When our real estate agents are asked why they recommend moving to the Dallas-Fort Worth area, they often mention the region's outdoor amenities. The DFW has so many lovely natural areas where you can enjoy wildlife and beautiful plants. One of the best ways to enjoy these natural areas is by riding a bike. Whether you're a casual bike rider or a more serious cyclist, here are some of the top DFW bike trails to visit.
No matter whether you prefer Dallas homes for sale or Fort Worth homes for sale, the Dallas-Fort Worth area is full of fun and surprises for the whole family. Local businesses bring lots of character to the DFW, and markets – from swap meets to farmers markets – go on every day of the week.
You'll never have to go far to have an exciting time looking for unique treasures. From the big cities to the small suburbs, communities make plenty of space for local markets. In fact, there are so many options you may not even know where to start.
Let's visit just a few of the DFW's fascinating markets perfect for shopping local:
Our real estate agents know there are plenty of places in the area for local shopping. It's one of the many perks of living in the area!
Contact us to find out more about Dallas-Fort Worth today.
Dallas is a city with many different sides. It's a tech hub, a foodie paradise, and a gateway to the Wild West. It's also one of the great cultural cities in Texas, and our real estate agents never cease to be amazed by Dallas' vibrant art scene.
The Dallas Arts District is at the heart of that scene. Located in Downtown Dallas, it's the largest arts district in the United States. From museums and art galleries to world-class restaurants and live music venues, there's always something fresh waiting to be discovered. Be sure to check out these attractions in the Dallas Arts District!
Finding the perfect home is a challenging endeavor under normal circumstances, but searching for a home in a different city or state might seem impossible. Coordinating the purchase of a lifetime from several hundred miles away can seem like a daunting task.
While long-distance house hunting can pose challenges, our real estate agents want you to know that it's not as difficult as it seems. In today's world, with easily accessible online listings and the ability to conduct virtual tours, it's actually never been easier. Here are some tips on how to make your long-distance home search a success:
A beautiful, functional kitchen is one of the home's greatest assets. If you love cooking or wining and dining company on the weekends, investing in the kitchen is a great way to wow your guests.
Cooking just happens to be one of our favorite hobbies, and our real estate agents are always investing in the latest and greatest kitchen gadgets. But what kitchen gadgets will you actually utilize, and which ones will just collect dust? If you're looking to enhance your cooking skills or just make things more convenient, here are some of the best gadgets to add to your kitchen:
The Dallas-Fort Worth area is fun in every season, but during the summer months, the area is filled with summer events and activities to keep your family's calendar full! Our real estate agents love to spend their off-time at these entertaining places.
Fun is in season all year long. For friendly and experienced help buying or selling a home, contact us at RE/MAX DFW Associates.
Catching a baseball game is a fun family summer evening activity, and Frisco just happens to be home to one of the best ballparks in Minor League Baseball.
Head on over to Riders Park where you can watch the Frisco RoughRiders, a double-A affiliate of the Texas Rangers, compete in the Texas League. Our real estate agents love heading out to the park, grabbing some peanuts, and relaxing on a warm summer night. It's super easy to do because the park is just a short drive from some beautiful Dallas homes for sale.
What could be better than a meal with a view? Some of the area's best, trendiest restaurants offer rooftop dining experiences that you won't want to miss, with fantastic views of the city skylines and outstanding food to match. All that's left is to pick your destination and make a reservation. Our real estate agents have the delicious details on some of the best places throughout the DFW for rooftop dining.
DFW is known for serving up some of the best barbecue in the entire country, and May is the perfect time to explore what local restaurants have to offer. That's because May is National Barbecue Month, a celebration of all things smoked, grilled, or covered in barbecue sauce. So why not sample some brisket, DFW-style, in honor of National Barbecue Month? Our real estate agents have the details on some of the best restaurants for brisket and barbecue.
Do you love baking but wish your kitchen was more functional for your culinary needs? Or, do you want to create a space that makes it easier for you to bake your favorite dishes?
By making a few simple changes to your kitchen, you can improve the functionality and efficiency of your kitchen. Our real estate agents know that many of these projects will make your home more appealing to potential buyers.
Want to plan some outings that you and your kids can both enjoy? The DFW is full of family-friendly activities that are entertaining and educational. Our real estate agents love spending quality time with their families at these great spots around the Dallas-Fort Worth area.
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!
Limited on yard space? Consider building your garden "up" instead of "out" this spring.
Vertical gardens are a beautiful touch to any home, and they're very much in style this year. Vertical gardens consist of greenery suspended to a vertical wall, frame, or panel. Think of an ivy wall but with a wide assortment of plants. There are also super easy to build and maintain and can give your exterior a unique appeal. Some of our favorite Dallas homes for sale have had well-maintained vertical gardens that really impressed buyers.
Our real estate agents love exterior design trends that include vertical gardens, so they offered to pull together some tips to help you with yours this spring:
When it comes to long-distance travel, airplanes have replaced trains in convenience and popularity. Fortunately, many of the former train routes have been repurposed as these great hiking and biking rail trails around the DFW, and our real estate agents love to explore them. Take in the beautiful Texas scenery when you plan a hike on these Dallas-Fort Worth rail trails.
When you live in the DFW, every day can be an adventure. Thinking about moving to the area and starting your own new adventure? If you're looking at Fort Worth homes for sale, contact us at RE/MAX DFW Associates for friendly and knowledgeable help.
If you feel like you've done it all, our real estate agents have a new date night suggestion for you: Cooking classes!
Cooking classes are both fun and functional. You'll learn to create wholesome, satisfying meals that can save you plenty of money. At the same time, you'll share a unique experience that might just give you a new favorite thing to do together. Maybe your next date includes cooking the dinner of your dreams!
No matter whether you're looking at Dallas homes for sale or down the road at Fort Worth homes for sale, there are plenty of cooking classes to browse. Virtual or in-person options are both available, so you can choose to have date night in the comfort of your own kitchen if you prefer.
Here's a taste of some of the leading local brands for local cooking classes:
Contact us to learn more about real estate in Dallas-Fort Worth.
Dallas is an amazing place to call home for anyone who loves architecture, with a diverse mix of historic buildings and the latest, ultra-modern designs. Around nearly every corner, you will find something interesting to see, whether you explore on your own or take a guided tour. Our real estate agents know a thing or two about Dallas architecture and recommend these stops on the Dallas Architecture Tour to see the many unique structures all around the city.
Having a well-appointed kitchen is a must, especially if you plan on selling your house in the near future. Kitchen updates hold their value when you resell, plus it's just nice to enjoy cooking in a clean, modern kitchen with new appliances. Here are five updates our real estate agents promise you'll enjoy, and the boost in your home's appeal to buyers won't hurt either.
December 18th is Bake Cookies Day. This is a great opportunity to dig in and enjoy some holiday baking. But don't worry — if you're too busy to fit cookie baking into your schedule, there are some excellent DFW bakeries selling holiday cookies that your whole family will love. Here are some of the top bakeries our real estate agents recommend visiting in honor of Bake Cookies Day.
It may not be the horse-drawn sleigh of old, but your car serves as a perfect vehicle for seasonal adventures. Our real estate agents can't wait to take in these holiday light displays that are just minutes from Dallas homes for sale.
Have your own festive light display in your new DFW home. Contact us at RE/MAX DFW Associates to learn more.
When our real estate agents heard that National French Toast Day was coming up on November 28th, they got super excited! There are some great breakfast and brunch places in the Dallas–Fort Worth area, and this gave them a reason to try some of them out.
Start your morning out right with French toast from these local restaurants.
After 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.
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.
Shopping at local arts and crafts shows is a fun way to spend a few hours while picking up some unique handmade items for yourself or to give as a gift. Whether you're shopping for paintings, jewelry, apparel, or something different, you're like to find some treasures to take home.
Our real estate agents suggest visiting some of the following arts and crafts shows:
Pet ownership in the U.S. has never been so high, with 48 million dog-owning households and 32 million cat-owning households, according to the American Veterinary Medical Association. But if you're one of them, and you're getting ready to list your home among Fort Worth homes for sale or Dallas homes for sale, it's important to remember that not everyone loves pets -- particularly when they're trying to look at a home and envision themselves in that setting. Someone else's pet can be a considerable distraction, whether it's the pet itself or just evidence that a pet is in residence.
September 25 is National Comic Book Day, and in honor of the occasion, we highly recommend paying your local comic book store a visit. We're lucky to have some really great comic shops here in Dallas, Fort Worth, and the surrounding areas.
Of course, we know you don't need a holiday just to raid the bins at your favorite comic book store! If you're wondering where you can always find the latest issue of your favorite comics in the DFW, our real estate agents know just where to go.
It's a well-known fact that curb appeal makes a huge difference in Dallas homes for sale. Whether you're planning on listing your home soon or not for a little while yet, here are a few outdoor walkway ideas our real estate agents recommend for a quick way to boost curb appeal.
Dallas, Fort Worth, and the many wonderful smaller cities in North Texas are home to some of the state's best, most acclaimed wineries. In addition to producing award-winning wines, these wineries often host special events where you can enjoy great food, camaraderie, live entertainment, and unique, behind-the-scenes tours. Many of the area's most popular wineries work together to create wine trails, with coordinated events that make it easy to explore all that various local wineries have to offer. Our real estate agents have the delicious details on 4 North Texas wine trails that you will love to explore this summer.
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.
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.
Everything's bigger in Texas, but it looks smaller when seen from the treetops. Ziplining is just one of the outdoor activities that make the Dallas-Fort Worth area such a great place to live. Our real estate agents recommend getting your adrenaline pumping at these exciting parks around the DFW.
Bubble tea—also known as boba tea—has taken America by storm in the last 10 years. This sweet tea-based drink with chewy tapioca balls originated in Taiwan back in the 1980s, but these days it's everywhere.
Case in point: we have some truly great bubble tea joints here in the DFW. Whether you're looking for a new place to get your boba fix, or you're just getting ready to try it for the first time, our real estate agents recommend these awesome bubble tea shops in Dallas, Fort Worth, and the surrounding areas!
Looking for a new place to eat in the DFW area? You're in luck. This area is home to a thriving community of eateries that has something to offer for every hungry would-be diner. Our real estate agents can help you find a home close to countless new DFW restaurants, including the five listed below.
Mother's Day is fast approaching, and there's no better way to appreciate your mom than treating her to a delicious meal. Start Mother's Day with a memorable brunch at a fantastic local restaurant. Our real estate agents have rounded up some of the most exquisite DFW restaurants where you'll find a delicious treat that your mother will thoroughly enjoy:
Do not hesitate to contact our real estate agents to see what we have on offer.
If you're a homeowner, you know that spring cleaning is essential to a clutter-free home. When winter cold fades away, and spring sunshine appears, it's time to roll up your sleeves and tackle some of those indoor and outdoor chores around the house. Our real estate agents know that buyers pay attention to small details that reflect an organized, well-maintained home. Tackle every spot in your home, even the ones that are commonly overlooked, with these helpful tips.
Our real estate agents love having an excuse to enjoy a sweet treat. March 14th is affectionately known as "Pi Day" -- and we think that's close enough!
There are so many great bakeries in the DFW area, you might want to start visiting them now, so you're prepared when the big day rolls around. Here are a few of our favorites.
The parks and trails of the DFW area have so much to offer, and now is the perfect time for an outdoor adventure with your furry friend. Many of the best DFW trails are dog-friendly, with beautiful green spaces to explore and plenty of opportunities for your pup to play with new friends. There are trails located in popular parks and nature preserves and trails that connect multiple local outdoor attractions. Our real estate agents have all of the details, with our guide to 6 trails that you and your dog will love in DFW.
The Central Flyway is one of America's most highly trafficked bird migration routes, and the Dallas-Fort Worth metro area is smack-dab underneath it. That makes this one of the best areas in the country for birdwatching.
One of the things our real estate agents love most about life in the DFW is its abundance of outdoor recreation. That includes incredible birding opportunities. Be sure to check out one of these top birding sites in Dallas, Fort Worth, and the surrounding areas.
Believe it or not, the whole Dallas-Fort Worth Metroplex is home to more mini-millionaires than the entire population of Plano. In fact, DFW now ranks among the world's top 10 metros for the number of high-net-worth individuals. A new ranking from Wealth-X, which collects and analyzes data about the world's wealthiest people, puts DFW at No. 10 globally for the population of high-net-worth (HNW) individuals, defined as those with a net worth of $1 million to $30 million. (In other words, Alice Walton, Jerry Jones, and Andy Beal are way too rich for this list.)
For 2018, Wealth-X tallied 298,220 HNW individuals in Dallas-Fort Worth, up slightly from 297,935 the previous year. By comparison, the population of Plano was 286,143 in 2017, according to the U.S. Census Bureau. DFW is the only Texas metro to appear in Wealth-X's top 10. "With the addition of [the] Dallas-Fort Worth metro area, the U.S. now includes six of the top 10 cities in our ranking," Wealth-X says. Sitting atop the ranking is the New York City metro area, home to nearly 1 million HNW individuals. Elsewhere in the U.S., Los Angeles stands at No. 3, Chicago at No. 6, San Francisco at No. 9, Washington, D.C., at No. 9, and Dallas-Fort Worth at No. 10.
Chances are, you'll find many of DFW's HNW individuals in the region's richest ZIP codes, particularly Highland Park and University Park. Highland Park is No. 9 among the country's wealthiest ZIP codes, and University Park is No. 7, according to a 2018 analysis by Bloomberg. According to data released in 2018 by Charles Schwab's Modern Wealth Index, DFW residents say it takes a net worth of $2.4 million to be considered wealthy and $1.3 million to feel financially comfortable. According to the 2018 Knight Frank City Wealth Index, Dallas ranks seventh globally for the most households (297,970) earning at least $250,000 in 2017, just behind Houston at No. 6 (298,868 households).
Dallas is projected to rank 10th for the growth of households earning at least $250,000, adding 58,575 such households from 2017 to 2022, the index says. By comparison, Houston is forecast to hold down the No. 9 position, adding 71,211 of those households during the same five-year span.
When winter arrives, nothing beats a tasty mug of hot chocolate. There's never a bad time to enjoy this sweet treat, but just in case you needed a reason to celebrate, you'll be glad to know that National Hot Chocolate Day is right around the corner!
When you're ready to warm up, we suggest heading out and paying a visit to one (or more!) of these locations.
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.
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.
Whether you're trying to find the ideal gift for someone who already has everything or a small, thoughtful stocking stuffer for someone with a sweet tooth, the gift of a sweet treat never goes out of style. Lucky for you, the DFW area is filled with candy shops that offer something to satisfy every taste! From traditional candy made from decades-old family recipes to zany, new candy creations, you can find it all close to home in DFW. Our real estate agents have all the delicious details on 6 great candy shops where you can find your stocking stuffers this year.
The holiday season ushers in excitement, but for thousands of men, women, and children in the Dallas-Fort Worth area, this time of the year is especially difficult. Some of our family members, friend, neighbors, and coworkers struggle to make ends meet or receive the care that they need. Our real estate agents understand that this time of the year is busy, but we shouldn't let shopping and festivities distract us from the reason for the season. Above all, these next few days give us the opportunity to share our kindness, spread joy, and brighten the lives of whomever we can. We encourage you to give back to the DFW this holiday season through one of these compassionate acts.
As the holidays draw near, it seems like all of the Dallas homes for sale we see are decorated both inside and outside. Fill your home with holiday cheer, and the fresh smell of pine when you opt for a real Christmas tree. If it's your first year selecting a fresh tree, follow these helpful tips from our real estate agents to find the perfect one for your home.
The crisp air of late fall makes this a particularly good time to go for a bike ride in the Dallas-Fort Worth area. And with Go For a Ride Day coming right up on Sunday, November 22, our real estate agents are excited to share some of our favorite bike trails in the DFW.
Whatever else is going on in our lives, Thanksgiving is a constant, providing us with a comforting sense of gratitude. Celebrate in style with a fine-dining feast from one of these upscale restaurants around DFW recommended by our real estate agents.
While many people across the U.S. have traditionally enjoyed the perks of an urban lifestyle, some who live in more populated city limits today are beginning to rethink their current neighborhoods. Being in close proximity to everything from the grocery store to local entertainment is definitely a perk, especially if you can also walk to some of these hot spots and have a short commute to work. The trade-off, however, is that highly populated cities can lack access to open space, a yard, and other desirable features. These are the kinds of things you may miss when spending a lot of time at home. When it comes to social distancing, as we've experienced recently, the newest trend seems to be around re-evaluating a once-desired city lifestyle and trading it for suburban or rural living.
George Ratiu, Senior Economist at realtor.com notes:
"With the re-opening of the economy scheduled to be cautious, the impact on consumer preferences will likely shift buying behavior…consumers are already looking for larger homes, bigger yards, access to the outdoors and more separation from neighbors. As we move into the recovery stage, these preferences will play an important role in the type of homes consumers will want to buy. They will also play a role in the coming discussions on zoning and urban planning. While higher density has been a hallmark of urban development over the past decade, the pandemic may lead to a re-thinking of space allocation."
The Harris Poll recently surveyed 2,000 Americans, and 39% of the respondents who live in urban areas indicated the COVID-19 crisis has caused them to consider moving to a less populated area.
Today, moving outside the city limits is also more feasible than ever, especially as Americans have quickly become more accustomed to – and more accepting of – remote work. According to the Pew Research Center, access to the Internet has increased significantly in rural and suburban areas, making working from home more accessible. The number of people working from home has also spiked considerably, even before the pandemic came into play this year.
If you have a home in the suburbs or a rural area, you may see an increasing number of buyers looking for a property like yours. If you're thinking of buying and don't mind a commute to work for the well-being of your family, you may want to consider looking at homes for sale outside the city. Contact a local real estate professional today to discuss the options available in your area.
NTREIS reports 8% Down Across North Texas
While our NTREIS MLS system reports an 8% decrease in listings in April across the over 40 counties in North Texas, the popular northern suburbs of Dallas report a much higher decrease. And it is that significant decrease in listings that is causing some panic buying with buyers trying to find a home. Multiple offers in the northern suburbs are common. Not at all common in other parts of the DFW area.
Below is the actual decrease in listings in April from one year prior for each suburb:
Paige Shipp, regional director with housing analyst MetroStudy Inc. fears home sales might slow next year in the ramp up to presidential and congressional elections. "We typically have much slower selling seasons right before an election," she said. "After that happens, the flood gates open and people come out. It's not a matter of who wins." Worries about a recession may also impact the home market. "We spent the better part of the last decade still looking over our shoulder," said George Ratiu, senior economist with Realtor.com. "The last recession was so bad that we are still carrying some of the scars from that." However, Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University states that Texas economy is still expanding. "And we are extremely unlikely to be in a recession by the end of this calendar year," he said. "We are probably pretty safe through the first six months of next year."
The number of homes listed for sale with North Texas real estate agents has risen by about 15% this year. But they aren't in the price range most buyers want. "The inventory is increasing at the upper end — $750,000 and above," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University said. "If you have a well-located $300,000 house, you can sell it tomorrow. We are seeing evidence of price fatigue in the market." D-FW home prices are up only about 3% so far in 2019 — nothing like the double-digit percentage home price gains of a couple of years ago. "The recent spike in mortgage rates did expose how price sensitive the market is," said Paige Shipp, regional director with housing analyst MetroStudy Inc. "Things are not quite as rosy as they seem in terms of what people can afford." Many home sellers haven't gotten the message, she said. "They want to list their house for more than their neighbors sold for and sell it overnight." D-FW has an undersupply of homes priced below $250.000.
After several years of ever-increasing sales, there are signs that North Texas' million-dollar home market has hit a ceiling. Sales of high-priced Dallas-area homes have shot up in recent years, rising at a much greater rate than the overall housing market. There are now more than a dozen Dallas-area mansions on the market with price tags of more than $10 million, according to Realtor.com. While demand for low- and moderate-priced houses is still rising in North Texas, the latest sales numbers show that purchases of million-dollar properties have leveled off. For the last few years, million-dollar home sales in the Dallas-Fort Worth area have grown at double-digit percentage rates. Housing analysts say that the inventory is rising while more moderate-priced properties are in short supply. "The inventory is mostly at the upper end," said George Ratiu, senior economist with Realtor.com. "That's not where the most demand is."
Latinos are finding their economic legs under the Trump administration, leading the surge in home ownership and income growth and record low poverty rates, according to two comprehensive new surveys. While they remain far behind whites in income, they have seen their third consecutive year of income growth and have a higher workplace participation rate, according to the National Association of Hispanic Real Estate Professionals and the Hispanic Wealth Project.
In two studies just released, the groups also provided revealing details about Latinos and their growth in America. For example, by 2060, nearly one of every three in the U.S. will identify as Latino. The reports detailed Hispanic housing and economic trends and found most signs rapidly improving. What's more, the group's goal of nudging overall Hispanic income up is showing signs of success. The group said that within the next five years, Hispanic median income will triple.
The group listed the positive trends in its income report:
Currently city and school districts can raise taxes 8% a year without voter approval.
This new bill, passed by the Texas Senate, and now heads to the House, would limit the increase to 2.5% per year.
AUSTIN — Legislation that would slow property tax increases for home and business owners cleared the Texas Senate on Monday, after the sole Republican opponent of the bill stepped aside to allow the vote.
The vote was a victory for Lt. Gov. Dan Patrick, a longtime proponent of property tax relief and champion of the Senate bill. He was again pitted against his political foil, Amarillo Sen. Kel Seliger, the only Republican who openly opposes the bill. Seliger held it up for weeks before changing his mind Monday morning and voting to allow the debate to proceed.
"Today is a historic day," Patrick said after the vote. "We heard a lot of comments from the floor ... from those in opposition who were concerned about cities and counties and their budgets. We're concerned about the people's budget — that's what we're concerned about."
Senate Bill 2 passed 18-12 with Seliger joining the Democrats in opposition. One senator, Brownsville Democrat Eddie Lucio, was present but did not vote. The bill will be debated in the Texas House, which has written its own version of the priority legislation, a week from Wednesday.
Authored by Houston Republican Sen. Paul Bettencourt, a former tax assessor-collector, SB2 would slow property tax growth by limiting how much revenue local governments and school districts can collect each year. It would not make tax bills smaller.
SB2, which was changed on the Senate floor Monday, caps property tax revenue growth for counties, cities and special taxing districts at 3.5% a year, up from 2.5% in the original version. School districts would stay capped at 2.5% a year; however, they are getting a boost of new funding under separate legislation this session.
The cap could be exceeded if taxing districts hold elections and voters approve the increase. Currently, local governments can increase property tax revenue by up to 8% a year without an election.
Only 6 percent of DFW market in 2018
"Flipping" Opendoor, other iBuyer companies and Investor Flips
Last year's slowdown in Dallas-Fort home sales meant fewer home flips. DFW area flips dropped by more than 6 percent in 2018. And the number of houses bought and flipped fell to a seven-year low nationwide, according to a new report by Attom Data Solutions. Almost 208,000 U.S. homes were flipped in 2018 — down 5.6 percent from 2017's total. Attom Data counts a flip as a single-family home or condo that traded twice within the same 12 months. In the DFW area, there were 4,551 home flips, which was 6.3 percent lower than in 2017.
Home flips accounted for about 6 percent of total North Texas home sales, according to Attom Data Solutions. Phoenix was the flipping capital of the country with more than 9,300 sales in 2018. DFW ranked 12th for total flips. On average, it took 180 days to flip a house in 2018, with slightly less time to turn the property around in the DFW area.
Economists and real estate experts agree that only 5 percent of any market will be handled by iBuyer and/or Opendoor type programs. Phoenix is considered saturated with over 9 percent of their entire real estate market last year classified as a "flip" transaction, of which Opendoor and its competition was 5 percent of the "flip" brokerage and the remaining 4 percent was investor flipping, etc. In the DFW market, Opendoor and other iBuyer programs accounted for less than half of the 6 percent total "flip" market. As more iBuyer and/or "flip" companies have entered the DFW market, they share that same pie of about 3 to 4 percent of the entire market.
No place builds more new houses than Dallas-Fort Worth. As of the third quarter of this year, D-FW was the solid leader in U.S. homebuilding with almost 35,000 single-family annual home starts, according to a new report by housing market analysts at Metrostudy Inc. Houston was second nationally with 29,370 home starts in the 12-month period ending in September. D-FW and Houston have topped the country in home construction for several years. And the two Texas titan building markets show no sign of a slowdown. D-FW starts were up 8.7 percent and Houston starts were 6 percent higher than a year ago, Transwestern found.
While D-FW builders are still busy, what they are building has changed, according to Metrostudy's Paige Shipp. "Over the past 12 months, builders and developers have been addressing the need for affordable new homes by developing in previously overlooked submarkets and building smaller, less amenitized homes," said Shipp, regional director of Metrostudy's D-FW market. "As such, the median price has dropped since last year.The decrease in price is not devaluation, rather it's an indication that buyers are purchasing smaller, more affordable homes."
Shipp said that homebuyer traffic has slowed in North Texas in recent months. "While this cooling may worry some, it should be viewed as a positive stabilization of an overheated, frenzied market," she said. "Builders and developers should use this opportunity to catch their breaths and return to the fundamentals of homebuilding including land acquisition and selling." Shipp said the inventory of vacant new homes in the D-FW has increased to the highest level since 2012.
Homebuyers are getting a double whammy. "Home prices are up and mortgage rates are up," said Frank Nothaft, chief economist with CoreLogic. Nationwide home prices are almost 7 percent higher than a year ago. And the average long-term mortgage cost has risen by seven tenths of a percentage point interest compared with this time in 2017, according to CoreLogic. "That translates into a 16 percent increase in the monthly principal and interest payments to buy the same house," Nothaft said. For the first-time homebuyer there is a 19 percent increase from one year ago. "Average wages around the country are up only 2.5 percent to 3 percent from a year ago. Each passing month as prices rise and mortgage rates rise, it's increasingly challenging for home buyers, especially entry-level homebuyers," he said. "The pinch it takes out of their monthly budget starts to affect more and more buyers across the country." Dallas-Fort Worth is one of the markets with record-high home costs. While overall median home prices in North Texas are up about 5 percent so far in 2018, prices for the most affordable houses — under $200,000 — are rising at almost twice that rate. CoreLogic is forecasting further increases in home prices and interest rates in the year ahead.