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Why You Should Think About Listing Prices Like an Auction’s Reserve Price

Wednesday, March 24, 2021
by Christie Cannon

Why You Should Think About Listing Prices Like an Auction’s Reserve Price

Why You Should Think About Listing Prices Like an Auction’s Reserve Price | MyKCM
 

For generations, the homebuying process never really changed. The seller would try to estimate the market value of the home and tack on a little extra to give themselves some negotiating room. That figure would become the listing price of the house. Buyers would then try to determine how much less than the full price they could offer and still get the home. The asking price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than the list price. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.

According to the Home Buyers and Sellers Generational Trends report just released by the National Association of Realtors (NAR), 45% of buyers paid full price or more.

You may need to change the way you look at the asking price of a home.

In this market, you likely can’t shop for a home with the old-school mentality of refusing to pay full price or more for a house.

Because of the shortage of inventory of houses for sale, many homes are actually being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.

When navigating a competitive housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.

Bottom Line

Someone who’s more familiar with the housing market of the past than that of today may think offering more for a home than the listing price is foolish. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions. Let’s connect so you have the best advice on how to make a competitive offer on a home in our local market.

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Buy Before You Sell!

Tuesday, February 9, 2021
by Christie Cannon

Our very own Christie Cannon was on Good Morning Texas giving all the latest tips and tricks to real estate.

Look at homes earlier in the day.

Hire an Expert (We're here for you)

Do your homework

Look at all the videos and pictures carefully

 

AND

Did you know that you can BUY BEFORE YOU SELL?

Yes!  We have partners that will allow you to buy your dream home before you even sell your current home!  You do not have to miss out on living your dream!

To find out more, give us a call and talk to one of our experts today!

SEE THE VIDEO HERE!

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Housing expert on price increases: 'I don’t see that slowing down anytime soon'

Thursday, February 4, 2021
by Christie Cannon

Even though home values experienced their largest increase since 2014, the price hikes may not be over yet.

“I expect there to be another year of rising home prices,” said Jeff Taylor, managing partner at Digital Risk, a mortgage data and analytics firm. “I think the median home price will get to about $360,000.”

Standard & Poor’s reported last month that its S&P CoreLogic Case-Shiller national home price index posted a 9.5% year-over-year gain in November, up from 8.4% in October. The last time the index reached that level was in February 2014.

“I don’t see that slowing down anytime soon,” Taylor said.

2021 is poised to be another big year for housing, following the record number of existing home sales last year and 811,000 new home sales, Taylor said. Supply chain constraints from the pandemic still remain, making it harder for builders to keep up with demand.

Taylor also expects to see a surge of buyer demand as the threat from the coronavirus wanes.

“A lot of people — believe it or not — are waiting for full covid vaccination to put their homes on the market and potentially look for other places,” he said.

He also expects Gen Z, many of which moved back in with their parents during the pandemic, to return to the big cities in the second half of the year, lured in by rental prices discounted by as much as 30%.

“You’ll start to see that stabilize a little more in the second half of 2021,” he said.

A sale sign sits in front of a home in the Shaker Heights section of Cleveland, Ohio, 25 January 2008. The area is filled with homes for sale or on the auction block. The city of Cleveland is the epicenter of the nation's home foreclosure crisis and is creating bad news for nearby homeowners and cities across the country because they lead to falling property values and increased crime. AFP PHOTO/Timothy A. CLARY (Photo by Timothy A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
A sale sign sits in front of a home in the Shaker Heights section of Cleveland, Ohio, 25 January 2008. (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

While many predicted that the pandemic would be the end of big cities as people rushed to the suburbs, “we still haven’t seen that mass exodus that we thought was going to happen,” Taylor said.

The National Association of Realtor reported that 8.9 million Americans had relocated to different areas in 2020. Those who had moved according to the study were residents from larger cities.

Many are making that move to the suburbs for “maybe tax reasons and lifestyle reasons,” he said, noting families still need more space for working remotely and virtual schooling.

“It’s a whole new view on what a house means to a family than it did 12 months ago,” he said.

 

Article Proivided by: Yahoo Money and Dhara Singh

 

Dhara Singh
·Reporter
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Homeowner Equity Increases an Astonishing $1 Trillion

Thursday, December 17, 2020
by Christie Cannon

Homeowner Equity Increases an Astonishing $1 Trillion

Homeowner Equity Increases an Astonishing $1 Trillion | MyKCM
 

In a year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Last week, CoreLogic released its 2020 3rd Quarter Homeowner Equity Insights report, which reveals four major findings:

  1. U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
  2. The average homeowner gained approximately $17,000 in equity over the past year.
  3. This is a 10.8% increase in equity over last year.
  4. The average household with a mortgage now has $194,000 in home equity.

This has given many homeowners the ability to redesign their homes to meet their changing needs. Frank Martell, President and CEO of CoreLogic, explains in the report:

“The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity. And with many people now spending more time than ever before at home, some homeowners have tapped into their strengthening equity to fund renovations.”

This build-up in equity also gives more options to homeowners who have been financially impacted by the pandemic. Today, homeowners with substantial equity are in a much better position to work out a deal with their lender if they cannot pay their mortgage. Alternatively, they also have the power to sell and walk away with their equity in the form of cash or as a down payment toward a more affordable house. Frank Nothaft, Chief Economist for CoreLogic, addresses the issue in the report:

"Over the past year, strong home price growth has created a record level of home equity for homeowners…This provides an important buffer to protect families if they experience financial difficulties and is one reason for the generational-low in foreclosure rates reported."

Here’s a map showing equity gains by state:Homeowner Equity Increases an Astonishing $1 Trillion | MyKCMThis gain in home equity is a blessing for homeowners in these trying times, and it seems that the next two years will continue to reward those who own a home.

Last week, the National Association of Realtors (NAR) held their 2020 Real Estate Forecast Summit. At the summit, they shared the results of a recent survey of 23 economic and housing market experts. The median forecast among the experts called for home values to increase further by 8% in 2021 and 5.5% in 2022.

Bottom Line

In a year that has many of us reevaluating what “home” really means, those who own their homes have been rewarded with a financial windfall that averages $17,000 individually and totals $1 trillion nationally.

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Winning as a Buyer in a Sellers’ Market

Monday, December 14, 2020
by Christie Cannon

Winning as a Buyer in a Sellers’ Market 

Winning as a Buyer in a Sellers’ Market [INFOGRAPHIC] | MyKCM
 

Some Highlights

  • Buying a home in today’s sellers’ market doesn’t have to feel like an uphill battle.
  • Here are four ways to make sure you’re positioned for success when making a home purchase, even when the scale tips toward sellers.
  • Let's connect to make sure you're armed for victory in the housing market this season.
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Home Equity Gives Sellers Options in Today’s Market

Thursday, September 24, 2020
by Christie Cannon

Home Equity Gives Sellers Options in Today’s Market

Home Equity Give Sellers Options in Today’s Market | MyKCM
 

Homeownership is one of the best ways to invest in your financial future, especially as your home equity grows. Home equity is a form of forced savings that can work to your advantage as the value of your home appreciates. Across the country, home equity was increasing before the health crisis swept our nation, and it continues to grow throughout the year, giving sellers powerful options in this market.

According to the just-released Q2 Homeowner Equity Insights Report by CoreLogic:

“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $620 billion since the second quarter of 2019, an increase of 6.6%, year over year.” 

Dr. Frank Nothaft, Chief Economist for CoreLogic, attributes much of the equity growth to rising home prices:

"The CoreLogic Home Price Index registered a 4.3% annual rise in prices through June, which supported an increase in home equity.”

As the map below shows, CoreLogic also indicates that home equity is increasing in every state:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity during the past year.”

Home Equity Give Sellers Options in Today’s Market | MyKCM

What Does This Mean for Sellers? 

When equity is rising, as it is today, you may have more invested in your home than you realize. Mark Fleming, Chief Economist at First American, notes:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.”

If you’ve been considering making a move – whether that’s to get into a bigger home or to downsize to a smaller one – it’s a great time to reach out to a real estate professional to learn how to put your equity to work for you. You may be in a position to pay that equity forward toward your next home purchase and afford it sooner rather than later.

Bottom Line

If you’re thinking of selling, let’s connect so you can take advantage of what the current market has to offer today.

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Thinking of Selling Your House? Now May be the Right Time

Monday, July 20, 2020
by Christie Cannon

Thinking of Selling Your House? Now May be the Right Time

Thinking of Selling Your House? Now May be the Right Time | MyKCM
 

Inventory is arguably the biggest challenge for buyers in today’s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly.

Sam Khater, Chief Economist at Freddie Mac notes:

“Simply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.”

Why is inventory so low?

There are many reasons why it’s hard to find a home to buy today, stemming from an undersupply of newly constructed homes to sellers pressing pause on their moving plans due to the current health pandemic. One of the key factors making it even more challenging, however, is the amount of time current homeowners are staying in their homes. There has truly been a fundamental shift in the market that started about 10 years ago: people are staying put longer, and it’s contributing to the shortage of houses for sale.

In the 2019 Profile of Home Buyers and Sellers, NAR explained:

“In 2019, the median tenure for sellers was 10 years…After 2008, the median tenure in the home began to increase by one year each year. By 2011, the median tenure reached nine years, where it remained for three consecutive years, and jumped up again in 2014 to 10 years.”

As shown in the graph below, historical data indicates that staying in a home for 5-7 years used to be the norm, until the housing bubble burst. Since 2010, that length of time has trended upward, toward 9-10 years, largely due to homeowners aiming to recoup their equity:Thinking of Selling Your House? Now May be the Right Time | MyKCMThankfully, with the strength the market has gained over the last 10 years, today’s homeowners are in a much better equity position. Now is a fantastic time for homeowners who are ready to make a move to break the 10-year trend and sell their houses, especially while buyer demand is so high and inventory is so low. It’s a prime time to sell.

In addition, with today’s historically low interest rates, there’s an opportunity for sellers to maintain a low monthly payment while getting more house for their money. Think: move-up opportunity, more square footage, or finding the features they’re really looking for rather than doing costly renovations. With more new homes poised to enter the market this year, homeowners ready to make a move may have a golden opportunity to do so right now.

Bottom Line

There are simply not enough houses for sale today. If you’re ready to leverage your equity and sell your house, let’s connect today. It’s a great time to move while demand for homes to buy is extremely high.

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4th Of July Events In DFW

Tuesday, June 16, 2020
by Christie Cannon

🎆Things may be different this year, but that doesn't mean you can't still celebrate!
Check out all these Fourth of July events and firework shows across DFW.

❗️Remember to continue to be cautious and safe as we celebrate thru COVID!

Do you have any Real Estate needs?  Give us a call today!

The Christie Cannon Team
972-215-7747

 

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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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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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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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