The Texas economy and the strength of this region still inspires me. DFW was rated #3 Market to Watch in 2023 by the National Association of Realtors based on the robust activity of the past several years.
I’m asked daily about my thoughts on the future housing market or what spending is beneficial to improve a home’s value.
Hopefully, this newsletter will be encouraging and insightful as you embark on your real estate journey!
Home Ownership
Let’s dive right into the hottest news homeowners are currently buzzing about: Property Taxes! At a time where all costs seem to be increasing by the day, Texas is on the verge of cutting property taxes.
Texas legislature and Governor Abbot have already passed and signed a $18 billion property tax relief package. In November, voters will then be able to accept or reject these tax cuts. So, what exactly do they entail?
- An increase in homestead exemption from $40,000 to $100,000.
- A reduction in school district taxes – the largest line item on your tax bill. This is to be accomplished by subsidizing public schools with another $12 billion.
- Limiting the annual appraisal value cap to 20% for non-homesteaded properties. This is part of a 3-year pilot program.
- An increase in the franchise tax exemption – now for business with an annual revenue of less than $2.47 million, up from $1.23 million.
If voters approve, these changes will take effect immediately and without any further action needed by the homeowner. However, if you have yet to file for homestead exemption, you will need to do so. But first, go out and vote!
Home Buying
As expected, the Federal Reserve raised its funds rate by 0.25% to a target range of 5.25%-5.5%. Financial markets had anticipated and priced in this rate hike, the highest in 22 years. And while the Fed won’t commit to it, Wall Street economist predict this will be the last one.
On the other side, the June Consumer Price Index (CPI) posted inflation at a 3.0% annual rate, a third of its level a year ago.
The July University of Michigan Consumer Sentiment showed surprising improvement, and the first Q2 corporate earnings reports beat expectations. Wholesale prices and the Import-Export Price Index also reported inflation trending down.
Meanwhile, building permits for single-family homes have hit their highest in the last 12 months. Continued low inventory of pre-owned homes means ready and able home buyers are looking at new home construction alternatives.
The National Association of Home Builders (NAHB) reported builder sentiment generally viewing conditions as good. To better understand how all these factors play into your potential mortgage loan rate, check in with your lender.
If you’d like a referral, please do let me know.
Featured Property
2204 Lake Lugano Drive, Flower Mound, TX 75022
5 Beds | 5.2 Baths | 5,323 SqFt | $1,675,000 | 1.1 acres
Rare opportunity in Bella Lago. Prime location and lifestyle reside at this elegant home and stunning property, just a couple of minutes from Twin Coves Park and Grapevine Lake.
The captivating backyard offers plenty of open space and is surrounded by privacy tree lines. Gorgeous sunrises and afternoon shade complement a resort style pool & spa with relaxing fountain water feature.
The spectacular outdoor covered living area with fireplace is primed for evening entertainment. Beautiful curb appeal and front door invite you into the tasteful front entryway with distinguished staircase.
Spacious remodeled kitchen with butler pantry. Sophisticated wine room. Impressive primary suite, bathroom and amazing closet with convenient w-d hookups.
Upstairs has 3 more bedrooms, media room with bar and expansive living-game room. Plus 4-car garage to house all your toys. SEE FOR MORE DETAILS
Sherien Joyner
REALTOR®, GRI, Certified New Construction Specialist
1001 E. Hebron Pkwy, Ste. 118-133, Carrollton, TX 75010
