DFW sales prices up for first time in 5 years

Posted by themattesongroup on Jan 26, 2012 in Buyer Alert!, Buyers, Dallas Metroplex Housing Market, Housing Market Update, Real Estate, Rockwall/Heath Housing Market, Seller Alert!, Sellers | 0 comments

Dallas got a little good news this week on the housing front.

According to the Dallas Morning News, last year marked the first time in five years that existing home sales figures in most Dallas neighborhoods were higher than the year before.

In areas where sales went up, the average year-over-year sales increase was about 5 percent.

Real Estate Center Research Economist Dr. Jim Gaines said he predicts that trend will continue in 2012.

“I think your sales this year will be up 2 or 3 percentage points,” Gaines said. “They are going to be about where 2009 sales were.”

Source: Dallas Morning News

Texas Poised to Outpace Nation Again in 2012!

Posted by themattesongroup on Jan 6, 2012 in Economy | 0 comments

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.

• “Beyond a Reasonable Drought” by noted agricultural expert Dr. Joe Outlaw and Center Research Economist Dr. Charles Gilliland. Farmers, ranchers and service businesses that support them are suffering negative effects of the drought. To make matters worse, federal agricultural programs are on the chopping block to reduce the deficit.
• “The Great Recession: Why Intensity and Duration Varied” by Center Research Economist Dr. Ali Anari. Why did some Texas metros fare better in the Great Recession? Results from the Center’s business cycle research program pinpoint several reasons. These included shares of employment in the government sector, education and health services industry, mining and construction industry, and the metro’s level of educational attainment.
• “Dialing Down Debt: Road to Recovery Begins at Home” by Center Research Analyst Gerald Klassen. It will hurt, but American households will have to liquidate their assets and reduce debt if they want the economy to recover. This means selling luxury items including vacation homes, boats and RVs, as well as selling investments, declaring bankruptcy or suffering through foreclosure.
• “For the Record: When to Toss Old Tax Records” by Center Research Fellow Dr. Jerrold Stern. At a minimum, tax records should be kept three years. However, a period of seven or more years is recommended. Tax and nontax factors play a role in the decision.
• “Vested Rights: Project Protection for Developers” by Houston attorney Reid C. Wilson. Vested rights freeze land use regulations affecting property classification, building size, lot size-dimension-coverage and certain other matters once the owner or developer files a permit application for that project.
• “The Trouble with Troubled Assets” by Center Research Economist Dr. Harold Hunt. The volume of distressed property sales was expected to be much higher by this time. So far, everyone is still waiting. However, according to commercial real estate insiders, distressed sales are on the way up.
• “Terminated: Transfer Fees Outlawed” by Center legal expert Judon Fambrough. Transfer fees, money paid for transferring interest in real property, were implemented in 2007 legislation. Four years later, that law was repealed, prohibiting any future transfer fees and terminating existing fees that do not comply with the new legal requirements.

Source: RECON

Making Texas More Energy Efficient in 2012

Posted by themattesongroup on Dec 19, 2011 in Real Estate, Texas Housing Market | 0 comments

Homes and other buildings account for about 40 percent of Texas’ overall energy use, but the state is hoping to take care of that.

A statewide building code that will take effect in January should cut the energy consumption of new single-family homes by more than 15 percent, according to the Energy Systems Laboratory at the Texas A&M University System. The state tightened codes for commercial, industrial and other residential buildings in April.

Some Texas cities are being proactive when it comes to becoming more energy efficient. Building codes in Houston and Austin have already gone beyond what the statewide codes will require.

Source: Texas Tribune

Real Estate Update – December 12-18th, 2011 – Episode 286

Posted by themattesongroup on Dec 19, 2011 in Buyers, Housing Market Update, Real Estate, Rockwall/Heath Housing Market, Sellers | 0 comments

Evan and Richard of The Matteson Group review and discuss December 12-18th, 2011 in the real estate market in the Rockwall and Heath Texas areas.

• Current Properties for Sale: 486 homes
• Sales: 11
• Sale Price to List Price: 97%
• Average Days on Market: 140 days
• Number of Showings: 359

For more info: www.TheMattesonGroup.com

Coldwell Banker Apex, Realtors

214.405.3640

Your trusted real estate advisors providing a joy filled experience!

Texas Foreclosure Filings, Sales Down In November

Posted by themattesongroup on Dec 17, 2011 in Buyers, Dallas Metroplex Housing Market, Housing Market Update, Real Estate, Sellers, Texas Housing Market | 0 comments

Foreclosure activity in Texas was down last month, according to the latest figures from RealtyTrac.

November foreclosure filings for the Lone Star State totaled 10,124, down 24.3 percent from a year ago. Total year-to-date (YTD) filings were at 115,222, down 18.9 percent.

Nationally, there were 224,394 filings, down 14.5 percent from November 2010. Total YTD filings were at 2.5 million, down 30.1 percent.

There were 6,247 posted foreclosure sales in Texas last month, down 19.1 percent from a year ago. YTD postings were down 17.3 percent, at 69,473.

Meanwhile, there were 96,540 posted foreclosure sales nationally last month, down 38.3 percent from last year. YTD postings were at 994,887, down 33.2 percent.

Real Estate Center Research Economist Dr. Jim Gaines said the impact of foreclosure moratoria from the pending agreement with states’ Attorneys General slowed foreclosures for all of 2011. But that will likely mean more foreclosure activity going into the new year.

“The pent-up foreclosure processing is expected to bust loose in 2012, so we expect to see significant percentage increases in the monthly reports for at least the first half of 2012, if not the whole year,” he said.

But that’s nationally. Gaines said Texas should fare better.

“Posted delinquencies here are falling, and Texas is a non-judicial foreclosure state, so many lenders haven’t stopped processing foreclosures, thereby preventing a backlog from forming,” he said.