Lake Highlands Property has joined, and we would like you to join too! Next Door has had it’s next major boost in the market, and it is a great way to get to know your neighbors, get updates from local public services, increase safety in your neighborhood, and find excellent recommendations for local services.
Steve Brown, Real Estate Editor for Dallas News, recently wrote an article examining where D-FW starter home sales failed in 2016. It is certainly an important topic to consider as we trek into the Spring in 2017, and there may be more to it than Brown suggests:
Homes selling in 3 days is the driving force behind the fallout. The article mentions what used to be the predominant drivers, and I believe those are still occurring at “normal levels”. What the article failed to address is the speed of the current market. It used to be that a Buyer would see a house, like it, go home and sleep on it, come back in the next day or two and see it a second time, and then make a well considered offer. Take that much time making a decision now, and the opportunity will be gone. So, now, Buyer will spend 30 minutes to an hour in the house, and decide to make an offer. At lower price points, they may make several offers, just trying to get to contract. Once the contract is executed, the real decision gets made. And more frequently than in the past, the Buyer decides there is just something they don’t like about the house. Or they execute the contract on their 2nd or 3rd choice home because they could, and then their 1st choice also offers them a contract. They drop the contract done in haste to execute the one they *really* want.
Rising interest rates may quell this a bit. The higher interest rates go, the more impact will be made on affordability. In turn, the ability of Buyers to offer higher and higher prices will diminish. Forecasts I am hearing for mortgage rate in 2017 is perhaps a rise over the past couple years, but likely not higher than 5%.
So I see another year of increasing prices in the DFW market. Perhaps not in the double digit range we have seen for the past 3 years, but likely in the 4-6% range, maybe as much as 8%.
By Robert Wilonsky
8:40 am on December 2, 2013
Update at 10 a.m.: As expected, the Economic Development Committee voted to send the Dallas Farmer Market’s five TIF agreements to the full council for a December 11 vote. But that was after an hour-long discussion during which council member Jerry Allen wanted to make sure the new ownership group wasn’t just building a “an apartment development around an entertainment thing called a farmers market.”
Said Allen, he was especially concerned about the loss of Pecan Lodge, which is moving to Elm Street in Deep Ellum.
” That’s one of the top barbecue spots in Texas, but it’s an attitude,” he said. “Those guys attract so many folks to the market. That creates an attitude. When we lost that deal that perked my ears up.” He asked Brian Bergersen to explain his “true vision” for the market.
“We’ve always said the most important part of this redevelopment is Shed 1,” Bergersen told him. “That is the farmers market. The retail and restaurants compliment that. But the most important part of the farmers market is making sure we have fresh produce and it’s year-round.”
He said they have a coordinator working with farmers, and that they’re attempting to bring back folks who’ve left in the last couple of years. Council member Rick Callahan also wondered what constitutes a “local farmer.” Said Bergersen it’s someone within 400 miles, but they’re hoping to limit that to 150 miles — though they will bring in “fresh” produce that’s not necessarily grown in Texas during peak seasons. At which point he mentioned Hatch chilis, because Central Market.
He also reminded the council that on its eastern side, Shed 1 will have a band shell — and it’s being developed and assembled by none other than Angus Wynne.
The committee was concerned about spending so much public money on a single project in an area of downtown lacking density — but not concerned enough to delay sending the item to council.
Dallas, though, needs to “connect the dots” between Victory Park, the Perot and the market, said chairman Tennell Atkins, reiterating one of his favorite themes.
“Right now there is a disconnect between the farmers market and the Arts District,” he said. “That’s something we need to do — infrastructure. The market is sitting on an island by itself.”