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How Property Taxes Can Impact Your Mortgage Payment

by Christie Cannon

How Property Taxes Can Impact Your Mortgage Payment

How Property Taxes Can Impact Your Mortgage Payment | MyKCM
 

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?

When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.

P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.

TaxRates.org defines property taxes as,

“A municipal tax levied by counties, cities, or special tax districts on most types of real estate - including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”

This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.How Property Taxes Can Impact Your Mortgage Payment | MyKCMThe top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.

Bottom Line

Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, let’s get together today to determine how the neighborhood or area you choose can make a difference in your overall costs when buying a home.

A Latte A Day...

by Christie Cannon

 

A Latte a Day Keeps Homeownership Away [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • The pumpkin spice latte is launching soon, so you may be tempted to spend your extra cash on a daily caffeine fix, but that small expense can add up to a big number – fast!
  • Saving for a down payment takes a little discipline, so limiting your extra purchases (like a latte a day from your favorite coffee shop) will help you get there faster.
  • Depending on where you live, putting away just a small amount each day will get you to the average down payment you may need for homeownership faster than you think.

Developer of Frisco's $2 billion Wade Park is Out of the Deal!

by Christie Cannon

 

 

A New York-based lender that took control of one of Frisco's highest-profile properties says it's slowly moving forward with plans for the huge project.

But original owner Thomas Land & Development won't be part of the Wade Park development, according to officials with Gamma Real Estate, which loaned $150 million on the Wade Park site.

"After he was in default on the loan from Gamma Real Estate for more than a year, Stan Thomas' entity conveyed the property by deed in lieu of foreclosure," said Gamma Real Estate president Jonathan Kalikow. "Stan Thomas has no remaining interest in Wade Park."

Kalikow said his firm has been working to revive the 175-acre development on the Dallas North Tollway.

It's been more than two years since work halted on the $2 billion project that was planned to include high-rise offices, hotels, apartments and retail space.

Ground was broken for high-rise mixed-use development in 2014, with the first phase of construction scheduled to open in 2016. But the project ran into delays and finally ground to a halt.

Since 2017, the prominent Frisco property has sat with a big hole in the ground and a few half-finished buildings. In February, ownership of the property changed to a new partnership.

But Atlanta-based developer Thomas said he's continued to work on resurrecting the deal.

"We are real, real close," Thomas said this week. "Hopefully I can tell you something in the next week or two."

Kalikow said the Wade Park development will no longer include Thomas Land & Development.

"We are in the process of determining the best path forward," Kalikow said. "It is not a path that includes Stan Thomas. We have been in communication with Frisco. Things are in progress."

Real estate brokers and developers say that representatives have quietly shopped the Wade Park property around to see if another builder or investor would like a crack at the deal.

Wade Park was once the biggest part of Frisco's highly touted $5 billion mile.

While other major developments nearby — including the Dallas Cowboys' Star complex, Frisco Station and The Gate — have moved ahead with construction, Wade Park has been stalled.

Kalikow said Gamma Real Estate is still committed to the project, which is considered one of Frisco's most prime properties.

"Absolutely," he said. "We want to have all our ducks in a row."

Frisco officials say they are talking with the firm.

"We're very encouraged to learn Wade Park has a new property owner," Frisco Mayor Jeff Cheney said in a statement. "During the first week in August, city staff met face-to-face with Gamma Real Estate executives, who are representatives of the new owner, stating they're committed to cleaning up the property and ensuring the site is secure. 

"The Gamma team also tells us they're working with potential developers," Cheney said. "This property is in a prime location and we're hopeful Gamma Real Estate will be successful in securing a new developer who will transform the area to its fullest potential."

 

ARTICLE PROVIDED BY: THE DALLAS MORNING NEWS

Buying A Home: Do You Know The Lingo?

by Christie Cannon

 

Buying a Home? Do You Know the Lingo? [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
  • To point you in the right direction, here’s a list of some of the most common language you’ll hear when buying a home.
  • The best way to ensure your home-buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’

The Benefits of Growing Equity in Your Home

by Christie Cannon

The Benefits of Growing Equity in Your Home

The Benefits of Growing Equity in Your Home | MyKCM
 

Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a slower pace. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners.

1. Move-Up Opportunity

With the rise in prices, homeowners naturally experience an increase in home equity. According to the Homeowner Equity Insights from CoreLogic,

“In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”

This increase in profit means if homeowners decide to sell, they’ll be able to put their equity to work for them as they make plans to move up into their next home.

2. Gain in Seller’s Profit

ATTOM Data Solutions recently released their Q2 2019 Home Sales Report, indicating the seller’s profit jumped at one of the fastest rates since 2015. They said:

“A look at the national numbers showed that U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since the original purchase of $67,500...the average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of the original purchase price.”

Looking at the amount paid when they bought their homes, and then the amount they received after selling, we can see that some homeowners were able to walk away with a significant gain.

3. Out of a Negative Equity Situation

Negative equity occurs when there is a decline in home value, an increase in mortgage debt, or both. Many families experienced these challenges over the last decade. According to the same report from CoreLogic,

“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $485.7 billion since the first quarter 2018, an increase of 5.6%, year over year.

In the first quarter of 2019, the total number of mortgaged residential properties with negative equity decreased…to 2.2 million homes, or 4.1% of all mortgaged properties.”

The good news is, many families have moved beyond a negative equity situation, and no longer owe more on their mortgage than the value of their home.

Bottom Line

If you’re a current homeowner, you may have more equity than you realize. Your equity can open the door to future opportunities, such as moving up to your dream home. Let’s get together to discuss your options and start to put your equity to work for you.

Dallas Tops List of Best Real Estate Markets in 2018

by Christie Cannon

Housingwire.com's 2018 forecast of the best Real Estate Markets in the US includes only 1 California city!  Viva Las Vegas for the number 1 spot! 

To prepare the list, REALTOR.com analyzed the economics, home sale data, new home & builder activity, & population trends to predict the top 10 markets in 2018 in the United States. 

Our very own Dallas TX real estate market is predicted to take the number 2 spot!  REALTOR.com believes that Dallas, with a median home price of $339,300, will enjoy a 6% increase in sales & 5.6% increase in price.  

For more information on our local real estate market, please contact us!

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

D Magazine - Best Real Estate Agents 2013 - Thank You

by Christie Cannon

Christie Cannon was once again chosen by D Magazine for their Best Real Estate Agent list in 2013.  Christie Cannon & Kevin Cannon were also chosen as a  D Magazine Top Residential Real Estate Producers.

We would also like to congratulate  Sandy Stewart - Lead Buyers Agent for the Christie Cannon Team, who was also again chosen for this prestigious award!

We owe a special "thank you" to the Real Estate Community for their recognition & most importantly, to our clients We appreciated your support & confidence!

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

Displaying blog entries 81-87 of 87

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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