Welcome again to the Real Estate Update. Here's the regular report on home sales activity in our area. This information is taken from the North Texas Real Estate Information System and compares October 2004 Year to Date with the same period of 2003.
To see what the price distribution in your town looks like, visit my website at www.cindyruppert.com/salesdata.html. Information is updated on a monthly basis. The holiday season is just around the corner. Some of you I will be seeing during the next weeks, but I want to take this opportunity to wish all of you and your loved ones a very special Holiday Season.
| Area | Unit Sales | % Chg vs. 2003 | Dollar Volume | % Chg vs. 2003 | Average Price | % Chg vs. 2003 | Median Price | % Chg vs. 2003 | |
|---|---|---|---|---|---|---|---|---|---|
| Bedford | 510 | -3% | $81,058,890 | -1% | $158,939 | 2% | $150,000 | 4% | |
| Euless | 468 | 0% | $65,865,384 | -2% | $140,738 | -1% | $142,000 | 2% | |
| Hurst | 507 | 4% | $71,258,850 | 5% | $140,550 | 1% | $128,500 | -1% | |
| Colleyville | 380 | 4% | $146,735,100 | 4% | $386,145 | 0% | $346,000 | 1% | |
| Grapevine | 596 | 1% | $129,366,568 | 7% | $217,058 | 6% | $199,000 | 5% | |
| Southlake | 588 | 14% | $269,710,896 | 16% | $458,692 | 2% | $400,000 | 3% | |
| Keller | 878 | 2% | $215,394,472 | 6% | $245,324 | 5% | $223,750 | 2% | |
| N Richland Hills/RH | 746 | 3% | $105,742,516 | 5% | $141,746 | 1% | $128,320 | 3% | |
| Watauga | 364 | 5% | $35,502,012 | 7% | $97,533 | 2% | $95,450 | 3% | |
| Summerfield/Park Glen | 1,627 | 23% | $229,271,959 | 25% | $140,917 | 1% | $135,590 | -1% | |
| Roanoke | 73 | 38% | $9,005,353 | 36% | $123,361 | -1% | $123,500 | 1% | |
| Trophy Club/West Lake | 170 | 3% | $50,758,940 | 29% | $298,582 | 25% | $210,000 | 5% | |
| SE Denton County | 3,835 | 7% | $832,693,550 | 14% | $217,130 | 6% | $180,750 | 5% |
It appears that in the last several months our local real estate market has begun to turn around. Sales are up and inventory levels are coming down.
If you're thinking of selling, the market is getting better. Spring is the best time to put your home on the market. Now is the time to start preparing.
If you're thinking about buying, you shouldn't wait much longer. Interest rates are still good and there are plenty of homes to choose from.
Call me at 817-230-4008. I can help! [Top]
DALLAS (DallasNews.com) - The North Texas housing market has a track record that would be the envy of any marathon runner. According to North Texas Real Estate Information Systems Inc., existing home sales have increased nine percent for the first nine months of 2004.
Some area neighborhoods have posted double-digit gains in home sales. Although flat recently, North Texas home prices have increased about three percent in the previous 21 months, and in September, more than 60,000 existing homes were sold.
More than 40,000 single-family homes are constructed in North Texas each year and existing home sales have increased by 20 percent in the past three years. [Top]
AUSTIN (Texas Association of Reverse Mortgage Lenders) - New legislation has been prefiled to amend the Texas Constitution to authorize reverse mortgage lines of credit and jumbo reverse mortgages.
A reverse mortgage is a loan that enables homeowners age 62 and older to borrow against the equity in their homes, without having to sell their homes, give up title, or take on new monthly mortgage payments. The loan proceeds can be used for any purpose, and the loan isn't repaid until the borrower sells the home, passes away or moves out of the home permanently. When the loan is repaid (the repayment amount cannot exceed the value of the home), any remaining equity goes to the borrower's heirs or estate. [Top]
AUSTIN (HoustonChronicle.com, statesman.com) - Sweeping changes could be in store for the state's tax structure if a district judge's decision regarding school funding is upheld by the Texas Supreme Court. Judge John Dietz ruled that the state's method of funding public schools is unconstitutional because it does not provide sufficient and equitable school funding required by the Texas Constitution.
The judge gave the Texas Legislature one year to come up with a new and better method of funding schools. If this does not happen, he said he would suspend state funding to schools. Attorney General Greg Abbott said he would expedite an appeal to the Texas Supreme Court and he hoped all sides would bring briefings to the court by the end of the year.
The state currently relies heavily on property taxes to fund schools. The system is referred to as Robin Hood because wealthier school districts must share a portion of their revenue with poorer districts. [Top]
ABILENE, (Reporter-News.com) - The national average cost of materials has increased the cost of building a home over the last two years by $5,000 to $9,000 on a $200,000 home, said Bill Brabbin, former president of the Big Country Home Builders Association and National Association of Home Builders (NAHB) member.
The real cause for concern is the rise in price for materials after a bid has been promised, said Lee Thompson, owner of Thompson Builders. "It makes it difficult on the builder if he has a firm price on a project that he has bid when materials are lower [in price]," Thompson said.
Climbing commodity costs started with steel and have now spread to other materials because of increased demand worldwide, economic recovery nationwide and hurricanes, which have emptied shelves in hardware stores across Florida, said Chief Economist Ken Simonson of Associated General Contractors of America.
Lofty petroleum prices have stalled the construction industry as evidenced by the nine-cent jump in diesel prices last week to $2.18 per gallon. A year ago, diesel was about $1.50 per gallon. Builders rely on diesel-fueled land movers, heavy equipment and trucks, which deliver materials to job sites. [Top]
Excerpted from News Release No. 57, May 2004; By David S. Jones (Recon)
It should come as no surprise to learn that California has the most homes valued at $1 million or more (41% of the nation's total). New York is a distant second with 7.1 percent. The 10,137 million-dollar homes in Texas (some 3.2 percent of the total), place the state seventh in the rankings.
While the Real Estate Center doesn't track which Texas cities have the most million-dollar homes, we do have data on the price distribution of existing homes sold through the various Multiple Listing Services (MLS). In other words, we know which markets are selling the most high-priced houses. In 2003 some 2.3 percent of existing Texas homes sold were priced at $500,000 or more.
Here were the MLS leaders in existing homes sold for big bucks (at least half a million dollars) last year:
| Austin | 3.7 percent |
| Northeast Tarrant County | 3.6 percent |
| Collin County | 3.5 percent |
| Dallas | 3.4 percent |
| Houston | 3 percent |
| Montgomery County | 2.7 percent |
| Galveston | 2.1 percent |
| Fort Bend County | 1.8 percent |
| Irving | 1.7 percent |
| Denton County | 1.6 percent |
Cambridge, Mass., can lay claim to being the city with the highest percentage of million-dollar homes. According to the 2000 Census, 11.6 percent of single-family, owner-occupied Cambridge homes are valued at least that high.
But considering entire states, California has no equal. Nearly 5 percent of the nation's million dollar homes (15,500) are located in Los Angeles alone. Five of the ten places (with populations of at least 100,000) that have the greatest concentrations of million-dollar homes are in California.
Parts of the nation might point to increasing home prices as contributing to the increasing number of million-dollar homes. Certainly prices have increased in some Texas markets. But overall from January 2003 to January 2004, the median price of an existing home sold through a Texas MLS fell 2 percent from $120,900 to $118,900. [Top]
(This piece was provided by Brian Lauter, Fairway Mortgage in Southlake, Texas. Brian can be reached at 817-410-8225.)
Good credit translates into lower rates for the consumer.
A good credit history is more important than ever. Solid credit keeps down the cost of consumer financing, and it can be the deciding factor in whether an auto or home loan application is approved.
In today's fast-paced, high-tech age, your credit history will be reviewed more often by artificial intelligence than human intelligence. Computerization has made the loan process much more efficient. That's a good thing. But computers take all the subjectivity out of credit evaluation, and that means you have to take ownership of your own credit standing to make sure you're not blindsided by any stain on your record.
It is important that everyone know his or her credit score. Everyone is entitled to one free credit report a year. Various companies can show you your credit profile. Fairly frequently, erroneous information appears on a credit report. This can take a few months to correct, which might mean the difference between being able to purchase your dream home or not.
Credit scores usually range between 400 on the low side to 800 on the high side. If you know your score, then you can see what the creditors see and have the ability to get a jump-start. Here is a quick breakdown of what a score means to a creditor:
| 720 plus: | WONDERFUL! You are at the top with the best rates and terms offered to you. |
| 700-719: | Excellent score. You are a very desirable borrower. |
| Good credit. You should be in strong shape to buy. | |
| 660-679: | OK credit. |
| 640-659: | Borderline. OK if everything else is strong. |
| 620-639: | Weak. The rest of your file must be perfect. |
| 600-619: | Difficult. Needs some work, or a special program. |
| < 600: | Try to fix up your credit! |
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