What If I Wait Until Next Year To Buy A Home?

As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.

Let us explain.

There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.

What will happen over the next 12 months?

According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year. Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.

What Does This Mean to a Buyer?

Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:

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GREAT NEWS – North Texas home sales jumped 20 percent in January

North Texas home sales shot up by 20 percent in January, continuing huge gains that began at the end of 2015.

Real estate agents sold more than 5,700 preowned single-family homes last month – the most ever for a January which is typically a slow period for housing activity.

But not this year.

Sales were also up 21 percent from the previous year in December, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Services.

The spike in home sales reduced the inventory of homes on the market in North Texas to one of the lowest levels in decades.

Only 16,270 houses were listed for sale with agents in January, a decline of 1 percent from the same month in 2015.

With the tight supply, median home sales prices in North Texas rose another 7 percent from January 2015 levels.

A mid-priced house sold by area real estate agents cost just under $200,000 last month.

Steve Brown/DMN Real Estate Editor – Original Article

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Real Estate is the single best wealth builder for American families.

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US HOME PRICES RISE; DALLAS IS ONE OF 4 CITIES MATCHING ALL-TIME HIGH

Original AP Article 1/25/2016

WASHINGTON (AP) — U.S. home prices increased at a faster clip in November, the gains fueled by solid hiring growth, historically low mortgage rates and a shortage of houses on the market.

The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.8 percent from a year ago, up from a 5.5 percent pace in October, according to a Tuesday report.

Home values nationwide have nearly recovered from their July 2006 peak, as the real estate market has slowly recovered from the housing bust that triggered the Great Recession. But several metro areas have fully rebounded from the downturn. Four metro areas – Dallas, Denver, San Francisco and Portland Oregon – have either matched or eclipsed their all-time highs. And Charlotte, North Carolina is less than 1 percent below its previous high.

Buyers crowded back into the housing market last year. Sales of existing homes rose 6.5 percent over the past year to 5.26 million, according to the National Association of Realtors. More Americans have been able to purchase homes as employers have added 2.7 million jobs and borrowing costs remain low. But the number of available listings has fallen 3.8 percent from a year ago, causing tight inventories that have fueled escalating prices.

The rising home values and limited selection could ultimately deter sales growth in 2016.

“The dearth of inventory has really taken its toll on the market,” said Nela Richardson, chief economist at the brokerage Redfin. “Homebuyers this year are motivated but not desperate, and they refuse to overpay. Without more listings what we’ll see are higher prices and lower sales volumes, a lousy way to start a new year for homebuyers.”

The rising prices have created some affordability pressures – such that down payments have fallen as a share of the purchase price even as they have increased in absolute terms.

For a conventional 30-year mortgage, the average down payment was 17.46 percent of the purchase price in the October-December quarter. That is down from 17.63 percent in the prior quarter, according to a Monday report by LendingTree, the online loan marketplace.

But buyers had to devote $51,721 for their average down payment at the end of 2015, a 5.72 percent increase from the third quarter.

The challenges caused by rising home values have been offset by falling mortgage rates in recent weeks.

Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage declined to 3.81 percent last week from 3.92 percent a week earlier. Rates have historically averaged 6 percent, meaning that interest expenses are relatively low for homebuyers.

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Plano’s Shops at Willow Bend getting a $100 million redo: hotel, office tower, entertainment

The Shops at Willow Bend is getting a $100 million redevelopment.

Starwood Retail Partners acquired the Plano shopping center a year ago from Taubman Centers Inc. and has decided on improvements to make the center more relevant to a growing Plano.

Major additions include a class “A” office tower, hotel and an entertainment district.

The expansion begins in early 2016 with the razing of the 125,000-square-foot former Saks Fifth Avenue. The addition in its place will be the “architectural focal point” of the mall’s new main entrance facing the Dallas North Tollway.

The redevelopment will be in phases with first phase done in 2017 and the total project completed in 2019, Starwood said. The company promises the redevelopment will be highly visible from the tollway with a “vibrant welcoming façade that expresses a sense of arrival for people visiting” the center.

“Plano is experiencing terrific growth, and our vision for Willow Bend is in step with the city’s business, shopping and entertainment plans for the future,” said Scott Wolstein, CEO of Starwood Retail Partners.

The developer tried to take the mall to a high-priced super luxury center to build off of Neiman Marcus, Wolstein said, but the demographics for the area are so much broader.

“The demand for merchandise went beyond the initial Prada, Gucci and Armani level, he said. “Neiman Marcus can serve that customer and it does very well along with Dillard’s, Macy’s, Restoration Hardware, Crate & Barrel and Apple do extremely well.”

Those tenants are all sought after by shopping center landlords and “We’re very happy to have that base of mall. The hard work is done,” Wolstein said

The Shops at Willow Bend opened in 2001, a month before 9-11 and a U.S. recession that followed the terrorist attack. The proximity to Frisco’s Stonebriar Centre, which had opened a year earlier, and other nearby shopping proved to be strong competition for the mall. The mall has 125 stores and is anchored by Neiman Marcus, Dillard’s and Macy’s.

More competition is coming from the $2 billion Legacy West project north of Willow Bend and on the same side of the tollway at Legacy. The project on 250 acres next to J.C. Penney’s headquarters will be home to Toyota Motor and Liberty Mutual Insurance corporate campuses. It includes 280,000 square feet of retail and a 300-room Renaissance Hotel.

Another project just east of Legacy West in The Colony is Nebraska Furniture Mart’s Grandscape. That $1.5 million project is opening in stages with plans for hotels, office and more retail and restaurants.

Another issue that hurt the mall initially, Wolstein said, was that the area between Willow Bend and Stonebriar wasn’t as developed and filled in as it is now. That means the trade area is no longer a one-store market for many retailers and restaurant chains.
“It used to be either or, but now with the growth there are opportunities for retailers to be in both malls and that gives us a stronger roster of tenants to chose from,” Wolstein said.

Willow bend was one of seven shopping centers that Taubman sold in 2014 for $1.4 billion. At the time, Taubman said the shopping centers sold lagged behind the performance of the company’s other properties.

Dallas Morning News – Original Article 10-20-2015

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Property Taxes Are on the Rise

DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 25, 2015

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Property tax collections have increased nearly $13 billion or by nearly 3 percent over the past year, according to a new analysis by the National Association of Home Builders.

Property tax collections – including commercial real property taxes and personal property taxes – totaled more than $503 billion over the last year. Property taxes are critical to communities’ financials, making up 38.9 percent of state and local tax receipts.

“Gains for state and local non-property tax collections have outpaced increases in property tax receipts in recent years because such non-property taxes experienced the greatest declines during the recession,” NAHB notes on its blog, Eye on Housing. “The impact pushed the property tax share of total receipts from the four major sources from a high of 44.9 percent in the third quarter of 2010 to just below 39 percent for the second quarter of 2015.”

NAHB economists point out that the current share is close to the pre-housing boom (2001-2003) average of 38 percent.

Original Article DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 25, 2015

Here’s the Bottom Line: Owning is cheaper than renting! Even is another Lender has said NO, we can help you.

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Zillow says: Rent historically unaffordable in Dallas

Carla Wade, WFAA August 13, 2015 – Original Story

DALLAS — New numbers from Zillow show that rent in Dallas is historically unaffordable.

While financial experts have been telling people to not spend more than 30 percent of their monthly income on rent, DFW renters are coming pretty close to that.

A second quarter analysis shows renters are paying 28.7 percent of their monthly income on rent — more than a seven percent increase over past years. But that’s still less than the national rate of 30.2 percent.

Home values have surged in Dallas-Fort Worth, selling quickly for more than the asking price, and with new listings attracting multiple offers. So much so that some real estate experts have recommended renting over buying right now.

But even so, paying a mortgage is still more affordable than renting. And this all hurts renters over the long haul.

Spending so much money on rent, they save less for retirement and have trouble saving up for the down payment it takes to buy a home.

Watch the WFFA Channel 8 News Story

Here’s the Bottom Line:Owning is cheaper than renting! Even is another Lender has said NO, we can help you.

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Dallas Cowboys’ New Corporate Campus $350M ‘The Star in Frisco’ reaches major construction milestone (Video)

Construction is halfway complete on the $350 million world headquarters of the Dallas Cowboys and Frisco’s special event center — which is branded The Star in Frisco.

The high-profile, 91-acre development at the northwest corner of Warren Parkway and the Dallas North Tollway is part of Frisco’s much-touted ‘$5 Billion Mile,’ which includes more than $5 billion worth of planned development in a mile stretch of the Tollway.

Despite the record-breaking rainy season this spring in North Texas, officials with Manhattan Construction Co. said the corporate headquarters and the 12,000-seat indoor multipurpose event center remains on schedule and is slated for completion in fall 2016.

Cowboys COO Stephen Jones said Saturday, he was thrilled with the progress of the project.

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“The trusses and the concrete represent the strength of our partnership with the City of Frisco and the Frisco ISD,” Jones said.

“This facility is going to bring together high school students and the Dallas Cowboys in a way that has never been done before, and this development will benefit this community, on so many levels, for decades to come,” he added.

The six-story, 435,000-square-foot corporate headquarters building will house the football club’s operations and will overlook the indoor practice facility and fields.

Full Link
http://www.bizjournals.com/dallas/news/2015/07/26/dallas-cowboys-350m-the-star-in-friscoreaches.html?ana=lnk

Home Sales Will Remain Hot This Summer

People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).

The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:

“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”

We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely.

Bottom Line – It is a great time to buy a home!

The housing market will remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade.

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Home Sales Skyrocketing!!

Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year.

This is the highest number of sales since September 2013. Sales have increased year-over-year for six consecutive months and the 10.4% increase is the highest annual increase since August 2013. March’s sales increase was the largest monthly increase since December 2010.

Lawrence Yun, NAR’s chief economist, explained:

“After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”

Here is a graph showing home sales so far this year:
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An increase in sales occurred in every region of the country even the Northeast that experienced one of their roughest winters in years:

Bottom Line

Houses are flying off the shelves. This may be the perfect time to sell yours.

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Tag Archives: DFW Real Estate Market Statistics

What If I Wait Until Next Year To Buy A Home?

Let us explain.

What will happen over the next 12 months?

What Does This Mean to a Buyer?

GREAT NEWS – North Texas home sales jumped 20 percent in January

US HOME PRICES RISE; DALLAS IS ONE OF 4 CITIES MATCHING ALL-TIME HIGH

Plano’s Shops at Willow Bend getting a $100 million redo: hotel, office tower, entertainment

Congratulations to Jani Mansour and Team for remaining #1 Loan Officer YTD for Gold Financial

Property Taxes Are on the Rise

Property Taxes Are on the Rise

Zillow says: Rent historically unaffordable in Dallas

Dallas Cowboys’ New Corporate Campus $350M ‘The Star in Frisco’ reaches major construction milestone (Video)

Home Sales Will Remain Hot This Summer

Bottom Line – It is a great time to buy a home!

Home Sales Skyrocketing!!

Bottom Line