March 2024 - Republic Title

Texas Homestead Notice

New Central Appraisal District Procedures in Texas You Need to Know About

Beginning in 2024, a modification in the Texas Tax Code requires all Central Appraisal Districts to verify a property owner’s eligibility to continue to receive their homestead exemption. For most districts, this will consist of a review every five years, potentially necessitating some homeowners to reapply for their exemption. Should you receive notification from your Central Appraisal District, it’s crucial not to disregard it. Take proactive measures to confirm your eligibility and ensure ongoing access to the advantages provided by the homestead exemption.

What changed?

The new HMS law require the CAD to put a procedure in place to confirm exemptions are still applicable at minimum once every five years.

SECTION 1. Section 11.43, Tax Code, is amended by adding Subsection (h-1) to read as follows:

(h-1) The chief appraiser of an appraisal district shall develop a program for the periodic review of each residence homestead exemption granted by the district under Section 11.13 to confirm that the recipient of the exemption still qualifies for the exemption. The program must require the chief appraiser to review each residence homestead exemption at least once every five tax years. The program may provide for the review to take place in phases, with a portion of the exemptions reviewed in each tax year.

SECTION 2. The chief appraiser of an appraisal district shall develop and implement the program required by Section 11.43(h-1), Tax Code, as added by this Act, not later than January 1, 2024. The program must provide that the first five-year review cycle required by that section begins on that date.

SECTION 3. This Act takes effect September 1, 2023

What didn’t change?

Duty to notify- Property owner must notify the chief appraiser in writing before May 1 of the year after his or her right to this exemption ends.
No requirement to refile annually- Property owner does not need to reapply annually, but must reapply if the chief appraiser requires additional information or reapplication.

What does that mean to me?

In an effort for CAD to verify applicable exemptions, homeowners may receive requests by the chief appraiser to reapply for the existing exemptions. Failure to not respond to these requests may result in a loss of all exemptions for the current calendar year and future years. Do not ignore requests from the CAD for reapplication or additional information.

What documentation may be required?

Along with a completed application. “Attach a copy of property owner’s driver’s license or state-issued personal identification certificate. The address listed on the driver’s license or state-issued personal identification certificate must correspond to the property address for which the exemption is requested. Property owners who reside in certain facilities or participate in a certain address confidentiality program may be exempt from this requirement. The chief appraiser may waive the requirements for certain active duty U.S. armed services members or their spouses or holders of certain driver’s licenses.”

Are you sure this isn’t fraud?

If you are concerned the request is fraudulent, please contact the CAD at the numbers below. Remember there is NO fee to apply for exemptions or reapply for exemptions.

For more information, check out our Texas Tax Exemptions flyer.

Republic Title Offers a Spring Market Outlook For North Texas Residential Real Estate

As the North Texas real estate market gears up for the spring season, there’s an air of optimism and anticipation. With several factors at play, this year’s spring market promises to be dynamic and promising for buyers and sellers alike.

This outlook is provided by Republic Title, an industry leader and title expert with over 30 years of experience in North Texas, who closely monitors market trends and provides valuable insights to stakeholders in the real estate industry.

1. Dallas-Fort Worth Ranks as The No. 2 Hottest Housing Market

According to the latest RE/MAX National Housing Report, the Dallas-Fort Worth Metroplex has secured its position as the No. 2 hottest housing market in the nation. This ranking underscores the region’s enduring appeal and resilience, positioning it as a top destination for homebuyers and investors alike. With demand remaining robust and inventory levels tight, the D-FW housing market is poised to continue its upward trajectory, offering promising opportunities for both buyers and sellers.

2. Anticipated Faster Recovery Than The National Average

Despite economic fluctuations, North Texas is expected to rebound faster than the national average. The region’s diverse economy, coupled with its strong job market and population growth, serves as a catalyst for recovery. As businesses expand and economic activity resumes, consumer confidence is expected to strengthen, further fueling housing market activity. This accelerated recovery trajectory bodes well for homeowners and prospective buyers, signaling a return to growth and prosperity in the North Texas real estate market.

Home prices are expected to rise during this year’s spring market.

3. Projected Rise in Home Prices

Home prices in North Texas are anticipated to continue their upward trajectory during the spring market. Limited inventory coupled with high demand exerts upward pressure on home prices, making it a seller’s market in many areas. Buyers should be prepared to act quickly and competitively to secure desirable properties, while sellers stand to benefit from favorable pricing dynamics. Despite affordability challenges, the prospect of lower mortgage rates in the near future may provide some relief for buyers.

4. All Eyes on The Federal Reserve

As the real estate market enters the spring season, all eyes are on the Federal Reserve and its monetary policy decisions. While most experts do not predict an immediate drop in mortgage rates, there is speculation about potential rate adjustments later in the year.

For those in the homebuying market, an option to consider is to proceed with a purchase now and explore the opportunity to refinance when rates are expected to decrease. This strategic approach allows buyers to take advantage of current market conditions while keeping future opportunities in mind.

According to statistics from the U.S. Burea of Labor Statistics, Dallas has the second fastest-growing job market in the country.

5. Dallas Boasts the Second Fastest-Growing Job Market

According to the U.S. Bureau of Labor Statistics, Dallas continues to solidify its reputation as a thriving economic hub, with the second fastest-growing job market in the country. The region’s diversified economy, business-friendly environment, and skilled workforce attract businesses and talent from across the nation.

As job opportunities abound and wages rise, North Texas remains an attractive destination for professionals and families seeking career advancement and economic prosperity. This robust job market not only drives housing demand but also fosters long-term stability and growth in the real estate sector.

6. Vigilance Against Wire Fraud Scams

Despite the positive outlook for the spring market, buyers, sellers, and real estate professionals must remain vigilant against wire fraud scams. With the increasing reliance on digital platforms for transactions, cybercriminals continue to target unsuspecting individuals in real estate transactions.

It’s essential for all parties involved to exercise caution, verify the authenticity of communication channels, and implement secure payment protocols to mitigate the risk of wire fraud. By staying informed and adopting best practices for cybersecurity, stakeholders can safeguard their interests and ensure a smooth and secure real estate transaction process.

In conclusion, the spring market outlook for residential real estate in North Texas is marked by optimism, resilience, and promising opportunities. With favorable market conditions, anticipated interest rate adjustments, and a robust job market, the stage is set for a vibrant and dynamic season ahead.

Ready to navigate the North Texas real estate landscape? Ask your real estate agent about Republic Title and let our experienced team guide you to your real estate goals!

Source: Candysdirt.com – Republic Title Offers a Spring Market Outlook For North Texas Residential Real Estate – CandysDirt.com

City-fast-Facts-Website-Thumbnail-Murphy

Spotlight on Murphy

Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.

Murphy, Texas, is a thriving suburb nestled in Collin County, just northeast of Dallas. Known for its tranquil neighborhoods and top-rated schools, Murphy offers residents a peaceful yet convenient lifestyle. With well-maintained parks, community events, and easy access to nearby shopping and dining options, Murphy is an ideal place for families and individuals seeking a close-knit community atmosphere.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

21K

AVERAGE HOUSEHOLD INCOME

$159K

MEDIAN AGE

39

HOUSING

90% OWN
10% RENT

AVERAGE SALES PRICE

$588K

AREA ACTIVITIES & FEATURES

• SACHSE HISTORICAL SOCIETY MUSEUM
• MUDDY CREEK NATURE RESERVE
• SACHSE PUBLIC LIBRARY
• JOE J. AND PATRICIA D. STONE PARK
• HAPIK DALLAS FIREWHEEL
• SALMON PARK

FAVORITE LOCAL DINING & DRINK SPOTS

• SACHSE ICE HOUSE • BOP JOA •FRANKIE’S MEXICAN
CUISINE • OSAKA HIBACHI SUSHI AND BAR • WOODBRIDGE
CAFÉ • THE BRASS TAP • PRIMO BROTHERS PIZZA •
• PHO STATION • DOUGH GOURMET PIZZA • THE FILLMORE
PUB • TAQUERIA GUANAJUATO • YE SHIRE TAVERN •
• MR. PIDE • PANDA CHEF • GYROS & KABOBS • THE TIPSY
CHICKEN • MANNY’S TEX-MEX • SACHSE NUTRITION •

FAVORITE LOCAL SHOPPING

• FIREWHEEL TOWN CENTER • LAVISH REALM • ALLEN
PREMIUM OUTLETS • AESTHETIC BOUTIQUE •

AVERAGE DRIVE TIMES

**Print Version

February 2024 DFW Real Estate Stats

February 2024 showed positive trends in terms of increased new listings, active listings, and a decrease in days on market across North Texas. However, closed sales varied, with some counties experiencing notable declines. Additionally, while the average sales price increased in most counties, Collin County stood out with a slight decline. These variations indicate a dynamic real estate market with differing trends across different counties in North Texas.

New Listings:
– Overall Trend: All counties experienced significant increases in new listings compared to February 2023, indicating a surge in properties entering the market.
– Notable Difference: Collin County saw the highest increase at 46.6%, while Denton County followed closely with a 38.6% increase.

Active Listings:
– Overall Trend: Active listings rose across all counties, suggesting growth in available inventory compared to February 2023.
– Notable Difference: Dallas County had the highest increase at 30.9%, while Denton County had a notable rise of 20.6%.

Days on Market:
– Overall Trend: Days on market decreased in most counties, indicating properties sold faster compared to February 2023.
– Notable Difference: Denton County experienced the most significant decrease at 12.7%, while Tarrant County saw a more modest decline of 1.9%. Rockwall County was an outlier with a 13% increase in days on market over February 2023.

Closed Sales:
– Overall Trend: Closed sales varied across counties, with some experiencing slight declines while others saw more significant decreases compared to February 2023.
– Notable Difference: Denton County had the highest decline at 11.8%, whereas Collin County saw a slight decrease of 2.9%. Rockwall County was an outlier with a 3.9% increase in closed sales over February 2023.

Average Sales Price:
– Overall Trend: The average sales price increased in most counties, indicating a positive trend in pricing compared to February 2023.
– Notable Difference: Collin County experienced a slight decline of 1.3% in average sales price, contrasting with the overall upward trend observed in other counties.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

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

DFW Area Spring Festivals & Events

Spring is a wonderful time to explore the Dallas-Fort Worth area and experience some of the exciting festivals and events that take place during this season! From cultural celebrations to food festivals, there’s something for everyone to enjoy. Check out some of our favorite Spring Festivals below or download our list of Spring Festivals and Events in the DFW Area Resources section on our website here: https://www.republictitle.com/dfw-area-resources/

How To Prepare Your Home For Spring

Happy first day of Spring! It’s time to get your home ready for the warmer weather! Get ahead of the game with our helpful tips for spring cleaning and maintenance. From deep cleaning your kitchen to exterior inspections, we have all the tips you need to make your home sparkle and shine.

INTERIOR

• Inspect and change out HVAC filters.
• Clean kitchen sink disposal.
• Clean range hood filters.
• Inspect your fire extinguisher(s).
• Get your air conditioning system ready for summer; empty drain pans, check hose connections for leaks.
• Consider getting an HVAC technician to service your system biannually. This will help it run optimally year-round.
• Inspect your attic crawl spaces. Look for signs of vermin infestation. Contact a pest control professional if any concerns arise.
• Run water and flush toilets in unused spaces.
• Check water softener and add salt if needed.
• Test your water heater’s pressure relief valve.
• Test smoke/carbon monoxide detectors and replace batteries if necessary.
• Spring cleaning! Now is the time to give your house a deep clean.

EXTERIOR

• Get your lawn ready for the warm temperatures. Clear your yard of any debris and aerate your lawn if needed (you might need a professional to do this.)
• Early spring is the best time to lay pre-emergent herbicide. This will prevent weeds from growing.
• Check exterior drainage & clean out gutters.
• Inspect the exterior of your home for soil erosion and add fill dirt/sod if needed.
• Inspect roof for damage, leaks and missing shingles.
• Inspect exterior walls including eaves for any cracks or holes where insects or critters could enter.
• Check seals around windows, caulk if necessary.
• Check for loose, warped or splintered boards on your deck/patio. Now is a good time to seal/stain if needed.
• If you stored your lawn furniture for the winter, bring it outdoors and give it a rinse or wash with a mild detergent.
• Go ahead and have a little fun! Plant seasonal flowers to add color to your landscape. Flowers that thrive in spring in North Texas are cosmos, marigolds, zinnias and pentas.

Print version

City-fast-Facts-Website-Thumbnail-Mesquite

Spotlight on Mesquite

Mesquite, Texas, is a bustling suburban city located east of Dallas. With a rich history rooted in its Western heritage, Mesquite offers a blend of modern amenities and small-town charm. The city boasts numerous parks, recreational facilities, and cultural attractions, making it a vibrant community with a strong sense of identity and community pride.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

148K

AVERAGE HOUSEHOLD INCOME

$58K

MEDIAN AGE

38

HOUSING

62% OWN
38% RENT

AVERAGE SALES PRICE