Fireworks-2022-IG

Where To See DFW Area Fireworks

It’s almost 4th of July and that means it’s time for Fireworks! Check out our list of some of the biggest fireworks displays around DFW starting this weekend.

Addison
Kaboom Town
Festivities + Fireworks
July 3rd – 5:00 PM – 11:00 PM
Addison Circle Park

Allen
USA Celebration
Live Music + Fireworks
June 26th – 2:30 PM – 10:00PM
Celebration Park

The Colony
Liberty by the Lake
Food, Music + Fireworks
July 2nd – 6:00 PM – 11:00 PM
Five Star Complex

Dallas 
Fair Park Fourth
Festivities + Fireworks
July 4th – 4:30 PM – 9:30 PM
Fair Park

Denton
4th of July Celebration
Live Music + Fireworks
July 3rd – 7:00 PM – 10:00 PM
Apogee Stadium

Frisco
Frisco Freedom Fest
Festivities + Fireworks
July 4th – 3:00 PM – 10:00 PM
Frisco Square – Simpson Plaza

Grapevine
Annual July 4th Extravaganza
July 4th – 9:30 PM
Fireworks can be seen
around Lake Grapevine

Little Elm
July Jubilee
Live Music + Fireworks
July 4th – 9:30 PM
Little Elm Park

McKinney
4th of July Parade
July 3rd – 10:00 AM
Watch the Parade in Downtown

Red, White & Boom
Festivities + Fireworks
July 4th – 9:30 PM
Soccer Complex in Craig Ranch

Plano
All American 4th
Food, Music + Fireworks
July 4th – 6:00 PM – 9:30 PM
Oak Point Nature Preserve

Princeton
July Spectacular
Food, Live Music + Fireworks
July 3rd – 2:00 PM – 10:00 PM
Caldwell Community Park

Prosper
Pride in the Sky
Fireworks
July 2nd – 5:00 PM – 10:00 PM
Frontier Park

Rockwall
4th of July Parade
July 3rd – 11:00 AM
Wilkinson-Sanders Stadium

Live Music + Fireworks
July 4th – 5:00 PM – 10:00 PM
Pecan Grove Park

Southlake
Stars & Stripes
Food, Music + Fireworks
July 3rd – 6:00 PM – 10:00 PM
Southlake Town Square

Summer-Energy-Checklist

Summer Energy Saving Checklist

Happy First Day of Summer! To get you through the heat we are giving you our summer energy saving tips! From inside your home to outside, use this checklist to help you save money and energy this summer and beyond!

Inside Of Your Home

  • Close blinds against direct sunlight.
  • Close doors and vents in rooms you don’t use daily.
  • Close the damper in your fireplace.
  • Check the insulation levels in your attic.  If it is lower than recommended, add insulation as needed or upgrade.  This could also qualify you for a tax credit.
  • Replace all incandescent light bulbs with energy-efficient ones.
  • Unplug power-hungry devices, such as TVs and computers when you aren’t using them.  Not only do they suck electricity when plugged in, but also they generate heat.
  • Wash only full loads of dishes and laundry.
  • Consider cooking with small counter top kitchen appliances on the hottest summer days to avoid using your range, which can heat up the interior of your home quickly. 
  • Invest in energy-efficient heating and cooling systems, appliances and plumbing.  Check Energy Star to get started.

Outside Of Your Home

  • Water your lawn only during dry spells and at the coolest hours of the day.  efficient energy and water usage go hand in hand.  Practicing them in tandem will help you save more on your summer utilities.
  • Adjust sprinklers to hit only green areas, not sidewalks and pavement.  If there’s a persistent dry spot, water it by hand.
  • Insulate trees and plants with a layer of mulch to prevent drying.
  • Direct gutters to lower-lying landscape beds or into a bucket for watering.
  • Plant native drought-tolerant trees and shrubs in your yard to increase shade and reduce the amount you need to water.
  • Install a rain sensor on your irrigation controller to avoid unnecessary watering.
  • Check the exterior of your home for areas where air could be leaking out.  Places like the ac unit connections, expansion joints, and caulking around windows are all common places this can occur.
  • Create a shaded area for your AC unit with bushes or artificial shade such as awnings.  If the unit is located in open sun, it will not perform efficiently in high outdoor temperatures.

For more helpful resources such as this and to download a full PDF version of our Summer Energy Saving Checklist, visit us at republictitle.com/buyer-resources

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May 2022 DFW Area Real Estate Stats

May stats are here and we have the numbers! 

Inventory is increasing with new listings up in Collin, Dallas, Denton, and Tarrant Counties over April 2022. Average sales prices are up ranging from 14% in Dallas County to 26% in Rockwall County compared to May 2021. Average days on market across the five counties in North Texas was 18 days which is down in each county over 2021. According to the Dallas Business Journal, the DFW housing market had the largest increase in the close-to-list price ratio (average value of the sales price divided by the list price for each transaction) in the U.S. year-over-year with a close-to-list ratio of 104.7% compared to 98.4% in May 2021.

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.

Housing-Insight-March-2022

Texas Housing Insight March 2022 Summary

Total Texas housing sales continued to grow, increasing by 3.4 percent in the first quarter. Sales were concentrated on homes priced over $300,000. The constrained inventory in the lower-priced cohort pushed the median housing prices to a record-breaking level. Despite rising mortgage rates, housing market demand remains robust, driven largely by demographics. As building material costs (notably for lumber) continued to increase, so did housing starts.

Supply1

The Residential Construction Cycle (Coincident) Index, which measures current construction levels, increased slightly for both Texas and the U.S. as construction employment, wages, and output remained elevated. Construction activity is expected to continue expanding according to the Texas Residential Construction Leading Index (RCLI). Despite increases in the interest rates, the pace of new building permits and housing starts is expected to push the new home market forward at least for the immediate future.

According to Metrostudy data, after hitting a record high in the last quarter, the supply side contracted at the earliest stage of the construction cycle in the number of new vacant developed lots (VDLs). Despite a 26.3 percent elevation in San Antonio’s lot development, the depressed activity in DFW and Houston outweighed the gain. The contraction was most notable in lots priced between $200,000 and $299,000 for both metros, and DFW accounted for most of the quarterly loss due to reduced investment across all price cohorts, except in lots priced above $500,000.

Quarterly growth in single-family construction permits remained steady, hiking to 10.4 percent quarter over quarter (QOQ). All metros posted positive seasonally adjusted growth. Houston and DFW were standouts not only in Texas but also compared with other metros nationwide. Austin edged out San Antonio building permit output with 6,000 permits. Texas’ multifamily sector registered a moderate expansion with 15.06 percent QOQ increase as issuance shifted from two to four units to five or more units.

In 1Q2022, lumber prices continued the latest wave of rises, hiking steeply at 34 percent. In spite of the lumber price disruption for new home construction, total Texas housing starts still grew by a narrow margin of 1.7 percent. Among the 36,000 homes that broke ground in the Texas Triangle, 80 percent were appraised at over $300K. Moreover, Dallas had the most growth in housing starts ($500K+), followed by Austin and Houston ($400K-$499K), and San Antonio ($300K-$399K).  

Single-family private construction values increased 7.8 percent QOQ in real terms as the metric trended upward in Texas’ major metros. Houston’s average total cost for building construction surpassed Dallas’ in September 2021, and since then it had been the highest among all the Texas metros. Austin registered a sharp increase of 19.2 percent, while the other metros advanced incrementally.

The number of homes added to the Texas Multiple Listing Services expanded in March with 9,700 listings. Despite this inventory expansion, compared with 1.2 months in 2021Q4, Texas’ months of inventory (MOI) still deflated due to fast turnovers. Homes priced in the $200s had the tightest inventory at 0.8 months for the first quarter.

Both Austin and DFW remained below one month’s inventory, at 0.5 and 0.8 months, respectively. Houston and San Antonio trailed slightly above the one-month mark, at 1.1 and 1.2 months respectively. Inventory levels in each of the big four metros continued to drop over the latest quarter with the exception of DFW, which may have bottomed out.

Demand

While the national demand for housing declined marginally, demand in Texas accelerated, elevating the state total housing sales by 3.4 percent QOQ to 110,737 closed listings. Sales for homes priced above $500,000 continued climbing at an impressive rate, and the luxury home market share jumped to 24 percent with almost as many sales as homes priced from $200,000 to $299,999.

Total quarterly sales expanded in Texas largely due to massive growth in Houston, over 10 percent QOQ. San Antonio grew at a more modest rate of 2.7 percent, while both Austin and DFW contracted. Statewide existing-home sales shrunk for the first quarter, but new-home sales grew enough to push overall sales into positive territory.

Active listings in the existing-home market plummeted, maintaining supply constraints. Active listings of new homes also fell during the first quarter. Houston led the boost in new-home sales with an average of 9,355 closed listings per month, expanding 9.7 percent QOQ. Austin and San Antonio increased marginally with 3,095 and 3,552 closed listings, respectively. New-home sales in DFW decelerated in 1Q2022 after a positive run that started last summer. They tumbled across all price cohorts except $500,000+ homes, most of which were in Dallas.

While the homeownership rate for the South was 67.4 percent, the U.S. Census Bureau announced the Texas homeownership rate ticked down 1.1 percentage points to 62.8 percent. Metro-level homeownership rates fell slightly except in San Antonio, where they rebounded 1.54 percent.

Texas’ average days on market (DOM) elevated to 33 days, demonstrating that, while the housing market is still hot, some signs of weakness are emerging. Austin’s DOM gained a day over the previous quarter, averaging 22 days in Q1, while homes sold after an average of 24 and 25 days in Dallas and Fort Worth, respectively. Houston’s metric gained 4.9 percent QOQ, staying above the state average at 35 days. San Antonio fell to 31.4 days. As supply has begun rising to meet demand, DOM has increased QOQ, signifying a slow return to a healthy market. 

The Federal Reserve is expected to reduce its balance sheet assets and increase the Federal Funds rate several more times by the end of the year. The ten-year U.S. Treasury bond yield2 rose from 1.5 percent last December to 2.1 percent this March, soaring by at least 60 basis points with much volatility along the way. Furthermore, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate skyrocketed by 4.2 percent in March 2022, rising firmly from a record low of 2.7 percent in January 2021. Responding to these increased property interests, Texas’ home-refinance applications declined 10.8 percent in the past month, and the metric shrunk 54.8 percent from a year ago. Home-purchase applications, on the other hand, showed strong growth in 2022, albeit diminishing 8 percent from a year ago.

Millennials emerged as a big force of the mortgage applications as many reached 32 years old—the median age for first-time buyers. Though the increased mortgage rates could cool the homebuying frenzy and depress the housing boom, the need for larger family homes as well as for home office space persists, and housing demand remains robust. For a typical Texas mortgagee, the median mortgage rates in March climbed to 3.6 percent for non-GSE loans and 4.1 for GSE loans, respectively. The rates for both loans shot up by about 30 percent from a year ago. Under the pressure of rising interest rates, the original loan balance that constituted the “typical” Texas conventional home loan dropped $222 million in a year to $314 million. Despite the big drop in loan values, the debt-to-income ratio (DTI) rose from 35.3 to 35.6 percent, leaving housing affordability a long-lasting constraint.

Prices

Texas’ median home price rose for the 15th consecutive month, increasing 4.9 percent QOQ to a record-breaking $335,000 in March. The ongoing compositional sales shift toward higher-priced homes contributed to a higher median price. The growing share of higher-priced homes in Austin has increased the median price of homes sold to a new high of $520,000, up 8.9 percent QOQ. The Dallas metric ($416,000) gained 7.4 percent, while the quarterly price growth in Fort Worth ($352,000) elevated 5.9 percent. Houston’s ($330,000) and San Antonio’s ($322,000) metrics rose 4.8 and 4.1 percent, respectively.

The Texas Repeat Sales Home Price Index accounts for compositional price effects and corroborated substantial home-price appreciation as the index hovered near a series maximum, gaining 20 percent YOY. Austin led price growth with almost 30 percent YOY growth. Despite its elevated growth rate, the pace has gradually slowed closer to levels observed in the other major Texas metros. Annual home-price appreciation is at 28 and 25 percent in Dallas and Fort Worth, respectively. San Antonio posted a 20 percent annual hike followed by Houston with 15 percent growth. Rapid price growth outpaced wage gains, adding additional pressure to housing affordability.

Household Pulse Survey

According to the U.S. Census Bureau’s Household Pulse Survey, the share of Texas homeowners behind on their mortgage payments jumped 3 percentage points to 7 percent (Table 1). Houston areas mirrored the statewide average, where the behind-the-payment share increased 2 percent points, while DFW area was unchanged at 4 percent. The share of Texas respondents who were somewhat likely to leave their houses in the next two months due to foreclosure shrunk by 20 percent to 5 percent, much lower than the national rate of 13 percent (Table 2).

________________

1 All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.
2 Bond and mortgage interest rates are nonseasonally adjusted. Loan-to-value ratios, debt-to-income ratios, and the credit score component are also nonseasonally adjusted.

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (June 9, 2022)

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

Texas Swimming Holes

Texas Swimming Holes

Record heat is coming our way so we are giving you our top Texas Swimming Holes! Did you know Texas has some of the most scenic and unique swimming holes, including the largest spring-fed pool in the world? So stay cool and have a blast this weekend at one of these incredible spots! 

AIRFIELD FALLS – FORT WORTH, TX
Fort Worth’s only natural waterfall! The falls are newly accessible to the public thanks to the opening of the Airfield Falls Trailhead and Conservation Park near the Naval Air Station in Fort Worth.

BALMORHEA STATE PARK – BALMORHEA, TX
60 miles west of Fort Stockton, Balmorhea State Park is the home of the largest spring- fed pool in the world.

BARTON SPRINGS POOL – AUSTIN, TX
Set in Austin’s Zilker Park, Barton Springs Pool is a massive three-acre, clear water swimming hole that’s a mild 70-degrees year-round.

BLANCO STATE PARK – BLANCO, TX
Set along the Blanco River, there’s a wading pool with cascading weir dams and a fishing spot best for catching largemouth bass and rainbow trout.

BLUE HOLE – GEORGETOWN, TX
Blue Hole is a lagoon located in a scenic park lined by limestone bluffs on the South San Gabriel River.

BLUE HOLE – WIMBERLEY, TX
Fed by the springs of the San Gabriel River and open all year, the water is fringed by gnarled Cypress trees which provide both shade and rope swings.

BOB WENTZ PARK AT WINDY POINT – AUSTIN, TX
Lounging with the kids by the shoreline, scuba diving, and windsurfing are popular activities at Windy Point. It’s a big park with plenty of parking and space for everyone.

BOYKIN SPRINGS – ZAVALLA, TX
A refreshing waterfall and swimming area on Boykin Creek greets travelers about a mile down the Sawmill Hiking Trail of Boykin Springs Recreation Area.

BURGER’S LAKE – FORT WORTH, TX
This man-made, spring-fed hidden gem in Fort Worth features high dives, rope swings, multistory slides and plenty of shade to stay cool.

COMAL RIVER – NEW BRAUNFELS, TX
While the Comal and Guadalupe Rivers are great places to cool off in their own right, the City Tube Chute adds an extra dimension to your water-based fun and is the epicenter for Texas tubing.

DEEP EDDY POOL – AUSTIN, TX
Deep Eddy Pool is a historic, man-made swimming pool on the Colorado River. It became a resort in the 1920s, and today is a popular public swimming pool operated by the City of Austin.

GARNER STATE PARK – CONCAN, TX
Located on the Frio River, here you’ll find swimming, fishing, paddling, and tubing. There are also 11 miles of scenic hiking trails for those who prefer to work up a sweat before diving in.

GUADALUPE RIVER STATE PARK – SPRING BRANCH, TX
In the Texas Hill Country north of San Antonio, Guadalupe River State Park encompasses a nine-mile stretch of the Guadalupe River, offering park visitors plenty of swimming, tubing, and canoeing opportunities.

HAMILTON POOL – DRIPPING SPRINGS, TX
The emerald-green grotto looks like a tropical oasis with a 50-foot waterfall cascading from the cave. It is part of the 32,000-acre Balcones Canyonlands National Wildlife Refuge.

JACOB’S WELL – WIMBERLEY, TX
A quintessential example of Central Texas aquifer and spring formations, Jacob’s Well Natural Area gives visitors the unique opportunity to swim directly in an artesian spring.

KRAUSE SPRINGS – SPICEWOOD, TX
Located 45 minutes northwest of Austin, Krause Springs is an inlet off the Colorado River that encompasses two large swimming holes with picturesque waterfalls and rope swings for the kids.

MCKINNEY FALLS – AUSTIN, TX
The 10-foot drop at the upper falls is a popular spot to jump into the peaceful swimming hole below. The state park also features bouldering, mountain biking and the popular Rock Shelter Interpretive Trail.

PARADISE CANYON – RIO MEDINA, TX
Located a short drive away from San Antonio, Paradise Canyon is the ideal location for swimming, tubing, fishing and camping.

PEDERNALES FALLS – JOHNSON CITY, TX
Shallow rapids, limestone gorges, and calm waterfalls make up this section of the Pedernales River, an hour west of Austin. You can also enjoy kayaking, horseback riding, and mountain biking around the park.

SAN MARCOS RIVER – SAN MARCOS, TX
If you want to try snorkeling in the middle of Texas, this would be the place. It’s great for paddling, including some whitewater after a good rain, but when the water’s moving slower, it’s a top swimming destination.

THE TEXAS POOL – PLANO, TX
Swim from Dallas to El Paso in just seconds in The Texas Pool; a man-made pool shaped like Texas, as the name suggests.

TONKAWA FALLS – CRAWFORD, TX
Near Waco, Tonkawa Falls is located in Tonkawa Falls City Park and is full of natural beauty and history alike.

For more seasonal resources like this, head to our website at DFW Area Resources | Republic Title of Texas

Click here for print version

What-is-a-Title-Policy

What Is A Title Policy

A title insurance policy is an insurance policy that insures you against liens or other claims against your property.  Unlike other types of insurance, you pay the premium one time and the policy generally insures you for as long as you own the property.  In Texas, Title Insurance rates are regulated by the Texas Department of Insurance and the rate is based on the amount of coverage provided by the policy. There are two basic types of title insurance, an owner’s title policy and a loan title policy.  Most financial lenders require a loan title policy as security for their investment in your property just as they require homeowners insurance or other types of coverage for their protection.  Owner’s title insurance lets the new homeowner feel safe and confident there are no other claims as to the ownership of the insured property.  Among other matters, it ensures access to the property, gives the homeowner the right to occupy the property, and provides indefeasible title. 

For more information, go to Blog for videos like this and other helpful information. Blog | REPUBLIC TITLE

June-Landscape-Tips

June Landscape & Gardening Tips & To-Dos

Need help planting a successful garden or landscape? Here are some June planting tips from the Dallas Arboretum horticulture staff and the Dallas County Master Gardeners that can help keep your home garden looking beautiful this Summer. Heat tolerant plant care should be your focus in June.

  • Plant summer annuals and tropicals. Don’t forget to water them in after planting and keep them watered regularly during the summer heat.
  • Begin cutting back any overgrown perennials and annuals to keep growth compact.
  • Continue mowing your lawn once per week to maintain good healthy growth and reduce any unnecessary wear and tear on lawn equipment.
  • Continue fertilizing your lawn and garden with a high nitrogen fertilizer, following recommended application rates.
Housing-Insight-February-2022-Summary

Texas Housing Insight February 2022 Summary

Texas’ housing market fell slightly in February as supply constraints continued pushing downward on the market, and mortgage rates increased. February sales and active listings were both down, resulting in an inventory level of about one month. Housing starts rose despite the continued surge in building material prices and dip in permits. The greatest challenge remains for homes in the lower price cohorts, as supply still has not caught up to the unprecedented demand. The state’s diverse and expanding economy, favorable business policies, and steady population growth, however, support a favorable outlook.

Supply1

The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, increased both nationally and within Texas as employment exceeded the pre-pandemic level, and construction values accelerated. The Texas Residential Construction Leading Index (RCLI) advanced, signaling an expected elevation in future activity. The most influential metric in the leading index was the rise in residential construction value among new construction starts.

Single-family construction permits contracted half a percent seasonally adjusted for February, lagging the national increase of 3.9 percent month over month (MOM). Austin and Dallas-Fort Worth permit activity fell 10.7 and 0.3 percent, respectively. Houston and San Antonio, on the other hand, increased 9.1 and 2.4 percent, respectively. Houston’s permit growth rate topped the national list, issuing 5,316 permits, while Dallas followed with 4,091.

Lumber prices rose 11.4 percent in a month and were up 78.3 percent year over year (YOY), drastically raising the costs associated with home building. Despite the lumber market disruption, robust economic conditions and copious demand pushed total Texas housing starts up for the fourth consecutive month, soaring 11.3 percent MOM. However, single-family private construction values subsided 0.7 percent MOM. Austin accounted for the majority of the loss with a 23.4 percent dip from the previous month, while San Antonio had a 0.1 percent decrease. Dallas-Fort Worth was unchanged, and Houston posted an 8.3 percent hike.

Texas’ months of inventory (MOI) remained one-month in February while the U.S. had 2.5 months of inventory for the same period, accentuating how intense housing demand is in Texas. Supply continued to be an issue across all price categories but especially for homes in the lowest price range. Total housing inventory is still tight in Texas’ four biggest metros. Both Austin and DFW remained below one month while Houston and San Antonio were slightly above.

Demand

Texas home sales were down from January, ending February slightly above 28,000. Sales fell in each of the four major Texas metros except San Antonio, where sales grew by almost 1 percent. February sales were negatively impacted by rising mortgage rates and higher home prices that continue to shut out some potential homebuyers.

The Federal Reserve is expected to reduce its balance sheet assets and increase the Federal Funds rate at least two to four times in 2022. The ten-year U.S. Treasury bond yield rose to 1.8 percent2, up 0.3 percent from the previous month. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate hovered around 3.5 percent, rising 0.4 percent over the previous month. The median mortgage rate for the typical Texas homebuyer climbed to 3.5 percent for government sponsored enterprise (GSE) loans in January3 and to 3.2 percent for non-GSE loans. February home-purchase applications inched up by 3.1 percent year to date (YTD), while refinance activities declined by 23.4 percent. (For more information, see Finding a Representative Interest Rate for the Typical Texas Mortgagee). 

In January, the median loan-to-value (LTV) constituting the “typical” Texas conventional-loan mortgage dropped from 87.7 a year ago to 83.8. The debt-to-income ratio (DTI) stayed unchanged from a year ago at 36.4 YOY, while the median credit score increased 8.7 points to 752.8 over the same period. The LTV for GSE borrowers stayed constant from December through January at 85.5; meanwhile, their DTI increased slightly from 36.8 to 37.3.

Prices

Texas’ median home price continued to increase, consistently growing since the start of the pandemic. Austin remains at the top with half the homes selling for almost $500,000. DFW is a distant second with a median home price around $375,000. Median prices for both Houston and San Antonio hovered slightly above $300,000.

The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of changes in single-family home values. The Texas index has risen 31.7 percent since the pandemic started. Texas home prices were up 1.24 percent MOM, escalating for the 21st consecutive month. While growth in all other metros accelerated at a steady pace, Austin’s explosive growth has slowed since last summer. In summary, Texas’ overall increasing home prices decreased its affordability advantage over states like California.

At the metropolitan level, Austin’s repeat sales home price index value surpassed all other metros with 29.1 percent YOY growth. Corroborating with the growth rate of median prices, Dallas followed with a 28 percent YOY expansion. Fort Worth and San Antonio’s indexes rose 23.3 and 19.7 percent, respectively. Houston followed with a 16.9 percent gain.

Household Pulse Survey

According to the U.S. Census Bureau’s Household Pulse Survey, the share of homeowners unable to make next month’s mortgage payment increased on a state level. Over 8.6 percent were “not at all confident” or only “slightly confident” they’d be able to make payments. The national average was just over 7.1 percent (Table 1). The number of Texas mortgage owners facing foreclosure increased (Table 2). However, the share of respondents who reported themselves as “not likely at all” to lose their house due to foreclosure also increased, inching up 1 percent to 43 percent. This is marginally above the national average of 42.9 percent (Table 2).

________________

1 All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.
2 Bond and mortgage interest rates are nonseasonally adjusted. Loan-to-value ratios, debt-to-income ratios, and the credit score component are also nonseasonally adjusted.
3 The release of Texas mortgage rate data typically lags the Texas Housing Insight by one month.

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (May 31, 2022)

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

April-2022-b

April 2022 DFW Area Real Estate Stats

April stats are here and we have the numbers! 

The housing market in North Texas continues to be hot! New listings are up consistently in all five counties over March 2022 as the Spring market continues to heat up. Despite higher mortgage rates, demand remains strong in North Texas. Average sales prices are up ranging from 16% in Dallas County to 35% in Rockwall County compared to April 2021.

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.

Lingo You Should Know

Lingo You Should Know

When you are preparing to buy a home, there are many words that may be unfamiliar to you. This list of
commonly used real estate terms is intended to help you in the home buying or selling process.

Appraisal
The estimated value of a property based on a qualified appraiser’s written analysis. Banks typically require appraisals before issuing loans to ensure the estimated value of the property adequately supports the sales price and the loan being taken out by the Buyer.

Appreciation
The increased value of your home from when you purchased it is considered its appreciation in value.

Assessed Value
This is the dollar value that the county appraisal district assigns to your home for the purpose of property taxes. This value may differ from a home appraisal value or market value.

Buyer’s Agent
A real estate agent who represents the interests of homebuyers.

Closing Costs
These refer to miscellaneous expenses to close the deal. Expenses can include recording fees, title insurance, commissions, surveys, and more.

Closing Disclosure
Final account of your loan’s interest rate and fees, mortgage closing costs, your monthly mortgage payment, and the total of all payments and finance charges. This document also notes the amount the Buyer has to bring to closing.

CMA
CMA stands for Comparative Market Analysis. This report looks at similar homes in your area that were sold or are currently on the market and can help determine an accurate value for your home.

Comparables
Also known as “Comps.”, which are used as a comparison in determining the current value of a property that is being appraised.

Contingencies
Particular conditions that must be met prior to closing a real estate transaction such as a home inspection (to ensure the home has no serious defects), a financing contingency (which releases a Buyer from the sales contract if their loan falls through), or a contingency that a Buyer must first sell their current home.

Deed
The recorded legal document transferring ownership or title to a property.

Deed of Trust
A recorded lien on the property which secures the Promissory Note and gives the lender the ability to foreclose if there is a default.

Earnest Money
Money that the Buyer deposits with the title company or directly with the Seller as a good faith gesture that they are serious about buying a home.

Effective Date
The date the Buyer and Seller have agreed to all terms and actually executed the contract.

Escrow
A legal arrangement in which a third party temporarily holds large sums of money or assets until a particular condition has been met (e.g., the fulfillment of a purchase agreement).

Executed
When a legal document has had its contents agreed upon by the Buyer and Seller and is signed by all parties to the document it is Executed.

HOA Resale Certificate
A document issued by a Property Owners Association or Condo Association (if applicable) that outlines the fees associated with the transfer of the property that are to be collected from the Buyer and Seller at closing.

Home Inspection
A thorough professional examination that evaluates the structural and mechanical condition of a property (plumbing, foundation, roof, electrical, HVAC systems, etc.) to identify problems with the house before purchasing. A pest inspection is also common as well as a pool inspection when applicable.

Home Warranty
Limited Warranty Coverage on some of the items in your home that can lead to costly repairs when in need of work, such as, HVAC systems, appliances, and even pest control. Every policy is different, it is important to understand what is covered and what is not. The Seller can provide a dollar amount towards a Home Warranty if it is selected and agreed upon within the contract.

Mortgage Lender
The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing.

Multiple Listing Service (MLS)
The MLS is a local organization that collects, catalogs, and distributes home listings for sale and lease as well as data on past sales. REALTORS® get access to the MLS by being a paid member of the organization. Some of the information in the MLS is distributed to popular listing websites.

Offer
A formal request to buy a home. This is most often presented to a Seller in the form of the contract and addenda required to purchase/sell a property that outlines all the terms and conditions of the offer.

Principal
The remaining unpaid balance on your mortgage. At closing, accrued and unpaid interest on the principal will also be due and payable.

Real Estate Agent
A professional with a real estate license who has passed a test as required by the state who may represent a Buyer or Seller in a real estate transaction.

REALTORS®
This is a real estate agent who is also a member of the National Association of REALTORS®, meaning they uphold certain standards and codes of ethics.

Real Estate Broker
A real estate agent that has additional education, has passed the state Broker’s exam, and meets minimum transaction requirements.

Real Property
Land and anything permanently affixed thereto — including buildings, fences, trees, and minerals.

Sales Contract
The finalized and executed contract and applicable addenda.

Seller’s Agent
The real estate agent who represents the Seller of a piece of property. Their job is to act in the best interests of the Seller, marketing their home to potential Buyers, and negotiating on the Seller’s behalf.

Survey
A drawing of your property prepared by a Registered Professional Land Surveyor that locates the boundary lines, any improvements, easements, building lines, encroachments of any structures or improvements over the property lines, easements, or building lines on the property.

Survey Deletion Coverage
The Owner’s Title Policy contains a standard exception to: “Any discrepancies, conflicts, or shortage in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements.” When the Buyer purchases Survey Coverage, and the survey has been approved by the title company this standard exception is amended to remove everything except the words “shortages in area” and exceptions are added to exclude any matters currently shown on the survey from coverage in the Policy.

Title
Document that refers to your right of ownership and thus your ability to sell.

Title Insurance
Insurance purchased to protect against any unknown liens or debts that may be placed against the property as well as any claims by anyone else that they own or have any rights to your property that are not known or disclosed at closing.

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