Browsing the archives for the Real Estate category.

Let the Sales Season Begin

City of Dallas, Dallas Real Estate, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Real Estate, Real Estate Finance, Resources

In a recent article in the Dallas Morning News, Real Estate writer Steve Brown notes:

  • North Texas home prices were up 2 percent in February from 2013.
  • North Texas home sales prices jumped by 13 percent in February.
  • But sales of homes in the area struggled to rise above last year’s levels.
  • The number of pending home sales for March – properties under contract but not yet sold – is down 8 percent from last year.

So why the drop in Home Sales? The cold weather not only slowed down construction, but general market activity, as fewer folks were out looking at houses. In addition, the drop in February home sales is a reflection of a shortage of properties on the market.  At the current inventory levels, it is very much a sellers market and with high demand and low inventory, prices will go up.   Year over year, median home prices in North Texas have seen a 10% increase.

According to the National Association of Realtors®, the Existing-home sales fell in January to the lowest level in a year-and-a-half, but ongoing inventory shortages continue to lift prices in much of the U.S.

Dr. Jim Gaines, an economist from Real Estate Center at Texas A&M University, noted in a recent podcast that there are a few other factors to consider that have contributed to a fundamental shift in the market. At the state level, a  higher proportion of sales activity has shifted to the upper median high to high end  of the market, north of $300K.  Furthermore, in some markets the sales activity in the under $150K price range has declined.  Due to the upward shift into the higher end market, the statistics reported in the MLS will also cause a upward shift in home values.

This shift in the consumer market is a result of a tight credit market. Today’s buyers must have higher FICO scores, higher down payments,  and meet stricter underwriting conditions.  The continued Job growth in TX will continue to  contribute to above median income levels.

Housing markets to watch:
Up-Markets – Major Urban Markets
Houston  – driven by the energy sector
Austin  – driven by the  technology
DFW, San Antonio , and Chorpus Christi
These markets are doing well and will continue to do well. Population and economic growth with continue.

For more details you can listen to the housing market update with Dr. Jim Gaines here.

As always, if you are thinking of buying or selling a home, or have a property question in general, please do not hesitate to contact me.

Franceanna@CampagnaRealtors.com
972-588-8863
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Happy New Year!

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Investors, Lakewood, Real Estate, Real Estate Finance

Happy New Year to all! The year 2013 was one of continuous growth, both for our company and the Dallas Economy.   In 2013 the Texas economy continued to outperform the national average.  On an annual basis, Texas jobs increased by 2.5% in 2013.   This population growth, fueled by the robust job market, spurred an increase in home sales and helped drive prices up.

In 2013 the Dallas median sales price increased by +15% from $147,000 to $170,000.   According to NTREIS data, in the 75214 zip code where the average sold value is $472,000,  40 homes sold in December 2013, at an average SOLD price of $185 sq foot.  This was a 2.7% increase in $/sq ft, year over year.

As the Dallas economy thrived, Campagna and Associates picked up the pace to keep up with the booming market.  We added a new office manager, Sharon Boland, whose exception organizational and planning skills, and fabulous sense of humor, keeps are office running smoothly.

In 2013 we helped a number of people, buy, sell and lease property. The selling season began earlier in the spring and lasted longer into the summer. It was a year of multiple offers, offers above list price, and “hip” pocket listings.  While a great deal of our business in the Lakewood, M-Street, White Rock Lake and Lake Highlands areas of East Dallas, we also helped a number of clients in Collin County, including Wylie, Sachse and Plano. As the population continues to grow, the popularity of suburban areas will continue to gain more attention, and our business will continue to meet the needs of our clients.

So what should we expect in 2014? I predict the strong economy and job market, will continue to promote DFW as a great city for new business opportunities and an affordable housing market will make DFW a top destination for relocation.  The population growth will continue to drive up home prices and sales activity and 2014 will be just as busy if not better.

If you are looking to buy or sell a home in the DFW area, it is important to connect with an experienced Real Estate Agent.  We are here and committed to helping you reach your financial goals for 2014. Here is wishing you and yours health, happiness and prosperity in the New Year!

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Is Now a Good Time to Buy?

Economic Outlook, Home Buyers, Investors, Real Estate, Real Estate Finance

 

I received an email earlier today from a friend moving back to Dallas! Welcome Back! You know who you are.

My friend asked, Is now a good time to buy home? And what about those interest rates? How long will they last?!

I’ll give you the quick 411:

Home prices have gone up due to the shortage of inventory. There’s a lot of buyers in the market and not enough sellers. This is leading to an increase in home prices and a very competitive market. Gone are days of “lowball” offers.   The spike we have seen in price per sq ft for some areas is due largely to the lack of inventory and we will eventually see a market correction.  This should not deter you from considering a purchase. Interest rates are at an all time low.

The low  interest rates are an artificial low, as a result of the fed pumping money into the economy.  No clue how long it will last – but it can’t last forever. While I believe the mortgage rates should be low through the end of the year, they can only go up from here.

The first and most important step to becoming a home owner is: Talk with a lender.  Get pre-qualified. This will give you an idea of how much you qualify for, and how much you would be putting down. In addition, it will show to a seller you are a motivated and serious buyer.

So, is it better to wait to sell or buy? NO! History has proven that this bubble won’t last forever, interest rates will go up, and housing prices will fluctuate up and down accordingly.  Take advantage of the market. If you are a buyer take advantage of those low interest rates.  You have more purchasing power right now!

There are still some really great loan options for first time home buyers.  Please let me know if you need lender references.

My friend offered to buy me drinks / dinner in return for my time.  While I am Italian and will never turn down an offer for good food, there is no consulting fee.  I am your source for free information. I believe in educating my clients so they can make financially sound decisions.

If you are a first time home buyer or savvy investor (looking to buy or sell), please feel free to contact me.

What if I am a home seller, you ask?  Don’t wait! I’ll explain more in my next post: Is now a good time to Sell?

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March 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Home Sellers, Lakewood, Real Estate

 

Below are the March 2013 Single Family Home statistics for East Dallas (MLS Area 12)

East Dallas: 218 single family homes sold which is a 5.3 % increase from March 2012. The Median Sale Price of $250,00  is a 12.1% increase  from March 2012. The average days on market is recorded as 57, reflecting a 45.6% decrease. The amount of inventory is 2.6 months, reflecting a 54% decrease from March 2012.

75214: Single Family Closed Sales: 64, which is a 1.6% increase from March 2012. Median Sales Price was $337,500 showing a 10.0% decrease from March 2012.  And a decreased average of 34 Days on Market, down 54.9%.

Price Range: $158,000 – $850,000

Below $200,000: 3 closed sales

$240,000 – $299,000: 22 closed sales

$300,000 – $399,500: 20 closed sales

$405,000 – $499,000: 4 closed sales

$510,000 – $595,000: 5 closed sales

$679,000– $850, 000: 10 closed sales

75206:  Single Family Closed Sales March 2013: 36, which is 23.3% increase from March 2012. Median Sales Price was $322,000, showing a 2.5% decrease from Jan 2012. The average days on market decreased 68.4% to 50 DOM.

Price Range: $164,000 – $740,000

$164,000 – $198,000: 2 closed sales

$222,500 – $299,900: 11 closed sales

$312,500 – $399,995:  8 closed sales

$400,000 – $585,00:  9 closed sales

$509,000 –  $537,000:  4 closed sales

$656,00  – $740,000: 2 closed sales

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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January 2013 East Dallas Real Estate Market Review

City of Dallas, East Dallas, Economic Outlook, Home Buyers, Home Sale Statistics, Lakewood, Real Estate

The Dallas Morning News reported that the Dallas-Fort Worth area hit a record high in 2012, and that D-FW home sale prices were up 7.5% from fourth quarter 2011.

The real estate market right now in Dallas is definitely a seller’s market.  Low inventory, multiple offers, and a frenzy of showings indicates that the supply level right now can’t keep up with the demand.  However, the averages don’t reflect the market as a whole.

 

Below are the January 2013 Singe Family Home  statistics for East Dallas.

East Dallas: 142 single family homes sold which is a 58% increase from January 2012.  The Average Sale Price of $216,057 Price was down 9% from Jan 2012.  The average days on market as 84, reflecting a 9% decrease.  The amount of inventory 2.5, reflecting a 53% decrease from Jan 2012

 

75214:  Closed Sales: 24, which is a 20.7% decrease from January 2012.   Median Sales Price was $324,000 showing a 6.2% decrease. And an increased average of 128 Days on Market, up 12.7%.

 

PriceRange: $160,000 – $1,079,000

 

Below $200,00:               2 closed sales

$215,000 – $282,000:     8 closed sales

$305,000 – $383,500:     7 closed sales

$420,000 – $675,000:     5 closed sales

$950,000 – $1,079,000:  2 closed sales

 

75206: Closed Sales: 22, which is 175% increase from January 2012. Median Sales Price was $358,125, showing a 2.4% decrease from Jan 2012.  The average days on market decreased 28% to 91 DOM.

 

PriceRange: $170,000 – $665,000

 

$170,000 – $285,000:     10 closed sales

$350,000 – $381,000:     4 closed sales

$409,000 – $468,000:     4 closed sales

$500,000 – $529,500:     3 closed sales

$685,000                         1 closed sale

 

If you don’t see your zip code included above and would like to know what home values are doing in your neighborhood, please feel free to email me at: Franceanna@CampagnaRealtors.com

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The New 3.8% Tax Rate

City of Dallas, Economic Outlook, Governmental Affairs, Investors, Lakewood, Multi-Family Property, Property Management, Real Estate, Real Estate Finance, Resources

Here is a report by the National Association of Realtors that explains the New 3.8% Tax Rate. When the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.

To get you up to speed on the new tax legislation, the National Association of Realtors has prepared an informational resource. Click HERE to read.

As always, feel free to contact me with questions. You can also find more info on my website: www.CampagnaHomeSales.com

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Mark Dotzour Economic Outlook (Video)

Economic Outlook, Governmental Affairs, Real Estate, Real Estate Finance

It actually exits, an economists with a sense of humor.   He is one of the best! See the link below for a video.   He tells it like it is.  No filter on this guy.  It is entertaining and startling all at the same time.

From COLLEGE STATION (Real Estate Center) – Center Chief Economist Dr. Mark Dotzour shared his “Economic Outlook for Investors and Business Decision Makers” last week at the 2012 Land Investment Expo in Des Moines, Iowa.

The 42-minute video  includes Dotzour’s observations on the outlook for job growth, government policies, farmland and commodity prices and global investment trends. He also discusses what policies he thinks need to be adopted to restart the U.S. housing market.

 

Peoples Company Land Expo Keynote Speaker Dr. Mark Dotzour

 

 

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Having Guts in 2012

Home Sale Statistics, Real Estate, Resources

Looking ahead to 2012, I feel lucky to live in Texas. And better yet, to live in Dallas! The Dallas economy is so strong, that we continue to attract new business and people are relocating from across country to take advantage of the opportunity for growth.   I feel 2012 will bring a slow and steady rise in property values. Nothing dramatic.  But it remains a great time to purchase Real Estate.  Interest Rates are still low. Inventory is still high. It is still a competitive market. And IF you got the guts, now’s the time to buy!

I’m including an article from the Texas Real Estate Center at Texas A&M University, providing some great resources.

COLLEGE STATION (Real Estate Center) – Texas’ economic outlook for 2012 is positive. Job growth is occurring in several sectors, and a low cost of living is enticing businesses to move to the Lone Star State.

It will be tougher going for the nation, however, because of several factors. The housing market needs to clear a high number of foreclosures. Consumers need to pay off their debt. The banking system needs to write off bad debt. Small businesses need to start hiring again.

Writing for the January issue of Tierra Grande magazine, Real Estate Center Chief Economist Dr. Mark Dotzour says, “Fortunately, Texas is poised to outperform the U.S. averages. Home sales volume in Texas should show modest improvement over 2011, and prices should be stable throughout 2012.” Dotzour’s economic outlook is titled “Texas Sails On: Nation Battles Headwinds.”

Other articles detailing findings from the nation’s largest publicly funded real estate research organization are in the issue scheduled for mailing in late January.

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Update from Campagna Property Management Services

Lakewood, Property Management, Real Estate

Written by Anthony J. Campagna, SR – Broker / Owner / Founder 

I wanted to give everyone an update on the personnel changes at our office. Matthew Hartmann, who had been with my company for 16 ½ years, has left us for another opportunity. Matt came to work with me on Labor Day weekend, 1995, and has been a valuable asset to my company. Matt has learned a lot about real estate and property management, but has decided to venture into the commercial end of the business.  I certainly appreciate all of the years of dedicated service to me and to my customers, my tenants and most importantly, my property owners such as you. We wish Matthew good luck in his new adventure and success in all of his endeavors.

To fill the void, I take great pride in presenting to you the newest asset to our company and our new property manager. He has been 23 years in the making and I have known him since the day he was born. My son, Anthony J. Campagna, Jr., is now my property manager for CAMPAGNA PROPERTY MANAGEMENT SERVICES.  Anthony graduated from Lake Highlands High School with honors and graduated from my alma mater, Texas Tech University, with a degree in political science. He has seen first hand the work and dedication it takes to perform this job well.

Initially, I think he was a bit overwhelmed with all of the information that was thrown his way, but with patience, guidance and some additional experience, he will grasp this opportunity and do a fine job. He graduated with “A” average from Texas Tech, has a Black Belt in Taekwondo and is a daily visitor to the gym. To say the least, he tries to be perfect in all his endeavors. I am sure you will find him to be diligent, personable and responsible. If he doesn’t know the answer to a question, he can always ask his “boss”!

Angela Mitchell is our illustrious office flight deck commander and bilingual and friendly front desk greeter. She maintains a great relationship with our tenants and helps them whenever possible.  Joe Monzingo is our most experienced leasing and sales agent.  Franceanna Campagna, President of the Dallas Chapter of the National Association of Residential Property Managers, is our liaison to our Property Management professionals, and a leasing and sales agent, as well as making her dad proud.   And last, but certainly not least, is my sister, Jo Trout. She makes certain that the leases are executed properly with all the forms being complete and correct. But most importantly, she monitors and pays the vendors and, of course, you, our owners, and verifies that all is correct with your monthly and yearly statements. With this crew working for you, you are in great hands.

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Economic Forecast 2012: What you need to know!

Home Sale Statistics, Investors, Lakewood, Real Estate, Real Estate Finance, Resources

Last week I attended an economic forecast presented by DFW MetroTex Board of Realtors.

 http://www.dfwrealestate.com/forecast2012presentations

Here’s what you need to know.  Economists predict moderate job growth for 2012.

We are in a unique recession.  In the past, economic recovery has been lead by the housing market.  However, due to high unemployment rates, a lack of consumer confidence, and continued credit contraction, the demand for housing remains low.  Unless congress creates the policies to encourage businesses to hire we will see at best modest job growth. It appears that major business investment decisions will be postponed until after 2012 election, resulting in sluggish job growth into the first quarter of 2013.

The good news: Texas as a whole has outperformed the national average.  We lagged into the recession.  While real estate values are location specific, DFW did not experience the boom and bust that affected the Sand States.  Our economy has continued to grow at a rate above national levels, and the projected job growth and expected increase in population is an indicator that we will lead in the national recovery.

Here’s the best news!  There has never been a better time to purchase Real Estate! Interest rates remain low.  FHA has first time home buyer programs allowing buyers to finance a home with 3.5% down.  And a high volume of foreclosures causes distress in the market place that will continue to affect sellers’ values and provide plenty of options to the deal seekers.

 

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