IT'S A NEW YEAR & EVERYONE IS ASKING
HOW'S THE MARKET???
Here in North Dallas residential real estate sales remained consistent in 2017 with fewer homes on the market in the Metroplex, selling in fewer days for higher prices. New listings were up 4.1% to 9,318 while pending sales decreased 4.6% to 7,224 as of November 30, 2017. Inventory grew 1% to 24,651 units and medium sales prices were up 5.5% to $242,500. Days on the Market increased 6.8% on average to approximately 47 days. Months supply of inventory down 3.7% to 2.6 months.
Luxury home sales are booming due to relocation demanding $1M and higher. Between 10/16 - 11/17 luxury homes jumped 19.1% to 4,622 sales. Currently, there are no indicators of a softening housing market for luxury homes. Home prices continue to rise including high end remodeling. Contractors are working hard to keep up with the high demands.
Watauga in North East Tarrant County was named the "Hottest Home Market," in the county through Realtor.com for affordability attracting Millennials. Also, sales for Investors has risen substantially.
MONEY, MONEY, MONEY
Buyers should know about new loan programs. For example, a traditional Jumbo mortgage (anything over $453,100) typically requires a 720 credit score and has a maximum debt to income ratio of 43%. The program can go down to 660 score if the buyers can put down 20% or 680 with 10% down and the 10% mortgage does not have monthly mortgage insurance. This program will also allow a debt ratio of up to 50% and 100% of the down payment can come from gift funds. It can be used to purchase a primary residence or a second home but does not apply to rental properties - Check with CREDIBLE AND LOCAL LENDERS to find out what you qualify for).
Self-employed buyers should check with CREDIBLE LOCAL LENDERS by end of first quarter. Buyers may be able to open up a "bank statement" program that doesn't use tax returns and pay-stubs for income but instead calculates a buyers income by taking an average of the amount of money they deposit into their personal or business checking account over a 12-24 month period. This one may be perfect for self-employed buyers that run all their money through their business and doesn't show enough income on their personal tax returns.