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Tips to Making a Successful Offer!

by Christie Cannon

Before You Make an Offer, Here Are 4 Tips for Success!

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found it! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.” 

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Bottom Line 

Whether buying your first home or your fifth, having a local real estate professional who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality!

 

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

 

Reasons to Smile: Keller Williams Ranked #1 Happiest Place to Work

by Christie Cannon

Reasons to Smile: Keller Williams Ranked #1 Happiest Place to Work

Ask most business leaders and they’ll tell you that success starts with smart hiring & satisfied workers.  Keller Williams is undoubtedly following this key business guideline and giving its employees plenty of reasons to smile these days. According to career site CareerBliss, Keller Williams is ranked the number one happiest company in America to work for in 2018. The rankings recognize businesses that are dedicated to to creating a happier work environment for their employees.  Each company’s BlissScore includes factors such as company culture, leadership, overall work atmosphere, and one’s relationship with coworkers. Keller Williams tops this list because it prides itself on a unique, agent-centric culture that focuses on cutting edge technology, education & services.

The Christie Cannon Team is proud to be partnered with Keller Williams Realty and look forward to passing on its high level of professionalism & expertise to our clients. You can view the full list of Happiest Places to Work in 2018 here.

 

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

 

How Many Hours to Pay Your Mortgage

by Christie Cannon

Many people understand & believe that home ownership is key to fulfilling the American Dream.  In a world where affordability varies so widely and is affected by so many factors, the folks over at HowMuch.net created an amazing visual aid to offer an easy apple-to-apples comparison.  Using US Census Data  to determine median incomes v/s media sale prices, these experts broke down each cities respective housing costs to the number of hours required to cover an average mortgage.  While Memphis, TN can be home by Wednesday, New York, NY will be putting away some late night hours.

 

Want to see how your individual city faired, be sure to check out the source data found here: https://howmuch.net/sources/hours-work-afford-home

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

 

 

Your Guide to the Best Christmas Light Displays in DFW

by Christie Cannon

The DFW area literally lights up and twinkles as the holidays draw near.  Everywhere from Dallas to Frisco to the Ft. Worth Stockyards light up in spectacular displays.  With looks of excitement on children's faces, the sound of carolers singing familiar tunes, the taste of sweet holiday favorites and the smell of Christmas pine flooding the area, you can't help but get into the holiday spirit.  We have compiled a list of our favorite spots to view holiday lights in the DFW area.  Make the rounds and find your family's next holiday tradition!

  •         Frisco Square - Drawing over 750,000 visitors annually, Frisco Square offers North TX largest choreographed light display!  Boasting snow flurries every 15 minutes, ice skating, inner tubing snow slide, horse drawn carriage rides, light & music shows, trackless train rides & even a parachuting Santa - this place has it all!  Going on now through Dec 31st!
  •         Deerfield, Plano - Running from December 1st - 30th, this quintessential Plano neighborhood is jammed packed with gorgeous homes competing for the best, funniest & most traditional displays.  Check out their website for best routes & carriage ride info!
  •        Vitruvian Lights in Addison - Wander through Vitruvian Park’s 12 Acres and view over 550 illuminated trees wrapped in 1.5 million sparkling LED lights.  Enjoy free live music in the park, food trucks & free pictures with Santa!     
  •         Highland Park & Highland Park Village - What can I say?  Gorgeous architecture complemented by professional Christmas lighting.  Spanning about 20 blocks, this is the perfect time to splurge on a horse drawn carriage ride.
  •         Enchant Christmas - A world of Christmas wonder awaits you in Arlington at Globe Life Park! Surrounded by millions of dazzling lights, experience the world’s largest Christmas light maze, ice skating, Santa’s palace, live entertainment & a Christmas marketplace.
  •         12 Days of Christmas - The Dallas Arboretum plays host to this elaborate exhibition featuring 25ft Victorian style gazebos filled with costumed characters, whimsical animals & music made famous the beloved Christmas carol.
  •         Prairie Lights - Growing larger each year, this Grand Prairie display is located in Lynn Creek Park and has become a destination in its own right.  Offering a 2-mile path of lights, a snow maze, holiday lighted walk-through forest, holiday village, & more.  Be sure to check out their website as there are costs for this one!
  •        Interlochen in Arlington - This year marks the 42nd Anniversary of one of the largest drive-thru Christmas light displays in North TX.
  •        Tour of Lights in Farmers Branch - A drive thru animated display of over 500,000 twinkling lights. Located in the Farmers Branch Historical park with a variety of different scenes & themes.
  •        Texas Motor Speedway - Supporting Toys for Tots, this huge display boasts a drive-thru display & Santa's Village.  Be sure to check out the website for pricing!
  •        ICE & the Gaylord Texan Resort - Ice skating, gingerbread house building, sled riding, Santa photos, Holiday village, light displays, 2+ million pounds of ice, what do they not have?

Have some ideas & comments that will help our list?  We would love to hear from you! 

Thank you & we wish you a very Merry Christmas & Happy Holiday Season!

Every North TX Home Must Be Sold TWICE!

by Christie Cannon

Every Home must be Sold Twice!

Homeowners: Your House Must Be Sold TWICE | MyKCM

In today’s housing market, where supply has been low and demand high, home values have increased 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.  This is a topic that you may have seen us discuss previously - Appraisals & Why Every Home Must be Sold Twice.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, and an appraiser’s evaluation of that same home.

Bill Banfield, Executive VP of Capital Markets at Quicken Loans urges anyone looking to buy or sell in today’s market to remember the impact of this challenge:

“Based on the HPPI, it appears homeowners in the markets where prices are rising faster than the national average – like Denver, Seattle and San Francisco – are continuing to underestimate just how quickly home values are rising, so the average appraisal is higher than homeowner estimate.

On the inverse of that, homeowners in areas where the values aren’t rising as fast may think they are rising faster than they are, leading to the appraisal lagging the estimate.”

The chart below illustrates the changes in home price estimates over the last 12 months.

Homeowners: Your House Must Be Sold TWICE | MyKCM

Every house on the market must 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 obstacles that may arise.

Mortgages Getting Easy Again? North Dallas Real Estate

by Christie Cannon

Too Easy to Get a Mortgage?  Is This the Start of a New Bubble?

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:

  • More buyers are putting less than 20% down to purchase a home
  • The average credit score on closed mortgages is lower
  • More low-down-payment programs have been introduced

This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern.

The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph line, the easier it was to get a mortgage.

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

As you can see, lending standards were much more lenient from 2004 to 2007. Though it has gradually become easier to get a mortgage since 2011, we are nowhere near the lenient standards during the boom.

The Urban Institute also publishes a Home Credit Availability Index (HCAI). According to the Institute, the HCAI:

“Measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates … it is easier to get a loan.”

Here is a graph showing their findings:

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

Again, today’s lending standards are nowhere near the levels of the boom years. As a matter of fact, they are more stringent than they were even before the boom.

Bottom Line

It is getting easier to gain financing for a home purchase. However, we are not seeing the irresponsible lending that caused the housing crisis.

1468 Echols Dr Frisco TX | Just Reduced!

by Christie Cannon

Exceptional custom-built Toll Brothers dream home in sought after Phillips Creek Ranch! Luxurious upgrades throughout! Rich handscraped hardwoods, elegant lighting, dramatic architecture & grand entry designed to impress. Formal dining & executive study. Chef’s Dream massive island kitchen boasts professional grade appliances, stone counters, double ovens & wine fridge. Family great room with surround sound & towering windows. Private master suite & stunning spa bath. 2nd floor enjoys game room & huge media with 7.1 surround sound. 5th bedroom with ensuite bath or second master. Relax on the pergola covered patio overlooking the oversized backyard-perfect for future pool, pets & play! Amazing location & neighborhood amenities! Nestled on a gorgeous oversized lot in the award winning community of Phillips Creek Ranch, featuring more than 100 acres of green space, lakes, an extensive creek system, trails, parks and premier amenities, you will find this stunning 5-bedroom home. Enjoy relaxing evenings on the pergola covered patio overlooking the oversized backyard-perfect for future pool, pets & play! Located in highly desired West Frisco, with easy access to award winning schools, shopping, dining & entertainment.

Considering Selling your North Texas Home this Holiday Season?

by Christie Cannon
7 Reasons to List Your Home This Holiday Season | MyKCM

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays.

Here are seven great reasons not to wait:

  1. Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
  2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
  3. You can restrict the showings on your home to the times you want it shown. You will remain in control.
  4. Homes show better when decorated for the holidays.
  5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year:

7 Reasons to List Your Home This Holiday Season | MyKCM

  1. The desire to own a home doesn’t stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are still searching!
  2. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2018, which will lessen the demand for your house.

Waiting until after the holidays to sell your home probably doesn’t make sense.

Luxury Home Buying in Frisco & North Texas

by Christie Cannon

Looking to Make a Move Up to a Luxury Home? Now maybe the Time!

Moving-Up to a Luxury Home? Now’s the Time! | MyKCM

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! We recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer which can eventually lead to a price change.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

In a Washington Post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:

“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

 

For more information, please contact us at 469-951-9588

 

Christie Cannon

The Christie Cannon Team

Keller Williams Frisco TX

469-951-9588

www.ChristieCannon.com

Inventory v/s Demand Creates Luxurious Opportunity for Buyers

by Christie Cannon

Shifting Inventory in North TX Creates Opportunity.

A Tale of Two Markets: A 6-Month Update | MyKCM

Six months ago, we reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets.

In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a buyer’s market.

According to the National Association of Realtors latest Existing Home Sales Report, the inventory of existing homes for sale in today’s market is at a 4.2-month supply. Inventory is now 6.5% lower than this time last year, marking the 27th consecutive month of year-over-year decreases.

Looking at the latest report from Trulia, we can see that not much has changed, and in fact, recent natural disasters across the country have made inventory conditions even more dire.

Trulia’s market mismatch score measures the search interest of buyers against the category of homes that are available on the market. For example: “if 60% of buyers are searching for starter homes but only 40% of listings are starter homes, [the] market mismatch score for starter homes would be 20.”

The results of their latest analysis are detailed in the chart below.

A Tale of Two Markets: A 6-Month Update | MyKCM

Nationally, buyers are searching for starter and trade-up homes and are coming up short with the listings available, which is leading to a highly competitive seller’s market in these categories.

Premium homebuyers, on the other hand, have the best chance of less competition and more inventory of listings in their price range with a 14.7-point surplus, which is creating more of a buyer’s market.

Real estate is local. If you are thinking about buying OR selling this fall, contact us to discuss the exact market conditions in your specific area.

 

Christie Cannon

The Christie Cannon Team

Keller Williams Frisco TX

469-951-9588

www.ChristieCannon.com

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Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com