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Economy

Tuesday, May 19, 2020
by Christie Cannon

Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy | MyKCM
 

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary.

Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit.

As Mark Fleming, Chief Economist of First American, recently explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:

“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”

And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

Bottom Line

Every time a home is sold it has a tremendous financial impact on local economies. As the real estate market continues its recovery, it will act as a strong tailwind to the overall national economy.

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The Christie Cannon Team Brings Confidence in a Pandemic: Frisco TX's Top Real Estate Team Adapts to Virtual Market

Friday, May 15, 2020
by Christie Cannon

The Christie Cannon Team Brings Confidence in a Pandemic: Frisco TX's Top Real Estate Team Adapts to Virtual Market

Thursday, May 14, 2020 11:00 AM

The Christie Cannon Team is the leading Real Estate Team in North Texas and they are redefining the real estate industry by setting an example of proven systems to provide clients a top-notch service using innovative technology when buying and selling homes and are sharing their thoughts and advice in making wise decisions especially during this COVID-19 Pandemic

FRISCO, TX / ACCESSWIRE / May 14, 2020 / Adapting your career to fit the new rules created by COVID-19 is tough, especially in the world of real estate. Luckily, Christie Cannon, Frisco Texas' expert in real estate for over 20 years, has found a way to utilize technology to buy and sell homes virtually. She, and her husband Kevin, along with their entire Team have set up a process to walk their clients through every step of buying or selling a home online. Everything from house hunting, listing, touring, or signing papers can be done through a virtual portal; and Christie's team will be there to give you confidence in your search for the right home or the right buyer.

Christie's Texas based team is one of the top 25 teams with Keller Williams Realty nationwide. They have done over 455 transactions in the past 12 months, with over $150 million dollars in sales. D Magazine has awarded The Christie Cannon Team the "Top Real Estate Producers" every year for nearly a decade. This constant experience is what sets the team apart from other agents and real estate teams. For example, most real estate agents are selling 7-10 homes a year. Christie and her team manage sales each and every day. Each sale brings different experiences, people, and challenges. After working in housing development and managing the team over the course of two decades, Christie has seen it all. Her newest challenge? Adapt the home buying process to fit a digital landscape, and make people feel comfortable with it along the way.

The Cannon Team has already virtually sold multiple houses completely online in the past month. Christie has found that prices have not fallen in her area, but inventory has, which is increasing demand. This means that sellers are seeing multiple offers on their home, and getting the most out of their equity. It also means that The Cannon Team's knowledge of the local market is incredibly valuable. She and her team know your area, so you don't have to and they are ready to hold your hand through finding the perfect home. Also, the level of support which they provide, paired with the quality of their service, creates an environment where clients are in constant communication and it keeps them up to date on the status of their transaction.

In a recent one-on-one interview, Christie mentioned how she and her team has been serving the market while adapting to the new rules and conditions. The level of adaptation that she has seen from people wanting to leverage technology for buying or selling their homes has been increasing day-by-day and the feedback which she has received from her clients has been very positive.

It starts with a free consultation over zoom or phone call. The Cannon Team will send you the best options for your personal situation and help pair you with a buyer or seller. Their job is not to be a salesperson, it is to educate you and take the nerves away from the whole process. "If we do our job well," Cannon said, "our clients will know and feel we have their best interest in mind, not ours."

Once they help clients find a home in their price range, one of the Team's experts can set up a virtual tour and explain every inch of the house over zoom. The client can walk through the home, ask questions, and feel confident before making an offer. When the client falls in love with a home, it's time to get the home under contract, schedule inspections and start planning your move.

On the selling side, The Cannon Team will help you check off all the boxes safely and securely. You can meet with one of the Team's experts in person at your home if you are comfortable, or over a Zoom meeting. The Team's on-staff photographer and stager can meet you at your home, or you can even elect to allow the on-staff stager to help you from afar over a Zoom meeting as you show her around your home. The only in-person meeting you will need to do is with the Team's photographer, who is dressed down in extensive PPE equipment. As a Seller, you can have control over who is entering your home and you can control the showings. The Cannon Team is encouraging "virtual" showings on all of their homes before a buyer steps foot inside to reduce unnecessary exposure. All of The Cannon Team's homes offer 3-D Virtual viewing so you can walk through an entire home without ever stepping foot inside. One of Christie's biggest focuses has been to make sure all the guidelines regarding social distancing and hygiene have been met, therefore she and her team has been working diligently with anyone who visits your property to ensure that all the government requirements and regulations are fully met and are adhered to.

Christie and her team, with their extensive experience and knowledge of the real estate industry have seen all possible emotions which people go through while considering to buy or sell their homes using online means. However, she recommends that people should adapt to the new way of communicating and interacting as the opportunities are rising and whether you are buying or selling, there are plenty of great deals to be had during times like these.

If you are in the market to buy or sell a home, do not let the current pandmeic stop you from getting the care you need. Christie and her team have been offering free consultations to share the entire process with you and answer any of your questions to ensure that you are confident before moving ahead. She has adapted her process to hold your hand through every step, and the only thing between you and finding the home of your dreams is a computer. Christie and her husband Kevin are working everyday to help ensure their Team is servicing the needs of each and every client and home they represent.




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https://finance.yahoo.com/news/christie-cannon-team-brings-confidence-150000645.html

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Housing Could Be A Leader In The Post-Pandemic Economy

Friday, May 1, 2020
by Christie Cannon
Home sales will be hard hit by the pandemic but could bounce back. (Steve Brown)

 

 
Housing could be a leader in the post-pandemic economy
By Steve Brown | Real Estate Editor
 
 
Heading into the pandemic, North Texas’ housing market was seeing record sales and rising prices.

And when the worst of the COVID-19 economic downturn is past, the home market could be one of the best parts of the Dallas-Fort Worth and statewide economy, a top real estate economist predicts.

"Housing could be well be the leader in bringing the rest of the economy up out of the doldrums," Dr. James Gaines, chief economist at the Real Estate Center at Texas A&M University said. "We are going to have historically low interest rates that could boost the market.

"Housing could well be one of the leading industry sectors that gets us out," he said. "Home construction will come back - I think it will be prime recovery activity."

Gaines on a conference call told members of the MetroTex Association of Realtors that the outlook for this year’s housing market was strong before the virus shut things down.

"We expected 2020 to be a good year but now all bets are off," he said. "March is probably going to be the last good month for housing for a while. April and May are probably going to be way down."

Home buying while significantly reduced hasn’t completely stopped, he said.

"There is going to be activity – it’s not going to go away altogether," Gaines said.
Gaines said with many homebuyers and sellers sitting out the pandemic, purchase activity could bounce back later this year.

"There is going to be some pent up demand," he said. "Typically, we would be right in the middle of the busy buying season here in April, May and June.

"It may be July, August and September will be our best months of the year," Gaines said.

Before the pandemic, there was already a shortage of housing in D-FW and other markets.

With fewer homes coming on the market, the lack of homes to buy is likely to get worse.

Of course, a rebound in home purchases is also dependent on if the millions of people who’ve been laid off and furloughed go back to work later this year.

Mortgage lenders have been raising their credit requirements because of concerns about the economy.

"The lenders are getting nervous," Gaines said. "They are making the loans tougher – a little tighter."

While almost 4 million Americans have sought forbearance from mortgage payments because of the pandemic, it’s still too early to tell how many of them could eventually lose their homes because of lost wages.

"Are we going to wind up with another wave of distressed properties?" Gaines said. "It’s all a function of the degree and speed people are rehired."
 
 
Article Provided by: Steve Brown with Dallas Morning News
 
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Spring Home Buying Recovering From Coronavirus

Wednesday, April 29, 2020
by Christie Cannon

"We estimate that there are currently 29 states that have a housing deficit, and when we consider only these states, the housing shortage grows from 2.5 million units to 3.3 million units" 

Texas currently is experiencing a 4.81% deficit in housing supply

- from the Freddie Mac Report - The Housing Supply Shortage: State of the States ​

 

Contact one of our expert agents today if you are looking to buy or sell and want to know your options during the Coronavirus.  Our team is always here to help and educate!

972-215-7747 | cannonteamhomes.com

The novel coronavirus was unable to dampen the interest of homebuyers in the past week.

Even as people follow stay-at-home guidelines, the number of people filing home purchase applications rose 12 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association.

That's the strongest level in almost a month.

"The ten largest states had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying season, as coronavirus lockdown restrictions slowly ease in various markets,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “California and Washington continued to show increases in purchase activity, with New York seeing a significant gain after declines in five of the last six weeks.”

Helping to boost purchase interest was a decline in mortgage rates to 3.43 percent for a 30-year mortgage, a record low in MBA's survey.

"Refinance activity declined 7 percent, as rates for refinances likely remained higher than those for purchase loans, " said Kan. "Lenders are still working through pipelines at capacity, and observed changes in credit availability for refinance loans have also in turn impacted rates.”

Overall demand for mortgage applications fell 3.3 percent from the prior week.

The survey covers over 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.

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Keys to Selling Your House Virtually

Wednesday, April 22, 2020
by Christie Cannon

Keys to Selling Your House Virtually

Keys to Selling Your House Virtually | MyKCM
 

In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?

In today’s rapidly changing market, it’s more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd, truly giving buyers a detailed and thorough view of your home.

So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, a real estate agent can help make your sale happen. Agents know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to the same survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:

  • Virtual tour of the home
  • Accurate and detailed listing information
  • Detailed neighborhood information
  • High-quality listing photos
  • Agent-led video chat

After leveraging technology, if you have serious buyers who still want to see your house in person, keep in mind that according to the National Association of Realtors (NAR), there are ways to proceed safely. Here are a few of the guidelines, understanding that the top priority should always be to obey state and local restrictions first:

  • Limit in-person activity
  • Require guests to wash their hands or use an alcohol-based sanitizer
  • Remove shoes or cover with booties
  • Follow CDC guidance on social distancing and wearing face coverings

Getting comfortable with your agent – a true trusted advisor – taking these steps under the new safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.

Nate Johnson, CMO at realtor.com ® notes:

"As real estate agents and consumers seek out ways to safely complete these transactions, we believe that technology will become an even more imperative part of how we search for, buy and sell homes moving forward."

It sounds like some of these new practices might be here to stay.

Bottom Line

In a new era of life, things are shifting quickly, and virtual strategies for sellers may be a great option. Opening your doors up to digital approaches may be game-changing when it comes to selling your house. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate through all that’s new when it comes to making your next move.

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How Technology is Helping Buyers Navigate the Home Search Process

Friday, April 17, 2020
by Christie Cannon

How Technology is Helping Buyers Navigate the Home Search Process 

How Technology is Helping Buyers Navigate the Home Search Process [INFOGRAPHIC] | MyKCM
 

Some Highlights:

  • A recent realtor.com survey revealed that buyers are still considering moving forward with the homebuying process, even if they can’t see the home in-person.
  • While they still prefer to physically see a home, virtual home tours and accurate listing information top the list of tech specs buyers find most helpful in today’s process.
  • Let’s connect today to determine how technology can help power your home search.
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How to Stay Entertained During Home Lockdown

Wednesday, April 15, 2020
by Christie Cannon

How to Stay Entertained During Home Lockdown

 

 

For those of you looking to add some new ideas to your daily home quarantine schedule, check out these options:

 

-Home Organization

Choose one category at a time to be organized, like clothes, shoes, books, games, toiletries, food items, tools, toys, etc.  Remove all of the items from that category from their spaces, review each item piece by piece, and decide what will be kept, donated or thrown away.  Then, place the items you’ve decided to keep back into their designated homes in a neat, organized manner.  Likewise, store your donations in one place, ready to be given away as soon as the opportunity arises.

 

-Outdoor Landscaping

Pull weeds from the lawn and flowerbeds, trim hedges and trees, dispose of any dead plants or leaves, mow and edge lawn, re-soil in areas where needed, add fresh mulch and flowers from local growers to beds and pots, and sweep porches and pathways

 

-Exercise

Designate a specific time in your day to get your body moving, as this is good for your mind and soul, too.  If your kids are with you, incorporate a workout that involves them too.  Walks with the dog, bicycle rides, online yoga or aerobic classes, jogs around the block, games of family tag- anything is good!  Just get moving!

 

-Hone Your Talents

If you like to read, read books that you find uplifting.  If you have children at home or that you can connect with virtually, schedule a daily story time with them.  If you like to write, start journaling or author your own short story.  Encourage children to write land mail letters to grandparents or friends that they haven’t seen in a while- especially those who are living alone.  If you prefer drawing, use this time to sketch a pet, a scene from nature, or even another family member.  Kids can even attempt portraits of family members, too!

 

-Cook & Bake

Now is the perfect time to try some new recipes.  Have each family member choose a meal or treat they’d like to cook or bake and take turns creating and enjoying everyones’ efforts.  Sharing in the clean-up afterwards is equally important!  Consider making extra dishes to share with neighbors, too.

 

-Play

Some daily downtime does your mind and body good so be sure schedule time for this too!  Dance parties are great for this.  Turn up your favorite music and dance virtually, with family members, or alone- anyway works great!  Play board games, cards or a game outside with your family.  Play with your pets.  Play dress up or dolls or robots with your kids.  Use your imagination and play creatively!

 

 

Hopefully, some of these ideas will work their way into your daily routine at home.  Share with us how you’re spending your time, too!

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What If I Need to Sell My Home Now? What Can I Do?

Tuesday, April 14, 2020
by Christie Cannon

What If I Need to Sell My Home Now? What Can I Do?

What If I Need to Sell My Home Now? What Can I Do? | MyKCM
 

Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast. While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).

You may have a new baby, a new employment situation, a parent who moved in with you, you just built a home that’s finally ready to move into, or some other major part of your life that has changed in recent weeks. Buyers have those needs too, so rest assured that someone is likely looking for a home just like yours.

According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.

Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.

There Is Less Competition Right Now

The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.

This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.

Your Trusted Real Estate Advisor Can Help

Real estate agents are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.

Bottom Line

Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family.

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Recession? Yes. Housing Crash? No.

Monday, April 13, 2020
by Christie Cannon

Recession? Yes. Housing Crash? No.

Recession? Yes. Housing Crash? No. | MyKCM
 

With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market?

What is a recession?

According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

COVID-19 hit the pause button on the American economy in the middle of March. Goldman Sachs, JP Morgan, and Morgan Stanley are all calling for a deep dive in the economy in the second quarter of this year. Though we may not yet be in a recession by the technical definition of the word today, most believe history will show we were in one from April to June.

Does that mean we’re headed for another housing crash?

Many fear a recession will mean a repeat of the housing crash that occurred during the Great Recession of 2006-2008. The past, however, shows us that most recessions do not adversely impact home values. Doug Brien, CEO of Mynd Property Management, explains:

“With the exception of two recessions, the Great Recession from 2007-2009, & the Gulf War recession from 1990-1991, no other recessions have impacted the U.S. housing market, according to Freddie Mac Home Price Index data collected from 1975 to 2018.”

CoreLogic, in a second study of the last five recessions, found the same. Here’s a graph of their findings:Recession? Yes. Housing Crash? No. | MyKCM

What are the experts saying this time?

This is what three economic leaders are saying about the housing connection to this recession:

Robert Dietz, Chief Economist with NAHB

“The housing sector enters this recession underbuilt rather than overbuilt…That means as the economy rebounds - which it will at some stage - housing is set to help lead the way out.”

Ali Wolf, Chief Economist with Meyers Research

“Last time housing led the recession…This time it’s poised to bring us out. This is the Great Recession for leisure, hospitality, trade and transportation in that this recession will feel as bad as the Great Recession did to housing.”

John Burns, founder of John Burns Consulting, also revealed that his firm’s research concluded that recessions caused by a pandemic usually do not significantly impact home values:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

Bottom Line

If we’re not in a recession yet, we’re about to be in one. This time, however, housing will be the sector that leads the economic recovery.

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D-FW’s Home Market Ranked Among Least At Risk From COVID-19

Wednesday, April 8, 2020
by Christie Cannon
A new study identifies the most vulnerable home markets to be affected by the pandemic. Most major Texas metro areas are not expected to be affected as much as other areas, especially in the northeast and in Florida.
A new study identifies the most vulnerable home markets to be affected by the pandemic. Most major Texas metro areas are not expected to be affected as much as other areas, especially in the northeast and in Florida.(Vernon Bryant / Staff Photographer)

Texas’ biggest markets — including Dallas-Fort Worth — are among the metro areas least likely to see a major housing market shakeout from the pandemic.

Housing markets that will be most negatively affected by the COVID-19 infections and resulting economic recession are mostly in the Northeast and Florida, according to a new report by analysts at Attom Data Solutions.

Researchers looked at almost 500 home markets around the country and rated them based on foreclosures, homeowner equity, wages and other factors.

“It’s too early to tell how much effect the coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county,” Attom Data’s Todd Teta said in the just-released report. “What we’ve done is spotlight areas that appear to be more or less at risk based on several important factors.

“From that analysis, it looks like the Northeast is more at risk than other areas,” he said. “As we head into the spring homebuying season, the next few months will reveal how severe the impact will be.”

Attom Data estimates the major housing markets most at risk from the virus include four in New Jersey and the New York area, three in Connecticut and 10 from Florida. Only one was in California, and none were located in other West Coast states.

“Texas has 10 of the 50 least vulnerable counties from among the 483 included in the report, followed by Wisconsin with seven and Colorado with five,” Attom Data analysts said. “The 10 counties in Texas include three in the Dallas-Fort Worth metro area (Dallas, Collin and Tarrant counties).

Harris County in the Houston area and Travis County in the Austin area were also ranked low for coronavirus-related housing shakeouts.

The pandemic and shelter-in-place orders are already affecting North Texas’ housing markets because there are fewer home shoppers in the market at a time of year when home sales typically boom.

And the Dallas-Fort Worth area was one of the few major metros in the country that saw a decline in the median list prices of homes listed for sale in March — they were down 3% from a year ago, according to Realtor.com

Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University, said he’s seen forecasts that predict Texas’ home markets will fare better coming out of the pandemic. But he’s wary of making any predictions.

“Obviously, the New York market will be collapsed and the tourist areas,” Gaines said. “Beyond that, we simply flat don’t know.

“The hit of the virus here in Texas so far has been considered light compared to other areas of the country.”

Gaines said it will be several months before sales and pricing numbers show where the Texas home markets land.

 

“I’ve seen some preliminary March numbers that indicate that we have had a slowdown but not a collapse,” he said. “But going forward, it’s going to look really bad year-over-year.

“March, April, May, June and July are usually our hot housing months.”

Texas markets are expected to outperform.
Texas markets are expected to outperform.(Attom Data Solutions.)

Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.

 

 

Article Provided By: Steve Brown at Dallas Morning News

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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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