The big picture on the current local market is that it is a good time to sell, a historically phenomenal time to buy and a great time to invest in rental property.
This week we will discuss each of these market segments in a 3 part series. Today is part 1 of 3: It’s a Good Time to Sell!
There are three types of real estate markets: a buyer’s market, a seller’s market and a balanced market. A buyer’s market is considered more than 7 months of inventory while a seller’s market is less than 5 months of inventory. A balanced market is between those two with an inventory of 5 to 7 months. Collin County Association of Realtors current statistics show that from February 2011 to January 2012 we had an average of 6.2 months supply of inventory – a balanced market. However it also shows that in December and January we had less than a 5 month supply (4.3 and 4.2 respectively) – a seller’s market. Several years ago our market went through a shift and our inventory began to exceed the supply of buyers on the market. Buyers were not buying due to uncertainty in the market, loss of value on current home or job loss so homes were not selling. Many people determined that was not a good time to move so they did not try to sell their homes. The national news still paints a gloomy housing crisis picture and sellers continue to wait, but locally we are doing rather well and starting to see the indicators moving in a continuously positive direction. Sellers need to know that there is minimal competition on the market (down overall 17% on the average over last year –see chart) and many homes arriving on the market that are well-prepared with staging, properly priced according to the current market and in overall good condition are receiving multiple offers within 60 days. It is a good time to SELL and locally we are moving toward a seller’s market.
Give us a call and let’s start discussing today what you need to be preparing to make your move this year!
Starting November 2011, the North Texas Municipal Water District area including Collin County, Mesquite and Garland entered into Stage 3 drought conditions meaning citizens would only be able to water their landscapes once every two weeks, but you should check with your city for restrictions because some have adopted stricter conservation measures. The NTMWD has been considering going to Stage 4 – the highest level of water conservation measures. In their meeting at the end of January they voted to remain at Stage 3 until at least May 31st.
Under Stage 4, all residential and commercial outdoor watering would be prohibited, as would irrigation of new landscaping, washing vehicles and permits for the construciton of pools. The watering of foundations and trees would still be allowed for up to two hours per day, but only with a hand-held hose, soaker hose or a drip irrigation system. Of course the restrictions will also affect the livelihood of the many pool construction and landscaping businesses in the area and the NTMWD also tries to take that into account when making their critical decisions.
Lake Lavon is currently at a depth of 486 feet, approximately the same level it was at when Stage 3 restictions were added in October. But the NTMWD could exhaust it share of water from Jim Champman Lake. Compounding the problem has been the districts inability to pump water from Lake Texoma since fall 2009 because of zebra mussels, an invasive species, which can infest other lakes if pumped to the districts other reservoirs.
A study released in October by the National Weather Service said North Texas would require 24 to 28 increst of rain in a six-month period to pull itself out of the drought. If nothing changes, says Mike Rickman, deputy director for the NTMWD Stage 4 could be enacted as early as June.
So it’s time to save a little water and say a little prayer for more rain………… and if you are thinking of adding a pool this year don’t wait!
Welcome to 5616 Buttercup in the Eldorado Heights subdivision of McKinney. As you drive down this quiet street you will notice this home with great landscaped, rock edged beds. The bright and open two-story entry opens into inviting stacked formals. As you enter the kitchen you will notice the abundance of counterspace throughout the room including the island and large serving/breakfast bar. The kitchen is open to the spacious family room with dark wood flooring and gorgeous stone fireplace. The large master bedroom opens to a spa-like master bath with separate jetted tub, shower and vanities. Upstairs has three spacious bedrooms, a full bath and open gameroom. The backyard is a quiet place to retreat or a great place to entertain friends. A large multi-level deck can fit the entire party while there is still grassy area for play. The backyard including the driveway can be fully enclosed with the board-on-board fence and automatic sliding gate. You must come see this one to feel the beauty of this home both inside and out.
December is a big shopping month so is it a good time to buy real estate also? Many people do enjoying buying during the holidays while some do so purely out of need, but at any rate there are some positives to choosing to buy a new home during the holidays.
Tax Savings. Closing on your new home by Deceber 31st means you can deduct mortgage interest, property taxes and points on your loan on this year’s income taxes return.
Sellers are more motivated. With inventory still on the market, many sellers will also be anxious to sell by the end of the year so they can start fresh in their new home/location.
If you are buying a new home, there is a chance builders will be offering incentives. Many builders will offer extras to sell as many houses as they can by the end of the year.
Your housing choices during December are still relatively plentiful.
It’s easier to move. Many moving companies are booked six or so weeks in advance during the busy summer months. In the winter it is normally easier to secure the services of a moving company on shorter notice.
A new home for the holidays. The holiday season is a great time to celebrate your new home with family and friends.
If you buy a home this year you will be able to homestead it on January 1 and it will save you money on your taxes.
Rates are at an all-time low giving you more purchasing power to buy your home right now.
Home prices are still fairly low and sellers are competitive. With our strong negotiations you will be able to get a good deal on your new home now!
You know a couple successful Realtors on the Marr Team that can give you all the information you need to make the best decision for your family and help you accomplish your real estate goals! Rates are low and prices are great – call us today!
Starting November 2011, the North Texas Municipal Water District area including Collin County, Mesquite and Garland entered into Stage 3 drought conditions meaning citizens would only be able to water their landscapes once every two weeks, but you should check with your city for restrictions because some have adopted stricter conservation measures. The NTMWD has been considering going to Stage 4 – the highest level of water conservation measures. In their meeting at the end of January they voted to remain at Stage 3 until at least May 31st.
Tax Savings. Closing on your new home by Deceber 31st means you can deduct mortgage interest, property taxes and points on your loan on this year’s income taxes return.