North Texas Real Estate News and Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and buying or selling a home to community happenings. That’s because we care about the communities that we serve and want to provide articles that will be of benefit. Please reach out if you have any questions at all. Let's Talk!

Brian and Melinda Stitzinger

 #stitzingerteam #remaxlakefront #dentoncounty #collincounty #thecolonytx  #littleelmtx #prospertx #friscotx 

June 24, 2019

What is the Cost of Waiting Until Next Year to Buy?

 

What is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac forecasts interest rates to rise to 4.5% by the Q4 2020.
  • CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

#stitzingerteam #dallasrealtor #dentoncounty #collincounty #luxuryhomes #thecolonytx #remaxlakefront  #remax #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation

June 20, 2019

3 Things to Know in the Housing Market Today!

3 Things to Know in the Housing Market Today!

3 Things to Know in the Housing Market Today! | MyKCM

A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.

The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.

1. Interest Rates

One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.3 Things to Know in the Housing Market Today! | MyKCM

2. Building Materials

Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.

3. Economic Slowdown

In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020.  Now, three leading surveys indicate that it may begin in the next eighteen months.3 Things to Know in the Housing Market Today! | MyKCM

Bottom Line

We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months.  Whether you are thinking of buying or selling, it’s a great time to be in the market.

#stitzingerteam #dallasrealtor #dentoncounty #collincounty #luxuryhomes #thecolonytx #remaxlakefront  #remax #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation

June 10, 2019

2 Myths Holding Back Home Buyers

2 Myths Holding Back Home Buyers

2 Myths Holding Back Home Buyers | MyKCM

Freddie Mac recently released a report entitled, “Perceptions of Down Payment Consumer Research.” Their research revealed that,

“For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…

…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the funds needed to qualify for a home loan. According to the same report:

22% of renters and 31% of homeowners believe lenders require 20% or more of a home’s sale price as a down payment for a typical mortgage today. And,

“If a 20% down payment was required, 70% of those who were planning to buy a home in the next three years said it would delay them from purchasing and nearly 30% indicated they would never be able to afford a home.”  

While many believe at least 20% down is necessary to buy the home of their dreams, they do not realize programs are available which permit as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined!

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Many either don’t know or are misinformed concerning the FICO® score necessary to qualify, believing a ‘good’ credit score is 780 or higher.

To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.2 Myths Holding Back Home Buyers | MyKCMAs indicated in the chart above, 52.4% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

#stitzingerteam #dallasrealtor #dentoncounty #collincounty #luxuryhomes #thecolonytx #remaxlakefront  #remax #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation

Sept. 18, 2018

Frisco Texas Tops in the Nation

Frisco Texas tops Money Magazine as Number One place to live in it’s 2018 best places to live report. Frisco beat out 528 other communities and cities. Frisco has a population over 175,000 and has consistently been noted as one of the fastest growing cities in the nation. Its school district received high marks from Money magazine also. Frisco has also been noted as one of the best places to raise an athlete with several multipurpose athletic arenas and facilities with the most notable being Ford Center at The Star. The center doubles as both a facility for Frisco high school football and graduation ceremonies and the Dallas Cowboys training facility. For more about Frisco Texas, contact us at www.teamstitzinger.com

Posted in Market Updates
Jan. 5, 2018

4 Reasons to Sell This Winter

4 Reasons to Sell This Winter [INFOGRAPHIC] | MyKCM

Dec. 15, 2017

National Housing Report for October 2017

 For local information contact us. We would be happy to provide specific information on your neighborhood

 

Dec. 12, 2017

FHA Loan Limts to Increase

INFO THAT HITS US WHERE WE LIVE... It was announced last week that the Federal Housing Administration (FHA) is increasing loan limits for 2018 in more than 3,000 counties--almost every area of the U.S. FHA limits are tied to median home prices in each county and Metropolitan Statistical Area, so check with your mortgage professional www.AmyOister.SupremeLending.com for the local numbers. This follows the prior week's news that the Federal Housing Finance Agency will increase 2018 conforming loan limits for most mortgages acquired by Fannie Mae and Freddie Mac. Higher loan limits are driven, of course, by rising home prices.

More evidence of these came when property information firm CoreLogic reported a 7% annual surge in home prices in October. But they do expect gains to slow, forecasting only a 4.2% annual increase in home prices by October next year. Contact us for more information about the housing market 

Dec. 4, 2017

New and Pending Home Sales Are Up in October

Last week we got the good news that both New and Pending Home Sales are heading in the right direction--UP. October New Home Sales rose 6.2%, to a 685,000 annual rate, soundly beating forecasts for the second month in a row. That puts sales of new single family homes up 18.7% over a year ago, at their highest level since 2007. And this isn't just an artificial rebound from the hurricanes. All major regions saw sales gains, with the smallest actually coming from the south. The average sales pace for the past three months is also the highest since 2007.

For October, the Pending Home Sales measure of contracts signed on existing homes rebounded to a 3.5% gain following the 0.4% dip in September. This suggests existing homes sales should move up in November and December. Prices in many markets edge higher, as national measures continue to go up. Consequently, Fannie Mae and Freddie Mac are increasing the conforming loan limits in 2018 for most of the mortgages they insure. The baseline limit will go to $453,100, while the limit in "high-cost areas" will be $679,650. These conforming loan limits vary by county, so check with your mortgage professional....A taken from Amy Oister Supreme Lending.... Amy Oister Supreme Lending. Call us for mor information about Amy

Nov. 21, 2017

Access to Your Home is an Important Factor to Selling

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to your agent so that he or she can show your home. 

Here are five levels of access that you can give to buyers, along with a brief description:

Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.  

Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.

Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.

By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.

Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

Posted in Sellling Your Home
Nov. 17, 2017

5 Reasons to Buy a Home

Posted in Market Updates