DFW Area Sees Decline in Number of Homes Sold, But Prices Hold Steady

12:00 AM CDT on Thursday, September 10, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com


North Texas home sales fell by double digits in August from a year earlier.
But despite the steep decline, prices are holding up.

Local real estate agents sold 6,338 pre-owned homes though their Multiple Listing Service last month – a 15 percent falloff from August 2008, according to the latest statistics from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems Inc.

For the first eight months of 2009, home sales are down 19 percent compared with the same period last year. But median sales prices have fallen only 2 percent and were unchanged last month at $150,000.

The latest data is in line with recent national reports that show only modest declines in local home values – unlike the big drops still being experienced in many U.S. markets.

But analysts say it's probably too early to say for sure that North Texas residential values won't go a bit lower.

Any home price rebound will depend on a recovery of the local job market and the number of foreclosed homes coming on the market, said James Gaines, a research economist with the Real Estate Center at Texas A&M.

"So far, the D-FW market has absorbed these kinds of sales [foreclosures], and while there are individual neighborhoods or subdivisions where prices have fallen dramatically, the effect has not shown up as a major impact on the total market," Gaines said.

"Naturally, job loss is a primary cause of foreclosures and distressed sales, so the real culprit is the local economy.

"Dallas – like most of the rest of Texas – has sustained job losses since the first of the year," he said. "The losses need to stabilize and then reverse into gains for people to feel good about buying a home and having the income to do so."
The best news in the current local housing report is that the number of homes for sale continues to decline from year-ago levels.

At the end of August, 38,166 homes were listed for sale in the area, 14 percent less than a year earlier. That's about a 6.5-month supply.

"The key to house price stability is that there is not a surplus of listings," analyst Ted Wilson of Dallas-based Residential Strategies said. "Many households have elected not to put their houses on the market, and that has gone a long way to keeping prices firm.

"When there is an excess supply of housing for sale, on average it takes longer for a house to sell and, as a result, there is a tendency is for the seller to drop the price to garner buyer interest."

It currently takes 78 days on average to sell a house in North Texas. That's 3 percent longer than in August 2008.

So far this year, the smallest declines in home sales have been in properties priced below $80,000.

Sales of pre-owned homes with price tags of $600,000 and more have dropped more than 30 percent.

Agents and builders say that the federal homebuyer tax credit aimed at first-time purchasers has caused an uptick in sales of low- and moderate-price housing.
The tax credit expires at the end of November.

A second report released Wednesday predicted that despite continued sales declines, the Dallas area will be one of the top home markets in the country this year.
Fort Worth, Houston, San Antonio and Wichita Falls also are on the list of what are expected to be the 10 top-performing housing markets, according to analysts at Local Market Monitor.

The study identified home markets where residential values are expected to remain level, that didn't have a housing boom and that have had modest employment declines.

"This means that Dallas-Plano-Irving will fare among the best over this next year, a factor that bodes well considering the state of the national housing crisis," a representative of the research firm said.

New Forecast States Dallas, Houston, and San Antonio Will Be in Top 10 Home Markets for 2009

A little more good news about the housing market in Texas courtesy of Local Market Monitor and Steve Brown with the Dallas Morning News!

Despite continued sale declines, a new forecast predicts the Dallas, Houston, and San Antonio areas will be in the Top 10 Markets in the U.S. this year.

Dallas, Fort Worth, Houston, San Antonio, and Wichita Falls are all on the list of what are expected to be the 10 top-performing housing markets, according to a report released today, Wednesday, September 9, 2009, by analysts at Local Market Monitor.

To read the full article from the Dallas Morning News Click Here.


For more sales trends for the Dallas Fort Worth real estate market click here and find your favorite home, and click on sales trends.

Texas Tops U.S. in Housing Affordability

According to first quarter 2009 Texas Housing Affordibility Index (HAI) complied numbers, the Real Estate Center at Texas A & M University states that Texas is number 1 in the country when it comes to housing affordability.

The numbers reflect the ability of a median-income family's ability to afford a median-priced existing home in their area.

"The slowdown in the housing market nationally and within Texas has led to signifigantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country," said Jim Gaines, research economist with the center.

Plano School Board Approves Tax Rate Increase

Do you live in a home that feeds into the Plano ISD? If so, you will soon be paying slightly higher property taxes. The Plano ISD school board unanimously approved a 2.5 cents tax increase last night, September 1, 2009, to help pay down debt. This vote comes as Plano ISD has started to selling more than $100 million in debt to fund campus renovations and school construction.

This increase will change the tax rate for homeowners whose homes feed into Plano ISD from 1.3034 percent to 1.3284 percent for public school taxes. This increase will mean a homeowner whose home's tax appraisal is $200,000 will have to start paying $50.00 per year more than before.

Click here if you are interested in purchasing a home in Plano or the Plano ISD!

New Lewisville Lake Toll Bridge Opened This Past Weekend

Commuters now have a new, alternative way to commute to Dallas from the NE side of the metroplex. The new Lewisville Lake Toll Bridge opened this past weekend to a lot of fan fare but unfortunately no 5K race due to the weather. Residents of Little Elm, Frisco, Prosper, and McKinney will benefit greatly by the new bridge by being able to cut across Lewisville Lake instead of having to commute around it. The same goes for residents on the western side of the metroplex commuting east.

If you have thought about purchasing a home in Frisco or Little Elm before but changed your mind due to the commute, now is the time!

New U.S. Home Sales Rose by 11 Percent in June (from foxnews.com)

It looks like the real estate market is starting to pick up on a national scale!



The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign that the housing market is finally bouncing back after the worst downturn in decades.

Washington - New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates, and a federal tax credit for first-time homeowners.

While prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the govenrment reported that new home construction rose to the highest level since last fall, and data out last week showed home resales rose almost 4 percent in June, the third straight month increase.

To read more: Click Here

Contact one of our real estate agents today to find out more about our local, Dallas Fort Worth housing market and homes for sale in our area!

Texas Leads Nation in Homebuilding!

Just released from the Dallas Morning News:

In an article released at 1:47 PM CDT today, The Dallas Morning News states that Houston and Dallas-Fort Worth are the top two markets in the country for new building permits on single-family homes, based on numbers for a 12 month period, ending in May 2009. Also according to the article, Texas had more homebuilding permits than California or Florida combined.

Texas still has a growing population, with more people seeking a lower cost of living lifestyle and safe communities to raise their families in. You can view new construction and preowned homes in the Dallas - Fort Worth areas through the BW Home Team website!

Two New Programs to Help TX First Time Homebuyers!

Texas homebuyers who qualify for the federal first-time buyer tax credit have two new programs from the Texas Department of Housing and Community Affairs that enable them to turn that credit into cash for a downpayment.

• The 90-Day Down Payment Assistance Program enables buyers to receive 5% of the first-lien mortgage amount up to $7,000 for downpayment or closing costs as a 90-day no-interest loan.
• The Mortgage Advantage Program works in conjunction with the 2009 Texas Mortgage Credit Program and the Texas First Time Homebuyer Program. Eligible buyers could receive 5% of the first lien mortgage amount up to $6,000 for downpayment or closing costs as a 120-day no-interest loan.

Both programs require buyers be eligible for the federal first-time buyer credit, complete homebuyer education, and file an amended 2008 federal tax return. Funds are available on a first-come, first-served basis for qualifying purchases made before Dec. 1, 2009. For more information and full details about both TDHCA's programs click here!

Still looking for a 100% Financing loan? You might consider the USDA!

Yes, you read that right, the United States Department of Agriculture is offering government insured loans in "rural areas" with 100% financing, that you can obtain through a mortgage broker. A rural area is classified as an area with a population below a certain number based on the 2000 census. In the DFW area, those areas include Hickory Creek and Lake Dallas along with other small towns scattered across the metroplex. The home must be located in a town or city with between 10,000 to 25,000 residents or open country and places with a population of less than 10,000. There are loan limitations and income restrictions, but this is something definitely worth looking into! You may be surprised.

Contact us today for a referral to a lender that handles USDA loans. Click here to search for homes in Hickory Creek or homes in Lake Dallas.

Sprouts has just opened in Coppell!

Coppell I believe is the winner for best groceries stores in the DFW area within a 5 mile radius. They already have a Whole Foods in close proximity to Costco and now a Sprouts Grocery just opened last week! It is located at the intersection of Sandy Lake and Denton Tap. They are even having a demonstration on Thursday, June 11th titled "Fantastic Foods for Glowing Skin" at 7 PM!

If you want to live in a community with great groceries stores like Sprouts, visit our website to view homes in Coppell, Texas!

E.P. Rayzor Elementary in Lantana now rated as Exemplary!

I have a special spot in my heart for this school, as my son goes there. EP Rayzor has been working really hard to get bumped up from Recognized to Exemplary status and with this years TAKS scores they made it! Congratulations Wolves!

If you would like to see homes listed in Lantana, Texas you can visit our website!

Dallas Ranks in Top 5 Cities Where Americans are Relocating

According to Forbes Magazine, Dallas ranks as the number 5 city that Americans are relocating to stating that "These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability."

Click here to read the article

To find homes in the Dallas area visit our site!

Texas Senate Passes Bill to Help Landowners

Published : Monday, 04 May 2009, 7:47 PM CDT

• Associated Press

AUSTIN, Texas - The Texas Senate voted Monday to expand the rights of property owners who face having their land taken by the government.

The bill by Sen. Craig Estes, a Wichita Falls Republican, would limit eminent domain land takings to projects for public use only and would require governments to make a "bona fide" offer for the property before condemnation.

A property owner would be entitled to be paid for any loss of market value if the taking impairs their access to the land they still have. Any land taking would also have to be done by a record vote in a public meeting.

"Private property and the right to profit from it is fundamental to not only our economic liberty, but also our personal liberty," Estes said.

Gov. Rick Perry vetoed in 2007 an eminent domain bill that addressed diminished access. Perry, a Republican, is now pushing a constitutional amendment to safeguard landowners' rights.
Perry said the bill has "essential" safeguards to "shield landowners from abuses of eminent domain for generations to come."

The Senate bill requires property owners be given an initial offer for the land in writing, and prohibits governments from requiring confidentiality agreements. And if a court rules the government did not make a bona fide offer, it could order the government to make another offer and to pay the landowners' legal fees.

Governments would also have to tell the landowner that he or she and their heirs may someday be able to repurchase the land for the price paid to acquire it. That option would kick in if the public project for the land is canceled or no progress has been made in 10 years after the condemnation.

The bill passed the Senate 31-0 and now goes to the House.

Land condemnation has been a key issue for farmers and ranchers and the Texas and Southwestern Cattle Raisers Association said it supports the Senate bill.

While population growth may require some land and water takings in the future, it "shouldn't be at the expense of property owners," said Dave Scott, president of the cattle raisers group.

The bill passed Monday "levels the playing field for property owners," Scott said.
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The eminent domain bill is SB18.

Introducing the BW Home Team Real Estate Brokerage!

You may have noticed a long hiatus from my blogging lately. This is due to the extreme amount of workload I have taken on since December. However, I am now proud to announce that the BW Home Team has evolved into its own brokerage! We are currently 5 agents strong and serving the DFW area and plan to grow and expand in pace with the business we can generate. Each of our agents has had years of experience and were personally selected by me for their experience, communication skills, negotiation skills, and their dedication to clients. If you haven't tried the BW Home Team before, give us a shot! We want to make your real estate experience as stress free and enjoyable as possible!

New information on the $8K Tax Credit for First Time Homebuyers

More information has come out on the up to $8K tax credit for first time homebuyers, which would be 10% of the sale price on a home purchased, up to $8K. This is an actual credit, not an interest free loan like the original $7500 tax credit and you can claim it on either your 2008 or 2009 taxes. For more details read this article from cnnmoney.com.

$15K Tax Credit for Buying a Home is CUT!!!

Yes, folks. Apparently the government really wasn't too concerned about getting the housing market moving again. According to David Espo, AP Correspondent, negotiators last night effectively wiped out the Senate-passed provision for a $15,000 tax credit to anyone purchasing a home this year. There aren't too many details released yet, but it looks like Congress is falling back to the first time homebuyers' credit and raising it $500 from the original $7500 to $8000, but possibly making this into a real "credit" instead of a 0-percent interest loan. This is good news for first time homebuyers but everyone else is out of luck.

More on the new $15K tax credit for purchasing a home!

If the $15K tax credit passes, this will actually help boost the housing market! First, this truly is a tax credit, not a loan like the $7500 tax "credit" for first time homebuyers. Second, there is no income limit to get this tax credit either. The actual credit is up to 10% of the purchase price of your next home with a maximum credit of $15K. If you buy a house for less than $150,000 your credit would be less, but every little bit helps. Also, this home does need to be your primary residence. Of all the things to come out of Washington, this one might actually have some sense behind it!

For more information, read this article from US News & World Report.

$15K for Buying a Home This Year!

Get ready for a Jolt in the Real Estate Market!
The national recovery is about to begin!

$15,000 Tax Credit
To All Homebuyers for Primary Residence

The Senate Republicans yesterday pushed through by unanimous voice vote a new provision in the Stimulus Package to give homebuyers a tax credit of ten percent of the value of new or existing residences, up to $15,000. This new provision would have no repayment of the tax credit and the law would be in existence for one year from the start of the Stimulus Package. It is expected that the final vote of this bill could be February 13th. President Obama has indicated that he will support the measure.

Keep your fingers crossed that this passes, people!

DFW Market Statistics for December 2008 Year to Date

I have complied this spreadsheet to give you the latest statistics from the North Texas Real Estate Information System. These statistics cover the areas stated for December 2008 YTD. Some areas, such as E Dallas, are holding strong with 18% more sales than the previous year. Most average sales prices are holding steady with only 5 of the 16 cities listed showing a decline from the previous year. The rest have held strong or gone up as much as 7%, such as in Coppell. It is taking longer to sell a house in N. Texas, but not that much longer. For example, a home that took 81 days (the average Days on Market)to sell in Keller would have taken 21 days less the previous year, which works out to 3 weeks. This is much better than what some analyists portray to be months longer.

Homes are starting to hit the market again. Don't let the gloom and doom on the national news affect your decision to buy or sell in 2009! With the right team working for you, it can be done!

DFW Reports 2nd Largest Employment Gain

Tuesday, January 6, 2009, 2:54pm CST Modified: Tuesday, January 6, 2009, 4:05pm

DFW reports 2nd largest employment gain
Dallas Business Journal

The Dallas-Fort Worth-Arlington metro area reported the second largest year-over-year employment gain nationally in November 2008 by adding 46,900 jobs. The Dallas-Fort Worth-Arlington area trailed only the Houston-Sugar Land-Baytown area, which reported a non-farm employment gain of 54,300 jobs.

A report from the U.S. Department of Labor also said 121 metropolitan areas had jobless rates reaching 7% or above, up from only 18 areas the year before. In addition, 34 areas had rates below 4%--far fewer than the 133 areas that had jobless rates below 4% in Nov. of 2007.
The report goes on to say the Dallas-Fort Worth-Arlington unemployment rate hit 5.7% in Nov. of 2008, which is higher than the area's unemployment rate of 4.1% a year ago.

Over the previous year, non-farm employment rose in 11 of the 38 metropolitan areas surveyed with the largest year-over-year percentage employment gain recorded in Houston-Sugar Land-Baytown (up 2.1percent), followed by San Antonio (up 2 percent); Austin-Round Rock (up 1.6 percent) and Dallas-Fort Worth-Arlington (up +1.6 percent).

Areas with the largest year-over-year employment decreases included: Detroit-Warren-Livonia, Mich. (-3.7 percent); Phoenix-Mesa-Scottsdale, Ariz. (-3 percent); Atlanta-Sandy Springs- Marietta, Ga. (-2.7 percent); as well as Riverside-San Bernardino-Ontario, Calif. (-2.7 percent).

The report says the largest year-over-year percentage employment gains by metropolitan divisions included Fort Worth-Arlington (up 1.8 percent); Seattle-Bellevue-Everett, Wash. ( up 1.6 percent ); Dallas-Plano-Irving ( up 1.5 percent) and Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. (up 1.1 percent).