If you're watching any news station, reading through your daily news apps, or scrolling through social media, you are likely to find a common theme everyone is talking about.. the state of our current housing market. What you'll also find is a variety of viewpoints and opinions, so how do you sift through all the information to find the facts? On today's episode we bring you statistics and facts we've gathered from Market Experts in the DFW area. Chelsi and Whitney discuss expert findings from the 2022 Dallas Market Report and statistics that tell us why DFW is still a strong market and a great place to call home!
Intro: [00:00:03] Welcome Home, a podcast brought to you by John Houston Homes. Join hosts, Chelsi Frazier and Whitney Pryor, as they walk you through the exciting adventure of your home buying and building journey.
Whitney Pryor: [00:00:18] Thank you for joining us on today's episode of the Welcome Home Podcast. I'm Whitney, and I've got Chelsi here with me. Hey, Chelsi.
Chelsi Frazier: [00:00:26] Hello.
Whitney Pryor: [00:00:27] So today, I think you have some really interesting facts and tidbits about the Dallas housing market, but kind of tell us what what we're going to be going over today.
Chelsi Frazier: [00:00:42] Well, today we're going to talk about some things that we've recently heard in a market update with our Family of Companies and what that kind of means for DFW. Also, just in the news, economists, what people are saying, why Texas is so strong, why it continues to be so strong and the things that are happening with supply and demand, inflation. What does all that kind of mean for our area? Not that we know and we have the crystal ball, but just talking about some of the things we've heard and just sharing some of that insight.
Whitney Pryor: [00:01:18] I think that'll be good because I think we all see these, as you're scrolling through Facebook newsfeed or your news articles, it's these giant headlines on, "the crash is coming," all this doom and gloom. What we do know is that the news is out there to to make money and they make money off of these big headlines, but let's not all take it to heart. Let's look at the facts, the stats, the figures and what we do know about our market and base it off of good, sound reasoning, right?
Chelsi Frazier: [00:01:50] Yes, for sure. Just like Danny said in the previous episode, there's the National News and then there's what's actually happening in Texas & DFW. There's also an article, a podcast or a story out there for anything you want to hear. If you believe something and you think that that's the truth, all you have to do is Google it and there's going to be somebody supporting that.
Whitney Pryor: [00:02:14] Right.
Chelsi Frazier: [00:02:14] Then somebody supporting the exact opposite of that. You've got to take it all in stride, not get dead set on this one path and really look at things holistically.
Whitney Pryor: [00:02:25] Yeah, it's going to be good to hear some of these statistics about our market specifically and what we're seeing.
Chelsi Frazier: [00:02:31] Yeah, for sure. Well, let's jump in!
Whitney Pryor: [00:02:34] Alright, let's do it!
Chelsi Frazier: [00:02:34] One thing I thought was super interesting, was the fact that over a million jobs were created in DFW between 2010 and 2020, that's a lot of jobs.
Whitney Pryor: [00:02:46] That is a lot of jobs.
Chelsi Frazier: [00:02:48] We think that that will continue to increase just because of Texas being so open to business and Corporations.
Whitney Pryor: [00:02:53] Yes, I was doing some research earlier and we have a ton of new corporations that are moving specifically into DFW that are creating a lot of jobs. One of them is Goldman Sachs, which is bringing a big branch office into DFW. Another one is Peloton, which is going to create 1,600 jobs. There are between 80 or 90 different industries moving into the DFW market. Many of them are from California, from other places where restrictions, taxes and just the government control of doing business is too much. They're moving to Dallas, where we really encourage businesses and give them a little more control over their own business. I think that's going to be huge for everything - for housing, for jobs and for our economy, that's going to be great.
Chelsi Frazier: [00:03:54] Yeah, I mean, even in Mansfield, which is just down the road from us here, Amazon announced a new package handling facility, 215,000 square feet.
Whitney Pryor: [00:04:07] Nice!
Chelsi Frazier: [00:04:07] Just down the road, whenever we talk DFW, I always think of Dallas or Fort Worth or North, but there's stuff coming even South.
Whitney Pryor: [00:04:16] That's great, that means I get my one day shipping on more products I order.
Chelsi Frazier: [00:04:22] Yeah, you're going to get it, it's just going to be there. You push place order and it's going to just poof, be on your doorstep.
Whitney Pryor: [00:04:27] The doorbell will ring 5 minutes later.
Chelsi Frazier: [00:04:30] Yes, all of this information, what we were just talking about, the Dallas Economic Development Guide is a great resource that we look at as well. It's online, just Google it. They have a yearly issue where they put a lot of this kind of stuff in. We encourage you listeners to go and check that out for sure.
Whitney Pryor: [00:04:47] What other interesting things about DFW did you find out in the Market Report?
Chelsi Frazier: [00:04:53] Well, one thing I thought was interesting was that DFW is a top market for new and even expanded corporate facilities, and there's actually 22 Fortune 500 companies headquarters either announced or relocating as of 2021.
Whitney Pryor: [00:05:10] Oh, wow!
Chelsi Frazier: [00:05:11] I feel like that's a ton, not a ton, but that's a sizable, 22 of Fortune 500 companies.
Whitney Pryor: [00:05:18] It's not just little guys. It's not mom and pop shops, it's companies.
Chelsi Frazier: [00:05:22] Yeah.
Whitney Pryor: [00:05:23] That's incredible.
Chelsi Frazier: [00:05:23] It's Texas Instruments, Thread up - I'm not sure if they made that Fortune 500 list, but those are some of the bigger ones. We said Amazon, so those are some of the bigger names that we've seen on the list.
Whitney Pryor: [00:05:33] Yeah, I think it's because Dallas is considered like the "trading post" because of our location, being right smack dab in the middle of the United States. I think we're seeing Amazon and some of these other companies that need to be able to ship across the whole U.S. DFW is a great option with a lot of talented folks for those jobs they need to fill.
Chelsi Frazier: [00:05:55] Yeah, for the housing market, we're always looking at that for our job and what does that mean for us? The demand, we all think, is just going to continue to be strong.
Whitney Pryor: [00:06:06] Yeah, because we're already in a shortage, right? I think market wise, they want two months of supply maybe? I don't know, don't quote me on that. We're at like 1.2 months of supply, so we don't have enough homes on the market to meet the demand of DFW. With all of these new corporations coming in, especially Fortune 500 companies where they employ people in different income brackets, the demand, we just won't be able to keep up. I think for home values, what that means is that, we'll probably still see them increase over time, appreciate home values, so that's good.
Chelsi Frazier: [00:06:45] Yeah, for sure. I think one thing that we continue to talk about internally is just lot development, making sure we're always staying ahead or having plans like two and three years out, for lots. One good thing about John Houston Homes, is we're well positioned with lots over the next three years. We've got over 20 new phases or communities on the books that we're moving into. I think that's a good selling point for us, is that we aren't just thinking, wow, what are we going to do in 2023? It's already in the works. As builders, you just have to do that.
Whitney Pryor: [00:07:23] Yeah, because I mean it can take three years, I think is what they said the average is, from the time that you purchase land to actually seeing it developed as a lot to build on. That whole process typically takes three years. I'm really glad that John Houston thinks ahead on that and knows, "hey, we've got to be thinking three years from now and what position will be in", so that's awesome that we've got plenty of lots under development.
Chelsi Frazier: [00:07:53] Yes, for sure.
Whitney Pryor: [00:07:54] There's other reasons too that people move to the DFW market and it doesn't always have to do with a job relocation. There's a lot of arts, entertainment and culture reasons that people might move to DFW, just for a better quality of life.
Chelsi Frazier: [00:08:11] Yeah, and even in the towns and cities surrounding DFW. You can drive into the city for the day or the afternoon and do some things on the weekend. There's over 20, I'm just looking at this list, Museums in Dallas and Fort Worth, from the Amon Carter to the Fort Worth Museum of Science and History. The Sixth Floor Museum at Dealey Plaza, I know, is a big attraction for tourists.
Whitney Pryor: [00:08:38] I love the Perot Museum.
Chelsi Frazier: [00:08:40] Oh, the Perot Museum. How can I forget that?
Whitney Pryor: [00:08:42] I know, that building, if you've ever seen it, it just sticks out. It's so cool.
Chelsi Frazier: [00:08:46] Yes, it is really neat. We went on a field trip with school and we're like, "oh, we have to come back on our own!" You can't take it all in in one day.
Whitney Pryor: [00:08:55] No, you can't. If you love rocks and minerals, you definitely need to go. I was like almost in tears, but I'm a huge nerd.
Chelsi Frazier: [00:09:03] The Winspear Opera House and The Modern Art Museum of Fort Worth. The Dallas Arts District is just really innovative and just has so many things.
Whitney Pryor: [00:09:14] It's neat because, you have to think, it's not even just Dallas, right? We have Fort Worth. Both of those are major metroplexes, but they're so close to each other, that you get the benefit of both of them. You have Fort Worth Stockyards, for instance, which is a super awesome attraction, especially for people visiting, and they want that whole cowboy experience, right? Billy Bob's is there, so if you want to learn how to Two-Step. There's so many different things in Fort Worth and in Dallas, so you really have the benefit of being able to easily reach both of those cities within 30 minutes in a lot of the communities that we build in.
Chelsi Frazier: [00:09:59] Oh for sure. We have some friends that said, "oh, we're going to go spend the day at the Zoo and the Aquarium. In my mind, I'm like, "in the same day, why would you do that?" But, realistically you can. They went to the Fort Worth Zoo and the Dallas World Aquarium in one day. I was so impressed, like good job, way to be efficient.
Whitney Pryor: [00:10:20] Yeah, that's awesome! Between all of the things to do, Industries and Corporations moving their headquarters to Dallas.
Chelsi Frazier: [00:10:30] Parks and Recreation, there's so many green spaces.
Whitney Pryor: [00:10:33] Yes, and our weather is fairly temperate all year round, although right now in the heat of Summer, I know you don't want to hear that, but fairly temperate. We don't have to deal with the snow very often.
Chelsi Frazier: [00:10:45] It's just the heat.
Whitney Pryor: [00:10:47] Yeah, we're outdoors a lot of the year and so there's a ton of outdoor activities. If you're out of state and listening to this, you have to go tubing down the Guadalupe River. I know it's not in Dallas, but I mean, it's just a Texas thing.
Chelsi Frazier: [00:11:03] Yeah, you could do the Brazos.
Whitney Pryor: [00:11:04] You could do the Brazos River, but there's just tons of activities and recreation. There's tons of Industries and Corporations moving here. There's people moving here for affordability. People that were previously tied to working for a Corporation in a certain area, such as California, that now aren't tethered to that. They're working remotely 100%. It's a great area to live if you're working remotely because our cost of living is still relatively affordable and we have all those great entertainment options and outdoor activities. It just makes it a really great place to live, which I think is why we don't see the DFW market ever or the attraction of living here ever declining. It's only going to increase over time.
Chelsi Frazier: [00:11:53] Yeah, we'll just continue to see suburbs creeping out and out more, into rural areas and moving out to them. We've seen that a lot with Waxahachie and Midlothian. Mansfield, for sure, has already been there, done that. We're just continuing to go South and East, all sides. So yeah, just some really great topics and points of interest on the DFW market. We build in Waco and Temple, as well, and we're also seeing tremendous growth there even with industry. I think the Chip and Joanna show just put Waco on the map, but even then, outside of that.
Whitney Pryor: [00:12:34] Yeah, we're seeing tons of people that are moving in from the Austin market that no longer have to commute to work and are now able to work remotely, but still need to be semi close if they need to go into the office once a month or what have you, that are moving into the Waco and Temple markets because it's relatively close. It's beautiful, with rolling hills and there are a lot of awesome up and coming things to do in Waco. We see a lot of people that are coming out of that Austin market, which is hugely inflated right now, as far as cost goes, and then dealing with traffic, obviously. Waco is a much more affordable option for them.
Chelsi Frazier: [00:13:18] Yeah, and you're still not far from all the Austin amenities, as well.
Whitney Pryor: [00:13:22] Yeah, in fact, I was just thinking about that the other day, how Waco is the perfect place if you work remotely, because you're exactly halfway between Austin and Dallas- Fort Worth. Really, what is it, maybe an hour and a half to get to either one, so that's really a day trip. You can easily go to either one for the day. You get the best of both Metroplexes and live in a beautiful place like Waco.
Chelsi Frazier: [00:13:53] Yes, I drove down to Waco and rode my bike at Cameron Park one day, ate and came home. It was totally doable.
Whitney Pryor: [00:14:01] Yeah, that's awesome!
Chelsi Frazier: [00:14:02] Yeah, you're right there on the edge of the hill country area or getting into it, so it's a beautiful area.
Whitney Pryor: [00:14:08] Yeah, those are all great reasons I think that people are choosing to move to DFW and will continue to move to DFW. Not to mention, we don't have state tax either. A lot of people from out of state that pay that state tax, look at Texas as an advantage because we don't have state tax now. We do have your sales tax and we do have property taxes, but still overall a great reason to move to Texas. I think that all of those are great reasons. We hope that people will reach out to us and and ask those questions that they have. If they are listening from out of state or if they are interested in learning more about why we think this is going to be a strong market, any any of those reasons, just reach out to us. We're happy to have a conversation. You can get more details about the market or updates from our blog on our website at jhoustonhomes.com. We'll link to some more information in our show notes. You can reach out to us at 866.298.1416. You can join us on social media for the latest updates, as well. We're on Facebook and Instagram. Thank you again for listening today. We look forward to hearing you on the next episode.
Chelsi Frazier and Whitney Pryor: [00:15:33] Welcome Home.