Location Condition and Price – 3 Key Factors of Home Value – Episode #49
Evan and Richard start their first mini-series ever! The topic: The 3 Most Important Factors in Your Home’s Value to a Buyer – Location, Condition, and Price. This first part of the 4 part series is an overview of the three factors.
For more info:
The Matteson Group
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
Historical Home Appreciation – Episode #46
Evan and Richard discuss home appreciation over the last 25 years based on a study done by Carl Case. Home appreciation averaged 26+% in 5 year increments since 1980. However, between 2000-2006 appreciation jumped to 89%!
These numbers are national statistics, as our Rockwall Texas area did not see anywhere close to that sort of an increase, but the flipside is that places like Florida, California, Arizona, etc saw more than an 89% increase. The takeaway is that nearly all the “crashing” markets on the east and west coast are really just adjustments back to a normal rate of appreciation.
For more info:
The Matteson Group
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted advisors providing a joy filled real estate experience!
TEXAS HOME PRICES UP, REPORTS FHFA
Latest home appreciation rates released this week by the Federal Housing Finance Agency (FHFA) indicate Texas home prices increased 2.1 percent last year.
Midland led the way with a 10.4 percent increase between fourth quarter 2007 and fourth quarter 2008. At the other end of the spectrum were Odessa and Brownsville, where prices fell 2.7 percent and 2.6 percent, respectively.
In the final quarter of 2008, Texas home prices increased 0.2 percent.
“The data indicate what we have believed all along,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas fared well in 2008, especially compared with the rest of the country.”
According to FHFA, here’s how home prices in select Texas cities did last year:
Abilene – up 2.7%
Amarillo – up 0.1%
Austin–Round Rock – up 4.4%
Beaumont–Port Arthur – up 3.1%
Brownsville-Harlingen – down 2.6%
College Station–Bryan – up 5.5%
Corpus Christi – up 1.8%
Dallas-Plano-Irving – up 1.9%
El Paso – down 0.4%
Fort Worth–Arlington – up 1.2%
Houston–Sugar Land–Baytown – up 3.7%
Killeen–Temple–Fort Hood – up 2.5%
Laredo – up 4.7%
Longview – up 1.9%
Lubbock – up 4.5%
McAllen-Edinburg-Mission – up 0.1%
Midland – up 10.4%
Odessa – down 2.7%
San Angelo – up 4.1%
San Antonio – down 1.6%
Sherman-Denison – up 2%
Texarkana – up 1.1%
Tyler – up 1%
Victoria – up 6.2%
Waco – down 1.7%
Wichita Falls – down 2%
Nationally, prices dropped 4.5 percent last year for the overall index (which includes financings and refinancing) and 8.2 percent based on purchases-only data.
The FHFA’s complete report is available online: http://www.fhfa.gov/webfiles/1280/4q08hpi.pdf
Source: FHFA
Read MoreMoody’s: Dallas may dodge home price slump
Dallas will probably dodge home price declines as a result of the housing shakeout, a new forecast predicts.
The latest residential outlook from Moody’s Economy.com says more than three-fourths of U.S. housing markets will suffer drops in prices. But the Dallas area will continue to see modest gains in median home prices, the research firm predicts. Moody’s anticipates that nationwide, home prices will fall by almost 8 percent by the time the housing downturn bottoms out. But prices are forecast to keep rising by about 3 percent in Dallas over the next couple of years, says Moody’s researcher Ed Friedman.
Other Texas cities, including Houston, Austin and San Antonio, may also avoid home price declines. “Texas does so well for a variety of reasons,” Mr. Friedman said. “It didn’t have as much of a big housing boom, so less of a bust. “More important, the overall Texas economy, metro by metro, is doing better than the U.S. as a whole,” he said.
Brownsville and Harlingen top the nationwide list of cities Moody’s anticipates will see housing appreciation in the next two years, with prices expected to rise almost 8 percent. Killeen is next in line, with a forecast of 4.6 percent price gains. Moody’s forecast calls for the Fort Worth area to see about a 2 percent drop in home sales prices.
The largest declines in residential prices will be in California, Florida, Nevada and Michigan markets, the report said. The north-central California city of Stockton has the biggest forecast price fall at 25 percent. Moody’s forecast for Dallas home prices is consistent with other recent upbeat reports.
An August report from the Office of Federal Housing Enterprise Oversight found that home prices in the Dallas area were up about 5 percent at midyear compared with the second quarter of 2006. Earlier reports by Standard & Poor’s/Case-Shiller estimated that Dallas-area home prices were up 1.6 percent from a year earlier. And forecasts from one of the nation’s largest mortgage insurers, PMI Group, say that the Dallas area is among the U.S. cities least likely to see a home price drop.
BIGGEST LOSERS
Moody’s Economy.com predicts that the Dallas area will gain about 3 percent in home prices while most other U.S. cities will see declines over the next couple of years. Here are the top markets for home price declines:
1. Stockton, Calif., -25%
2. Palm Bay, Fla., -24.9%
3. Sarasota, Fla., -24.8%
4. Reno, Nev., -22.4%
5. Modesto, Calif., -22.3%
6. Detroit, -21.3%
7. Fresno, Calif., -20%
8. Oxnard, Calif., -19.2%
9. Sacramento, -19.1%
10. Las Vegas, -18.7%
Source: DallasNews.com
Read MoreTEXAS HOME PRICES UP IN THIRD QUARTER
All of the Texas cities tracked in a recent survey by the National Association of Realtors had increases in home prices in third quarter 2006. Statewide prices were up 8.6 percent, one of the largest such increases in the country.
The biggest jump was in El Paso, which was up 14.3 percent. Meanwhile, Austin had the highest median price in the state at $175,500.
The rest of the United States saw a 1.2 percent drop in median home prices, with home prices falling in 45 of the almost 150 markets tracked in the survey.
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