Happy Halloween from the DW Slater Company! We do wish you a safe Halloween and end of October. This year has been unlike any other and that certainly includes the housing market. The markets in North Texas appeared to have paused when the pandemic began but the demand for home space combined with low inventory has put upward pressure on prices. Spring came in the fall. Typically our market trends up and peaks in June or July and then in August, when school begins, the market slows. With schools, delaying openings, virtual learning options, the market activity in August and September picked up. With more people working from home and learning from home, there is substantial demand for larger home space. We have all of the numbers and charts included in this newsletter but first a little Halloween fun.
REMINDER! Tonight Daylight Saving Time ends so set clocks back! So if you have oven clocks or an old fashion battery operated clock turn them back an hour. Some don’t want to add any more time to 2020 but use that time to get some rest!
Adjusting to Daylight Savings is a problem for many as it impacts our regular sleep patterns and rhythms. This can impact our health. Add pandemic, economic stress, and natural disasters and this can lead to SAD (Seasonal Affective Disorder). Read here for some great suggestions to help us adjust.
Real Estate Market Charts
Here are the latest numbers in our markets
Median Sales Price
Denton County $333,995 | +7.7%
$363,995 | +11.0%
$284,900 | +15.3%
$264,840 | +10.4%
Months of Supply
Denton County 1.4 | -56.3%
1.5 | -58.3%
2.2 | -38.9%
1.4 | -46.2%
Days on Market
Denton County 15 | -55.9%
16 | -56.8%
15 | -40.0%
12 | -42.9%
Denton County 1,627 | +29.8%
1,758 | +26.5%
2,456 | +18.4%
2,743 | +16.8%
The percentage numbers are all year over year trends and they are all up significantly. Sale price trends have dropped slightly from last month in Denton County but remain upward in Collin, Dallas & Tarrant counties. Supplies are at major lows with all but Dallas County at less than 2 months of inventory. The number of days on the market is down in all four counties and volume is up year over year in all four counties, although down from the previous months.
We will continue to watch the real estate trends. Mortgage rates continue at record lows. The demand for housing is strong. Here new construction has really been booming as builders are trying to keep up with demand. Economic uncertainty is still very much a factor for the future. DFW is slowing regaining jobs lost in the pandemic shut down. In September, North Texas gained 8,900 but it is still 131,400 jobs below where it was last year.
We wrote about barndominiums last year, as we have been seeing more and more of them in North Texas. These are a new concept to many. Enjoy this guest post from Don Lowe, creator of Barndominium Life, a barndo enthusiast who aims to educate, inform, and inspire you to take action and Build Your Dream Barndominium. So check out these 8 reasons why barndominiums are becoming popular in North Texas.
8 Reasons the Barndominium Is Gaining Popularity in North Texas
If you have driven in North Texas in recent years, you have likely seen an increase in the number of barndominiums. Designed to combine work and living spaces, these large buildings have become a popular choice for those in rural regions.
Before choosing a prefabricated home or a traditional home, explore the top eight reasons why the barndominium should be your next North Texas house.
Price is a major factor for any type of new home construction and barndominiums tend to provide the best value. Traditional homes cost between $150 to $200 per square foot to build in North Texas.
The average cost of a barndominium in the same region is about $100 to $130 per square foot. Choosing a barndominium may save you tens of thousands of dollars.
The price varies based on a variety of factors, such as the general contractor that you hire, the type of foundation, and the size of the barndominium. You also need to consider the quality of the materials and the extra details, such as doors, windows, and special design features.
Obtaining a construction loan for any type of new home often requires excellent credit and a suitable down payment. By choosing an affordable barndominium, you may improve your chances of getting approved for a loan.
Even with a high-end barndominium, you are likely to save money compared to building a traditional home. The cost-savings may give you the ability to build the home of your dreams.
Barndominiums often feature post frame or steel frame construction. Both options provide increased structural support compared to the stud frame construction used for traditional homes.
North Texas is vulnerable to severe weather. The area around the Red River Valley is especially prone to tornadoes. A barndominium is better equipped to withstand strong winds and impact from debris.
The roof is also supported by the entire frame, including the columns and horizontal girts. This increases the load-bearing strength and overall durability of the roof for dealing with extreme conditions.
Adding a basement to a barndominium may offer even more protection. A full or partial basement can provide a safe place to wait out tornadoes.
3. Open Floor Plans
A traditional home has limited design options, due to the need for load-bearing walls. Creating a wide, open living area without adding columns or supporting walls is difficult.
The frame of a barndominium allows you to use large open designs. You do not need interior walls for support. This provides more versatility when choosing the layout of the rooms and hallways.
Barndominiums were originally intended to add living space to barns and workshops. If you live in a rural area, you may find it convenient to combine these spaces.
The open design allows you to add almost any type of space to your home. Along with a barn or a workshop, you could add a studio or a garage. You can even add vaulted ceilings and other interesting design features with less of a hassle compared to a traditional home.
4. Energy Efficiency
Compared to steel frame buildings, post-frame barndominiums have thicker wall cavities. The thicker cavities create more of a barrier from the outdoors, helping to improve the energy efficiency of the design. The extra space inside the walls also provides more room for insulation.
The wood posts used for the columns of the frame are natural insulators, which makes a post-frame more efficient compared to stud frames.
Choosing a barndominium with an open design may also aid air circulation. There is more room for the air to circulate uninterrupted by walls. These features could significantly cut your North Texas energy bills throughout the year.
5. Large Homes
Thanks to the affordability of barndominiums, you may be able to build a home with more square footage. For example, $250,000 is likely to pay for a much larger barndominium compared to a traditional house.
The extra space that you gain may be used to add bedrooms or increase the size of rooms. You could also add dedicated rooms, such as a den or a family game room. With two-story ceilings and rooms that run the length or width of the barndominium, you have endless design options.
6. Room to Grow
Adding on to a home is a costly process, especially with a traditional home. The studs are often spaced 16 to 24 inches apart. This creates a challenge when adding windows or doors after construction.
Barndominiums provide more flexibility for future renovations and additions. The frames allow support columns to be spaced six to eight feet apart, instead of two feet or less. With more space between the columns, it becomes easier to add bay windows, double doors, and other specialty design elements.
7. Long Lasting
A barndominium may last for generations, whether you choose a post frame or steel frame construction process. Steel is one of the most durable materials available. When using a post-frame, the timber is protected from rot and decay.
The frame also features support beams and girts for increased structural integrity, which protects against shifting and settling.
With increased strength, your barndominium is less prone to damage and natural wear and tear. If you hire a reliable contractor, it should offer a comfortable place to live for the rest of your life.
8. Lower Taxes and Insurance
Building a barndominium may help you pay lower property taxes. In North Texas and most of the United States, barndominiums are taxed at the same rate as a traditional residential property.
Fortunately, some counties make distinctions between living quarters and workspaces. Workspaces are typically considered the non-heated areas of the property, such as a garage, barn, or workshop.
If the county where you choose to build your barndominium does not count non-heated areas, you are likely to have your property assessed for a lower value. This results in lower taxes and insurance.
The bottom line is that barndominiums are becoming a popular site throughout the country, including in Northern Texas. If you want an affordable new home with open floor plans and endless design possibilities, a barndominium may be the right choice.
Don Lowe runs BarndominiumLife.com and became inspired to do so after becoming infatuated with barndominiums and the barndo lifestyle. BarndominiumLife.com was created with the intent of learning more about barndos. Our 138 page eBook is the #1 new release in Home Design on a little website called Amazon.com