When purchasing a home, the buyer devotes most of their time and energy from getting under contract to closing. For a seller, however, it’s quite the opposite. Most of the work you will do as a buyer happens before your house even gets to market. Most of your time and energy is spent prepping your home for sale. We have to make sure that your home looks great from the moment a potential buyer first sees the pictures online, to when they are physically touring your home. So let’s talk about what to expect when preparing your home for sale.
In mid-March a high-profile lawsuit involving the National Associations of Realtors (NAR) was settled that will inevitably impact the homebuyers, sellers, and agents. Many of our clients have reached out with concerns and questions about the future of Real Estate, so we wanted to take some time to unpack the lawsuit and settlement and answer your most pressing questions on how this will impact the industry. Let’s dive in!
It’s time for our annual Real Estate Market predictions. The last 12 months of the real estate market in Dallas have looked different than we expected. But we know many of you are wondering what’s to come. Will rates ever come back down? When will be a good time to buy or sell a home? So, today we are going to answer those questions and share our outlook and predictions for the Dallas real estate market in 2024.
As the end of another year draws near, we compiled a list of our most frequently asked questions of 2023 including our most asked question “How’s the market?” Today, we’re answering these questions for you with direct links to our previous blogs that provide a wealth of information on the topic. We love answering your questions and spend a lot of our waking hours counseling and advising through all things related to real estate. We hope this is informative and helpful wherever you are on your real estate journey.
Favorable changes to the homestead exemption here in Texas were recently voted into law on November 7th, 2023! Homestead exemptions can save homeowners a lot of money in property taxes on their primary residence and now, homeowners will be able to save even more in property taxes! With Texas having some of the highest property tax rates in the country, this is something every Texan can celebrate! So, if you have questions about the changes, how they will affect your property taxes, or even about homestead exemptions themselves, we are going to break it all down for you.
It’s no secret that there’s been an explosion in the use of Airbnb, VRBO, and other short-term rental companies to find a place to stay for a night or two. They’ve become an attractive way to travel and also an attractive way to use investment property in recent years. And cities have been scrambling to catch up. Earlier this year, Dallas passed some new short-term rental laws that all potential buyers and current owners of short-term rentals need to be aware of. What does this mean for our city? What does this mean for you as a property owner or buyer? Let’s dive into these questions and more!
Considering a move to the great state of Texas? If you’ve bought a home before, it’s easy to assume that you know the process. However, real estate is done a bit differently in each state, and we’ve had the privilege of helping a large number of buyers coming from out of state. So, today, we’re breaking down the list of things we know to be unique to the real estate process in Texas!
This month we’re back with a recent interview with our friend Mark Wolfe. Mark is a native Dallasite and has been a player in the real estate industry for the last 48 years. Mark and his wife founded RE/MAX DFW Associates in 1982 and today, it is one of the largest brokerages in the country. During our interview we discuss the state of Dallas real estate and Mark answers the question we’ve all been wondering: is the market going to crash?
Q: Can you give a brief overview of the role of a broker?
Mark: A broker is not only the owner of a real estate company but is also someone who mentors and guides the agents that work for the brokerage. In my brokerage, I currently have 320 agents and I am liable for these agents as well. A broker owner carries a lot of responsibility, but I love watching my agents grow and mature and find success in the real estate business.
Q: How would you describe the current state of the market?
Mark: The current market varies across the country but overall is somewhat stagnant. With all that has happened with interest rates rising, many people are not wanting to move because they currently have low interest rates on their home. However, we are still in a healthy market and still seeing slight home price increases. The Dallas market is also leading the country with new home permits in the area.
Q: Has 2023 gone the way you thought it would?
Mark: For the first half of the year, I’d say yes. Recently however, a lot of factors have caused a significant (but temporary) slow down that I wasn’t expecting to see in July and August. However, heat does affect the market. With as hot as it’s been, people do not want to go looking for homes. The states that are leading in the market right now are the northern midwest states where the weather is much cooler than what the rest of the country is experiencing.
Q: Are we heading toward a market crash?
Mark: No. The American economy is still doing pretty good. The real estate market is as strong as it has ever been and I don’t see a crash happening.
Q: Will interest rates fall?
Mark: I do believe we will see interest rates fall below what they are now. 82% of homeowners have an interest rate of below four percent. 68% of homeowners are below three percent. We’ve never had that before. Fanny Mae’s prediction is that interest rates will be around 6.3% by the end of this year and 5.6% by the end of next year. If we get down to 5.6% the market is going to really take off and people will be wanting to sell their homes.
Q: Are we due for a recession? How would that affect the Dallas housing market?
Mark: I have real doubts that we will have a recession now. We are more stagnant than when going through a recession. Even if we do go through a recession, Dallas will fare well because of how Dallas has diversified in all sectors and because people’s mortgages are low and generally have record levels of equity in their homes. In past recessions when foreclosures became extremely common, it was because people did not have equity in their homes. Even if we had a drop in home values, we would still not see the same foreclosure rate because of the equity people have in their homes.
Q: How will the recent changes in local laws regarding short term rentals impact real estate?
Mark: Each town has addressed this issue differently. The city of Dallas just passed laws banning all short term rentals in residential single family neighborhoods. However, you can have short term rentals in multi-family or commercial neighborhoods. It’s reported that Dallas has about 1,800 short term rentals in the city, however, air bnb shows 6,000 short term rentals in Dallas.
The short term impact for the real estate market is that there could be more homes coming on the market, because these current short term rentals may not want to move to a long term rental. If these short term rentals become primary residences, this could also increase the value of the homes in the neighborhood.
Q: What do buyers operating in today's market need to know?
Mark: Home prices are getting ready to increase again. So, buy now and refinance in a year or more if rates have dropped enough. Get the home value where it is now before the home keeps appreciating. And if the rates continue to go up, then you’ve locked in a good rate.
Q: What do Sellers operating in today's market need to know?
Mark: Unless you need to move, stay.
Q: Any last thoughts?
Mark: It’s going to be an interesting few years. Real estate can become very political during election years, so it’ll be interesting to see what happens. But even still, we will continue to sell homes and help families find homes to meet their needs.
You can listen to the complete interview with Mark in the podcast linked above. For more real estate news, economic predictions, and local housing market updates, subscribe to our bi-monthly email list at dallashaven.com/insiders. We love keeping you up to date!
Until next time,
Brianna and Keelie
It's closing week! The final step to wrapping up the selling process. This week all of our efforts are going towards hearing those three magic words, “Clear to close!” and crossing the finish line. This is the week in which all of your time and financial investments pay off. For some sellers, this week is smooth sailing, while for others, this week can be a little chaotic. But never fear, we are here to help you know just what to expect for closing week.
The staging is done, the pictures are taken, your home is on the market, and you finally get that first offer. It is truly an exciting moment for any seller when your hopes of selling your home become a reality, but the work is not yet done. How should you proceed? How do you get under contract? What happens now? You need a professional to help guide you through navigating this timeframe of getting under contract and all the way to closing. But never fear, we are here to help! Let's talk through what to expect when your home is under contract.
The hardest (or most time-consuming) part of selling your home is preparing it to go to market. Everything we’ve done up to this point is to get people into the home to see it in person. Once a buyer has seen how great your home looks in photos, they’ll be ready to come see it in person. This is one of the most crucial parts of the agent/client partnership. We’ve got to market your home to get people in the door, and you’ve got to be ready to showcase your home. We’ll work together with the unified goal of positioning your home for the best offer. So, let’s talk through expectations once your home hits the market.
When purchasing a home, the buyer devotes most of their time and energy from getting under contract to closing. For a seller, however, it’s quite the opposite. Most of the work you will do as a buyer happens before your house even gets to market. Most of your time and energy is spent prepping your home for sale. We have to make sure that your home looks great from the moment a potential buyer first sees the pictures online, to when they are physically touring your home. So let’s talk about what to expect when preparing your home for sale.
Thinking about selling your home can be a bit overwhelming. Most people who are selling a home have some experience with real estate because they purchased that home. However, selling a home is quite different than buying a home. And if any amount of time has passed since you purchased your home the market has likely changed. Wondering where to even begin? Never fear, we are here to help!
The time has come. We are in the home stretch of the homebuying process and we enter into closing week! This final week of the homebuying process is always exciting but it can at times be stressful too. Sometimes it all comes down to your preparedness. We have a few last hoops to jump through and need everything to fall into place to cross that finish line. We hope that by walking through what you can expect during closing week, this process will be as smooth as possible for you.
We are continuing our series on what to expect from start to finish in the homebuying process. You’ve got our team, found your dream home, got your offer accepted, and now, you’re officially under contract. The contract period is the period of time from when your offer is accepted all the way to being handed the keys for your new home. This is often the timeframe that homebuyers dread the most. But never fear, we are here to help guide you through the contract period to make it as smooth as possible.
Up to this point, we’ve assembled our team (realtor and lender), met with our agent, and got pre-approved. Next up? House hunting - every buyer’s favorite part of the house-buying process! But what many buyers may not expect is that there are strategies and best practices when conducting the home search. Not as seen on HGTV. If you want to be successful and efficient in finding your dream home, you need to be set up for success. And good news, we can help you do that! Today, we’re guiding you through how to find your dream home and make an excellent offer. Let's dive in.
We are kicking off a new series called “What to Expect'' where we will be talking through the homebuying process from start to finish. What to expect and how to prepare for every step in the home buying process. Today, we will be starting from the very beginning: how to start the homebuying process. Where do you even begin? What should your first step be? Let’s dive into our recommended process for where to start when buying a home.
New Year, New Market? The 2022 real estate market ended in a very different place than it started. Such a dramatic shift has led many of you to ask, “Are we headed for a market crash like in 2008?” “Is now a horrible time to buy or own a home?” Never fear, we are going to answer your most pressing questions and share our predictions for the 2023 real estate market.
There aren’t many people who love paying taxes, so it’s no surprise that one of the most common questions we get come April or May of every year is about how to protest property taxes. Well, never fear, we are here to help you assess whether or not it will be worth your time and effort to protest your property taxes.
Home Owners Associations (HOAs) often get a bad reputation. But, they aren’t always bad! In fact, HOAs can provide a lot of benefits to homeowners. It’s important to know how to scout out an HOA as a buyer and also how to interact with your HOA when living in a home with one. HOAs are not all bad. You just need to know about yours! So, here’s everything you need to know about HOAs.
It’s no secret that interest rates are on the rise. In fact, if you have been considering buying or selling a home for any amount of time, you’ve probably been more than aware of the steady increase in interest rates throughout the year. And we know that for many of you, you’ve been left wondering, “What do rising interest rates mean for me?” Well never fear, we are here to help!
