Let us know how to help you make a move!
2 Notes to Notice:
1. Grapevine's "Paycom" (an Oklahoma City-based firm) will about double in size with coming expansion. Another 1,000 employees anticipated.
See that here: Dallas News Paycom
2. In September Texas remained ranked in top 5 states for overall # of new businesses. More than 50,000 new businesses have opened in the Lone Star State in 2023.
This means jobs, and people, and folks moving in/out of homes! TX growth report.
Market Note: in fall and winter, the DFW market is up from late summer numbers.
Interest rates have been high, but researches note home sales up 9.5% for consumers and construction permits up 5.3%. Time for homes on market has gone down as well.
It's a good time to look/research/consider a move.
Here's the Info from A&M's Texas Housing Insight: INSIGHT.
"Total mortgage application volume fell 2.9% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index."
See his helpful review of rates and changes by cnbc here: Mortgage Demand Drops
Here's Dallas News reporting on an example in McKinney with "Craig Ranch" Homes. There are fees from the HOA when homes are sold, and the fees increasing with increasing home prices. Buyers and sellers are reporting feeling blind-sided.
(Reach out and we will research hidden fees in areas you are interested in!)
Each year we've reminded folks of tips to appeal your higher property tax, and we've seen good results. With inflation of common goods, now is not a good time to see your far higher housing value cost you taxes. So, the appeal is fairly simple and lower taxes can help your wallet a lot.
Call me, I'll walk you through it!
We live in a unique place that is beginning to see the "returns" on what our metroplex industry and liveability means for homeowners.
Dallas News says, "Middle-income Dallas-Fort Worth homeowners made an average $167,560 from their homes over the last 10 years, while the same group on the national level made $122,100, according to a new report from the National Association of Realtors."
This is part of why we love working with people and their homes. We hope the fruit of these investments is both living in a place you really love as well as becoming a source of income and value for each of us. For now, it's true in D-FW. The property is worth it.
Our market, like the nationwide reactions, has been in flux. Predictions remain steady, with the idea that buyers are seeing more and more homes on the market. Overall, it's still a good time to buy and sell.
Yes, interest rates have risen. But they are not forecasted to go down soon. Instead, higher rates usually mean home prices go lower, and thus a buyer can get in to something good and get passed renting.
The Uplifting D-FW news remains: our area has seen such growth in homes and jobs that the market here will be stable and valuable for investments.
Source: Yahoo Finance
With rents increasing it makes sense to buy now even with current rates. You can always refinance when/if the rates go down. Some lenders have programs to refi without alot of costs in the first year of the loan. It's worth it to stop paying rising rents and buy now and start building equity in your home now.
While it might be tempting to postpone buying until a better deal shows up, there's no guarantee that rates will fall or that homes will be more affordable next year. Many real estate experts don't think things will change much.
Lawrence Yun, Chief Economist with the National Association of Realtors (NAR) predicts that a return to the 3% mortgage rates of 2021 won't happen again for a long time. These rates appeared during an unexpected global pandemic, at a time when a variety of factors created an unexpectedly hot real estate market.
Regarding falling home prices, any current price corrections could disappear as soon as the inventory of homes for sale takes another dive. To make the situation even more frustrating, if mortgage rates fall, this could fuel more demand for fewer homes. Both of these would contribute to more expensive home purchases because of the supply versus demand scenarios created.
In conclusion: potential buyers who plan to stay in their next home for more than five years may want to consider being less concerned about timing the market. Instead, they can concentrate on the other benefits of home ownership: *the equity they'll begin to build, *potential tax savings, *and taking ownership of their living spaces, making them what they hope and imagine!
Some good/helpful market news came from last month's Real Estate & Economic Outlook session at Southern Methodist University. Here are some quick hits (story here):
First: a Lending Technique you should know of, if you're looking (or helping someone looking) to borrow money these days:
Do you know the 2/1 rate buydown?
It's an option for buyers as mortgage rates rise; and an option for sellers to reach buyers who need flexibility. (It can become part of closing costs).
There is an upfront cost, but then it means that the mortgage rate is "down" lower. Sometimes it is a temporary amount of time. After years 1, or 2, or 3 -- when rates have lowered and stabilized -- then the homeowner could refinance. Overall then, they would avoid the highest jabs of the interest rates.
Reports show that many buyers are going this way in this market, looking toward rates being lower in two years time. So, connect with me and I'll explain and I'll connect you to my trusted lenders to see what's possible for you!
December News and Notes: Space in our Metroplex. End of Year Market Trends.
Fun in our Area:
In our current market, interest rates have risen, and may still rise. This turns into a potentially tough time for consumers/buyers. But here are some notes for those who need to buy or are considering buying:
— As mortgage prices are up and rates up, so is the price of rent. These numbers inflate with the rest of the numbers. Meaning: a home investment—which is a view of the longterm — this kind of investment can still be worthwhile now. It’s all about where our monthly payments end up and if you can continue to build equity through a tough economic season. Buying over renting *still accomplishes ownership and equity in ways a monthly rent payment just releases earnings without capitalizing.
So, if you’re a renter —> Let’s talk. It is still worth the conversation.
— And what about rates? After the years we’ve had since the pandemic, it is a unique time. We don’t know when the economy will bounce back, but the factors remain for strength and a rise again after this downturn. So, building equity now and refinancing with lower rates is a good possibility. You are not locked into the rate you take on now forever. Times, and the season of money, will change. Always does. In fact, though these rates seem high compared to recent years, they are baseline rates compared to the 2000s and they are low compared to decades before that!
— Putting money in real estate right now is still one of the strongest investments. Bonds down, market down, retirement accounts down … property will still be here when the money flows back the other way. So, investing in real estate is that benefitting longview. We’ll help you think through it!
We know this market changed quickly this summer, but people are still looking to make moves. Some absolutely need to move/buy/sell due to job changes or life circumstances. We’ll help you look at the options, or we’ll help your friends and family. The OHT is here for you! Reach out anytime.
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