Interest in Frisco has gone international! Dubai-based, Invest Group Overseas, has announced plans for a $700 Million new development at the corner of the Dallas North Tollway and the future extension of John Hickman Parkway in Frisco. The proposed project, The Gate, will be a 40.95 acre mixed use project just north of the new Dallas Cowboys Headquarters. Full details can be found here.
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Here is a question that we do get from time to time.... from both Sellers & Buyers:
A Mortgage PreQualification or PreApproval - pretty much same thing... right?
..... So we asked Derek Altoonian of the Marcel Deitrich Team with WR Starkey for their explanation....
So… what’s the difference between a Pre-Approval versus a Pre-Qualification and why does it matter? In simply terms, the main difference between a pre-approval and a pre-qualification: income and asset documentation.
A pre-approval means that the loan officer has pulled credit, and collected enough information to fill out a mortgage application to form the details of the loan to purchase a new home. Additionally, a buyer has furnished paystubs, tax returns, and asset statements that show their viability to be approved for a mortgage. We have even gone so far as to underwrite the borrower without a potential address to make sure that there are no “surprises” when the borrower’s “dream home” is found.
A pre-qualification is when a loan officer pulls credit to see if the buyer has a qualifying credit score, and gathers enough information through a verbal interview with the buyer to fill out a mortgage application to see how much buying power your client has. There is often zero documentation with a pre-qualification.
We believe the Pre-Approval is, obviously, much more meaningful to sellers in today's marketplace. The more thorough analysis of the buyer’s income, assets and credit ensures the greatest chance that the pre-approved buyer will fund on the purchase.
- The Deitrich Team - 972-672-3246 - www.marceldeitrich.com - WR STARKEY MORTGAGE, LLP NMLSR#2146
Thank you to Marcel & Derek.
The "Take Away" - as a Buyer seeking every advantage in this low-inventory & competitive market, the extra work to achieve a Pre-Approval v/s a Pre-Approval may make all the difference to a savy Seller reviewing multiple offers!
- Christie Cannon
Not Likely Yet..........
I am often asked about the foreclosure market here in North Texas. A great tool in understanding how much change we have seen over the last 18-months in regards to foreclosures is CoreLogic's National Foreclosure Report. According to CoreLogic's May report, foreclosures are on 31 months of consecutive year-over-year decline. In simply terms, May 2014 represents a 37% decline compared to May 2013 - and 9.4% year-over-year decline. While it is true that TX is represented in the top 5 states of foreclosure volume in the last 12 months, we are also among the lowest by percentage of inventory. TX's foreclosure inventory represents .07% versus a national average of 1.7%.
Does this mean the "foreclosure" market is in permanent decline?.. I would be very hesitant to say such... many factors affect real estate, both in the short term & long term. And while in TX (a non-judicial foreclosure state) our inventory has moved quickly, there remains a "backlog" of inventory in many parts of the country. Likewise, in many areas, we can still see Mortgage Delinquency Rates (a "precursor" to foreclosures) remain higher than historical averages.
All that said, at least in the North TX market, a buyer offering that they "just want to look at foreclosures" may have (as we say in TX) some very slim pickins'.
- Christie Cannon
I just wanted to take a minute and to offer my sincere appreciation & gratitude to our clients - and my thanks to the staff & agents here at the Christie Cannon Team!
Once again this year Real Trends (a leadership in Real Estate data) named us - The Christie Cannon Team - among Real Trends Best Real Estate Agents in America!
Thank you again to all those who helped make our success possible!
- Christie Cannon
In case you missed the billboards & ads - McKinney is pushing hard to expand their share of the air! McKinney National Airport continues to court corporate & executive air travel seeking an alternative to Love Field's increased (& projected increases) in commercial traffic. After McKinney's recent large investments in the expansion & updating of the former Collin County Regional Airport - now McKinney National Airport (TKI) - results are beginning to show! Monach Air anounced a lease of a large portion of the airport's hangar space & the airport was recently names in the 2014 Pilot's Choice Awards by Fltplan.com.
More info can be found at flytki.com
Hillwood's latest Little Elm development - a $600 Million+ venture - looks to be a stand out! With the continued growth headed north, this community is positioned to compete among the renewed growth & expansion of the 380 corridor. The build-out expectation is 2,400 homes served by a 30-acre park, greenspaces, ponds, hiking/jogging trails, an amenity center, & ampitheater!
The communty rendering can be found here!
Frisco, TX - Want to know what is going on with the latest in Frisco's development & demographics... check out the Frisco Economic Development Council. Their most recent presentation can be found here - offering the latest information on the Forest City development at 380 & the Tollway, Frisco Market Center, Grand park, Frisco Square & more! - Still no solid information on Frisco's silo restaurant project by MDS Capital!
- Christie Cannon - 469-951-9588 - www.christiecannon.com
Everything old is new again! - How cool is this idea..... MDS Capital continues to explore the concept they proposed back in April for Frisco's Grain Elevators (located on the North side of Main St - where Main intersects the Railroad Tracks) & their re-purposing the elevators into an entertainment & restaurant attraction! The buildings where originally built in the 1940's & 1950's and played a key role in Frisco deep agricultural roots (more info can be found at www.FriscoHeritage.org).
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