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August
23

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
October
11

New Neighborhood DFWAfter weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.

  1. Introduce Yourself to Your Neighbors
    Getting to know the people who live around you can help you feel settled in your new environment and your new routine. Within the first days of your move, it's a good idea to introduce yourself to the people next door. Tell them you are a newcomer and ask questions about your new neighborhood. You'd be surprised at how friendly your neighbors are. Be polite and keep your first interaction short. If you need recommendations or useful information about your new area, approach your neighbors again, offer some homemade cookies, and start a friendly conversation. 


  2. Take Frequent Walks
    The most straightforward piece of advice is sometimes one of the most effective. If you want to get to know your neighborhood, go see it for yourself. Taking frequent walks is an excellent de-stressor during or after the unpacking process, and it will also give you a chance to observe daily life in the community. Take your children to the nearest playground or go to the nearest gym to meet other parents or fitness enthusiasts. If you have a dog, take them for a walk in the nearest park.


  3. Join a Local Club or Community Organization
    One of the best ways to settle into your new neighborhood is to immerse yourself in the community. You can join local clubs, charities, and other community organizations, depending on your values, interests, and skills. This is a great way to meet like-minded people from the neighborhood and make friends. A polite introduction is all that's needed. Volunteering is also a great way to take an active part in bettering the neighborhood and learn about some of the issues that shape the community.


  4. Find the Locals' Favorites Spots
    Dining and entertainment hangouts can be a key to the true neighborhood vibe. Thanks to online resources such as Google and Yelp, it's easier than ever to find the best restaurants, bars, local attractions, museums, recreation centers, entertainment venues, and more. This will help you meet people from the neighborhood and feel like one of them.


  5. Shop Locally
    You can definitely find a box store in the area or buy your things online, but that little corner shop is something you'll find right in the neighborhood. So, whether you need to make a quick trip to the local café for a much-needed caffeine hit or a visit to the hardware for a few nails, you'll need to know where all the stores are. Shopping locally helps you engage with your new neighborhood while bolstering it at the same time.

As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.

July
19

Dallas Chicken Wings

Mark your calendars, wing fanatics: July 29th is National Chicken Wing Day! It's the holiday we never knew we needed. If you happen to be in Dallas-Fort Worth for this momentous occasion, be sure to check out these great local wing spots.

  • Wing Bucket - 101 S Coit Rd #10, Richardson, TX 75080
    With a name like Wing Bucket, you can be confident that you'll get some pretty awesome wings. This place doesn't disappoint, with juicy jumbo wings cooked to perfection and bursting with flavor. They offer some fun and inventive sauces like bourbon, bacon, and orange ginger, as well as old standbys like mild, medium, and hot buffalo sauce. Wing Bucket is just minutes from these Richardson homes for sale, with additional locations in Downtown Dallas and Deep Ellum. 

  • LB Wings - 3015 Gulden Ln, Dallas, TX 75212
    At LB Wings, you can order wings by the pound. And lest you worry that you're getting quantity over quality, you can rest assured. These wings pack amazing depth of flavor and a wide spectrum of spice levels, with flavors including buffalo, chipotle BBQ, and mango-habanero. LB Wings is a stone's throw from many Dallas homes for sale, and in addition to killer wings, they also offer some really great side dishes, like fried okra, smoked green beans, and bourbon corn. 

  • Gidi Wings - 921 W Commerce St, Dallas, TX 75208
    The folks at Gidi Wings do one thing—make great wings—and they do it very well. This Dallas favorite offers a minimalist menu that includes wings, sides (either fries or veggies), drinks, and that's pretty much it. Choose between traditional bone-in wings or boneless wings, and decide which of their 18 wing sauces and flavors best suits your palate. Choose Volcanic Fire if you have a thing for heat or Carolina Reaper if you have a death wish. 

  • Tail Feathers Wing Wagon - 2800 Bledsoe St #150a, Fort Worth, TX 76107
    With a reputation as the best local wing spot in Fort Worth, Tail Feathers Wing Wagon has really got that perfect crispy-yet juicy wing thing locked down. The wings are slathered in sauce ranging from mild to inferno and served with homemade thick-cut potato chips. The only problem with Tail Feathers is that it can be hard to find. It's actually inside another business called the Whiskey Garden, just down the road from these Forth Worth homes for sale.

  • Pluckers Wing Bar - 190 E Stacy Rd Ste 1800, Allen, TX 75002
    A local branch of the beloved Austin-based wing establishment, Pluckers Wing Bar is a classic hot-wings-and-cold-beer joint with a fun, welcoming atmosphere. With a location convenient to many Allen homes for sale, Pluckers is especially well-known for their incredible variety of wing sauces (more than 25 flavors to choose from) and the ability to order a whopping 100 wings. 

  • Smoky Rose- 8602 Garland Rd, Dallas, TX 75218
    Smoky Rose is known for making some delicious smoked meats in Dallas, from brisket and pulled pork to ribs and sausage. They offer wings too, but they do them a little differently here. The wings are slowly smoked before being flash-fried and dunked in sauce, and the result is a whole other level of flavor. They also serve up some amazing craft cocktails in their charming rustic-chic space.

Ready to learn more about life in the DFW? Our real estate agents are here to help you find your dream home in Dallas, Fort Worth, and the surrounding areas, and you can contact us any time—even on National Chicken Wing Day. 

July
12

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.

Click Here to Read More...

June
14

Moving DallasMoving is a hectic transition for anyone to make, whether you're relocating across town or across the state. You have to arrange the details, pack everything up, stick to schedules, transport your family to the new place, live in chaos, and figure out where everything is. It can be challenging to handle all the tasks and still be sensitive to your child's experience as well. Our real estate agents have got some tips to make a move easier for the whole family.

Click Here to Read More...

March
15

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.

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February
8

Home Storage SolutionsNo matter how big a house is, we seem never to have enough storage space. The problem might be you just haven't unlocked the secrets of a good storage strategy.

If you're considering homes among Dallas homes for sale or Fort Worth homes for sale, and you're wondering if the storage will be sufficient, just keep these tips in mind for how you might expand the storage space in your new home.

  1. Over-the-doorway shelving. 
    Bet you didn't know you had all that potential storage space right over the doorway. Install open-air shelves over the doorway in bedrooms, bathrooms, and above double doors. Depending on the type of room where the shelves are installed, you can place plants, decorative dishes, and pottery, or treasured mementos.

  2. Under-the-bed storage bins.
    Don't let that space under your bed go to the dust bunnies. Acquire long, flat storage bins and stow things such as holiday gift bags, tissue, and wrapping paper; or even off-season clothing. 

  3. Hooks for measuring spoons and cups.
    Don't you get fed up looking for measuring spoons and smaller-size measuring cups in your drawer full of miscellanea? Now you can put your hand right on them by installing hooks inside your kitchen cabinet doors and hanging them within easy reach.

  4. Drawer organizers.
    Utilize these to help organize your kitchen. Drawer organizers work well if you put some time into planning what you need to access before you buy the organizers. Make sure you measure your drawers as well! 

  5. Storage bins for cabinets.
    Same as for drawer organizers: think about what you want to place in storage bins before you buy them. For instance, maybe you have some spices you'd like to have right at hand, so you acquire a bin for the pantry where you can place them in rough alphabetical order. Storage bins in cabinets should work well for all the smaller items in the kitchen, such as packets of gravy or dressing mixes, a box of bouillon cubes, a baggie full of orphaned tea bags, sweetener packets, whatever. Obviously, storage bins for your bedroom closets will be larger so they can hold your shoes; maybe in your office, a storage bin would be useful for rounding up all those power cords and chargers you can't seem to throw away.

  6. Excess stuff.
    You know you need to get rid of stuff you never use, but it's hard. We suggest once a year going through your possessions and doing a fearless assessment of what you're likely to need or can let go of without regrets. Some of it can go in the trash or the recycling bin; the rest, such as clothing or furniture in good repair, can go to charity. 

  7. Outdoor storage shed.
    This is one of the best solutions for relieving indoor crowding. Try to arrange stored items with a top to bottom plan by stacking seldom-used items on the bottom, and stuff you might need in smaller containers near the top. Think about what you'll want to get at (holiday decorations for instance) and place them so you can access them as needed. 

All these small changes will add up and provide you and your family more space so you can live more comfortably in your home.

Need more tips? Our real estate agents can help. Contact us today.

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