National Association of REALTORs December Existing Home Sales Report
Monday, January 11, 2016
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SmartAsset.com's Top 25 Safest Cities - TX Tops the Chart
Thursday, December 31, 2015
A few days ago I posted on Smartasset.com's Top Boomtowns from 2015.
Published in Nov, 2015, Smartasset released their top 25 list of the Safest Cities in America, Texas gracing 11 of the top 25 posts!
Our very own, Frisco TX makes the list at #10!
- Christie Cannon - Keller Williams Frisco
SmartAssets.com's Top 10 Boomtowns in 2015
Wednesday, December 30, 2015
Once again, Texas (and especially North TX) boasts strong standing in a natioanl "Top 10" list.
Smartasset.com just published their list of 2015 top 10 Boomtowns, with Texas holding 5 of the top 10 spots!
Holding top honors for Texas, the list finds:
- Richardson
- McKinney
- Austin
- Frisco
- Odessa
The entire list can be found here, as well as their methodology!
- Keller Willams Frisco - Christie Cannon - 469-951-9588
Real Estate News: 5 Real Estate Trends in 2016
Monday, December 28, 2015
Realtor.com & the National Association of REALTORs just posted their predictions for the top 5 industry trends in 2016.
- A Return to Normal for Real Estate
In the words of Skywalker, "it will bring balance to the force." While sales will continue strong, most markets will see a return to the more modest gains that are reflected in a balanced (& more sustainable) market.
- Generational Data Supports Strong Selling Season in 2016
In 2015, Millennial buyers represented almost 1/3 of home purchases. This trend is expected to continue in 2016; as well as an expected return of financially recovering Gen-Exers & Baby Boomers. According to the NAR, Gen-X buyers will be entering their "prime earning" years, just as Baby Boomers are tradtionally seeking to down size &/or relocate for retirement. More predictive analysis for 2016 (several years out) can be found here!
- Builders will Transition to More Affordable Housing
As balance returns to pre-existing home sales and credit availability improves for first-time buyers, builders will see more attractiveness in building products to fill these niches. Likewise, with the increased capital in the market from 2015, the direction of growth is already trending to the "out-skirts" of traditional suburb areas where land prices are more affordable.
- Interest Rate Rise Will Affect the Higher-Price Markets
The FED has already increased interest rates this past month. Additional increases are expected in 2016, with mortgage rates predicted to rise up to 60 basis points. As the rate increases, affordability will drop. In areas where the move-up buyer is a significant part of the market, even a small "affordability" drop can have significant affect.
- Rents Will Continue Their Rise (in some areas meteorically)
In more than 85% of market areas, the average rent to income ratio already exceeds 30%. Demand aside, increases in property taxes & tax valuations result in double digit rent growth as those cost are passed from landlord to tenant.
- Christie Cannon - Keller Williams Frisco TX
Real Estate News: November Home Sale Drops
Wednesday, December 23, 2015
The National Association of REALTOR has recently published their latest report on existing homes sales for November (likewise, they revised their October numbers). The most recent report Existing Home Sales offers that preowned home sales:
“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…” The report reflects that November was the slowest in 19th months for existing home sales. This was displayed in a 10.5% decrease in month-over-month sales.
While there are still many hypotheses for the reasons of the drop, many industry insiders are placing a large portion of the blame on real estate’s adjustment to the latest changes in mortgage lending laws. With these adjustments, the industry has seen an overall increase in the amount of time it takes to close a traditional loan.
The numbers may seem miniscule on paper, the three day average increase reflects a whopping 15.7% of available banking days in November. Traditionally, most homes close in the last 3-days of the month, as such even a 2-3 day average increase “pushes” closings into the following month.
When we compare both written contract volume & anecdotal experience from the industry, most indications are that the sales are not lost. December reporting will be critical to see if the decrease was simply due to delay, or if November's numbers are a foreshadowing of a deeper market shift.
Christie Cannon - Keller Williams Frisco TX
Why Correct Pricing is Key
Tuesday, November 10, 2015
How many times have you as a buyer, seller, home owner, or real estate pro witnessed a house that seemed to linger a little longer than the neighbors, then undergo a modest price drop and -boom- full price offer, or better yet (at least for the seller) multiple offers? There is no better anecdote for the power of proper pricing than this classic scenario.
Proper pricing placement is critical to positioning a home in the market. Even a home slightly overpriced will often go "unnoticed" by buyers in the market, despite a seller's likely willingness to negotiate a less than full list-price contract. According to the National Association of REALTORs, pricing a home 10% over market value eliminates up to 70% of the "buyer pool" willing to look at the home. As such, proper pricing or a well timed price reduction, can assist in positioning a home where the market is most likely to react.
Homeowners' Perception of Value - Outpacing Market?
Sunday, September 6, 2015
For the 6th month in a row, the gap between how homeowner & appraiser view value has widened according to Quicken Loan's Home Price Perception Index.
According to Quicken's Chief Economist Bob Walters: "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Even a few months ago we were seeing appraisal issues affect pending home sales. As Walters explains, this is in part due greater balance returning to home value appreciation. "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing," said Quicken Loans Chief Economist Bob Walters. "While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye."
BOTTOM LINE
In North TX, while home owners continue to enjoy record appreciation, real estate pros & home owners must remain cognizant of the subtle shifts in appreciation rates that are often masked in the market's excitement. Likewise, agents & owners truely need to be prepared to sell every home twice!
Have questions about your home's value or market conditions, please give a call
- Christie Cannon - 469-951-9588- Keller Williams Frisco
Nationwide releases Health of Housing Report
Friday, August 28, 2015
Nationwide just released their 2015 Q2 report on the Health of US Housing & incase the conflict of numbers is not great enough.... they rank TX negatively in affordability! Several years of strong housing has started to reflect a drop in housing affordability in Dallas & North Texas. While overall Dallas-Irving-Plano continue to rank in the top 10 best performing markets, this is largely due to our otherwise strong economic indicators. The entire Q2 2015 report can be viewed here!
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