Fall Back!
Just a reminder to set your clocks back one hour TONIGHT, Saturday, November 5th!
Luscious Lemon Sheet Cake – May 2015 Recipe Post Card – The Marr Team
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Ready for a home that better fits your flavor? With current conditions, now is a great time to find a home that better suits your taste. We’re here for you and those you know.
The Marr Team. Homes for Sale in Collin County, Homes For Sale in McKinney, RE/MAX Prestige Celina Texas, Celina Texas Homes For Sale, Homes For Sale in Prosper
Dallas Area ranked No. 5 in Flash Sales Points to Seller’s Market
You might be surprised, but there is a new term in real estate these days it’s called “Flash Sales”. Flash sales refer to homes that are selling in less than 24 hours. You might also be surprised to know that is happening right here in McKinney, Collin County and throughout the DFW metroplex.
What has set up the market to have so many flash and quick sales?
Low Inventory our inventory of homes for sale continues to stay low compared to last year and prior years while sales are on the rise. There could be many reasons that inventory remains low, but sellers that are considering a move need to visit with us to see what current market value is as prices begin climbing in many areas. The current months supply of homes for sale in Collin County was 2.5 months at the end of February. Housing inventory lower than 5 months of inventory is considered a seller’s market.
Low Interest Rates make it a great time to buy. Home buyers can buy more home for their money with today’s extremely low interest rates. Interest rates have a major effect on purchasing power. A 1% increase in the interest rate changes how much house a potential home buyer can afford. For example, assume a couple with a total annual household income of $100,000 seeks to buy a home. The couple has $20,000 for a down payment. Also assume the couple has $1,100 in monthly non-mortgage debt and is seeking a 30-year loan with zero points paid at closing, closing cost of 3% of the purchase price and annual taxes of 1.85% of the sales price. If the couple obtains a 5% interest rate, they have enough purchasing power to buy a house that costs $331,030. If the interest rate increases to 6%, their purchasing power decreases to $304,940. Another 1% jump in the interest rate reduces the couple’s purchasing power to $281,906. Therefore an increase in the interest rate from 5% to 7% reduces their purchasing power from $331,030 to $281,906–a reduction of $49,124.
If you are considering selling, buying, building or investing talk to us to ensure you understand the best way to approach this market and have a strong team in your corner to ensure you reach your real estate goals this year. Call us at 214-620-0411 to get all the 411 on local real estate.
More Improvements, Less Taxpayer Money in McKinney
Good news for the City of McKinney who was just elevated to an AAA rating from the Standard and Poor’s for its general obligation (GO) bonds. This is the highest rating issued by the S&P and places McKinney among the elite Texas cities. Only 20 cities in the state enjoy this rating.
“This is great news for the City and our residents, because it means more capital improvements with less taxpayers’ money. In addition, it serves as an independent assurance to the community that our fiscal and financial policies and management are among the best around.” said City Manager Jason Gray. “I credit the vision and leadership of the City Council and the great work done by our Finance Department for responsible fiscal practices to secure the highest rating.”
Standard and Poor’s cited the following reasons for the rating:
- Access and participation in the north-central Texas economy
- Deepening property tax base
- Very strong income levels
- Historically very strong reserve levels
Achieving the high rating gives the city access to lower interest rates, saving money for taxpayers. Proceeds from the GO bonds are generally used to make city-wide facility improvements to streets, drainage systems, parks and other public facilities. This is news just adds to the many reasons why many people from all over the United States are considering moving to McKinney, Texas.
McKinney, Texas, is unique by nature. As one of the fastest-growing cities in the U.S., McKinney has a current population of nearly 141,000. Incorporated in 1848, the city is located 30 miles north of Dallas and is the county seat of Collin County. McKinney offers rolling hills, lush trees, a historic downtown square and unique neighborhoods and developments. The city ranks #2 on the Money Magazine Best Places to Live list.
Thinking of moving to McKinney? You can find McKinney homes for sale here.
More Improvements, Less Taxpayer Money in McKinney