Where are Americans Moving From?
Wednesday, February 11, 2015
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Real Estate Headed in the Right Direction?
Monday, February 9, 2015
The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.
For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.
Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from "very positive" to "very negative." The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.
Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008. Gallup offers some insight into the reason for decline:
Prices Dropped
“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate's image taking a hard hit.”
Housing Bubble
“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries' close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”
Bottom Line
“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”
- Have Questions? Call Christie - 469-951-9588
Core-Logic's Home Price Index Report
Saturday, February 7, 2015
Another national Real Estate source affirms strengthin the DFW market
December 2014 - Core Logic Home Price Index Report
- Hvae questions about the local market? Please feel free to give me a call - Christie Cannon - Keller Williams Frisco - 469-951-9588
National Home Prices - Infographic
Wednesday, February 4, 2015
Looking for more Local Data - Try Here for data or Here for a custom report on your home.
Have Questions? - You can always give me a call at 469-951-9588 - Christie Cannon
Mortgage Rates - Why Have They Dropped?
Monday, February 2, 2015
Why Have Interest Rates Dropped Despite Predictions of Rising Rates?
The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall.
A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.
“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”
You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.
So what does that have to do with Interest Rates?
NAR explains the correlation like this:
“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”
Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.
“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”
How long will rates stay low?
No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.
“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.”
Don’t wait too long
The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.
Bottom Line
NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.”
- Looking for a Mortgage Expert to assist you? Please feel free to give me a call - 469-951-9588
Record Growth...But Not Without Concerns
Tuesday, December 23, 2014
One of the top financial ratings firms, Fitch Ratings, is blowing the whistle on Texas' hot housing market. Home sale prices in the Dallas-Fort Worth area are at record levels this year and Fitch Ratings warns that Texas home prices are about 11 percent overvalued. A lack of homes available for purchase coupled with North Texas' fast-growing economy has caused residential prices to jump by about 7 percent over the past year.
Economist Jim Gaines with the Real Estate Center at Texas A&M Unversity said he’s looked at Fitch’s new Texas housing report and doesn’t agree with the conclusions. “I’m not buying the overvalued card right now,” Gaines said. “Yes, prices have increased substantially for Texas markets – but only after being essentially flat for almost five years.
Despite its warning about the inflated prices, Fitch's report points out the overall strength of the state's economy. Texas has been leading the country in both job growth and population gains.
Texas home price gains have already cooled from late last year and early in 2014. But the year-over-year gains in residential prices in the Dallas-Fort Worth area is still running about twice the long-term average rate and are higher than nationwide increases.
During the recent recession when many metropolitan areas in California, Nevada and Florida lost 50 percent or more of their home values, Texas prices fell only slightly. And the housing markets in Dallas, Houston, Austin and San Antonio were some of the first in the country to recover. For more information on Fitch's findings click here.
469-951-9588
North TX's Best nods to Clark Griswold
Saturday, December 20, 2014
Stuck in the house with Cousin Eddie this week?.... perhaps a quick dash around town to see some of our areas best nods to the Griswolds.
And you do detect a hint of jealousy, as my father-in law "taught me everything I know about exterior illumiination".... which explains why our lights don't work.
Find a spot near you & make some memories.... suggestions are very welcome!
- Frisco TX - Christmas in the Square
- 4015 Bryson Drive, Frisco TX in Hillcrest Estates - because there is nothing like the original + this wonderful little community is LOADED with lights.
- Interlochen in Arlington - another true original
- Highland Park & Highland Park Village - what can I say about this one? There are full time pros competing here.
- The Pharrs Christmas Extravaganza in Farmer's Branch
- Deerfield in Plano TX - spectacular, maps & routes included
- Addison's Vitruvian Park - few displays are as colorful
- The Dallas Arboretum - While not free... this place is great; who needs a reason to go here? If so, how about actual reindeer?
- Christie Cannon
Naughtiest & Nicest Cities List
Friday, December 19, 2014
The "Elves" at RealtyTrac offer the Naughty and Nice U.S. Cities List.
Texas cities make 6 of the top 10; with Frisco as number 5!
You can see their report & methodology here:
The original article can be found on Realty Trac
$1B Frisco Station Development Releases New Details
Friday, December 19, 2014
The 242-Acre $1 billion Frisco Station development on the Dallas North Tollway will wrap around the new Dallas Cowboys headquarters and retail complex. Hillwood Properties and auto sales giant VanTrust Real Estate are partnering with the Rudman family, which has owned the site for more than 50 years.
Frisco Station is planned as a dense, urban-style development set to include a combination of corporate office towers, shopping and entertainment plazas, mid-rise apartments, medical facilities and other buildings. Hillwood and VanTrust are no strangers to development in North Dallas. Hillwood's founding Perot family developed the huge and successful Legacy business park in Plano and VanTrust is a partner in the huge Craig Ranch community being built in McKinney. Frisco Station will be a designed to fit with the Cowboys’ 91-acre Star development, which includes the football team’s headquarters, practice facilities, an Omni Hotel, shopping center and entertainment venues.Jim Gandy, president of the Frisco Economic Development Corp., said the two projects together will ultimately employ almost 19,000 people. Read about all the details in the article here.
The Top 10 Snobbiest Places in Texas
Thursday, December 11, 2014
Who made the list?? 
Movoto Real Estate researched and formed a list of the snobbiest cities in Texas by using a mathematical formula. The formula gathers data based on median home price, median household income, percent of population with a college degree, private schools per capita, performing arts per capita, art galleries per capita, and fast food restaurants (the less the better). They averaged each place's ranking and put it all together in one "Big Deal Score".
Frisco made the list at #9, while Plano came in at #3, Richardson #5 and Flower Mound #6. So who came in at #1? You might be surprised...Click here to find out and read what they found out about each city.
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