North Texas Real Estate News, Trends and Happenings

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 

Oct. 24, 2019

Regardless of the Price, You’re Going to Need Home Buyer Advice

Depending on the Price, You’re Going to Need Advice

In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers.

Starter-Home Market: This market varies by price, and these homes are typically purchased by first-time home buyers or investors looking to flip them for a profit. Across the country, homes in this space currently have less than 6 months of inventory for sale. That means there aren’t enough homes on the lower end of the market for the number of people who want to buy them. A low supply like this generally increases competition, drives bidding wars, and sets up an environment where homes sell above the listing price. According to data from the National Association of Realtors (NAR) on realtor.com,

“The desire for affordability continues to push down the inventory for homes listed for less than $200,000.00.”

Middle-Home Market: This segment is often thought of as the move-up market. Typically, the buyer in this market is moving up to a larger, more custom home with more features, all coming at a higher price. Across the country, this market is looking more balanced than the lower end of the market, meaning it has closer to a 6-month supply of inventory for sale. This market is more neutral, but leaning towards a seller’s market.

Premium & Luxury Home Market: This is the top end of the market with larger homes that have even more custom features and upgrades. Nationwide, this market is growing in the number of homes for sale. In the same realtor.com article, we can see that year-over-year inventory of homes in this tier has grown by 4.7%. Today, there are more homes available in the premium and luxury space, leading to more of a buyer’s market at this end.

Bottom Line

Depending on the segment of the market and the price point you’re looking at, you’re going to need the advice of a true local market expert to help you successfully navigate the home-buying or selling process.

Sept. 23, 2019

Interview Business Success

#realestate #relocation #trelocationtexas #realestateisabusiness #dallasrealtor #newhomespecialist #newhome #friscorealtor #texasrealtor 

Aug. 19, 2019

Buying a Home: Common Terms in Home Buying Process

Buying a Home: Do You Know the Lingo?

Buying a Home? Do You Know the Lingo? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
  • To point you in the right direction, here’s a list of some of the most common language you’ll hear when buying a home.
  • The best way to ensure your home-buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’

#stitzingerteam #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation #littleelmtx #friscotx #prospertx #planotx #lakefront #luxuryhome #luxury

July 29, 2019

3 Expert Insights On Inventory In The Current Housing Market

 

3 Expert Insights On Inventory In The Current Market | MyKCM

The current housing landscape presents greater home values, low interest rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.

There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up.

Here is a look at what a few industry experts have to say:

Lawrence Yun, Chief Economist at National Association of Realtors

“Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

Mark Fleming, Chief Economist of First American

“Market conditions are ripe for increasing home sales with one glaring exception. The supply of homes for sale remains tight, keeping existing home sales below potential.”

Danielle Hale, Chief Economist of Realtor.com

“We're not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen.”

Bottom Line

If you’re thinking of selling, now may be the time. Demand for your house will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment.

#stitzingerteam #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation #littleelmtx #friscotx #prospertx #planotx #lakefront #luxuryhome #luxury #teamstitzinger

July 22, 2019

Is Your First Home Now Within Your Grasp?

Is Your First Home Now Within Your Grasp? 

Is Your First Home Now Within Your Grasp? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • According to the US Census Bureau, “millennials” are defined as 18-36-year-olds.
  • According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 32.
  • More and more “old millennials” (25-36) are realizing that homeownership is within their grasp now!

#stitzingerteam #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation #littleelmtx #friscotx #prospertx #planotx #lakefront #luxuryhome #luxury

 

July 8, 2019

10 Steps to Buying a Home This Summer Texas

10 Steps to Buying a Home This Summer10 Steps to Buying a Home This Summer [INFOGRAPHIC] | MyKCM

Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!

 

#teamstitzinger #littleelmrealtor #friscorealtor #prosperrealtor #dallasrealtor #newhome #dallasrelocation #northtexasrealtor #northtexashome  #northtexasrelocation #littleelmtx #friscotx #prospertx #lakefront #luxuryhome #luxury

 

July 2, 2019

Top 5 Reasons You Should NOT FSBO

Top 5 Reasons You Should NOT FSBO

Top 5 Reasons You Should NOT FSBO | MyKCM

Rising home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers.

The top 5 reasons are listed below:

1. Online Strategy for Prospective Purchasers

Recent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

  • 50% on the Internet
  • 7% from a yard sign
  • 28% from a Real Estate Agent
  • 1% from newspapers

The days of selling your house by putting up a sign and listing it in the paper are long gone. Having a strong Internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent, who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser, if there is a question of value

4. FSBOing Has Become Increasingly Difficult

The paperwork involved in the process has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, they may actually cost themselves more. One of the main reasons for the price difference at the time of sale is:

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

The more buyers that view a home, the greater the chance of a bidding war for the property. The study found the difference in price between comparable homes of size and location is currently at an average of 6%.

Listing on your own leaves you to manage the entire transaction yourself. Why do that when you can hire an agent without additional cost?

Bottom Line

Before you decide to take on the challenge of selling your house on your own, let’s get together to discuss your needs.

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

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