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.
Parker, Texas, is a quaint rural town located in Collin County, northeast of Dallas. Known for its peaceful countryside setting and spacious residential properties, Parker offers residents a serene retreat from the hustle and bustle of city life. With its picturesque landscapes, friendly community atmosphere, and top-rated schools, Parker is an ideal place for those seeking a tranquil and family-friendly environment.
POPULATION
5.8K
AVERAGE HOUSEHOLD INCOME
$229K
MEDIAN AGE
40
HOUSING
96% OWN 4% RENT
AVERAGE SALES PRICE
$1.3M
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
• DOWNTOWN DALLAS | 45 MINUTES • DALLAS LOVE FIELD AIRPORT | 42 MINUTES • DFW INTERNATIONAL AIRPORT | 37 MINUTES • AT&T STADIUM & GLOBE LIFE FIELD | 50 MINUTES • DOWNTOWN FORT WORTH | 65 MINUTES
Homestead exemptions are a form of property tax relief provided to homeowners who use their property as their primary residence.
In the ever-evolving landscape of property taxes, understanding the intricacies of exemptions can significantly impact homeowners. Recent changes to the Texas Constitution and the Tax Code have impacted homestead exemptions and how Central Appraisal Districts (CADs) handle those exemptions.
In this post, we will be discussing what homeowners need to know about Proposition 4, which increased the amount of the homestead exemption resulting in significant savings for Texas homeowners, and recent modifications to the Texas Tax Code requiring all CADs to verify a property owner’s eligibility to continue to receive their homestead exemption.
What is a Homestead Exemption?
Before diving into the changes, let’s clarify what homestead exemptions entail. Homestead exemptions are a form of property tax relief provided to homeowners who use their property as their primary residence, also known as their homestead. These exemptions reduce the taxable value of a property, resulting in lower property taxes for eligible homeowners.
Recent Changes in Texas Tax Code
In Texas, where property taxes are a significant revenue source for local governments, any amendments to the tax code draw attention. The recent changes to Section 11.43 of the Texas Tax Code require the CADs to put procedures in place to confirm, once every five years (at a minimum), that homeowners still qualify for their homestead exemption. It is important to note that this change may require homeowners to reapply for the homestead exemption or to provide documentation to continue to receive the benefits.
If a homeowner receives a letter from the CAD regarding the need to reapply for a homestead exemption, or to provide additional documentation, it is vital that the homeowner provided that information before the deadline stated in the letter. Failure to do so may trigger the loss of the exemption and any other related property tax exemptions resulting in a higher tax bill.
Proposition 4
Proposition 4 was a constitutional amendment overwhelmingly approved by Texas voters in November 2023 that increased the amount of the homestead exemption from $40,000 to $100,000. This means eligible homeowners can now enjoy greater reductions in their property tax burdens, providing welcome relief amidst rising property values and tax rates.
How to Apply For The Homestead Exemption
Understanding how to apply for a homestead exemption is crucial for Texas homeowners looking to benefit from property tax relief. While the process may vary slightly depending on the county, here are the general steps to follow:
Determine Eligibility: Ensure that you meet the eligibility criteria for homestead exemptions in Texas. Generally speaking, you must own and occupy the property as your primary residence on January 1st of the tax year in which you apply for the exemption. In some instances, it may be possible for a homeowner to apply for the homestead exemption immediately upon acquisition of the property. If you have questions about when you may submit your application for a homestead exemption, please contact your local CAD.
Gather Required Documentation: Collect the necessary documents required for the application process. This typically includes proof of ownership (deed or contract), proof of residency (driver’s license or voter registration listing the property address as your home address), and any additional documents requested by your local CAD.
Complete the Application Form: Obtain the homestead exemption application form from your county’s appraisal district or download it from their website. Fill out the form accurately and completely, providing all requested information. For a list of North Texas CADs, visit Republic Title’s blog.
Submit the Application: Once you’ve completed the application form and gathered all necessary documentation, submit them to your county’s appraisal district by the CAD’s specified deadline. Most counties allow you to submit the application by mail, in person, or online, but those options may differ by county.
Follow Up: After submitting your application, follow up with the CAD to ensure that they have received it and that there are no additional requirements or steps needed to process your application.
Monitor Your Property Tax Bill: Once your homestead exemption application is approved, you should see the reduced exemption amount reflected on your next property tax bill. Monitor your tax bill to confirm that the exemption has been applied correctly.
The standard homestead exemption is just one of many exemptions in Texas. Other exemptions include the Disabled Veteran Exemption, Over 65 Exemption, Agricultural Exemption, and Disabled Individual Exemption. For more information on these exemptions, visit Republic Title’s website.
By staying informed about the homestead exemption application process in your county, you can take advantage of the property tax relief available to Texas homeowners and maximize your savings. If you have any questions or need assistance with the application process, don’t hesitate to reach out to your county’s appraisal district or consult with a tax professional for guidance tailored to your specific circumstances.
Additionally, when navigating real estate transactions in North Texas, partnering with a trusted title company such as Republic Title can streamline the process and provide assurance. With our extensive experience and expertise in handling real estate transactions, Republic Title is the preferred title partner for North Texas real estate transactions. Our dedicated team is committed to delivering exceptional service and ensuring smooth and successful closings for our clients.
In March, there’s significant news across all reported counties: new and active listings have surged, particularly notable spikes seen in Collin and Denton counties. Despite this uptick in listing activity, inventory remains tight, with less than three months’ worth available.
Closed sales in Collin, Dallas, Denton, Rockwall, and Tarrant counties have seen an almost 10% increase each, except for Rockwall County, where there’s a notable decline of nearly 40% compared to the previous year. Additionally, noteworthy is the decrease in days on market across all counties except Dallas, where it has risen by almost 5% compared to last year.
Given the inventory challenges, it’s unsurprising that average sales prices have edged up slightly from the previous year, with increases of less than 5% across most counties. However, Dallas County stands out with a significant 14.9% jump in average sales price compared to 2023.
Even still, the spring and summer market is upon us and given that the DFW Metroplex is in the top 10 of people moving here, so it promises to be a busy selling season!
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.
Housing sales rebounded from last month’s drop despite mortgage rates remaining at elevated levels. The average home price grew alongside sales, with the cost rising over $9,000 since December 2023. Single-family starts decreased while permits increased.
Home Sales Skyrocket
According to the latest data, Texas had a 14.6 percent increase in total home sales month over month (MOM), resulting in 29,209 homes sold (Table 1). Notably, all major cities in Texas experienced an upswing in housing sales compared to fourth quarter 2023. The most significant increase was in Houston (37.3 percent) with a remarkable surge of over 2,000 additional sales compared to December. The rest of the Big Four experienced strong monthly gains of over 10 percent.
The state’s average days on market remained unchanged with both Dallas and Houston hovering at 50 days for the second consecutive month. Both Austin (74 days) and San Antonio (64 days) recorded decreases, falling by four and three days, respectively.
Statewide active listings rose slightly to 105,475. For the second straight month, San Antonio (12,542) was the only one of the Big Four to post a monthly increase at 2.4 percent. Austin had the largest drop in active listings with a 2.4 percent loss to 8,109. Dallas (22,008) and Houston (24,699) had reductions of less than half a percent.
The state’s new listings rose to 43,817 in January. All four major metros posted monthly increases with San Antonio leading the way at 14 percent. Houston also had a strong increase of 9 percent. Amid the rise in active listings, the months of inventory (MOI) increased to 3.7. Dallas fell from 3.1 to 2.7 since November.by 0.5 percent in January.
Mortgage Rates Remain Below Peak Values
Treasury and mortgage rates remain below their elevated 2023 levels as the ten-year U.S. Treasury Bondyield rose four basis points to 4.06 percent. However, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose 18 basis points to 6.64 percent.
Permits Rise, Starts Unchanged
Texas’ single-family construction permits increased 1.8 percent MOM to 12,723 issuances. Dallas continued its fall from last month, dropping 2.6 percent to 3,415 starts while Houston experienced a minor fluctuation of less than 1 percent. Austin and San Antonio reported strong increases of 7.9 and 14.3 percent, respectively.
Construction starts fell alongside permits, according to data from Dodge Construction Network. Single-family starts decreased 1 percent MOM to 11,908 units. Austin reported the only monthly increase among the Big Four, rising just shy of 2 percent. Houston (1.3 percent) and San Antonio (0.5 percent) moderated. Dallas starts plummeted in January, falling 22.1 percent to 2,537 starts.
The state’s total single-family starts value climbed from $2 billion in January 2023 to $2.7 billion in January 2024. Houston accounted for a third of the state’s total starts value. Starts activity is up from last year as Austin and San Antonio posted moderate increases.
Home Price Changes Mixed after Last Month’s Plunge
The state’s median home price rose 2.8 percent, reaching $341,840 (Figure 1). Among the major metropolitan areas, Houston and Dallas recorded the only increases, with 3.3 percent and 1 percent, respectively. Conversely, San Antonio saw home prices decline by 4.3 percent, which was the lowest among the Big Four. Notably, Austin had previously experienced the most significant price surge of 4.2 percent, but median prices decreased by 0.5 percent in January.
The majority of sales fall into the $200,000-$300,000 and $300,000-$400,000 price range cohorts, accounting for 27 and 25 percent of total home sales, respectively.
The Texas Repeat Sales Home Price Index (Jan 2004=100) grew 0.3 percent MOM and remains 2.6 percent higher year over year. Austin’s annual appreciation remains well below the states average, falling to 3.2 percent.
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.
North Richland Hills, Texas, is a vibrant suburban city situated in the heart of the Dallas-Fort Worth metroplex. Boasting a strong sense of community and an abundance of parks and recreational facilities, North Richland Hills offers residents a high quality of life. With its diverse neighborhoods, excellent schools, and thriving economy, the city provides a welcoming environment for families and individuals alike.
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
70K
AVERAGE HOUSEHOLD INCOME
$101K
MEDIAN AGE
39
HOUSING
65% OWN 35% RENT
AVERAGE SALES PRICE
$358K
AREA ACTIVITIES & FEATURES
• NRH2O FAMILY WATER PARK • NYTEX SPORTS CENTER • COMMON GROUND COMMUNITY GARDEN • ADVENTURE WORLD PLAYGROUND • IRON HORSE GOLF COURSE • THE MAKER SPOT | COMMUNITY WORKS • WALKER’S CREEK SOFTBALL COMPLEX • ARTISAN CENTER THEATRE • LINDA SPURLOCK PARK
FAVORITE LOCAL DINING & DRINK SPOTS
• BOULEVARD CAFE • BAJA CANTINA • ENCHILADAS OLE • RED HOT & BLUE • MARISCOS EL MALECON • TOKYO SUSHI • V’S HOUSE • MI PUEBLO • SUNNY STREET CAFE • • SWEETIE PIE’S RIBEYES • THE CORNER CAFE • ZUROMA BAR & GRILL • BACK FORTY SMOKEHOUSE • BOSSES PIZZA • BRUTAL BEERWORKS • FALSE IDOL BREWING • • HANGRY JOE’S HOT CHICKEN • OCHA THAI CUSINE • • THE PATRIOTIC PIG • WHAT’S ON TAP • YUM YUM KABOB • SPICY ZEST CAFE & BOBA • THIRSTY TURTLE •
FAVORITE LOCAL SHOPPING
• THE SHOPPES AT CROWN POINT • PAINTED TREE BOUTIQUES • RICHLAND COMMONS • THE SHOPS AT NORTHEAST MALL • SHABBY CHIC BOUTIQUE •
AVERAGE DRIVE TIMES
• DOWNTOWN DALLAS | 50 MINUTES • DALLAS LOVE FIELD AIRPORT | 40 MINUTES • DFW INTERNATIONAL AIRPORT | 20 MINUTES • AT&T STADIUM & GLOBE LIFE FIELD | 30 MINUTES • DOWNTOWN FORT WORTH | 22 MINUTES
When navigating the world of insurance, it’s important to know the difference between title insurance and homeowners insurance.
As a crucial aspect of homeownership, insurance plays a pivotal role in safeguarding your investment and providing peace of mind. For many homeowners, understanding the nuances between various insurance types can be daunting. At Republic Title, we frequently receive inquiries about the distinctions between title insurance and homeowners insurance. In this article, we’ll delve into the differences between these two essential forms of insurance and why they’re both vital for protecting your interests as a homeowner.
Title Insurance
Title insurance protects the homeowner and lenders against financial loss arising from defects in the property’s title or ownership rights. These defects could include undisclosed liens, encumbrances, errors in public records, or even fraudulent claims to the property. Unlike other forms of insurance that protect against future events, title insurance insures against events that occurred or liens that were filed before the date of the policy.
Before a title commitment and policy can be issued a title company searches the property records to uncover any existing issues with the title, but even the most thorough title search may fail to uncover certain hidden defects. Title insurance provides a safeguard against these unforeseen issues.
There are two types of title insurance policies: Owner’s Policies and Loan Policies. An Owner’s Policy protects the homeowner’s ownership rights and remains in effect for as long as the homeowner or their heirs maintain an interest in the property. A Loan Policy ensures that the lender (if there is one) has a valid lien on the property and protects the lender’s interests in the property for as long as the lender’s mortgage is outstanding.
Title insurance premiums, which are regulated and set by the Texas Department of Insurance, are a one-time fee typically paid at the time of closing. In the event of a covered title defect, the title insurance policy will provide financial protection that includes, but is not limited to legal fees, settlement costs, and any loss in property value.
Before a home purchase can get the clear to close, it must make it through many hurdles. Republic Title has skilled staff available every step of the way.
Homeowners Insurance
Homeowners insurance, on the other hand, is a type of property insurance that provides financial protection against damage to the home and its contents, as well as liability for injuries or property damage caused by the homeowner or their family members. Unlike title insurance, which focuses on the property’s title, homeowners insurance primarily covers physical damage and liability risks associated with homeownership.
Homeowners insurance policies typically provide coverage for a wide range of perils, including fire, theft, vandalism, windstorm, hail, and water damage (excluding floods and earthquakes, which usually require separate coverage). In addition to damage to the physical structure of the home, homeowners insurance may also cover personal belongings such as furniture, clothing, and electronics.
In the event of a covered loss, homeowners insurance will reimburse the homeowner for repair or replacement costs, up to the policy’s coverage limits. Most homeowners insurance policies also include liability coverage, which protects the homeowner against lawsuits arising from bodily injury or property damage suffered by others while on the insured property.
Homeowners insurance premiums are typically paid on an annual basis. The cost of homeowners insurance will vary between insurance companies and due to factors such as the home’s location, construction materials, and the homeowner’s claims history. To ensure adequate coverage, homeowners should regularly review their insurance policies and adjust their coverage limits as needed to account for changes in property value or personal belongings.
Key Differences:
Coverage Focus: Title insurance focuses on protecting against defects in the property’s title, while homeowners insurance primarily covers physical damage to the home and personal belongings, as well as liability risks.
Nature of Risks: Title insurance protects against past events or defects in the title, while homeowners insurance protects against future events such as fire, theft, or liability claims.
Payment Structure: Title insurance premiums are typically paid as a one-time fee at the time of closing, whereas homeowners insurance premiums are paid annually or in installments.
Duration of Coverage: Title insurance remains in effect for as long as the homeowner or their heirs maintain an interest in the property, while homeowners insurance policies are typically renewed annually.
Coverage Limits: Title insurance coverage is based on the property’s purchase price, while homeowners insurance coverage limits can be adjusted to reflect changes in property value or personal belongings.
In conclusion, while both title insurance and homeowners insurance are essential for protecting homeowners’ interests, they serve different purposes and cover different aspects of homeownership. By understanding the differences between these two types of insurance, homeowners can ensure comprehensive coverage for their property investments.
Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in March for classes including:
Advanced zipForm® Tips and Tools Would you like to maximize efficiency within your zipForm® transaction? Join us to learn all of the newest tips and tools to elevate your transactions and streamline workflows. Advanced technology meets practical simplicity in this advanced demonstration. April 2nd 10:00 am – 11:00 am Zoom
TREC Legal Update II Material mandated by TREC: Legal Update II covers a host of topics that TREC has deemed critical for all licensees to be familiar with, including fiduciary and ethical duties of the agent, guidance on dealing with water and mineral rights, and important updates to tax laws and rules. April 3rd 10:00 am – 2:00 pm The Lakes at Castle Hills
What To Expect From A Home Inspection 1. What an inspector does and does not inspect 2. Common defects or safety issues found in the home 3. How to prepare your clients for the home inspection 4. Limitations for a home inspection 5. Optional services that are offered April 4th 10:00 am – 11:00 am Republic Title North Dallas Office
TREC Legal Update II Material mandated by TREC: Legal Update II covers a host of topics that TREC has deemed critical for all licensees to be familiar with, including fiduciary and ethical duties of the agent, guidance on dealing with water and mineral rights, and important updates to tax laws and rules. April 9th 10:00 am – 2:00 pm Republic Title Uptown Office
Instagram Reels for Real Estate Agents If you’re looking to connect with more buyers and sellers while growing your brand, then Instagram Reels could be for you. Reels is a powerful way to cast a larger net to grow your followers and to showcase your listings to a wider audience. In this course you will learn the quick and easy steps to create a reel and given examples of content ideas so you can get started today. April 9th 10:00 am – 11:00 am Republic Title Preston Legacy
Survey Issues Join us for this class intended to help licensees understand surveys and the applicable paragraphs in the TREC 1-4 Family Residential Contract and prepare them for any potential survey issues that may arise. April 10th 12:00 pm – 1:00 pm 622 Carroll Drive, Garland 75041
Maximize Productivity with ChatGPT: A Real Estate Agent’s Guide Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more. April 10th 1:00 pm – 2:00 pm Republic Title Southlake Office
Escape Hatches for Buyers APPROVED TREC CONTRACT COURSE In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract. April 11th 10:00 am – 11:00 am Zoom
DFW Stats and Trends at your Fingertips Successful agents know their local markets. Whether used in a casual meeting, a listing presentation or on social media, knowing how to produce market reports is essential. Join us to learn how to generate current and relevant monthly/annual stats using all the tools available to you through NTREIS. April 16th 10:00 am – 11:00 am Zoom
Top Ten Contract Addenda APPROVED TREC CONTRACT COURSE. Join us to review 10 of the most commonly utilized TREC contract addenda including Third Party Financing Addendum, Addendum for Backup Contract and more. April 17th 12:00 pm – 1:00 pm Republic Title Frisco Office
Survey Issues Join us for this class intended to help licensees understand surveys and the applicable paragraphs in the TREC 1-4 Family Residential Contract and prepare them for any potential survey issues that may arise. April 23rd 10:00 am – 11:00 am Republic Title Preston Legacy Office
Death, Divorce & Real Estate Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate. April 24th 10:00 am – 11:00 am Zoom
What to Expect from a Home Inspection 1. What an inspector does and does not inspect 2. Common defects or safety issues found in the home 3. How to prepare your clients for the home inspection 4. Limitations for a home inspection 5. Optional services that are offered April 24th 11:00 am – 12:00 pm Republic Title Lakewood Office
New Forms Editor-zipForm® The new forms editor in zipForm® introduces several intelligent and intuitive features, giving agents and brokers everything they need to prepare and send forms faster than ever. With a new and improved workspace, you can autofill forms, fill out multiple forms at once, mark up documents, add personalized clauses and quickly add signers and property information. April 24th 11:00 am – 12:00 pm Republic Title Southlake Office
Hit the Road with MLS Touch App Deals are made on the road. MLS Touch is the most advanced Mobile MLS app for agents! Come to this class to learn how to use this tool like a pro from the first time you log in. Seamless integration with Matrix, OneHome Portal, Realist Tax and more. Set up your own branded app to share with clients and on social media. April 25th 10:00 am – 11:00 am Zoom
