Texas-Housing-Insight-March-2024

Texas Housing Insight March 2024 Summary

Seasonally adjusted housing sales fell in March following February’s growth. Despite the drop, three months into the year cumulative sales are at the same level as last year. Home prices on the other hand remained the same at $340,000 for the second month in a row.

Texas Housing Insight is a summary of important economic indicators that help discern trends in the Texas housing markets. All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise.Data current as of March 22, 2024.

Seasonally adjusted housing sales fell in March following February’s growth. Despite the drop, three months into the year cumulative sales are at the same level as last year. Home prices, on the other hand, remained the same at $340,000 for the second month in a row.

Home Sales Retreat from February’s Gains

Texas witnessed a 7.1 percent decrease in total seasonally adjusted home sales month over month (MOM), resulting in 27,595 homes sold (Table 1). Although most major cities experienced an upward trend in February, there was a slight downturn across the board in March. Notably, San Antonio saw the most significant decline at 9.2 percent, representing a decrease of over 296 sales compared to February. Conversely, Dallas-Fort Worth had the smallest decline, with only 259 fewer sales (a 3.2 percent decrease).

After a consistent increase in new listings from December to February, Texas experienced a slight dip, declining from 45,696 to 45,448 listings (0.5 percent). Among the major cities, only San Antonio defied the trend, maintaining stable new listings. However, both Dallas and Houston saw significant drops. Dallas witnessed a reduction of 2,399 listings (17.2 percent), while Houston experienced a decrease of 1,394 listings (9.8 percent).

The state’s average days on the market (DOM) decreased by one day from 57 to 56. Austin fell by almost ten days while Dallas fell by a mere two days. There weren’t any notable changes in Houston and San Antonio. Statewide inventory increased from 3.9 to 4.1 months.

The number of active listings went up from 101,933 to 106,269 (4.2 percent) despite the slight decline in new listings. One explanation for the increase could be the sudden decrease in pending listings, which fell 6.2 percent. The Big Four experienced an upward trend in active listings with an addition of 334 for Austin (3.6 percent). Both Dallas and Houston experienced a similar increased trend in active listings by 2.2 percent with an addition of 524 and 570, respectively. San Antonio experienced a modest increase of 226 (1.8 percent).

Interest Rates on the Rise

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bondyield stayed at 4.21 for the second consecutive month. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose by 4 basis points to 6.82 percent.

Single-Family Starts Stabilizing in March

Texas’ number of single-family construction permits increased by 2.6 percent MOM, reaching 14,013 issuances. In Houston, there was a significant decline of 24.1 percent compared to the previous month. In contrast, Austin and San Antonio saw more modest increases, with 2.1 percent and 5.5 percent, respectively. Dallas permits decreased by 5.2 percent.

Construction starts rose alongside permits, according to data from Dodge Construction Network. Single-family starts rose by 2.6 percent MOM to 16,104 units. Houston had been experiencing an almost vertical increase from 56.8 in February, which is slowly reducing. It currently stands at 9.6 percent in March. San Antonio had a modest increase of 2.9 percent, and Austin rose by 15.8 percent. Dallas had surprisingly no change after the previous month’s 42 percent increase.

The state’s total value of single-family starts climbed from $6.55 billion in March 2023 to $9.51 billion in March 2024. Houston accounted for 36.6 percent of the state’s total starts value. Starts value activity is up from last year as Austin and San Antonio also posted moderate increases.

Home Prices Decline

Texas’ median home price remained stable at approximately $340,000 compared to the previous month (Table 2). However, across most major metropolitan areas, home prices saw a decline. Notably, San Antonio experienced an increase of 4.2 percent, while Austin had the highest decline among the four major cities at 5.2 percent. Dallas saw a minor decrease of 0.3 percent, while Houston declined by 1.7 percent.

The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.6 percent MOM and 2.8 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 0.7 percent YOY.

Source: Texas Housing Insight | Texas Real Estate Research Center (tamu.edu)

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April 2024 DFW Real Estate Stats

In April 2024, real estate activity across North Texas showed distinct trends, both in similarities and differences.

New listings surged in each county, with Collin County experiencing an impressive 43% increase, followed closely by Denton County at 27%, Dallas County at 24%, Tarrant County at 22%, and Rockwall County at 2.8%.

While Collin County saw a notable 11% decrease in average days on market, Denton County experienced the most significant decline at 15%. Conversely, Dallas County witnessed a slight 8.3% increase, while Tarrant County remained stable.

Active listings soared across the board, ranging from a 22% to 44% increase. While we are still not in a balanced market, this higher inventory will help prospective buyers.

Dallas County boasted the highest average sales price at $569,264, marking a notable 10% increase, while Tarrant County saw a more moderate 4% rise, reaching $444,968.

In summary, the real estate scene in North Texas reflects the region’s rapid population growth. Recent data shows that Dallas-Fort Worth and Collin County have experienced significant increases in population, highlighting the dynamic nature of the market. Despite differences between counties, such as varied trends in listings and prices, the overall picture is one of resilience and evolution. Staying informed is key for navigating this ever-changing landscape effectively.

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.

prosper

Spotlight on Prosper

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.

Prosper is a rapidly growing town located north of Dallas-Fort Worth. Known for its spacious residential communities and strong sense of community, Prosper offers a peaceful and family-friendly environment. The town’s commitment to maintaining a small-town atmosphere is evident through its well-kept parks, top-rated schools, and local events, making Prosper an ideal place for those seeking a close-knit community with a focus on quality of life.

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

34K

AVERAGE HOUSEHOLD INCOME

$154K

MEDIAN AGE

36

HOUSING

89% OWN
11% RENT

AVERAGE SALES PRICE

$905K

AREA ACTIVITIES & FEATURES

• HISTORIC DOWNTOWN PROSPER
• FRONTIER PARK
• LAKEWOOD PRESERVE PARK
• GENTLE CREEK GOLF & COUNTRY CLUB
• TOWN LAKE PARK
• THE GATES AT PROSPER | SHOPPING & DINNING
• THE SHOPS AT PROSPER TRAIL | SHOPPING & DINNING

FAVORITE LOCAL DINING & DRINK SPOTS

• THE GIN
• HONEYLU’S COFFEE
• GLORIA’S
• FIRST WATCH
• SHAKERTINS
• CAUDALIE CREST WINERY
• EDEN HILL WINERY & VINEYARD

FAVORITE LOCAL SHOPPING

• THE GATES OF PROSPER
• BLACK WILLOW BOUTIQUE
• LILY CLAIRE
• DAWSON & CLAIRE
• BUFF CITY SOAP

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 60 MINUTES
• DALLAS LOVE FIELD AIRPORT | 60 MINUTES
• DFW INTERNATIONAL AIRPORT | 35 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 60 MINUTES
• DOWNTOWN FORT WORTH | 75 MINUTES

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Sold house sign in Midwest suburban setting. Focus on sign.

Republic Title Explores The Top Reasons People Are Moving in 2024

Moving is a big deal, right? But in this age, it’s not just about throwing stuff in boxes and hitting the road. There are all sorts of reasons people are moving in 2024. According to data from the U.S. Census Bureau, the net migration for the 13-county Dallas-Fort Worth metropolitan area from July 2022 to July 2023 (the latest data available at this time) was 101,419 people, which equates to 278 more people in D-FW per day via migration, and that doesn’t even include those people who already live in the area and are looking to relocate.

If you, or someone you know, is planning a move this year, ask your real estate agent about partnering with Republic Title, the North Texas title insurance market leader, and how we can help get your deal done smoothly so you can begin enjoying your new home!  

Alright, let’s dive into the reasons people are moving in 2024:

1. Family Ties

You can’t beat family, can you? Sometimes, being close to the people you love most means moving to be nearer to them. Whether it’s for Sunday dinners or helping out with the grandkids, family is a big reason why people pack up and head to new places.

According to the National Association of Realtors, which surveys homebuyers and sellers as part of their annual Generational Trends Report, the desire to be closer to family/friends/relatives was at the top of the list of primary reasons for purchasing a home, especially for those in the Baby Boomer generation and Silent Generation. 

2. Need For a Bigger Space

Ever feel like your walls are closing in? Growing families, work-from-home setups, or just wanting more elbow room can all make you crave a bigger space. Sometimes, you’ve just got to spread out a bit!

3. Desire For a Vacation Home

Picture this: your own little slice of paradise where you can kick back, relax, and soak up the sun whenever you please. Sounds dreamy, right? That’s why some folks are scooping up vacation homes – for getaways and maybe a little rental income on the side.

4. Lots of Equity; Lots of Choice

If your home’s value has shot up, you might find yourself sitting on a pile of equity. That means you’ve got options – whether it’s upgrading to your dream home or exploring new neighborhoods, the world (or at least the housing market) is your oyster!

5. Upgrade The Neighborhood

Sometimes, you just want a change of scenery. Maybe you’re eyeing a neighborhood with better schools, a better dining scene, or just a friendlier vibe. Whatever your reasons, upgrading your neighborhood can be a game-changer.

6. Time to Downsize

Who needs all that extra space, anyway? Downsizing can be liberating – less stuff to take care of, lower bills, and maybe even a little extra cash in your pocket. Sometimes, less really is more.

7. Out-of-Area Relocation

New job? New school? New adventure? Sometimes, life takes you places you never expected. According to U-Haul’s Top Growth States Report, Texas ranked the No. 1 state for newcomers in 2023.  Whether it’s across the country or just a few towns over, moving to a whole new area can open up a world of possibilities.

8. Change of Work/Change of Life

Thanks to remote work, you’re not tied down to one place anymore. According to a Pew Research Center survey, about a third (35 percent) of workers with jobs that can be done remotely are working from home all of the time, which opens up options and is a big one of the reasons people are moving in 2024. 


So there you have it – the top reasons people are making moves in 2024. Whether you’re relocating for family, space, or a fresh start, Republic Title is the smart choice to partner with in the closing of your home.

Make sure to check out Republic Title’s website where we have curated a list of over 40 local community Fast Facts to help familiarize you with all that North Texas has to offer!

Source: Republic Title Explores The Top Reasons People Are Moving in 2024 – CandysDirt.com

 
City-fast-Facts-Website-Thumbnail-Preston-Hollow

Spotlight on Preston Hollow

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.

Preston Hollow is an affluent neighborhood nestled within the city of Dallas. Renowned for its opulent estates, lush greenery, and exclusive atmosphere, Preston Hollow exudes elegance and prestige. Home to influential residents and notable landmarks, this upscale enclave offers a luxurious residential experience coupled with convenient access to high-end shopping, dining, and cultural amenities.

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

43K

AVERAGE HOUSEHOLD INCOME

$147K

MEDIAN AGE

37

HOUSING

38% OWN
62% RENT

AVERAGE SALES PRICE

$583K

AREA ACTIVITIES & FEATURES

• PIN STACK
• KALITA HUMPHREYS THEATER
• DALLAS MUSEUM OF ART
• CARPENTER PARK
• DALLAS ZOO
• DAISHA BOARD ART GALLERY
• NORTHAVEN TRAIL
• TWO BIT CIRCUS
• TOPGOLF
• FRONTIERS OF FLIGHT MUSEUM
• GEORGE W. BUSH PRESIDENTIAL LIBRARY AND MUSEUM

FAVORITE LOCAL DINING & DRINK SPOTS

• MONTLAKE CUT • NEIGHBORHOOD SERVICES • TJ’S
SEAFOOD MARKET & GRILL • MALAI KITCHEN • R+D
KITCHEN • HILLSTONE • IL BRACCO • REX’S SEAFOOD &
MARKET • MUCHACHO • SEVY’S GRILL • STIR CAFÉ • PHO
ENVY • SOUTHPAWS GRILL • STIR CAFÉ • HUDSON HOUSE •
• ESCONDIDO • FISH CITY GRILL • BOBBIE’S AIRWAY GRILL •
• D.L MACKS • ELECTRIC SHUFFLE • TACO JOINT • TRUE
FOOD KITCHEN • GREEK ISLES GRILL • PRINCI ITALIA •
• YOLK • GAZEEBO BURGER • HOWARD WANG’S • RUSTICO
WOOD FIRED GRILL & WINE BAR • MENDOCINO FARMS •

FAVORITE LOCAL SHOPPING

• NORTHPARK CENTER • THE PLAZA AT PRESTON CENTER •
• SOFIE GREY BOUTIQUE • MEL CREWS • CARLISLE
ETCETERA • TOOTSIES • DOUBLE R BRAND • MARTINENGO
CARLA • ROAM FINE GOODS • LILY RAIN • NARDOS DESIGN
• BETTY REITER INC • SWOOZIE’S • EVEREVE • TYLER’S •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 15 MINUTES
• DALLAS LOVE FIELD AIRPORT | 11 MINUTES
• DFW INTERNATIONAL AIRPORT | 25 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 35 MINUTES
• DOWNTOWN FORT WORTH | 45 MINUTES

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Property-Tax-Protest

How to Protest Your Property Taxes (and Win)

The property tax protest deadlines are fast-approaching, so if you find yourself in need of help or don’t know where to start in protesting, look no further! Last week Republic Title sponsored a webinar with Candysdirt.com and PropertyTax.io on How to Protest Your Property Taxes (and Win) to help provide valuable information on protesting property tax appraisals. During this hourlong event, over 350 participants learned the basics of property tax appeals and had the opportunity to ask a property tax protest expert questions. If you missed the webinar, you can view the full recording below and read answers to the most-asked questions and biggest takeaways from the event.

Hosted by property tax expert Glenn Goodrich of PropertyTax.io and CandysDirt.com founder and publisher Candy Evans, the wide-ranging discussion focused mostly on how recent property tax reform will impact the property tax protest process.

Top Tips and Q&A from the Webinar:

Q: How do you request the 14-day evidence report?
A: You must provide the appraisal district written notice at least 14 days prior to your scheduled Appraisal Review Board hearing date. I recommend sending in a certified letter right after you file a protest. In the letter simply identify your property and state that you are requesting the evidence the appraisal district will use in the hearing.

Q: Does the circuit-breaker cap apply with investment properties?
A: Yes, the circuit-breaker applies to all non-homestead real estate valued at $5 million or less. This includes investment properties, second homes (i.e. lake houses), and all types of commercial properties such as retail strip centers, office buildings, and industrial facilities.  

Q: How does the appraisal district determine the value of recently purchased properties?
A: Texas is a non-disclosure state, which means an owner is not obligated to share their purchase price with the government. Many appraisals district do have access to sales information for internal purposes though through an arrangement with the MLS providers. Sometimes appraisal districts rely on their party data sources that provide them sales information. 

Q: What is the best way to get comps?
A: If you have not hired a property tax firm and want to handle the protest yourself, it’s probably best to contact a Realtor to provide you with a Comparative Market Analysis (CMA). A CMA is just a starting place though, be sure and pick the properties you think are the most similar and account for differences such as pools, living size, interior finish out, lot (interior vs. creek or backing to traffic), garage spaces, etc.

Q: What evidence works best in a protest?
A: As an agent, most of my cases are won using the “Sales Comparison Approach” where we discuss the best recent sales and how they compare to my client’s property. There is more wiggle room in this argument than most people realize. Besides using sales, photos, and estimates of legitimate issues that have a serious impact on your value (over $10,000) works well. Avoid showing normal wear and tear issues … that backfires and hurts your case for a reduction. 

Q: Can land value be protested?
A: In a protest, you can only protest the “Total Market Value” which includes both the land value and improvement value. In a vast majority of cases, you cannot parse out land value. You must prove the total value is too high. It is possible to be high on the land, low on the improvement, but overall correct on the total value. Stick to recent sales, photos, and estimates (see my answer above).  

Q: How do you confirm that your homestead exemption is valid?
A: You can verify your homestead is still on record by checking the appraisal district’s website. There is a section that discusses exemptions, and your homestead exemption should be displayed there. Your homestead exemption should be valid as long as your current driver’s license address still matches your site’s address and you are not claiming a homestead exemption on another property. 

Source: Top Tips From Our Property Tax Protest Webinar Featuring Glenn Goodrich of PropertyTax.io – CandysDirt.com

Class-Calendar-Blog-Header

May Class Calendar

Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in May for classes including:

Escape Hatches for Buyers
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.
May 8th
12:00 pm – 1:00 pm
Republic Title Frisco Office

Pricing Properties using RPR® CMA
RPR®’s CMA offers REALTORS® a distinct advantage in the marketplace. Join us to learn RPR®’s RVM (REALTOR® Valuation Model) and Refined Value section, along with how to make adjustments on the value of the home based on improvements, local market conditions, interior and exterior conditions, and so much more.
May 9th
10:00 am – 11:00 am
Zoom

Dodging Contract Danger Zones
This class focuses on specific sections within the TREC 1-4 Family Contract and other related contract forms that licensees should have a clear understanding of in order to steer clear of potential challenges.
May 9th
10:00 am – 11:00 am
Republic Title North Dallas

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.
May 13th
10:00 am – 11:00 am
Republic Title North Dallas

Traps and Pitfalls for Licensees
This class draws attention to the issues most likely to cause problems for licensees in a real estate transaction including real estate fraud, missing effective date in the contract, ‘practicing law’ and more.
May 15th
10:00 am – 11:00 am
Zoom

Backup, Contingent & Multiple Offers
This class will prepare licensees to handle the unique aspects of backup, contingent and multiple offer transactions by reviewing pertinent TREC addenda along with critical dates and deadlines.
May 16th
10:00 am – 11:00 am
Zoom

Incredible Canva Tips and Tricks
Boost your listings and properties easily and efficiently using Canva’s beautiful real estate templates. Join us to learn new tips and tricks to make designing even easier and make marketing one of your new favorite tasks!
May 16th
12:00 pm – 1:00 pm
121 Shoreview Drive, Rhome 76078

Capture More Clients
Agents will be shown the various tools and landing pages available in the NTREIS MLS system that could be used to attract more business and help generate leads from buyers and sellers.
May 21st
10:00 am – 11:00 am
Zoom

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.
May 22nd
12:00 pm – 1:00 pm
Republic Title Southlake Office

Death, Divorce & Real Estate
Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate.
May 23rd
10:00 am – 11:00 am
Republic Title Plano Allen

Residential Education | REPUBLIC TITLE

City-fast-Facts-Website-Thumbnail-Parker

Spotlight on Parker

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.

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

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

**Print Version

Couple standing in front of their new home. They are both wearing casual clothes and embracing. Rear view from behind them. The house is contemporary with a brick facade, driveway, balcony and a green lawn. The front door is also visible. Copy space

Republic Title Answers Your Questions on Recent Changes to Homestead Exemptions 

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:

  1. 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.
  2. 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.
  3. 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
  4. 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.
  5. 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.
  6. 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.

Source: Republic Title Answers Your Questions on Recent Changes to Homestead Exemptions  – CandysDirt.com

 
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March 2024 DFW Real Estate Stats

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.

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.