March 2023 - Republic Title

April Class Calendar

Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in April for classes including:

The Intersection of Divorce, Real Property & Mortgage Planning
This class is designed to provide real estate professionals with an understanding of how a divorce involving real estate, spousal support, child support, etc. can affect a real estate closing transaction. We will cover the elements of a divorce and provide a better understanding of successfully working with divorcing clients.
April 5th
11:30 am – 1:00 pm
Republic Title North Coit

Backup, Contingent & Multiple Offers
This class will prepare licensees to handle the unique aspects of backup, contingent and multiple offer transactions by reviewing pertinent TREC addenda along with critical dates and deadlines.
April 6th
10:00 am – 11:00 am
Zoom

Social Media Content Planning 101
All good social media begins with a plan. Join us to learn how effective content planning and execution will keep you top of mind with your sphere and help you win more business. In this class, you will learn tips for social media content planning, where to find great content resources, and planning tools to help you organize your social media content calendar.
April 6th
11:00 am – 12:00 pm
Caddo Office Reimagine Lakewood

Hit the Road with the MLS-Touch App
Deals are made on the road. MLS Touch is the most advanced Mobile MLS app for agents! Come to this class to learn how to use this tool like a pro from the first time you log in. Seamless integration with Matrix, OneHome Portal, Realist Tax and more. Set up your own branded app to share with clients and on social media.
April 12th
11:00 am – 12:00 pm
Republic Title Park Cities

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
April 18th
10:00 am – 11:00 am
Republic Title Uptown Conference Center

Survey Issues
Join us for this class intended to help licensees understand surveys and the applicable paragraphs in the TREC 1-4 Family Residential Contract and prepare them for any potential survey issues that may arise.
April 18th
2:00 pm – 3:00 pm
Republic Title Castle Hills

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
April 19th
11:00 am – 12:00 pm
Republic Title Preston Frankford

Incredible Canva Tips and Tricks
Boost your listings and properties easily and efficiently using Canva’s beautiful real estate templates. Join us to learn new tips and tricks to make designing even easier and make marketing one of your new favorite tasks!
April 20th
10:00 am – 11:00 am
Zoom

Maximize Productivity with ChatGPT A Real Estate Agents Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
April 26th
9:30 am – 10:30 am
Republic Title Park Cities

Selling Out of an Estate
Join us to learn the requirements for selling real estate if title is held by an estate or there has been a death of a seller.
April 26th
10:00 am – 11:00 am
Zoom

Texas Housing Insight January 2023 Summary

January home sales increased month over month (MOM), but it was the slowest start since January 2017, a far cry from January levels from both 2021 and 2022. Other housing metrics, such as median price and inventory, may be showing early signs of stabilizing with only minor changes in recent months compared with the major swings experienced during the pandemic.

Supply¹

Single-family construction permits had been sliding down in demand since March 2022. January 2023’s permit level fell 6.9 percent MOM to 8,897 permits. The other two months during the past three years that monthly permits dipped below 9,000 were during the initial pandemic shock in April and May 2020. Construction permits fell in all major metros except Austin. While housing demand in Houston (2,842 permits) was mostly flat, Dallas (2,249 permits) dropped more than 15 percent MOM. Austin’s monthly construction demand (1,082 permits) rebounded 10 percent, issuing twice as many permits as San Antonio (481 permits).

Texas single-family construction starts have likewise plummeted since March 2022 but started 2023 with a positive month in January with 9,090 units. Although construction starts rebounded in every major metro, the January metric was the lowest level reported in Texas since 2016, suggesting a meek outlook for the housing industry.

The state’s total single-family starts value diminished from $3.8 billion in January 2022 to $2.2 billion in 2023. Houston and Dallas continue to account for more than half of the states total, coming in at 27.5 percent and 26.1 percent, respectively. Further pressing the point home that housing activity is down from the previous year, Austin and San Antonio had their construction values nearly cut in half in the first month of 2023.

The rebound in active listings had been aggressive since March 2022. However, the acceleration slowed in the past two months as the metric fell flat at a seasonally adjusted rate of 91,000 units. Compared with the first half of 2022 when inventory was 50 percent short of pre-pandemic levels, housing inventory was only 4.5 percent short in January. Active listings in Austin have more than tripled from a year ago, reaching 8,500 units. Amid the recent flattening, months of inventory (MOI) dipped for the first time in the past eight months. The MOI for the four major metros ranged from 2.5 months to 3.4 months. While Dallas, Austin, and San Antonio all either hovered back or beyond pre-pandemic levels, Houston’s housing supplies still needed more homes to restock.

Demand

Total home sales inched up 3.4 percent MOM to a seasonally adjusted rate of 27,475 sales. This uptick marked the largest MOM jump since the second half of 2022. Sales in Austin and Houston rebounded greatly, with the former metro surpassing San Antonio’s sales volume and the latter surpassing Dallas’ (Table 1). While the housing market opened robustly in 2023, Texas’ sales still diminished by over 20 percent compared with last year’s January metric.

Sales grew across all price cohorts. While homes below $300K still make up 40 percent of the market, this sector’s sales volume rebounded least at 0.5 percent MOM. The remaining price cohorts ascended moderately at a low-single-digit growth, but homes above $750K grew at an impressive rate of 21.6 percent MOM, accounting for almost 9 percent of the market.

With sales activity picking up, the Texas’ average days on market (DOM) continued to climb but at a slower pace of 54 days. Compared with the five-year average of 59 days before 2020, this is still converging to historic norms; and it is tilting toward a weaker market that favors buyers. Quadrupling since March 2022, Austin posted a first dip in DOM—balancing at 61 days.

Across all price cohorts except one, DOM rose to a range of 50 to 58 days, a three-day average increase across all the cohorts. The $400K-$500K housing sector’s DOM declined by 5.8 days over the previous month. Meanwhile, homes priced over $750K had a 55 DOM, one day higher than the $300K-$400K cohort.

Compared with a surge to 69 percent in 3Q2020 during the pandemic frenzy, Texas’ homeownership rate had been cooling, hovering around 63.6 percent in 2022. At the metropolitan level, the Dallas-Fort Worth (DFW) area was lowest at 56 percent, while Houston was highest at 67 percent. Austin and San Antonio were at 65 and 60 percent, respectively.

Prices

Texas’ median home prices started off the new year with a strengthened housing market. The 2.1 percent MOM rebound was the largest monthly gain since April of last year. All metros posted positive price growth except for San Antonio (Table 2). Median price per square foot (PSF) corroborated with the trend, as San Antonio’s price PSF dropped 1.6 percent MOM to $168.8.

The ten-year U.S. Treasury bond yield continued its four-month decline, reaching 3.5 percent² in January 2023, while the two-year counterpart decreased to 4.2 percent. The spread between the ten- and two-year bond yields continued to widen for the seventh month straight. The negative spread indicated persistent market uncertainties, and the ten-year bond yield was still far below 2007’s peak of 5.1 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate moderated slightly this month to 6.3 percent, down 0.1 percent from December.

Rapidly rising mortgage rates have continued to pester the housing market over the past year. The Texas Repeat Sales Home Price Index accounts for compositional price effects and provides a better measure of changes in single-family home values. The January metric was essentially the same as the month before. However, January’s index value of 220 was still 3.9 percent higher than the year before. The same trend also affected the major metros as growth rates shrank from double to single digits, except in Austin, which had a net loss in home values.

_________________

¹ All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.

² Bond and mortgage interest rates are nonseasonally adjusted.

Source – Joshua Roberson, Weiling Yan, and John Shaunfield (March 20, 2023)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

Spring Festivals and Events in DFW

Spring is a wonderful time to explore the Dallas-Fort Worth area and experience some of the exciting festivals and events that take place during this season. From cultural celebrations to food festivals, there’s something for everyone to enjoy. Here are some of the top Spring festivals and events in DFW that you won’t want to miss.

The Dallas Arboretum’s Dallas Blooms Festival is a month-long celebration of Spring features over 500,000 blooming bulbs throughout the gardens, including tulips, daffodils, and hyacinths. Visitors can also enjoy live music, special exhibits, and food vendors on select weekends. It’s the perfect way to welcome in the new season and take in the beauty of nature.

Check out our full list of Spring festivals and events and get out there and have some fun!

Dallas Arboretum’s Dallas Blooms Festival | Dallas | February 25^th – April 16^th

Fort Worth Food & Wine Festival | Fort Worth | March 30^th – April 2^nd

Dallas Arts Month | Dallas | month of April

Dallas Reggae Festival | Addison | April 7^th -9^th

Scarborough Renaissance Festival | Waxahachie | April 8th – May 29^th

Ennis Bluebonnet Trails Festival | Ennis | April 14th-16^th

Arts in Bloom Festival | McKinney | April 14^th -16^th

Grand Prairie Main Street Fest | Grand Prairie | April 21

Earthx | Dallas | April 21^st – 23rd

Main Street Art Festival | Fort Worth | April 20th – 23^rd

Spring Japanese Festival | Fort Worth | April 22-23

Art In The Square | Southlake | April 28^th – 30^th

Mayfest | Fort Worth | May 4^th – 7^th

Wildflower Arts & Musical Festival | Richardson | May 19th – 21^st

Rockwall Founders Day Festival | Rockwall | May 20^th

Taste of Addison | Addison | June 2^nd – 3^rd

February 2023 DFW Area Real Estate Stats

Attention home buyers and sellers! The February real estate stats are in and it’s important to stay informed. Active listings are up in every county compared to last year, providing more choices for home buyers. However, days on market are also up in every county, indicating a more competitive market for sellers. In Dallas County, new listings are down 7.4% from last year, but Collin County and Denton County are seeing an increase in new listings. It’s a unique moment in the housing market, so stay informed before making any decisions!

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Preparing For Spring

Spring Cleaning and Maintenance Tips To Get Your Home Ready For The Season

Interior
□ Inspect and change out HVAC filters.
□ Clean kitchen sink disposal.
□ Clean range hood filters.
□ Inspect your fire extinguisher(s).
□ Get your air conditioning system ready for summer; empty drain pans, check hose connections for leaks. Consider getting an HVAC technician to service your system biannually. This will help it run optimally year-round.
□ Inspect your attic crawl spaces. Look for signs of vermin infestation. Contact a pest control professional if any concerns arise.
□ Run water and flush toilets in unused spaces.
□ Check water softener and add salt if needed.
□ Test your water heater’s pressure relief valve.
□ Test smoke/carbon monoxide detectors and replace batteries if necessary.
□ Spring cleaning! Now is the time to give your house a deep clean.

Exterior
□ Get your lawn ready for the warm temperatures. Clear your yard of any debris and aerate your lawn if needed (you might need a professional to do this.) Early spring is the best time to lay pre-emergent herbicide. This will prevent weeds from growing.
□ Check exterior drainage.
□ Clean out gutters.
□ Inspect the exterior of your home. Look for soil erosion and add fill dirt/sod if needed.
□ Inspect roof for damage, leaks and missing shingles.
□ Inspect exterior walls including eaves for any cracks or holes where insects or critters could enter.
□ Check seals around windows, caulk if necessary.
□ Check for loose, warped or splintered boards on your deck/patio. Now is a good time to seal/stain if needed.
□ If you stored your lawn furniture for the winter, bring it outdoors and give it a rinse or wash
with a mild detergent.
□ Go ahead and have a little fun! Plant seasonal flowers to add color to your landscape. Flowers that thrive in spring in North Texas are cosmos, marigolds, zinnias and pentas.

Click here for printable version

Homestead Exemptions

In our newest video, Republic Title’s Sheri Groom and Matt Visinsky discuss what you need to know about homestead exemptions. A homestead is a house or other residential structure that is used for residential purposes. To qualify for homestead in Texas the owner must be an individual (a corporation or other business entity cannot have a homestead), and use the home as his or her principal residence.

Listen in as Republic Title’s Sheri Groom and Matt Visinsky explain:

What is a homestead?
What are some of the benefits and protections of homesteads?
Who can apply for a homestead exemption?

For more informative videos from the Republic Title Legal Team, check out our YouTube channel: https://youtu.be/OHUe02-4c4c

Meet the eVove Team

Did you know that Republic Title has our own Digital Settlement and Signing Services Division? Using intuitive new technology to provide a convenient approach to the real estate closing experience, our eVolve team is at the forefront of this digital transformation and is reimagining the closing process.

Technology and the consumer’s increasing demand for convenience and flexibility is constantly changing the way people conduct business. When consumers have scheduling conflicts — whether it’s a busy day in the office or traveling on vacation — eVolve may be able to facilitate the real estate transaction through a premium digital closing service. At closing, our dedicated team of professionals are able to communicate face to face with the customer in almost any place in the world to explain the documents and guide them through the closing process.

The eVolve team has assisted Republic Title offices in closing over $1.5B in sales volume via Remote Online Notarization and includes Dennis Pospisil, Senior Vice President/Digital Settlement and Signing Services; Audriana J. Laws, Vice President/Escrow Officer; Dana Martinez, Escrow Officer, Diane Sanders, Escrow Officer; and Robin Riggs, Vice President/Escrow Officer.

Are you or your customer in need of a remote online closing? Whether you’re a REALTOR®, Lender or Consumer — connect with us and discover how we are helping to evolve the real estate closing experience.

To connect with our eVolve team and learn more about our Digital Settlement and Signing options, visit www.republictitle.com/evolve

As Senior Vice President/Digital Settlement and Signing Services, Dennis leads our eVolve team and is continuously working on how Republic Title can be an industry leader in the digital settlement space. A Plano native and Texas A&M graduate (whoop!), Dennis has over 25 years working in the title insurance industry. Dennis thrives on working with his team to implement solutions to ensure a great digital closing experience. In his free time, he enjoys spending time with his wife and two daughters and well as being outdoors on the lake or at the ranch.

Audriana J. Laws is Vice President/Escrow Officer. New York born and Texas raised, Audriana brings 23 years of real estate and title industry experience to her role. A constant learner, Audriana loves that she gets to learn new technology and improve processes in her role on the eVolve team. Extremely adaptable, Audriana enjoys getting to interact with clients in a relaxed setting during RON closings. In her free time, Audriana loves spending time with her daughter, family and friends.

The newest member of our eVolve team is Escrow Officer Dana Martinez. Dana has been with Republic Title for six years and has worked in a variety of roles before joining the eVolve team which gives her a unique perspective on the closing process. Dana says that she loves being able to connect with clients and works to make sure that the process is as easy and smooth as possible.

With over 38 years of experience in the real estate industry, Diane brings a wealth of knowledge to her role on our eVolve team. Diane’s favorite part of the job is meeting customers and walking them through the closing process in a virtual setting. In her free time, Diane enjoys spending time with her son, volunteering with her church and community, reading and taking road trips with her husband. She’s an avid sports fan of teams in Dallas and in St. Louis where she grew up.

Robin Riggs is Vice President/Escrow Officer on our eVolve team with 22 years in the industry. A natural people person, Robin enjoys engaging with our customers and helping them feel comfortable with the technology we are using as well as helping them to better understand the buying and selling process. A dog lover, Robin has fostered many dogs and enjoys being part of the rescue community. In her free time, Robin enjoys spending time with her husband, 16-year-old son, reading, and exercising.

March Class Calendar

Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in March for classes including:

Creative Financing Pitfalls in a High Interest Rate Market
All licensees must be prepared to handle aspects of special types of financing. This class focuses on the specifics of alternative types of financing such as Seller Financing, Loan Assumption, and Lease to Own and discusses types of financing to avoid.
March 1st
2:00 pm – 3:00 pm
Republic Title North Coit

Tax Planning Program Specifically for Real Estate Agents
Join us for a Lunch and Learn with special guests from Greenlight Tax Group. They’ve designed a tax planning program specifically for REALTORS®. They will share strategies to help you minimize your tax liability and keep more of what you make year after year. Please register in advance, as seats are limited.
March 2nd
11:30 am – 12:30 pm
Republic Title Park Cities

Property Tax 100
Join us as Glenn Goodrich and Jim Goodrich, with PropertyTax.io answer questions about winning the property tax protests in 2021. How will COVID-19 affect the process? What are the deadlines? Which areas will see the largest increase? These questions and more will be addressed in this timely class.
March 7th
10:00 am – 11:00 am
Zoom

Maximizing Your Open House
Holding an open house is a great way to showcase a new listing and attract prospective clients. In this course, agents will learn how to maximize their open house opportunity and learn how to promote the property, generate leads and practice good safety while on the job.
March 8th
2:00 pm – 4:00 pm
Zoom

Tax Tips Every Real Estate Agent Needs to Know
This class will cover issues to help REALTORS® with their personal taxes, with removing Federal Tax Liens when closing sales, and with IRS problems they or their client may have. Some of the topics discussed in this one-hour class include: Tips on Keeping Records & Recommended Forms to File, Tax Deductions You Should be Taking, How to Make Estimated Taxes Work with your Cash Flow, Tax Areas of Special Interest to REALTORS®, and How to Use the Home Office Deduction.
March 14th
2:00 pm – 3:00 pm
Zoom

New Forms Editor-zipForm®
The new forms editor in zipForm® introduces several intelligent and intuitive features, giving agents and brokers everything they need to prepare and send forms faster than ever. With a new and improved workspace, you can autofill forms, fill out multiple forms at once, mark up documents, add personalized clauses and quickly add signers and property information.
March 22nd
10:00 am – 11:00 am
Zoom

TREC Legal Update I
Legal Update I covers various topics related to changes in regulations, forms, and standards of practice in the real estate industry including: TREC statute and rule updates, an overview of changes to and best practices for promulgated contract and addenda forms, and updated information on fair housing and property management laws and regulations.
March 23rd
9:30 am – 1:30 pm
Republic Title Uptown

Escape Hatches for Buyers
In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract.
APPROVED TREC CONTRACT-RELATED COURSE
March 23rd
10:00 am – 11:00 am
Caddo Office Reimagined McKinney

Escape Hatches for Buyers
In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract.
APPROVED TREC CONTRACT-RELATED COURSE
March 23rd
11:00 am – 12:00 pm
Republic Title Preston Frankford

Proactive Business Practices I Mastering “Blue Ocean” Activities
Most Small Business Owners (SBO)/ Real Estate Professionals utilize reactionary business practices. They are utilizing marketing techniques and practices that were unique and forward thinking 6 months ago. They react to market shifts as they happen rather than implement business practices that will keep them ahead of economic shifts. The idea of “blue ocean” is to make sure you have positioned your marketing, your business practices and your business strategies with proactive tools vs. reactionary responses. Agents will evaluate their businesses and business styles. They will create a plan to implement and “catch wind” that will allow them to be seen, heard and felt in their communities. They will “sail into blue ocean” vs. “swimming in red seas”.
March 28th
10:00 am – 11:00 am
Zoom

TREC Legal Update II
Legal Update II covers a host of topics that TREC has deemed critical for all licensees to be familiar with, including fiduciary and ethical duties of the agent, guidance on dealing with water and mineral rights, and important updates to tax laws and rules.
March 28th
12:00 pm – 4:00 pm
Republic Title Uptown

Online Contracts via zipForm®
Join us to learn the basics of using Lone Wolf Transactions, zipForm® Edition (formerly zipForm® Plus). zipForm® enables real estate agents to quickly and efficiently create digital transaction files, complete and fill in contract details, attach documents and even get them electronically signed by buyers, sellers and other parties involved in a real estate transaction.
March 29th
10:00 am – 12:00 pm
Republic Title Southlake

Supply1

Demand

Prices

Supply¹