July 2017 Fort Worth Housing Report

According to the Greater Fort Worth Association of Realtors, Fort Worth home sales raised 13.7 percent to 1,280 homes in July 2017. The median price for Fort Worth homes increased 11 percent year-over-year to $210,900 in July 2017.

Fort Worth’s monthly housing inventory was 2.3 months in July 2017, 0.2 months more than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes are balanced.

Homes spent an average of 29 days on the market in July 2017, the same as July 2016. Additionally, active listings increased 12.8 percent to 2,352 listings during the same time frame.

July 2017 Statistics At-A-Glance

 

  • 1,280 – Homes sold in July 2017, 13.7 percent more than July 2016.
  • $210,900 – Median price in July 2017, 11 percent more than July 2016.
  • – Monthly housing inventory in July 2017, 0.2 months more than July 2016.
  • 29 – Average number of days homes spent on the market in July 2017, the same as July 2016.
  • 2,352 – Active home listings on the market in July 2017, 12.8 percent more than July 2016.

July_2017_FW_Housing_Report

 

June 2017 Fort Worth Housing Report

According to the Greater Fort Worth Assocaition of REALTORS, Fort Worth home sales raised 7.5 percent to 1,308 homes in June 2017. The median price for Fort Worth homes increased 10.8 percent year-over-year to $210,900 in June 2017.

Fort Worth’s monthly housing inventory was 2.3 months in June 2017, 0.4 months more than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 61 days on the market in June 2017, six days less than June 2016. Additionally, active listings increased 21 percent to 2,291 listings during the same time frame.

June 2017 Statistics At-A-Glance

  •          1,308 – Homes sold in June 2017, 7.5 percent more than June 2016.
  •          $210,900 – Median price in June 2017, 10.8 percent more than June 2016.
  •          2.3 – Monthly housing inventory in June 2017, 0.4 months more than June 2016.
  •          61 – Average number of days homes spent on the market in June 2017, six days less than June 2016.
  •          2,291 – Active home listings on the market in June 2017, 21 percent more than June 2016.June_2017_FW_Housing_Report

Lease Now, Buy Later

House puzzled (2)Red Team Real Estate is hosting a free home buying workshop for first-time or second-chance homebuyers on Saturday, July 29, from 9:30 a.m. to 11 a.m. Saturday’s workshop will take place at 909 W. Magnolia Avenue, Suite 2, Fort Worth, TX 76104. Anyone interested in learning the ins and outs of the home buying process is encouraged to attend.

The no-obligation workshop features industry professionals, Michael Mayes, Owner/Agent, Red Team Real Estate and Paul Duane, Mortgage Loan Originator, MiMutual Mortgage.

“We’ve spoken with many people who want to purchase a home but think they are too far away from making that dream a reality. Our Lease Now, Buy Later workshop allows current renters to gather information and make a plan, so when they are ready to move forward they are confident candidates. After attending our workshop some attendees find they are closer to home ownership than they realized.” said Michael Mayes, Owner of Red Team Real Estate. “The idea of buying a home is intimidating, especially for first-time buyers or those who may have fallen on hard times in the past. We enjoy talking about the home buying process, providing this free workshop to the community is a win-win.”

Attendees have the opportunity to learn about all aspects of the home buying process, including the true picture of renting vs buying, budgeting, savings tips, credit repair, securing mortgage financing, working with a Realtor, homeowners insurance, property taxes, closing cost expectations, and loan programs aimed to assist new and experienced home buyers.

Breakfast is provided for attendees by MiMutual Mortgage who will also be on hand to answer questions about available financing options including, FHA, Conventional, USDA, VA Loans, and more.

For more information, visit www.RedTeamRealEstate.com or register online. You may also call or email Jennifer Wilson at jwilson@RedTeamDFW.com or 817.921.3545 with any questions.

May 2017 Fort Worth Housing Report.

The Greater Fort Worth Association of Realtors released the May 2017 Fort Worth Housing Report this week. Fort Worth home sales raised 5.6 percent to 1,174 homes in May 2017. The median price for Fort Worth homes increased 12.8 percent year-over-year to $211,000 in May 2017.

Fort Worth’s monthly housing inventory was 2.0 months in May 2017, 0.2 months less than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes are balanced.

Homes spent an average of 59 days on the market in May 2017, five days less than January 2016. Additionally, active listings increased 12 percent to 1,994 listings during the same time frame.

 May 2017 Statistics At-A-Glance

  • 1,174 – Homes sold in May 2017, 5.6 percent more than May 2016.
  • $211,000 – Median price in May 2017, 12.8 percent more than May 2016.
  • 2.0 – Monthly housing inventory in May 2017, 0.2 months less than May 2016.
  • 59 – Average number of days homes spent on the market in May 2017, five days less than May 2016.
  • 1,994 – Active home listings on the market in May 2017, 12 percent more than May 2016.
May 2017 Fort Worth Housing Report Infographic
May 2017 Fort Worth Housing Report

Downsizing Trend on the Rise in North Texas

A downsizing trend in North Texas as well as nationwide is taking hold when it comes to real estate.

A recent survey put together by Trulia.com shows home premiums on houses between 3,000 and 5,000 square feet steadily declined since 2012. Some buyers are choosing to avoid mass produced homes between 3, 000 and 5,000 square feet. Industry insiders are seeing a swing toward smaller more affordable homes with less overhead and cost than associated with a large oversized house.

Traditional families are leaning towards townhomes, condos, and smaller single family homes. Most of which are under 3000 square feet.

Tarrant County has a wealth of these wonderful smaller properties for sale especially in the Historic Fairmount District, Arlington Heights, Mistletoe Heights, and around the TCU / Westcliff neighborhoods. The ability to blend the craftsmanship of the old through original flooring and unique architectural features with conveniences of modern technology and upgraded appliances make these neighborhoods some of the most sought after places in Fort Worth. This is good news for sellers and buyers in our marketplace.

As a Historic Home Specialist and an expert in these neighborhoods, I am well equipped to show you the potential of their older homes as a great opportunity if you are in the market to downsize. From north to south, give me a call or shoot me an email and I’ll share my favorites!

New Trends in Property Management

Tax Time is Almost Here… Are You Prepared?

Part 2: Technology for Investors

The objectives of investment in Real Estate have traditionally been income and appreciation in the value of the property. But there’s much more to the story—there can be lucrative tax advantages as well: IF YOU ARE DOING IT RIGHT!

What’s an operating expense?

For tax purposes, you will figure your profit or loss each year from operating the rental property. Generally, you can deduct all expenses incurred to operate the rental. The following are potential operating expenses that are deductible:

  • Advertising
  • Cleaning & maintenance
  • Bank charges – if a separate account is maintained
  • Insurance – fire, casualty and liability
  • Utilities – gas, electricity, water, cable, etc.
  • Services – yard care, pool service, pest control, etc.
  • Rental commissions
  • Property Management fees
  • Mortgage interest – on debt to acquire or improve the rental
  • Property taxes
  • Repairs
  • Local transportation expenses
  • Homeowner’s or association dues
  • Tax return preparation fees
  • Depreciation allowance

There are so many variables when it comes to operating expenses, and because taxation can have such a significant impact on your cash return as an Investor, it only makes sense to have both knowledge and technology working for you!

The fact is, being aware of the tax laws which affect Real Estate is a major first step in making the most of your property, but that’s only part of the puzzle… There’s a lot of labor, paperwork, and “red tape” associated with this type of investment, so unless you are leveraging the benefits of the best technologies, you’re probably spending an excessive amount of time “saving” money.

C’mon, you know the saying – Time is money. So the real question should be… How much money are you spending on your investment?

Property Management Companies like ours at Red Team Real Estate, use advanced technologies and industry leading practices to help you and your investments operate at their fullest potential.

Are you ready to learn more about no-stress reports, augmented cash flow, taxable income, tax breaks for repairs, and how to save more through overlooked deductions? Contact us today and start up the conversation— this is one call that will be well worth your time!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

**Disclaimer: Red Team Real Estate is not a Tax advisor or CPA, and more specifically, we are not giving and cannot give tax advice. We do, however, work with CPAs and Tax Advisors to make sure our clients have the most current information for success.

Client Spotlight: SafeHaven of Tarrant County

Red Team’s December Spotlight features: SafeHaven of Tarrant County. Here’s their story!

“The mission of SafeHaven is to end domestic violence through safety, support, prevention and social change.”

This is a group that Michael Mayes supports and has even raised money by performing cartwheels at Holiday Events. Consider giving money to help those who are trying to get away from the horror of domestic violence and onto a new and better life.

We would love to help you too! Contact us today.

Educating for REAL Greatness,

Red Team Real Estate and Property Management

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News: Are you thinking about purchasing a rental property?

Are you a current property owner who wants to ensure you’re getting the best return on your investment?

Red Team Real Estate is proud to announce that our very own Michael Mayes is publishing his first book, The 7 Rules of Selecting a Property Manager. Set to debut in 2016, this book goes far beyond simply selecting a property manager. Inside you will find a wealth of information, tips and secrets that all current and would-be investors should know. Ready for more? Here’s a sneak peek of one of the topics Michael will cover:

Real Estate Agent vs. Property Manager

Did you know that in Texas (and many other states) you must be a licensed real estate agent in order to be a property manager? While this law makes sense and has its benefits, there are some big downfalls that can arise from it as well.

Are you aware that something as small as a missing peep-hole could end up costing you up to $500 in rental code violations? Most of these “sign in the yard” type agents don’t really have the time or motivation to stay on top of the latest laws, or even the most basic ones for that matter.

There’s just no way that a part-time agent can manage and protect your investment as it should be, and most likely, they won’t be readily accessible or available when a crisis does occur. More times than not, the part-time “manager” usually views the property owner as a short-term revenue stream, not a long-term partner, which ends up costing investors more than they bargained for.

Owning real estate is a business and should be treated as such. Just because someone agrees to collect the renter’s check, does not ensure they are looking out for you best interest…

The 7 Rules of Selecting a Property Manager, coming soon in 2016!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News

Ever found yourself having the will, but not the means? Right now DFW’s Real Estate market is paying out big for those who already own properties, but for those wanting to get in—well, it seems like you have to pay in big if you want to play. But hey, you know the saying…Where there’s a will, there’s a way—and this is definitely true of the current market. If you’re determined, if you’re ready, but you think that buying in isn’t a realistic option, you might be pretty surprised to hear that money isn’t everything! There are other factors that can change the odds in your favor, and it really comes down to how well positioned you are coming into an offer. If you’re hoping to get into our booming market, check out our latest article, A Well Positioned Offer: A Real Estate Investor’s Ace In The Hole

Winning Clients,

If you’re ready to start making money in this hot market, it really comes down to how well positioned you are coming into an offer. Red Team Real Estate has a proven track record of giving their clients the leverage needed to make the deal and make the money. If you’re considering a new purchase, we invite you to give us a call and speak with one of our experienced agents today.