Housing Market

Housing Market in Texas Holding Strong

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Due to a decline in multifamily housing starts, total housing starts fell 9.4 percent in September to a seasonally adjusted annual rate of 1.26 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.

The September reading of 1.26 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 0.3 percent to 918,000 units. The multifamily sector, which includes apartment buildings and condos, fell 28.2 percent to a 338,000 pace.

“Single-family builders continue to see positive conditions for housing, and this is reflected in NAHB’s Housing Market Index, which measures builder sentiment,” said Greg Ugalde, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Torrington, Conn. “However, builders are still being somewhat cautious as they continue to deal with supply-side challenges which impact housing affordability.”

“Multifamily housing starts fell from an unsustainably high level in August and are running at a solid pace despite the sharp monthly decline,” said NAHB Chief Economist Robert Dietz. “Meanwhile, the rebound for single-family construction continues. Single-family permits have increased since April, and single-family starts have posted gains since May. In another positive development, September marked the first monthly increase for the number of single-family homes currently under construction since January.”

On a regional and year-to-date basis, combined single-family and multifamily starts in September rose 6.0 percent in the South. Starts declined 0.6 percent in the Northeast, 6.2 percent in the Midwest and 12.2 percent in the West.

Overall permits, which are a harbinger of future housing production, fell 2.7 percent to a 1.39 million unit annualized rate in September. Single-family permits increased 0.8 percent to an 882,000 rate while multifamily permits declined 8.2 percent to a 505,000 pace.

Looking at regional permit data on a year-to-date basis, permits rose 8.1 percent in the Northeast and 3.4 percent in the South. Permits fell 4.9 percent in the Midwest and 3.5 percent in the West.

Originally Published: National Home Builders Association

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

30-year Fixed Rate Lowest It’s Been Since November 2016

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Freddie Mac recently released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.55%, the lowest it has been since November 2016.

Sam Khater, Freddie Mac’s chief economist, said, “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five% from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.”

“The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity,” he continued.

News Facts:
30-year fixed-rate mortgage averaged 3.55% with an average 0.5 point for the week ending Aug 22, 2019, down from last week when it averaged 3.60%. A year ago at this time, the 30-year FRM averaged 4.51%.

15-year FRM averaged 3.03% with an average 0.5 point, down from last week when it averaged 3.07%. A year ago at this time, the 15-year FRM averaged 3.98%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32% with an average 0.3 point, down from last week when it averaged 3.35%. A year ago at this time, the 5-year ARM averaged 3.82%.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

housing supply

Housing Supply Continues to Fall Short of Buyer Demands

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The number of renter households fell for the second consecutive year in 2018, but rents are rising at twice the rate of overall inflation.

There’s also a troubling supply issue at the lower end of the market, where the number of units renting for under $800 fell by 1 million in 2017, bringing the total loss from 2011 to 2017 to 4 million, according to The State of the Nation’s Housing report from the Harvard Joint Center for Housing Studies (JCHS).

On the homeownership side, new home construction remains depressed with additions to supply barely keeping pace with the number of new households in the country.

Much of the recent residential building has been high-end luxury apartments and large single-family homes.

“But, there’s also demand for moderate-cost apartments and there’s demand for moderate-cost single-family homes, and we’re not building those,” said Chris Herbert, JCHS managing director.

Part of the reason for that is the cost of producing housing, with labor in short supply and material and land prices going up.

“All those things are adding to the cost of building housing and making it really difficult for builders to build housing in the middle of the market,” Herbert said, adding that localities need to use their land more efficiently, which means increasing density for single-family homes and apartments.

Family incomes have grown modestly, but the price of land has accelerated much faster, added Jonathan Reckford, CEO of Habitat for Humanity, during a panel discussion held in conjunction with the report’s release in Atlanta.

Middle- and upper middle-class families are seeing their children no longer able to afford housing, which is bringing increased visibility to the issue, he said.

For renters in low- and moderate-income categories who are already burdened, it’s very difficult to save money for a downpayment to buy a home.

Looking ahead, housing challenges and solutions have to be examined for local differences. “It’s really important that we diagnose the problem in each market,” said Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, explaining that priorities may differ in Orlando, Fla., and Chattanooga, Tenn.

In one locale, zoning may be constraining development, but in other places the larger issue may be incomes are not high enough to afford rents at the cost of construction.

“Those are two different problems that manifest itself the same way,” he said. “If we don’t do that diagnosis first, you could spin your wheels on a bunch of things that don’t actually get to the place that you’re trying to get to.”

Rental Housing

Overall rental construction remained strong last year. Even after a 5% dip last year, the number of completed rentals was close to a 30-year high at 360,000 units, including 316,000 in multifamily buildings with at least two units. Rental starts were up 5% from 2017 to 392,000 units, with nearly 90% in multifamily units.

Nationwide, 29% of newly completed apartments in early 2018 had asking rents at or above $2,050 while another 35% had rents between $1,450 and $2,049. Median asking rents for new units were highest in the Northeast at $2,260—a full $1,000 above the median in the Midwest. Nearly three-quarters of multifamily rental units completed in 2018 were in the South (43%) and West (29%), where median asking rents topped $1,500.

Affordable Housing

About a quarter of all renters—some 10.7 million households—faced severe housing cost burdens in 2017.

There’s also increasing concern as the supply of low-rent housing continues to decline. Just over three-quarters of all 383 metros with populations of at least 50,000 lost nearly 20% of their low-cost stock on average from 2011 to 2017.

In addition, JCHS tabulations of the National Housing Preservation database find that affordability restrictions could expire on about 1.2 million rental units by 2029. This includes 611,000 units added through the low-income housing tax credit program, 352,000 units of Sec. 8 project-based housing, and 221,000 units under other programs.

And while the overall homeless population has fallen for five years, unsheltered homelessness has ticked up.

Homeownership

Although up 3.2% last year to 875,800 units, single-family housing starts remained below the 1 million mark for the 11th consecutive year.

At the same time, the U.S. homeownership rate inched up. After falling 5.6 percentage points between 2004 and 2016, the national rate increased 0.5 percentage point in 2017 and 2018, to 64.4%—roughly on par with the average rate from 1985 to 1995 before the latest housing boom and bust.

More than half (54%) of first-time buyers in 2017 were younger than 35.

When compared with repeat buyers, first-time buyers are more apt to choose smaller and less expensive homes. For example, 43% of first-time buyers in 2017 purchased homes with less than 1,500 square feet of living space compared with 27% of repeat buyers.

In the years ahead, demographic trends should support growing demand for homeownership as more members of the large millennial generation age into their 30s when home buying peaks. According to the latest JCHS projections, if age-specific homeownership rates remained at the same level as in 2018, household growth alone would add roughly 8 million homeowners between 2018 and 2028. And if, consistent with recent trends, the overall homeownership rate rises by 1.6 percentage points from the 2018 level, growth in the number of homeowners could reach 10.1 million for the decade.

Natural Disasters

Climate change is an urgent housing-related issue that’s second only to affordability, according to the JCHS.

“Natural disasters displace hundreds of thousands of people each year and inflict billions of dollars of damage on the housing stock. In addition to developing disaster response systems that provide timely and effective assistance to affected households, There must be a national commitment to making housing more resilient as well as more energy efficient and carbon neutral,” says the report.

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

Texas Listed In Nationwide Top New Home Markets

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Economic uncertainty and rising mortgage rates signaled caution among U.S. home buyers in the latter half of 2018. However, builders were busier than the year before, according to our latest Local Leaders data. The firms in the 50 largest new-home markets across the country reported roughly 6% more closings overall in 2018 compared with the year prior.

“It’s easy to forget how feverish the housing market was in the first half of 2018 because of the slowdown that started in July,” says Ali Wolf, director of economic research for BUILDER’s sister company, Meyers Research. “Even with the slowdown, 2018’s spring selling season was the best since 2007.”

The upper echelons of the Local Leaders list remain largely unchanged from last year. There was only one shift in the top 10: Denver rose four spots to No. 10 while New York, which ranked 10th in 2017 and is among the high-cost markets that have been negatively impacted by the tax reform bill, moved to No. 18.

Meanwhile, Las Vegas (No. 13) and Raleigh, N.C. (No. 15)—two markets with strong job growth and positive net migration—each closed 12% more homes in 2018 compared with 2017, helping both markets move up the ranks.

It remains to be seen what the rest of 2019 will hold for housing, but of the list’s top 10 markets, Wolf notes that Houstonand Austin, Texas; Washington, D.C.; and Phoenix have outsized growth in sales so far this year. “In many markets across the country,” she says about the current landscape, “we’ve seen buyers re-enter the housing market, eager to take advantage of lower rates, and, in some cases, incentives.”

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

best month to sell home

The Best Month To Sell Your Home In Texas

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May is the best month to sell a home, according to a new ATTOM Data Solutions analysis of 14.7 million home sales from 2011 to 2017, which shows that homeowners selling in May realized the biggest premiums above estimated market value — 5.9 percent on average — of any month.

The best day of the year to sell a home is June 28, with an average seller premium of 9.1 percent, according to the analysis.

The best month to sell varied from market to market, with warmer weather markets such as Miami (January) and Phoenix (November) bucking the national trend, according to the analysis. Use the interactive map below to find out the best month for selling a home in your local market.

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

Mortgage Rates Take Biggest Weekly Drop In Last Decade

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U.S. long-term mortgage rates moved little this week after the key 30-year loan rate marked its steepest weekly drop in a decade the week before.

Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage ticked up to 4.08% from 4.06% — which had plunged from 4.28% last week. The average rate on the benchmark loan stood at 4.40% a year ago.

The average rate this week for 15-year, fixed-rate home loans slipped to 3.56% from 3.57% last week.

The decline made purchasing a home a lot cheaper, and potential buyers have been rushing to take advantage of the cheaper borrowing costs.

Lower mortgage rates, slowing home price increases and a pickup in the number of available homes appear to be rejuvenating home sales after a slowdown last year.

An index measuring applications for mortgage loans soared 18.6% in the week ended March 29 from a week earlier, according to the Mortgage Bankers Association.

With economic growth showing signs of slowing in the U.S. and abroad, interest rates have eased. Reflecting dampened expectations for growth, the Federal Reserve recently left its key interest rate unchanged and signaled that it’s unlikely to raise rates this year.

Fed Chairman Jerome Powell has said the U.S. economy faces several headwinds, including slowing global growth, a trade war with China and fading impacts from the tax cuts that took effect last year.

Mortgage costs are more directly influenced by the yield on the 10-year Treasury note, which rose last year as many investors shifted money into stocks. Bond yields rise as prices fall.

The yield on the 10-year note has fallen sharply since last year, when it touched 3.21% in November. It was at 2.51% around midday Thursday, up from 2.39% a week earlier.

Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 point.

The average fee for the 15-year mortgage also was steady, at 0.4 point.

The average rate for five-year adjustable-rate mortgages fell to 3.66% from 3.75% last week. The fee increased to 0.4 point from 0.3 point.

______________________________________________________

After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

DFW Luxury Homes Sales Rise

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From breath-taking retreats overlooking a private course to fully refurbished historic treasures from around America’s refined Gilded Age, there is no shortage of opportunity to buy the lifestyle of the rich and famous in Tarrant County.

Although the overall housing market in Dallas-Fort Worth is showing signs of cooling, blamed largely on rising unaffordability for average buyers, the luxury home market continues to flourish in Dallas-Fort Worth and in Texas’ other major cities.

While not everyone can afford a $5 million home, or even a $1 million home, there are plenty of wealthy shoppers who can and are investing in the Texas real estate.

Luxury home sales in Texas increased 11.5 percent, to 5,123 sales, between October 2017 and the end of November 2018, according to the latest data from Texas Realtors, a real estate trade group.

Total sales of homes sold during that period was $8.3 billion, an 11.3 percent increase from the previous year, according to the Realtors group’s 2018 report. Luxury home sales accounted for 8.5 percent of all home sales.

The Dallas-Fort Worth area led the other major metro areas of Houston, Austin and San Antonio with the sale of 1,825 luxury homes, an increase of 10.3 percent during that same 2017-18 period, according to the Realtors report.

Luxury home sales of $3 billion accounted for 9.4 percent of all homes sold in Dallas-Fort Worth in that period.

The Houston area saw a 7 percent increase in luxury home sales, with 1,669 sales worth $2.7 billion and accounting for 10.4 percent of the residential market.

As the traditional spring buying season gets underway, local Realtors are expecting another strong year for luxury home sales.

“Of course, there are not as many buyers who can afford million-dollar homes as there are at lower price points, but properties are selling,” said Moiri Brown, branch manager for Coldwell Banker Residential Brokerage in Fort Worth and president of the Board of Directors of the Greater Fort Worth Association of Realtors.

“The activity has really picked up in the last month,” said Rick Wegman, a principal and agent with Giordano, Wegman, Walsh and Associates, an affiliate of Christie’s International Real Estate. “We’re seeing some really, really exquisite properties on the market and there are buyers from across the country and from around the world looking at them.”

The luxury home market has undergone change in the last years, resulting in more homes priced at a $1 million and above across the state, according to Texas Realtors. This is the result of rising land costs and escalating sales prices over the past few years driven by rampant population growth.

The Realtors group’s 2019 Texas Relocation Report shows that the state attracts more than 500,000 newcomers every year and the Dallas-Fort Worth area gains more than 230,000 of them as the top Texas relocation destination.

And with the highest number of re-locators moving in from California, many of them are bringing enough home equity to afford million-dollar homes in the local market, according to local Realtors.

“You can get a lot more home for $1 million in Fort Worth than you can in California or other parts of the country,” Wegman said.

Demand, coupled with price growth in the DFW market, has eroded the “sticker shock” of $1 million home, Realtors say.

“We’re seeing a lot more seven-figure homes on the market with new construction at that price point as well teardowns and infill building in established neighborhoods on the west side and River Crest,” Wegman said. “The lot value alone in these neighborhoods is $200,000.”

The Chisholm Trail Parkway has also been a boon to luxury home sales, making it more convenient for residents of outlying neighborhoods such as Mira Vista to enjoy the benefits of resort-style living and the shopping, dining and entertainment amenities of urban life, he said,

Luxury homes in the DFW area sell for an average of $320 per square foot compared to $346 in the Houston area, $431 in the Austin area and $277 in the San Antonio area, according to the Texas Realtors 2018 report.

The median square footage of luxury home is highest in the DFW at 5,150 square feet compared to 4,610 square feet in Houston, 4,149 square feet in Austin and 5,081 square feet in Austin.

In Tarrant County, the luxury home market is concentrated in Fort Worth and Northeast Tarrant County, particularly Southlake, Westlake and Colleyville.

Fort Worth has 52 luxury home listings and has had 18 sales in the past six months, according to data provided by Coldwell Banker Real Estate. The average sales price was $1.3 million.

Southlake, Westlake and Colleyville combined have 96 homes on the market, with 50 of those homes located Southlake, according to Coldwell Banker. The three cities had combined sales of 46 homes in the past six months, including 22 in Southlake.

The average sales price in Southlake was $1.45 million, $1.9 million in Westlake and $1.5 million in Colleyville, according to the Coldwell Banker data.

Despite the uptick in sales of luxury homes, selling these properties continues to be challenging.

Resale luxury homes have to be turn-key ready and chock-full of amenities or “they will languish,” Wegman said. “Buyers at that price point don’t want to have to remodel.”

“Most of the time, if someone is willing to spend $5 million on a home, they want to build it and get exactly what they want,” said Clay Brants, a Realtor with Briggs Freeman Sotheby’s International Realty in Fort Worth.

Furthermore, selling luxury homes in Fort Worth is complicated by competition from the abundance of luxury homes in Northeast Tarrant County, Brants said.

“There is a perception that people are not satisfied with the Fort Worth schools,” Brants said. “Fort Worth hasn’t built a new school in 30 years and you’ve got all those new schools in places that were horse pastures not very long ago.

“Fort Worth does the work to bring new companies here but by the time the C-Suite executives arrive, they have bought or built homes in Keller, Colleyville, Southlake or Grapevine.”

New federal tax laws, which limit how much mortgage interest and property taxes can be written off, exacerbate the challenge of selling luxury homes in Fort Worth, Brants said.

“If you can’t write off all of your mortgage interest and property taxes, and then you have to pay for private school, you face a double whammy,” he said. “Those people will buy elsewhere.”

Let’s take an expensive home tour!

There are currently 14 homes for sale in Tarrant County priced at $5 million and above. Five of these properties are located in Fort Worth and the other nine are in Northeast Tarrant County, including six in Westlake.

The list includes several spectacular historic properties as well as recently-built, sprawling estates that are lavishly decorated and boast ultimate amenities such as coffee bars and salon/spas.

The most expensive home on the market is priced at $11 million and is located on 4.7 acres in Southlake. The home at 940 Dove Road was built in 2012, contains 16,477 square feet and features a tiered media room, dual lane bowling alley, indoor bull-court basketball gym, sauna and six-car garage.

Other notable homes include:

• The Baldridge House, 5100 Crestline Road, is an historic Arlington Heights home built around 1910 for a cattleman and rancher who became a prominent Fort Worth banker. Paun Peters, who earned a fortune as an oilman and now invests in commercial real estate, and his wife, Magdaline, bought the house out of foreclosure in 2007 and spent $4.5 million on an exhaustive renovation. The home comes with a Texas Historic Marker and features many amenities as well as exquisite architectural details. The six-bedroom home with 11,725 square feet has an asking price of $7.95 million. It was first put on the market two years ago.

• The River Crest home of the late Martha and Elton M. Hyder Jr., well-known Fort Worth philanthropists. The four-bedroom home with 8,967 square feet was built in 1920 at 900 Alta Drive features historic elegance and exquisite design detail. A picturesque creek runs along the west side of the property, which is priced at $5.95 million.

• A unique Texas home with an intriguing backstory, at 1 Paigebrooke in Westlake. The home, known as Paigebrook Farm, was designed by Dallas architect Charles Dilbeck and built as a ranch house in 1938 for Ted Dealey, a former publisher of The Dallas Morning News. Scott Bradley, former mayor of Westlake, and his wife, Kelly, bought it in 1977. The Bradleys eventually sold the property to Fidelity Investments for a regional headquarters but so loved the house, they had it moved, brick-by-brick to another location about a mile away. The 10-year relocation process resulted in an 11,500-square-foot home true the original vision of the architect. It is listed for $7.9 million.

• A Monterrat estate at 9553 Bella Terra Drive looks is designed to resemble a castle and has the has the amenities fit for royalty, including 13 living areas, four dining areas, seven kitchen areas, an indoor pool and hot tub and a motorized shoe rack. The home built in 2006 has 24,093 square feet and features extraordinary craftsmanship. The asking price is $7 million.

______________________________________________________

After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

Best General Contractors, Legacy Classic Homes, Dallas Home Builders

Legacy Classic Named Best General Contractor

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Fort Worth is considered the cultural capital of the Southwest with an eclectic mix of influences, many of which are reflected in the distinct character of each section of the city.  In the Historic District, you’ll find a thriving performing arts scene along the red brick streets and late 19th century buildings, including the impressive Bass Performance Hall and the Water Gardens, an urban park in the postmodern style. Just north of downtown in the Stockyards National Historic District lies the Old West heritage of the city, with its twice-daily Texas longhorn cattle drive, Western saloons, and rodeo arenas.

With the establishment of three renowned art museums designed by celebrated architects, Fort Worth has become one of the nation’s top art and architectural cities. It’s no surprise that this rich history and many architectural influences from Art Deco to Mediterranean to modern have inspired a diverse range of styles in Fort Worth homes.  Many of the best high-end builders in the city have been recognized for masterfully integrating art and functionality into gorgeous custom homes and estates.

In our list of the 15 best general contractors in Fort Worth, we selected the best builders that have demonstrated a high level of skill and expertise in their custom homes.  Many of these contractors have received various awards and recognition for their work, and have developed a strong reputation for quality, integrity, and client satisfaction in the Fort Worth area.

15) Brooks Custom Homes

Website | 817.926.2600 | P.O. Box 101628, Fort Worth, TX 76185

Brooks Custom Homes takes an approach to home building that is dedicated to capturing timeless architecture without sacrificing modern amenities. Their goal is to capture the charm of timeless architecture without compromising on modern amenities and upgrades. Owner of the firm Douglas Brooks takes pride in having built a reputation based on honesty and integrity — one that is well-reflected in the many referrals from their satisfied customers.

They also provide customers with energy-efficient solutions that are carefully-integrated in their home design to maximize functionality without sacrificing a home’s architectural integrity. They mostly specialize in custom homes that are 4,000 square feet or more. Usually, they work on custom homes that range from $1 million up to $5 million.


14) John Askew Custom Homes

Website | 817.441.2350 | 195 Angelina Drive, Aledo, TX 76008

John Askew Company is a full-service custom home builder in the Fort Worth area that was established in 1983. The company has over 30 years of experience and is regarded as one of the premier custom home builders in Tarrant and Parker Counties and builds homes in the most exclusive and private neighborhoods in North Texas.

John Askew Company was voted Best Builder in Fort Worth 3 out of the last 5 years, twice by Star Telegram readers and once by Fort Worth Magazine readers. John Askew also won 1st place in 9 of the 13 categories in the 2008 Kaleidoscope of Homes in Montserrat of Fort Worth, including Best of Show and People’s Choice.

Their custom home building services also offer multi-generational features where the home’s design plan is specifically tailored to each family’s current and future needs. With the help of the company’s expert design team, multi-generational homes offer customers functional and classic home designs for flexibility and convenience.


13) Fred Park Company, Inc.

Website | 817.921.0223 | 4313 Frazier Avenue Fort Worth, TX 76115

For over 50 years, Fred Parker Company has been one of the most reputable residential design and building firms for custom homes in the Greater Fort Worth area. Founded in 1951, the company has won many accolades both locally and nationally. The owner, Fred Parker, has also received many awards including the 2006 Builder of the Year award by the Greater Fort Worth Builder Association and has been named as the 2004 Remodeler of the Year. He is also a long-time member of the Greater Fort Worth Builder Association.

Their timeless design and classic craftsmanship is not limited to a particular type but encompasses a wide range of styles, including Contemporary-Ranch, European Traditional, French Country, Georgian, Mediterranean, Spanish Revival, and more.


12) Sean Knight Custom Homes

Website | 817-560-0828 | 109 S. Ranch House Rd. #107 Aledo, TX 76008

Sean Knight Custom Homes has long been recognized as one of the trusted custom home builders serving Fort Worth and its surrounding areas. Sean Knight, owner, and president of the firm has more than 25 years of experience in the industry and has been a Certified Master Builder and Remodeler since 1996. Throughout the years, the company has been dedicated to earning the trust and respect of their clients. The company has received various awards such as the 2010 Spring Tour of New Homes Grand Award and awards for Kaleidoscope of Homes in 2000 and 2008. They are also a member of the Fort Worth Builders Association.

Aside from building new custom homes, the company also offers home remodeling services in Possum Kingdom Lake, and Tarrant, Hood, Parker, and Johnson Counties.


11) David Lewis Builder

Website | 817-735-1122 | 4204 Deering Dr. Fort Worth, TX 76114

Specializing in upscale custom home construction in Fort Worth, Dallas, and its surrounding areas, David Lewis Builder has built luxury homes that exude timelessness in architecture. The company believes in the importance of constructing homes that are built to last through the generations and incorporates green building practices that promote energy efficiency in many of their projects. The company uses high-quality sustainable materials in order to produce elegant masterpieces with impeccable structural integrity. Owner David Lewis has over 35 years of experience in the construction industry, where he developed a deep passion for building homes.

The company’s portfolio ranges from the period restoration of historic estates to new construction of sleek contemporary homes. David draws inspiration from Addison Mizner’s open Mediterranean layouts to Lake|Flato’s modern environmentally-integrated works.


10) Legacy Classic Homes

Website | 817.903.1527 | Legacy Classic Homes 5751 Kroger Drive Suite 126 Keller, TX 76244

After two decades in the custom home building industry, Steve Sagerson established Legacy Classic Homes, a custom home building company based in Keller. In order to give each home the attention that it deserves, the company focuses on a low-volume of projects. They work on a wide array of home designs, styles, and sizes to help buyers visualize their dream and turn it into reality. Their low-volume approach makes it possible for the company to embrace flexibility and customization, which they take very seriously.

They proudly serve customers throughout Fort Worth and Dallas. As a full-service home building company, they provide all aspects of the custom design-build process:  from land acquisition, planning, designing, and construction. The company also works on low-cost custom homes and offers various financing options.


9) Woodall Construction Services, L.L.C.

Website | 817-946-2733 | Burleson, TX 76028

Woodall Construction Services has made it their mission to deliver top quality custom homes that are suited accordingly to their client’s preference, standard, and lifestyle. James Woodall, the owner of Woodall Construction Services, has many years of experience in the home improvement business. Since 1993, he has helped people achieve the home of their dreams. The company’s focus is not just providing clients with customized living spaces, but also providing them with alternative energy sources that are sustainable.  They offer turnkey solar solutions for their clients and incorporate this alternative energy source seamlessly into their custom-built homes to ensure that the home’s design and functionality will come together as one.

Located in Burleson, the company serves customers throughout Fort Worth, Johnson, Tarrant, and Dallas counties. In addition to their custom home construction services, they also perform home, kitchen, and bathroom remodeling, as well as solar panel installation and upgrades.


8) J. Lambert Custom Homes

Website | (817) 992-4983 | 850 E State Hwy 114 #100 Southlake, TX 76092

As a Certified Master Builder and a member of the Certified Master Builder Corporation, J. Lambert Custom Homes has been recognized as one of the premier luxury custom home builders in Fort Worth and the surrounding communities. They began building homes ranging from $500k to $800K but were soon building homes worth more than $12 million. They specialize in a variety of styles such as French, Tuscan, Mediterranean, Colonial, Old world, and Castles. Jimmy Lambert’s 30 years of experience in the construction industry has helped him establish long-standing relationships with his clients.

Their custom homes range from 2,500 square feet up to 40,000 square feet depending on the customer’s preference. Their experienced team works closely with each client to ensure they deliver their dream home.


7) Boyd Custom Homes

Website | 469.586.8822 | 7005 Winthorp Dr Arlington, TX 76001

Over the past 20 years, Boyd Custom Homes has been dedicated to delivering superior quality custom homes in the greater Dallas-Fort Worth area. Their highly experienced team works closely with each of their clients to build a home that is personalized and distinctive. As a Certified Master Builder, they have a long-standing reputation for quality designs and energy-efficient custom homes. President of the company Steve Boyd makes sure to give each project his personal attention from its conceptualization to its completion.

Though the company has their own subdivision sites, they also build custom homes on lots that are purchased by their clients. Their projects range from $350k to $4 million. They integrate the latest technology, finishes, and features into the home’s custom design to create a one-of-a-kind, high-performance luxury home for their client.


6) Braswell Homes

Website | 817.564.3101 | 6387 Camp Bowie Boulevard Suite B, Fort Worth, TX 76116

Established in 2008, Braswell Homes is a custom home builder serving the Fort Worth community. In 2017, one of their projects, a 5, 300 square feet dream home named La Cantera, was featured in Fort Worth Magazine’s 2017 Fall Dream Home. Bryan Braswell, owner of the company, and his home which he built seven times has also been featured in Fort Worth Magazine.

Long before becoming an established home builder, Bryan worked on remodeling jobs from the early age of 18. Eventually, he started his own business and pursued his ambition to create custom homes that his customers will love and enjoy. One aspect that sets the company apart is that they strictly limit the number of projects they take on to ensure that they deliver the highest-quality homes.


5) Couto Homes

Website | 817.579.6600 | 3200 E. Hwy 377 Granbury, TX 76049

Located in Granbury, Couto Homes serves Fort Worth and its surrounding areas as a custom home builder. The company is one of the Certified Master Builders in the state of Texas, earning the reputation as one of the most trusted custom home builders. Throughout the years, they have been featured in numerous publications such as the North American Builders, the spring 2015 issue of Modern Builder & Design, and Spectacular Kitchens of Texas. The company also received a  Guildmaster Award in 2015 for exceptional customer service.

Donny Couto, founder of Couto Homes, Inc., shares his father’s love of residential design and construction. Al Couto began building homes in the mid 1970’s. Donny began to follow in his footsteps in 2001, and for over 30 years, the core values of the company remain unchanged. Couto Homes continues to “raise the standard” and provide affordable quality homes for their clients. In addition to Fort Worth, they also build homes in Granbury, Aledo, Burleson, Cleburne, Glen Rose, Godley, Joshua, Mansfield, Stephenville, Weatherford, and Hudson Oaks.


4) Garabedian Properties

Website | 817.748.2669 | Post Office Box 93984 Southlake, TX 76092

Established in 1997, Garbedian Properties has been among the premier luxury home building companies serving the Dallas-Fort Worth metroplex. In their many years in the business, the company has received several accolades and recognition including the Graduate Master Builder of the Year by the National Association of Home Builders, the Greater DFW Spring Tour of New Homes™ award-winning builder for multiple years, Builder of the Year Keystones Builder 20 Club winner, and more. They are also a member of numerous associations such as the Graduate Master Builder Corporation, Builder 20 Program, Greater Fort Worth Builders Association, Texas Association of Builders, National Association of Home Builders, and Custom Builder USA.

Throughout the years, the company has completed numerous projects typically ranging from $750k to $10 million, for a collective value of over $100 million. Aside from designing and building custom homes, they also work on premium renovations, lifestyle enhancements, energy efficiency enhancements, storm and disaster recovery, and home care services. They also build custom homes and serve customers in the surrounding areas of the Northeast Tarrant County.


3) Simmons Estate Homes

Website | 817.329.0207 | 3110 W. Southlake Blvd. Suite 100 Southlake, TX 76092

In the 25 years, Simmons Estate Homes has been in business, owner Scott Simmons has built a reputation for being one of the leading trendsetters for luxury homes throughout the Dallas-Fort Worth area. For the company’s outstanding designs, they have received numerous awards such as the Luxury Home of the Year 2011 McSam Award: People’s Choice and Texas Association of Builders 2011 Awards. The company’s hands-on approach to conceptualization, planning, and construction is what sets them apart from other builders.

They also take pride in their “Green Built” homes that are specifically constructed for energy efficiency and water conservation. With Scott’s extensive background in architecture, the company successfully incorporates elegance and functionality in each design and construction. Working closely with their customers has also helped them establish a strong reputation for transparency and commitment.


2) Ferrier Custom Homes

Website | 817.732.9522 | 5017 Byers Ave Fort Worth, TX 76107

Established in 2004, Ferrier Custom Homes has built a reputation for creating luxurious and energy-efficient custom homes. The company believes in sustainable building practices and incorporates these in every home and structure they build. Throughout the years, they have received numerous awards such as the National Association of Home Builders 2007 Green Builder Advocate of the Year, Energy Value Housing Awards 2005 to 2012, D Home Best Builders in Dallas in 2008, 2010, 2011, 2012, 2013, 2014, and 2016, among many others.

Don Ferrier, president of Ferrier Custom Homes, has long been passionate about constructing sustainable homes since the early 1980’s. For his great efforts in energy-efficient and sustainable construction techniques, he has been awarded the National Association of Home Builder’s Green Builder Advocate of the year. Ferrier Custom Homes works closely with their clients to integrate the latest green features to create their dream homes.


1) Bauhaus Custom Homes

Website | 214.256.4846 | 1920 McKinney Avenue, 7th Floor Dallas, TX 75201

This Dallas-based custom home builder takes pride in constructing original architectural styles for modern residential homes throughout the Dallas-Fort Worth metroplex. Through unifying art, craft, and modern technology, Bauhaus’ team of experienced designers and construction specialists are able to create high-end, one-of-a-kind homes for their clients. With their commitment to architectural integrity and technological integration in each home design and construction, the company has been honored by D Home magazine from 2012 to 2017 for Best Builders and has received various awards including the 2013 Arc Awards for Architectural Design, the 2013 ARC Awards for Interior Design, the 2013 ARC Awards for Best Green Built Home, and the 2012 Arc Awards for Best Interior Design.

The company also employs green building practices in their custom and sustainable homes. Using cutting-edge green building techniques and high-quality materials, their projects are not only luxurious but are also energy-efficient.

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After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve.  My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”

Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.

Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.

Please feel free to contact us today with any questions at 817-903-1627

Fort Worth Homes Sales Down From 2017

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During 2018, Fort Worth home sales decreased 0.6 percent to 12,743 homes. The median price for Fort Worth homes increased 6.2 percent year-over-year to $220,260 in 2018.

“In the beginning of 2018, the Fort Worth housing market was continuing on the same trends we saw in 2017. However, towards the end of the year, we started seeing a shift in the market as sales slowed,” said Moiri Brown, 2019 President for the Greater Fort Worth Association of REALTORS®.

Fort Worth’s monthly housing inventory was 2.0 months in 2018, 0.4 months more than 2017. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 37 days on the market in 2018, three days more than 2017. Additionally, active listings increased 14.5 percent to 2,325 listings during the same time frame.

“It’s been predicted housing inventory will rise in 2019, which will help ease the bidding wars we regularly saw in 2018,” said Brown. ““However, housing affordability may present an obstacle for first time buyers attempting to enter the market. This is where a Realtor® comes in. We are here to help all buyers and sellers make the best of the current market.”

2018 Year-End Statistics At-A-Glance

  • 12,743 – Homes sold in 2018, 0.6 percent less than 2017.
  • $220,260 – Median price in 2018, 6.2 percent more than 2017.
  • 2.0 – Monthly housing inventory in 2018, 0.4 months more than 2017.
  • 37 – Average number of days homes spent on the market in 2018, three days more than 2017.
  • 32 – Average number of days to close in 2018, one day less than 2017
  • 2,325 – Active home listings on the market in 2018, 14.5 percent more than 2017.

Fort Worth 2018

Fort Worth home sales decreased 12.3 percent to 971 homes in December 2018. The median price for Fort Worth homes increased 3.7 percent year-over-year to $225,000 in December 2018.

“Like most of the country, we are seeing our sales slow down, and while prices continue to rise, it is at a more moderate rate,” said Moiri Brown, 2019 President of the Greater Fort Worth Association of REALTORS. “Our inventory has been increasing consistently which should encourage buyers to enter the market.”

Fort Worth’s monthly housing inventory was 2.0 months in December 2018, .4 months more than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 48 days on the market in December 2018, four days more than December 2017. Additionally, active listings increased 22.5 percent to 2,154 listings during the same time frame.

December 2018 Statistics At-A-Glance

  • 971 – Homes sold in December 2018, 12.3 percent less than December 2017.
  • $225,000 – Median price in December 2018, 3.7 percent more than December 2017.
  • 2.0 – Monthly housing inventory in December 2018, .4 months more than December 2017.
  • 48 – Average number of days homes spent on the market in December 2018, four days more than December 2017.
  • 32 – Average number of days to close in December 2018, one day less than December 2017.
  • 2,154 – Active home listings on the market in December 2018, 22.5 percent more than December 2017.

National Home Builder CEO Blames Media For Housing Market

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Toll Brothers gave weaker-than-expected guidance on Tuesday for the first quarter, pointing to reports about a souring housing market as the cause of the slowdown.

“In November, we saw the market soften further, which we attribute to the cumulative impact of rising interest rates and the effect on buyer sentiment of well-publicized reports of a housing slowdown,” Toll Brothers Chairman and CEO Douglas Yearley said in a statement.

Reports of a housing slowdown come as U.S. Census data show new home sales have declined for 11 straight months.

In October, sales of newly built homes fell 12 percent from a year earlier, even though the median price for new homes dropped. Economists have said the decline in new home sales stems from weakened affordability across U.S. local markets. The housing market has begun showing signs of cracking this year, while real estate brokers are saying that offers for homes have thinned out.

Toll Brothers shares closed down 1.6 percent on Tuesday.

New home sales down 8.9 percent for the month

New home sales down 8.9 percent for the month  

Toll Brothers beat top and bottom line estimates for its fourth-quarter earnings report. Two of the homebuilder’s key metrics, deliveries and backlog, were at the highest levels in more than a decade.

However, first quarter guidance from Toll Brothers was weaker than expected, with a deliveries range that was markedly below Wall Street’s expectation, according to FactSet.

Yearley said the company “saw similar consumer behavior beginning in late 2013, when a rapid rise in interest rates temporarily tempered buyer demand before the market regained momentum.” Known as the taper tantrum, rates jumped in 2013 when the Federal Reserve signaled a reduction of money being put into the economy, leading to a surge in mortgage rates. Home sales recovered, however, when mortgages rates fell back again.

Some economists fear this time will be different. Lawrence Yun, chief economist for the National Association of Realtors, said in November that “this time, interests rates are not going down.”

“In fact, they are probably going to increase even further,” added Yun.

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