Displaying blog entries 41-50 of 86
Another national Real Estate source affirms strengthin the DFW market
December 2014 - Core Logic Home Price Index Report
- Hvae questions about the local market? Please feel free to give me a call - Christie Cannon - Keller Williams Frisco - 469-951-9588
Looking for more Local Data - Try Here for data or Here for a custom report on your home.
Have Questions? - You can always give me a call at 469-951-9588 - Christie Cannon
Why Have Interest Rates Dropped Despite Predictions of Rising Rates?
The headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall.
A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.
“As of January 5, 2015, the U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.20/gallon, the lowest since gas prices peaked to about $ 4/gallon in May 2011.”
You may have noticed that filling your gas tank has become substantially less expensive in recent months. A welcome change from the close to $5 a gallon that many Americans were paying this time last year. The average US household is projected to save around $550 in 2015.
NAR explains the correlation like this:
“Lower oil prices mean lower inflation rate, which pushes down mortgage rates.”
Based on Freddie Mac’s weekly mortgage survey as of January 22, 2015, the 30-year fixed rate averaged 3.63% and the 15-year fixed rate averaged 2.93%.
“The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments. That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”
No one really knows how long oil prices will continue to support low mortgage rates. In a New York Times article, the author points to the fact that “adding hundreds of billions of dollars to consumer spending” could start to have a “counter effect” on rates as the economy continues to strengthen.
“If firms start hiring again, and wages increase — that’s when the level of all interest rates in the U.S. would increase.”
The low interest rates we are currently experiencing are not going to stay around forever. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.
NAR reports: “At the median home price of $205,300, a 0.75 percentage point drop in mortgage rates will yield savings of about $1,000 annually.”
- Looking for a Mortgage Expert to assist you? Please feel free to give me a call - 469-951-9588
One of the top financial ratings firms, Fitch Ratings, is blowing the whistle on Texas' hot housing market. Home sale prices in the Dallas-Fort Worth area are at record levels this year and Fitch Ratings warns that Texas home prices are about 11 percent overvalued. A lack of homes available for purchase coupled with North Texas' fast-growing economy has caused residential prices to jump by about 7 percent over the past year.
Economist Jim Gaines with the Real Estate Center at Texas A&M Unversity said he’s looked at Fitch’s new Texas housing report and doesn’t agree with the conclusions. “I’m not buying the overvalued card right now,” Gaines said. “Yes, prices have increased substantially for Texas markets – but only after being essentially flat for almost five years.
Despite its warning about the inflated prices, Fitch's report points out the overall strength of the state's economy. Texas has been leading the country in both job growth and population gains.
Texas home price gains have already cooled from late last year and early in 2014. But the year-over-year gains in residential prices in the Dallas-Fort Worth area is still running about twice the long-term average rate and are higher than nationwide increases.
During the recent recession when many metropolitan areas in California, Nevada and Florida lost 50 percent or more of their home values, Texas prices fell only slightly. And the housing markets in Dallas, Houston, Austin and San Antonio were some of the first in the country to recover. For more information on Fitch's findings click here.
469-951-9588
Who made the list?? 
Movoto Real Estate researched and formed a list of the snobbiest cities in Texas by using a mathematical formula. The formula gathers data based on median home price, median household income, percent of population with a college degree, private schools per capita, performing arts per capita, art galleries per capita, and fast food restaurants (the less the better). They averaged each place's ranking and put it all together in one "Big Deal Score".
Frisco made the list at #9, while Plano came in at #3, Richardson #5 and Flower Mound #6. So who came in at #1? You might be surprised...Click here to find out and read what they found out about each city.
Mortgage Rates have just dropped! Now is the time to get into that new home. Call me today!
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
Wednesday April 16th - Frisco ISD offers their frist ever Senior Adult Bus Tour! -
Residents 55+ are invited by Frisco ISD to join them on a school bus tour of three Frisco ISD schools. What a neat opportunity to see our city's schools through the eyes of students. Lunch catered by Frisco ISD Culinary Arts students!
Additional Information can be found here - Spots are limited so be sure to RSVP!
- Christie Cannon
Frisco StrEATS - Gourmet Food Truck & Music Festival - Sat April 12th - 1pm-7pm!
You heard that correct - FOOD TRUCK & if you missed it the last 2-years.... it is simply amazing! Do NOT miss it!
2014 Frisco StrEATs Food Truck List!
People often ask me about Frisco's size, growth, population, demographics & more!
Here is apeek at Frisco's latest numbers:
Quick Facts:
- Current Population Estimate: 138,360 (as of March 1, 2014)
| • Current Area: | 67.7 square miles (includes everything currently annexed) | ||
| • Area at Build out: | 70.23± square miles; 44,950 acres (includes ETJ) | ||
| • Build out Percentage: |
59.1% Built or Platted (as of January 1, 2014) |
||
| • Median age: | 34 years | ||
| • Housing Units: | 49,620 | (as of March 1, 2014) | |
| • Households: | 47,420 | (as of March 1, 2014) | |
| • Median Household Income: | $111,690 | ||
| Median Family Income: | $120,940 | ||
| Per Capita Income: | $42,750 | ||
| • Frisco ISD Students: |
46,260 |
(as of January 6, 2014) |
|
| • Educational Attainment: (adults 25 years and older) |
96.5% |
high school graduates or GED |
|
- Detailed information from the City of Frisco can be found here: Frisco at a Glance
Displaying blog entries 41-50 of 86
