August 2023 - Republic Title

September Class Calendar

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

TREC 1-4 Family
Learn about the TREC 1-4 Family Residential Contract (Resale) and other pertinent addenda.
September 6th
10:00 am – 12:00 pm
Republic Title Preston Legacy

Matrix MLS Advanced
Learn advanced features available in the NTREIS Matrix MLS System including reverse prospecting, custom displays,
market reports, speed bar, mapping/layers, statistics, exports, etc.
September 7th
10:00 am – 12:00 pm
Zoom

Instagram Reels for Real Estate Agents
If you’re looking to connect with more buyers and sellers while growing your brand, then Instagram Reels could be for you. Reels is a powerful way to cast a larger net to grow your followers and to showcase your listings to a wider audience. In this course you will learn the quick and easy steps to create a reel and given examples of content ideas so you can get started today.
September 13th
10:00 am – 11:00 am
Republic Title Prosper

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.
September 14th
10:00 am – 11:00 am
Zoom

Tax Planning for Real Estate Agents
Join us for a Tax Planning Course with Deepwater Accounting Solutions Group. 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.
September 19th
10:00 am – 11:00 am
Republic Title Park Cities

Death, Divorce & Real Estate
Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate.
September 19th
2:00 pm – 3:00 pm
Republic Title Frisco Office

Step Up Your Instagram Game
In today’s real estate market, Instagram marketing is essential to showcasing who you are and connecting with your sphere. Are you ready to take your Instagram to the next level? Join us in this class for a complete guide to Instagram including ways to enhance your bio, tools for creating great content, how to target and attract buyers and sellers, and much more!
September 21st
10:00 am – 11:00 am
Republic Title North Dallas Office

An Introduction to Special Districts in Dallas
Real estate agents are pivotal in property transactions, making their grasp of zoning district implications vital for success. This class dives into the core significance of zoning regulations, equipping agents with the insights needed to excel within ever-evolving real estate landscapes.
September 26th
10:00 am – 11:00 am
Zoom

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!
September 27th
10:00 am – 11:00 am
Republic Title Preston Legacy Office

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!
September 28th
10:00 am – 11:00 am
Republic Title Prosper Office

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Spotlight on Celina

Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood. With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.

Celina is a charming small town located north of Dallas. With its picturesque rural setting and a close-knit community, Celina offers a peaceful and friendly atmosphere. The town embraces its rich history while experiencing rapid growth, providing residents with a blend of small-town charm and modern conveniences, making it an ideal place to live for those seeking a quieter, more relaxed lifestyle.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

24K

AVERAGE HOUSEHOLD INCOME

$143K

MEDIAN AGE

39

HOUSING

88% OWN
12% RENT

AVERAGE SALES PRICE

$732K

AREA ACTIVITIES & FEATURES

• HISTORIC CELINA DOWNTOWN SQUARE
• THROWN AXE CO.
• OLD CELINA PARK

FAVORITE LOCAL DINING & DRINK SPOTS

• BLUE ENGINE BAKESHOP
• LUCY’S ON THE SQUARE
• ROLLERTOWN BEERWORKS
• LITTLE WOODEN PENGUIN
• TOASTED WALNUT TABLE & MARKET
• PAPA GALLO’S
• TENDER SMOKEHOUSE
• SUMMER MOON
• VALLEY VINES TASTING ROOM
• HEY SUGAR CANDY STORE
• HAIRY GORILLA SNOWBALLS

ZONED PUBLIC SCHOOLS

• CELINA ISD
• PROSPER ISD

FAVORITE LOCAL SHOPPING

• ANNIE JACK
• TERRAMANIA
• WILLOW HOUSE BOUTIQUE
• THE TWISTED TRAIL
• BUFF CITY SOAP

AVERAGE DRIVE TIMES

**Print Version

Texas House and Senate Agree to Largest Property Tax Cut in Texas History

On August 9^th, Governor Greg Abbott ceremonially signed legislation delivering the largest property tax cut in Texas history – $18 billion – passed during Special Session #2 of the 88^th Legislature in New Caney. Under Senate Bill 2 and Senate Bill 3, $18 billion of Texas’ historic budget surplus will be allocated toward driving down school district property tax rates, increasing homestead exemptions for Texas homeowners, and increasing Franchise Tax exemptions and appraisal caps for small businesses.

Senate Bill 2 provides property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the growth in appraised values. For tax year 2023, this will save the average Texas homestead owner over $1,200. Texas homestead owners over 65 or with a disability will see over $1,400 in savings.

Senate Bill 3 law increases the Franchise Tax “no tax due” threshold to $2.47 million and removes burdensome filing requirements for those who do not owe tax.

The constitutional amendment to provide the largest property tax cut in Texas history will be added to the Texas Constitution if approved by a simple majority of Texas voters on November 7, 2023.

For more information, visit Governor Abbott Signs Largest Property Tax Cut In Texas History | Office of the Texas Governor | Greg Abbott

2023 Readers’ Choice Award Winner

We are proud to announce that we have won the Readers’ Choice award by Living Magazine for Best Title Company in Coppell & North Irving, Frisco & Plano, Keller, McKinney & Allen, Northeast Tarrant County, and Richardson & Murphy! Thank you to our valued customers for trusting us with your title and escrow needs. To see all the 2023 winners visit: Living Magazine – The Leading Lifestyle Brand in Texas – Best Of 2023

July 2023 DFW Real Estate Stats

July 2023 brought distinct trends to the real estate markets of Collin, Dallas, Denton, Rockwall, and Tarrant Counties. Collin and Dallas Counties experienced an 18% decrease in new listings, coupled with increased days on the market (63% and 65% respectively).

While average sales prices surged in Dallas County (8%), Collin County witnessed a 5% rise in price per square foot, offset by slight decreases in average sales price and number of sales. Denton County faced a significant 24% decline in new listings, accompanied by a notable 119% increase in days on the market.

Although average sales prices and price per square foot increased (2% and 4% respectively), sales decreased by 7%. Rockwall County encountered reduced new listings (13%) and an extended period on the market (68%). While active listings rose (4%), average sales prices dropped by 11.5% and the number of sales decreased by 14%. Tarrant County saw a 23% decline in new listings and a substantial 113% rise in days on the market. Active listings decreased by 2.6%, average sales prices dipped by 1.3%, and the price per square foot increased by 2.5%, resulting in a significant 12.7% reduction in the number of sales.

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.

Texas Housing Insight June 2023 Summary

Contrary to investors’ fears, the “housing bubble” did not burst. Instead, a harmonious decline in both supply and demand has struck a balance, resulting in a boost to the housing median price. Throughout the first half of 2023, Texas’ median price has consistently shown a 0.3-0.4 percent growth every month. Due to current owners’ reluctance to sell their existing property, the demand for new construction has significantly increased. This preference shift led to a swift climb in the market share of new construction, which surpassed 20 percent in June.

Active Listings Rebound for First Time in Eight Months

The number of active listings rose for the first time since November 2022, reaching 82,064 units after a 3.9 percent month-over-month (MOM) growth. However, none of the Big Four metros recorded a positive monthly gain. The boost of available homes primarily came from the smaller housing markets, such as El Paso, Killeen, Midland, and Texarkana. The number of new listings increased by 6.7 percent to 40,800 units, accounting for half of active listings. All major metros bucked the trend of acceleration with growth ranging from 3.3 percent to 8.9 percent. Correspondingly, months of inventory (MOI) had a marginal gain of 0.1 months.

Regarding the upcoming inventories, Texas’ single-family construction permits had their second decline in three months, dropping by 2 percent in June. While the number of permit applications has significantly shrunk from the frenzy of applications during the pandemic, permit issuance seems to be returning to the ten-year trend before the pandemic.

At the metro level, Houston had the largest demand for permits with 4,500 issuances in June, maintaining the same level as in May. Dallas and Austin both had a mid-single-digit reduction, falling to 3,480 and 1,040 units, respectively. In contrast, San Antonio’s permit demand was rising this year, jumping from 500 units in January to 840 units in June. Permit demand remains significant in the Texas housing market.

Despite the fall in permits, single-family construction starts rose for the third consecutive month to 11,240 units. Both Dallas and Houston had more than 3,500 houses break ground, surpassing the combined total of other metros outside the “Big Four.” While the number of home projects in Austin (1,540 starts) outpaced San Antonio (804 starts), the gap has gradually narrowed as permit demand accelerated in San Antonio. The overall trend indicates a positive momentum in the Texas single-family construction market.

The state’s total single-family starts value reached $15.9 billion year-to-date (YTD), indicating a decline from $23.2 billion recorded in 2022. Houston and Dallas continue to account for more than half of the state’s construction activity values. Dallas’ share of the Texas market rose to 27.5 percent, coming close to Houston’s share of 28 percent.

Housing Market for New Construction Is Booming

As mortgage rates remain elevated, homebuyer demand has decreased, leading to a drop in Texas’ total home sales, which fell below 28,000 transactions in June (Table 1). This represented a decline of 3.2 percent MOM and 11.8 percent year over year (YOY). Among the four major metros that reported fewer monthly sales, Austin declined the most with a double-digit reduction.

Despite the challenge of high mortgage rates and reduced housing demand, the market share of new construction sales surged. Within a year, the share of new construction sales rose from 16.3 percent to more than 20 percent, indicating every five closed listings is a new home. Both demand and supply factors contributed to the increasing trend for new homes. The shortage of existing homes is due to current owners’ reluctance to give up their current homes, while the state’s consistent home demand, fueled by a growing population, is spurring new construction orders.

Texas’ average days on market (DOM) stayed at 56 for the second straight month, deviating from the steep rebounding trend observed for over a year. The current reading is merely three days short of the five-year average before 2020, which stood at 59 days. The consistent reading suggests that the housing market may have reached a state of equilibrium. Among the major metros, Austin and San Antonio both reported a DOM of 71 days, while Dallas and Houston had DOM figures of 52 days and 49 days, respectively.

Steady and Modest Price Gains Amid Sales Volatility

Texas’ median home prices continued to show its strength by increasing 0.3 percent to $337,900 (Table 2). Austin recorded the largest monthly gain of 4.2 percent, reaching a price peak in the past nine months. The remaining three metros recorded changes of less than 1 percent.

Despite Austin’s price hike in June, this metro was still close to 10 percent below last year’s record high, facing the largest price gap. Meanwhile, Dallas, Houston, and San Antonio had less than 5 percent to bridge. These price drops indicate the real estate industry still has room to recover from the price correction observed in the second half of 2022.

The Texas Repeat Sales Home Price Index, which accounts for compositional price effects and provides a better measure of change in single-family home values, showed a slight advance of 0.3 percent MOM and 0.1 percent YOY. Houston had the highest annual appreciation with 1.6 percent YOY increase, while Austin remained balanced with no YOY changes.

Mortgage rates typically follow Treasury rates, and both increased in June. The ten-year U.S. Treasury Bond yield grew 18 basis points, reaching 3.8 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate increased moderately to 6.7 percent, up 28 basis points. With the Fed resuming their increasing of interest rates in July, both the bond and the mortgage rates also grew.

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

Source – Joshua Roberson, Weiling Yan, and Koby McMeans (August 15, 2023)

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

Meet the [Republic Title] Teacher with Annette Carvalho-Jordan

In celebration of Back to School season, we want to take this opportunity to highlight Republic Title’s teacher/trainer Annette Carvalho-Jordan. Annette has been teaching for over 25 years and is known as an industry expert in real estate, social media, marketing trends, and new technology to help real estate agents with their business. Join us as we “Meet the Teacher” with Annette and learn more about her favorite classes, funniest moment teaching, and her favorite tech tools.

What classes do you find the most helpful/beneficial for agents? Considering the extensive list of classes we offer, the most beneficial would really depend on the expertise level of the agent and their specific needs. However, some universally beneficial topics might include: 1) Mastering the MLS. Republic Title offers everything from Basic to Advanced Matrix classes, and we dive even deeper with additional classes on the MLS Dashboard including Stats and Lead Generation. 2) zipForm/DocuSign/Authentisign. Facilitating digital transactions is essential, however these tools continue to change and evolve. Agents must know these tools inside and out to have the confidence needed to push through deals effectively and efficiently. 3) Social Media and other trending Tech like ChatGPT. In today’s digital era and with AI having a stronger presence now more than ever, staying up to date is critical. Our classes help agents leverage various social media and trending tech to market their services, engage with potential clients, and stay updated with industry trends.
What are the benefits of taking Republic Title education classes? I think it boils down to 3 important things: 1) Expert Guidance: Our classes are led by industry veterans who have a wealth of knowledge and experience in real estate and understand how it applies to the day-to-day tasks of a real estate professional; 2) Practical Application: The courses we offer at Republic Title are designed to be hands-on and practical. We understand that the best way to learn is by doing, so our classes give agents the opportunity to practice their skills in real-world scenarios; 3) Stay Ahead of the Curve: The real estate industry is constantly evolving, especially with advancements in technology. Our classes help agents stay updated with the latest tools, trends, and best practices in the industry.
What are the three classes you think every agent should take at least once? I truly believe that all our classes offer unique benefits and insights. Each course has been carefully designed and materials updated/revised to reflect the most recent developments to meet the evolving needs of real estate professionals. I recommend that every agent explore the full range of classes we offer (whether that be a tech class, or an attorney led class) at least once to truly maximize their potential in this dynamic industry.
Any funny or interesting stories from one of your classes? In one of my classes, I was teaching the use of mapping through one of the CMA tools. I was showing the mapping feature and I accidentally entered the coordinates for a location halfway across the world instead of a local property. The whole class had a good laugh (including me) when we ended up with our subject property being in Hawaii and our comps being in Texas! It turned into a great teaching moment of the importance of double-checking all your input.
How long have you been with Republic Title and what led you to being in the education team? I have been with Republic Title for 9 years (10 years in February 2024). My journey towards the education team was driven by my passion for both the real estate industry and teaching for over 25 years. I realized that technology plays a significant role in the real estate industry, and I wanted to leverage that in my career and help others. Joining the education team at Republic Title allowed me to do exactly that. Now, I can share my knowledge, learn from others, and contribute to the professional growth of real estate agents in North Texas.

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Spotlight on Bishop Arts Neighborhood

Bishop Arts, located in the Oak Cliff neighborhood of Dallas, Texas, is a trendy and eclectic district known for its artistic vibe and unique character. It is home to a vibrant mix of boutiques, art galleries, cafes, and restaurants that showcase local talent and creativity. With its colorful murals, charming streets, and a lively atmosphere, Bishop Arts offers visitors a one-of-a-kind experience filled with shopping, dining, and cultural exploration.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

3.8K

AVERAGE HOUSEHOLD INCOME

$65K

MEDIAN AGE

26

HOUSING

56% OWN
64% RENT

AVERAGE SALES PRICE