Real Estate Market Update January 11, 2024

Winter Weather Safety

Texas homeowners and renters should be prepared to protect their homes when temperatures drop below the freezing mark for more than 24 hours.

 

 

Frozen pipes are an annual issue for many Texans

A hard freeze could result in frozen water pipes, which can lead to pipes bursting and leaking. A prolonged cold spell can freeze unprotected water lines due to water freezing and expanding in the line, which will cause small cracks in the pipes. Water leaks then occur when the temperature warms up and the frozen pipes thaw out.

ICT recommends taking these following steps to avoid frozen water pipes.
• Unhook any outdoor water hoses to your faucets.
• Wrap outdoor pipes and faucets with insulating material and secure as needed.
• Check hardware stores for insulation products that fit over outside water faucets.
• Open doors under your sinks to provide warm air circulation to pipes along exterior walls.
• Circulate the water in your home by dripping at least one sink.
• Keep the thermostat set to 55 degrees or warmer in your home.
• If a leak is detected inside the home, shut off the water to the house immediately to prevent further damage, and contact a plumber.
• Document any leaks and repairs and keep receipts of all expenses.

 

Texas homeowner policies provide differing levels of coverage for water damage. Check your policy or contact your agent or insurance company to determine if you have coverage for freezing pipes and if so, how much coverage. Also check the deductible on your insurance policy, a minor pipe break and repair may not exceed the deductible amount.

 

 

Cold Weather Driving Tips
• Keep a bundle of cold-weather gear in your car, such as extra food and water, warm clothing, a flashlight, a glass scraper, blankets, medications, and more.
• Make certain your tires are properly inflated and have plenty of tread.
• Keep at least half a tank of fuel in your vehicle at all times.
• Never warm up a vehicle in an enclosed area, such as a garage.
• Do not use cruise control when driving on any slippery surface, such as ice and snow.
• Drive slowly. Always adjust your speed down to account for lower traction when driving on snow or ice.
• Accelerate and decelerate slowly. Apply the gas slowly to regain traction and avoid skids. Don’t try to get moving in a hurry and take time to slow down for a stoplight. Remember: It takes longer to slow down on icy roads.
• Increase your following distance to five to six seconds. This increased margin of safety will provide the longer distance needed if you have to stop.

 

Winter Fire Prevention
Fireplaces can be a danger if not properly attended, but many Texans also use small, portable heaters to warm up cold areas of the home. While many modern heaters have safety features to prevent accidental fires, not all do, and older heaters can be especially dangerous. Half of all heating fires occur in December, January and February.

• Heating equipment is involved in 1 in every 7 reported home fires and 1 in every 5 home fire deaths.
• Keep anything that can burn at least three feet from any heat source.
• Plug only one heat producing appliance into an electrical outlet at a time.
• Store cooled fireplace ashes in a tightly covered metal container outside the home and at least ten feet from any building.
• Have a qualified professional clean and inspect your chimney every year. Even if you don’t use your fireplace frequently, birds or other animals can block the chimney and cause problems when you use it the first time.

 

 

Additional Resources:
https://www.insurancecouncil.org/winter-weather-safety/
https://www.insurancecouncil.org/driving-in-severe-weather-calls-for-patience/

Note – Please register on your municipality’s website for additional local emergency updates.

Real Estate Market Update January 8, 2024

Achieving Your Homebuying Dreams in 2024

Planning to buy a home this year? Here’s what to focus on:

  • Improve Your Credit
    Your credit score impacts your mortgage rate and future home loan. Monitor your credit and work on improving it by paying off debts.
  • Plan for Your Down Payment
    Save some money from every paycheck for your home fund and get help from a professional to explore down payment assistance options.
  • Get Pre-Approved
    Pre-approval from a lender helps you know how much money you can borrow for your home loan. That way, you can start figuring out your budget.
  • Decide What’s Most Important to You
    Make a list of things you want in a home and decide if they’re Must-Haves or just Nice-To-Haves. Then, talk to your agent about it before starting your search.


Let’s connect so you have expert advice on how to achieve your homebuying goals this year.

Real Estate Market Update December 18, 2023

Embracing a Promising 2024 in Real Estate

I trust this letter finds you in good health and high spirits as we embark on the exciting journey that is the year 2024. As we step into the first quarter, I wanted to take a moment to share some uplifting insights into the current real estate market and the promising landscape that lies ahead.

The year 2023 was indeed eventful, marked by resilience, adaptability, and growth in the real estate sector. The good news continues into 2024, as we witness a market that remains dynamic and full of opportunities for both buyers and sellers alike.

For those considering selling their homes, rest assured that the demand remains robust. With a limited inventory, sellers are likely to benefit from competitive offers and quicker transactions. The process of selling your home is one that we will navigate together, ensuring a smooth and efficient experience from listing to closing.

Buyers, too, will find plenty of reasons to be optimistic. Despite some fluctuations, interest rates are expected to remain favorable, making homeownership an attainable goal. I am committed to helping you find your dream home, leveraging my expertise to guide you through every step of the buying process.

As we delve into the predictions for the economy in the first half of 2024, indicators suggest a stable and gradually improving landscape. The real estate market is poised to play a vital role in contributing to this positive momentum, with home values expected to continue their upward trajectory.

In the spirit of Southern hospitality that defines my roots, I extend a warm invitation to explore the possibilities that the DFW real estate market holds. Whether you are a seasoned homeowner or a first-time buyer, I am here to ensure that your real estate journey is not just successful but also a memorable and enjoyable experience.

As always, please feel free to reach out with any questions or if you simply wish to discuss your real estate goals. I am here to serve you with the utmost professionalism and dedication, making your journey in the world of real estate a seamless and rewarding one.

Real Estate Market Update December 14, 2023

Experts Project Home Prices Will Rise over the Next 5 Years

Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.

To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.


Experts Project Ongoing Appreciation

While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.

The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):

And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.

If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.


What Does This Mean for You?

If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:

In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.

Bottom Line

If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in our local area, let’s connect.