Blog Articles | REPUBLIC TITLE

August Class Calendar

August 1, 2024

by Republic Title Ask the Expert Education Technology

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

Backup, Contingent & Multiple Offers
APPROVED TREC CONTRACT COURSE
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.
August 6th
10:00 am – 11:00 am
Republic Title Preston Legacy

Is This Homestead and Why do Title Companies Care?
Homestead rights can be very confusing! This class will help licensees understand how the State of Texas views homesteads and what factors influence the title company’s underwriting decisions.
August 14th
10:00 am – 11:00 am
Zoom

The REALTORS® Playbook to RPR®
Attend this class for a play by play of the best REALTOR® tools available…“RPR®”. RPR® will increase credibility with your clients through the use of numerous data sources so you can research and create attractive reports, which will help set you apart from the rest. Learn to research properties, create attractive reports, create a CMA and tons more.
August 20th
10:00 am – 12:00 pm
Republic Title Preston Legacy

Escape Hatches for Buyers
APPROVED TREC CONTRACT COURSE
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.
August 21st
10:00 am – 11:00 am
Zoom

Build a Better CMA using Cloud CMA
If you don’t stand out, you don’t stand a chance! Cloud CMA helps you build a better Comparative Market Analysis report that includes interactive presentations that win more listings, provides a lasting impression and builds trust. Join us in this class to learn how to search for comparables in Matrix, review the Buyer Tour/Property/Flyer Tabs, explore the Automatic Reports features, and more.
August 22nd
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!
August 28th
11:30 am – 12:30 pm
Republic Title Prosper

Residential Education | REPUBLIC TITLE

Sold house sign in Midwest suburban setting. Focus on sign.

The Home-Buying Process: An 11-Step Journey to Your New Home

July 30, 2024

by Republic Title Real Estate Articles Resources

Buying a home is an exciting journey, often marking a significant milestone in one’s life. However, it can also be a complex process, filled with important decisions and necessary steps. Partnering with an experienced and reliable title company, like Republic Title, can make this journey smoother and more enjoyable. With a mission to provide value to every customer they serve through Proven Experience, Dedicated Service, and Lasting Relationships, Republic Title ensures the transfer and protection of your title with the highest level of professionalism and integrity. Let’s walk through the steps of the home-buying process to help you confidently move forward in finding your dream home.

Step 1: Determine Your Budget and Get Pre-Approved

The first step in the home-buying process is determining how much you can afford. This involves evaluating your income, debts, and savings. Use a mortgage calculator to get an estimate of your monthly payments and consider getting pre-approved for a loan. Pre-approval gives you a clear picture of what you can afford and strengthens your offer when you find the right home.

Step 2: Research and Select a Real Estate Agent

A knowledgeable real estate agent is valuable in navigating the home-buying process. They provide expertise on the local market, help you find homes that meet your criteria, and guide you through negotiations. Look for agents with good reviews, local experience, and a solid track record.

Step 3: Start House Hunting

Once you have your budget and real estate agent, it’s time to start looking for your new home. Make a list of must-haves and nice-to-haves to narrow down your search. Attend open houses, schedule private showings, and explore various neighborhoods to find a home that fits your needs and lifestyle.

Step 4: Make an Offer

When you find the right home, your real estate agent will help you make an offer. This involves determining a fair price based on comparable homes in the area, the condition of the property, and current market conditions. Be prepared for negotiations with the seller until you reach an agreement.

Step 5: Option Period

After your offer is accepted, you’ll enter the option period, a phase allowing you to conduct due diligence. While the option period is not mandatory, it is commonly negotiated and agreed to by the parties in residential real estate transactions. Typically lasting seven to 10 days, this period lets you further inspect the property and negotiate repairs or terms based on your findings. The option period allows you to back out of the contract without losing your earnest money if significant issues arise.

Step 6: Escrow and Title Work

Following the acceptance of your offer and the signing of the contract, you have three days to deposit the agreed-upon amount of earnest money with the title company. This deposit, held in escrow, demonstrates your commitment to the purchase. Republic Title will then conduct a thorough examination of public records to determine the property’s ownership, identify any liens, and uncover other matters that could affect the title, such as judgments, bankruptcies, divorce, or death. Any issues found will require further investigation by the title company before closing can occur, ensuring that you receive a clear title.

Step 7: Conduct a Home Inspection

A home inspection is crucial to identify any potential issues with the property. Hire a professional inspector to evaluate the home’s condition, including the foundation, roof, electrical systems, and plumbing. If significant issues are found, you may negotiate repairs or adjust your offer.

Step 8: Get a Home Appraisal

Your lender will require a home appraisal to determine the property’s value. This ensures that the loan amount does not exceed the home’s worth. An appraiser will assess the property’s condition, location, and comparable home sales in the area.

Step 9: Loan Approval

After the home appraisal, your lender will review your loan application, accompanying documents, and credit history. An underwriter will analyze this information to ensure everything meets the lender’s requirements. Once approved, you will receive final loan approval, confirming your financing is secure.

Step 10: Purchase Homeowners Insurance

Homeowners insurance is essential for protecting your new investment. This insurance covers damages to the home and personal property due to events like fire, theft, and natural disasters. Ensure you have a policy in place before closing to protect your home from the day you take ownership.

Step 11: Close the Deal

The final step is the closing process. During this stage, you’ll review and sign various documents, including the loan agreement and deed. Republic Title’s team will facilitate the transfer of funds and ensure all legal requirements are met. After closing, you’ll receive the keys to your new home.

The home-buying process can be intricate, but with the right guidance and support, it becomes a rewarding experience. By choosing Republic Title, you’re not just protecting your investment; you’re partnering with a company dedicated to making your home-buying experience smooth, secure, and successful. For more home-buying resources, visit republictitle.com/buyer-resources.

Source: The Home-Buying Process: An 11-Step Journey to Your New Home – CandysDirt.com

City-fast-Facts-Website-Thumbnail-Graphics-Rowlett

Spotlight on Rowlett

July 26, 2024

by Republic Title Resources

Click here for a printable version of the Rowlett Fast Facts and view all DFW Area Fast Facts here.

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.

Rowlett is a rapidly growing town located north of Dallas-Fort Worth. Known for its spacious residential communities and strong sense of community, Rowlett offers a peaceful and family-friendly environment. The town’s commitment to maintaining a small-town atmosphere is evident through its well-kept parks, top-rated schools, and local events, making Rowlett an ideal place for those seeking a close-knit community with a focus on quality of life.

POPULATION

65K

AVERAGE HOUSEHOLD INCOME

$114K

MEDIAN AGE

39

HOUSING

82% OWN
18% RENT

AVERAGE SALES PRICE

$452K

AREA ACTIVITIES & FEATURES

• ROWLETT WET ZONE
• WATERVIEW GOLF CLUB
• RETROCADE | ARCADE BAR
• LAKESIDE PARK SOUTH
• ROWLETT BOWLARAMA
• ROWLETT NATURE TRAIL
• HARBOR LIGHTS CRUISES
• SAPPHIRE BAY MARINA
• BLASE FAMILY FARM
• LAKES OF SPRINGFIELD PARK
• KIDS KINGDOM

FAVORITE LOCAL DINING & DRINK SPOTS

• DALROCK DINER • AMELIA’S RESTAURANT • VALENTINO’S
RISTORANTE ITALIANO • TATIANO’S ITALIAN RESTAURANT •
• RUMDOUL • DALROCK DINER • TOKYO HANA • LAKEWOOD
CAFÉ • TRACK GRILL & BAR • BANKHEAD BREWING •
• NICK’S SPORTS GRILL • LA CASITA COFFEE • OPA GREEK
TAVERNA • EPHESUS BISTRO & GRILL • HUBBARD’S • SAMMY
LOU’S HOME COOKING & BBQ • BARROCOS LATIN CUISINE
• SUPER SHACK • SENAIDA’S MEXICAN KITCHEN • SHINY
WOK • KAIZEN SUSHI BAR • ZUKO PIZZA PASTA • FISH N’
TAILS OYSTER BAR • ARBOLEDAS • CHEESESTEAK HOUSE •

FAVORITE LOCAL SHOPPING

• TIMBERLAKE SHOPPING CENTER • MAGIC FUN HOUSE
CASTLE • GIRLFRIENDS BOUTIQUE • WISP & WILLOW
BOUTIQUE • HAZEL & OLIVE • SOUTHERN ROOTS • POE &
ARROWS • OLLIE MARIE • AVAREY • LITTLE TIPSY BOUTIQUE •

AVERAGE DRIVE TIMES

June 2024 DFW Real Estate Stats

July 23, 2024

by Republic Title Real Estate Articles Resources Stats Video

In June 2024, the real estate landscape across various counties in the Dallas-Fort Worth area continued to show varied patterns.

In Collin County, there was a notable 9% increase in new listings, alongside a substantial 41.5% rise in active listings compared to the previous year. The average days on the market saw an 11% increase, while the average sales price slightly decreased to $593,841, and the average price per square foot dropped by 0.5%. Closed sales experienced an 8% decline from the prior year.

Dallas County observed a 5.6% growth in new listings, accompanied by a significant 38.7% increase in active listings year-over-year. The average days on market surged by 23.3%, while the average sales price decreased by 4.1% to $518,889. The average price per square foot, however, saw a slight uptick of 0.8%. Closed sales declined notably by 21.2% compared to the previous year.

In Denton County, new listings decreased by 6.2%, but active listings rose by nearly 25% from June 2023. The average days on market increased by 5.7%, while the average sales price showed a 4% uptick. The average price per square foot also increased by 4%, despite closed sales declining by 15% compared to the same period last year.

Overall, the real estate market in North Texas appears to be navigating through a phase of adjustment and recalibration in mid-2024. Monitoring these trends will be crucial to understanding how the market evolves in response to economic conditions and buyer sentiment in the coming months.

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 May 2024

July 17, 2024

by Republic Title Real Estate Articles Resources Stats

All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise. Data are current as of June 22, 2024.

Housing activity for both new and existing homes decreased in May. Despite a rise in active listings, home prices remained the same at $340,000 for the second month in a row.

Slow Home Sales for May

Texas witnessed a 4.2 percent decrease in total seasonally adjusted home sales month over month (MOM), resulting in 27,845 homes sold (Table 1). Austin and Dallas experienced decreases of 4.5 percent (2,731) and 2.4 percent (7,920), respectively. However, San Antonio and Houston experienced slight increases of 1.7 percent (3,049) and 1 percent (7,623). Overall, there has been a significant downward trend for sales compared with the past few years.

New listings have been steadily increasing, although there is a slight drop of 2.9 percent (45,878) in May. Among the Big Four, San Antonio experienced the only increase at 6.4 percent. Austin saw the largest decline at 13.3 percent while Dallas dropped 6.6 percent. Houston’s new listings were relatively unchanged.

The state’s average days on the market (DOM) remained unchanged at 57. Austin and San Antonio each fell by two days while Dallas has remained at 50 days for two months. San Antonio continues to have the highest days on market among the Big Four with 71 days followed by Austin at 65 and Houston and Dallas have continued to average 50.

The number of active listings went up from 111,053 to 116,404 (4.8 percent). The level of active listings increased across three of the Big four with Dallas (7.3 percent) and Austin (6.3 percent) leading the way with 26,758 and 11,604 listings, respectively.

Pending listings during May have been on a decline of 7.5 percent. All the Big Four except Houston experienced a substantial decline during this month. San Antonio pending listings fell the most dropping 10.6 percent followed by DFW and Austin dropping 8.4 and 7.8 percent, respectively. Houston was the only major city that experienced an increase in pending listings of less than 1 percent. The slowdown in sales and pending listings have contributed to the higher-than-normal active listing count.

Interest Rates Dip Slightly

Treasury and mortgage rates remain below their peak 2023 levels but have been increasing since the start of the year. The average ten-year U.S. Treasury Bondyield fell six basis points to 4.48 percent. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell by two basis points to 7.52 percent.

Housing Highlight

Outside of Hurricane Harvey (and a data anomaly in June 2019), Houston’s single-family housing starts were relatively stable month to month during the 2010s, exhibiting a slight downturn during the 2015 oil bust followed by a steady upward trend in the latter half of the decade. Figure 1 illustrates the trend breaks and increased volatility that characterized the COVID-19 pandemic and post-pandemic eras. Historically, low interest rates and a shift in preferences toward more living space (for both health concerns and work-from-home accommodations) fueled demand for single-family housing. Homebuilders, who also leveraged lower costs of financing, responded with a surge in single-family housing starts to levels not seen since the onset of the Great Recession.

The Federal Reserve’s interest-rate hike in March 2022 marks a transition in the post-pandemic period, when housing starts descended and bottomed out at decade-level lows. In the second half of 2023, however, Houston housing starts trended near pre-pandemic levels, and activity surged to a record-high in March 2024. Despite correcting downward from the spring-time surge, the volume of starts remained above pre-pandemic levels. Figure 2 plots the intra-year progression of single-family start totals, highlighting the current trajectory in context of pre-pandemic, COVID-19 pandemic, and post-pandemic economic conditions. Houston is on a record-setting pace for single-family housing starts in 2024, but economic disruptions from Hurricane Beryl and projections of a hyper-active hurricane season present headwinds and short-run uncertainty.

Single-Family Starts and Permit Declining

Texas’ number of single-family construction permits decreased by 2 percent MOM, reaching 13,539 issuances. San Antonio had the biggest monthly increase adding 1,048 permits or 9.7 percent. Houston had a slower month for permits with a decline of 15 (4,098) percent, following a big increase in April. Dallas decreased by a negligible 0.4 percent (4,207). Austin experienced a modest increase of 1.7 percent (1,409).

Construction starts declined according to data from Dodge Construction Network. Seasonally adjusted single-family starts decreased by 3.09 percent MOM to 13,290 units. After a massive drop in April of 27 percent, there was a slight upward swing in single-family starts for Houston of 2.8 percent (4,452). Dallas dropped by 17.8 percent (3,451) while San Antonio and Austin reported modest increases of 3.2 percent (892) and 1.6 percent (1,420), respectively.

The state’s total value of single-family starts climbed from $11.8 billion in May 2023 to $16.65 billion in May 2024. Houston accounted for 36.4 percent of the state’s total starts value followed by Dallas with 26.4 percent.

Home Prices Unchanged

Texas’ median home price has remained stable at approximately $340,000 for four months (Table 2). The prices have remained stable this month with San Antonio and Houston increasing by 0.4 percent and 0.2 percent, respectively. Austin and Dallas both have declined by 0.4 percent. Despite there being an increase in new listings and active listings, housing prices have remained resilient. The Texas Repeat Sales Home Price Index (Jan 2005=100) grew 0.4 percent MOM and 2.2 percent year over year (YOY). Austin’s annual appreciation remains below the state’s average, falling by 1.5 percent YOY.

Source: Texas Housing Insight | Texas Real Estate Research Center (tamu.edu)

BY JOSHUA ROBERSON, RHUTU KALLUR, and WESLEY MILLER (July 17, 2024)

How To Avoid Common Closing Delays

July 15, 2024

by Republic Title Real Estate Articles Resources

Purchasing a home is a monumental event, but the journey from signing the contract to receiving the keys can be fraught with potential delays. Understanding these common issues and taking proactive steps to deal with them can help ensure a smooth and timely closing. Republic Title understands the intricacies of the home-buying process, having served the North Texas real estate community for over 30 years. As the market leader in title insurance with 11 conveniently located residential offices across North Texas, Republic can be your trusted authority to guide you through these potential closing delays.

Loan Requirements

One of the most critical aspects of purchasing a home is securing a mortgage. The loan approval process involves several steps, and delays often occur when buyers fail to promptly respond to lender requests. Lenders require various documents, including income verification, tax returns, bank statements, and proof of employment. To keep your closing date on track, it’s essential to:

Respond Promptly: Return all requested documents as quickly as possible. Delays in providing these documents can slow down the underwriting process, leading to a potential postponement of your closing date.
Complete Required Tasks: Follow through on any additional tasks your lender asks you to complete. This might include clarifying information or providing additional documentation.

By staying organized and responsive, you can help your lender process your loan efficiently, reducing the likelihood of delays.

As Matt Visinsky, Senior Residential Counsel at Republic Title, advises, “Timely communication with your lender is crucial. Delays in submitting documents or answering questions from your lender can cascade into significant setbacks in the closing timeline.”

Tax Information

During the title process, the title company will search the property tax records for any delinquent taxes or unearned tax exemptions. If unpaid taxes or unearned exemptions are discovered, the seller may need to work with the County Appraisal District and/or Tax Office to resolve these issues before closing. Failure to promptly address these issues can result in the closing being delayed until the unearned exemptions can be removed and any resulting supplemental tax bills issued. Ensuring all your taxes and exemptions are current can prevent this common delay.

Power of Attorneys

Using a Power of Attorney (POA) at closing may be necessary if you or the other party cannot be present. It also adds additional steps and requirements that must be meticulously followed:

Approval: The title company and lender (if there is one) must approve the POA before closing.
Delivery: The original POA document must be delivered to the title company at or before closing, as it needs to be recorded with the County Clerk before other closing documents.
Verification: On the day of closing, the title company must be able to contact you in order to verify that you are alive, well, and have not revoked the POA. To avoid closing delays please make sure that you have provided the title company with your contact information so they can reach you on the day of closing.

By ensuring these steps are followed, you can avoid delays related to POA issues.

Common Names

If you have a common surname it may be necessary for you to provide the title company with information or documentation to prove that certain liens do not apply to you and are in fact filed against someone else with the same name. Please be sure to respond to any questions or requests for documentation timely in order to avoid delays.

Marital Status

In Texas, a community property state that also has constitutional homestead rights, marital status can impact the closing process:

Single to Married: If you purchased the property when single but are now married, your spouse will need to join in signing the deed at closing due to Texas Homestead Laws, so plan accordingly.
Divorced: If you acquired the property while you were married and are now divorced you may need to provide the title company with a copy of the divorce. Depending on the language contained in the divorce it may be necessary to have your ex-spouse sign a deed.

Addressing these marital status issues in advance helps ensure a smoother closing process. “Marital status changes can affect property rights and closing requirements, explains Visinsky. “Being proactive about these changes can prevent delays.”

Out of Town Mail-Outs

If a Remote Online Closing is not possible and closing documents must be sent to a party to be signed outside of the office of the title company, follow these tips to avoid closing delays:

Exact Signatures: Sign all documents exactly as requested. Failure to do so may result in the lender requiring the parties to re-sign all closing documents.
Proper Notarization: Ensure all documents are properly notarized. If documents are sent out of the country it may be necessary to make an appointment at a US embassy or consulate to have your documents notarized. In some cases it may be possible to have a local notary acknowledge the documents. If you will be out of the country please communicate that to the title company early so they can help to guide you through the process.

By following these guidelines, you can avoid delays related to out-of-town mail-outs.

Review Important Documents

Several important documents must be reviewed before closing, including the Survey, Title Commitment, HOA documents (if applicable), and the Closing Disclosure. It’s crucial to:

Timely Review: Review these documents promptly upon receipt and ask any questions at that time.
Alert for Errors: Inform your Realtor and the title company of any errors or discrepancies immediately.

Timely review and communication can help rectify any issues before they become roadblocks, ensuring a smoother closing process. Visinsky emphasizes, “Careful review of all documents is essential. Early identification of errors can prevent last-minute complications.”

By understanding and proactively addressing these common issues that can lead to closing delays, you can help ensure a more seamless home-buying experience. Choosing Republic Title as your title company means partnering with North Texas’ market leader in title insurance, with over 30 years of expertise in the real estate community. Stay organized, responsive, and communicative with your lender, title company, and Realtor to navigate the closing process efficiently. With Republic Title, you can avoid many of the common pitfalls that lead to delays, bringing you one step closer to owning your new home.

Source: Republic Title Tip: How to Avoid Common Closing Delays – CandysDirt.com

City fast Facts Website Thumbnail Graphics-15

Spotlight on Rockwall

July 12, 2024

by Republic Title Resources

Click here for a printable version of the Prosper Fast Facts and view all DFW Area Fast Facts here.

Rockwall is a picturesque city located on the eastern shores of Lake Ray Hubbard. Known for its scenic beauty and small-town charm, Rockwall offers residents a tranquil environment with stunning lake views and a historic downtown area. With a strong sense of community, a vibrant arts scene, and a variety of outdoor recreational activities, Rockwall provides a balance of natural beauty and modern amenities, making it a desirable place to call home.

POPULATION

9.7K

AVERAGE HOUSEHOLD INCOME

$124K

MEDIAN AGE

39

HOUSING

77% OWN
23% RENT

AVERAGE SALES PRICE