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North Texas Homeowners are Hatching Larger Nest Eggs

Monday, February 11, 2019
by Christie Cannon

North Texas Homeowners are Hatching Larger Nest Eggs

While home prices are slowing down in appreciation rate, most North Texas homeowners have already built up large nest eggs in their home values. 

The average return on home sales across the country was the highest since before the Great Recession and equaled a 32 percent gain on the property's original purchase price. The profits were even greater in the D-FW area, where the average owner made $78,865 off the sale of their home. That represents a 45-percent gain. 

In North Texas, the most equity rich homeowners are in about a dozen zip codes, where more than half the properties have mortgages of half or less the current value.

The D-FW neighborhoods with the largest share of equity rich homeowners includes the 75224 zip code in southwest Dallas (62 percent), the 76014 zip code in Arlington (59 percent) and 76106 in Fort Worth (58 percent).

Read the full report here.

 

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

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Dallas Tops List of Best Real Estate Markets in 2018

Wednesday, January 17, 2018
by Christie Cannon

Housingwire.com's 2018 forecast of the best Real Estate Markets in the US includes only 1 California city!  Viva Las Vegas for the number 1 spot! 

To prepare the list, REALTOR.com analyzed the economics, home sale data, new home & builder activity, & population trends to predict the top 10 markets in 2018 in the United States. 

Our very own Dallas TX real estate market is predicted to take the number 2 spot!  REALTOR.com believes that Dallas, with a median home price of $339,300, will enjoy a 6% increase in sales & 5.6% increase in price.  

For more information on our local real estate market, please contact us!

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

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Your Guide to the Best Christmas Light Displays in DFW

Monday, December 4, 2017
by Christie Cannon

The DFW area literally lights up and twinkles as the holidays draw near.  Everywhere from Dallas to Frisco to the Ft. Worth Stockyards light up in spectacular displays.  With looks of excitement on children's faces, the sound of carolers singing familiar tunes, the taste of sweet holiday favorites and the smell of Christmas pine flooding the area, you can't help but get into the holiday spirit.  We have compiled a list of our favorite spots to view holiday lights in the DFW area.  Make the rounds and find your family's next holiday tradition!

  •         Frisco Square - Drawing over 750,000 visitors annually, Frisco Square offers North TX largest choreographed light display!  Boasting snow flurries every 15 minutes, ice skating, inner tubing snow slide, horse drawn carriage rides, light & music shows, trackless train rides & even a parachuting Santa - this place has it all!  Going on now through Dec 31st!
  •         Deerfield, Plano - Running from December 1st - 30th, this quintessential Plano neighborhood is jammed packed with gorgeous homes competing for the best, funniest & most traditional displays.  Check out their website for best routes & carriage ride info!
  •        Vitruvian Lights in Addison - Wander through Vitruvian Park’s 12 Acres and view over 550 illuminated trees wrapped in 1.5 million sparkling LED lights.  Enjoy free live music in the park, food trucks & free pictures with Santa!     
  •         Highland Park & Highland Park Village - What can I say?  Gorgeous architecture complemented by professional Christmas lighting.  Spanning about 20 blocks, this is the perfect time to splurge on a horse drawn carriage ride.
  •         Enchant Christmas - A world of Christmas wonder awaits you in Arlington at Globe Life Park! Surrounded by millions of dazzling lights, experience the world’s largest Christmas light maze, ice skating, Santa’s palace, live entertainment & a Christmas marketplace.
  •         12 Days of Christmas - The Dallas Arboretum plays host to this elaborate exhibition featuring 25ft Victorian style gazebos filled with costumed characters, whimsical animals & music made famous the beloved Christmas carol.
  •         Prairie Lights - Growing larger each year, this Grand Prairie display is located in Lynn Creek Park and has become a destination in its own right.  Offering a 2-mile path of lights, a snow maze, holiday lighted walk-through forest, holiday village, & more.  Be sure to check out their website as there are costs for this one!
  •        Interlochen in Arlington - This year marks the 42nd Anniversary of one of the largest drive-thru Christmas light displays in North TX.
  •        Tour of Lights in Farmers Branch - A drive thru animated display of over 500,000 twinkling lights. Located in the Farmers Branch Historical park with a variety of different scenes & themes.
  •        Texas Motor Speedway - Supporting Toys for Tots, this huge display boasts a drive-thru display & Santa's Village.  Be sure to check out the website for pricing!
  •        ICE & the Gaylord Texan Resort - Ice skating, gingerbread house building, sled riding, Santa photos, Holiday village, light displays, 2+ million pounds of ice, what do they not have?

Have some ideas & comments that will help our list?  We would love to hear from you! 

Thank you & we wish you a very Merry Christmas & Happy Holiday Season!

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Every North TX Home Must Be Sold TWICE!

Monday, November 27, 2017
by Christie Cannon

Every Home must be Sold Twice!

Homeowners: Your House Must Be Sold TWICE | MyKCM

In today’s housing market, where supply has been low and demand high, home values have increased rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.  This is a topic that you may have seen us discuss previously - Appraisals & Why Every Home Must be Sold Twice.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, and an appraiser’s evaluation of that same home.

Bill Banfield, Executive VP of Capital Markets at Quicken Loans urges anyone looking to buy or sell in today’s market to remember the impact of this challenge:

“Based on the HPPI, it appears homeowners in the markets where prices are rising faster than the national average – like Denver, Seattle and San Francisco – are continuing to underestimate just how quickly home values are rising, so the average appraisal is higher than homeowner estimate.

On the inverse of that, homeowners in areas where the values aren’t rising as fast may think they are rising faster than they are, leading to the appraisal lagging the estimate.”

The chart below illustrates the changes in home price estimates over the last 12 months.

Homeowners: Your House Must Be Sold TWICE | MyKCM

Every house on the market must be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacles that may arise.

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Mortgages Getting Easy Again? North Dallas Real Estate

Friday, November 24, 2017
by Christie Cannon

Too Easy to Get a Mortgage?  Is This the Start of a New Bubble?

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:

  • More buyers are putting less than 20% down to purchase a home
  • The average credit score on closed mortgages is lower
  • More low-down-payment programs have been introduced

This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern.

The graph below shows the MCAI going back to the boom years of 2004-2005. The higher the graph line, the easier it was to get a mortgage.

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

As you can see, lending standards were much more lenient from 2004 to 2007. Though it has gradually become easier to get a mortgage since 2011, we are nowhere near the lenient standards during the boom.

The Urban Institute also publishes a Home Credit Availability Index (HCAI). According to the Institute, the HCAI:

“Measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates … it is easier to get a loan.”

Here is a graph showing their findings:

Bubble Alert! Is it Getting Too Easy to Get a Mortgage? | MyKCM

Again, today’s lending standards are nowhere near the levels of the boom years. As a matter of fact, they are more stringent than they were even before the boom.

Bottom Line

It is getting easier to gain financing for a home purchase. However, we are not seeing the irresponsible lending that caused the housing crisis.

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Thinking About Buying in North Texas | Know your Credit Score!

Monday, November 6, 2017
by Christie Cannon

Considering Buying? Learn Your Credit Score!

Thinking About Buying? Know Your Credit Score | MyKCM

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.'

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

 

If you are looking some great resources in finding a local lender to assist you, please feel free to give us a call!

 

Christie Cannon

REALTOR

The Christie Cannon Team

Keller Williams Frisco

469-951-9588

www.christiecannon.com

 

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The Best Time of Year to Purchase?

Friday, January 27, 2017
by Christie Cannon

When is the Best Time to Buy a Home?

Finance news website, The Nerd Wallet, recently published an article extolling the virtues of purchasing your home in January!  So how, how does January really stack up as the best month to buy a home in Dallas?  

Based on the latest REALTOR.com reporting, the Dallas, TX market while down 2 spots, remains number 4 in the nation’s Hottest Real Estate Markets. 

Rank
(January)

20 Hottest Markets

Rank
(December)

Rank Change

1

San Francisco, CA

1

0

2

San Jose, CA

4

2

3

Vallejo, CA

3

0

4

Dallas, TX

2

-2

5

San Diego, CA

5

0

6

Sacramento, CA

9

3

7

Yuba City, CA

11

4

8

Denver, CO

6

-2

9

Stockton, CA

7

-2

10

Fesno, CA

13

3

11

Oxnard, CA

15

4

12

Columbus, OH

8

-4

13

Colorado Springs, CO

14

1

14

Nashville, TN

18

4

15

Detroit, MI

10

-5

16

Modesto, CA

20

4

17

Los Angeles, CA

17

0

18

Tampa, FL

23

5

19

Santa Rosa, CA

12

-7

20

Fort Wayne, IN

16

-4

Based on REALTOR.com’s 2014 & 2015 combined data, buyer’s typically pay a premium in summer & enjoy a dip in prices in the winter.  Their data estimates up to a 2% historical premium.  In a recent article in the Dallas Business Journal, Ted Wilson of Residential Strategies, offered that the data suggests that while the “Best Time” may not be restricted to one month, a great deal of data does suggest the early spring is a great time to be looking.  So what are some of the reasons that support buyers star their hunting season sooner rather than later?

  • Competition may be lower – According to NerdWallet, over the last 2-years, while the inventory may be down 21%, buyer traffic is down over 40%
  • Prices are expected to rise, especially in new homes
  • Mortgage rates are expected to rise – as interest rates rise, buying power decreases
So while "the best time to buyer" may not strictly be in January, certainly early spring has many factors that may support an early start to your home buying process!

For more information on Dallas Business Journal’s take on this subject, please click HERE.

CHRISTIE CANNON  REALTOR

The Christie Cannon Team

Keller Williams Frisco

469-951-9588: Mobile

 

Voted as one of the BEST Realtors in D Magazine for 2010-2016

Voted as a Five Star Professional 2012-2016 Texas Monthly Magazine

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

Certified Luxury Home Marketing Specialist

#1 Keller Williams Agent 2011-2016

Top 100 Agents in the Nation / KW

 

4783 Preston Rd #300, Frisco, TX 75034

 

 

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More Details on Legacy West in Plano

Thursday, January 26, 2017
by Christie Cannon

As the first residents move in, Plano’s luxury multi-use development project at Legacy West. continues to announce some amazing shopping & restaurants.

With over 5,000 parking spaces, 425,000 SqFt of retail, hotels, apartments, residential luxury tower - the Windrose Tower, & the Villas at Legacy West with Britton Homes, Legacy West is on track to be the largest mixed use development in North Texas – as such, we anxiously have awaited to hear who will be joining the project!  When the March 2nd Grand Opening occurs, what can we expect – see the below list for retailers & restaurants!  Click HERE for the latest Dallas News article on Legacy West's offerings!

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Dallas Area Among Highest Year Over Year Appreciation

Monday, December 5, 2016
by Christie Cannon

Dallas joins Portland and Seattle as the highest of the year-over-year appreciation in home values for the first 10 months on 2016, according to CaseLogic – Zillow.com’s parent company.

The city is also among seven cities whose current pre-owned single-family homes have surpassed their pre-recession peak.  According to Case-Shiller, since mid-2007, the national “peak”, DFW area homes are up a whopping 30%!

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Where are the Foreclosures?

Friday, May 27, 2016
by Christie Cannon

Recently, there has been a lot of talk about the size of the foreclosure inventory in the nation. There has been some speculation that distressed property inventories are about to skyrocket. Today, we want to reveal what is actually taking place in this segment of the housing market.

CoreLogic, in their most recent National Foreclosure Report, reported that foreclosure inventory has decreased by 23.2% since this time last year. The report also showed that foreclosure inventory has decreased in 49 of the 50 states and that 45 states have posted a year-over-year, double-digit decline (see chart below).

Other findings in the report:

  • The Seriously Delinquent Rate (homeowners more than 90 days behind in their mortgage payment) is 3.1% which is the lowest level since November 2007
  • The Foreclosure Rate is 1.1% which is also the lowest level since November 2007
  • This was the 53rd consecutive month that showed a decline in the Foreclosure Rate

Though foreclosures do remain in the market, the number is dramatically decreasing. The fact that mortgage delinquency rates are also decreasing means the worst of the foreclosure crisis is in the rearview mirror.

Looking for information specific to the North Texas Real Estate Market?  Please give us a call,

  

CHRISTIE CANNON  REALTOR

The Christie Cannon Team

Keller Williams Frisco

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

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

Certified Luxury Home Marketing Specialist

#1 Keller Williams Agent 2011-2015

Top 100 Agents in the Nation / KW

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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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