We all know there are two topics you should not bring up at a dinner party or barbecue in Texas: religion and politics. Those topics can make for a toxic conversation.
Fortunately, I’m hoping those rules don’t apply here to mortgage financing or real estate, especially Rockwall, Garland, and Rowlett real estate.
In the book, Zillow Talk: The New Rules of Real Estate, the authors researched how people’s behaviors in these two unmentionable categories relate to:
- Whether they owned or rented their homes.
- Whether homeowners and renters were voting for the same candidates.
- Who was going to church more?
On the topic of politics, it was found that homeowners tend to be more politically conservative overall than renters. Which probably makes sense, given the emphasis conservatism places on property rights. When asked whether they consider themselves politically liberal, moderate or conservative, 40 percent of homeowners described themselves as “conservative,” compared to only 25 percent of renters. When asked the same question, 34 percent of renters described themselves as “liberal,” compared to only 24 percent of homeowners. This holds true for respondents both older and younger than forty-five.
Homeowners also reported attending church services more often than renters. Thirty-six percent of owners attend religious services weekly, compared to only 33 percent of renters. When comparing two age groups, a younger group (aged forty-five or younger), and an older group (aged forty-six or older), it was revealed that the younger group attends church services less frequently than the older group. But even within the younger group, younger owners are still attending church services more often than younger renters. Nineteen percent of younger renters attend weekly services as compared to 32 percent of younger owners.
I think we can conclude by saying that, even when it comes to taboo topics, our homes can tell us a great deal about our beliefs.
Current Real Estate Trends
While real estate can provide some insight into our beliefs, it’s also helpful if it could provide some insight for our pocketbook. The below chart reflects current trends in the median sales prices for single-family homes in Garland, Rowlett, Rockwall, and Wylie.
The sales data indicates median sales prices for single-family homes in Rockwall is up a whopping +15.5 percent with a median sales price of $262,000 as of May 2015. Wylie is up +11.9 percent with a median sales price of $206,500. Rowlett is up +6.1 percent with a median sales price of $194,100, and Garland is up +13.1 percent, steadily rising since January 2013 with a median sales price of $147,000.
The great Yogi Berra said, “You don’t have to swing hard to hit a home run. If you got the timing, it’ll go.” If you want to sell a home, it’s very good timing in today’s market. The average days on market for a home in Garland is 32 days (Rockwall is 48 days, Rowlett is 44 days, and Wylie is 26 days) and homes are selling up to 100 percent of original list price.
If you are considering purchasing a home, inventory is near the seasonal summer highs over the last three years. It is prudent to have a buying strategy in place with your financing approved and a plan to move forward quickly when you find the right home. If you want to talk about a buying or selling strategy give me a call at 214-642-1375 or click here.