Check here for all the latest housing information.
Another good source for the DFW housing market is:
dfwhousingfacts.org
Experts consider a market balanced between buyers and sellers when there is 5 months of inventory available.
| Date |
Sales |
Dollar
Volume |
Average
Price |
Median
Price |
Total
Listings |
Months
Inventory |
| 2007-Jan |
727 |
92,948,336 |
127,900 |
109,700 |
5,837 |
5.8 |
| Feb |
865 |
116,016,778 |
134,100 |
114,000 |
6,003 |
5.9 |
| Mar |
1,091 |
142,176,254 |
130,300 |
114,600 |
6,372 |
6.3 |
| Apr |
946 |
136,296,937 |
144,100 |
117,800 |
6,433 |
6.4 |
| May |
1,134 |
168,666,974 |
148,700 |
123,600 |
6,454 |
6.4 |
| Jun |
1,114 |
157,419,572 |
141,300 |
119,000 |
6,465 |
6.5 |
| Jul |
1,099 |
169,567,530 |
154,300 |
124,000 |
6,499 |
6.5 |
| Aug |
1,161 |
172,726,786 |
148,800 |
122,100 |
6,355 |
6.3 |
| Sep |
863 |
123,568,932 |
143,200 |
119,400 |
6,339 |
6.4 |
| Oct |
904 |
134,300,078 |
148,600 |
117,100 |
6,142 |
6.3 |
| Nov |
774 |
109,692,547 |
141,700 |
117,600 |
5,930 |
6.1 |
| Dec |
737 |
104,483,616 |
141,800 |
117,700 |
5,509 |
5.8 |
| 2008-Jan |
570 |
73,194,390 |
128,400 |
110,300 |
5,555 |
5.9 |
Note: "-" represents unreported data or nonparticipation in our survey.
Source: Real Estate Center at Texas A&M University
| Home Sales Summary for Weatherford Texas |
|
|
|
| Period |
Total Sold |
Average Price |
Median Price |
| 2007 |
|
|
|
| Jan-Mar |
110 |
$145,444 |
$113,338 |
| Apr-Jun |
123 |
$143,972 |
$126,096 |
| Jul-Sep |
105 |
$127,854 |
$115,603 |
| Oct-Dec |
47 |
$132,827 |
$119,334 |
| Total: |
385 |
$138,636 |
$119,227 |
The Truth about Appraisals
The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the apraised value doesn't always make sense to them. It is importat to know that the appraiser is completely independent from lenders, buyers, sellers, and Real Estate Agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae. In most states, the mortgage lenders must also disclose the purpose of the appraisal, as each transaction carries its own set of rules.
In essence, these important guidelines help appraisers put a fair market value on homes based on comparable sales in the same area, and the home must be bracketed in size and value.
For example, there is no set dollar figure associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that costs them $30,000, but the local marketplace supports the value of a pool at $15,000, them that item will be bracketed as [$15,000] on the appraisal.
Upgrades can usually be expressed at a higher percentage of their value in newer homes because the only way to obtain those upgrages was to put more money into the cost of building the home. On the other hand, the upgrading or remodeling of an older home is rarely reflected in full in the final appraisal. This is because typically 25-40% of the project involves demolition and the fixing of issues that aren't uncovered until the project is already begun, such as plumbing or wiring that may need updating.
Ultimately, the value of the upgrades must be supported by the comparable examples within the same marketplace. These comparisons must be drawn from current market activity within the last six months. This is a safeguard to prevent appraisers from attaching too high a value to the home in question, and opening up the appraisal for review. This guideline further states that appraisers can only base their opinion on the value of homes that have actually closed escrow.
Call me if you would like more information on this subject. |