Archive for the ‘Real Estate News’ Category

The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

The Alexan, which is being developed by Dallas-based Trammell Crow Residential, is one of the apartment developments under construction in Dallas. The North Texas area will account for about 80 percent of all new apartment supply, according to Marcus & Millichap research.

Dallas-Fort Worth’s growing economy — thanks to recent corporate relocation and expansion in North Texas — is feeding the appetite from developers to build apartments, according to the latest Marcus & Millichap research.

On Wednesday, Marcus & Millichap released data showing developers completing 8,450 apartment homes over the past year North Texas, which is up from 5,500 year-over-year, according to the research.

This year, developers are expected to complete 13,250 units, or nearly double efforts to build apartment homes.

“Dallas-Fort Worth’s economy will stage another impressive performance in 2013 as the region’s relative affordability lures new residents and relocating and expanding companies,” said Marcus & Millichap researchers.

Those companies: Amazon.com’s two large distribution centers in Dallas-Fort Worth will generate about 1,000 new jobs and BMW recently decided to put its latest parts distribution facility in Lancaster.

North Texas employment is expected to rise 3.2 percent this year, adding 99,500 jobs. Last year, DFW added 106,300 positions.

Along with job growth, the average rent in North Texas is expected to grow 4.4 percent to $863 per month, due to a greater number of high-end, luxury apartments being delivered in in-town locations, according to the report. In 2012, rents increased 2.9 percent.

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Great article by By Les Christie @CNN Money

The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.

In March, 75% of agents with broker Redfin said their clients’ offers were countered by rival bids, up from 56% who said so in late 2011.

The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.

“The only question is not whether a new listing will get multiple bids but how many it will get,” said Kris Vogt, who manages 14 Coldwell Banker offices in the Sacramento area. One home in an Elk Grove, Calif., subdivision recently received 62 separate bids. The final sale price was for more than $150,000, well above its $129,000 asking price.

In Cambridge, Mass., two condos that could be combined into one large home hit the market two weeks ago for $800,000 each, according to Pat Villani, president of Coldwell Banker Residential Brokerage in New England.

“The brokers stopped taking names after the number of bidders reached 250,” she said. The winning bidder offered $2 million for both units.

Homebuyers eager to purchase before home prices and mortgage rates rise are finding few homes for sale as sellers hold out for better deals, said Glenn Kelman, Redfin’s CEO.

Many homeowners are still underwater, owing more on their mortgages than their homes are worth, and they want to wait until selling becomes profitable again. By doing so, they can avoid short sales, which carry big hits on credit scores, 85 to 160 points, according to FICO.

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Great article by  out of the Dallas Biz Journal.

Dallas is the most-affordable major metropolitan area to live in the United States, according to a report by ZipRealty, which measures the national housing market.

The ranking is based on median household income and the median home prices. This is the first year ZipRealty has compiled this data, which measures 30 metropolitan areas throughout the country.

Dallas’ median household income is $47,418 with the median home price of $249,950, which gives it a home price to median income ratio of 5.27. That ratio of home price to income is the lowest in the country, said Lanny Baker, president and CEO of Calfornia-based ZipRealty Inc. (NASDAQ: ZIPR)

“My sense is that the economy in Dallas is healthier today than it’s been for awhile,” Baker said, attributing his opinion to North Texas’ stable income levels. “That hasn’t yet translated into higher housing values.”

The favorable ratio of income to housing prices could bring in folks from other parts of the country, where housing prices are higher than Dallas. The median home price throughout the country is $299,500, which is about $50,000 more than Dallas’ median home price.

“Dallas isn’t inflating as fast as other areas of the country,” Baker said, adding that San Francisco, Sacramento and Las Vegas are seeing significantly higher home prices year-over-year through the first quarter of 2013.

Houston has the second-most-affordable housing market, followed by Minneapolis, with a 5.43 and a 5.5 index, respectively, Baker said.

Some of the most expensive places to live in the country based off the index include Washington, D.C., Brooklyn and the San Francisco area.

Click Here for a list of Top 10 most affordable housing markets…

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Great Article out of the Wall Street Journal…

blogs.wsj.com · The number of housing starts isn’t the only home-related item increasing. So is the size of a new home.

Great Article by Nick Timiraos from the Wall Street Journal about the sellers markets we are seeing not just in Texas, but the whole country…

Housing: It’s Becoming a Seller’s Market

ByNick Timiraos
National Association of Realtors

The National Association of Realtors said on Thursday what home buyers in many parts of the United States have known for months: it’s becoming a seller’s market.

The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time.

After adjusting for seasonal factors, home sales rose by just 0.4% in January, to an annual rate of 4.92 million units. Still, that’s up from 9.1% one year ago.

The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for sale, down from a 6.2 months’ supply one year ago.

While inventories typically increase in the spring, the Realtors’ group has expressed growing concerns that sales volumes are being held back by the lack of choice. This is good news for homeowners who have watched home prices drop over the last six years, but it’s bad news for buyers—and for anyone that makes their living selling real estate.

Inventory declines have been the most dramatic in California, Arizona, and other markets that witnessed some of the largest home price declines. Those cities have large numbers of underwater borrowers—people who owe more than their homes are worth—while many others may have equity but aren’t willing to sell because prices have fallen so far.

Investors have also been aggressive in buying up properties that are selling for less than their replacement cost.

National Association of Realtors

Home sales could rise to 5.2 million units this year, an increase of nearly 12% from last year, according to economists at Goldman Sachs . They base their forecast on household formation and demographics, which both suggest rising demand for housing in the coming years, and affordability measures such as mortgage rates and home prices.

But the economists note that there’s a considerable amount of uncertainty that could make those targets hard to hit, particularly if there’s nothing for would-be buyers to purchase.

Follow Nick @NickTimiraos

-lead-generation

– Area home sales started the year at a breakneck pace.

North Texas real estate agents sold 4,733 existing single-family homes last month, the largest January total since 2007 and the second-best selling January in a decade.

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Are you wondering what you need to do to increase your web presence for your real estate business?  Are you curious about what content home buyers and sellers are interested in regarding Real Estate?

You should have answered yes to both of these questions.

Google and the NAR have just released their report, “Consumer and  Market Trends in Real Estate.”  This report provides invaluable data that Real Estate agent should consider when designing their online marketing plans.

CLICK HERE TO VIEW THE REPORT

CLICK HERE TO SCHEDULE TIME WITH ME TO DEVELOP AN ONLINE MARKETING PLAN

Tarrant County Real Estate Statistics

Fidelity National Title’s Market Condition Report (MCR). This is an interpretation on the market, not just stats. Please contact me for clarification on how this report is read. If you would like additional reports from other counties, areas, or custom areas please let me know. zach.sams@fnf.com

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Last week the 2012 Profile of Home Buyers and Sellers was release by the NAR.  The profile is the results of a survey the NAR conducts every year from recent home buyers and sellers.  As a real estate agent you will find this data exceptionally valuable.  You will learn about home buyers and sellers experience with the process, what their motivations were to make a move, how and where they found their agent.

Some of the key points are:

  • 39 percent of recent home buyers were first-time buyers, a slight rise from 2011, but closer to the historical norm of 40 percent.
  • 65 percent of recent home buyers were married couples—the highest share since 2001. Conversely there was the lowest share of single buyers since 2001.
  • For 52 percent of home buyers, the first step in the home-buying process was taken online.
  • The typical home buyer searched for 12 weeks and viewed 10 homes—a decline from 12 homes in prior year, which speaks to the tightened inventory in many areas.
  • 89 percent of buyers purchased their home through a real estate agent or broker, similar to last year’s report—a share that steadily increased from 69 percent in 2001.
  • 88 percent of sellers were assisted by a real estate agent when selling their home.
  • Only 9 percent of recent sellers sold via FSBO sale. Among FSBO sellers who did not know the buyer prior to the sale—20 percent sold via FSBO because the buyer directly contacted them.
  • Approximately two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.

Full article from Realtor.org

Click here to view the highlight of the report

If you have not figured it out yet I love BizBrag and I subscribe to their blog.

Their most recent post I found so interesting.  It is about the the tablet shopper revolution.  Did you know by the end of this year over 60 million Americans will own a tablet. Right now 19% of U.S consumers own a tablet. That is up 10% since this time last year!!  That is crazy fast growth!!  Tablet use has increased over 300% since last year and tablets are growing 10 times faster than SMART PHONES!! Holy Cow!!

The age group with the highest tablet ownership is 18-34 years. Gen Y anyone!  For those of you in Real Estate that is your next big demographic moving into home ownership.  Four out of ten buyers are first time home buyers and they are gen y’ers (see graph below). Yes, I know that rhymes!.

So, point is if you are in Real Estate and plan on hanging around, I suggest you get a tablet.  Call me and I will show you how to apply it to your real estate business.

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Check out bizbrag’s full article on the tablet shopper