Real estate
BY CONNOR PITTMAN
Home Edition
2024
Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends and new developments unique to your neighborhood to an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. Each year, I look forward to putting together this edition that touches on something that affects nearly every resident in the community. While every month we provide a snapshot of the local real estate market, providing insights on year-over-year trends, the Home Edition allows us to dig even deeper into how that data is affecting residents. In this edition, our cover story looks at all of the development happening in the Castle Hills area since its annexation in 2021. Inside, readers can hear from real estate experts on the local and national trends shaping the housing market, as well as learn about how new changes to the Multiple Listing Service could affect brokers. In addition, readers can find out more about a Lewisville business that’s not only keeping residents’ homes clean but also partners with Cleaning for a Reason Foundation to clean homes of cancer patients.
What's inside
Check out how changes to the Multiple Listing Service affect brokers’ pay (Page 11)
Cathy Williams General Manager cwilliams@ communityimpact.com
Local mortgage expert discusses current housing market (Page 14)
Lewisville-based Rag Mops Cleaning Services focuses on quality, consistency (Page 15)
Coppell funds 13 home rehabilitation grants in pilot phase • Exterior improvements worth at least $1,000 • Must be a primary residence of a homeowner • Residence must be at least 30 years old Number of applications by age of homes
The first residential rehabilitation grants have been awarded to 13 Coppell homeowners. Director of Community Development Mindi Hurley presented the results from the pilot phase of the city-funded rehabilitation program during Coppell City Council’s May 28 meeting. Two-minute impact During the initial phase, Hurley said 12 of the 13 grant recipients received full funding, with the final grant partially funded. Applications received were funded on a first-come, first-served basis with the initial allocation of $100,000 in American Rescue Plan Act funds. The goal of the residential rehabilitation program is to help renovate the city’s housing stock—about 45% of which is more than 30 years old—as outlined in the Coppell 2040 plan. “This was all designed to protect the integrity of Coppell neighborhoods so that everyone in the neighborhood would benefit from improvements made to a property,” Hurley said. Zooming in The program was designed to provide a match in funding for exterior renovations for homes provided they met the following criteria:
In total, the city received 696 applications after the pilot phase launched May 1. Despite several homeowners not receiving grants, Hurley said staff heard many property owners planned to complete renovation projects anyway. To qualify, applicants were required to submit construction plans before the start of the project along with bids that were reviewed by the city’s Community Development Department. Work was required to be completed within six months after approval and a rebate of 50% of construction and material costs was available up to $10,000. In addition, homes needed to be at least 30 years old and a primary residence for a property owner. Improvements that could qualify include door replacement, irrigation repair and facade updates, among others. “In our mind, it was the catalyst that got some people to invest in their property, which is exactly what we were wanting to do with the program,” Hurley said.
Under 30 years old (ineligible)
2
30-39 years old
445
40-49 years old
191
50-59 years old
7
Over 60 years old
6
0 5 10 100 200 300 400 500
Applications received
SOURCE: CITY OF COPPELL/COMMUNITY IMPACT
Looking ahead Several council members said they would be supportive of continuing the program with greater funding. Hurley said council has budgeted $200,000 annually for the next five budget forecasts should the program be continued.
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