Moving to Dallas TX | Real Estate Market Update | Dallas Texas Suburbs

Moving to Dallas TX | Real Estate Market Update | Dallas Texas Suburbs

Today, we're going to talk about what's going
on in the overall real estate market. We like to come to each and every week with
the latest particularly what's going on in our hyperlocal market. That's Lantana, Argyle, flower mound and Northlake. Northlake is a booming area in North Texas. So we love following that. Plus there's a lot going on there. We've got a lot of new neighborhoods and new
construction, new development coming. So we love our neck of the woods,
but we also love bringing you an update on the overall national market. So today we're going to do both of those things.

My name is Brian White, my wife, Tisha, and
I are with Bluefuse Group at EXP Realty. We love living, serving in a and giving of
our time, talent treasure here in the North Texas area. So why don't we dive right in and talk about
what's going on in the overall real estate market in North Texas each week, we're bringing
in the latest market updates and trends for what's going on in North Texas real estate,
especially Lantana flower mound Argyle in Northlake. So if you want to get those updates first,
be sure and hit that subscribe button and hit the bell. So you can get notified when we have new releases.

So first let's talk about, you know, let's
talk about mortgages and what's going on in mortgage applications. The reason we're doing that is a lot of times
you can tell the health of a real estate market based on how many mortgages are being applied
for people apply for a mortgage when they're starting a process of looking for a new home,
right? That's the great first step. If you're thinking about making a move, you
want to do that first, because you want to know how much home can you afford. What are my payments going to look like? And really that gives you an overall budget
for, uh, for what kind of home you can purchase. So in this case, we're looking at going all
the way back to, uh, to the 1st of March, right? Just as is COVID-19 and the pandemic was coming
out.

You can see that a mortgage applications just
dove, right? Uh, no surprise. Nobody was buying a home during the months
of a, of a March and April. What we see though is near the end of April
and it heading into may that there was a real spike. So demand continue to be high for home buyers
really all through the summer. Um, so w we saw the, the number of, uh, purchase
applications growing week over week, uh, that trailed off near the end of June, right? As we saw kind of this COVID around to come
out, it dipped just a little bit, but then we've seen that come back. And the number of home purchase applications
continues to be very, very steady as we complete the end of the summer. And now kids are going back to school. What we've traditionally seen is the time
of year, when, when, uh, moving starts to slow down, we're continuing to say terrific
activity. We're actually, August is our strongest month
of the year.

So far, we're looking at a very healthy September
and seeing activity continue through the remainder of the fall. I think one of the reasons is that, like I
said, it's kids going back to school. Well, as kids are more and more are going
to school virtually that gives parents more flexibility to move without, without disrupting
a lot of things. So just something to think about. So why are purchased applications so strong? A couple of reasons for that number one, you
know, I think a lot of people were stuck at home for months at a time. And that caused people to reevaluate. Is this the home that I want to stay in? You might be thinking that too. So they were thinking they, they spending
more time noticing the things about their home, that they don't like, or the things
that, uh, that they hope for the next home.

So, so more people are thinking about that. Let's say the thing is for the foreseeable
future, it looks like there's this trend that more people are going to be working from home. And as people are working from home, more
people need a space to do that. Uh, you know, if you're someone who hadn't
planned to work from home, maybe you had an office, but it wasn't a dedicated space. Or now you have multiple people in a home
that are, that are needing to work from home. Shoot. Maybe now your, your kids are doing school
from home and you need a separate space. Well, people are seeing that and they're deciding
that they need to buy a bigger home with dedicated office, maybe with an extra bedroom, that
they can also use some our office. So we're seeing more people do that. And then the last reason is mortgage rates
are low.

I mean, mortgage rates are crazy historic
low. They are at, or very near the lowest. They've been all time. In some cases we're seeing rates below 3%. So they're, we're not only seeing, uh, we're
not only seeing refinance, uh, applications improve. And the reason we're showing this report here
is that's purchased applications have, um, you know, continue to remain steady. So, uh, lots of reasons why people might be,
uh, why mortgage applications, if you continue to be strong, people are thinking about moving
and why demand in the overall market has been strong. So in Lantana, in July of, of, uh, 2020, the
median home breasts were actually at 15. What's interesting though, is that while it's,
well, the st. Louis we're actually at 23%, uh, in July 23% over the previous year, the
number of listings was down. So we're more sales, big reason for that is
new construction and new construction homes closing. But, uh, but the number of homes listed in
the month of July was down significantly, nearly a third over, uh, over the previous
year, as a result, the months of inventory was, uh, was just over 2% to two months of
inventory means that every home will sell.

Best dallas suburb

So if we stopped listing homes today, every
home would sell in a, in just over two months. We also saw that days on market dropped six
days. So six days fewer than it was in July of 2019. So that 60 is fewer than super hot summer
market homes in Lantana are actually selling really, really quickly right now. Um, these numbers for were for July. I looked at the numbers for just this last
week and eight homes closed in Lantana last week, but only three new homes listed eight
homes closed and only three homes listed.

That means that every home listed on the market
is getting just a ton of attention and right now is a terrific time to sell. So next let's talk about, um, let's talk about
farm out. And, uh, you know, the story in flower mound
was a, was almost as strong. The median home price was actually up just
under 11%. So the median home price in amount is now
$455,000. So if you think about the median home price
being up 11% year over year, that means that homes, the median home price went up roughly
almost 50 grand. So the median home price in farm on went up
almost $50,000. If you've owned your home for quite a while,
that may now maybe the time for you to sell. He may say that, you know what, we have seen
so much of an equity increase that, uh, that we want to get out and take advantage of this.

Um, if you take that equity and then you also
look at how low interest rates are, and you actually put that equity, um, into a new home
with a, a, you know, a large down payment with a really low interest rate and likely
upgrade your home without increasing your increasing your payments at all. So, um, the closed sales were actually pretty
flat year over year in flower mound. And a big part of that is we saw that the
number of listings active listings was down 28% year over year. So firemen doesn't have anywhere near the,
uh, the new construction. Um, it's just, it's just more built out than
many of their areas. So, um, so we're not seeing as many new construction
listings is we have in some other areas with close sales, flat home prices have been up
dramatically because there are so many fewer listings. And then, um, you know, the days on market
is roughly flat as well. Uh, what's interesting though, is we are still
seeing the months of inventory down. Uh, the reason for that as demand is high
and the number of homes listed is down.

So, uh, when demand is high listings are down,
then we see home prices go up. And, uh, the number of, uh, you know, the,
the amount of inventory available for the market, you know, the amount of prices is
up in the inventory is got. So the last thing we'll talk about is, uh,
is our guy, so, uh, home prices again, and our were up 13%. So we're seeing somewhere between 11 and 15%
in a, in our market area, home prices are up year over year. That's huge. So the median price in, in Argyle is nearly
$480,000. Uh, the number of active listings was actually
up a little bit.

It was up 3% in, um, in July versus July. So that's great, but the number of closed
sales was actually down a ton. Uh, it was down 41% year over year. Uh, so, so a little bit different market and
Argo our girls a little bit more rural. You're seeing more homes with, uh, with land,
uh, with an acre, with large lots, sometimes with a, with multiple acres. So pretty, pretty interesting cross section
in our gal of new construction, new luxury construction, and then, uh, larger luxury
style homes and in their Argyle area. So, um, the number of sales was actually down,
like I said, 41% year over year. So, um, days on market was longer. Some of that's because, you know, homes, although
everybody kind of has the dream of moving out to acreage and, uh, and, and moving to
the country, the reality is that sometimes those sales take a little bit longer. So, uh, that's been the case in, in our gal. So if you've got any questions about, uh,
about the market, we've covered a ton today, right? So we've talked about, um, you know, we've
talked about mortgage rates, we've talked about what's going on in the overall mortgage
market.

So our market has continued to be very strong,
uh, now into the future with rates and mortgage rates continuing to be so low. And now is a very strong, uh, market for buyers. When buyer demand is very high, you see that,
uh, prices are going up because there just aren't very many listings on the market. We looked at Lantana, Argyle and Fairmount
area, and all of those areas had home prices up more than 10% year over year. So a lot of people, when we, um, early in
the COVID situation, a lot of people were predicting home prices to decline. We've seen exactly the opposite. Uh, I've recorded a lot of video on why that
is and have been predicting for quite a while that home prices would continue to remain
very strong and even increase.

So now we're seeing that as the case, what
all of that means is that if you're thinking about making move now is a brilliant time
to do that. The reasons are home prices are up dramatically. So if you've got a home to sell now is a great
time to do that and take your equity and capture that and make a ton of money when you sell. And the great news though, is that because
mortgage rates are really, really low, you can purchase, even though you may be paying
more for the may pay more upfront for the home, your, your payment is likely still to
remain very, very low because mortgage rates are at historic lows. So if you're thinking about any of this stuff,
let's just sit down and have a conversation Tisha, and I would love to help you talk through
what your options are and how to make this move amazing for you. That's what we do at blue Fuze. We make real estate. Awesome. Thank you so much for watching and we'll talk
to you soon.

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