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Summer 2010 Market Update
Market Commentary Provided bySteve Davis If you can qualify, now is an exceptional time to buy a home in McKinney. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 972-943-0996 |
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| Average Home Price | $225,000 - View Graph Trend |
| Average Price Compared to Last Year | No Change |
| Average Time on Market | 90-120 days |
| Best Selling Price Range | $150,000 - $199,000 |
| Worst Selling Price Range | $750,000 - $799,000 |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in McKinney is | Increasing |
| Seller Activity for the past 90 days in McKinney is? | Increasing |
| Multiple Offers? | No |
| Multiple Offers Commentary | Foreclosure properties are attracting multiple offers as bargain hunters are looking to capitalize. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 5-10% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Rates are great. Time to close is up as lenders deal with a lot of refinances. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | There is a good inventory. New home builders are moving ahead with development, so there are good opportunities for inventory homes. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Population Growth |
| Nearest Metro Area | Dallas |
| Housing Hot Spots | Stonebridge Ranch, Craig Ranch and North of US 380. Heritage Ranch for the over 55 resort lifestyle. |
| Average Sold Price | $225,000 - View Graph Trend |
McKinney Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
---------------------------------
30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Steve Davis
RE/MAX DFW Associates |
972-943-0996 |
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