Displaying blog entries 101-110 of 174
Business Insider recently reported that the number of US foreclosure is at an all time low!
Combine this good news with the previous reporting that mortgage debt is actually decreasing.
CoreLogic released their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months.
Here are state maps for each category:
In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.
If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the selling price when performing the appraisal for the bank.
Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this, and any other obstacle that may arise.
Congratulations to The Christie Cannon Team of Keller Williams Frisco TX for being named by Real Estate Executive Magazine to the 100 Most Influential Real Estate Agents in North Texas!
Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.
The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that sales in July were31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of 654,000.
Zillow’s Chief Economist, Svenja Gudell, echoed the reaction of some as she commented:
“July(‘s) new home sales data was a surprise, but a welcome one. For years, the market has been practically begging builders to both ramp up their efforts overall and to put more focus on serving the less expensive end of the market. Today's data confirms both are happening in earnest.”
The National Association of Home Builder’s (NAHB) Chairman, Ed Brady, didn’t seem as surprised:
“This rise in new home sales is consistent with our builders’ reports that market conditions have been improving. As existing home inventory remains flat, we should see more consumers turning to new construction.”
NAHB’s Chief Economist, Robert Dietz, believes this is just the start for new home sales if market conditions continue:
“July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates. This uptick in demand should translate into increased housing production throughout 2016 and into next year.”
The existing home sales numbers for July will be released today and will shed more light on the overall health of the housing market.
Bottom Line
New home sales hit their highest mark in over 9 years. Buyers are out in force to find a home that fits their needs. Many are turning to new construction, as the inventory of existing homes has not been able to keep up with demand.
The fast pace of North Dallas' Real Estate market often has people asking about where prices are headed v/s where prices have been.
As we have previously reported, each quarter Freddie Mac releases their Home Price Index, tracking national & local statistics. One of the most compelling illustrations of how high values have risen can be found in the above map, reflecting overall state values as a percentage of their increase over Pre-2008 Peak Values. Texas' value, as a whole, ranks 3rd behind North Dakota & Colorado for their percent over Peak Values.
Christie Cannon REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
469.951.9588: Mobile
972.215.7747: Office
Voted as one of the BEST Realtors in D Magazine for 2010-2016
Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine
Name among America's Best Real Estate Agents by Real Trends Magazine
Certified Luxury Home Marketing Specialist
#1 Keller Williams Agent 2011-2015
Top 100 Agents in the Nation / KW
Have Questions about your community or your home? Please give me a call!
Christie Cannon REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
469.951.9588: Mobile
972.215.7747: Office
Voted as one of the BEST Realtors in D Magazine for 2010-2016
Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine
Name among America's Best Real Estate Agents by Real Trends Magazine
Certified Luxury Home Marketing Specialist
#1 Keller Williams Agent 2011-2015
Top 100 Agents in the Nation / KW
Frisco Fast Facts & Stats
For most home buyers, a mortgage is a reality. When it comes to purchasing with-in a buyer's set budget, understanding your interest rate is a critical factor in affordability!
In one of Steve Brown's most recent articles with the Dallas Morning News, Mr Brown does an excellent job of boiling down some of last year's census numbers into easy to digest numbers. Between mid 2014 & mid 2015, the DFW area saw in increase of approx 78,000 people to the area. Collin, Denton, & Tarrant counties led the way with 20K, 19K, & 18K people new to the area! This equates to approx 6,500 people per month coming in the area!
This influx of new folks to the DFW area continues to highlight a growing struggle between rising housing costs, a lag in new construction, & low pre-owned home inventory.
Have questions of how this & other real estate news may affect your home in the market, please feel free to give me a call!
Christie Cannon - 469-951-9588
Displaying blog entries 101-110 of 174
