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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.

"Shift Happens"

by Christie Cannon
September 26, 2017
 
In real estate, like life, change is the only constant. The first thing I want you to be aware of is that “shift happens.”  Shift isn’t a bad word. It is simply a change in the trends we are seeing the market.  Reviewing these changes helps us determine reasonable expectations & where to focus effort to best assist you with the sale of your home.
 
This year we believe that we are seeing the market shifting beyond the seasonal fall/winter cycle.  We, like many industry experts, believe we are seeing a return to greater balance in the real estate market.  It's still a Seller's market though - the graph below shows where the sellers market, neutral market and buyers market begin to change.  A seller market means we will still see some appreciation in our home prices.
 
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What trends are we are seeing in the market today:
 
1.  Again, the sky isn’t falling.  We are discussing a slight change, not a panic.  That means a little longer time on market and we need to pay more attention to ensuring your home is priced right and not too high as the consumer will not react as favorably to the higher prices when there's more to choose from.
a.  TX economics remain strong & the “attractiveness” of our cities remains high.
 
b.  Corporate relocations continue to be drawn to our area.
2.  Prices remain stable. 
a.  Prices in most market areas are still seeing slight increases; however, the pace of increase has slowed dramatically &/or stabilized in almost every area. 
 
b.  For many months, sellers have been able to “ratchet” up their listing price as each home in the community has sold.  This strategy has proven to reach a limit.  We are now seeing large amounts of price reductions daily.  Likewise, there are an increasing number of homes that are having appraisal issues, where a lender’s independent valuation of a home is coming in less than the contracted sales price. 
 
c.  A strong pricing strategy remains among the most critical aspects of selling a home. 
3.  Inventory is increasing & in some areas increasing quickly.
a.  One of the primary drivers that have fueled real estate’s strong numbers over the past few years has been a low inventory environment.  The inventory in almost all price points and cities is on the rise.
 
We measure inventory in both total number & “month supply”.  Month supply is simply the time it would take to sell the existing inventory if new listings ceased coming on the market.
 
 I'll use Frisco as an example of this increase in inventory.  Frisco’s housing supply has increased every month since December 2016.  In fact, August 2017’s inventory was just under double from December 2016.  This is reflected in August as 1,094 homes listed with 320 homes selling for a 3.8 month supply.  This holds true for most of the surrounding cities as well. 
4.  Days on market are increasing, and houses are still selling.
a.  As you can envision, when inventory increases, days on market also rise.  The increase of days on market often slightly lags the changes to “month supply”.
 
b.  It may be surprising, but the average days on market are as high as 90+ days in some price ranges, even in the most popular markets.
5.  Buyers have more choices.  This is a critical take away! 
a.  When buyers have more choice, Price, Condition, & Location become key!
 How do we prepare for this “shift”?
 
1.  Strong pricing strategy remains among the most critical aspects of selling a home in an environment where buyers have choice.
a.  Our listings that elect to utilize a smart pricing strategy often still see multiple offers & shorter days on market.  There is always a balance between Days on Market & Price.
b.  Expect to see elevated levels of price competition. Timely price adjustments increase timely closing probability & reduces time on market.
c.  Simply imagine you are purchase a new car.  There are 3x dealerships offering the model & features you want. 1x of the 3 dealerships is offering theirs’ for $5k less.  Most buyer’s are not going to make an offer or negotiate with the 2x at higher prices to see if they can make it work; they will simply go the lowest price dealership first & attempt to negotiate.  Should that fail buyers will move to the higher prices to negotiate.
2.  Pay attention to changes in Showing Traffic relative to competition.
a.  Higher relative seller/buyer ratios (month’s supply) reflect a more competitive market for sellers.
b.  Having a large number of showings relative to other similar properties without an offer (or with a lot of low offers) is a strong indication of overpricing.  The image below provides an overview of how showings, or lack thereof, can be viewed in terms of pricing strategies:
Related image
 
 
What are some of the things The Christie Cannon Team of KW Frisco has done to be ahead of these challenges?
 
1.  Expanded our marketing team to include an in-house designer to ensure your home is well prepared & properly marketed.  If you think you need a refresher at this time, let us know and we will gladly arrange a time with our designer to come visit with you at your convenience. She is also reviewing your listing photos, marketing campaigns and sites to help improve wherever we can to gain more buyer interest. 
 2.  Conduct more frequent digital marketing reviews for your home, to ensure our listings continue to capture a larger share of interest from buyers.
3.  Expanded our Inside Sales Agent team to increase our ability to directly call agents & prospective buyers who have expressed interest in your home or previously toured your home.
4.  Increased our digital marketing campaigns to include banner ads& more direct to consumer marketing and re-targeting branding with your home. 
5.  Reverse prospecting (where we contact the agents that have clients searching for your “type” home.)
6.  Increase agent & broker tours and direct agent to agent marketing to better introduce and keep your home in front of the market.
7.  The introduction of Special Financing options available exclusively to our KW clients & our KW listings to assist with incentives to buyers and help you stand out!
 
My goal is to arm you with the best information so you can be prepared to make informed decisions about getting your home sold.
Looking for more info?  We are always happy to help.  Remember, we review each any every home we have on the market regularly & consistently to help you get SOLD!!  
 
Written by Christie and Kevin Cannon / Keller Williams Realty / no unauthorized use or copy permitted. www.christiecannon.com | 972.215.7747
 
The Christie Cannon Team | Keller Williams Frisco TX | 4783 Preston Rd #300

DFW Real Estate Q1 Recap

by Christie Cannon

Brief:

  • Sales of existing single-family homes in Dallas–Fort Worth, TX, during Q1 were on pace to equal or surpass 2016's figures, according to the Dallas Business Journal, making it another record year.
  • Prices for those properties are also expected to keep climbing as supply there continues to contract. The market has a 2.2-month inventory of single-family homes, compared to the 6-month stock needed for equilibrium.
  • For the first time, the median home price in that market ($236,500 in Q1), was higher than the national median ($232,100 for the quarter) and represented one of the country's largest home-price increases for the period, The Dallas Morning News reported.

Insight:

One of the nation's fastest-growing cities, Dallas is a hotbed for new construction as companies relocate to the area motivated in part by its historically lower costs of doing business and, for employees, cost of living.

A host of projects catering to this uptick in demand are in the works. Earlier this month, Houston-based developer Hines announced plans for a 135-acre "live-work-play" mixed-use complex that will bring 3.5 million square feet of office, residential and retail space to one Dallas suburb. 

In April, developers broke ground on the 262-acre, $1 billion Bayside mixed-use project in Rowlett, TX, that will see an 8-acre lagoon and a 1,000 boat-marina added along Lake Ray Hubbard. The complex will also include 1.5 million square feet of commercial space, a 500-room resort and more than 2,500 condos, apartments, townhomes and single-family residences.

Along Frisco, TX's "$5 billion mile" is the $1.5 billion Frisco Station mixed-use development currently under construction. The 242-acre project will eventually feature 2,400 residential units, a 40-acre medical center, 650 hotel rooms and 300,000 square feet of dining, retail and entertainment space.

The rapid development in Dallas–Fort Worth has analysts worried the area could lose its status as a historically affordable market. As demand picks up and inventory lags, big builders are digging in. Taylor Morrison, for example, has said it intends to grow its presence there, announcing plans in October 2016 for two master-planned communities in the city's northern suburbs. 

Texas' housing boom drove the state to a 38% share of the MPC market in 2016 — the most of any state, and a 28-percentage-point increase in its share of all U.S. MPCs since the 1990s.

Recommended Reading:

 

The Christie Cannon Team | Keller Williams Frisco TX | www.christiecannon.com

4783 Preston Rd #300 Frisco TX

DFW Heats Up REALTOR.com's Hottest Zip Codes

by Christie Cannon

By now it is no secret that Dallas & Fort Worth real estate dominated national news in 2016, but according to REALTOR.com, Texas holds an overwhelming majority in the top searched zip codes on their national website.

TX real estate's "hot market" factor has earned TX cities 18 of the top 20 spots, with the entire top 10 list being from TX!

North Texas eats up the entire top 10 with Dallas suburbs taking 6 spots!

So why all the love?  For starters, keep in mind we are talking a geographic area the size of Connecticut & Rhode Island combined!  Likewise, this list only factors REALTOR.com's searches.  Other websites, like Zillow.com, are much less accurate (in many cases by more than 20%) in our non-disclosure state. 

And those Waco spots?  Well, according to one REALTOR.com article, a great deal of that search may simply be attributed to the wildly popular Chip & Joanne Gaines' TV show "Fixer Upper"!

It will be interesting to see how this list compares to other national websites stats!

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

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

Certified Luxury Home Marketing Specialist

Global Property Specialist

#1 Keller Williams Agent 2011-2016

Top 50 Agents in the Nation / KW

 


Low Inventory Continues to Drive Real Estate Prices

by Christie Cannon

Inadequate Inventory Driving Prices Up


The latest Existing Home Sales Report from the National Association of Realtors (NAR) revealed a direct correlation between a lack of inventory and rising prices. We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up. Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market. The median price of homes sold in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57 consecutive month with year-over-year gains.


NAR’s Chief Economist, Lawrence Yun had this to say:


"Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country."


But there is good news about rising prices. More and more homeowners are recovering from a negative equity situation and learning that they are able to sell their homes and either move up to their dream home or downsize to a property that will better suit their needs. Look for these homes to come to market soon.


Buyer demand continues to outpace the supply of homes for sale. Listing your home in the winter attracts serious buyers who are looking to close the transaction quickly.



Frisco ISD Proposes Rezoning for 2017 - 2018

by Christie Cannon

Frisco TX | Keller Williams Frisco TX | Christie Cannon | 469-951-9588

This past Monday, the Frisco ISD school board proposed the 2016-17 attendance zone changes. Earlier this year, the voters in Frisco ISD voted 58% against for a proposed 13-cent property tax increase.  As a result of the unexpected outcome, Frisco ISD proposed a reduced budget for 2017-18.  Included in this proposal was the delayed opening on multiple new schools.  As a result of these delays, the Frisco ISD proposed Monday a rezoning for a few hundred Frisco ISD students.

The families of students are expected to be contacted by Frisco ISD and will be given an opportunity to provide their input by December 12th.  The school board's final decision is expected to be reached at a final vote on Jan 17th. 

The latest information, FAQ's, & details on Frisco ISD's zoning can be found at www.friscoisd.org/departments/attendance-zones/rezoning

Christie Cannon named among America's Best Real Estate Agents

by Christie Cannon

 

Christie Cannon Named to REAL Trends' America’s Best Real Estate Agents in Frisco, TX.

Christie Cannon of Keller Williams Realty Frisco was named one of America’s most productive sales associates as a part of REAL Trends America’s Best Real Estate Agents, the newly issued ranking report produced by REAL Trends and sponsored by Zillow Group.  Cannon’s Team is now a member of the “America’s Best Real Estate Agents,” and ranked number 14 for the state of Texas.  

REAL Trends America’s Best Real Estate Agents ranks over 12,000 residential real estate professionals solely based on their excellence in real estate sales during calendar year 2015. All production numbers are independently verified by a third-party in order to ensure accuracy and report integrity. This group of highly successful real estate sales agents represents less than 1 percent of all real estate practitioners in the United States.

The real estate professionals are ranked in four categories:

• Individual agent — Sales volume
• Individual agent — Transaction sides (in each real estate transaction there are two sides that can be represented by a real estate agent: the buy side and the selling side)
• Agent team — Sales volume
• Agent team — Transaction sides

To qualify for inclusion, an individual agent must have closed at least 50 transaction sides or $20 million in sales volume in 2015. For real estate agent teams, the minimum is 75 transaction sides or $30 million in closed sales volume.

“The average residential real estate agent in the United States closed fewer than eight transactions in 2015 and had less than $1.5 million in sales,” says Steve Murray, publisher of REAL Trends America’s Best Real Estate Agents and president of REAL Trends. “To say that Christie Cannon is an exceptional sales professional is an understatement. To attain this level of sales is truly outstanding.”

“We are also pleased that two of the nation’s most prominent online real estate websites, Trulia® and Zillow®, have partnered with REAL Trends to bring a superior level of customer exposure of these sales agents’ performance,” Murray added.

Information on those receiving this recognition can be found online at http://www.americasbestre.com

“I am obviously pleased and honored to be ranked on this ranking of the country’s top residential real estate agents,” said Christie Cannon, “It represents the time and effort that we put into each client that we serve and how much work it takes to build a successful real estate career. The level of sales it takes to qualify makes it a truly special recognition.”

ABOUT REAL TRENDS

REAL Trends is a Castle Pines, Colorado-based real estate publishing and consulting firm that offers a wide range of research and advisory services to the residential real estate industry. Recognized as the leading source of trends in the industry, REAL Trends also publishes the REAL Trends The Thousand, as advertised in The Wall Street Journal and the REAL Trends 500, which ranks the top brokerage firms in the United States.

Zillow is a registered trademark of Zillow, Inc. Trulia is a registered trademark of Trulia, LLC. These marks are used with permission.

New Build Inventories are Seeing a New Peak

by Christie Cannon

 

 

Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.

The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that sales in July were31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of 654,000. 

 Zillow’s Chief Economist, Svenja Gudell, echoed the reaction of some as she commented:

“July(‘s) new home sales data was a surprise, but a welcome one. For years, the market has been practically begging builders to both ramp up their efforts overall and to put more focus on serving the less expensive end of the market. Today's data confirms both are happening in earnest.”

 The National Association of Home Builder’s (NAHB) Chairman, Ed Brady, didn’t seem as surprised:

 “This rise in new home sales is consistent with our builders’ reports that market conditions have been improving. As existing home inventory remains flat, we should see more consumers turning to new construction.”

  NAHB’s Chief Economist, Robert Dietz, believes this is just the start for new home sales if market conditions continue:

  “July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates. This uptick in demand should translate into increased housing production throughout 2016 and into next year.”

  The existing home sales numbers for July will be released today and will shed more light on the overall health of the housing market.

Bottom Line

New home sales hit their highest mark in over 9 years. Buyers are out in force to find a home that fits their needs. Many are turning to new construction, as the inventory of existing homes has not been able to keep up with demand.

Christie Cannon of Keller Williams Frisco Named One of America’s

Top 1,000 Real Estate professional Teams BY
Real Trends, As advertised IN

THE WALL STREET JOURNAL

Christie Cannon, From Frisco TX, Had an Impressive 2015 on Her Way to Becoming One of DFW’s Top Professionals  

Christie Cannon of Keller Williams Frisco was named one of America’s top real estate professional teams by REAL Trends, as advertised in The Wall Street JournalHer Team is now a member of the “The Thousand Top Real Estate Professionals,” a prestigious national awards ranking sponsored annually by REAL Trends and advertised in The Wall Street JournalCannon is now ranked in the top one half of 1 percent of the more than 1.1 million Realtors® nationwide.

The Thousand real estate professionals was announced on June 24, 2016, with four separate categories honoring the top 250 residential agents and agent teams for excellence in:

  • Individual Sales Professionals—Sales volume
  • Individual Sales Professionals—Transaction sides (in each real estate transaction, there are two sides that can be represented by a real estate agent: a buyer’s and a seller’s.)
  • Team Professionals—Sales volume
  • Team Professionals—Transaction sides  

For the second year, REAL Trends has added two new categories to The Thousand ranking based off of average sales price. This new category is broken down into the top 50 residential agents and agent teams for excellence in:

  • Individual Sales Professionals – Average Sales Price
  • Team Professionals – Average Sales Price

According to The Thousand, Cannon had 270 home sales totaling over 97-million in home sales, ranking 235th, in the nation.

“The best individual agents and teams—including Cannon’s award-winning efforts—were nothing short of phenomenal considering the challenges in today’s complex housing market,” said Steve Murray, founder of REAL Trends, a Denver-based consulting, publishing and communications company and The Trusted Source that complies the yearly, third-party verified list.

“Becoming a member of such an elite group as The Thousand is an incredible accomplishment in any market, but what Christie Cannon did during these challenging times is impressive on so many levels,” said Marti Gallardo, vice president of classified advertising for The Wall Street Journal.  “Cannon's efforts topped 99.99 percent of the more than 1.1 million Realtors nationwide.”

“I am absolutely thrilled to be named to The Thousand,” said Cannon, who serves clients primarily in Collin, Denton, & Dallas Counties.  “It’s incredibly gratifying to help clients find their dream homes as well as help them sell their properties quickly and for the highest price possible.”

The ranking of The Thousand can be found at:

          www.thethousandrealestateprofessionals.com 

About The Thousand - This awards program was developed jointly by WSJ. Custom Studios (and is not affiliated with the Editorial Department) and REAL Trends, a leading source of analysis and information for the residential real estate brokerage industry. REAL Trends The Thousand honors America’s elite real estate professionals and their companies and is compiled and analyzed by REAL Trends with a special ad section included in The Wall Street Journal

Frisco Facts at a Glance!

by Christie Cannon

Frisco Fast Facts & Stats

 

  • Land square miles - 70.2
  • Land Developed - 62%
  • Growth Rate 2000 – 2014 - 307%
  • Population 7.01.2016 - 156,320
  • Population 2000 Census - 33,714
  • Population Build Out - 375,000+
Residential Demographics Average
  • Age - 36.1
  • Households w/children 17 & younger - 32.9%
  • Median Household Income - $115,603
  • Average SF Home Appraisal - $359,924
  • Median Monthly Mortgage - $2,187
Workforce
  • Residents 25+ w/Bachelor’s or Grad Degree - 60.2%
  • Workforce Estimate - 75,633
  • Unemployment - 2.9%
Frisco Independent School District
  • Enrollment 5.2.2016 - 53,806
  • Projected Enrollment 2020 - 65,848
  • High Schools - 8
  • Number of Schools - 64

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Christie Cannon
Keller Williams Realty
4783 Preston Road #300
Frisco TX 75034
469-951-9588
972-215-7747
Fax: 214-853-4774

Keller Williams Frisco - Christie Cannon - http://www.christiecannon.com