New Home Market in 2014


The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. We love hearing good news. We thought you would too!

The outlook for the Dallas/Fort Worth and North Texas new home market for 2014 is very promising.

Nationally, sales of new homes rose 9.6% in January to a seasonally adjusted rate of 486,000 per year. It was the fastest pace since 2008, according to a recent study published in the Dallas Morning News.
“The fundamentals for new-home sales and residential construction are solid” said Stuart Hoffman, chief economist at PNC Financial. “The economy is adding jobs and incomes are growing, making households more confident”.

Locally, a recent Massachusetts Institute of Technology study found that the North Texas area was among the ‘least constrained’ for new home builders – meaning that it is easier to put up a home here than in some other areas where buildable land is not as readily available.

In fact, local developers have a 1,700 acre residential community in the early stages of development for an area North of McKinney near Weston. The first home sites are finished and homes will be available later this year, according to the developer Castle Hill Partners.

The Ebby Halliday Companies, with more than 1,500 professional sales agents in 30 offices, is uniquely equipped today to assist home buyers with the purchase of a new home in 2014.

Homeowners Keeping Up With Mortgage Payments


We’re happy to share with you that the number of Dallas-area homeowners behind in their mortgage payments dropped to 3.7 percent in November. That’s down from 4.3 percent in the same month of 2012, according to a new report today from CoreLogic.

The Dallas-area number is well below the 5.09 percent of U.S. homeowners with a loan 90 days or more delinquent. Only 1 percent of Dallas-area home loans were in foreclosure in November. That’s less than half the nationwide foreclosure rate.

North Texas foreclosure filings have dropped to the lowest level in almost a decade. For next month’s foreclosure auctions, postings are about 40 percent below where they were in early 2013.

Visit daveperrymiller.com for all of the homes available for sale in North Texas!

 

Sell Before You Buy


With an extreme shortage of properties for sale, many North Texans worry they will sell their current home before they find a new home to buy.  This “homeless” phenomenon tends to put a stalemate on the overall market, as we need inventory in order to get the wheels moving.

The natural sequence in the home buying process is to list your home for sale while you search for a home to purchase. Selling usually takes a few months, however in today’s hot market, homes are often under contract within a week or two, and closing within 60 days.  Supplies of homes in a normal market are around six months, but today, the supply is around two months – which means that homes are closing very quickly, in about two months on average.

Bottom line: It behooves you to sell your home before you buy. Still need convincing? Here’s a list of reasons why:

  • Applying the Equity: Most homeowners need to sell their home before purchasing another one – by applying the proceeds from the sale towards the down payment for their next home. In other words, the sale is necessary in order for there to be a purchase.

 

  • Buying Time: There is no certainty that your home will sell immediately. It doesn’t make sense to contract for a new home without serious interest for your home – unless you don’t mind owning two homes at the same time.  So it is wise to offer it for sale while you shop.

 

  • Being in Control: If a seller is concerned about the sale happening too fast – before the new home has been secured – realtors can help with a variety of solutions.  If you as a seller can sell your home quickly, you are in control, and you have added leverage in the negotiations. Keep in mind, offering your home for sale doesn’t mean that you have to sell it.  If offers come in quickly, and you haven’t found a home to buy yet, consider negotiating a higher price or more favorable terms.

 

  • Timing: The process of selling needs to come first.  If your home sells before you find a new one, ask for a longer window to close on your current home and allow more time to find the right home to buy.  Or, if you want your money quicker, close on the sale of your home sooner, and agree to a temporary leaseback, which permits you to stay in your home for an additional month or two while you find a home.

 

  • Bridge Loan: Remember the bridge loan?  Lenders are once again loaning temporary funds called bridge loans to strong borrowers.  It serves as a down payment for your next home until you are able to sell your current home.  Once you sell your home, the bridge loan is paid off from the proceeds of the sale.

 

  • Taking Advantage of the Market: When is the best time to sell?  It happens to be right now – in the early part of the year.  In moderate climates like Texas, the spring market heats up as early as January, as home buyers enjoy sunny afternoons to tour open houses. Home sellers can often achieve a premium price this time of year, because demand is high and there are fewer houses available than there will be in the spring.

 

Home selling and buying naturally progress concurrently.  Realtors are experts at facilitating the timing of the events, so let’s get the houses on the market and start shopping!

A Remarkable Year for North Texas Real Estate


 

We have great economic news today for all North Texans. Residential real estate sales at the Ebby Halliday Companies, which includes Ebby Halliday Realtors and Dave Perry-Miller & Associates, topped $6.4 billion in 2013. That’s a record in our 68-year history and, remarkably, is a 25 percent increase over 2012.

“We are so grateful to our valued clients – both home buyers and sellers – who have entrusted us with one of the largest financial transactions of their lifetime,” says Mary Frances Burleson, president and CEO of the Ebby Halliday Companies. “Sales records of this magnitude reflect the exceptional performance of our more than 1,500 Associates. We are so pleased to recognize their professional accomplishment and success – they are the reason the Ebby Halliday Companies lead the North Texas real estate market.”

Thank you Mary Frances. We couldn’t have said it any better!

For more information about Dave Perry-Miller & Associates, its Associates and listings, visit daveperrymiller.com.

State of the Market


The following was sent to all members of the Ebby Halliday Companies by President & CEO Mary Frances Burleson. We love hearing good news. We thought you would too!

The Dallas/Fort Worth and North Texas residential real estate market was booming at the close of 2013, and 2014 looks like it will be another very strong year! Here’s why:

Residential pre-owned sales through NTREIS MLS increased 17%, with approximately 88,500 homes sold during the year.

Median sales prices were up about 10% from 2012 levels, according to MLS sales data.

And, for 2014, Texas’ job growth continues to lead the nation – but that’s only half the story. The state’s median household income also increased 4.3% over the past two years, according to a recent Dallas Morning News article, and is now above the national median for the first time since 1985. That’s very good news for the D/FW area and North Texas real estate market – more jobs and higher income is expected to have a positive effect on future home sales in the area.

It looks like 2014 will be another stellar year for Dallas/Fort Worth and North Texas residential real estate and for the Ebby Halliday Companies.

For more information on the Dallas/Fort Worth and North Texas real estate markets or to view homes for sale in the area, visit daveperrymiller.com.

Sales of Million-Dollar Homes Skyrocket in Dallas


The following story was written by Jonathan Rienstra on CultureMap Dallas on January 9, 2014:

4650 Meadwood Rd. in North Dallas rests on 3.42 acres and is listed for $8,995,000

 

Luxury home sales are on the rise across the state, measuring double-digit growth among Texas’ four main cities, including a 22 percent increase in the Dallas-Fort Worth market.

The most recent report from the Real Estate Center at Texas A&M University shows that sales of homes $1 million and higher are up year-to-year based on sales between January and October 2013.

In Dallas-Fort Worth, sales are up 22 percent, just slightly above the 19 percent year-to-year increase of the housing market as a whole. In total, 809 luxury homes were sold in the area.

It’s no surprise that Dallas has plenty of luxury homes on the market. You can check out our luxury listings at daveperrymiller.com.

In Houston, luxury home sales were up 46 percent, and 1,060 luxury homes were sold between January and October 2013. During that same time, 439 luxury homes sold in Austin, making this the fastest-growing price class in the city, with a 55 percent increase from 2012.

Only 86 luxury homes sold in San Antonio, but it was still an 8 percent increase compared to the previous year.

Where Did Americans Move in 2013


Texas ranked among the top states in a recent study of where Americans moved in 2013. Fifty-six percent of moves involving the Lone Star State were inbound, placing it 7th on the list according to United Van Lines’ latest annual Migration Study. The study tracks the states the company’s customers move to and from during the course of a year.

The study concluded Oregon had the highest percentage of people moving in in 2013, while New Jersey once again saw more outbound moves relative to inbound moves than any other state — for the third time in the past four years.

United has tracked migration patterns on a state-by-state basis since 1977. The company classifies states as “high inbound” if 55 percent or more of the moves are going into the state, “high outbound” if 55 percent or more moves were coming out of the state, or “balanced” if the difference of inbound and outbound is negligible.

Below are the rankings from the United Van Lines study. To dig deeper, click here.

Moving in

1. Oregon

2. South Carolina

3. North Carolina

4. District of Columbia

5. South Dakota

6. Nevada

7. Texas

8. Colorado

Moving Out

1. New Jersey

2. Illinois

3. New York

4. West Virginia

5. Connecticut

6. Utah

7. Kentucky

8. Massachusetts

9. New Mexico

North Texas Home Sales Up 4 Percent in November, Median Sales Price Up


Sales of pre-owned homes in North Texas rose by 4 percent last month from November 2012. Year-to-date, sales of pre-owned homes are 18 percent ahead of the same period in 2012, according to data from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems. The median home sales price in D-FW was up 10 percent last month to $170,000, according to NTREIS statistics.

Offered for $999,000, the home at 3500 Rosedale in Dallas was on the market only 13 days. Dave Perry-Miller & Associates' Jane Gordon represented the seller. Dave Perry-Miller & Associates' Cindy Bruner represented the buyer.

The North Texas housing market has made up what was lost in the recession and is now at record levels. Our region is one of a very few U.S. home markets that can make that claim.

While the increase in home sales in North Texas moderated somewhat in November, the market is still very tight. On average, it took slightly less than two months to sell the homes that were purchased in November.

The inventory of single-family homes for sale in North Texas was down 13 percent last month from November 2012. The current 2.9-month supply of houses for sale in North Texas is one of the lowest inventories ever recorded for our area.

With sales prices rising and available housing inventory at record lows, now is a great time to contact a Dave Perry-Miller Associate to discuss the marketing of your property. To get started, visit daveperrymiller.com.

North Texas Home Sales, Prices up in October


Steve Brown at The Dallas Morning News reports that sales of pre-owned homes in North Texas rose 10 percent in October from a year earlier, while the median sales price rose 13 percent.

October marks the 26th month in a row that area home sales were higher than the previous year. While home purchases were up in October, they grew at a third the rate of increase back in April.

“The market is still good to strong, just not crazy strong like this past season,” says Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University. “We expect a seasonal adjustment in fall and winter.”

Through the first 10 months of 2013, pre-owned home sales are 19 percent ahead of where they were in the same period last year. And median home prices in North Texas are up 10 percent from the first 10 months of 2012, according to MLS statistics.

To learn the value of your home in today’s market or to start your home search, contact a Dave Perry-Miller Associate today. To get started, visit daveperrymiller.com.

As Seen in The Dallas Morning News: North Texas Home Sales Up 10% in October


Home sales in North Texas rose 10 percent in October from 2012. It was the smallest year-over-year gain in area home sales since December 2012.

While home purchases were still up last month, they grew at only a third the rate of increase back in April.

The latest numbers give more proof that while the local housing market is still improving, the runaway growth that occurred this spring and summer is moderating.

“The market is still good to strong, just not crazy strong like this past season,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University. “We expect a seasonal adjustment in fall and winter.”

Real estate agents sold 7,014 pre-owned single-family homes in October, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

It was the 26th month in a row that area home sales were higher than the previous year. Median prices in North Texas in October rose 13 percent from a year ago.

Through the first 10 months of 2013, pre-owned home sales are 19 percent ahead of where they were in the same period land year.

And median home prices are up 10 percent from the first 10 months of 2012, according to sales through the Realtors multiple listing service.

With higher mortgage rates and recent strong sales, housing economists are forecasting an easing in the pace of residential sales and price increases in the year ahead.

“Normally sales begin to slow in September once school is back in session,” said David Brown who heads the Dallas office of housing analyst Metrostudy Inc. “This year the market is experiencing a more normal seasonal slowdown.”

Brown said the smaller home sales gains are to be expected.

“A 20 percent to 30 percent year-over-year gain is unsustainable,” he said. “The frenzy that started in the fourth quarter of last year and ran through the first half of this year is beginning to ease.

“It isn’t that the market is slowing down, because sales are still up.”

Low inventories of homes for sale are still an issue. In October, there were 22,656 homes listed for sale with Realtors in the roughly 50 counties included in the monthly survey. That’s 13 percent fewer houses on the market at this time last year. Currently there is only a 3.1-month supply of houses for sale in North Texas — the lowest inventory in more than a decade.

“Another factor that could be affecting the number of sales is the inventory is so low and likely to fall further,” Brown said. “We could see inventory fall below 20,000 by the end of the year.”

Housing analysts will be watching closely to see how the market behaves early next year when sales traditionally begin to pick up.

“The real test will come again in the spring,” Gaines said. “If we get 20 percent-plus growth in April, May and June of next year over the highs posted this past spring, then we’ll be seeing some really outstanding — and probably unsustainable — growth.”

This article was adapted from The Dallas Morning News. To learn more about home prices in your neighborhood and to determine what your home is worth in today’s market, contact Dave Perry-Miller Associates. To get started, visit daveperrymiller.com.