Real Estate Information Archive

Case-Shiller posted their Home Price Indices today. Overall, the 20-city composite reflected a .09% gain in May & a 5.2% gain for the last 12 months. According to Case-Shiller, home prices when seasonally adjusted fell by .1% in May. 

DFW had a 9% increase in the last year & a 1.3% increase for both May/April & April/March. Seasonally adjusted, these numbers fall to May/April at .5% and April/March at .1%.

In a recent article on the Dallas Business Journal, Candace Carlisle reports that over the last 5 years North Texas home prices have climbed a whopping 43%! As Carlisle reports, the affordability issue continues to create struggles for the DFW market.  You can read the full article here!

For more information regarding your local market, please feel free to give us a call!

Christie Cannon  REALTOR

The Christie Cannon Team

Keller Williams Frisco TX

469.951.9588: Mobile

972.215.7747: Office

Voted as one of the BEST Realtors in D Magazine for 2010-2016

Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine

Name among America's Best Real Estate Agents by Real Trends Magazine

Certified Luxury Home Marketing Specialist

Global Property Specialist

#1 Keller Williams Agent 2011-2015

Top 100 Agents in the Nation / KW

Christie Cannon & The Christie Cannon Team of KW Frisco named by

 D Magazine for the Best Real Estate Agent list in 2016.  

Thank you to our amazing clients, colleagues, & outstanding staff!

Christie Cannon & Kevin Cannon were also chosen as a  D Magazine Top Residential Real Estate Producers.

We owe a special "thank you" to the Real Estate Community for their recognition, our dedicated staff and agents, & most importantly, to our clients for their confidence & support.  

 "As a full-time Real Estate agent I truly enjoy providing an exceptional, five star service to my clients. I have been in the industry for 15 years and have an extensive knowledge of the real estate industry. A lot of people have asked what my secret to success has been over the years and there is no "real" secret....it's just providing an outstanding level of service. I believe in offering consultation and assistance beyond just the sale of a home.

 I have been fortunate enough to have been blessed with the most amazing team that helps me meet the needs of each of our clients on an individual level. With the help of my team, I can quickly respond to the needs of each of our clients above and beyond just the sale of each home. This high level of service creates a constant communication with clients to keep them up to date on the status of their transaction so I never leave someone wondering. I want to make sure you are completely satisfied throughout your entire transaction and then become your real estate agent for life!

I look forward to hearing from you and assisting you with all of your real estate needs!”

Christie Cannon's D Magazine article can be viewed here at D Magazine.

Thank you so much for the support!

Christie Cannon  REALTOR

The Christie Cannon Team

Keller Williams Frisco TX

469.951.9588: Mobile

972.215.7747: Office

Voted as one of the BEST Realtors in D Magazine for 2010-2016

Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine

Name among America's Best Real Estate Agents by Real Trends Magazine

Certified Luxury Home Marketing Specialist

Global Property Specialist

#1 Keller Williams Agent 2011-2015

Top 100 Agents in the Nation / KW

So the weekend is upon you & you have no plans!  Fear not & check out this cool list from TheCoolestStuffinTexas.com. 

From Dallas staples like the Dallas World Aquarium to classics like Keller's Drive-in, this list is great!

You can find the entire list by clicking here!

CHRISTIE CANNON  REALTOR

The Christie Cannon Team

Keller Williams Frisco

469-951-9588: Mobile

Voted as one of the BEST Realtors in D Magazine for 2010-2016

Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine

Name among America's Best Real Estate Agents by Real Trends Magazine

Certified Luxury Home Marketing Specialist

#1 Keller Williams Agent 2011-2015

Top 100 Agents in the Nation / KW

The season is upon us - let the tax protests begin!  So the dreaded letter arrived; the good news, the market is up; the bad news, your local appraiser knows it!

So when your tax assessed value jumps the full 10%, what comes next?  First don't panic, second review our helpful tips on determining if you should protest.

1. Key things to keep in mind
   1. There are generally no costs in contesting your tax value (if you do so on your own), 
   2. There is no separate penalty for protesting your taxes but not succeeding,
   3. Most counties allow for an "informal review" & even encourage such a review prior to an ARB (Appraisal Review Board) hearing,
   4. County procedures differ for the request of a review or protest (some allow mail or electronic methods, others require a scheduled appointment conducted in person),
   5. Like most "government" services, there is a processes that appears mush more complex than it actually is,
   6. Your fellow citizens & residents serve as part of the final Appraisal Review Board,
   7. You have a right to review the information that the appraisal office used in determining your value.
2. Thoroughly review your Notice of Appraised Value
   1. Have you taken full advantage of tax exceptions for which you qualify (Homestead if owned before Jan 1st, Over 65, etc),
   2. Is the information on your appraisal about your home correct?,
   3. is the information on the CAD's (Central Appraisal District) website correct (bedrooms, SqFt, etc)
   4. Did your appraised value increase greater than 10%, if you have a homestead exemption & no new improvements.
3. Understand what you can protest
   1. Proposed value,
   2. Denied exemptions for which you believe you qualify,
   3. Incorrect information regarding the scope or use of your property,
   4. Incorrect owner,
   5. Incorrect taxing units (authorities),
   6. Defects of the home or property that would otherwise affect the value.
4. Understand how value is derived in Texas for the property tax assessed value
   1. Appraisers look for homes that sold closest to Jan 1st in the tax year assessed
   2. Homes that are closest in size, year built, location, age, & construction style are given the greatest weight.
5. Be Prepared - Bring organized data whether you are meeting "informally" with an appraiser or for an ARB hearing
   1. If you purchased or refinanced your home recently (especially close to Jan 1st) and your tax assessed value exceeds your sales price, bring your signed HUD-1 &/or a copy of the appraisal conducted for your mortgage
   2. Bring Sales Comps for comparable properties (see 4.2) & include: address, sale date, sale price, supporting docs, names of owners, MLS information, etc.
   3. Proof of defects of your home, functional or economic obsolescence
6. Know your Dates, Deadlines, & Procedures
   1. File on-time or you may miss your chance
   2. In most cases your protest must be filed by May 31st (*CHECK with your CAD!)
7. READ YOUR COUNTY's PROTEST INFORMATION CAREFULLY - if you don't understand something, give them a call!
   1. Denton CAD (click for info)
   2. Dallas CAD (click for info)
   3. Collin CAD (click for info)

 - Good Luck & please let me know if you have any questions - Christie Cannon

* Be sure to check with a qualified tax agent & your county's central appraisal district for specific procedures & questions.

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

The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.

For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.

Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from "very positive" to "very negative." The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.

Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008.  Gallup offers some insight into the reason for decline:

Prices Dropped

“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate's image taking a hard hit.”

Housing Bubble

“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries' close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”

Bottom Line

“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”

- Have Questions?  Call Christie - 469-951-9588 

Another national Real Estate source affirms strengthin the DFW market

December 2014 - Core Logic Home Price Index Report

- Hvae questions about the local market?  Please feel free to give me a call - Christie Cannon - Keller Williams Frisco - 469-951-9588

Looking for more Local Data - Try Here for data or Here for a custom report on your home.

Have Questions? - You can always give me a call at 469-951-9588 - Christie Cannon

Why Have Interest Rates Dropped Despite Predictions of Rising Rates?

The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall.

A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.

“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”

You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.

So what does that have to do with Interest Rates?

NAR explains the correlation like this:

“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”

Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.

“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”

How long will rates stay low?

No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.

“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.” 

Don’t wait too long

The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.

Bottom Line

NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.”

- Looking for a Mortgage Expert to assist you?  Please feel free to give me a call - 469-951-9588

One of the top financial ratings firms, Fitch Ratings, is blowing the whistle on Texas' hot housing market.  Home sale prices in the Dallas-Fort Worth area are at record levels this year and  Fitch Ratings warns that Texas home prices are about 11 percent overvalued.  A lack of homes available for purchase coupled with North Texas' fast-growing economy has caused residential prices to jump by about 7 percent over the past year.  

Economist Jim Gaines with the Real Estate Center at Texas A&M Unversity said he’s looked at Fitch’s new Texas housing report and doesn’t agree with the conclusions. “I’m not buying the overvalued card right now,” Gaines said. “Yes, prices have increased substantially for Texas markets – but only after being essentially flat for almost five years.

Despite its warning about the inflated prices, Fitch's report points out the overall strength of the state's economy.  Texas has been leading the country in both job growth and population gains.  

Texas home price gains have already cooled from late last year and early in 2014. But the year-over-year gains in residential prices in the Dallas-Fort Worth area is still running about twice the long-term average rate and are higher than nationwide increases. 

During the recent recession when many metropolitan areas in California, Nevada and Florida lost 50 percent or more of their home values, Texas prices fell only slightly.  And the housing markets in Dallas, Houston, Austin and San Antonio were some of the first in the country to recover.  For more information on Fitch's findings click  here.

469-951-9588