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5 Reasons To Sell This Fall

Wednesday, September 4, 2019
by Christie Cannon

5 Reasons to Sell This Fall

5 Reasons to Sell This Fall | MyKCM
 

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.

According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

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A Recession Does Not Equal a Housing Crisis

Friday, August 30, 2019
by Christie Cannon

 

A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • There is plenty of talk in the media about a pending economic slowdown.
  • The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
  • Many experts predict a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate. It will not be a repeat of the crash in the 2008 housing market.
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Moving with Kids...

Wednesday, August 28, 2019
by Christie Cannon

Top Priorities When Moving with Kids

Top Priorities When Moving with Kids | MyKCM
 

According to the Pew Research Center, around 37% of U.S students will be going back to school soon and the rest have already started the new academic year. With school-aged children in your home, buying or selling a house can take on a whole different approach when it comes to finding the right size, location, school district, and more.

Recently, the 2019 Moving with Kids Report from the National Association of Realtors®(NAR) studied “the different purchasing habits as well as seller preferences during the home buying and selling process.” This is what they found:

When Purchasing a Home

The major difference between the homebuyers who have children and those who do not is the importance of the neighborhood. In fact, 53% said the quality of the school district is an important factor when purchasing a home, and 50% select neighborhoods by the convenience to the schools.

Buyers with children also purchase larger, detached single-family homes with 4 bedrooms and 2 full bathrooms at approximately 2,110 square feet.

Furthermore, 26% noted how childcare expenses delayed the home-buying process and forced additional compromises: 31% in the size of the home, 24% in the price, and 18% in the distance from work.

When Selling a Home

Of those polled, 23% of buyers with children sold their home "very urgently," and 46% indicated "somewhat urgently, within a reasonable time frame." Selling with urgency can pressure sellers to accept offers that are not in their favor. Lawrence Yun, Chief Economist at NAR explains,

“When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer.”

For sellers with children, 21% want a real estate professional to help them sell the home within a specific time frame, 20% at a competitive price, and 19% to market their home to potential buyers.

Bottom Line

Buying or selling a home can be driven by different priorities when you are also raising a family. If you’re a seller with children and looking to relocate, let’s get together to navigate the process in the most reasonable time frame for you and your family.

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A Latte A Day...

Monday, August 26, 2019
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.
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Increase Your Family's Net Worth

Thursday, August 22, 2019
by Christie Cannon

A Great Way to Increase Your Family’s Net Worth

A Great Way to Increase Your Family’s Net Worth | MyKCM
 

Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth.

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Americans chose real estate. Stocks followed at 27%, then savings accounts and gold.

Bottom Line

If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to help you through the process.

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

Monday, August 19, 2019
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

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Do You Need Any More Reasons to Love Frisco?

Thursday, February 28, 2019
by Christie Cannon

Do You Need Any More Reasons to Love Frisco?

The Frisco Economic Development Corporation recently released a list of top accolades the Fastest Growing U.S. Metro in the past decade has earned.

From "Best Places to Live in America" to the "Best Real Estate Market", let this list be your top reasons why you should "See Yourself in Frisco"!


 

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

 

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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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Preliminary Tax Values have Arrived - "Let's Get Ready to Rumble!"

Saturday, May 7, 2016
by Christie Cannon

Well the dreaded letter arrived; the good news, the market is up; the bad news, your county appraiser knows it...

So what comes next?

  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. Some 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 much 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 (Closing Disclosure) &/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 (*BE SURE TO 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)
    4. Texas Comptroller of Public Accounts (click for info)

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

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Storm & High Winds Take Down Frisco TX Silo!

Tuesday, March 8, 2016
by Christie Cannon

I have talked about the Frisco TX;s unique silos previously.  Unfortunately, in a storm today, one silo fell to the wind!  It appears that high winds took the silo off its foundation! 
Here is to hoping that Frisco is able to move forward on a project with the existing space that will continue to bring value to our great city!
Best of luck & prayers to any one affected by the storm. 

- Christie Cannon, Keller Williams Frisco TX
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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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