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Posted by: | Posted on: May 22, 2020

The Fastest-Growing U.S. City Most Americans Didn’t Know Existed

The South has risen again.

Six of the 10 fastest-growing, large cities of the past 10 years are below the Mason-Dixon Line—with half in Texas alone, according to a recent U.S. Census Bureau report. The report looked only at cities with at least 50,000 or more residents from April 1, 2010, and July 1, 2019. And the fastest-growing city is one that most folks outside of the Lone Star State are likely unfamiliar with.

The Dallas suburb of Frisco, TX, about 30 minutes north of the larger city, has grown 71.1% over the past decade. Frisco’s gotten a boost because so many companies have relocated, opened, or expanded their operations in the Dallas region, attracting lots of well-paying jobs and workers to the area.

The area’s good fortune could help explain why homes within Frisco’s city limits cost a median $500,000 in April, according to realtor.com® data. That’s about

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Posted by: | Posted on: May 22, 2020

Home Sellers Should Channel Patience as Days on Market Shoots Up

They say patience is a virtue. Home sellers attempting to unload their properties during this COVID-19 crisis may need to take those words to heart.

Nationally, homes are taking roughly 15 more days, or about 27% longer, to close than they did a year ago, according to realtor.com®’s Weekly Housing Trends Report. It looked at realtor.com data for the week ending May 16. This is the biggest increase in the number of days that homes spend on the market since 2013.

“Mid-May is normally the time of year when homes sell the fastest,” as it’s in the thick of the busy spring home-buying season, says realtor.com Chief Economist Danielle Hale. But the coronavirus pandemic and its ensuing stay-at-home orders, surging unemployment, and likely economic recession are drastically slowing down the real estate market. “Today’s median time on market is more like what we usually see in late February

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Posted by: | Posted on: May 22, 2020

Coronavirus Leads to Worst Home Sales in a Decade

Existing-home sales hit their lowest level in a decade as the coronavirus pandemic continued to play havoc on the housing market.

Sales of previously lived-in homes plummeted 17.2%, to just 4.33 million transactions in April compared with a year ago, according to the seasonally adjusted numbers in a recent report from the National Association of Realtors®. They were down 17.8% from March as much of the country stayed home to help stem the spread of COVID-19.

“Sales are at the worst level in about a decade. But all things considered, it really could’ve been worse,” says realtor.com® Chief Economist Danielle Hale. “It’s not surprising given that everyone’s staying home.”

With nearly 39 million folks filing for unemployment since the crisis began two months ago and many parts of the country still prohibiting in-person showings, May and June could also be rough months for the housing market, she predicts.

“There’s

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Posted by: | Posted on: May 21, 2020

How Low Will Mortgage Rates Go? Below 3% If You Know Where To Look

One of the few silver linings for real estate in the middle of this devastating coronavirus pandemic has been record-low mortgage interest rates. And housing experts predict those ultralow rates will likely fall even further—venturing into the unprecedented 2% range.

That could give the flagging housing market—deeply hampered by state and local lockdowns, uncertainty about COVID-19, and a sputtering economy—a much needed boost. Lower rates equate to lower monthly housing mortgage payments, meaning many buyers will suddenly be able to afford homes with higher price tags.

“We expect mortgage rates to stay low and possibly slip lower,” says realtor.com Chief Economist Danielle Hale. “We’ll flirt with the 3% threshold for a while before we go below it.”

Although some lenders are offering rates in the high 2% range, rates averaged 3.28% for 30-year fixed-rate loans for the week ending May 14, according to the most recent Freddie Mac data

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Posted by: | Posted on: May 20, 2020

For Some, Mortgage Forbearance Could Make It Harder To Get a Future Loan

Homeowners who request relief from their payments on their federally funded mortgages amid the coronavirus pandemic won’t be penalized for it in the long run, the federal government announced on Tuesday.

Earlier in March, the federal government assured homeowners with these loans that they wouldn’t lose their homes, incur fees, or have their credit scores damaged if they couldn’t make their payments—as long as they entered a lender-approved forbearance program. Typically, forbearances are doled out in three-month chunks for up to 12 months.

But that forbearance has been showing up on these borrowers’ credit reports, making it nearly impossible for many of them to refinance their mortgages into lower monthly payments or qualify for a loan on a new property, say if they get a job in another city. Traditionally, owners who resorted to a forbearance program had to make up the skipped payments and then wait a year before

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