Sam Houston once said, “Texas has yet to learn submission to any oppression, come from what source it may.” As national news sources report a declining real estate market, Texas, especially the DFW metroplex, is experiencing growth.
Real estate isn’t national; it’s local. We know that where you live, work, and, more importantly, buy and sell real estate matters. Ask one of our qualified real estate professionals licensed with the National Association of REALTORS® in the DFW area to receive up-to-date statistics on how the market is doing right where you are.
Luckily for Texans, Sam Houston’s words have been proven correct many times. For three decades, Texas has maintained its robust economy with growth and development compared to other states in the U.S. Texas’ population is booming; in fact, Frisco is the No. 6 on WalletHub’s ranking of the fastest-growing regions in the U.S.
DEFINING REAL ESTATE TERMS
The first step in knowing the real estate market is learning the terminology. Not everyone is familiar with words like “escrow” or “option period,” so this article can be handy for those unfamiliar with real estate vernacular.
RESIDENTIAL
If you’re waiting to buy until next year’s lower mortgage rates, you’re possibly taking a risk. According to an article by Keeping Current Matters, it may be more advantageous to purchase this year than wait until 2023. Experts expect prices to continue to appreciate this year due to more buyers than current inventory. DFW led the nation in multifamily investments for the fourth consecutive quarter. On the flip side, many renters are looking to buy as their monthly rent has increased substantially—partner with a real estate professional to begin the process.
If you are considering selling, some home improvements can add value to your house before listing it, reported by RISMedia. Architectural and exterior features increase the perceived value of a home, with a two-car garage increasing perceived value up to $39K. Kitchens and bathrooms are always significant home improvements to also consider.
A REALTOR® can advise on value-adding improvements and help you start the home selling process. They can provide multiple selling options, from open market listings to iBuyer offers and will negotiate the entire sale with expertise.
COMMERCIAL
Commercial Market Insights released by NAR shows that corporate rentals in the DFW area are experiencing increases at rates that exceed the national level. Now is a great time to invest in your business by purchasing commercial real estate rather than renting. C21JFC’s Commercial Division makes it their business to be your trusted advisors in the local commercial real estate sector. Reach out to us to find out details on the local market and see what’s available.
FINE HOMES & ESTATES
According to Mansion Global, February was a record month in the U.S., with 68.6% of homes receiving competitive bids. Homes listed between $1 million to $1.5 million recorded the highest percentage of listings receiving multiple offers at 76.6%.
We have yet to see a slowdown in the number of homebuyers seeking luxury properties in DFW. They are still looking for homes with more space and properties in locations like Texas, where luxury homes come at a more reasonable price point. Last month, the Luxury Market Report stated that the median sales price for luxury homes in DFW was $923k, with 538 properties sold in this category in April.
FARM & RANCH
During the COVID pandemic, families began seeking rural properties with outdoor space. There is positive momentum with the sales of farms & ranches continuing to boom in DFW, as Dallas Business Journal reported. Ranch sales in Texas have nearly doubled in the past year. Within 90 minutes of the Dallas / Fort Worth area, demand for property has skyrocketed. Experts predict this trend to continue as more people move to Texas for its wide-open spaces. If you’re in the market to buy/sell a property, contact one of our agents in a rural area.
RECREATIONAL
Vacation home prices in seasonal towns have been up 20% in the past year compared to non-seasonal towns, where the median sales price rose 13%. Many buyers lock in interest rates on a second home before the rates rise further. The increasing work-from-home population has provided people more time to enjoy the recreational property, further driving up the demand.
As Real Estate Weekly reported, forecasters do not see an end in sight. Demand for vacation properties exceeds available homes; having a real estate negotiator to help you make a competitive offer is the first step. Let your REALTOR® find the perfect vacation home or recreational propertyfor your needs.
LOCAL DFW REAL ESTATE
The economy in our great state of Texas is now and is forecasted to remain strong. Before listening to any national-level negativity, consult a local real estate professional who knows this market and can provide statistical information to put your mind at ease. Our local communities across DFW have their opportunities and economic factors to consider. Be sure you have a real estate professional who knows the local market, community and neighborhood. And, remember the words of Sam Houston and know that we live in the greatest state in the country.
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