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What If I Wait A Year to Buy a Home?

by Christie Cannon

What If I Wait A Year to Buy a Home?

What If I Wait A Year to Buy a Home? | MyKCM

National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Reporthome prices will appreciate by 4.8% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until 2019 To Buy A Home? | MyKCM

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com

www.CannonTeamHomes.com

Where Are Interest Rates Headed in 2019?

by Christie Cannon

Where Are Interest Rates Headed in 2019?

Where Are Interest Rates Headed in 2019? | MyKCM

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019.

Where Are Interest Rates Headed in 2019? | MyKCM

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!

Let’s take a look at a historical view of interest rates over the last 45 years.

Where Are Interest Rates Headed in 2019? | MyKCM

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

PGA of America is Heading to Frisco!

by Christie Cannon

PGA of America is Heading to Frisco!

The PGA of America is moving its headquarters from Palm Beach County, Florida to Frisco, Texas, the 2018 Best Place to Live in America,’ where it will anchor a 600-acre, mixed-use development with an initial investment worth more than half a billion dollars. This groundbreaking agreement is estimated to have an economic impact of more than $2.5 billion over the next 20 years.

The PGA of America is teaming with Omni Stillwater Woods (OSW), a joint venture led by Omni Hotels & Resorts with Stillwater Capital and Woods Capital; the City of Frisco, as well as its Economic and Community Development Corporations; and the Frisco Independent School District.

“Our move to Frisco will be transcendent for the PGA of America,” said Seth Waugh, CEO, PGA of America.  “Everything great starts with a dream.  This is the beginning of a bold, new journey as we bring together world-class partners in a world-class location – to deliver innovative and differentiated experiences for our nearly 29,000 PGA Golf Professionals, golfers of all abilities and our staff.”

Two championship golf courses, a short course, and practice areas totaling 45 holes; a clubhouse; Class AA office space; a 500-room Omni resort and 127,000-square-foot conference center; a technologically advanced retail village; parks and open space plus several miles of trails, will complement this unique, signature development.

A welcoming gateway at Frisco’s northern border, the upscale development will be located at Rockhill Parkway and Legacy Drive, approximately one-third of a mile south of U.S. 380.  The 600 acres are primarily situated within 2,500 acres being master planned by Hunt Realty Investments. The development will be open to the public, as well as golfers.The entire project will have an initial, estimated public-private investment totaling more than $520 million. 

The PGA of America will invest $30 million to build its 100,000-square-foot global headquarters and education facility.  OSW will invest $455 million to purchase the land, construct the hotel, conference center, retail space, parking facilities, and golf courses.  The golf course, club house, practice areas and associated public facilities will be owned by the city. More than 300 FISD high school golfers will practice at the facility on a weekly basis.

The golf courses are expected to open in summer 2022. The hotel, convention center, and other facilities are expected to open within six months of that date. The development will host the KitchenAid Senior PGA Championship in 2023.

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

Further Proof It’s NOT 2008 All Over Again

by Christie Cannon

Further Proof It’s NOT 2008 All Over Again

Further Proof It’s NOT 2008 All Over Again | MyKCM

Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market.

However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade.

The previous bubble was partially caused by unhealthy levels of mortgage debt. New purchasers were putting down the minimum down payment, resulting in them having little if any equity in their homes.

Existing homeowners were using their homes as ATMs by refinancing and swapping their equity for cash. When prices started to fall, many homeowners found themselves in a negative equity situation (where their mortgage was higher than the value of their home) so they walked away which caused prices to fall even further. When this happened, even more homeowners found themselves in negative equity situations which caused them to walk away as well, and so a vicious cycle formed.

Today, the equity situation is totally different. According to a new report from ATTOM Data Solutions more than 1-in-4 homes with a mortgage have at least 50% equity. The report explains:

“…nearly 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value…The 14.5 million equity rich properties in Q3 2018 represented 25.7 percent of all properties with a mortgage.”

In addition, according to the U.S. Census Bureau, 30.3% of homes in the country have no mortgage on them.

Further Proof It’s NOT 2008 All Over Again | MyKCM

Almost 50% of all homes have at least 50% equity.

If we take both numbers, the 30.3% of all homes without a mortgage and the 17.9% with at least 50% equity (25.7% of the 69.3% of homes with a mortgage), we realize that 48.2% of all homes in the country have at least 50% equity.

Bottom Line

Unlike 2008, almost half of the homeowners in the country are sitting on massive amounts of home equity. They will not be walking away from their homes if the housing market begins to soften.

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

Christie Cannon wins the 2018 Five Star Real Estate Agent Award!

by Christie Cannon

Christie Cannon Wins the 2018 Five Star Real Estate Agent Award! 

Five Star Real Estate Agents represent those who are outstanding in their field. Winning agents are selected as a result of a rigorous and objective research process. For any market, each year’s field of winners represents no more than 7% of agents within the market. For more information please go to www.fivestarprofessional.com

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

The #1 Reason to Not Wait Until Spring to Sell Your House

by Christie Cannon

The #1 Reason to Not Wait Until Spring to Sell Your House

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition!

The #1 Reason to List Your Home in the Winter Months is Less Competition!

Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months’ supply of listings from the National Association of Realtors.

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

 

As you can see, the ‘sweet spot’ to list your home for the most exposure naturally occurs in the late fall and winter months (November – February). 

Temperatures aren’t the only thing that heats up in the spring – so do listings!

The #1 Reason to Not Wait Until Spring to Sell Your House | MyKCM

In 2017, listings increased by nearly half a million houses from December to June. Don’t wait for these listings to come to market before you decide to list your house.

Added Bonus: Only Serious Buyers Are Out in the Winter

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers.’ The lookers are at the mall or online doing their holiday shopping.

Bottom Line

If you have been debating whether or not to sell your home and are curious about market conditions in your area, let’s get together to help you decide the best time to list your house for sale.

 

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

7 Reasons to List Your House For Sale This Holiday Season

by Christie Cannon

7 Reasons to List Your House For Sale This Holiday Season

7 Reasons to List Your House for Sale This Holiday Season | MyKCM

Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes 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 new 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 minimal competition for you as a seller right now. Inventory of homes for sale traditionally slows in the late fall, early winter. Let’s take a look at listing inventory as compared to the same time last year:

7 Reasons to List Your House for Sale 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 homes 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 and reach new heights which will lessen the demand for your house in 2019.

Bottom Line 

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

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

Home Sellers in Q3 Netted $61K at Resale

by Christie Cannon

Home Sellers in Q3 Netted $61K at Resale

Home Sellers in Q3 Netted $61K at Resale | MyKCM

According to a recent report by ATTOM Data Solutions, home sellers who sold their homes in the third quarter of 2018 benefited from rising home prices and netted an average of $61,232.

This is the highest average price gain since the second quarter of 2007 and represents a 32% return on the original purchase prices.

After the Great Recession, many homeowners were left in negative equity situations but home price appreciation in the recovery period since then has given homeowners something to smile about.

The results from ATTOM fall right in line with data from the latest edition of the National Association of Realtors’ (NAR) Profile of Home Buyers and Sellers. Below is a chart that was created using NAR’s data to show the percentage of equity that homeowners earned at the time of sale based on when they purchased their homes.

Home Sellers in Q3 Netted $61K at Resale | MyKCM

Even though those who purchased at the peak of the market netted less than those who bought before and after the peak, the good news is that there was a double-digit profit to be had! Many homeowners believe that they are still underwater which has led many of them to not even consider selling their houses.

Bottom Line

If you are curious about how much equity you’d earn if you sold your home, let’s get together to perform an equity review and determine the demand for your home in today’s market!

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

How to Honor a Veteran Today and Everyday

by Christie Cannon

How to Honor a Veteran Today and Everyday

How to Honor a Veteran Today and Everyday | MyKCM

One hundred years ago, on the eleventh hour of the eleventh day of the eleventh month, we marked the end of the “war to end all wars.” That day, which was to be observed annually on the eleventh day of the eleventh month, became known as Armistice Day and then, later on, became Veterans Day.

But Veterans Day is not for veterans. They don’t serve for thanks or recognition. Veterans Day sets aside a day for those of us who haven’t worn the uniform to acknowledge those who have.

So today, we honor and remember.

If you ask a military family, ANY military family, how you can help them, they will respond without hesitation, “Make sure my service member is taken care of.”

If you ask a service member, ANY service member, how you can best honor them, they will respond without hesitation, “Take care of my family.”

Don’t know anyone who has served or is serving? More than likely, there are veterans in your midst. Each year, 260,000 military personnel relocate to new communities, and another 230,000 transition out of the military. In total, there are 22 million veterans among us in the world.

For those who relocate through a Permanent Change of Station (or PCS), it can be a pretty stressful time. There isn’t a lot of time to find a new place to live and the timeline is more accelerated for finding a place to call home.

MILLIE is an online community and digital marketplace that connects members of the military and their families with specialized knowledge and trusted resource providers to alleviate the stress of PCSing.

According to MILLIE“70% of active duty families live off the installation and in the surrounding communities.” Wondering what you can do to help make a recently PCSed family feel welcome?

A recent survey of military families revealed that,

“When respondents described the support they most appreciate, family, friends, and faith-based communities rose to the top. When they described the support they needed, they called for more networking, communication, and support groups.

Families said that when leaving service, they feel as though they do not fit into the civilian world. Forging partnerships between military and civilian support systems will encourage pathways of understanding.”

If you find out that your new neighbor may have been PCSed, make an effort to share what you know about your community, from the best pizza place to where you can get your oil changed.

If you know that the service member of the family is actively deployed, helping out with tasks like mowing the lawn or bringing over a home-cooked meal are small gestures that will go a long way towards welcoming this family into their new home.

Bottom Line

Today, we honor and remember those who have served for our country. Everyone always asks what they can do to help, sometimes the simplest answer is the best one.

More about MILLIE:

MILLIE is an online community and digital marketplace that connects members of the military and their families with specialized knowledge and trusted resource providers to alleviate the stress of PCS’ing. Check out MILLIE’s Installation Guidestheir network of Veteran and military spouse real estate agents, and MILLIE Scoutstheir on-demand task service comprised of military spouses.

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com

75% of Renters Have Been Misinformed

by Christie Cannon

75% of Renters Have Been Misinformed

75% of Renters Have Been Misinformed | MyKCM

Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.

In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.

For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.

Affordability skyrocketed.

Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.

However, what is not being reported is that it is MORE AFFORDABLE to own a home today than at any other time since 1985 (when data was first collected on this point).

If you take out the years after the crash, affordability today is greater than it has been at almost any time in American history.

This has not been adequately reported which has led to many Americans believing that they cannot currently afford a home.

As an example, the latest edition of Freddie Mac’s Research: Profile of Today’s Renter reveals that 75% of renters now believe it is more affordable to rent than to own their own homes. This percentage is the highest ever recorded. The challenge is that this belief is incorrect. Study after study has proven that in today’s market, it is less expensive to own a home than it is to rent a home in the United States.

Thankfully, some are starting to see this situation and accurately report on it. The National Association of Realtors, in their 2019 Housing Forecast, mentions this concern:

“While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.”

Bottom Line

If you are one of the many renters who would like to own their own homes, let’s get together to find out if homeownership is affordable for you right now.

 

Christie Cannon | REALTOR 
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.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