Texas homes prices still affordable compared to National data

 

 

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www.dreamcastlerealty.com

BALGOVIND PANDEY / BHARTI MISHRA

Email: govind.smarthomes@gmail.com

Phone : 940-231-3059/510-364-8072

Web : https://www.dreamcastlerealty.com

The best Investment on Earth Is Earth – Louis Glickman

April 2018

 

Spring Maintenance List

Time to tune in your HVAC

Have a qualified heating and cooling contractor clean and service the outside unit of the air conditioning system

Check your roof and Gutters

Clean up your gutters for any fall and winter debris. Check your roof to inspect any missing shingles

 

Check your Lawn Watering Schedule

Time to turn on those sprinklers and check your lawn watering schedules and adjust them

Check for any broken sprinker heads and replace those

Clean up your windows and screen

Time to get those windows and screens dusted up

Replace Smoke detector batteries

Time to change the smoke detector batteries and check the smoke detectors

Prepare your Lawn equipment

Time to clean up , oil and prepare your lawn equipment for spring mowing

Frisco Wade Park Avoids Foreclosure

According to Dallas business Journal – Frisco Wade Park avoids $2B foreclosure

The lenders, New York-based Gamma Real Estate and Bamcap Partners of Farmers Branch, are seeking repayment of more than $130 million in debt.

Gamma has $82.75 million in loans on Wade Park and Bamcap is owed $48 million.

240 Mile High Speed Rail route from Houston to Dallas soon

An agreement was reached between Texas Central and Amtrak . Texas Central, a private company, plans to construct a 240-mile high-speed rail route from Houston to Dallas. When completed, the multibillion-dollar route will provide riders a 90-minute trip between the two cities, traveling at speeds of up to 200 miles per hour.

According to a statement, Texas Central’s high-speed train is expected to pour $36 billion into Texas’ economy over the next 25 years by providing additional state and local tax revenue, creating 10,000 jobs during each year of construction and boosting development around the three proposed passenger stations… More here

 New homes sales up 4.3 basis point nationally

According to Meyers Research, national new-home sales through March are up 43 basis points year over year.

New-home prices are up 4.5 percent year over year through March. Meyers had estimated a 3.5 percent gain, and JMP assumed a 3 percent gain. At current levels, average selling price is ahead of expense growth.

Existing-home supply has fallen to 3.4 months, and new-home supply has increased to six months. Dallas housing supply is at 1.72 months.

A housing supply of 6-7 month is considered balanced

New Vs Existing home Supply May 2018 (Click to enlarge)

Texas office sales hit five-year low

Demand for Office sales across the state dropped 63 percent year over year in first quarter 2018, according to CommercialCafé.

The 5.6 million sf of inventory sold was the lowest quarterly total in five years.
In the first quarter, office prices in Texas climbed to an average of $199 per sf.

Home prices in Texas still affordable when compared to national data

March data show Texas’ housing affordability remained favorable compared to other states but hovered around a decade low. Rapid price appreciation, fueled by shortages of homes priced under $300,000, challenged Texas homebuyers. Stagnant wages struggled to keep pace with home values, holding the Texas

Housing Affordability Index at 1.5.

The index shows a family earning the median income in Texas could afford a home 50 percent more than the median sale price. For much of the past decade, Texans enjoyed the capability of affording homes priced twice that of the median.

The median price per square foot is at $115

DFW Outperforming rest of the US in multifamily rent increases

According to Abodo.com,Although rest of the city experienced a decline in Multi Family rental due to vacancies and other problems.

The Rents in Dallas-Fortworth Metroplex has an different tale to it. The rents have been steadily raising in the metroplex.

The U.S. average is now $1,015/month for a one-bedroom unit. Rents in Fort Worth went up 4.6% in April to $1,067/month for a one-bedroom apartment, the second-largest rent increase in the country. Denton was sixth with a 3.9% increase to $914, and Dallas took the 10th spot with a 2.5% increase to $1,197.Although experts believe that this increase may be temporary

2017 Rent Trends by State (Click to enlarge)

If you have a Family member, Friend looking to Buy/Sell Real Estate we will be glad to help.