Displaying blog entries 1-6 of 6
Last week saw one of the largest mortgage interest rate drops in a single. Acting on early indications that inflation cooled slightly in October & on the CPI report from the Bureau of Labor - interest rates dipped to their lowest level in the last 30 days.
Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.
In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.
For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.
Affordability skyrocketed.
Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.
However, what is not being reported is that it is MORE AFFORDABLE to own a home today than at any other time since 1985 (when data was first collected on this point).
If you take out the years after the crash, affordability today is greater than it has been at almost any time in American history.
This has not been adequately reported which has led to many Americans believing that they cannot currently afford a home.
As an example, the latest edition of Freddie Mac’s Research: Profile of Today’s Renter reveals that 75% of renters now believe it is more affordable to rent than to own their own homes. This percentage is the highest ever recorded. The challenge is that this belief is incorrect. Study after study has proven that in today’s market, it is less expensive to own a home than it is to rent a home in the United States.
Thankfully, some are starting to see this situation and accurately report on it. The National Association of Realtors, in their 2019 Housing Forecast, mentions this concern:
“While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.”
If you are one of the many renters who would like to own their own homes, let’s get together to find out if homeownership is affordable for you right now.
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747
www.ChristieCannon.com
www.CannonTeamHomes.com
500 High-Skill Jobs Coming to Sherman
More companies are deciding that North Texas is the place to be! Apple recently announced that it has awarded Finisar, an optical communication components manufacturer, $390 million from its Advanced Manufacturing Fund. Finisar is expected to create 500 high-skill jobs, including engineers, technicians and maintenance teams right here in North Texas.
Finisar will transform a shuttered, 700,000-square-foot manufacturing plant in Sherman, Texas, into a high-tech facility developing VCSEL (vertical-cavity surface-emitting laser) chips. VCSEL technology is used to power Apple product features such as Face ID, Animoji, portrait mode selfies and proximity-sensing capabilities. One hundred percent of the VCSELs Apple buys from Finisar will be made in Texas. The hiring process has already begun and the Sherman plant is scheduled to start shipping out products by late 2018.
The City of Sherman has been investing significantly in improved infrastructure and amenities, creating an unparalleled quality of life for its citizens. One more reason DFW is one of the fastest growing areas in the US!
Christie Cannon | REALTOR
The Cannon Team
Keller Williams Realty Frisco
469-951-9588
www.ChristieCannon.com
The proposed Texas bullet train would connect Dallas and Houston. (Photo courtesy of Texas Central Partners)
It may soon be a whole lot faster to get from Dallas to Houston! The Federal Railroad Administration approved a route for the high-speed Texas Bullet Train that would connect Dallas to Houston, the state’s two largest urban areas. According to the Texas Tribune, there aren’t many surprises in the announced route, as it had already been largely solidified. Now that the route has been finalized, there will be a public process in the early part of the year to gather feedback about the route. The release of the draft Friday marked a major step toward getting federal clearance for the project. The high-speed rail project will require the developer to buy up thousands of rural properties across the state.
Central Texas Partners released this map showing the likely route of a high-speed rail line between Dallas and Houston. Graphic by Emily Albracht for The Texas Tribune
Texas Central promises to run high-speed trains that would travel up to 205 mph as they carry people between the state's two biggest urban areas in only 90 minutes. The $12 billion project will have stations in Dallas, Grimes County & Houston. The Dallas Station will be located just south of Downtown, while there are three potential Houston station locations. They are planning on breaking ground in late 2018 or early 2019 with expected operations to begin in 2023. A high-speed rail line between two of the country’s biggest, fastest-growing metros could have a major impact on transportation, jobs and economic development!
Christie Cannon | REALTOR
The Cannon Team
Keller Williams Realty Frisco
469-951-9588
www.ChristieCannon.com
Reasons to Smile: Keller Williams Ranked #1 Happiest Place to Work
Ask most business leaders and they’ll tell you that success starts with smart hiring & satisfied workers. Keller Williams is undoubtedly following this key business guideline and giving its employees plenty of reasons to smile these days. According to career site CareerBliss, Keller Williams is ranked the number one happiest company in America to work for in 2018. The rankings recognize businesses that are dedicated to to creating a happier work environment for their employees. Each company’s BlissScore includes factors such as company culture, leadership, overall work atmosphere, and one’s relationship with coworkers. Keller Williams tops this list because it prides itself on a unique, agent-centric culture that focuses on cutting edge technology, education & services.
The Christie Cannon Team is proud to be partnered with Keller Williams Realty and look forward to passing on its high level of professionalism & expertise to our clients. You can view the full list of Happiest Places to Work in 2018 here.
Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
469-951-9588
www.ChristieCannon.com
A strengthening market and low financing costs have propped up home sales for the region.
According to the Real Estate Center, home sales for North Texas climbed 29 percent in October, the largest year-over-year sales increase of pre-owned homes in more than three years. Pending sales are also up 20 percent compared with a year ago, signaling a strong finish to the year.
The biggest year-over-year sales increases were found in North Dallas (79 percent), northeast Dallas (71 percent) and Far North Dallas and Coppell (59 percent).
You can read a related article by- Steve Brown - Real Estate Editor - DallasNews.com
For market statistics broken down by area, please try - www.DFWHomeTrends.com
Have Questions about your neighborhood or your home's value - please give me a call:
Christie Cannon - 469-951-9588 www.christiecannon.com
Displaying blog entries 1-6 of 6
