. The dollar volume of sales during the year increased 23 percent. In total, $2,923,596,225 worth of homes were sold in June 2015.

Homes spend an average of 39 days on the market in Dallas, which is a decrease from the same as in June 2014. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Dallas real estate market a favorable environment for sellers. See more NTREIS MLS housing activity report here.

Strong buyer demand has created multiple offers for sellers and low inventory is causing home prices to rise. It’s not uncommon for a seller to get 4 or 5 offers to chose from. Make your first offer the best in order to compete. Many first time home buyers have turned to renting and will wait until the market becomes more balanced. The influx of new companies and people to North Texas is creating unprecedented buyer demand.

Watch the Dallas real estate market in real time with these interactive charts.

Smith & Smith Realty provides expert real estate services to residential buyers and sellers in Dallas and surrounding communities. Contact us today for more information on Dallas real estate and for professional assistance navigating this sometimes complex home market.


Dallas Arts District as viewed from Klyde Warren Park


Klyde Warren Park Video 

~ Rain, rain go away….come again another day.
I say that but knowing we’ve been in a drought past 5 years and no rain last 3 years, well, it scary…
I just want it to stop so we can deal with what we have.

Enjoy this video taken on sunnier days at Klyde Warren Park.
I can’t wait for summer.

4 Huge Reasons Not to Sell By Owner


4 Huge Reasons Not to Sale By Owner

4 Huge Reasons Not to Sell By Owner

Gone are the days of easy selling and financing. HA! Believe me, it was never easy.

1. Real estate transactions are more regulated and more complicated

The real estate market has consolidated since the 2008 bust. Just like the lending and banking industry.  As a consumer you have less choices. That’s unfortunate. It’s harder to do a deal. Because you probably don’t buy or sell homes on a daily basis you don’t understand the real estate industry nor how it operates.  This is the number 1. factor for not trying to sell by owner.  Financing and appraisal issues are again killing deals.  You chances of completing a successful transaction are very, very low in today’s world.

2.  The Internet does not sell your home

Everyone and anyone is on the Internet today, would you not agree? With so much content and mis information your home is competing on third party sites that use your home as content to sell advertising. You are competing against every home listed in the world. Even if you’re showcased you are competing agains millions of properties. It’s hard to find a needle in a haystack. In fact, most internet leads are bad and most are looking to rent or look at home design or decoration ideas from you, your personal residence.

It’s a proven fact that 96% of homes sales are made by a buyers agent not the listing agent. Why? Because they work with serious home buyers & listing agents work with serious home sellers. A local Internet strategy, direct mail and the local MLS will sell your home quicker and for more money. Third party sites are far from the real MLS.  Technology is robust and accurate and there are local buyers and agents prospecting your home for a fast sale, 24 hours a day. No third party site required.

3.  Open Houses are opportunities for listing agents to prospect and use your house to gain more leads

If you do for sale for owner, open houses are not the answer. Why open your house in this day and age and not know who is going to come? Open houses are an open opportunity for thieves to prospect you home. Safety is another concern. On the other side, open houses are good for qualified buyers to research a neighborhood.

4. Using an agent will get you more money – How much?
A Lot!

I recently had a client that was approached on a business property. She was solicited directly from an investment group looking to buy up a block on Central Expressway. There are many solicitations done this way. They want to buy wholesale or discounted. They throw a number out and if you like it you take it. Instead of finding out the retail value of a property and working that angle. On this particular deal, they lost $200,000. by not finding out what property is really worth.  The fact is an investment group will go low and can afford more. This happens all the time. It’s worth the extra time to find out the retail price of your property.

The infographic above is a great visual to share if you like. The negotiating part is the hardest. Remember,  you have to sell your home 3 times:  to the buyer, lender and appraiser. Homes prices have not caught up with price increases so you might have to appeal an appraisal and that’s a totally different topic. The points above are valid if you don’t know the real estate market. On the other hand, if you know what your doing, by all means give it a shot!

Here’s a free resource guide for sellers if you’d like to know how to navigate the real estate market.

How June became National Homeownership Month


June is National Homeowners Month

Celebrate National Homeownership Month 

Did you know that June is National Homeownership Month?
And it’s an official national holiday? Who knew?

A Little History

It started back in 1995 during the Clinton administration as a week – long celebration.  In 2002, President George W. Bush made June National Homeownership Month.

Here’s a link to the proclamation.

This is even more important today as our nation is still healing from the real estate bust.  Homeownership encourages personal responsibility and the values necessary for strong families.

It’s a huge responsibility and not everyone should be a homeowner.  The market continues to be demanding and competitive and will remain so for a while.

Taking the time to educate yourself on the financial responsibilities of owning a home is a good place to start.  Finding a great real estate agent to discuss the correct process is imperative in today’s market.

If you’re thinking about buying a home and don’t know where to start here’s a free home buying guide.  It’s deals specifically with today’s market and what you need to prepare for purchasing a home.  It will save you time and money.

Guide to Buying a Home – Spring 2014

It takes time to find and buy the right home.  Don’t ever feel pressured to do something you’ll regret. Coming home to something you own is one of the greatest achievements anyone can attain.

And paying off your mortgage is next. It’s possible to create real estate wealth this way.  This is a great reason for celebrating national homeownership month!

Uptown Living – Condos Nearby Klyde Warren Park


Uptown Living Condos Nearby Klyde Warren Park

Search for Condos in the Most Walkable Neighborhood in Dallas Now!

Are you looking for an Uptown Lifestyle?
Close to your work, dining, entertainment, shopping, low maintenance home plus luxurious!

Uptown Living

If the list hits all your hot buttons. Try this condo search for all homes within a half-mile radius of Klyde Warren Park.  It’ll make your search easy and fun!
Click Relax @Klyde Warren Park to stop searching and start finding the home of your dreams.

 

Smart Home Search


Why Use Smart Home Search?

Do you ever feel like you’re drowning in a sea of listings?  There’s so much duplicate content on third property sites and status information is not accurate. That’s bad especially in a tight market with fewer homes available. I know frustrated buyers can feel my pain. I get calls every day about bad listing data.  It’s just not right!

Custom Home Searches could be the answer to get there first.  You know how important it is!  A local source has the newest listings.  You might not know this but not all brokers or agents feed their listings to the large portals anymore.  In fact, many have stopped the last few years…

Big D. Dream. Discover. Dwell.

What is a Radius Home Search?

It’s a search that shows homes for sale within a certain distance of a specified point.  It could be your work address or school address. If you want to live close to family then enter a home address.  It’s an excellent way to shorten your commute.  Which is a number one criteria with all our clients.

I have built Radius Search pages on our sites to make it easier to find homes close to schools & work.  You can do this too by entering any address and it will automatically give you the Latitude and Longitude. Then you specify a distance from that point for listings to appear in the search results.

You can also pick other criteria like price range, bedrooms, features and more. Go the the home search page enter your city and other criteria. Then go down to line 5 and click radius and enter the address and miles (.5 to 20 miles) for your radius search. Voila – instant results!

Why Search for Listings within a Certain Distance of a Known Location?

  • Find homes for sale near friends or family.
  • Seniors needing to live close to medical care.
  • Urban home buyers wanting to be where it’s at!
  • Desire to be near a certain town or location, you can compare pricing for homes a little farther out.
  • Minimize commute time to work, #1
  • Locate near a landmark, biking routes, lake, hiking trails, parks and so on.
  • Close to private schools, major highways, businesses, employers, shopping and more.

One search I built last year that has been very popular:  Homes within a 2 mile radius of Shops at Legacy.  This radius search will show you all listings around the Shops.  Shops at Legacy only have apartment rentals and luxury townhomes for sale.  So if you wanted a single family home “close to the scene” this search would be ideal. You get the idea.

Below are a few searches I set up for you to try.  Hopefully,  they will make your home searching process faster & easier!  Smarter is better! Don’t you think?

Dallas Major Employer Home Search within 1 or 2 miles

Dallas Private School Radius Search within 1 or 2 miles

Dallas Lifestyle Searches

Plano Radius Employer Homes Searches

Plano Lifestyle Searches

Frisco Quick Custom Searches

If you know someone who can use this search please feel free to share this post.  I have added many extra features to our home search page that you can’t find or do anywhere else.

Hot Tuesday: Top 25 DFW areas that are selling fast!


Hotness Factor:  MLS Area Housing Activity Report

Arts District

On the 8th of every month MLS sales are publicly released.  They are reported by anybody and everybody.  And usually people that don’t buy or sell real estate. That’s not a dig, just a fact.

I don’t like these reports for 2 reasons:

  1. The reporting is too early in the month  for the previous month because all the sales data has not been entered.
  2. It gives broad activity of the DFW market not the micro market that we all live in.

One report that isn’t talked about too much is: Sales Closed by Area, Ranked by Hotness.

What is it?

The hotness ratio is pending sales as a percent of active listings.  In other words, where buyer demand is.  It’s put together by the Texas Real Estate Center, a very credible source.

MLS areas target more precise locations and sales activity for buyers & sellers to watch the market.  All properties are entered into the MLS by area, sub area etc.  There are 141 area in the MLS.  So without further ado….

Here’s the Top 25 MLS Areas of Hotness for Single Family

  1. Area 9 The Colony
  2. Area 90 Arlington (Kennedale)
  3. Area 274 GRAND PRAIRIE-NEW 3
  4. Area 88 Arlington SE
  5. Area 124 Grapevine
  6. Area 5 Mesquite
  7. Area 106 FW South (Everman/Forest Hill)
  8. Area 86 Arlington Central SE
  9. Area 23 Richardson
  10. Area 15 Dallas South Oak Cliff
  11. Area 130 FW-Summerfield/Park Glen
  12. Area 120 Bedford
  13. Area 122 Hurst
  14. Area 51 Allen ISD
  15. Area 24 Garland
  16. Area 22 Carrollton/Farmers Branch
  17. Area 53 McKinney ISD
  18. Area 89 Arlington (Mansfield)
  19. Area 121 Euless
  20. Area 50 Wylie ISD
  21. Area 271 GRAND PRAIRIE-NEW
  22. Area 87 Arlington SW
  23. Area 12 Dallas East
  24. Area 127 N Richland Hills/Richland Hills
  25. Area 20 Plano

The Takeaway:

#1 is The Colony, this is where the 121 corridor is being transformed and many businesses and people are moving.   You can also see areas surrounding The Colony are doing well too, Carrollton, Grapevine, Plano. Other Dallas areas are Richardson, Garland, Allen, McKinney, Wylie and East Dallas are all in the top 25. There are 141 areas in the MLS, if you want more information this link will give you the hotness ratio as well as sale, pending sales, days on market, active listings and months inventory of all DFW areas.

Construction Photos of Uptown and West Plano


Construction in North Texas

Shops_at_Legacy_Construction

This photo is the Shops at Legacy’s new addition – more great townhomes, shops, dining, apartments all in walking distance of each other. Located at Dallas tollway and Legacy on the east side.

uptown_2

Taken directly across from the new Ritz Carlton that opened last month in Uptown at McKinney and Pearl. Buildings are going to be office, apartments and retail shopping which is badly needed in this area. Some views at 1999 McKinney will be blocked from this.

Ritz

Side view of the Ritz, understated elegance, art deco influence, in the back is the Crescent. Ritz Rooms go for $500. a night, a steal compared to the W at $700.

Real Estate Tax Extenders from the “Fiscal Cliff” Episode


Real Estate Tax Extenders

Now that the “Fiscal Cliff” has come and gone, how did Real Estate fair in the negotiations?

Actually, real estate did OK with some tax extenders.  Better than your pay check reductions…

Here’s a summary of the real estate related provisions of the bill in case you’d like to know.

  1. Mortgage Cancellation Relief was extended for for 1 year till January 1, 2014
  2. Deduction for Mortgage Insurance Premiums (MIP) for filiers making below $100,000 is extended
    through 2013 and made retroactive to cover 2012
  3. Leasehold Improvements – the 15 year straight-line cost recovey for qualified leasehold improvments on commercial properties is extended through 2013 and made retroactive to cover 2012.
  4. Energy Efficiency Tax Credit –  the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

Information is from the Metrotex Association of Realtors in Dallas and if you’d like to read more about Pease Limitiations, Capital Gains and Estate Tax click here

How’s the Dallas Real Estate Market Now?


Dallas Real Estate Market Results – Nov 2012

How’s the Dallas real Estate market?  It’s getting better slowly.  Inventory of homes is at a 10 year low. Yes, you heard that right.  And if you’re a buyer or seller you can attest to your fair share of multiple offers.  Gone are the days of finding 30 homes to look it.  It’s not there.

As the market slows down this time of year it will be interesting to see if sellers are willing to jump back in spring.  Foreclosure inventory is also low but there is a back log waiting to be released very slowly by the banks – is my guess.  Take a look at the Quick Facts below from the MLS (NTREIS) for the DFW area.
Nov_12

Overall another positive report for continued sales gains and price increases.  Is it enough for sellers to jump back in?  We’ll see come spring.  Buyers are waiting for the right home to come on the market.  If inventory does not increase sales will take another dip sooner than later.  Supply vs Demand dictates every time.  It’s a sellers market now and will continue to be in the near future.  Check back for an update on the Plano Real Estate Market later this week.

Dallas real estate market