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What Can Interest Rates Do to Your Purchasing Power?

Thursday, May 31, 2018
by Christie Cannon

How Current Interest Rates Can Have a High Impact on Your Purchasing Power

How Current Interest Rates Can Have a High Impact on Your Purchasing Power | MyKCM

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history!

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a home within the national median price range while keeping your principal and interest payments between $1,850-$1,900 a month.

How Current Interest Rates Can Have a High Impact on Your Purchasing Power | MyKCM

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be closer to 5% by this time next year.

Act now to get the most house for your hard-earned money.

 

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

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What are your plans for Memorial Day weekend?

Thursday, May 24, 2018
by Christie Cannon

 

Memorial Day Weekend is quickly approaching and with it comes plenty of events to get you outside to celebrate. Whether you are looking to enjoy food, hang out with friends, or take some time to remember our fallen soldiers, there’s an event for everyone!

Bike the Bricks
The city of McKinney is holding its ninth annual Bike the Bricks Criterium on Friday, May 25th from 2:30-11:30pm in Historic Downtown McKinney. Come & enjoy this free event in Downtown McKinney!

Carry the Load
Carry The Load's 2018 Memorial May Campaign to brings awareness to the True Meaning of Memorial Day. Funds raised during Memorial May provide direct support for healing of the mind, body and souls of our nation's military veterans, law enforcement, firefighters, first responders and their families. 

National Cemetery Administration
National Cemetery Administration will host Memorial Day ceremonies at VA national cemeteries across the country with the help of local communities.Dallas-Fort Worth National Cemetery will be holding their ceremony on May 28th at 11:00am.

Dallas Arboretum
Kick-off the holiday weekend with a concert by one of Dallas’ best party bands, The Grooves. Free admission all four days for active duty members, veterans and first responders. On Memorial Day, the events continue with face painting and a petting zoo in the Pecan Grove. Enjoy $2 hot dogs and root beer floats!

Granbury Square
Granbury, Texas is celebrating with a big 3 day patriotic festival around the downtown historic square with family activities, market booths,  live music, vintage military vehicles, hot dog eating contest, a special children’s play area and much more.

Fur Fun Run
Benefiting Patriot PAWS Service Dogs, the Memorial Day weekend paw-triotic run and walk is a fantastic event for the entire family and a terrific way to salute service dogs and the veterans they assist. Come down to Noble Ray Brewing on Saturday, May 26th for the pawtactular event!

Dallas Symphony Memorial Day Concert & Fireworks Display
In honor of America's veterans and first responders, the Dallas Symphony Orchestra presents a stirring concert of patriotic tunes that's free for the whole family. Pack a picnic and enjoy an evening under the stars. May 28th at 8:15pm at Flagpole Hill in Dallas.

International Foosball Promotions Texas State Championships
The Texas State Championships are being held this May 25-28 at the Westin Hotel in Irving. With competitors at every level from Beginner to master this is sure to be an exciting event!

National Polka Festival
The National Polka Festival® in Ennis, Texas invites you to come help celebrate fifty-two wonderful years of Czech heritage festivities Friday through Sunday, May 25-27, 2018.  Experience traditions, religious customs, dancing, tastes, sights, sounds, and "a little bit of the Czech Lands" throughout historic downtown Ennis and at our three spacious air conditioned halls.

Sunset at Memorial Park
Sunset Bike Ride & Ceremony on Monday, May 28th from 7:00-8:00pm at the Plano Veteran’s Memorial. No Fee to Participate & Free commemorative pin to the first 50 riders!

Summer Blast in Grapevine
Memorial Day Weekend kicks off Grapevine’s annual SummerBlast. SummerBlast features fun for the whole family including water parks, spectacular fireworks show set to music over Lake Grapevine, special exhibits, outdoor activities, dining, shopping and more.

 

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

 

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DFW 4th Quarter Housing Market

Friday, February 16, 2018
by Christie Cannon

In a recent survey conducted by Metrostudy, the 4Q17 DFW housing market is pushing into a “New Affordable” Market.  As production in the $200-300k range is ramping up. Based on the survey, Metrostudy concluded the following:

  •         Dallas-Fort Worth remains the top new home market in the country, with quarterly starts up 16.9% YoY.Builders started 33,243 homes in 2017.
  •         We are seeing a jolt of starts between $200,000 and $300,000; an exciting development in DFW’s new home market which has suffered an extreme shortage of affordable, new homes since 2013.
  •         The median new home price rose slightly to $328,400, an annual increase of only 1.9%. The median resale price climbed 8.4%, further narrowing the difference between new and resales prices. Currently, the delta between the median resale and new home price is 32.3%.
  •         If developers deliver the large number of lots under construction and builders supply homes below $300,000, 2018 could be a banner year for DFW’s new home market

Metrostudy concludes, if developers deliver the large number of lots under construction and builders supply homes below $300,000, 2018 could be a banner year for DFW’s new home market.  Read the full article here.

 

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

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Why You Need a Professional on Your Team When Buying a Home

Monday, January 29, 2018
by Christie Cannon

Why You Need a Professional on Your Team When Buying a Home

Why You Need a Professional on Your Team When Buying a Home | Simplifying The Market

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide If You Are Traveling a Dangerous Path

The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in order to secure your dream home. 

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands, of dollars. Each step of the way – from the original offer to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating his or her commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family?

If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal. 

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

 

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


 

 
 
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We Are a Proud Member of Keller Williams Luxury International

Friday, January 26, 2018
by Christie Cannon

​The Christie Cannon Team ​is a proud member of Keller Williams Luxury International powered by Keller Williams Realty.

 

#1 in DFW Luxury

#1 in North Dallas

#1 in the World

 

 

Christie Cannon | REALTOR
The Cannon Team

Keller Williams Realty Frisco
469-951-9588
www.ChristieCannon.com

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Where Did Americans Move in 2017?

Tuesday, January 23, 2018
by Christie Cannon

Where Did Americans Move in 2017? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017.
  • Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington.
  • The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming

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

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What Impact Will the New Tax Code Have on Home Values?

Friday, January 19, 2018
by Christie Cannon

What Impact Will the New Tax Code Have on Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

What Impact Will the New Tax Code Have on Home Values? | MyKCM

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Here is a map based on NAR’s analysis:

What Impact Will the New Tax Code Have on Home Values? | MyKCM

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

 

 

Christie Cannon | REALTOR

The Cannon Team

Keller Williams Realty Frisco

469-951-9588

www.ChristieCannon.com

 
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4 Reasons to Sell This Winter

Thursday, January 11, 2018
by Christie Cannon

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

 

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

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2018 Housing Market Predictions

Thursday, January 4, 2018
by Christie Cannon

2018 Housing Market Predictions

There’s no doubt about it, we’ve been in a hot housing market and 2017 ended just as hot. According to some experts, now as we head into 2018 the market is expected to start to cool down, especially in the higher price ranges, due to tax reform. Standard & Poor’s said that its S&P CoreLogic Case-Shiller national home price index climbed 6.2% in October — 6% above its 2006 peak. Meanwhile, in November pending home sales were up annually for the first time since June and sales of existing homes reached its strongest pace since December 2006, according to the National Association of Realtors.  Check out the article for what we can possibly expect to see in the 2018 housing market. 

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There’s More to a Bubble Than Rising Home Prices

Friday, December 29, 2017
by Christie Cannon

There’s More to a Bubble Than Rising Home Prices



What truly causes a housing bubble and the inevitable crash? For the best explanation, let’s go to a person who correctly called the last housing bubble – a year before it happened.

“A bubble requires both overvaluation based on fundamentals and speculation. It is natural to focus on an asset’s fundamental value, but the real key for detecting a bubble is speculation…Speculation tends to chase appreciating assets, and then speculation begets more speculation, until finally, for some reason that will become obvious to all in hindsight, the ‘bubble’ bursts.

I have taken to calling the housing market a ‘bubble’.”

– Bill McBride of Calculated Risk calling the bubble back in April 2005

Where do we stand today regarding speculation?

There are two measurements that are used to determine the speculation in a housing market:

1. The number of homes purchased by an investor and
2. The number of homes being flipped (resold within a twelve-month period)

As compared to 2005, investor purchases are down dramatically (from 23% to 13%) and so is flipping (from 8.2% to 5.7%). McBride explains:

“There is currently some flipping activity, but this is more the normal type of flipping (buy, improve and then sell). Back in 2005, people were just buying homes and letting them sit vacant – and then selling without significant improvements. Classic speculation.”

What are the experts saying about speculation in today’s market?

DSNews recently ran an article which asked two economists to compare the speculation in today’s market to that in 2005-2007. Here is what they said:

Dr. Eddie Seiler, Chief Housing Economist at Summit Consulting:

“The speculative ‘flipping mania’ of 2006 is absent from most metro areas.”

Tian Liu, Chief Economist of Genworth Mortgage Insurance:

“The nature of housing demand is different as well, with more potential homeowners and far fewer speculators in the housing market compared to the 2005-2007 period.”

And what does McBride, who called the last housing bubble, think about today’s real estate market?

Sixty days ago, he explained:

“In 2005, people were just buying homes and letting them sit vacant – and then selling without significant improvements. Classic speculation. And even more dangerous during the bubble was the excessive use of leverage (all those poor-quality loans). Currently lending standards are decent, and loan quality is excellent…

I wouldn’t call house prices a bubble – and I don’t expect house prices to decline nationally like during the bust.”

Bottom Line

Speculation is a major element of the housing bubble formula. Right now, there are not elevated percentages of investors and house flippers. Therefore, there is not an elevated rate of speculation.

 

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

 
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Displaying blog entries 91-100 of 187

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Photo of Christie Cannon Real Estate
Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Send an Email
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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