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August
23

Dallas-Fort Worth Only U.S. Market Where Home Sale Prices Dropped Last Month

The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today.  DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.

 

And what a difference a month makes.  Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year.   In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021.   Homes in DFW spend an average of 23 days on the market before selling.

 

Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates:  "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."

 

While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said.   Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing.  "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."

 

A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons.  According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.

 

Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.

According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June.  Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.

 

The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit.  Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing.  This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"

 

Luong said he sees positive signs in the market.  The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country.   "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."

  • Dallas Business Journal, August 19, 2022
March
7

St. Patrick's Day Events in the Dallas-Fort Worth Area

St Patrick's Day

St. Patrick's Day is coming right up on March 17. It's a holiday that brings a wealth of enjoyable annual events to the Dallas-Fort Worth area. 

If you're looking for a way to have fun and get your blood pumping this March, be sure to check out one of these great St. Patrick's Day festivals, 5ks, races, and runs in DFW!

  • Dallas Mavs St. Patrick's Day Parade & Festival - Dallas, TX 75206
    The annual Dallas Mavs St. Patrick's Day Parade & Festival is one of the most anticipated events of spring. The parade kicks off down Blackwell Street at 11 am on March 12 (the Saturday before St. Patrick's Day), and the festival stretches from 9 am until 3 pm. There will be an abundance of food, drink, fun and games just minutes from these Dallas homes for sale. Be sure to also check out the block party and concert at Energy Square. 

  • St. Paddy's Day Dash Down Greenville 5K - Dallas, TX 75206
    Lace up your running shoes for the 2022 Dash Down Greenville! This annual 5k run/walk takes place on Saturday, March 12, in Dallas, right before the parade. Registration is open through February 26, so you still have time to join the festivities. After the 5k, there will be a post-race party that includes beer, food, music, and cash prizes for the winners.

  • St. Patrick's Day Sprint Tri - Keller, TX 76248
    If you really want to get moving on the Saturday before St. Patrick's Day, then the St. Patrick's Day Sprint Tri in Keller, TX, might just be the event for you. Participants in this triathlon event must endure a 300-meter pool swim, 12.6-mile bike ride, and 3.1-mile run before reaching the finish line. The Sprint Tri begins at the Keller Natatorium, not far from these Keller homes for sale.

  • Irving St. Patrick's 5k - Irving, TX 75039
    You can always count on the Irving St. Patrick's Day 5k for some good exercise and a good time. The USATF certified course takes participants on a scenic path through downtown Irving-Las Colinas, a stone's throw from some beautiful Irving homes for sale. Awards are given for 1st, 2nd, and 3rd place in various age groups, and race day perks include live entertainment, race swag, free pancakes, and two free beers for each participant over 21 years of age. 

  • McKinney St. Patrick's Day Shamrock Run 5k - McKinney, TX 75069
    The city of McKinney knows how to throw a St. Patrick's Day Party. The annual McKinney St. Patrick's Day Shamrock Run 5k kicks off at 9 am on March 12 at TUPPS Brewery and takes a scenic course past McKinney homes for sale. It's followed by the St. Patrick's Day Beer Walk, which is essentially a leisurely stroll and craft beer tasting through Downtown McKinney. 

  • 2022 Saint Patrick's Day Run - 2401 University Dr, Fort Worth, TX 76107
    Get up bright and early for the Fort Worth Saint Patrick's Day Run on March 12! Check-in and packet pickup is at 6 am, followed by a 10k at 7:45, 1-Mile Fun Run at 7:50, and 5k run/walk at 8:00. It's a great way to start your day. The event begins at Trinity Park Pavilion #3, and the course includes a chance to see some amazing Fort Worth homes for sale.

There's always something fun and exciting happening in the Dallas-Fort Worth area. Contact us today to learn more about life in DFW and talk to our real estate agents about finding your dream home in Dallas, Fort Worth, and the surrounding areas. 

January
3

Food Trends for 2022: DFW Places to Order Them

Like the rest of you, our real estate agents eagerly anticipate new and exciting culinary trends. Unsurprisingly, the DFW is on point with restaurants featuring Filipino cuisine, popcorn, robot service, and other 2022 trends predicted by The Takeout

  • Inihaw Avenue - 4835 N. O'Connor Rd., Suite 106, Irving, TX 75062
    Inihaw Avenue
    takes its name from the Filipino term for grilling and barbecue, which is a cooking method near and dear to the hearts of people around Irving homes for sale. Signature dishes, such as grilled lemongrass chicken and crispy pork belly with shrimp paste, are cooked to order for maximum flavor and freshness. Save room for halo halo, the traditional Filipino dessert with crushed ice, fruit, flan, and ice cream. Hours are 11 a.m. - 7 p.m. Monday through Thursday and 11 a.m. - 8 p.m. Friday and Saturday.

  • Kabayan Filipino Store & Cafe - 2305 S. State Hwy. 121, Lewisville, TX 75067
    Perhaps anticipating the interest in Filipino cuisine around Lewisville homes for sale, the Villaneuvas opened Kabayan Filipino Store & Cafe just over five years ago. The popular spot includes a cafeteria-style dining area, along with a market where you can pick up Filipino packaged food, frozen dishes, and meats by the pound to enjoy at home. Weekends feature karaoke and live music. Kabayan is open 10 a.m. - 7 p.m. Tuesday through Saturday and 10 a.m. - 3 p.m. Sunday.

  • Doc Popcorn - Dallas Farmers Market, 920 S. Harwood St. #179, Dallas, TX 75201
    Healthy popcorn? Yes, it's possible. Doc Popcorn is made with non-GMO kernels and popped with 100 percent pure corn oil. Everything is natural, with no artificial coloring, flavors, or sweeteners. Choose from sweet or savory flavors such as pizza, caramel apple, and cookies 'n' cream. Can't decide? Go for a combo like the Denver mix, with triple white cheddar and caramel bliss. Hours are 11 a.m. - 7 p.m. daily except Wednesday and Friday when hours are extended to 8 p.m.

  • The Poppin Shop - 900 S. Main St. #335, Keller, TX 76248
    You might think that 30+ flavors of gourmet popcorn would be enough to satisfy anyone's snack craving. But The Poppin Shop, located just minutes from Keller homes for sale, ups the ante with a wide assortment of fudge and candy to indulge your sweet tooth. Popcorn sizes run from the single-serving goodie bag to the 20-gallon bag that holds 100 servings. The shop also offers a variety of colorful tins, from one gallon to 6.5 gallons, for convenient gift-giving. Hours are 11 a.m. - 6 p.m. weekdays, 10 a.m. - 5 p.m. Saturday, and 10 a.m. - 4 p.m. Sunday.

  • Starship Deliveries - University of Texas at Dallas, 800 W. Campbell Rd., Richardson, TX 75080
    If your family has a student at UT Dallas, right down the street from Richardson homes for sale, chances are they've had coffee or sandwiches delivered by a robot. Starship Deliveries has a "staff" of 30 robots that travel 4 MPH and carry up to 20 pounds. Orders are placed through the service's mobile app, which accepts payment by credit or debit cards. Vendors currently participating include Papa John's, Panda Express, and Einstein Bros. Bagels. 

We may like food, but we love Dallas homes for sale even more. Whether you're buying or selling, contact us at RE/MAX DFW Associates to learn more.

July
12

5 Ways to Upgrade Your Kitchen

Dallas Kitchen Upgrades

Love to cook? If so, you may be looking for a dream kitchen among Fort Worth homes for sale. You probably have some good ideas about what you want in a kitchen, but our real estate agents have some insightful advice that might make you reconsider what you're looking for. For instance, many homeowners think large when it comes to kitchen space, but experts say it's more important for your kitchen to be organized than to be expansive.

Make the most of your kitchen with these upgrades.

  1. Create a Good Workflow
    Gathering guests in the kitchen while you cook is a definite trend, but you want to arrange things so your guests can enjoy visiting and not be in the way. Place them nearby where they can enjoy a drink or some snacks, but not where you have to work around them. Plan for your cooktop to be out of the flow of traffic; take that a step further and locate the trash or the bar away from the cooking flow so you don't have to dance around obstructions. By the same token, you want essentials nearby, such as the refrigerator, pots and pans, most favored utensils, and cooking ingredients.

  2. Invest in Good Counters
    You want good quality counters, but that doesn't mean you need to invest in the most expensive materials. For instance, granite is popular, but it requires considerable upkeep and can scratch easily. Another popular material is soapstone, which is soft and can be scratched, but it's not delicate. It also ages nicely and can stand high heat. Compressed recycled quartz is a popular choice that stands up to wear and comes in several choices.

  3. Go for Quality Cookware
    Forget those 20-piece cookware sets. Rather, buy piece by piece and only buy what you need. For instance, you're likely going to use a frying pan or skillet more than, say, a saucier, so do invest in one that's of good quality. But investing in an inexpensive non-stick skillet for daily egg cooking isn't a bad idea. You can save the quality piece for the gourmet dishes, and just let the non-stick go when it wears out.  

    A cast-iron skillet is one way to acquire a quality piece that doesn't cost much. These last forever. You might also want to invest in a fully clad pot, which means it's composed of three layers of bonded metal. These pots are known for even transmittal of heat, which translates to nice browning instead of hot spots.

  4. Think Bold
    While white kitchens with a bold pop of color or two have prevailed over recent years, the trend may be shifting to more adventurous colors. For instance, bright blue cabinetry might call to you, as might a green marble countertop or a backsplash that makes an eye-catching statement. If you know you're staying in your current home, choose the colors that appeal most to you.

  5. Consider Sustainability 
    The throw-away syndrome is something we all need to lose, and no better place to start than in your kitchen upgrade. As you look to redo your kitchen, shop for quality, artisanal, sustainably made items that will last a lifetime. For example, consider adding quality food storage solutions to get rid of plastic wrap usage.

Still looking for a home complete with the perfect kitchen for all your culinary adventures? Our agents can help. Contact us today.

March
15

What You Need to Know Before Starting a Home Improvement Project

Home Improvement DFW

Renovating or updating your home is an exciting prospect. Whether you plan on living there a while longer or are fixing it up to sell soon, doing much-needed updates can be satisfying. Before you get too carried away, though, here are a few words of caution from our real estate agents.

  1. Choose your contractor carefully.
    Remember that a lot rides on your choice of contractor. This person will oversee your project, so it needs to be someone who is on board with your vision. It also should be someone who is good at what they do, so check online reviews. It's a good rule of thumb to interview several contractors and look for someone who will be a good fit for your project, understands your budget, and will be able to deliver as promised and on time.

  2. Expect the unexpected.
    That being said, always expect the unexpected, and build a little wiggle room into your budget and your timeline. You don't know what your contractor and his crew will find once they start work. The original plan may need to be changed or some issue could require attention before the work can continue. If you build a little extra into your overall plan, changes in cost or time frame won't hurt as much.

  3. Do the kitchen first.
    There are several reasons why you should do the kitchen first. First of all, it's likely to inconvenience you the most, since you won't have a kitchen to cook in. You can set up a temporary kitchen station in another room, where you can do simple food prep. But more importantly, kitchen updates have the biggest impact on your home's value. Dallas homes for sale that feature clean, modern kitchens show and sell the best. Plus, those updates feature the most functionality, so you'll likely enjoy them the most during whatever time you have left in the house.

  4. Be honest with yourself before DIYing.
    It can be tempting to save yourself the money and do the work yourself, but be honest with yourself as to whether you have the required knowledge, experience, and skill to DIY it. If you overestimate your ability to DIY your upgrades, you'll detract from your home's appeal and leave the buyer to clean up the mess. Be honest with yourself, and if you don't know enough to make the job look professional, then leave it to the professionals.

  5. Know whether you're selling or staying. 
    If you're designing updates to enjoy while you live in the home, your goals are going to be different than if you're updating a home in order to join the list of Fort Worth homes for sale. Renovations for yourself will of course be targeted to your personal preferences, whereas renovations prior to selling need to be more neutral so that they'll appeal to a wide range of potential buyers.

If you're looking to sell your home soon, home improvement projects are a great way to boost its appeal to buyers. For more information about what upgrades sell the best, or to speak to an agent, contact us today.

January
11

How to Make Your Home Smarter this Year

Smart Home DFW

Have you thought about jumping on the bandwagon and making your home smarter in 2021? If not, maybe you should. There are so many ways smart features increase your home's comfort, security, and efficiency that a smart system bears looking at. What's more, if you're listing your home among Dallas homes for sale or Plano homes for sale, you might include the smart system and appliances as a selling point.

In case you're not familiar with all the features you could have with a smart system, let's look at a rundown.

  1. Smart Home Assistant
    The smart home assistant is the foundation for any smart system. There are two that dominate the market: Amazon Echo with Alexa and Google Home with smart speakers. Similar to the way they work, these devices control all the other smart devices in your home, from lights and doorbells to security alarms and cameras.

  2. Smart Hub
    If you go with a smart speaker without a built-in hub, you'll need a smart hub for automating all the smart devices in your home through only one app. A couple of the best are the Smart Things Hub and the Hubitat Elevation Home Automation Hub.

  3. Lighting
    No need to get up. Add smart bulbs and control the lights through your phone, either by voice or touch. Still at the office? Turn on some light for the dog remotely. Change the mood by changing the color of the light if you opt for RGB lighting.
  4. HVAC Thermostat
    Manage your home's environment from near or far with a smart thermostat. Use an app on your smartphone or tablet to control the temperature; depending on if you have an in-house humidifier, you might even be able to raise or lower humidity. Some systems can sense your approach and raise or lower the temperature for your comfort. Need an analysis of your energy usage? A smart thermostat can do that as well.

  5. Carbon Monoxide and Smoke Detectors
    Smart smoke detectors not only detect smoke but send a message to your phone that there's a problem.

  6. Garage Door Opener
    Let workers in your garage when you're away with an app on your phone. Did you forget to close the garage door? No problem. You can close it remotely as long as you can access Wi-fi.

  7. Smart Security Features
    A complete smart security system should include indoor and outdoor cameras, door locks, lighting, and even the doorbell. Here's how these features play into your overall security strategy:
    • Indoor camera -- There are many reasons to monitor what's going on inside your home, from watching a babysitter or cleaning employee to monitoring your pets' activities to recording a break-in.
    • Outdoor camera -- Again, you want to be able to record who comes up to your front door and what they do. The Nest outdoor security camera comes with night vision and has a built-in microphone and speaker; plus, you can use the app for the Nest to view live footage on your smartphone.
    • Door lock -- These devices do away with the need for keys; you can unlock them via your smartphone or with a fingerprint or a pin.
    • Doorbell -- These come with a camera that lets you see who's ringing the bell and communicate with them through your phone. Some devices have the ability to recognize your visitors.

Our real estate agents can help you upgrade your home and appliances to create a more convenient, efficient, and secure smart system. Contact us today. 

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