Displaying blog entries 61-70 of 139
Based on the National Association of REALTOR's latest September numbers, the pace of home sales has slowed; however, the year over year gains continue for the 11th month.
For the 6th month in a row, the gap between how homeowner & appraiser view value has widened according to Quicken Loan's Home Price Perception Index.
According to Quicken's Chief Economist Bob Walters: "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Even a few months ago we were seeing appraisal issues affect pending home sales. As Walters explains, this is in part due greater balance returning to home value appreciation. "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing," said Quicken Loans Chief Economist Bob Walters. "While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye."
BOTTOM LINE
In North TX, while home owners continue to enjoy record appreciation, real estate pros & home owners must remain cognizant of the subtle shifts in appreciation rates that are often masked in the market's excitement. Likewise, agents & owners truely need to be prepared to sell every home twice!
Have questions about your home's value or market conditions, please give a call
- Christie Cannon - 469-951-9588- Keller Williams Frisco
New Master-Planned community announced west of the Dallas North Tollway & just north of Legacy! This new Hines development is situated in the heart of West Frisco & is expected to boast some of the area's top builders - Huntington Homes, Shaddock Homes, Darling Homes, Coventry Homes & Village Builders. With approimately 311 acres, Edgestone at Legacy is currently planned for single-family residences.
Nationwide just released their 2015 Q2 report on the Health of US Housing & incase the conflict of numbers is not great enough.... they rank TX negatively in affordability! Several years of strong housing has started to reflect a drop in housing affordability in Dallas & North Texas. While overall Dallas-Irving-Plano continue to rank in the top 10 best performing markets, this is largely due to our otherwise strong economic indicators. The entire Q2 2015 report can be viewed here!
Once again data reflects continued strength in our North Texas real estate market – just this past week Wallet Hub released their 2015 Healthiest Housing Report.
WalletHub compared 14 metrics in 300 cities to rank the overall “health” of each market. To see their unique metrics, please click here.
|
Overall Rank |
City |
‘Real-Estate Market’ Rank |
‘Affordability & Economic Environment’ Rank |
|---|---|---|---|
| 1 | Frisco, TX | 3 | 2 |
| 2 | Allen, TX | 8 | 1 |
| 3 | Arvada, CO | 2 | 52 |
| 4 | Plano, TX | 6 | 29 |
| 5 | Sunnyvale, CA | 1 | 140 |
| 6 | Carrollton, TX | 11 | 16 |
| 7 | McKinney, TX | 21 | 4 |
| 8 | Cary, NC | 22 | 3 |
| 9 | Richardson, TX | 9 | 40 |
| 10 | Santa Clara, CA | 4 | 120 |
| 11 | Fort Collins, CO | 7 | 87 |
| 12 | Austin, TX | 28 | 5 |
| 13 | Boulder, CO | 5 | 139 |
| 14 | Centennial, CO | 15 | 61 |
| 15 | Bellevue, WA | 14 | 72 |
The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply.
This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market.
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers.
Buyer demand for housing surged to it’s highest level since June 2013.
June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014).
The chart below shows the impact that inventory levels have on home prices.
NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:
"Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers."
NAR’s President, Chris Polychron added:
"The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price."
If you are debating putting your home on the market in 2015, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started.
Sometimes a simple graphic goes a long way! This is based on average interest rates on a $200K mortgage (principal & interest only on 30yr fixed).
Warren Sports Complex will be hosting a MOVIE & Picnic in the park from 7-11pm on June 27th. The movie will be Paddington. Admission is free & the event will offer bounce houses before the movie to try and burn off some energy before the showing. Bring blankets, chairs, picnic foods, snacks.... and bug-spray (it is still TX after all). More info can be found here!
Just in case you missed it, Dallas Business Journal, Frisco EDC, & Frisco ISD had a huge event in conjuction with The Star in Frisco, The Gate, Frisco Station, & Wade Park to discuss and present the opportunities in Frisco's $5 Billion Mile.
You can find the full presentation here - It is a great opportunity to see why so many investors are looking toward frisco & to better understand the growth of our city!
Just incase you are not up to date on the #5BMile in Frisco, here is aquick primer:
Niche.com just released their Best Places list for 2015. Included in these ranks is the Best Suburbs List for Texas. Not surprisingly North Texas secured 6 of the top 10 spots! Collin County alone has 4 of the top 10 spots!
Displaying blog entries 61-70 of 139
