Fannie Mae's 2016 Housing Projections
Monday, November 9, 2015
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The Holidays - To List or Not to List?
Friday, November 6, 2015
With the Holiday Season rapidly upon us, one question we often get asked is - To List or Not to List?
This is often a difficult question to answer. Year after year, many owners elect not to sell over the Holiday Season or the winter. Even more sellers, who are already listed, choose to take their home off the market during the holidays. While the inconveneince of having a "show ready home" can be high, there are several great reasons to sell during both the Holiday Season & the winter.
1. RELOCATION BUYERS! Often companies will compensate employees for trips to their destination city. Too often, that single trip is not enough for a buyer to feel comfortable. The Holidays provide many buyers the time off that they need to travel & tour homes. LIkewise, companies are not concerned with the traditional seasonality of real estate or the school year, which often determines the prime buying season.
2. Buyers looking during the Holidays tend to be serious buyers. While it is true the number of showings traditionally decreases during the Holiday Season, the "quality" of the showing is often higher. Buyers searching during the Holiday Season are typically serious buyers.
3. Being out of "prime" buying season, as a seller you have more control of the showing schedule & times.
4. Homes show well when decoratorated for the season.
5. Competition tends to be much lower during the Holidays. Price is a reflection of demnd & inventory.
6. Traditionally the market will see significant increases in inventory after the Holiday Season. Even builder inventory is carefully planned in the 3rd & 4th Quarter to ensure sufficient "spec" home inventory is ready as spring arrives.
Have additional questions, please feel free to give me a call - Christie Cannon, Keller Williams Frisco - 469-951-9588
New Home Sales Surge
Friday, October 16, 2015
According to the latest report from the US Census Bureau and the Department of Housing and Urban Development, newly constructed home sales jumped 5.7% month-over-month and 21.6% year-over-year to an annual pace of 552,000.
Many buyers are looking to the new homes market to make up for the lack of existing home sales inventory. National Association of Home Builders Chief Economist David Crowe explains:
"Today's report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low. The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015."
Regionally, the Northeast led the way with a 24.1% increase in new home sales, followed by the South (7.4%) and West (5.4%). Sales in the Midwest declined by 9.1%.
The inventory of new homes for sale currently sits at a 4.7-month supply down slightly from July (4.9) and significantly from August 2014 (5.4).
Buyers who purchased a new home were willing to spend more to get the amenities that they wanted. The median home price for new homes was $64,000 higher thanexisting homes in August at $292,700!
Approved applications for building permits increased 3.5% over July and 12.5% over this time last year. Permit applications are seen as a strong indicator of builder confidence in the market.
Bottom Line
Buyer demand continues to outpace inventory of homes for sale. If you are thinking of selling your house this year, now may be the time to list before builders have a chance to replenish the supply of new homes.
The U.S. Soccer Federation Hall of Fame coming to Frisco, TX
Friday, October 9, 2015
Frisco TX recently cleared the way for the a new home for the US Soccer Federation's Hall of Fame. Included in a $39 million renovation, the National Soccer Hall of Fame may have found a new home in Frisco TX. The National Soccer Hall of Fame & Museum has been "homeless" since closing in NY in 2010. The Toyota Stadium complex already draws well over 1 million visitors per year. The latest renovations are designed to better prepare the venue for NCAA Football & other high profile events. The announcement is expected on October 14th.
Frisco TX - Named among fastest growing economies
Wednesday, October 7, 2015
Existing Home Sales Slow Against Tight Inventory
Monday, October 5, 2015
Based on the National Association of REALTOR's latest September numbers, the pace of home sales has slowed; however, the year over year gains continue for the 11th month.
Homeowners' Perception of Value - Outpacing Market?
Sunday, September 6, 2015
For the 6th month in a row, the gap between how homeowner & appraiser view value has widened according to Quicken Loan's Home Price Perception Index.
According to Quicken's Chief Economist Bob Walters: "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Even a few months ago we were seeing appraisal issues affect pending home sales. As Walters explains, this is in part due greater balance returning to home value appreciation. "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing," said Quicken Loans Chief Economist Bob Walters. "While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye."
BOTTOM LINE
In North TX, while home owners continue to enjoy record appreciation, real estate pros & home owners must remain cognizant of the subtle shifts in appreciation rates that are often masked in the market's excitement. Likewise, agents & owners truely need to be prepared to sell every home twice!
Have questions about your home's value or market conditions, please give a call
- Christie Cannon - 469-951-9588- Keller Williams Frisco
New Frisco Community - Edgestone at Legacy
Saturday, August 29, 2015
New Master-Planned community announced west of the Dallas North Tollway & just north of Legacy! This new Hines development is situated in the heart of West Frisco & is expected to boast some of the area's top builders - Huntington Homes, Shaddock Homes, Darling Homes, Coventry Homes & Village Builders. With approimately 311 acres, Edgestone at Legacy is currently planned for single-family residences.
Nationwide releases Health of Housing Report
Friday, August 28, 2015
Nationwide just released their 2015 Q2 report on the Health of US Housing & incase the conflict of numbers is not great enough.... they rank TX negatively in affordability! Several years of strong housing has started to reflect a drop in housing affordability in Dallas & North Texas. While overall Dallas-Irving-Plano continue to rank in the top 10 best performing markets, this is largely due to our otherwise strong economic indicators. The entire Q2 2015 report can be viewed here!
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