Mortgage Rates are Falling
Monday, October 27, 2014
Mortgage Rates have just dropped! Now is the time to get into that new home. Call me today!
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Mortgage Prequal v/s PreApproval - all the same....right?
Tuesday, August 12, 2014
Here is a question that we do get from time to time.... from both Sellers & Buyers:
A Mortgage PreQualification or PreApproval - pretty much same thing... right?
..... So we asked Derek Altoonian of the Marcel Deitrich Team with WR Starkey for their explanation....
So… what’s the difference between a Pre-Approval versus a Pre-Qualification and why does it matter? In simply terms, the main difference between a pre-approval and a pre-qualification: income and asset documentation.
A pre-approval means that the loan officer has pulled credit, and collected enough information to fill out a mortgage application to form the details of the loan to purchase a new home. Additionally, a buyer has furnished paystubs, tax returns, and asset statements that show their viability to be approved for a mortgage. We have even gone so far as to underwrite the borrower without a potential address to make sure that there are no “surprises” when the borrower’s “dream home” is found.
A pre-qualification is when a loan officer pulls credit to see if the buyer has a qualifying credit score, and gathers enough information through a verbal interview with the buyer to fill out a mortgage application to see how much buying power your client has. There is often zero documentation with a pre-qualification.
We believe the Pre-Approval is, obviously, much more meaningful to sellers in today's marketplace. The more thorough analysis of the buyer’s income, assets and credit ensures the greatest chance that the pre-approved buyer will fund on the purchase.
- The Deitrich Team - 972-672-3246 - www.marceldeitrich.com - WR STARKEY MORTGAGE, LLP NMLSR#2146
Thank you to Marcel & Derek.
The "Take Away" - as a Buyer seeking every advantage in this low-inventory & competitive market, the extra work to achieve a Pre-Approval v/s a Pre-Approval may make all the difference to a savy Seller reviewing multiple offers!
- Christie Cannon
D Magazine Best Real Estate Agents 2014
Friday, August 8, 2014
Thank you to our clients, colleagues, & staff!
Christie Cannon & our Team was once again chosen by D Magazine for the Best Real Estate Agent list in 2014. Christie Cannon & Kevin Cannon were also chosen as a D Magazine Top Residential Real Estate Producers.
A special Congratulations to Sandy Stewart - Lead Buyers Agent for the Christie Cannon Team - who was again chosen for this prestigious award!
We owe a special "thank you" to the Real Estate Community for their recognition, our staff and agents, & most importantly, to our clients for their confidence & support.
Christie Cannon's D Magazine article can be viewed here at D Magazine.
AWARDS
House Prices.. Stabilizing...?
Tuesday, August 5, 2014
Not Likely Yet..........
According to the latest Case-Shiller Report, last month, Dallas has seen the lowest gains since last fall. That said, it is not yet time to cry out that the sky is falling....we are still hovering at about a 1.8 month supply of homes in Frisco, 2.1 in McKinney, 2.4 in Little Elm, & 4.1 in Prosper (2.1 in Collin County & 2.6 in Denton County)! This inventory demand continues to fuel unprecedented (at least for our area) price competition.... We are starting to see some areas with days on market slowing ticking up; likely as sellers over estimate values based on the pace of the market, but until we see great balance in demand, an end to this run is not likely.
- Christie Cannon
Real Trends Magazine - Best Real Estate Agents in America
Friday, August 1, 2014
I just wanted to take a minute and to offer my sincere appreciation & gratitude to our clients - and my thanks to the staff & agents here at the Christie Cannon Team!
Once again this year Real Trends (a leadership in Real Estate data) named us - The Christie Cannon Team - among Real Trends Best Real Estate Agents in America!
Thank you again to all those who helped make our success possible!
- Christie Cannon
Thank you Texas Monthly Magazine - 5 Star Professional Award
Friday, May 30, 2014
Thank you to our wonderful clients, awesome staff, & buyer agents for their part in The Christie Cannon Team being selected again as a 5-Star Professional & featured in Texas Monthly Magazine for the 3rd year in a row! I truly appreciate the confidence our clients place in us and am thrilled by the dedication of my staff & team in ensuring that we continue to provide the highest level of service.
- Christie Cannon - 469-951-9588 - www.christiecannon.com -
I Don’t Always Find a House I Like, but When I Do …..
Saturday, May 3, 2014
“Why is it….
By now we have all experienced it… House Today, Gone Tomorrow! But why so fast?... Sometimes the answer is obvious – the home is priced well, staged, well marketed, in a desirable area, low inventory, priced below FHA limits,… etc & thus moves quickly. BUT what about that home that is 112 days on the market, you finally go look at it… make your offer & BOOM – multiple offers, or worse… the seller just accepted another offer! That (my friends) is a whole other level of frustration… how odd that no-one bought it for all that time, until (seemingly) “we” get interested. So why is it?
It is important to understand that often the very same market factors that “drove” you to that particular home are driving other buyers. It isn’t hard to surmise that buyers are looking for the best home at the best price – but to see how that may play out in a home that seems more “market stale” than others, picture this same 112 “days on market” home for the last 100 days as having strong competition in surrounding homes. One with an award winning media room, one on a greenbelt, one almost new, one with massive updates, perhaps one a little less functionally obsolete, or maybe a few just priced less – all of these fall under contract, one after the other - until POOF, the 112 “days on market” house’s time has come. This isn’t to take away from the 112 “days on market” house, but simply to reflect that as competition falls off the market, simply due to scarcity of the inventory, the desirability of the 112 day home increases (this is especially true if new listings to the market continue to have price increases) - driving you & the other buyers towards the same home.
Even knowing this…. it still doesn’t make it feel any less like a conspiracy.
Stay "searching" my friends,
- Christie Cannon - 469-951-9588 - Christie@christiecannon.com
Frisco's MLS March Market Numbers!
Wednesday, April 30, 2014
The MLS just released the preliminary Frisco numbers for March 2014 & WOW!
- March-to-March listing down -21.3%
- Year-to-Date listings down -13%
- March-to-March closed sales down -12.8%
- Year-to-Date closed down -3.6%
- March-to-March Listing Under Contract down -25.2%
- Year-to-Date Listings Under Contract down -12.5%
- March-to-March Days on Market UP +0.7% = 51 days.
- Year-to-Date Days on Market down -12.9%
- Month’s Supply of Inventory down 32.9% to 1.5 months supply
- YTD Price is up +12.5% Average & +16.5% Median Sales Prices
- Percent of Original List Price Received YTD is 96.4%
A couple of things that stand out to me…
- WOW – inventory is low!
- See #1
- The huge discrepancy between March-to-March numbers v/s the YTD may be explained by not only changes in market but also (to a degree):
- March numbers include some estimates/projections
- Weather factors were big this spring – which often affects buying cycles (moving them sooner &/or later in a year)
- More purchases are occurring outside of the MLS – New Builds, some “Hip Pocket Listings”, etc
- ** While a 1.5 months supply of homes clearly indicates a strong seller’s market, dare I say, there are still some sellers who may be over estimating their home’s position in the market or the market’s strength – which is reflected in an average sale with a Percent of Original List Price as 96.4%, which does NOT reflect seller paid concessions – and an increased number of days on market (I am proud to say that The Christie Cannon Team averaged 20 Days on Market with over 98% of Original List Price).
Have questions on how this market may affect you or your family's real estate goals? Have questions about how your city, area, or neighborhood is doing?
Please feel free to call or email with questions!
- Christie Cannon - 469-951-9588 - Christie@christiecannon.com
Insights from Highland Homes' VP of Market Trends
Monday, April 28, 2014
Recently, Highland Homes' blog featured a Q&A with Highland's VP of Architecture & Market Trends, Gonzalo Romero (with whom my clients & I have had the pleasure of working). It offers an interesting insight in to the latest trends & designs in new home constructions.
You can find Mr Romero's comments & thoughts here - http://blog.highlandhomes.com/category/q-architecture
- thanks, Christie Cannon
Tis the Season - for Protesting your Property Tax Value
Saturday, April 26, 2014
The season is almost upon us.... property tax protest season! So what do you do when that envelope arrives & your value went sky high? You do have the opportunity & option to contest/protest your tax value. Despite what some may lead you to believe, it is not a terribly difficult process.
While counties do have variations, tax protests start about May 1st. While most counties offer easy steps & explanations to the process, the how & why a value was derived still leaves many of us wondering.
Once again Texas A&M's Real Estate Center has come to the rescue in this month's Tierra Grande, offering a wonderful article on the detai ls of the Property Tax Protest & Appeal!
You can find the article on their website - http://recenter.tamu.edu/pdf/2062.pdf
Need help or have questions about the comps for your home (from Jan 1st time)? - please feel free to give me a call...
- Christie Cannon
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