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4 Reasons to Sell This Winter

by Christie Cannon

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

 

Christie Cannon | REALTOR
The Cannon Team
Keller Williams Realty Frisco
469-951-9588
www.ChristieCannon.com

 

Dallas-Fort Worth has lowest risk for home-price declines

by Christie Cannon

By STEVE BROWN / The Dallas Morning News

The latest home price risk forecast shows that Dallas-Fort Worth is overall the safest place in the country for stable home values.

The latest report by mortgage insurance company PMI Group ranked the D-FW area dead last among the 50 cities it rates for possible declines in home prices.

That means PMI is betting there is less than a 1 percent chance that average home prices here will be lower two years from now.

PMI's summer 2008 risk ranking for D-FW is similar to the insurance company's previous studies.

As in other PMI reports, the U.S. cities with the biggest run-up in home prices in recent years are at the greatest risk for losses.

During the last year, some markets have seen a significant increase in the number of existing single-family homes for sale, PMI chief economist David Berson said in the report.

"Given the magnitude of the inventory overhang, we expect national home price declines to continue into at least 2009," Mr. Berson said.

In North Texas, however, the number of pre-owned homes listed for sale has declined during the last year.

Although PMI Group's report about D-FW home prices should be encouraging, Mr. Berson said that doesn't mean there won't be short-term declines in values.

"It is also an average for a metropolitan area, so individual neighborhoods and houses could behave differently," he said, perhaps considerably so.

Likelihood of lower home prices in each market in two years.
GREATEST RISK
Riverside-San Bernardino-Ontario, Calif. 95.5%
Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. 92.2%
West Palm Beach-Boca Raton-Boynton Beach, Fla. 91.9%
Orlando-Kissimmee, Fla. 91.1%
Las Vegas-Paradise, Nev. 88.1%
LOWEST RISK
Fort Worth <1%
Dallas <1%
Pittsburgh <1%
Houston <1%
San Antonio <1%
SOURCE: PMI Group.

Report: Dallas-Fort Worth home prices least likely to drop

by Christie Cannon

 

Report: Dallas-Fort Worth home prices least likely to drop

07:30 AM CST on Wednesday, January 16, 2008

By STEVE BROWN / The Dallas Morning News

Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms.

At the same time, the chances of a house price decline rose in almost four out of five U.S. markets, according to a report released Tuesday by mortgage insurance firm PMI Group.

Dallas and Fort Worth ranked dead last in PMI Group's latest forecast of cities with the biggest chance for a home price shakeout.

Analysts with the California-based company estimate that Dallas-Fort Worth has less than a 1 percent chance of marked home price drops in the next two years.

By comparison, cities in California, Nevada and Arizona have more than an 80 percent likelihood of falling residential values.

"We're seeing an increasingly polarized market," PMI economist David Berson said in a news release.

"The risk that home prices will be lower in two years has increased for many of the largest cities in the nation, although areas that saw only moderate home price gains during the 2002-to-2005 period still generally have low risks of price declines," he said.

That's certainly the case in Dallas-Fort Worth, where home price appreciation during the last five years has been a fraction of the national average.

"Because Texas did not participate in the double-digit home price gains in the first half of the decade, it doesn't have to take the great pain of the areas that are compensating for that now," Mr. Berson said in an interview.

Now that the housing sector is in a slump, home values in North Texas have been relatively flat while they are falling in many other major U.S. cities.

In 2007, the median price of homes sold through the North Texas Realtors' multiple listing service was up 1 percent from 2006.

Texas markets – including the D-FW area – were also less affected by investors who ran up prices in some cities, Mr. Berson said.

And most Texas cities are outpacing the rest of the country in overall economics, he said.

"The state economy is doing pretty well, and job growth is above the national average," Mr. Berson said.

"It's quite likely Texas will be doing better than the national average for the foreseeable future," he said.

The D-FW area has gotten high marks in the PMI risk report before.

And other national surveys show that North Texas' housing market is outperforming those in the rest of the country.

Even so, pre-owned home sales were down about 8 percent last year, and sales of new homes fell about 17 percent in 2007.

Foreclosure rates also continue to rise.

Analysts are therefore keeping a close eye on D-FW home prices for signs of deterioration.

"I can't argue with the PMI risk assessment, but it doesn't mean that it still couldn't happen – just not as likely as elsewhere," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center. "So far, most Texas markets are doing well.

"The metroplex probably will do well to have positive overall appreciation, but pockets within the metroplex will have a rough time for a while."

Indeed, Mr. Berson said, the Texas housing market isn't bulletproof.

"There are no sure things," he said.

"It's possible that some parts of Texas will see some declines in the near term."

But overall, the outlook for the local housing market is good, he said.

 

HOW RISKY IS THE HOUSING MARKET?

 

Markets with the most and least risk of a home price decline, based on price appreciation, economic growth and affordability according to PMI Group, one of the country's largest mortgage insurance firms. An index of 100 means there is a 100 percent chance of home prices falling in the next two years.

 

MOST RISKY

 

Riverside, Calif. 94

Las Vegas 89

Phoenix 83

Santa Ana, Calif. 81

Los Angeles 79

 

LEAST RISKY

 

Fort Worth Less than 1

Dallas Less than 1

Pittsburgh Less than 1

Houston Less than 1

San Antonio Less than 1

SOURCE: PMI Group

 

Dallas home prices rise among few U.S. gains

by Christie Cannon
Dallas home prices rise among few U.S. gains
Industry experts say foreclosures a concern
11:15 AM CDT on Thursday, August 30, 2007
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Dallas is one of the few cities in the nation where home prices are still rising slightly, according to a national housing survey released Tuesday.
While U.S. home prices fell 3.2 percent in the second quarter, Standard & Poor's quarterly housing index reports that the Dallas metropolitan area was one of only five markets in the country with price gains.
Of the 20 cities it surveys, only Dallas , Seattle , Portland , Ore. , Atlanta and Charlotte , N.C. , had annual gains in home prices in the second quarter.
But it's hard to say whether the 1.6 percent gain in Dallas home prices is sustainable, industry experts say.
Dr. James Gaines of Texas A&M University 's Real Estate Center said "In a lot of places in Dallas , home prices are still going up by double digits.” In other neighborhoods, they are actually falling. But across the board, the gainers outweigh the losers," he said.
As mortgage lenders tighten loan requirements, a significant number of potential homebuyers have been locked out of the market. That could hurt the volume of sales in North Texas in the months ahead.
"It may take awhile to sort out" what's happening in the mortgage market, Dr. William Brueggeman, director of SMU's real estate department said. "There is going to be a little pain and suffering here, but nothing like we are seeing in other markets."
Fewer subprime woes
Dr. Gaines says that even with the soaring foreclosure rates, there have been fewer subprime mortgage problems here.
"The mortgage shakeout is affecting other parts of the country a lot more than it is Texas ," he said. "We didn't have anywhere near the level or magnitude" of subprime loans that other markets did.
But that doesn't mean that Dallas-Fort Worth homeowners aren't going to be hammered with a steady diet of bad news about the U.S. housing market. Those negative reports weigh on consumer psychology.

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Photo of Christie Cannon Real Estate
Christie Cannon
Keller Williams Realty
4783 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 214-853-4774
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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