Well, we have a lot of people moving in this direction. I just made a video about that titled, “How many people are moving to Texas?” The short answer is - a lot.
New census numbers have been released and the DFW area led the country in population growth with the addition of 120,000 residents in 2020. We’re now the 4th largest metro in the nation and of the top four metros, we’re the only one who had population growth.
New York lost 170,000 people, LA lost 118,000 people, and Chicago lost 72,000 people. A lot of those folks are coming here.
This migration along with a listing shortage of resale homes and a shortage of new construction homes to hit the market due to supply issues are what’s affecting the pricing.
Are you overpaying in this market?
I don’t think so. Dave Ramsey actually did a great segment on his show about this.
I agree that the market will eventually soften as we get more inventory, and that will happen. The rate of increase in prices will slow but the elements that create a bubble aren’t at play in this market. Every day that you hold off on buying the prices are going up.
I love his statement that just because a market is going up, does not mean that it’s coming down. According to Investopedia, a bubble is driven by something outside the norm such as manipulated demand, speculation, unusually high levels of investment, excess liquidity, a deregulated real estate financing market, or extreme forms of mortgage-based derivative products.
What we’re seeing is not investors speculating in the market but owner occupants moving to the area to buy a home to occupy. The demand is being driven from an increase in population and a decrease in supply. When the supply comes back on board, the bar has already been set as far as pricing goes and there are no factors that I can see that would drive that pricing bar back down, unless there’s an unforeseen mass exodus of people from the area.
So let’s dig into the data for May and see how the market performed.
For this local market data, I use numbers from single-family home sales in Rockwall County. These numbers are based on sales data from April.
The average sales price is at $414,922. That’s a 17.3% increase from just one year ago.
The number of homes for sale is at 186 homes. We are down 71.3% in the number of homes available to buy in Rockwall County.
Rockwall County had 203 sales in April, a 14.7% increase over last year.
Homes sold 59.1% faster in April than they did last year, and we averaged 27 days on the market.
Our months of inventory went up just a hair from .7 months of supply in March to now having .8 months of supply. This number tells us that based on current demand, if no new listings came on the market, it would take just about three weeks for all of the current inventory to be purchased.
We listed 239 homes in April which is 5.5% less than last year. In April of 2019, we had 310 homes listed on the market, so we’re still well behind our normal rate of listings to jump start the spring selling season.
Our average sales price per square foot is at $155 per square foot, a 17.4% increase from last year.
If you’re contemplating selling your home, now is the time to do it! The Patty Turner Group has put together resources to answer questions a lot of potential sellers have in this market right now.
What if I don’t have a home to buy by the time I sell?
How much more will I have to pay for what I want in my next home?
With multiple offers, how will I know which one is best?
How can we live our life in the middle of all these showings?
What if I don’t have the time or energy to get my home ready to sell?
If you have any of these questions, let’s talk. You can visit crazyrealestatemarket.com for answers to these questions or contact me by calling 214-803-4444
We’ve been hearing about the migration of people from other states moving to Texas. We’ve maybe met a couple of neighbors coming in on the wave. But just how many people are moving to Texas?
Apparently, a lot. Now that we’re seeing the newly released census numbers, it’s no wonder that we’re facing a housing shortage in Texas.
We keep hearing about the migration of folks coming to Texas and I’ve had a bunch of clients from out of state. In fact more over the last year than I’ve ever had.
Now we have some actual data to put behind these stories to show just how many people are moving this way.
Here’s the data point that’s the headline. In 2020, Dallas-Fort Worth led the country in population growth with the addition of almost 120,000 residents. This includes births and people moving here. If we just take the people moving here, we were second in the country at about 75,000 people moving here and that put us just behind the Phoenix area.
The metroplex is now home to almost 7.7 million people.
Experts think this pattern will continue as the economy continues to come back given the favorable environment Texas offers corporations. Businesses are attracted to the area and are moving this way… their employees often follow. It also doesn’t hurt that we’re one of the few states without a state income tax.
DFW is now the 4th largest metro area and the only of the top four that had population growth. Looking at migration, New York lost 170,000 people, Los Angeles lost 118,000 people and Chicago lost 72,000 people.
Now that we see these numbers, it makes sense why we have such a housing shortage and why we’re seeing outrageous bidding wars on the homes for sale.
So, if I’ve said it once, I’ve said it a thousand times, now is a great time to sell your home! It’s also a great time to buy. I hear a lot of buyers fearful about “overpaying” in this market, but here’s the thing, we have no indications that we’re in a bubble nor that this migration pattern will slow. While prices may not continue to increase at the rates we’ve seen these last few months, they’ll still likely increase and not go down. With the demands and current lack of supply from existing home sales and new construction sales, prices will only continue to increase. So if you’ve thought of buying, now is a good time to do it and I can help you with that.
You can visit crazyrealestatemarket.com and fill out your info on the contact page of the site or call or text me directly at 214-803-4444.
Whether you want to buy or sell in this market, I look forward to hearing from you.
It’s property tax time in Texas and that means we all get love letters from our central appraisal district to let us know how they’ve assessed our home and to tell us what we will now pay in taxes for the upcoming year.
If your experience is anything like mine, when I received my letter in the mail my assessed value went up the full 10%. With my homestead exemption, the county can only tax me on a value of no more than 10% above my previous years’ value.
If you Google property tax protest you’re going to come up with a ton of consultants who are more than happy to charge you to help you protest your taxes. For commercial properties, this may be a good route to go. But for your everyday residential residence, you don’t need to hire someone to protest your value.
At first you might be thinking, ah, real estate has been so crazy this year, there’s no way I can find sales to bring my value down. Well, here’s some news. The county will accept sales comparables all the way back to January 1 of 2020! Remember that time. Before Covid? Some of us Realtors thought we might actually be going into a Buyer’s market? Ahhh. The good ‘ole days…
For the first few months of the year, real estate sales were, if you can believe it, kind of normal. And there was actually a little blip where you could’ve gotten an incredible deal on your purchase when no one knew which direction things were going to go.
The first step in this process is finding the comps you’ll need to protest your value. In my conversation with my tax district, they wanted comps for 2 properties smaller than mine and 2 properties larger than mine. I happened to have 2 sales that were exactly my size so I included those too.
How do you get the sales data? Well, that’s where a helpful Realtor like me comes into play. I’m happy to provide you with sales comps on your home to help with your protest. It’s totally free. I even throw in a look at what your home could sell for in today’s market. If you’d like those comps, simply go to TexasHomeTaxes.com and fill out the form with your property address, answer a few questions about your house, and then let me know a good email address of where to send the comps. I’ll get those back to you within three business days of receiving your request.
There’s no way to make up the numbers. Either the sales are there to support bringing down your value or they aren’t. So I will let you know that not every house can have the value brought down, but it doesn’t hurt to ask. When I followed this process, I was able to save $413.96 off my tax bill this year and bring my value down 7.4% from their initial proposed value. That’s enough money in my book to make it worth my while and because I’m homesteaded, it means the most they can go up next year is 10% on this lower value, not the initial one they gave me.
The deadline to file your protest is either May 15 or 30 days after your notice of assessed value was mailed to you, whichever is later.
If you have any questions about this or want more information, you can visit TexasHomeTaxes.com or contact me directly by call or text at 214-803-4444.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.