New York

<p>Defying market expectations, the <a href="https://www.realtytrac.com/market-trends/dallas-tx/">Dallas housing market</a> finished 2023 on a strong footing. Particularly striking was the increase in average property values in the city; notably, the average value for a home in Dallas County in the last month of 2023 was pegged at $376,000 – an upswing from $368,000 in the same period in the previous year.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-25073" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/01/Dallas-TX-home-prices.png" alt="Dallas TX home prices" width="1447" height="583" /></p>
<p>Similarly, the sold price per square foot followed a comparable trajectory – from the average of $234 in December 2022, it nudged up to $246 in the corresponding month of 2023. However, the number of properties sold saw a minor fluctuation, peaking at 7,444 in January 2023 and slouching slightly to 7,180 by December of the same year.</p>
<h2>Dallas vs. Nearby Markets</h2>
<p>Dallas underperformed nearby markets, such as Wylie and Wilmer which both showed considerably higher median homes values than Dallas. The <a href="https://www.realtytrac.com/resources/selling-your-home-heres-what-you-need-to-know-about-closing-costs/">average home value</a> in Wylie last year was $490,000 compared to Dallas’s $376,000.</p>
<p>Still, the average sold price per square foot in Wylie suggests that homes in this area may either be more substantial or that the market attributes higher value to land over structure as compared to Dallas. Conversely, Wilmer trails behind Dallas with an average property value pegged at $227,000 in the last month of 2023.</p>
<h3>Dallas Sees Rising Median Values Per Square Foot</h3>
<p>There was an increase in value per square foot: from as low as 226 in December 2020 to $239 in December 2023 (an increase of 6% YoY)</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-25074" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/01/Dallas-tx-sq-ft.png" alt="" width="1438" height="577" /></p>
<p>Over 2023, the median transaction values remained consistent – with the value for properties sold in the last six months reaching $355,807, and the value for those sold in the last 12 months marginally higher at $362,418.</p>
<p>Dallas’s real estate market is embroidered with a patchwork of various zip codes, each with its unique pricing trends and values. This diversity is evident in the array of median list prices and values across these areas indicating the presence of both high and low demand zones.</p>
<p>In summary, 2023 was a year of growth propelled by increasing property values and a high number of transactions in the Dallas, TX real estate market. Neighboring cities also showcased unique trends, making the entire region an exciting hub for a wide ambit of real estate investment opportunities.</p>


Market Reports

Dallas Ends 2023 on Strong Note: Surge in Home Prices and Robust Market Activity Reflect Dynamic Growth

The Dallas housing market ended 2023 strongly with a noticeable increase in median property values and high transaction activity, demonstrating robust growth against statewide rental constraints. Depicting a compelling landscape for real estate investment, the market’s strength varies across local and nearby markets such as Wylie and Wilmer.

Dallas Ends 2023 on Strong Note: Surge in Home Prices and Robust Market Activity Reflect Dynamic Growth - RealtyTrac

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Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

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Manuel Martinez

<p>The city of <a href="https://www.realtytrac.com/market-trends/corpus-christi-tx/">Corpus Christi, Texas</a>, has always been a gem for property investors and homebuyers alike, noted for its unique coastal charm and thriving community. However, recent trends in the real estate market have painted an even more compelling picture, especially for those eyeing long-term investments. Digging into the latest figures, we find that the average property value in Corpus Christi is on the rise, shaking hands with the city’s economic affluence and development prospects.</p>
<figure id="attachment_25329" aria-describedby="caption-attachment-25329" style="width: 1449px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25329" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Market-Report-Corpus-Christi-TX-Mar-2024-House-Prices.png" alt="Market Report Corpus Christi TX Mar 2024 House Prices" width="1449" height="702" /><figcaption id="caption-attachment-25329" class="wp-caption-text">Market Report Corpus Christi TX Mar 2024 House Prices</figcaption></figure>
<p>The real estate landscape in Corpus Christi is riding a wave of growth with average property values steadily climbing. Back in March 2023, the average property value stood at a comfortable $283,908, but this figure gained momentum, rising significantly by February 2024 to an impressive $280,000. This ascent reflects a burgeoning market, brimming with potential and opportunity.</p>
<p>Notably, the rise is not limited to just the overall property values. The average sale price per square foot, a critical indicator of property worth, exhibits a similar, if nuanced, pattern. Climbing from $149 in March 2023, we find it positioned slightly lower at $147 by February 2024. This subtle dance of numbers suggests that larger properties may be pulling the strings, uplifting the market value while keeping per-square-foot prices on a more modest trajectory.</p>
<h3>Nearby Cities: A Comparative Perspective</h3>
<p>When casting the net wider to encompass nearby cities, the real estate melody varies. Bishop, for one, displays a contrasting trend where average property values dipped from $154,700 in March 2023 to $142,000 by February 2024. Kingsville, on the other hand, strikes a more optimistic note with average values jumping from $155,000 to $185,000 during the same period. Such fluctuations underscore the diverse dynamics at play in each locale’s market.</p>
<p>Port Aransas, a coastal sibling to Corpus Christi, stands in a league of its own. With an average property value peaking at $615,000 in September 2023 before settling at $574,950 by February 2024, it outshines the rest. The allure of its coastal appeal, no doubt, enhances its position as a prized real estate haven.</p>
<p>In a direct comparison with its neighbors, Corpus Christi asserts a middle ground in terms of average property values. The city’s average property value of $280,000 in February 2024 overshadows Bishop’s average of $142,000 and Kingsville’s $185,000, cementing its role as a more marked presence in the regional market.</p>
<p>Port Aransas, distinctive with its coastal magnetism, overshoots the average values found in Corpus Christi. This disparity may well be fueled by Port Aransas’ vacation appeal, offering property owners lucrative returns on investment through rental and hospitality avenues.</p>
<h3>Market Stability: Foreclosure and Auction Insights</h3>
<p>While specific counts and average values for these categories don’t present a clear trend, the presence of foreclosures in 0.11% of the market and auctions at 0.089% serves to reassure. These low percentages are indicative of a steady and resilient market, resistant to the waves of economic turbulence that can often provoke property distress. See the current <a href="https://www.realtytrac.com/corpus-christi-tx/foreclosure/">foreclosure listings in Corpus Christi</a>.</p>
<h3>Variations within Corpus Christi: Neighborhood Diversity</h3>
<p>Skimming across the zip code spectrum within Corpus Christi, the diversity in average list prices and per-square-foot values is striking. The 78418 area, for example, boasts a high average list price of $419,900 coupled with a per-square-foot value of $262. In stark contrast, the 78407 zip code hums a different tune with a modest average list price of $105,500 and per-square-foot value of $87. These variances shed light on the segmented nature of Corpus Christi’s real estate market, offering avenues for a range of investment scales and preferences.</p>
<p>Ultimately, the median sale prices and the pulse of property transactions pave the way to understanding market vitality. Sold properties hovering at an average sale price of $216,457, alongside for-sale properties marked at an average of $271,967, narrate a story of a dynamic market. This gap potentially points to a window of negotiation in listed prices or a market disposition favoring more modestly priced homes changing hands.</p>
<p>In conclusion, the real estate market in Corpus Christi, TX, showcases an invigorated rise in property values alongside an engaging picture of stability, diversity, and activity. It’s a canvas that invites a spectrum of buyers, from the cautious investor to the bold developer, each finding their niche in this coastal city’s promising future.</p>


Corpus Christi Real Estate Experiences Tidal Surge in Property Values

The Corpus Christi, Texas real estate market is experiencing a rise in property values, offering potential for long-term investors. The city’s market stability, neighborhood diversity, and promising economic growth present a dynamic environment for various types of buyers.

Corpus Christi Real Estate Experiences Tidal Surge in Property Values - RealtyTrac

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Tips and guides on how to finance your next real estate investment

Investment Financing


<p>Although it’s true it can be harder to find financing for <a href="https://www.realtytrac.com/resources/what-is-an-reo-property-and-how-to-buy-it/">Real Estate Owned (REO) properties</a> compared to regularly listed properties, the banks owning them are very motivated to sell – especially if they own other properties in the area. </p>



<p>Research shows that vacant properties reduce taxable value in the neighborhood – not to mention that even abandoned properties need some maintenance, which may include fees for the upkeep of common areas like elevators, parking lots, and gardens. For that reason, banks are often looking to find a buyer quickly. </p>



<p>According to Attom, out of all the home purchases (with intent to flip) in the fourth quarter of 2022, external financing accounted for 34% of all successful offers from homebuyers. Cash-only and other types of offers accounted for the rest. </p>



<p>Regarding real estate, cash offers remain king, but looking for external financing and preapproval letters can make up for it. Without further ado, here are the best ways to finance your REO property purchase:</p>



<h2 class="wp-block-heading" id="h-mortgage">Mortgage</h2>



<p>If you have a good credit score, a mortgage is our top recommendation and the easiest way to finance an REO property purchase. A mortgage is a type of loan where the property serves as collateral in case of default. If you apply for a mortgage, you’ll need to make interest payments throughout the life of the loan and pay back the principal in installments.</p>



<p>Mortgages tend to have the lowest interest rates compared to some of the alternatives we listed. You can expect interest rates ranging from 6.79% for a 10-year loan to 7.61% for 30-year term loans. These numbers may vary slightly depending on the market conditions.</p>



<p>The main downside of financing an REO with a mortgage is that banks are unlikely to approve a mortgage for a distressed REO property – that is, a property that needs a large investment to make it habitable or sale-ready. In that case, you’ll need to look for alternatives.</p>



<p>If you have a good-to-excellent credit score (670+), you can get your mortgage approved within 2-8 weeks. </p>



<h3 class="wp-block-heading" id="h-pros">Pros</h3>



<ul class="wp-block-list">
<li>Reasonable interest rates and refinancing options</li>



<li>Choose between a fixed rate and a variable-rate interests</li>



<li>Lower interest rates than personal loans and other financing options</li>
</ul>



<h3 class="wp-block-heading" id="h-cons">Cons</h3>



<ul class="wp-block-list">
<li>Long approval timeline</li>



<li>Require a good credit score to apply</li>
</ul>



<h2 class="wp-block-heading" id="h-hard-money-loan">Hard Money Loan</h2>



<p>Hard money loans are a type of short-term loan where you use your property – or property equity – as collateral. Hard money loans usually have terms ranging from 6- to 36 months and have one of the funding times – between 7 and 10 days.</p>



<p>Since you’re using a hard asset as collateral, hard money loans <strong>don’t require credit checks</strong> or any kind of background check. Hard money loans are ideal for people with low credit scores or people looking for quick approval times. The LTV ratio for hard money loans is between 60%-75% of the value of the collateral. </p>



<p>It’s important to note that most hard money loans come from individuals or private companies – banks and other financial institutions deem them too risky to invest.</p>



<p>The major downside of hard money loans is the interest rates. Interest rates range from 10%-18%, and the loan terms are usually between 6- and 36-months. </p>



<p>For house flippers, these long-term high interest rates are less significant. The reason is that you’ll sell the renovated property quickly and pay back the loan as soon as possible, minimizing how much you pay in interest.</p>



<p>The main appeal of a hard money loan is the speed, but we only recommend it for house flippers and short-term investors. If you’re looking for a loan to stave off <a href="https://www.realtytrac.com/resources/how-to-buy-foreclosures/">foreclosure</a>, you’ll be better off looking for a mortgage with lower interest rates.</p>



<h3 class="wp-block-heading" id="h-pros-0">Pros</h3>



<ul class="wp-block-list">
<li>No credit requirements and no background checks</li>



<li>Very short approval times (7-10 days)</li>



<li>Loan terms are perfectly suited for house flippers and short-term investors (between 6-36 months)</li>



<li>LTV between 65%-75% of the value of the collateral</li>
</ul>



<h3 class="wp-block-heading" id="h-cons-0">Cons</h3>



<ul class="wp-block-list">
<li>Very high interest rates (between 10%-18%)</li>



<li>Your property is used as collateral</li>
</ul>



<h2 class="wp-block-heading" id="h-fha-loans">FHA Loans</h2>



<p><a href="https://www.realtytrac.com/resources/biden-affordable-housing-program-a-good-start-but-are-investors-really-the-problem/">Federal Housing Administration</a> loans – also known as FHA loans – are government-backed insurance that offers potential lenders insurance on any loan they make; this makes it so they can provide you – the borrower – better deals with lower down payments and closing costs.</p>



<p>FHA loans are very popular among first-time homebuyers and house flippers, but they come with a caveat – you can’t purchase a home using an FHA loan if it was sold to the current owner within the last 90 days. Furthermore, if you acquire the property and someone wants to buy it with an FHA loan, they’ll have to wait another 90 days after you gain ownership it. This only applies to buyers financing the purchase with an FHA loan.</p>



<p>Other than that, FHA loans are a great option to finance an REO purchase. FHA loans don’t require a high credit score; even if you have a credit score as low as 500, you can apply for this loan. However, you’ll be required to pay the REO property a 10% downpayment. </p>



<p>If your credit score is 580 or higher, you’ll only need to make a downpayment of 3.5% of the total cost of the property.</p>



<p>According to the official FHA website, in 2023, the nationwide mortgage limit is between $472,030 and $1,089,300, and interest rates range from 6.0%-7.5%, depending on the loan terms. In general, the longer the time, the more interest you pay.</p>



<h3 class="wp-block-heading" id="h-pros-1">Pros</h3>



<ul class="wp-block-list">
<li>Low credit score requirements</li>



<li>Reasonable interest rates (6%-7.5%)</li>



<li>No hard income limitations to apply</li>



<li>Approval time between 30-45 days </li>
</ul>



<h3 class="wp-block-heading" id="h-cons-1">Cons</h3>



<ul class="wp-block-list">
<li>You have to make a 10% downpayment if your credit score is below 580</li>



<li>You can’t buy a property that was sold within the last 90 days</li>



<li>Buying a home with an FHA loan requires lengthy inspections, which can harm your chances of securing an REO </li>
</ul>



<h2 class="wp-block-heading" id="h-home-equity-loans">Home Equity Loans</h2>



<p>Home equity loans are a type of <a href="https://www.realtytrac.com/resources/selling-your-home-heres-what-you-need-to-know-about-closing-costs/">loan you can take against the equity</a> you have in another property. You can then allocate this loan to purchase a new property – an REO. Equity loans are a very common way to finance a house if you want to flip it for a profit.</p>



<p>Home equity loans are similar to mortgages in that the collateral is the equity you hold in your property. Note that for these types of loans, you need between 15%-30% of the equity in your home, and the LTV ratio is usually between 80%-90% of the home’s value.</p>



<p>Home equity loans have interest rates similar to FHA loans, ranging from 6.5%-7.5% and 10-, 15-, 20-, or 30-year terms. The recommended credit score to apply for a home equity loan is at least 680. The higher your score, the more likely the bank or financial institution will approve your loan. Approval periods range from 2 weeks to 2 months.</p>



<h3 class="wp-block-heading" id="h-pros-2">Pros</h3>



<ul class="wp-block-list">
<li>Short approval time if you have a good credit score</li>



<li>High LTV ratio</li>



<li>Reasonable interest rates (6.5%-7.5%)</li>
</ul>



<h3 class="wp-block-heading" id="h-cons-2">Cons</h3>



<ul class="wp-block-list">
<li>If you fail to pay your loan back, you risk foreclosure on the property used as collateral</li>



<li>Require </li>



<li>You’ll need a good credit score (680+)</li>
</ul>



<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>



<h3 class="wp-block-heading" id="h-what-are-the-pros-and-cons-of-buying-a-bank-owned-home">What Are The Pros And Cons Of Buying A Bank-Owned Home?</h3>



<p>The three most significant benefits of buying REO properties are:</p>



<ul class="wp-block-list">
<li>Unbeatable price </li>



<li>No tenants or homeowners involved</li>



<li>No liens on the property</li>
</ul>



<p>The three most significant downsides of buying an REO property are:</p>



<ul class="wp-block-list">
<li>Properties are sold ‘as is’</li>



<li>Competitive market</li>



<li>In some cases, it can be difficult to find financing</li>
</ul>



<h3 class="wp-block-heading" id="h-is-it-a-good-idea-to-buy-a-reo">Is It A Good Idea To Buy A REO?</h3>



<p>Yes – whether you’re looking for a primary residence or for a profitable investment, REO properties are excellent options. As with foreclosures, <a href="https://www.realtytrac.com/foreclosure/bank-owned/">REOs</a> need significant repairs and are rarely move-in ready.</p>



<h3 class="wp-block-heading" id="h-how-do-i-find-reo-properties-in-my-area">How Do I Find REO Properties In My Area?</h3>



<p>All REO properties were foreclosed at some point, so a good starting point is to visit local auctions and keep track of properties that failed to sell. You can also check local newspapers, contact professional real estate agents, or check specialized foreclosure websites.</p>


Financing

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Rent vs Mortgage Costs – It’s Complicated

What You Need to Know About REO Property Financing

Although it’s true it can be harder to find financing for Real Estate Owned (REO) properties compared to regularly listed properties, the banks owning them are very motivated to sell – especially if they own other properties in the area. Research shows that vacant properties reduce taxable value in the neighborhood – not to mention […]

What You Need to Know About REO Property Financing - RealtyTrac

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Victor Bemporad

<p><a href="https://www.realtytrac.com/market-trends/arlington-tx/">Arlington’s housing market</a> report shows average values peak in May 2023, with prices around $359,900. Since then the market has witnessed a gradual decline, landing at an average home value of $334,900 by February 2024.</p>
<p> </p>
<figure id="attachment_25364" aria-describedby="caption-attachment-25364" style="width: 1445px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25364" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Arlington-TX-House-Prices-March-2024.png" alt="Arlington TX House Prices March 2024" width="1445" height="559" /><figcaption id="caption-attachment-25364" class="wp-caption-text">Arlington TX House Prices March 2024</figcaption></figure>
<p>This represents a notable adjustment in the housing landscape over the course of eight months. Similarly, the average sale price, which offers a reflection of actual transactions, followed this downward trajectory, moving from about $330,087 in September 2023 to approximately $316,730 by February 2024.</p>
<p>Despite a slightly tumultuous market, prices per square foot have maintained modest stability. From December 2023 to February 2024, they experienced a negligible uptick, inching from $175 to $184. The stability in price per square foot indicates that while overall values and sale prices have dropped, the intrinsic value of Arlington real estate remains resilient.</p>
<p>Furthermore, the property count and the <a href="https://www.realtytrac.com/arlington-tx/sold/">number of properties sold</a> have shown some variability, but the trend isn’t strongly pronounced. Nevertheless, we should note the drop in property count from 761 in October 2023 to 676 in February 2024, which suggests a contracting inventory that could impact market dynamics, such as availability and buyer competition. This is complemented by a significant count of properties sold totaling 2,609 by February 2024, reflecting a vibrant transactional environment.</p>
<h2>Comparative Analysis with Nearby Cities</h2>
<p>Comparative trends in real estate offer an enlightening perspective; therefore, an analysis of Arlington’s market alongside nearby cities is crucial.</p>
<p>Kennedale, for instance, experienced a surge in average values, climbing from $365,000 in March 2023 to a zenith of $399,900 in January 2024, only to revert to $365,000 the following month. This roller coaster ride in Kennedale’s real estate market could be attributed to several factors including specific community developments or speculative investments, and warrants a close watch for those interested in investment opportunities.</p>
<p>On a different note, Mansfield has shown commendable steadiness, with a gentle upward trend in average values over the considered period. With an average value reported at $470,000 in February 2024, Mansfield stands out as a potentially more stable and possibly affluent market in contrast to its neighbors.</p>
<h2>Market Snapshot: February 2024</h2>
<p>Arlington’s average home value sits at $334,900 with a competitive price per square foot of $184, aligned closely with the metrics of neighboring cities. The city boasts a property count of 676 and a total of 2,609 properties sold, indicating a robust level of market activity.</p>
<figure id="attachment_25365" aria-describedby="caption-attachment-25365" style="width: 1452px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="size-full wp-image-25365" src="https://nicautomation.wpengine.com/wp-content/uploads/2024/03/Arlington-TX-Price-Per-Sq-FT-March-2024.png" alt="Arlington TX Price Per Sq FT March 2024" width="1452" height="700" /><figcaption id="caption-attachment-25365" class="wp-caption-text">Arlington TX Price Per Sq FT March 2024</figcaption></figure>
<p>Kennedale’s average value, as of the same period, is $365,000 with an average sale price at a higher $391,451, possibly reflecting a premium on newly sold properties. The property count here is significantly lower at 23, indicating a smaller market with lesser inventory, with 62 properties sold.</p>
<p>Grand Prairie offers an average value of $350,000 with a price per square foot at a more accessible $173, and an average sale price sitting around $309,835. With 292 properties up for grabs and 1,060 sales, it suggests a fluid market that’s both active and moderately priced.</p>
<p>Mansfield’s higher-end market commands an average value of $470,000 with a price per square foot at $181, and the average sale price coming in at $419,067. A total of 169 properties highlight a somewhat limited inventory compared to Arlington, with 549 properties sold.</p>
<p>Euless and Bedford, with their average values at $373,000 and $380,000 respectively, stand out with the highest prices per square foot, $212 and $208, demonstrating potentially higher demand or quality in housing. With property counts of 57 and 75 and properties sold numbering 346 and 376 in turn, these markets seem to be smaller yet maintain a consistent pace in sales.</p>
<p>Overall, Arlington and its neighboring cities present a varied tableau of real estate activity, with each location showcasing its own unique trends and behaviors. Whether the steady hand of Mansfield or the fluid currents of Grand Prairie, potential homeowners and investors alike have much to consider in the region’s dynamic market landscape.</p>


Arlington, Texas Sees Declining Home Values Amidst Stable Prices per Sq Ft as of February 2024

The Arlington, TX real estate market saw a decrease in average home value and sale price between May 2023 and February 2024, but maintained stability in price per square foot.

Arlington, Texas Sees Declining Home Values Amidst Stable Prices per Sq Ft as of February 2024 - RealtyTrac

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