Homecity blog

There’s a bit of a confusing atmosphere in the DFW area regarding real estate statistics. Prices continue to rise in many communities, yet homes are selling faster than they have in years. Buyers are needing to move quickly if they want to score their dream home, and often they will still need to pay over asking price. This puts sellers in a situation where they are afraid that if they sell, they may not be able to buy a reasonably priced home in the more desirable areas once they sell. Because of this, new listings went down in the DFW 9.4 percent to 13,778. 

Inventory is becoming an issue, as there is a higher demand than supply. Inventory shrank 6.2 percent to 25,926 units in July 2016, according to North Texas Real Estate Information System’s

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realtor showing home

There’s no doubt we’re in one of the hottest real estate markets in the country. This generally means that we’re in what’s called a ‘seller’s market.’ Demand for homes is extremely high as people relocate to Texas, and our supply is having trouble keeping up. This creates a situation that highly favors the seller, and makes for a competitive climate. Unfortunately for potential buyers, this can make the already emotional experience of purchasing a home even more so, with high highs and low lows.

How can one tell when they’re in a highly competitive housing market? There are a few telltale signs.  We asked our expert HomeCity real estate agents how they navigate these rough waters. 

  1. Homes are selling in a matter of days. Homes seem like they
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Written By: Katie Bassett, Trulia

While Texas may be home to the Longhorn and debatably the best BBQ, the great state is also known for one thing in particular, its growing real estate options. From starter homes to premium living, Texas offers the best real estate options for every living situation that are too promising to pass up. The best part? Texas's land size per home is pretty unbeatable. As a buyer, land size should be important.

In fact, 43 percent of Americans want a larger home and see upsizing in their near future, making Texas’ wide open spaces pretty appealing. So, how can this one state have everything a homebuyer dreams about? Trulia’s recent report, “Room to Roam,” dissects each home buying segment to determine the cities with the

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man with a megaphone and money coming out

Buying or selling a home can be a lengthy and complicated process. Real estate agents complete classes and training to learn how to navigate this process best, hone their negotiation skills and learn the tricks of the trade. Years of experience teach them industry best practices, and how to avoid common pitfalls associated with the transaction process. 

Most people don’t get this kind of training, so there are inevitably misconceptions about the industry that real estate agents find themselves explaining to client after client. We asked some of our agents what the most common questions they get are, and what they wished more people knew coming into the market. It’s our hope that their answers can help potential clients get a better idea of what to

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Pokemon Go used in Real Estate Photo credit: Jonathan Bane Real Estate

 

Unless you’ve been living under a rock, you’ve probably seen the flood of conversation on social media involving the (relatively) new game of Pokémon Go. It’s, basically, an app that allows its users to play a newer version of a popular 90’s anime TV show turned card game/video game, in which the primary goal is to collect fictional pocket monsters (Pokémon). These little guys are then trained and pitted against each other in “battles”, with the winner collecting points. There are more elements involved, but that’s the main gist.

The Pokémon craze fizzled out as millennials turned their sights on newer technology, but Pokémon Go now brings the world of Pokémon to life. The iPhone and Android

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July 2016 Dallas Housing Market Update

Supply continues to struggle to meet demand in the DFW area as we hit the mid-year point of 2016. Residential real estate markets are performing as predicted, with the supply of inventory dwindling in this seller’s market. The market is becoming increasingly competitive as buyers attempt to find the best deals in the most desirable areas. Sellers have been getting a higher percentage of their asking price, which is encouraging further growth. 

According to the latest report from North Texas Real Estate Information Systems (NTREIS), new listings were up 1.5 percent in June 2016 to 14,023. Prices also moved higher with an 8.8 percent increase to $236,000. For comparison, at this same time last year, the median sales price in the DFW area were at

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2016 Mid Year Housing Market Update Infographic

Population growth and housing demand have driven home sales and prices up in the first half of 2016. We’re set to outpace 2015 if things keep up the way they have been going, and that’s saying something. 2015 set records for home sales and home prices continue to rise. The Austin Board of Realtors (ABoR) recently release their market statistics which outline statistics for not only Austin proper, but all of the surrounding counties, and the Austin-Round Rock Metropolitan Statistical Area (MSA) as a whole. 

In the report, ABoR states that single-family home sales in the MSA rose 6.1 percent in the first half of 2016 to 14,482 home sales. The median price rose seven percent year-over-year to $282,000. Comparatively, home sales in Austin proper

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should i rent or buy a home

A home is one of the largest purchases one will make in their lifetime and is often a huge commitment. Where you are in life will determine whether or not it makes more sense to buy or continue renting. There are pros and cons to each choice, but weighing your options is the best way to determine which is more beneficial for you, and this could help you save money in the long run.

Upfront costs: Buying a home entails numerous upfront costs, many more than renting. Sometimes these can be wrapped into your mortgage payment, and there are programs such as FHA loans and USDA loans that offer low or no down payment loans. However, more often than not a homebuyer should be prepared to pay a few things.

  • Earnest Money: This is usually about 1 to 3%
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Blue Hole Park, Georgetown, Texas

Dubbed the Fastest Growing City in America by the U.S. Census Bureau in 2016, Georgetown is becoming a very popular place to live. It was named one of the Best Places to Live and Launch by CNN Money and is known for having one of the most beautiful town squares in Texas. As Austin grows, locals, entrepreneurs, families, and seniors are choosing to move to the suburb, which is located 26 miles north of the state Capital. Access to fun activities and amenities is always a concern, and ‘entertainment’ isn’t exactly the first thing to pop in our head when we think of Georgetown. However, there are actually a ton of activities available now-a-days, from nature parks to shopping and dining, to splash parks and playscapes. We’ve curated some of our favorites

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condos vs townhomes

Lately, we’ve been noticing a lot of clients asking about the difference between townhomes and condos. They have been weighing their options and wondering how purchasing a condo differs from a townhome. Both of these are distinct parts of a larger property, with areas set up for private habitation and several shared or community spaces. The real differences between the two lie in the type of ownership, the fees associated, and the amenities included, rather than the layout of the property. So what are the advantages vs. disadvantages, what are the differences? We’ll do our best to explain.

Ownership: A condominium describes a type of ownership. One significant difference between condos and townhomes is that with condominiums, homeowners own the

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