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5 Tips for Starting Your Home Search

Wednesday, October 17, 2018
by Christie Cannon

5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search | MyKCM

In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared.

In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgagebefore starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.

3. Research and Choose a Neighborhood You Want to Live In

Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.

An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and documenting what you love and don’t love about each property you visit. They even go as far as to suggest snapping a photo of the ‘for sale’ sign on the way into the property to help keep the listings divided in your photo gallery.

Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

 

 

 

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

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Don't Miss It - The District Concert Series Tonight & Tomorrow!

Friday, October 5, 2018
by Christie Cannon

Don't Miss It - The District Concert Series Tonight & Tomorrow!

 

Come on out to the brand new District at The Shops at Willow Bend tonight & tomorrow from 7:00-9:00pm to enjoy the fun-filled free concert series. The District is destination dining area at the The Shops at Willow Bend with up to seven chef driven restaurants. Pick up delicious takeout, picnic on the patio or take in all the festivities from one of the new restaurants' outdoor dining tables. 

 

Tonight, October 5th, the sounds of Big Little Town will be rockin' the stage & covering all the hits of the top country band, Little Big Town. Come on out Saturday, October 6th as well and take in the sights & sounds with Beatlemania64 as they put on a multimedia musical journey through the life & times of The Beatles.

 

Come pop by our tent and say hello! We will have fun giveaways & are available to answer any questions you may have! See you tonight!

 

 

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

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Introducing The Corridor DFW Magazine!

Wednesday, October 3, 2018
by Christie Cannon

Introducing The Corridor DFW Magazine!

 

This month, The Christie Cannon Team is proud to announce the launch of our new magazine The Corridor DFW! This publication designed for the North Texas community features a wide range of lifestyle and real estate stories to inspire, inform & connect with you like never before. The world of home design, a featured local artist, tips on how to stage a home and featured local listings that are too great to miss can all be found in this debut issue. We also take a peek into some of the highly anticipated master planned communities and everything that they offer. 

With the market seeing a shift, expertise comes into play more than ever. Whether you are planning on buying or selling, The Corridor DFW is now here to entertain, inform and present ideas for you and your next real estate endeavor. 

 

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Oldest Home in Plano TX Moves Locations!

Friday, September 28, 2018
by Christie Cannon

Love your home, but not your location?  Check out what happened when Plano's oldest home was facing destruction.  

Built in 1861, the Collinwood House, was moved to Haggard Farm last week to protect the home's future.  The City of Plano purchased the home's previous location with the intent of turning the Collinwood Farm into a city park.  After a city bond intended to restore the property was declined by voters last year, the property was facing likely destruction.  The home was purchased by one of Plano's founding families, the Haggards, whose plan is to restore the property the frontier property 

Construction on the Windhaven Meadows park has already begun. 

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The Cost of NOT Paying PMI

Wednesday, September 26, 2018
by Christie Cannon

The Cost of NOT Paying PMI

The Cost of NOT Paying PMI | MyKCM

Saving for a down payment is often the biggest hurdle for a first-time homebuyer as median incomes, rents, and home prices all vary depending on where you live.

There is a common misconception among homebuyers that a 20% down payment is required, and it is this limiting belief that often adds months, and sometimes even years, to the home-buying process.

So, if you can purchase a home with less than a 20% down payment… why aren’t more people doing just that?

One Possible Answer: Private Mortgage Insurance (PMI)

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. The monthly cost of your PMI depends on the home’s value, the amount of your down payment, and your credit score.

Below is a table showing the difference in monthly mortgage payment for a $250,000 home with a 3% down payment and PMI vs. a 20% down payment without PMI:

The Cost of NOT Paying PMI | MyKCM

The first thing you see when looking at the table above is no doubt the added $320 a month that you would be spending on your monthly mortgage cost. The second thing that should stand out is that a 20% down payment is $50,000!

If you are buying your first home, $50,000 is a large sum of money that takes discipline and sacrifice to save. Many first-time buyers save for 5-10 years before buying their homes.

To save $50,000 in 10 years, you would need to save about $420 a month. On the other hand, if you save that same $420 a month, you could afford a 3% down payment in less than a year and a half.

In a recent article by My Mortgage Insider, they explain what could happen in the market while you are waiting to save for a higher down payment:

“The time it takes to save a (larger) down payment could mean higher home prices and tougher qualifying down the road. For many buyers, it could prove much cheaper and quicker to opt for the 3% down mortgage immediately.”

The article went on to say,

“Since renters typically devote a higher percentage of their income to housing than homeowners, providing flexible down payment options can help renters with solid earnings purchase a home – and gain a fixed-rate mortgage with principal and interest payments that will not increase over the life of the loan.”

If the prospect of having to pay PMI is holding you back from buying a home today, Freddie Mac has this advice,

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Based on results of the most recent Home Price Expectation Survey, a homeowner who purchased a $250,000 home in January would gain $50,000 in equity over the next five years based on home price appreciation alone (shown below).

The Cost of NOT Paying PMI | MyKCM

Bottom Line

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family.

 

 

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

 

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OutRun Homelessness 5K & Fun Run

Sunday, September 23, 2018
by Christie Cannon

OutRun Homelessness 5K & Fun Run will be Saturday, October 27, 2018.

 

 

It is that time of year again!

Collin County Cares' 5K & Fun Run

Saturday | 27 October | Costumes Encouraged

 

Great fun for a great cause....

The Collin County Cares' Fun Run & 5K race in Plano TX is a race with over 1,000 runners whose primary goal is to help the homeless of Collin County secure a place to live, interview for a job, and stand on their own two feet.  Last year the race proceeds totaled $68,087, which was distributed in entirety to 7 partner organizations who serve the homeless.

 

5K REGISTRATION

  • $25 Early Bird (through July 31)

  • $30 Pre-Race (August 1 - 31)

  • $35 Race (September 1 – October 27)

FUN RUN REGISTRATION

  • $20 Pre-Race (July 1 - August 30)
  • $25 Race (September 1 - October 27)

SLEEP-IN OPTION

Support the cause without sweating and get a Race Day T-Shirt!

  • $20 (July 1 - August 30)
  • $25 (September 1 - October 27)

Register or find out more at the link below!

http://www.collincountycares.org/

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Home Prices: The Difference 5 Years Makes

Tuesday, September 18, 2018
by Christie Cannon

Home Prices: The Difference 5 Years Makes

Home Prices: The Difference 5 Years Makes | MyKCM

CoreLogic recently released their Home Price Index Report. One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from July 2013 to July 2018 to show how prices over the last five years have fared.

The graph below was created to show the 5-year change in price from July 2013 to July 2018 by price range.

Home Prices: The Difference 5 Years Makes | MyKCM

As you can see in the graph, the highest price appreciation occurred in the lowest price range with 48% growth, while the highest priced homes appreciated by 25%. This has been greatly fueled by the lack of inventory of homes available at the lower price ranges and high demand from first-time buyers looking to enter the market.

Where were prices expected to go?

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

According to the Q3 2014 survey results, national homes prices were projected to increase cumulatively by 19.5% by December 2018. The bulls of the group predicted home prices to rise by 27.8%, while the more cautious bears predicted an appreciation of 11.2%.

Where are prices headed in the next 5 years?

Data from the most recent HPES shows that home prices are expected to increase by 20.0% over the next 5 years. The bulls of the group predict home prices to rise by 31.2%, while the more cautious bears predict an appreciation of 9.3%.

Bottom Line

Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even greater than those before the Great Recession. If you’re wondering if you have enough equity to sell your house and move on to your dream home, let’s get together to discuss conditions in our neighborhood!
 

 

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

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Market Update - Now is the Time to Buy!

Thursday, September 13, 2018
by Christie Cannon

​Market Update - Now is the Time to Buy!

Christie discusses the latest market trends including the increase in home prices, rising interest rates, down payment myths & what to expect as a buyer in the recent episode of The American Dream TV. Watch her full segment below!

 

 

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

 

 

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A+ Reasons to Hire a Real Estate Pro

Friday, August 31, 2018
by Christie Cannon

A+ Reasons to Hire a Real Estate Pro 

A+ Reasons to Hire a Real Estate Pro [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most ‘educated’ decisions you can make!
  • A real estate professional has the experience needed to help you through the entire process.
  • Make sure that you hire someone who knows current market conditions and can simply and effectively explain them to you and your family!

 

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

 

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Top 3 Myths About Today’s Real Estate Market

Wednesday, August 29, 2018
by Christie Cannon

Top 3 Myths About Today’s Real Estate Market

Top 3 Myths About Today’s Real Estate Market | MyKCM

There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we experienced 10 years ago and are starting to believe that we may be doomed to repeat ourselves. Others are just plain wrong when it comes to what it takes to qualify for a mortgage.

Today, we want to try and clear the air by shedding some light on what’s causing some of these headlines, as well as what’s truly going on.

Myth #1: We Are Headed for Another Housing Bubble

Home prices have appreciated year-over-year for the last 76 straight months. Many areas of the country are at or near their peak prices achieved before the last housing bubble burst. This has many worried that we are headed towards another housing bubble.

Reality: The biggest challenge facing today’s real estate market is a lack of homes for sale! Demand is strong, as many renters have come off the fence and are searching for their dream homes.

Historically, a normal market requires a 6-month supply of inventory in order for prices to rise with the rate of inflation. According to the National Association of Realtors (NAR) there is currently a 4.3-month supply of inventory.

The US housing market hasn’t had 6-months inventory since August 2012! The concept of supply and demand is what is driving home prices up!

Myth #2: The Rumored Recession Will Lead to Another Housing Market Crash

Economists and analysts know that the country has experienced economic growth for almost a decade. When this happens, they also know that a recession can’t be too far off. But what is a recession?

Merriam-Webster defines a recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two consecutive quarters.”

Reality: Recession DOES NOT equal housing crisis. Many people associate these two terms with one another because the last time we had a recession it was caused by a housing crisis. According to the Federal Reserve, over the last 40 years, there have been six recessions. In each of the previous five recessions, home values appreciated.

Myth #3: There is an Affordability Crisis Looming

Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.

There are many different affordability indexes supported by different organizations that all measure different data. For this reason, there is a lot of confusion about what “affordable” actually means.

The monthly cost of a home is determined by the home’s price and the interest rate on the mortgage used to purchase it. According to Freddie Mac, interest rates have risen from 3.95% in January to 4.59% just last week.

Reality: As we mentioned earlier, home prices have appreciated year-over-year for the last 76 months, largely driven by high demand and low supply.

According to a recent study by Zillow, the percentage of median income necessary to buy a home in today’s market (17.1%) is well below the mark reached in 1985 – 2000 (21%), as well as the mark reached in 2006 (25.4)! Interest rates would have to increase to 6% before buying a home would be less affordable than historical norms.

The starter-home market has appreciated at higher levels (9.4% year-over-year) than any other market. One reason for this is the fact that many of the first-time buyers who have flocked to the starter-home market are being met with high competition. For some hopeful buyers, it may take more than a good offer to stand out from the crowd!

Bottom Line

There is a lot of confusion in today’s real estate market. If your future plans include buying or selling, make sure you have a trusted advisor and market expert by your side to help guide you to the best decision for you and your family.

 

 

Christie Cannon | REALTOR
The Christie Cannon Team
Keller Williams Realty Frisco
972-215-7747

www.ChristieCannon.com

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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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