AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS

New Listings Reaching Normalcy
The increasing amount of new listings over the past 60 days in the DFW Metro market is showing signs that we are reaching a normal market for new listings. However, the huge inventory of buyers well exceed the supply of listings and all indications are that our strong seller’s market will continue for the next two to three years, with a continual increase in home prices. Approximately 18,900 homes came on the market in May 2014, compared to 17,468 new listings in May 2012. That is a healthy 9% increase. It was in May 2012 when the DFW Metro market made a significant correction, with May the last month of a buyer’s market to August 2012 when the region had become a seller’s market.

AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS
A starter home in San Francisco is $679,800, but in Cleveland it is only $102,100. But it takes a hefty income of
$137,129.55 in San Francisco to purchase the starter home. Dallas now ranks 16th in most expensive housing markets,
a huge change over the last many years when Dallas was always one of the most affordable cities.
CITY
Income Needed
Starter Home
Price Change from 2013
1. San Francisco
$137,129.55
$679,800
14.50%
2. San Diego
$98,534.22
$483,000
17.10%
3. New York City
$89,788.69
$388,900
5.60%
4. Los Angeles
$85,964.88
$406,200
17.60%
5. Boston
$79,820.01
$363,200
9.30%
6. Washington, DC
$78,503.56
$358,900
2.90%
7. Seattle
$73,851.06
$339,900
8.70%
8. Portland
$60,307.71
$271,900
10.30%
9. Denver
$59,892.46
$288,400
10.40%
10. Miami
$59,734.23
$259,000
15.10%
11. Sacramento
$58,113.87
$255,800
22.20%
12. Baltimore
$53,078.51
$224,500
-0.90%
13. Chicago
$52,866.88
$176,900
11%
14. Philadelphia
$50,546.25
$201,800
2.10%
15. Houston
$49,036.60
$184,600
12.80%
16. Dallas
$47,708.77
$174,800
9%
17. Minneapolis
$45,732.39
$188,200
10.30%
18. San Antonio
$44,506.00
$169,300
8%
19. Orlando
$43,243.95
$178,000
18.70%
20. Phoenix
$41,308.74
$194,300
15%
21. Tampa
$36,437.56
$145,000
7.40%
22. Atlanta
$34,183.44
$141,900
23.30%
23. Detroit
$32,250.30
$110,750
35.60%
24. Cincinnati
$31,850.18
$121,700
0.06%
25. St. Louis
$31,275.49
$120,500
8.60%
26. Pittsburgh
$30,177.78
$120,000
-1.80%
27. Cleveland
$29,788.67
$102,100
1.10%

More Home Buyers Are Bringing All-Cash Offers to the Table

More Home Buyers Are Bringing All-Cash Offers to the Table

And more of these buyers are individuals, not the institutional investors who plunged into the housing market in 2012 and 2013.   Wealthy people, foreigners and retirees are transforming markets across the United States with these all-cash deals, helping make up for an alarming shortage of first-time buyers who are struggling to save for a down payment or qualify for a loan, a cause of grave concern about the long-term health of the market and its prospects for a true recovery.  “It’s the investor and the wealthy individual that’s keeping the market alive,” said Mark Zandi, chief economist at Moody’s Analytics.  “The wealthy buyers in particular are fully engaged now. The stock market is up and times are good for them.”    But it is a frustrating time for first-time buyers who cannot compete because their offers included financing contingencies, appraisals and inspections.

-          Washington Post, May 26, 2014

Wood Is Good: The Must–Have Material For Your Spring Home Spruce-Up

Wood Is Good: The Must–Have Material For Your Spring Home Spruce-Up

Thinking of sprucing up your home for spring? You're not alone; one in three homeowners say they'll take on at least one home improvement project in the first half of 2014, according to a recent survey by Burst Media. And it turns out, freshening your home for spring is a smart investment.

Home sales and prices are up, and mortgage rates are still considered low by historical standards. The combination is a recipe for a strong 2014 home remodeling forecast. Homeowners are regaining equity in their homes, and that confidence is expected to spur them to take on deferred projects for their own enjoyment, or upgrade their homes for sale.

In its annual survey, Remodeling Magazine reports that wood deck additions deliver the second highest return on investment of the home improvement projects surveyed. If you're looking for a way to make your spring spruce–up add value to your home, wood is a great option. Wood is known for its versatility, ease of use and natural beauty.

Whether you're looking to update your living space or transform your outdoor entertaining area, Mark and Theresa Clement, home improvement pros, offer simple, do–it–yourself tips for incorporating wood into your spring home improvement projects:

Prepping Decks for Spring Entertaining
"One of the best things you can do in the spring to spruce up your house is to clean and refinish your wood deck," Mark says. "The natural beauty of a well–maintained deck transforms a backyard into a gathering place."

After you've carefully cleaned the deck to remove dirt and debris, choose a finish. Both sealers and stains are designed to seal out elements. Clear sealers contain no pigment, allowing the natural beauty of the wood to show through. Stains may contain a little pigment (labeled as "tone" or "transparent"), be semi–transparent or come in solid colors. Avoid paint, which can form a film on top of the wood and bubble or flake.

Can't decide between a semi-transparent stain and a water–repellant sealer? Try using the sealer first. If you change your mind later, it's easy to switch to a semi-transparent stain when the deck needs to be refinished. If you do opt for a sealer, use one that contains ultraviolet light–blockers to protect against sun damage and mildewcides to inhibit the growth of mildew.

Add Crown Molding to a Room
Crown molding imparts an upscale, elegant air to any room — and you only need basic DIY tools to install it.

"Crown molding bridges the junction of walls and ceilings — a prominent visual location where an architectural accent can really shine," says Theresa. "While crown molding is a high–impact, higher–difficulty project, it's well within the abilities of most DIYers. Plus, you probably already have the tools you need in your toolbox — with a miter saw, nails and a hammer, you can transform your favorite room with a custom finish."

When choosing your molding, remember to keep a consistent scale from floor to ceiling.

You may be tempted to install a wide, impressive crown molding and skimp on the base or casings, but molding sizes need to be balanced throughout the room. Wherever possible, use corner pieces, plinth blocks and other transition pieces — they make installation simpler, minimize the need for miter cuts and help joints stay closed despite seasonal changes in humidity. Finally, don't paint your crown molding and trim. Instead, opt for a clear sealer and allow the natural texture of the wood to shine through, adding warmth, personalization and a natural touch to your interior decor.

Install Wainscoting
Wainscoting has long been a hallmark of fine construction and design. Wood paneling is applied to a lower section of wall — typically in dining rooms, but also in kitchens, hallways and even bedrooms. If you crave old–world elegance in your modern home, wainscoting is an easy, cost–effective way to achieve that look. Depending on the style you select and how you choose to finish your wainscoting, you can create whimsy or elegance, rustic appeal or modern sophistication.

If you choose to panel with wainscoting, it's important to ensure pieces are level. If yours will have a top cap, a router — a power tool used to bevel or round an edge on a square piece of wood — can provide nice detail at the top of panels. Finally, while wainscoting is frequently painted, there's no rule that says you must paint yours. Consider a simple clear sealer or semitransparent stain that will allow the natural beauty and character of the wood to shine through.

DALLAS FARMER'S MARKET

Farmers Market

“This is one of the best ideas this city has ever done.”  And with those strong words, Mayor Mike Rawlings picked up a red-tipped shovel and helped break ground on the new-and-improved Dallas Farmers Market, which officially began its $65-million makeover just nine months after a private group took the keys from Dallas City Hall.  Mayor Mike Rawlings introduced the new market with some very high expecations.   The redevelopment will consist of four new restaurants, a grocery store that will serve the southeast portion of downtown Dallas, approximately 300 more apartments and lofts, and a dazzling new Farmer’s Market.  It will be a showplace for Dallas.

-          Dallas Morning News (excerpts), March 28, 2014

Cypress Waters In Las Colinas

Straddled between Coppell and Irving in the city limits of Dallas, Cypress Waters is a dream come true for Lucy Billinglsey, the daughter of Trammell Crow.  

7-Eleven has announced that it is moving its headquarters and 1,000 employees to Cypress Waters.  Cheddars is building their corporate location there and Monitronics Security Systems has announced it is moving from Carrollton to Cypress Waters.  The business parks of Cypress Waters are booming.  Located at the northeast corner of I-635 and Belt Line Road, the development is in the Coppell ISD and the first elementary school is scheduled to open this fall.  More schools are planned.    The forst 800 apartment units are now occupied with some of the most appealing designs and architecture in the Metroplex.    Recently announced was the proposal for upscale restaurants in Cypress Waters on the shores of Northlake.  The dream is now reality, and Lucy Billingsley has made a significant mark in northwest Dallas County.

Fabulous Apartment in Gurauja City, San Paulo Brazil $390,000 US $

Highest Household Income Neighborhoods in the DFW Metroplex

According to the 2010 U.S. Census

Highest Household Income Neighborhoods in the Metroplex

1: Westlake (Westlake)
Mean Household Income: $526,590, Higley 1000 #12

2: Greenway Parks (Dallas)
Mean Household Income: $511,549, Higley 1000 #15

3: Westover Hills (Westover Hills)
Mean Household Income: $385,047, Higley 1000 #69

4: Old Preston Hollow (Dallas)
Mean Household Income: $338,351, Higley 1000 #158

5: Bluffview West (Dallas)
Mean Household Income: $335,935, Higley 1000 #168

6: Highland Park (Highland Park)
Mean Household Income: $330,032, Higley 1000 #188

7: Oak Tree (Dallas)
Mean Household Income: $327,123, Higley 1000 #204

8: Volk Estates-Windsor Place (University Park)
Mean Household Income: $323,486, Higley 1000 #218

9: Stratford Manor-Armstrong Fairway (University Park)
Mean Household Income: $322,282, Higley 1000 #224

10: Northaven Park (Dallas)
Mean Household Income: $313,955, Higley 1000 #251

11: Preston Hollow (Dallas)
Mean Household Income: $310,471, Higley 1000 #269

12: LakeSide on Preston (Plano)
Mean Household Income: $306,168, Higley 1000 #286

13: Willow Bend (Plano)
Mean Household Income: $304,801, Higley 1000 #296

14: Preston Royal (Dallas)
Mean Household Income: $304,679, Higley 1000 #299

15: Lakewood (Dallas)
Mean Household Income: $301,825, Higley 1000 #320

16: Bent Tree-Oakdale (Dallas)
Mean Household Income: $298,930, Higley 1000 #333

17: Timarron (Southlake)
Mean Household Income: $298,068, Higley 1000 #336

18: Timberlake-Princeton Park (Southlake)
Mean Household Income: $286,828, Higley 1000 #418

19: Bella Lago-River Hills (Flower Mound)
Mean Household Income: $281,696, Higley 1000 #456

20: Brook Meadows-Brighton Oaks (Colleyville)
Mean Household Income: $278,204, Higley 1000 #488

21: Cheyenne Village-Starwood West (Frisco)
Mean Household Income: $277,646, Higley 1000 #495

22: Russwood Acres (Dallas)
Mean Household Income: $275,175, Higley 1000 #523

23: Versailles-Cambridge Place (Southlake)
Mean Household Income: $271,015, Higley 1000 #566

24: University Heights-University Hills (University Park)
Mean Household Income: $266,284, Higley 1000 #620

25: Rivercrest Country Club (Fort Worth)
Mean Household Income: $265,238, Higley 1000 #632

26: Starwood East-Sterling Ranch (Frisco)
Mean Household Income: $265,076, Higley 1000 #635

27: Kings Ridge-Schoal Creek West (Plano)
Mean Household Income: $262,018, Higley 1000 #667

28: Stonebriar North (Frisco)
Mean Household Income: $261,486, Higley 1000 #676

29: Preston Trail Golf Club-Bent Tree Country Club (Dallas)
Mean Household Income: $260,066, Higley 1000 #700

30: Gentle Creek Country Club-Whitley Place (Prosper)
Mean Household Income: $255,529, Higley 1000 #766

31: The Dominion-Highland Oaks (Southlake)
Mean Household Income: $247,070, Higley 1000 #878

32: Denham Village-Whiffletree (Plano)
Mean Household Income: $245,842, Higley 1000 #896

33: Mansfield South (Mansfield)
Mean Household Income: $242,732, Higley 1000 #960

34: Bedford (Bedford)
Mean Household Income: $241,303, Higley 1000 #987

35: Loma Linda-Preston Place (University Park)
Mean Household Income: $240,133, Higley 1000 #998