Let’s start with an update on property taxes. Usually by this time of year, you would have received an appraisal notice from the Dallas Central Appraisal District (DCAD) with your Market Value Assessment. This is the “market value” assigned by the appraisal district that you can protest. Because of COVID-19, the appraisal district is delaying the distribution your appraisal notice. Per DCAD.org, “The appraisal notice and protest process is under review and the timetable has not yet been determined. Once the appraisal notices are released the protest deadline will be 30 days from the date for everyone, regardless of whether a notice was mailed to you. When we mail notices we also place all notices on our website for all accounts.”
For the past several years, I have helped many homeowners, in the neighborhood and DFW area, determine whether or not the appraisal district’s assessed value is accurate. In my experience, the appraisal district is correct about half the time. Please know that I am here to help you determine the accuracy of your assessment, once they are either sent to your home or posted online. My valuation does not require me to visit your home. We can have a quick phone call and then I’ll go to work determining a value for your home based on the most recent sale information. This in no way obligates you to list or sell your home. This is a complimentary service that I offer to help homeowners save money on their property taxes.
Now, onto a recap of the Lochwood homes that sold in March, 2020. The table below shows the 11 sales that closed. As you can see, many of these homes had been on the market for quite some time before going under contract See the column title Days on Market. The median number of days on market for March was 99. There are a few reasons that some of these homes were on the market much longer than usual:
1) Many were highly overpriced when they were first listed.
2) Many were “flips” or updated by investors and the updates were not high quality. Buyers will not pay top dollar for a bad floor plan or cheap updates.
3) Interest rates were much higher in the second half of 2019 than they were at the start of 2020. When it's less expensive to borrow money, buyers can afford to finance a higher mortgage.
As of the writing of this letter, 15 homes were being marketed for sale in Lochwood. There were 14 home sales “pending” in Lochwood. Pending status means that they are under contract and buyer and seller are waiting to close. April 2020 sales volume will be in line with 2019 volume.
The number of buyers out looking for homes has decreased since shelter in place was implemented on March 24. However, there are still homes being listed and going under contract in our neighborhood. I believe that we will see fewer sales in May but I do not anticipate prices dropping too much for three reasons:
1) Our neighborhood is still very desirable because of it's location, natural beauty, and because it offers a wide range of home prices.
2) Inventory, the number of homes buyers have to choose from in Lochwood, is very low.
3) Mortgage interest rates are also very low and attractive to home buyers.
Overall, I remain optimistic about the housing market in Lochwood and Dallas/Fort Worth despite the disruption caused COVID-19. Our local economy is quite diverse. DFW and the state of Texas tend to lead the nation when the economy shifts out of a slow down. Long term, we are well positioned to recover more quickly than other parts of the country.
I hope you have found this informative. I am always here to answer any questions you might have. All you have to do is call or email, or you can even shoot me a text. Feel free to browse my site, robynflessnerprice.com, to view homes for sale throughout North Texas.
Thank you for your time. Please be well and stay safe.