the median price was up 7.2%. The median price was $194,000 compared to $181,000 a year ago. The month’s inventory was at 3.5 months and 6.5 months is a balanced market according to the Texas A&M Real Estate Center economists. Also business economist Laila Assanie with the Federal Reserve Bank of Dallas said the U.S. as a whole took 75 months to recover lost jobs, but Texas recovered those job in 39 months. Low oil prices are keeping the economy from taking off and job growth in Texas was ranked #1 and now is #28.
(1) OPEN FLOOR PLANS ON A SMALLER SCALE. Whimsy added with unique small spaces. A door becomes bookshelf, phone charging station in a desk, etc. (2) ROOM FOR MULTIGENERATIONAL TOGETHERNESS. Bottom floor for older folks and upper for younger ones. A NEW ECONOMY home! (3) EDIBLE GARDEN IN FORMER FLOWER BEDS. Or a common area for lots of food growing. (4) UNIVERSAL DESIGN with wider hallways, visible handrails & maybe grab bars. There can be incorporated into design. IT’S HAPPENING!!
for the 3rd quarter 2015 with the national average of 630 days, according to new RealtyTrac data. Up 21% from 2nd quarter and 36% from the same period last year. Nationally, foreclosures were up 66% from last year. Dallas-Fort Worth-Arlington had 2,609 foreclosures with TYLER HAVING 51. May be due to some financial institutions trying to unload old inventory. We will just have to wait and see.
As needing extra money to buy a house with renting you pay the rent and taxes, insurance, maintenance fees, HOA fees, etc. are paid with your rent. Also it is now harder for a young person to qualify for a mortgage. Some milleniums grew up with the spector of housing crash, with many seeing themselves or people they know lose their homes. And millenials have a greater burden for student loan debt than their parents or grandparents. This according to Dr. Jim Gaines, Realestate Center chief economist.
Millennials born between 1980 and 1998 are buying homes at a slower rate than their parents. Not only the down payment, BUT the closing costs which are easily $4,000 and up. Homebuying is one of the economy’s biggest stimulators, because these folks also buy all sorts of related goods and services. All these related costs make it more difficult for millennials to purchase a home. MORE TO COME!
As rents rise, buyers look to buy, BUT NOT THIS TIME. Rent increases are outpacing wage gains. That means the tenant’s income is being eaten up in rent, making it harder to save for a down payment. Also new homes not being built fast enough, but this pushes prices UP, so some renters have less money for a downpayment. Until builders contribute to the overall housing stock t a more normal pace, HOME PRICES AND RENTS WILL CONTINUE TO RISE, according to Lawrence Yun chief economist at the National Association of Realtors.