The Real Estate Market is Moving – How about You?
It is a GREAT time to buy a house so why not see if the time is right for you. Call us for a no-obligation consultation about the current market and what it means for you.
Just a reminder when you go to sleep tonight to turn your clock forward an hour! And if you haven’t changed your smoke and carbon monoxide batteries this year do it today too.
Have Real Estate Questions?
As your “go to” real estate professionals call us for all your real estate needs throughout the year. We are happy to answer your questions anytime.
FREE Classic Car Show today from 2:00-5:00 in Tucker Hill north off 380 between Stonebridge and Ridge. Stroll along Grassmere Lane at Tucker Hill while viewing beautiful classic vehicles against the complementary backdrop of pre-World War II architecture. Food and beverage available for purchase.
While you are in Tucker Hill you can get a feel for one of McKinney’s most distinctive and architecturally beautiful neighborhoods. If it feels like a great place for your family to call “home” – give us a call and let us give you a full tour and help you find your spot in this fabulous, active, community-friendly neighborhood.
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 3 of 3: It’s a Great Time to Invest in Rental Property.
The rental market is also extremely busy and competitive – on average homes that were leased a year ago can lease for at least $100 more per month currently. Our last two rentals we put on the market in January were leased within a few days. Couple the high demand with some of the good deals on the market and you can have someone else be building equity and cash for you in a very short period.
Give us a call to show you the current deals on the market and we can find one that will match your budget and renovation skills. It’s a great time to INVEST in rental property.
We are so blessed to be in Texas and in Collin County and The Marr Team is excited to help all our friends and neighbors make the best real estate decisions for your family so give us a call today and let us know your plans and we can give you the most up-to-date advice and information. Knowledge and experience are not expensive, they are priceless!
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 2 of 3: It’s a Historically Phenomenal Time to BUY!
One of the housing indicators widely used is the Housing Affordability Index which reports the ability of a family earning the median income to purchase a median-priced home. For example an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability the average affordability index locally in the past 12 months was 169 with the highest number in December at 183. Let me put this into perspective with the following chart from Keller Williams Gary Keller:
| 1989 | 2011 | |
| Bread | $0.67 | $2.78 |
| Gas (gallon) | $0.97 | $2.84 |
| New Car | $15,000 | $30,000 |
| Existing Home | $94,000 | $166,100 |
| Mortgage | 10% | 4.45% |
| Monthly Payment | $825 | $837 |
While the average price of house has increased by $72,100 the monthly payment for that increase is only several dollars more per month. Current mortgage rates are historically low and real estate professionals and economist know they will eventually begin to rise so don’t miss your opportunity – if you need to move, move and if you don’t refinance today! It is a historically phenomenal time to BUY and in our area it will give you a cheaper payment than renting.
Not sure if you are prepared financially? Let us connect you with a reputable mortgage advisor that can give you the information you need to help you answer that question and prepare to move now or in the short future.
So call us today to start talking about the move you need to make this year!
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!
Come visit this beautiful home in McKinney – Open Sunday from 2:00-4:00pm
5616 Buttercup Lane in Eldorado Heights (see directions below)
Welcome to 5616 Buttercup Lane, located in the heart of McKinney. As you drive down this quiet street you will notice this gorgeous Goodman built home has nice curb appeal beginning with the exterior stone flowerbeds, landscaping and arched entry and windows. The bright two-story entry leads into stacked formal living and dining areas perfect for entertaining or relaxing at home with the family.
The kitchen is spacious and provides great storage and counter space for preparing a meal or serving guests at a party. The breakfast area adjacent to the kitchen space has café shutters and seating ledges. The kitchen’s long serving and breakfast bar area opens to the family room. The family room has a gorgeous stone fireplace focal point and dark engineered wood floors. Just off the kitchen area is a conveniently located ½ bath for guests, entry to the garage and a separate utility room with extra storage space.
Of generous size, the downstairs master bedroom also features the dark engineered wood flooring, oversized windows and vaulted ceilings. The master bath has separate raised vanities, updated lighting, separate jetted garden tub, shower and a large master closet. Upstairs includes 3 additional bedrooms, a full bath, gameroom and walkout attic space.
The backyard and large multi-level deck is nicely shaded for spending time outdoors year round on a quiet evening or entertaining a crowd. Added lighting and outlets lets the party last even into the night. The garage is rear entry and the driveway along with the entire backyard is enclosed with board on board fencing and an automatic gate. The enclosed driveway provides larger play space for kids or even a little basketball playing in the safety of your own yard away from cars.
This home will be one everyone will enjoy inside and out!
DIRECTIONS: From Lake Forest turn west on Highlands, left on Gardenia, right on Stonemoss, right on Dafodil which turns left into Buttercup. Look for the sign in the yard on the right side. Welcome!
Since January is National Mentoring Month I wanted to encourage others to share some time with another person as a mentor. As a person that has been mentoring the same student in the McKinney ISD for three years, I can tell you that you will get more from the experience than you expect and you never know how much it will mean to the other person.
Need a suggestion on where to mentor locally? McKinney ISD’s divisions of the Partners in Education organization is REACH. The program is designed to foster a basic sense of self-esteem, self-confidence and a motivation to learn and improve personal and social skills that will reinforce the importance of an education. Reaching one child at a time is the primary goal of the program and just requires an hour per week.
Currently the program provides mentors for around 400 children in the school system, but there is still a waiting list for students that just need another adult in their life to show interest. At the annual luncheon last May the superintendent remarked that during these tough times even more mentors are needed as more students and families struggle.
Becoming a mentor is one of the best investments you can make for the future. You just need to listen, show that you care and share your experiences. So whether it is through a local school system, Boys & Girls Clubs, Girl Scouts, Boy Scouts, Big Brothers Big Sisters or you just find someone from your life that needs a little direction or friendship – take a little extra time in 2012 to share yourself and your time.