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.
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We are so confident in our marketing plan that if you interview another listing agent before interviewing the Marr Team we will give you $500 discount when your home list and sells with us. Call us today at (214) 620-0411 to find out more details and become A Marr Team Listing.
The McKinney Senior Recreation Center will host the annual Senior Health Fair on Friday, March 1 from 9 a.m. – noon at the McKinney Senior Recreation Center, 1400 S. College St.
Senior Select at Home Companions is a co-sponsor of the 2013 Senior Health Fair. More than 30 vendors will be available for numerous types of health screenings at no charge to participants, and educational information pertaining to many health and wellness services available in Collin County will be provided. Screenings are designed to meet the needs of adults 50 years of age and older. This event is free.
Prizes and drawings will be held, and light refreshments will be provided. For more information please call the center at 972-547-7491 or click here.
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.
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.
