September Newsletter- Inventory Falling with the Leaves

 

 

“Autumn is a second spring when every leaf is a flower.” -Albert Camus

 

 

 

Photo by Irina Iriser from Pexels

The weather is just slightly starting to cool here in North Texas. It is officially the season of fall and the leaves have started to change, ever so slightly. Soon we will be pulling out our sweaters and jackets! Even though I have lived in Texas my entire life, I have never been a fan of the heat. So understandably, I love it when the weather begins to cool down. For us, fall means football games, sweaters, pumpkins, sips of hot chocolates, cool crisp walks or bike rides, and a time to slow down and enjoy the cool crisp air. What does it mean for you?

As we know, this year has been unlike any other that any of us has experienced. The housing market, typically begins to cool off during the fall season, however, it took a pause during the pandemic and then took off the past month. Sale prices are up, year over year, in all counties and inventory has drastically fallen. The pandemic pause created high demand for housing, low inventory and low mortgage rates have all pushed prices upward. Housing starts have not been able to keep up with demand.  Confidence among single-family homebuilders increased to a record high in September. Builders, however, remained concerned about rising costs for materials and delivery delays, especially for lumber.

Our rural markets have also been showing price increases for some of the same reasons. There has been an increase in the demand to move out of the urban and suburban areas to more rural settings since the pandemic. We will share some stats from our more rural counties in this newsletter. Many are adjusting to this more country life. Think ” Home on the Range” like this gem from Gene Autry ( we are located only five miles from his birthplace)

Let’s first take a look at our main four counties:

Median Sales Price

AUGUST 2020

Denton County
$335,000 | +6.3%
Collin County
$370,000 | +8.8%
Dallas County
$280,000 | +12.9%
Tarrant County
$260,175 | +5.3%

Price Per Square Foot

AUGUST 2020

Denton County
$148 | +5.7%
Collin County
$146 | +5.8%
Dallas County
$152 | +11.8%
Tarrant County
$133 | +5.6%

 

Months of Inventory

AUGUST 2020

Denton County
1.6 | -52.9%
Collin County
1.7 | -55.3%
Dallas County
2.3 | -37.8%

Tarrant County
 1.5 | -42.3%
 

Volume

AUGUST 2020

Denton County
1,809 | +9.6%
Collin County
1,881 | +14.6%
Dallas County
2,465 | +4.6%
Tarrant County
2,811 | +3.1%

 

Rural Markets

This month, we are adding some of the numbers for our more rural counties as we have seen significant increases in them as well. It is noted, however, that since the rural markets have fewer numbers of sales, the markets tend to fluctuate more erratically.

Median Sale Price

AUGUST 2020

Cooke County
$246,250 | +17.3%
Grayson County
$205,000 | +11.7%
Wise County
$252,000 | -14.2%
Parker County
$325,000 | +12.9%

 

Months of Inventory

AUGUST 2020

Cooke County
2.9 | -50.0%
Grayson County
2.7 | -42.6%
Wise County
3.1 | -26.2%
Parker County
2.7 | -38.6%

 Volume

AUGUST 2020

Cooke County
74 | +29.8%
Grayson County
245 | +20.1%
Wise County
99 | -14.7%
Parker County
326 | +8.7%


So as you can see from the charts, our rural markets have seen a lot of activity and price appreciation, with the exception of Wise County which had a low number of sales for the past month. As stated previously, the rural markets fluctuate more frequently this could just be a mild fluctuation. Here are the price trend numbers, seasonally adjusted:

AUGUST 2020

Cooke County
$220,000 | +4.8%
Grayson County
$191,967 | +3.8%
Wise County
$250,000 | +2.5%
Parker County
$312,000 | +9.2%

All four counties are showing upward price trends when seasonally adjusted. 

Fall Recipe

Shannon’s Easy Pumpkin Bread Recipe:

1 box white or yellow cake mix 

1 15-ounce can pumpkin puree

1 teaspoon cinnamon (or 1.5 teaspoons pumpkin pie spice)

1-3 eggs (see cake mix directions for amount) Vegetable oil (see cake mix directions for amount)

Preheat oven to 375 degrees and grease a loaf pan. Consult your cake mix box to find the number of eggs and oil as directed on the box. Combine cake mix, eggs, and oil in a bowl and mix on medium speed until smooth and well-blended. Add pumpkin and cinnamon. Mix on low until incorporated. Pour mixture into prepared loaf pan. Bake at 375 for 50 minutes. Cool and serve with butter or frost with cream cheese frosting.

Please share with us some of your favorite recipes! We’d love to give them a try!

Great Cycle Challenge Completed!

We completed our Great Cycle Challenge. Thanks to all that sponsored us! We reached our goal of $1,000 towards cancer research and 200 miles in September. You can read about our journey here:

In case you missed it, we had a guest blog this month –5 Things You Should Research Before Downsizing During the Pandemic

We will continue to cover the North Texas housing market for you in our monthly newsletter! Please let us know if you have any questions or need appraisal services.

5 Things You Should Research Before Downsizing During the Pandemic

This is a guest post from blogger Mike Longsdon with Elder Freedom. Elder Freedom is an organization of advocates working for the older adults of our community. It is our mission to help locate resources, events, and engagement opportunities to help enrich the lives of seniors. Thank you for providing this important information for older adults.

Even under normal circumstances, downsizing your home can be a complex and stressful transition. With COVID-19 still a public health threat and seniors most at risk, downsizing in the coming weeks and months can be even more complicated. However, finding the perfect home for your golden years doesn’t have to be so challenging. You can keep yourself protected from coronavirus and undue stress by researching these downsizing essentials.

COVID-19 Rules and Precautions

If you’re like most seniors, COVID-19 is at the front of your mind even when it comes to downsizing. That’s because COVID-19 has impacted nearly every aspect of life, including purchasing property. So, if you are looking for a new home for your retirement, know that you can use 3D walkthroughs, video-conference tours, and virtual open houses to stay safe. You should also check in with your state’s current COVID-19 updates before you begin downsizing. Pay special attention to reopening plans, as this can impact your home search and move.

Housing Market Prices and Trends

Real estate in some parts of the country shuddered at the beginning of the COVID-19 outbreak, but the market is picking up steam in many states. Still, you should check in with your real estate agent or check online to see what current housing trends look like in your particular area. Better yet, you can hire DW Slater Company for reliable and expert home appraisal services.

In terms of housing prices, seniors looking to downsize may be in for a bit of sticker shock when it comes to their new homes. That’s because despite being in a recession, housing prices in the US are not expected to fall as drastically as they did back in 2008. So you may end up paying quite a bit more for a smaller home than you were originally expecting.

Aging in Place Home Modifications

Your new home should be perfect for you now and in the future. So as you begin thinking about what sort of features you would like to have in your new home, also start thinking about what sort of home design features will help you age in place. Keep in mind that you can DIY many updates, but some projects will require a professional. Having your cabinets lowered, floors updated or a stairlift added are all modifications that should be completed by a pro Just be sure to take the necessary precautions to protect yourself from COVID-19 when scheduling projects. This can include asking contractors about their exposure to coronavirus and requesting they wear protective gear, including shoe covers and masks, while they work inside of your home.

Local Cost of Living Statistics

Comfort and stability are key to preserving your quality of life in retirement and this is why you should calculate costs of living for your desired location. Your housing expenses are bound to make up the bulk of your costs of living, but things like groceries and transportation costs should also be considered. Healthcare costs can be a major expense for seniors as well, so make sure you have the right healthcare plan and will be able to afford the care you need in retirement. Most retirees spend an average of $6,700 out of pocket each year for their healthcare costs, but this total can vary according to your insurance or Medicare coverage and your individual needs.

Downsizing and Moving Guides 

Last but certainly not least, you will want to create a plan for downsizing your household. Since things are already so stressful right now, consider using a downsizing guide to help you check each essential task off of your list. For instance, this downsizing guide has some helpful tips for coping with the emotions that often come with decluttering and downsizing your personal possessions. In addition to researching tips for downsizing your home, you should also look for moving guides that include special precautions and considerations for reducing COVID-19 risks.

Downsizing can free up a lot of time, money, and stress for your retirement. So don’t let worries about coronavirus put a damper on your downsizing plans. With a few added precautions, you can keep your move safe and then you can settle into your golden years even sooner!

Photo Credit: Rawpixel

Author: Mike Longsdon with Elder Freedom. Elder Freedom is an organization of advocates working for the older adults of our community. It is our mission to help locate resources, events, and engagement opportunities to help enrich the lives of seniors. You can find more about Elder Freedom at their site: http://elderfreedom.net/