Market Watch - 28 Feb. 2021

Please watch this week's Market Watch. This week we'll look at the trends of the last three years for months of available inventory and average cost per square foot. When you're ready to sell, buy or lease a house in DFW - especially Frisco, Collin County or Denton County - I'm here to help!

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

Text of presentation:

Since last week, New Listings and Properties Sold had significant recoveries while Properties Under Contract retreated and Pending Properties remained flat.

The sold-to-listed ratio roared defiantly again this week with 793 more houses leaving the market than entering. Again, the ratio has been inverted for almost three months without a break.

I pulled some three-year trends to show the difference between what should be happening and what is happing. The market is cyclical with typically higher sales from April through August and the lowest number of sales in November through February.

A “balanced market” with about six months of inventory on hand is ideal. This means if no new homes came onto the market, it would take six months to sell the remaining homes. A “balanced market” has enough homes available for buyer demand. Under six months is considered a “seller's market” while over six months is considered a “buyer's market.”

The DFW market has been “hot” for years compared to many other parts of the country. As such, this market should have expected around three months of inventory around March 1. Instead, we have DAYS of inventory across the entire market.

The lack of inventory and historic low interest rates have led to incredible price increases, which defy former trends. It’s great for preowned house sellers, but not so much for buyers. As inventory dropped, buyers put their foot on the gas and drove the price per square foot from an average of $127 last January to $142 by January of 2021. Prices are up 11.8% during the last three years. This trend is set to continue as we go into the “buying season” through the spring and summer because there’s no quick way to make up for months of inventory losses.

Buyers should be prepared to face competition with as many as 30 offers placed on a house within a very short window – often the first day on market. Also be prepared to offer significantly over asking price to win the battle. Simply stated, there are no bargains in this market.

Offers over asking price also affect appraisal. Buyers should expect to pay substantial down payments to avoid losing the deal over appraisal worries.

Buyers who have a house to sell have a distinct advantage in this market because they can pull the equity out of their current property and use it as a down payment toward a bigger, better or newer house to accommodate their preferred lifestyle.

If you want to move, but aren’t entirely ready, I can help. I have a way for sellers to buy before they sell.
I’m a Knock certified agent. This means I can help qualified sellers get a combination of loans that allows them to submit an offer on their next home with a significant down payment and without the contingency of selling their current home.

The program lets sellers purchase their next home today without the worry of double mortgages or being without a home. Meanwhile, Knock makes mortgage payments on your current home until it sells or a maximum of six months. The seller can also borrow up to $25,000 to repair and refurbish their current home before placing it on the market to get top dollar.

In DFW, I can help qualified sellers with the entire process. I’ll help connect sellers to the lenders, help locate an ideal home – even a new-construction homes – and get y’all moved.

After your move, I’ll help locate contractors to fix up your current place, make amazing photos and marketing pieces, list the house, help with negotiations and sell your move-in-ready house for top dollar. Meanwhile, your family lives comfortably in your new home while avoiding the germs of strangers and the inconvenience of constant showings.

Certified Knock agents can also team up in different regions or states to buy in DFW, get you moved here, then fix and sell your house there. Or, I can help with the sale here if you’re moving to another region or state with Knock certified agents.

Call, text or email me if this program interests you. I’m happy to help you move forward to your ideal home.

I also recently completed a Home Buyer Guide. It covers everything you need to know when purchasing a house. It covers both preowned homes and new construction homes. It includes sections on how houses are built, finances, tax exemptions and more. I’m honored to share a PDF of it to home buyers at no cost. Please send requests to markhancockrealty@gmail.com.

I’ve Got Your Six!

#DFWmark #REALTOR #MarketReport #InvertedMarket #KnockHomeSwap #HomeBuyerGuide #FreeBook #NewHomeBook #Knock #SellAfterYouMove

Hail Damage Help

If you think your house got major damage from last night’s hailstorm, please don’t climb on the roof and risk your health. Instead, let professionals handle it. Almost all roofing companies give free damage estimates. They will also help you with insurance claims. Finally, they can put temporary protection over damaged areas to prevent further damage until the insurance claim is sorted out.

Beware of fraud from unknown roofers (t.ly/Hlax). If any roofers offer to replace your roof without a deductible in Texas, they may intend to commit fraud either against you or the insurance company. Don’t become part of it!

If you don’t have a trusted roofer, here are 20 trustworthy options: https://dfwreferral.blogspot.com/search/label/roofer

I’ve Got Your Six!

Mark M. Hancock
DFWmark.com
214-862-7212

#DFWmark #REALTOR #hail #texasstorm #storm #roof #RoofRepair #StormDamage #hailstorm #AvoidFraud

Market Watch - 19 Feb. 2021

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Hi! I’m DFWmark and this is your weekly North Texas residential real estate Market Watch for the week ending on 19 February 2021.
First, my heart goes out to everyone impacted by this week’s events here in Texas. The record temperatures, snow and ice were enough. To have it compounded with power outages, water stoppages and more during a global pandemic is beyond words.
If you need help, I’ve updated my listing of trusted contractors. I’ll put the link in the comments, or you can go directly to DFWreferral.blogspot.com. I’ve assembled plumbers, electricians, HVAC specialists, restoration companies and more for you.
It’s publicly accessible without any cost or gimmicks.
Also beyond words is this week’s market watch. I almost considered skipping it this week because it is an anomaly. I pulled a trend graph from near the beginning of the pandemic to this week to show this historic moment in context.
In a year of historic low interest rates and historic low inventories, we can now add a low number of new listings. This week we had 604.
With all this said, let’s get to the Market Watch.
Since last week, New Listings, as well as properties Under Contract, Pending and Sold have all declined significantly.
The inverted sold-to-listed ratio stretched out for another week with one of the deepest dives ever for listings and sales. While the snow melts this weekend, expect buyers to compete with multiple offers near or above reasonable asking prices on the few available houses.
Please call, text or email me if you have a house to sell and take advantage of this STRONG seller’s market.
If you expect to work from home in the future and need a bigger, better or newer house, let’s talk. A new construction house might be right for you. You may need a home with more office or leisure space, I can help you get it.
However, you need to move fast because building materials are in short supplies. REALTOR Magazine stated on Friday that lumber prices have surged nationally to a record high with price increases of 170% in the last 10 months. The prices for new-start framing packages fluctuate daily. The point is that buyers need to purchase quickly or pay more for waiting.
There are inventory houses in progress and available today with plenty of space, game rooms, media rooms and studies by great builders. They’re difficult to find, but I know where they are. Lock one down before they’re gone!
I recently completed a Home Buyer Guide for preowned and new build home buyers. It covers everything you need to know when considering your new home. When a home buyer is ready to move, I’m honored to send a PDF of this guide at no cost via email. Please email your name to markhancockrealty@gmail.com and request the Home Buyer Guide.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketReport #InvertedMarket #BuyAHouse #NewConstructionBook #NewBuiltHouse #NewBuildBook #FreeBook #HomeBuyerBook

Handle Frozen Pipes

With this week’s record-breaking low temperatures in Texas combined with rolling electrical blackouts, many readers have encountered frozen pipes. If not addressed correctly, the pipes can burst and cause damage and various expenses beyond the cost of a plumber. Here are some tips to mitigate the problems.

Why Pipes Freeze
Water freezes at 32o Fahrenheit / 0o Celsius. When water freezes, it changes from a liquid to a solid and expands. This expansion causes pipes to break. When the water thaws behind an ice clog, it creates pressure, which compounds the problem of a compromised pipe.

Avoid Frozen Pipes
To avoid frozen pipes, we’re advised to keep water dripping or slowly running through the faucets. Flowing water is less likely to freeze than standing water, and helps melt ice blockages.
Many modern houses have PEX pipes, which expand when frozen. The PEX pipes are strained during each freeze and may eventually break. Use the same precautions as with hard pipe.
• Drain unneeded outdoor pipes and hoses. This is particularly important with sprinkler systems, garden hoses and above ground swimming pool lines. Trace amounts of water can expand without damage, but full lines can break plastic and metal pipes.

• Insulation helps. It’s helpful if water lines are well insulated rather than directly exposed to the air. Use specialized bib covers (see photo), foam pipe wraps, add extra insulation over attic pipes, and more to protect pipes. If nothing else is available, wrap dry towels or an inch of newspaper around exposed pipes.
• Keep garage doors closed to conserve heat if a water heater and pipes are in the garage. Open cabinet doors under sinks to allow heat to circulate near pipes.
• If the pipes are on an outside wall, point a blowing space heater toward the open cabinets – safely remove harmful cleaners and anything flammable first!

Most Likely to Freeze
Pipes that are exposed directly to cold air are most likely to freeze. Hose bibs (including spigots facing outward from the house) are the most likely house pipes to freeze. Many builders install lines to the bib inside the insulated structure. • Place an insulated cover over the entire spigot and bib to retain heat from the structure.
• Faucets on outside walls of the structure or running near non-insulated spaces such as garages and attics can freeze. For instance, a master bedroom over a garage will need to be monitored more closely and allow more water to flow than a kitchen sink in the middle of a warm house.

After Pipes Freeze
Water will not flow out of an open faucet and pipes may have frost on the outside.
• Ice in the line may act as a plug. More problems may follow.
• Shut off the main water line to the house. This may be a valve or gate at the street in older houses or a handle in the garage in newer houses.
• Open all faucets to relieve pressure inside the house.
• Don’t use open flames. Ensure nothing flammable or toxic is near any heat sources.
• When frozen pipes are visible, wrap a heating pad or towels soaked in hot water around the pipe. Otherwise, use a hair dryer or directed-air space heater to thaw the pipe. Start closest to the faucet and work your way down the pipe.
• Don’t tear out walls to get at pipes yet.
• Examine pipes for breaks. Ice may form on the outside near the break while it’s still frozen. As it thaws, water will slowly leak through breaks as it becomes liquid again.
• Apply heat until full water pressure is restored.
• When the pipe is completely frozen, but no break is found, contact a professional plumber. If plumbers arrive while it’s still frozen, they have specific pipe-thawing equipment to minimize damage. While the pipes may have survived, they may still be compromised and need to be replaced.
• If a break is located, contact a professional plumber. Also, see if there’s a local cutoff to the frozen section of pipe. If so, close the valve.

It’s Too Late
The thaw is worse than the freeze. Pipes may have swollen areas like a well-fed snake when it is frozen or has already burst. All the breaks will reveal themselves. If the main line is still on, water will spew everywhere with force as it warms.
• Turn off the main water line to the house.
• Immediately call a plumber.
• Take actions to minimize mold and mildew.
• Use a wet vacuum, mops or towels to soak up any water and discard the water in a tub or a bucket to dispose of it outside.
• Increase air circulation with fans to blow moist air from the wet area to help dry the area. Disinfect the area once dry.
• If there is a major problem immediately call your insurance agent and document with photos. Most household insurance policies do cover burst pipes and resulting water damage.
When you need vendors for all your repair needs, please visit my services blog at DFWreferral.blogspot.com.

I’ve Got Your Six!

TREC Consumer Protection Notice update