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Best Places to Buy in 2015

by Christie Cannon

SelfStorage.com's blog posted their 12 best places to move to in 2015 & Texas takes 4 of the 12 top spots!  

So how did the Lonestar state fair:

1. AUSTIN, TX

The capital of Texas boasts the highest long-term job growth and the second-highest economic growth numbers among the Top 12. It also has the second-highest share of recent construction. Yet homes remain affordable, with median prices slightly higher than three times median incomes. The only drawback? Real estate taxes, which are higher in Austin than anywhere else in the Top 12.

2. HOUSTON, TX

Four of the Top 12 spots belong to metro areas in Texas, and Houston actually outperforms Austin in many ways: cost premiums are lower, prices recently have increased more and real estate taxes are lower. However, there’s less recent construction in Houston, and economic growth — while healthy — is slower than in Austin.

5. SAN ANTONIO, TX

Like its Texas compatriots on our list, San Antonio scores well across the board and offers buyers a low cost premium combined with attractive recent price increases. Real estate taxes per capita are lower here than in the other Texas cities, too.

6. DALLAS, TX

Dallas’ economic numbers are essentially the same as San Antonio’s. However, Dallas’ recent price increases and real estate taxes are higher, and the cost premium is slightly higher here than in San Antonio.

Appraisals - every home is sold twice!

by Christie Cannon

Appraisals & why we must sell every home twice!

Homeowners: We Need to Sell Your House Twice | Keeping Current Matters

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank.

With escalating prices, the second sale might be even more difficult than the first. And now, there may be a second issue further complicating the appraisal issue.

The Mortgage News Daily (MND) recently published an article titled Conservative Appraisals Increasingly Mentioned in 2015; Did Something Change?

The article revealed that there was a “flurry” of comments on their website from members expressing concern about…

“…a sudden increase in appraisals reflecting market values well below what had been expected. In some cases the low appraisals had merely required the restructuring of the loan, in others they killed the deal.”

The National Association of Realtors revealed this month that 8% of the contracts that fell through over the last three months were terminated because of appraisal issues.

MND decided to survey their members and ask why this sudden increase in “short” appraisals could be taking place. Here is one result of that survey:

“Almost everyone we spoke to mentioned Fannie Mae's new Collateral Underwriter (CU).”

Collateral Underwriter provides a risk score on individual appraisals which will lead to a ranking of appraisals by risk profile, allowing lenders to identify appraisals with heightened risk of quality issues, overvaluation, and compliance violations. It went on-line on January 26.

Marianne Sullivan, senior vice president of single-family business capability with Fannie Mae believes that CU is not a problem for appraisers. She claimed:

“From an appraiser perspective, one of the lender's responsibilities has always been to review the quality of an appraiser, and they have been using various methods to do that forever. I don’t think appraisers will find this tool to be disruptive.”

However, some think that CU has caused appraisers to become too cautious with their appraised values. One mortgage professional in the MND article explained it this way:

"My personal opinion is that appraisers are being overly conservative in choosing comps because of CU. If CU questions the comps, adjustments, etc., the appraiser would have to do a lot of extra work to justify them. I had anticipated that CU would cause delays because of this extra work, but it seems that appraisers are one step ahead and are being ultra conservative, thus avoiding the extra work in the first place. I haven't spoken to an appraiser about it; this is just my interpretation of what I am seeing."

Ryan Lundquist, a Certified Residential Appraiser in the Sacramento area, agreed:

“One of the unintended consequences of CU may be more conservative appraisals.”

Bottom Line

We must realize that, in today’s housing market, every house must be sold twice and the second sale (to the bank’s appraiser) could be the more difficult one.

Q & A's with D Magazine on Frisco's new Corporate Neighbors

by Christie Cannon

Thank you to Caitlin Clark of D Magazine & D Home for thinking of us in their recent blog post & QA.  We discussed the affect of corporate relocations to the North TX area & how this may affect Frisco's real estate market.

Below is a quick glimpse - For all the Questions & Answers, please be sure to check out the Blog - HERE

________________________

How do you think all the development in and around Frisco will affect the city’s housing market?
It is an exciting time to be in Frisco! The name recognition that comes with the Cowboys is priceless. As we continue develop and draw new employment anchors and employees, that name recognition will keep our great city in the forefront of buyers’ minds. Likewise, the affect we will see from our new corporate neighbors will be profound...

Are there any up-and-coming neighborhoods or residential developments that homebuyers looking in Frisco should know about?

We could talk all day! New home communities include: Phillips Creek Ranch with huge amenities, Lawler Park with creek lots and mature trees, and the gated Newman Village, which has come on strong over this past year. I do caution buyers not to let new build prices or inventory scare you from our market; the traditional heavy hitters in Frisco will always draw interest like Trails of West Frisco, Starwood, Stonebriar, Griffin Parc, etc. Likewise, the Hillcrest & Lebanon area of Plantation Estates, Hillcrest Estates, Cecile Place and others are wonderfully priced, just off 121, and offer amazing schools and amenities. Really, we could talk all day!

Do you have any tips or insight for homebuyers looking to make the move to Frisco?
Sure I do; give us a call!

The best advice I can offer is to get started early. Frisco is much larger than people expect. The city offers such a wide variety of communities, home styles, and amenities that it can be overwhelming for home seekers new to the area. Work with someone to get to know the area, not just the houses. This isn’t just about where you lay your head at night, but where do you work, live, relax, and play – how can your home, community, & city enhance this?

And, if you are relocating from another state, don’t worry, we native Texans are easy to win over – just let us know that while you may not be from here, you got here as soon as you could.

Interest Rate projection costs

by Christie Cannon

The Difference A Year Can Make [INFOGRAPHIC] | Keeping Current Matters

The Bottom Line:

  • Freddie Mac Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%.
  • Freddie Mac's projection for Q2 2016 - interest rates will be 4.7%.
  • The Home Price Expectation Survey predicts prices (national averages) will appreciate by 4.4% during this same time
Want to discuss if now is the right time for your home purchase?  Please call to discuss! - Christie Cannon - 469-951-9588 

Real Estate Comeback of Bubble?

by Christie Cannon

Is Another Bubble Forming? | Keeping Current Matters

After the housing market bust we experienced across the country in 2008, many experts have been quick to warn that a new bubble may be forming in some areas.

One particular example of this is a recent article pointing toward the California Bay Area’s price gains over the last 18 months.

The quickest and easiest way to show how far we’ve come and how far we still need to go in regards to the ‘Peak’ is to share CoreLogic’s Price & Time Since Peak figures, used to create the map below.

CoreLogic Price & Time Since Peak | Keeping Current Matters

Even with the high performance of prices in the Bay Area, the state of California as a whole is still -14.4% below their Peak, experienced in May of 2006.

The biggest challenge facing the housing market’s recovery right now is the lack of inventory available for sale. Prices are determined by supply and demand. Right now buyer demand is out-pacing seller supply, across many price ranges, driving prices up.

Bottom Line

Traditionally the Spring months have been the most popular dates sellers choose to list their homes. With additional inventory coming to market soon, meet with a professional in your local market to evaluate your best course of action.

Inventory Levels are LOW!

by Christie Cannon

Housing Inventory Slowly Disappearing | Keeping Current Matters

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) released their latest Existing Home Sales Report this week.

Inventory Levels & Demand

Amidst reporting on the fact that sales of existing homes rose 1.2% from January, and outpaced year-over-year figures for the fifth consecutive month, was the news that total unsold housing inventory is at 4.6-month supply.

This is down 0.5% from last February and remains below the 6 months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still under 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers.

Buyer demand for housing remains twice as high as this time last year.

Prices Rising

February marked the 36th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $202,600 (up 7.5% from 2014).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

Impact of Inventory on Home Prices | Keeping Current Matters

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

"Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices. Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before (interest) rates rise."

Bottom Line

If you are debating putting your home on the market this year, now may be the time. The amount of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started

Is the Housing Market Back? Ask Lowes & Home Depot! | Keeping Current Matters

A recent Bloomberg Business article reports that both Lowes & Home Depot experienced fourth quarter profits that beat revenue projections by the most in six quarters. So what does that mean to the housing market?

Consumer Confidence

Lowe’s Chief Executive Officer Robert Niblock said,

“Consumers are feeling better about their jobs, their wages and certainly feeling better about the value of their home, they are re-engaging in projects that they have put off.”

Sales to professional contractors have increased significantly as well, and were a driving factor in the quarter. Home Depot’s Chief Financial Officer Carol Tome calls this a “sign of health. If they are putting more items in their basket, it means they have work coming at them.”

Home Values Rising

In a quarterly consumer survey conducted by Lowe’s since 2007, the percentage of respondents who said that the value of their home is rising increased to its highest value ever, at 50%.

Whether Americans are finally adding that man-cave they’ve always wanted, or renovating a master suite, an increased confidence in the value of one’s home often sparks homeowners to invest in big-ticket projects.

The National Association of Realtors (NAR) reports that the median price of an existing home (for all housing types) rose year-over-year for the 35th consecutive month.

Not all who are renovating are planning on staying in their home. The Demand Institute reports that “nearly half of American households plan to move at some point in the future.”

For those who are planning on listing their home this spring, spending the time and money needed to update that 1950’s bathroom or kitchen can fetch higher prices in today’s market.

Bottom Line

Meeting with a local real estate professional can give you insight into the small (or big) improvements your home could use to draw the highest price and return on investment this spring.  Have Questions about our local market? - Please give me a call - Christie Cannon - 469-951-9588

Wondering the latest & greatest in Frisco's development future? - The Frisco Economic Development Council's own Jim Gandy recently presented to the GroupOne Real Estate Network (a network of some of Frisco's top producing real estate proffesionals). Click the link HERE to see some of Frisco's latest, greatest, & upcoming!  

Key Stats & Points:

  • Frisco's project build out population is expected at 350,000!
  • Current average home values are at $317,560
  • Current Frisco ISD enrollment is 49,287.
  • Frisco experienced 307% growth since 2000.
Upcoming projects include:
  • The 5 Billion Dollar Mile
  • Frisco Bridges Place
  • Frisco Hyatt House
  • Texas Scottish Rite Hospital
  • Stonebrook Business Park
  • Grand Park
  • Gearbox Software
  • Frisco Commerce Center
  • Hampton Inn & Suites
  • Performance Indoor Training (PIT)
  • Cornerstone Automation Systems
  • Frisco North
Special thanks to the EDC for their time & consideration & it is always a treat to see what the future holds for our city! - Have Questions? Please call Christie Cannon - 469-951-9588 

Grandscape in The Colony - a Game Changer?

by Christie Cannon

The Colony TX scored a huge commercial win a few years back, the culmination of which is come due.  The corner-stone of this development plan is ambitious project - Grandscape.  Billed as one of the largest & most unique mixed use developments in the nation, this complex boasts 400+ acres, 3.9 million sqft of retail space, entertainment, & dining.  It is in a prime location to serve The Colony, Castle Hills, Plano, Frisco, & more -not to mention the 306k cars per day projected to cruise past this development in 2015!  The driving force behind this development is the massive Nebraska Furniture Mart of Texas. With Nebraska Furniture Mart's grand opening almost upon us.. it will be amazing to see how this project advances! - Have Questions?  Please call Christie Cannon - 469-951-9588 

 

Nebraska Furniture Mart - The Colony, TX - OPENING SOON

by Christie Cannon

Everything is bigger in TX.... to the tune of 1.8+ million square feet if you are the Nebraska Furniture Mart of Texas.  This new shopping experience is part of a rejuvination of The Colony & Castle Hills areas, which includes new & updated projects like Grandscape.  The cities newest commercial anchor, Nebraska Furniture Mart will be making their grand opening in the next month, complete with an appearance by Omaha's very own Warren Buffett.  They are currently projecting over $1Bn in annual sales!  Nebraska Furniture Mart is already ramping up the advertisements & a few giveaways to start the buzz.  

Check out a few sneak peeks below! - Have Questions please feel free to give me a call! - Christie Cannon

 


Displaying blog entries 21-30 of 56

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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