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DFW Real Estate Q1 Recap

by Christie Cannon

Brief:

  • Sales of existing single-family homes in Dallas–Fort Worth, TX, during Q1 were on pace to equal or surpass 2016's figures, according to the Dallas Business Journal, making it another record year.
  • Prices for those properties are also expected to keep climbing as supply there continues to contract. The market has a 2.2-month inventory of single-family homes, compared to the 6-month stock needed for equilibrium.
  • For the first time, the median home price in that market ($236,500 in Q1), was higher than the national median ($232,100 for the quarter) and represented one of the country's largest home-price increases for the period, The Dallas Morning News reported.

Insight:

One of the nation's fastest-growing cities, Dallas is a hotbed for new construction as companies relocate to the area motivated in part by its historically lower costs of doing business and, for employees, cost of living.

A host of projects catering to this uptick in demand are in the works. Earlier this month, Houston-based developer Hines announced plans for a 135-acre "live-work-play" mixed-use complex that will bring 3.5 million square feet of office, residential and retail space to one Dallas suburb. 

In April, developers broke ground on the 262-acre, $1 billion Bayside mixed-use project in Rowlett, TX, that will see an 8-acre lagoon and a 1,000 boat-marina added along Lake Ray Hubbard. The complex will also include 1.5 million square feet of commercial space, a 500-room resort and more than 2,500 condos, apartments, townhomes and single-family residences.

Along Frisco, TX's "$5 billion mile" is the $1.5 billion Frisco Station mixed-use development currently under construction. The 242-acre project will eventually feature 2,400 residential units, a 40-acre medical center, 650 hotel rooms and 300,000 square feet of dining, retail and entertainment space.

The rapid development in Dallas–Fort Worth has analysts worried the area could lose its status as a historically affordable market. As demand picks up and inventory lags, big builders are digging in. Taylor Morrison, for example, has said it intends to grow its presence there, announcing plans in October 2016 for two master-planned communities in the city's northern suburbs. 

Texas' housing boom drove the state to a 38% share of the MPC market in 2016 — the most of any state, and a 28-percentage-point increase in its share of all U.S. MPCs since the 1990s.

Recommended Reading:

 

The Christie Cannon Team | Keller Williams Frisco TX | www.christiecannon.com

4783 Preston Rd #300 Frisco TX

Frisco Facts at a Glance!

by Christie Cannon

Frisco Fast Facts & Stats

 

  • Land square miles - 70.2
  • Land Developed - 62%
  • Growth Rate 2000 – 2014 - 307%
  • Population 7.01.2016 - 156,320
  • Population 2000 Census - 33,714
  • Population Build Out - 375,000+
Residential Demographics Average
  • Age - 36.1
  • Households w/children 17 & younger - 32.9%
  • Median Household Income - $115,603
  • Average SF Home Appraisal - $359,924
  • Median Monthly Mortgage - $2,187
Workforce
  • Residents 25+ w/Bachelor’s or Grad Degree - 60.2%
  • Workforce Estimate - 75,633
  • Unemployment - 2.9%
Frisco Independent School District
  • Enrollment 5.2.2016 - 53,806
  • Projected Enrollment 2020 - 65,848
  • High Schools - 8
  • Number of Schools - 64

The Impact of Interest Rates!

by Christie Cannon

For most home buyers, a mortgage is a reality.  When it comes to purchasing with-in a buyer's set budget, understanding your interest rate is a critical factor in affordability!

Holiday Happenings - All Around Town

by Christie Cannon

New Home Sales Surge

by Christie Cannon



New Home Sales Surge | Keeping Current Matters

According to the latest report from the US Census Bureau and the Department of Housing and Urban Development, newly constructed home sales jumped 5.7% month-over-month and 21.6% year-over-year to an annual pace of 552,000.

Many buyers are looking to the new homes market to make up for the lack of existing home sales inventory. National Association of Home Builders Chief Economist David Crowe explains:

"Today's report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low. The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015."

Regionally, the Northeast led the way with a 24.1% increase in new home sales, followed by the South (7.4%) and West (5.4%). Sales in the Midwest declined by 9.1%.

The inventory of new homes for sale currently sits at a 4.7-month supply down slightly from July (4.9) and significantly from August 2014 (5.4).

Buyers who purchased a new home were willing to spend more to get the amenities that they wanted. The median home price for new homes was $64,000 higher thanexisting homes in August at $292,700!

Approved applications for building permits increased 3.5% over July and 12.5% over this time last year. Permit applications are seen as a strong indicator of builder confidence in the market.

Bottom Line

Buyer demand continues to outpace inventory of homes for sale. If you are thinking of selling your house this year, now may be the time to list before builders have a chance to replenish the supply of new homes.

The U.S. Soccer Federation Hall of Fame coming to Frisco, TX

by Christie Cannon

Frisco TX recently cleared the way for the a new home for the US Soccer Federation's Hall of Fame.  Included in a $39 million renovation, the National Soccer Hall of Fame may have found a new home in Frisco TX.  The National Soccer Hall of Fame & Museum has been "homeless" since closing in NY in 2010.  The Toyota Stadium complex already draws well over 1 million visitors per year.   The latest renovations are designed to better prepare the venue for NCAA Football & other high profile events.  The announcement is expected on October 14th. 

Frisco TX - Named among fastest growing economies

by Christie Cannon

WalletHub names Frisco TX in their top cities that have expanded rapidly in socioeconomic terms from 2008 to 2014.

Source: WalletHub

Existing Home Sales Slow Against Tight Inventory

by Christie Cannon

Based on the National Association of REALTOR's latest September numbers, the pace of home sales has slowed; however, the year over year gains continue for the 11th month.

Frisco & Dallas Business Journal's - Corridors of Opportunity

by Christie Cannon

Just in case you missed it, Dallas Business Journal, Frisco EDC, & Frisco ISD had a huge event in conjuction with The Star in Frisco, The Gate, Frisco Station, & Wade Park to discuss and present the opportunities in Frisco's $5 Billion Mile.

You can find the full presentation here - It is a great opportunity to see why so many investors are looking toward frisco & to better understand the growth of our city!

Just incase you are not up to date on the #5BMile in Frisco, here is aquick primer:


Tis the Season of Property Value Protests

by Christie Cannon

christie cannon keller williams frisco tx

The season is upon us - let the tax protests begin!  So the dreaded letter arrived; the good news, the market is up; the bad news, your local appraiser knows it!

So when your tax assessed value jumps the full 10%, what comes next?  First don't panic, second review our helpful tips on determining if you should protest.

  1. Key things to keep in mind
    1. There are generally no costs in contesting your tax value (if you do so on your own), 
    2. There is no separate penalty for protesting your taxes but not succeeding,
    3. Most counties allow for an "informal review" & even encourage such a review prior to an ARB (Appraisal Review Board) hearing,
    4. County procedures differ for the request of a review or protest (some allow mail or electronic methods, others require a scheduled appointment conducted in person),
    5. Like most "government" services, there is a processes that appears mush more complex than it actually is,
    6. Your fellow citizens & residents serve as part of the final Appraisal Review Board,
    7. You have a right to review the information that the appraisal office used in determining your value.
  2. Thoroughly review your Notice of Appraised Value
    1. Have you taken full advantage of tax exceptions for which you qualify (Homestead if owned before Jan 1st, Over 65, etc),
    2. Is the information on your appraisal about your home correct?,
    3. is the information on the CAD's (Central Appraisal District) website correct (bedrooms, SqFt, etc)
    4. Did your appraised value increase greater than 10%, if you have a homestead exemption & no new improvements.
  3. Understand what you can protest
    1. Proposed value,
    2. Denied exemptions for which you believe you qualify,
    3. Incorrect information regarding the scope or use of your property,
    4. Incorrect owner,
    5. Incorrect taxing units (authorities),
    6. Defects of the home or property that would otherwise affect the value.
  4. Understand how value is derived in Texas for the property tax assessed value
    1. Appraisers look for homes that sold closest to Jan 1st in the tax year assessed
    2. Homes that are closest in size, year built, location, age, & construction style are given the greatest weight.
  5. Be Prepared - Bring organized data whether you are meeting "informally" with an appraiser or for an ARB hearing
    1. If you purchased or refinanced your home recently (especially close to Jan 1st) and your tax assessed value exceeds your sales price, bring your signed HUD-1 &/or a copy of the appraisal conducted for your mortgage
    2. Bring Sales Comps for comparable properties (see 4.2) & include: address, sale date, sale price, supporting docs, names of owners, MLS information, etc.
    3. Proof of defects of your home, functional or economic obsolescence
  6. Know your Dates, Deadlines, & Procedures
    1. File on-time or you may miss your chance
    2. In most cases your protest must be filed by May 31st (*CHECK with your CAD!)
  7. READ YOUR COUNTY's PROTEST INFORMATION CAREFULLY - if you don't understand something, give them a call!
    1. Denton CAD (click for info)
    2. Dallas CAD (click for info)
    3. Collin CAD (click for info)

 - Good Luck & please let me know if you have any questions - Christie Cannon

* Be sure to check with a qualified tax agent & your county's central appraisal district for specific procedures & questions.

Displaying blog entries 1-10 of 29

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Christie Cannon
Keller Williams Realty
4783 Preston Road #300
Frisco TX 75034
469-951-9588
972-215-7747
Fax: 214-853-4774

Keller Williams Frisco - Christie Cannon - http://www.christiecannon.com