November Stats Are In!

The November 2019 DFW are real estate statistics are in and we’ve got the numbers! Take a look at our stats infographics, separated by county, with MLS area stats on each county report as well! These infographics and video are perfect for social sharing so feel free to post them!

To see past month’s reports, please visit our resources section here.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Three metal keys with keychain and house shape pendant on grey laptop with black keyboard. Online house rental or purchasing concept.

The Promise of Digital Mortgage is a Reality

MBA Tech 2019: The Promise of Digital Mortgage is a Reality

Posted on by

Last week, the eOriginal team was out in force at MBA Tech 2019. We enjoyed seeing old friends, making new friends, discussing digital best practices and learning what is top of mind when it comes to mortgage technology adoption.

The conference opened with a riveting discussion on the biggest tech innovators and disruptors, featuring George Blankenship, a former executive at Apple Computer, Tesla Motors and Gap, Inc. In his entertaining speech, Blankenship noted, “Do something that is going to impact your industry forever.”

Do something that is going to impact your industry forever.

This resonated with me as it largely aligns with the current state of the industry. Digital mortgage technology is not just about gaining one benefit. It’s about the myriad of benefits that come with an end-to-end digital mortgage process. Fortunately, the ongoing adoption of digital processes that is taking place today will have a lasting impact on the mortgage ecosystem.

Tech Talks: Digital without the Disruption

Shifting gears, a highlight of the conference was eOriginal’s demo in the Tech Showcase. Last year at MBA Tech 2018 in Detroit, we demonstrated what we were bringing to the market. This year, we highlighted the evolution of the market and proved that the promise of digital mortgage is in fact a reality. To do this, we focused on a real-life scenario that recently took place—a digital closing in Texas.

Dennis Pospisil is Senior Vice President at Republic Title of Texas, the settlement agent that conducted the digital closing. He joined eOriginal’s Chief Product Officer, Simon Moir, and Senior Product Manager, Alex Tepe, on stage for a six-minute Q&A-style presentation. Moir and Tepe asked Pospisil about his experience with the digital closing as well as what he had to do to prepare for a paperless settlement.

Believe it or not, Pospisil found out that the closing would be digital just 24-hours ahead of time. Throughout the conversation, he emphasized how easy the process was—it required no training, no contract, and no fees. An iPad was used for the closing, but any type of connected device with a browser and sufficient screen capacity could have been utilized. DocsDirect, the document prep provider, delivered the lender docs, as well as a one-page training document for Republic Title of Texas. A bonus highlighted by Pospisil was the borrower’s excitement over the ease and convenience of a digital closing. Clearly, all parties involved were more than satisfied with the experience.

eNote Volumes on the Rise

So why are electronic notes important to digital adoption? An eNote is an electronic version of what has traditionally been a paper document. Since it is electronic, it needs to be created, signed, and managed in a specific way to ensure that it has the same legal enforceability as paper. This is the most critical document for all parties in the mortgage ecosystem, including lenders, originators, warehouse lenders, custodians, investors, and servicers, as its validity is essential for the downstream life of the loan on the secondary market. eNotes allow tech-forward lenders to maintain agile operations and achieve greater liquidity than they can achieve through traditional paper processes. As of April 1, 2019, 376,618 unique eNotes have been registered on the MERS® eRegistry.  The mortgage industry can continue to expect exponential growth of eNote production in 2019.

Until Next Year, MBA Tech

As the Dallas skyline faded into the distance, I spent some time on the flight reflecting on my experience at the conference. The acceleration of the mortgage industry’s digital transformation comes from all sides. Adoption by originators, custodians, settlement and title agents, doc prep providers, warehouse lenders, servicers, the government-sponsored enterprises (GSEs), and MERS is crucial for its success.

During MBA Tech 2019, it became abundantly clear that digital mortgage isn’t just a promise for the future. It’s a reality today.

Source: https://www.eoriginal.com/blog/mba-tech-2019-the-promise-of-digital-mortgage-is-a-reality/

Christmas tree, gifts, stockings hanging from mantel by blazing fire in fireplace. Christmas eve.

How to Decorate Your Home for the Holidays Without Hurting a Sale

Selling your home with the holidays on deck means you may need a crash course in how to decorate your home for the holidays without turning off buyers.

Unless you’re a total Scrooge, it’s hard to argue with the fact that glitter lights and colorful accents make a home look more cheerful and inviting. But you also probably know that if you’re trying to sell your home, buyers need to have an easy time imagining themselves (and their own holiday traditions) in your home.

You don’t have to ditch the holiday decorations altogether. But you shouldn’t hang all the boughs of holly, Christmas lights, Hanukkah menorahs, and every holiday card you receive, either.

So how do you walk the line during these merry months and let the holiday spirit flow without turning off buyers? Hey, we’ve got some tips—an early secret Santa gift from us to you!

1. Depersonalize the decorations

“It’s important the design appeals to as many different home buyers and tastes as possible,” says Erika Dalager, marketing manager at roOomy, a virtual home staging site. “The seller’s personal life should not be prominently featured throughout the home.”

  • “Best Mom” tree ornaments your kids made in preschool
  • Named Christmas stockings
  • Religious tokens and symbols
  • A ton of holiday cards
  • Photos of your baby’s first Christmas

Hope Mazzola, a real estate broker with William Raveis in Katonah, NY, says glitzing a home with over-the-top decorations is like wrapping a house in an “ugly holiday sweater.”

“Less is definitely more when it comes to holiday decorations while selling your home,” Mazzola says. “Enhancing the features of the home versus adding all the bells and whistles will keep buyers on track.”

2. Consider the neighborhood

But if your neighborhood is ablaze with holidays lights, which herald the block’s values and attract like-minded buyers, then you don’t want to be your block’s resident Grinch, says Tori Toth, a New York City home stager.

“If your neighborhood is festive during Christmas, then a buyer would expect Christmas decorations at your home,” Toth says. “On the other hand, if you live in a politically correct neighborhood with a mix of religious beliefs, use more generic decorations to promote season’s greetings rather than your specific holiday.”

Some real estate pros, however, say you should forgo the decorations regardless of what your neighbors are doing.

“Putting up decorations while your home is on the market poses more risk than it offers reward,” says Sam Pawlitzki, a Los Angeles Realtor. “I recommend that sellers stick to the rule of keeping their house impersonal.”

3. If you must add some holiday flair, here’s how to decorate your home …

Here’s how to decorate your home while it’s for sale during the holidays:

Avoid the kitsch: Inflatable snowmen,  reindeer on the roof, a gazillion angels flapping their wings, or life-size Mike Pence mannequins can seem in poor taste and turn off potential buyers.

Classic is always best: Hang an elegant wreath on the front door, rather than a “Santa stops here!” sign, says Jamie Novak, author of “Keep This, Toss That.”

Don’t overdo lights: Simple white lights can add a festive touch without blinding buyers during walk-throughs.

Skip the tree: You can’t win with a tree. If it’s too big, it distracts viewers and can make the room seem small. It can also block the flow and make the space seem crowded. And if it’s tiny, it’s depressing and sad. Decorate a tree only if you have a great room and you want to show off a high ceiling.

Box up the greeting cards: Holiday cards on tables make the room look messy. Stick them in a drawer.

Protect presents: Don’t stack gifts under a tree or put them on display. The last thing you want this holiday is for a stranger with sticky fingers to walk away with a present. Lock the presents in your car trunk, especially during an open house.

Choose scents over scenes: The smell of simmering cider or baked cookies will delight the senses more than garlands strung over everything that doesn’t move.

Light a fire: A roaring fireplace during a weekday showing is a cozy way to celebrate the winter and warm visitors as well.

Pump up powder rooms: Place peppermint-scented soaps and candles in the bathrooms along with a few tasteful, holiday-themed towels. They give the rooms some spirit and interest.

Celebrate your tradition with color: This may not be the year you display the religious symbols of your holidays, but you don’t have to forsake them altogether. If you celebrate Hanukkah, hang a wreath with shades of blue. For Christmas, your wreath can be made of evergreen boughs and pine cones. For Kwanzaa, add red berries to a green wreath.

In the end, the most important holiday decision you’ll make is whether to keep your home on the market during Yuletide: You’ll have fewer house hunters, but more motivated buyers. Ask your Realtor whether you should consider delisting your home for the holiday season, and starting fresh after the new year.

Source: https://www.realtor.com/advice/sell/decorating-selling-your-home-during-the-holidays/

 

The Easy Guide to Real Estate Video Content Marketing

We have all noticed that video is one of the best ways to get your name out there and in front of your customer. Here is a great video guide from Tom Ferry that gives you great suggestions and ideas for video content. Let’s learn from the best.  If you don’t already follow Tom Ferry, you should! 

house graphic republic title

Texas Housing Insight

Here is a great post from Texas A&M Real Estate Center regarding home sales for October.

Texas housing sales recovered from a September slowdown, increasing 2.8 percent in October amid stable employment and low mortgage interest rates. Home builders attempted to meet robust demand for homes priced less than $300,000, however, strong sales chipped away at inventory levels.

Single-family sales are projected to end the year strong and accelerate through 2020, assuming mortgage rates remain relatively low. Anticipated increases in supply-side activity, as indicated by increased permit issuance and vacant lot development, should keep price-appreciation at more manageable levels than during the recovery period following the mid-decade oil bust.

Supply*

The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, ticked up with industry-wage improvements. The Residential Construction Leading Index rose to its highest level since the Great Recession amid upward-trending building permits, suggesting higher levels of construction in the coming months.

Private bank loan data corroborated accelerating construction activity. Residential construction investment reached a cycle-high in the third quarter as multifamily loan values increased 5.2 percent quarter over quarter (QOQ) for a record-breaking $8.4 billion. One-to-four unit investment, however, fell back slightly amid tighter lending standards and downward trending single-family permit values.

The number of single-family construction permits issued during the month hovered near a cycle high in October but YTD remained slightly below levels in the first ten months of 2018. Texas led the nation with 11,342 nonseasonally adjusted permits, accounting for 16 percent of the U.S. total but ranked seventh in per capita issuance. On the metropolitan level, Houston topped the list with 3,798 permits followed by DFW with 3,112. Austin issued 1,512 permits, while San Antonio climbed to twelfth in the national rankings with 984. Texas’ monthly multifamily permits increased to a year-and-a-half high, consistent with climbing loan values.

Total Texas housing starts revealed a less optimistic outlook on new residential construction, falling 4.1 percent. The trend, however, remained positive amid continued strength in the single-family sector. Single-family private construction values fell 5.9 percent, but the decline may be due to decreased upward pressure on the average value per housing start. In Austin, construction values fell to a year-to-date (YTD) low, while the trend flattened in San Antonio. North Texas and Houston values stepped back on the month but continued to trend upwards.

A steady influx of new listings in the second half of the year kept Texas’ months of inventory (MOI) steady at 3.6 months despite strong sales activity. A total MOI around six months is considered a balanced housing market. The MOI for homes priced less than $300,000, which comprised two-thirds of sales, fell below 2.8 months. Inventory for luxury homes (those priced more than $500,000), however, rose above 8.3 months. These divergent trends exemplify the shortage of affordable housing and the current mismatch between demand and supply.

Inventory fluctuations across the major metros varied. The MOI in Austin and Dallas posted year-to-date (YTD) lows of 2.2 and 3.1 months, respectively, while Fort Worth’s MOI balanced at 2.5 months. On the other hand, San Antonio’s supply of active listings for homes priced less than $300,000 recovered from summer depletions, pushing the MOI to 3.6 months. Houston’s metric moved up to 3.9 months, although the increase was attributed to inventory expansions for homes priced greater than $500,000, where only a tenth of sales take place.   

Demand

Total housing sales rebounded 2.8 percent in October to a record-breaking level after adjusting for seasonality. Accelerated activity in the $200,000-$300,000 price range accounted for nearly half of the total growth. Transactions for home priced above $400,000 increased for the fourth straight month, reaching the highest share of total sales in series history at 18 percent.

Sales volumes increased across all the major metros, led by San Antonio with 5.3 percent growth. Austin and Dallas sales rose 3.7 and 2.4 percent, respectively, while Houston reached a record-breaking 7,753 transactions amid 2.9 percent growth. Fort Worth registered a 3.9 percent increase in sales; YTD levels, however, were merely 1 percent greater than sales during the first ten months of 2018. Market adjustments to last year’s home price appreciation and slower employment growth may explain the stunted growth.

Robust demand pulled Texas’ average days on market (DOM) down to 58 days. Movement in the Texas Urban Triangle, however, was mixed. Austin’s DOM shed the most days from a year ago, falling from 62 to 54 days. The Dallas DOM increased six days from last October to 54 days but showed signs of flattening. Fort Worth’s DOM ticked up to 45 days, maintaining an upward trend after falling to record lows in 2017. Meanwhile, the metric in Houston and San Antonio stabilized at yearlong averages of 58 and 59 days, respectively.

Speculations of a U.S.-China trade truce and continued strength in the national economic data slowed the downward slide in interest rates. After four straight months where the yield curve was inverted, long-term rates rose above those for short-term instruments, signaling increased confidence. Although talks of recession are still widespread, current economic fundamentals at the state and national level are healthy and stable. The ten-year U.S. Treasury bond yield inched above 1.7 percent, while the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate ticked up to 3.7 percent after ten consecutive monthly decreases. Mortgage applications for home purchases stumbled on the month but registered 21.7 percent YTD growth. Refinance mortgage application activity accelerated as rates remained relatively low, more than doubling since year end.

Prices

The Texas median home price increased for the fifth consecutive month, reaching $245,900 for an annual growth rate of 5.2 percent. Although home-price appreciation accelerated, growth was below the double-digit year-over-year (YOY) levels reached as recently as 2017. Austin’s median price climbed $6,500 to $331,000, while Fort Worth’s metric increased by $4,400 to $252,300. In Dallas and San Antonio, the median price rose to $297,400 and $237,400, respectively. Houston was the exception, falling slightly to $246,300.

The Texas Repeat Sales Home Price Index rose 3.6 percent YOY but moderated compared to last year’s growth. The statewide deceleration is largely due to reduced appreciation in Texas’ two largest markets. The index in Dallas and Houston increased just 2.2 and 3.0 percent YOY, respectively. Fort Worth’s index increased 3.9 percent but slowed compared to an average growth rate of 5.5 percent in 2018. On the other hand, Central Texas’ metric accelerated to 4.6 and 4.0 percent in Austin and San Antonio, respectively. Rising home prices without substantial wage growth decreases overall housing affordability, which remains the primary challenge to the Texas home market.

Click here for the full report.

Source – James P. Gaines, Luis B. Torres, Wesley Miller, and Paige Silva (November 1, 2019)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-In…

 

Holiday decorated home at evening with Christmas lighting, fluffy snow.

How to Sell Your Home During the Holidays

Wondering how to sell your home during the holidays? While putting your home on the market between winter celebrations, school vacations, and looming family visits might seem like miserable timing, sellers could actually benefit by using this period strategically to show and possibly even sell their place.

Here’s why: Many home sellers take a holiday hiatus until the New Year—and that could mean that your house may suddenly become a hot commodity. Plus, if buyers are truly squeezing in home showings between shopping trips and holiday recitals, you know they must be serious.

So if you’re ready to put up a “For Sale” sign under the cheery glow of your holiday lights, go right ahead! Here’s some advice on how to sell your home during the holidays.

Deck your halls…

A little mistletoe will likely help rather than hurt.

“You should be festive and decorate,” suggests Jen Teague, a Realtor® with Keller Williams in Ellis County, TX. “It’s when your home looks the best and you take the most pride in it, so it will show better and most likely net more.”

… but don’t go overboard

“Go easy on decorations,” cautions Samuel Pawlitzki with Beach Cities Real Estate in Malibu, CA. Christmas lights and a tree in the living room are OK, he clarifies, “but I wouldn’t suggest staging a nativity scene in the front yard. Going berserk on decorations can scare off potential buyers.” And, well, everyone else.

Throw a party

“This can be a great way to showcase your house to friends, family, and neighbors,” Pawlitzki notes. “Chances are that at least one person at the party is looking for a new home, or knows someone who is.”

Preheat your oven

“It’s wonderful for potential buyers to walk into a home that smells of fresh-baked cookies, sweets, and holiday cakes,” says Joan Suzio, an interior decorator in Libertyville, IL. Sweeten them up a tad more by leaving a plate of treats out for them to enjoy.

Don’t encourage thieves

Although most people are wishing peace on Earth and goodwill, not everybody will take that message to heart. So, play it safe and don’t leave gifts (particularly expensive ones) under a holiday tree during a showing. Consider leaving empty decorative boxes instead.

Let your house shine

The days have never been darker or shorter, so to ensure your house gives off a warm, comfy vibe, “replace some of your lights with brighter bulbs to add more light for evening showings,” suggests Nathan Garrett, owner of Garretts Realty in Louisville, KY.

Give a little

As in, give a little more time than you might if you were selling at a different, less frenetic time of year.

“Be prepared to let people into your home even when it’s not convenient for you,” advises Janine Acquafredda, associate broker at House n Key Realty in Brooklyn, NY. “Not everyone celebrates the same holidays, so you may be asked to show on days you normally wouldn’t want to.”

Use bad weather in your favor

Live in a part of the country that’s hit with snow and ice storms this time of year? Make sure your pathways and sidewalks are cleanly shoveled and your house temperature is comfortable, suggests Valerie Post, a real estate adviser at Engel & Völkers Boston.

If it’s raining, have umbrellas handy for people to look at outside areas. (Boot covers by the front door are a nice touch.) “This is the time to accentuate heated driveways, attached garages, updated heating systems, newer roofs, and fireplaces,” Post adds.

Pour yourself a glass of eggnog and relax

A few years ago, Andrew Sandholm, a licensed real estate salesperson with BOND New York Properties, was working with a client looking to buy in Manhattan around the holiday season. The perfect condo went on the market a few days before Christmas. Sandholm immediately notified his buyer, who made an all-cash offer at full asking price the next day. The offer was accepted and on Christmas Eve, when most people were hanging stockings by their mantels with care, the seller and his buyer began work on the contract. They closed a few weeks after the new year.

What’s the point of this holiday tale?

“There is no good or bad time to list your home,” Sandholm says. “Hire the right agent, and you will get offers, whether it’s the holidays or not.”

Source: https://www.realtor.com/advice/sell/10-reasons-you-can-sell-your-home-during-the-holidays-without-hassle/

Residential neighborhood, aerial view, Baden Wurttemberg, Germany.

HUD Looks to Eliminate Regulatory Barriers to Affordable Housing

The Department of Housing and Urban Development published a request for information to dig into how regulations could be creating barriers to affordable housing.

The RFI is seeking public comment on federal, state, local and tribal laws, regulations, land use requirements and administrative practices that raise the cost of affordable housing and contribute to housing shortages.

“Owning a home is an essential component of the American Dream,” HUD Secretary Ben Carson said. “It is imperative that we remove regulatory barriers that prevent that dream from becoming a reality.”

“Through this request, communities across the country will have the opportunity to identify roadblocks to affordable housing and work with state, federal, and local leaders to remove them,” Carson continued.

Earlier this year, President Donald Trump signed Executive Order 13878, “Establishing a White House Council on Eliminating Regulatory Barriers to Affordable Housing,” saying that, for many Americans, the supply of available housing has not kept pace with the demand for housing by prospective renters and homebuyers, driving up housing costs.

Now, HUD is looking for the following information points:

  • Specific HUD regulations, statutes, programs, and practices that directly or indirectly restrict the supply of housing or increase the cost of housing
  • Policy interventions, solutions, or strategies available to State, local, and Federal decision makers to incentivize State and local governments to review their regulatory environment or aid them in streamlining, reducing or eliminating the negative impact of State and local laws, regulations and administrative practices
  • Ways that State-level laws, practices, and programs contribute to delays in the construction industry and specific laws, practices, and programs that could be reviewed
  • Common motivations or factors that underlie local governments’ adoption of laws, regulations, and practices that demonstrably raise the cost of housing development, and whether such factors vary geographically
  • Peer-reviewed research and/or representative surveys that provide quantitative analyses on the impact of regulations on the cost of affordable housing development
  • Performance measures, quantitative and/or qualitative, the Council should consider in assessing the reduction of barriers nationally or regionally and advantages and disadvantages of each measure
  • Recommendations on how to best utilize HUD’s Regulatory Barriers Clearinghouse for States, local governments, researchers and policy analysts who are tracking reform activity across the country

This RFI is a part of the work Carson is undertaking as the chair of the White House Council on Eliminating Regulatory Barriers to Affordable Housing. The Council’s eight federal member agencies are engaging with governments at all levels—state, local and tribal—and other private-sector stakeholders on ways to increase the housing supply.

Source: https://www.housingwire.com/articles/hud-looks-to-eliminate-regulatory-barriers-to-affordable-housing/

Deep snow has been shoveled, cleared and piled along the sides of the front yard footpath of this colonial style home. Two small holiday Christmas trees at the end of the walkway are decorated with Christmas ornaments and wide, bright red ribbon Christmas bows. Heavy blizzard snow continues to come down hard and blow around in all directions - already starting to re-coat the slippery surface and cover the fresh footprints. Nothing surprising here - just another early January winter snow storm in a rural suburban residential district neighborhood near Rochester, New York.

Tips for Winterizing Your Home

Winter is coming! See below for a list of top tips for winterizing your home.

CHECK THE EXTERIOR, DOORS AND WINDOWS

  • Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
  • Use weather stripping around doors to prevent cold air from entering the home and caulk windows.
  • Replace cracked glass in windows and, if you end up replacing the entire window, prime and paint exposed wood.

HVAC SYSTEMS

  • Get your HVAC system serviced, and have your duct work checked to be sure the air flow is uninterrupted and free of holes from pests.
  • Reverse all ceiling fans in the house.  This will help push warm air downward and force it to recirculate.
  • Change the air filters in your home.
  • Check the cold air return vents and make sure they are not blocked by furniture.  Your furnace needs these to operate at high efficiency.

CHECK FOUNDATIONS

  • Rake away all debris and vegetation from the foundation.
  • Seal up entry points to keep small animals from crawling under the house.
  • Tuckpoint or seal foundation cracks. Mice can slip through space as thin as a dime.
  • Inspect sill plates for dry rot or pest infestation.
  • Secure crawlspace entrances.

SMOKE AND CARBON MONOXIDE DETECTORS

  • Install a carbon monoxide detector near your furnace and/or water heater.
  • Replace batteries in smoke and carbon monoxide detectors.
  • After replacing batteries, test all detectors to make sure they work.
  • Buy a fire extinguisher or replace your existing one if it is older than 10 years.

PREVENT PLUMBING FREEZES

  • Locate your water main in the event you need to shut it off in an emergency.
  • Shut off the water to your hose bibs inside your house (via turnoff valve), and drain the lines. Then  insulate the spigot itself.
  • Insulate exposed plumbing pipes that pass through unheated areas of your home, like the garage for instance.
  • Flush your water heater to remove built-up sediment.
  • If you do go on vacation, leave the heat on, set to at least 55 degrees.

GET THE FIREPLACE READY

  • Cap or screen the top of the chimney to keep out rodents and birds.
  • If the chimney hasn’t been cleaned for a while, call a chimney sweep to remove soot and creosote.
  • Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
  • Inspect the fireplace damper for proper opening and closing.
  • Check the mortar between bricks and tuckpoint, if necessary.

PREPARE LANDSCAPING & OUTDOOR SURFACES

  • Trim trees if branches hang too close to the house or electrical wires.
  • Turn off your sprinkler system.
  • Clear the gutters of fallen leaves and debris.
  • Ask a gardener when your trees should be pruned to prevent winter injury.
  • Plant spring flower bulbs and lift bulbs that cannot winter over such as dahlias in areas where the ground freezes.
  • Seal driveways, brick patios and wood decks.
  • Move sensitive potted plants indoors or to a sheltered area.

Click here for a printable version.

Shopping Basket