Traditional House Blessing in McKinney

My clients had a traditional house blessing their new home in McKinney on Thursday, Nov 25, 2021. They closed today!

I’ve Got Your Six!

Mark M Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #house #home #HouseBlessing #ceremony #McKinney

Market Watch - 26 Nov. 2021

Since last week, all categories in both the For Sale and Lease housing markets have decreased. This is seasonal and expected during Thanksgiving week. There was a severe drop in the number of price decreases this week. Again, this change could be a result of Thanksgiving week or Sellers choosing to wait.

An important shift was the higher number of Sold in proportion to Pending. It takes about two weeks to close a cash transaction. It takes 30 to 45 days to close a financed transaction. There is another category on the market titled "Active Contingent," which tracks houses that are waiting on loans. However, it's normally in the low hundreds.

Logically, there should be a significantly larger number of houses Pending than Sold. Additionally, there should be more New Listings than any of the other categories. Since more houses Sold than are Pending, there's a potential for a noticeable drop in Sold properties during December. This decrease is also seasonal, but it would mean a possible pause in this unusual market. It's worth watching.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketWatch #SeasonalDecrease #Lease #SellersMarket #SellNow #StrongDemand #BuyNow #PendingInversion

Preparing for the Annual Pie Party

I prepared treats for the annual pie party. The pies are ordered and will arrive on Tuesday morning for the Annual Pie Party. 

I want the event to be memorable, so I made Pie Party buttons. 

If you want to attend next year, it only takes one closed referral!

I made enough for all my guests and a quite a few others. If you see anywhere me this week, ask me for a button or a magnet. Yes, I'll probably have some for the holidays starting on Friday.
I'll also have hot chocolate with candy canes and a Hot Chocolate Cookie recipe along with some "snowman poop" (mini marshmallows). I'll drop those off on doorknobs through the neighborhood this year too.

I’ve Got Your Six!

Mark M Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
#DFWmark #REALTOR #Thanksgiving #ButtonMaker #button #coco #peppermint #treats #CookieRecipe #MiniMarshmallow.

Market Watch - 19 Nov. 2021

Since last week, properties Under Contract, Pending and Sold have all increased while New Listings have decreased. The market remains inverted with about 600 more houses leaving than entering this week.

Forbearance started to appear and grew exponentially. It’s worth watching for the remainder of the year. It takes about 30 days from sale to close. If you have equity and need to sell a property before foreclosure, please call me immediately. I can get it done if you act quickly.

Lease Listings and Leased Properties decreased while Pending increased for a second week in a row. While prices increased, leased homes remained below New Lease Listings since October 1.

I’ve Got Your Six!

Mark M Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketWatch #SellNow #BuyNow # forbearance #foreclosure #VolatileRates #InvertedMarket #RentPrices

Market Watch - 12 Nov. 2021

Since last week, New Listings increased slightly while Properties Under Contract, Pending and Sold all decreased.

The number of properties Sold dropped by about 600 this week (a 21% decrease). However, the market remains inverted with more houses leaving than entering. The number of price decreases has been flat from week to week.

Meanwhile, mortgage rates have become more volatile heading into the holiday season. Anecdotally, forbearance has only been marginal and manageable. It’s worth watching for the remainder of the year.

Lease Listings and Leased Properties decreased while Pending increased. Leased homes have remained below New Lease Listings since October 1. Most years, this would indicate balance returning to the lease market. However, this market is not traditional.

The current median price per square foot for lease properties across North Texas and Northwest Louisiana is $1.21. Since early August, the median number of days on market has increased from 9 to 11 while the median lease price has reduced by $0.02.

I’ve Got Your Six!

Mark M Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketWatch #SellNow #BuyNow #SlowingMarket #DaysOnMarket #VolatileRates #PricePerSquareFoot #forbearance

FREE Books by Mark

I was a pro photojournalist for 25 years and book editor for a decade. When I became a REALTOR, I applied these skills to educate my clients and explain the real estate process in easily understood terms. Over a few years, I produced the guides (books) listed below. Images are hyperlinked on the PDF to download.

I provide them for FREE on my public Google Drive as PDF eBooks. I won’t know if, when or who views or downloads them. The guides are there for anyone’s benefit. When someone wants to buy or sell a house, please send them a link to these information-packed guides.

They can avoid major and expensive mistakes. They’ll thank you later!

House Seller Guide" has all the information needed to sell a house including examples of Texas state promulgated forms.

This 68-page book features major sections on Let's Sell Your House, What Sellers Should Expect, Seller Preparations, Information Sheets, Texas Promulgated Forms, Addenda and other forms.

It's a deep dive into the entire process. It allows Sellers to understand the process and how to get the most money in the shortest time with the least inconveniences. 

"Home Buyer Guide" features everything buyers need to know to acquire a preowned or new-construction house.

This 64-page book features major sections on First Steps, Buyer Representation Steps (preowned), Home Construction, Information Sheets, New Build Representation Steps and Taxes. 

It has useful information for everyone from first-time buyers to season investors. 

"New Build Home Guide" explains everything needed to acquire a new construction home. It was the first book.

This 46-page book features major sections on First Steps, Home Construction, Information Sheets, and  Buyer Representation Steps (new construction). 

It is specifically designed to help represented buyers navigate the new construction process to their advantage. The "Who Pays For What?" section is specific to new construction.

"DFWmark Information of Value" is an ongoing book with bite-sized nuggets of valuable information for just about anyone.

This book is a growing collection of monthly information that is useful to the broadest spectrum of folks. It covers everything from safety to entertainment.

Some entries include: Put Spring Into Your Home, Cut Your Expenses, Summer Safety Tips, Paint Your Cabinets, Useful Conversions, Prepare for Fall, Organize Files for New Year, Handle Frozen Pipes, Vacation & Staycation Fun, Severe Weather Damage Help, Summer Fruit Tips, Which Screw to Use, House Care & Maintenance, Calorie Charts, North Texas Annual Events and more. 

Additional information is located on this blog at the Information of Value hashtag. Since you want this information delivered monthly, send me an email with the subject line "Add IOV." 

I always seek ideas for future IOV posts, if you want me to research something that should fit on one page and be useful to most people, please call, text or email me with the idea. I'll try to make it happen!

Mom's Cookbook is a gift from our family to yours!

Before Mom passed in 1994, she made a cookbook of her favorite recipes from her travels and friends around the world. 

It still has some “vintage” recipes, but the layout and instructions have been updated. You’re welcome to share it with friends. Please view or download at this link.

Cheers!

I assembled a Home Maintenance Guide for you. Please bookmark the location. The no-cost guide covers the most basic actions required to maintain your home. I’ll add to the book as I write pertinent new Information Of Value sheets.

The book is divided into three main sections:

1) Maintenance and Tools

2) Household Expenses

3) Seasonal Preparations

Please share this book with everyone – especially your neighbors. We all benefit from well-maintained homes!

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212 (call or text)
markhancockrealty@gmail.com
DFWmark.com

#DFWmark #REALTOR #FreeBooks #FreeGuides #HouseSellerGuide #HomeBuyerGuide #NewBuildHomeGuide #InformationOfValue #book #free

Market Watch - 5 Nov. 2021

Since last week, New Listings were flat and Sold increased while Properties Under Contract and Pending decreased.

Zillow announced it would drop out of the iBuyer market. They will no longer purchase and flip homes. This abrupt withdrawal by a “market disruptor” will result in a 25% staff reduction and an approximately $540 million write down. The inventory of homes will be sold at existing market value as available.

CNN states the loss “was because it bought homes during the last quarter for prices higher than it believes it can sell them.” This was somewhat expected considering that Inman reported in 2016 that Zillow’s CEO, Spencer Rascoff, sold his home for much less than it’s Zestimate – 40 percent less.

The Lease Listings and Leased properties increased while Properties Pending decreased as expected with the first of the month.

Please see my Lease Market Snapshot from earlier this week to get a deep view of the city-by-city market. It goes over the minimum and maximum asking prices plus median days on market, number of lease properties available and city populations based on the most-requested house type for all cities with property in Collin and Denton counties.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #MarketWatch #InventoryGone #Lease #iBuyer #Zillow #ZillowLeaves #UnexpectedGains #BuyNow

Lease Market Snapshot

If you plan to lease a house in North Texas, it’s best to know what you face in 2021. Below are the high and low prices along with the total number of available single-family houses in cities that have any land in Collin and Denton counties. 

To avoid outliers such as converted garages, the search was set to properties that most tenants want. The most common request is for 3+ bedrooms, 2+ bathrooms, 2+ car garages that were built in 1990 or later.

The most obvious shortfall is in the city of Dallas. With a population of more than 1.3 million, there are only 33 properties of this type available – one of those is asking $12,500 monthly. However, the most affordable home is also in Dallas and priced reasonably at $1,400 for a “cozy” (1,259 SqFt) home built in 1999 in East Dallas.

Fort Worth takes the crown for the most available properties with 202 lease properties available for a population of 918,915. Prices start at a relatively modest $1,600 per month but climb to $6,900 monthly.

Surprisingly, Frisco has the next highest availability at 76. Expect to pay a premium to live in the high-demand city. Leases start at $2,095 monthly and go to $8,000.

Lakewood Village wins for the most expensive starting point because there’s only one property available for $7,695 per month. There was only one other lease house available in the last six months, and it went for $3,700 per month. Southlake follows with an eye-opening range of $4,300 to $6,500 per month. Get them fast because there are only four available in a city with a population of 31,265.

The median days on market in this market favors landlords. Trophy Club with a price range of $3,000 to $7,200 has 30 median days on market (1 month). Celina and Roanoke both have 26 days. There’s upward pressure on rent prices when landlords know they won’t go a month without a tenant. Many cities are in single-digit median days on market.

If you’re ready to become a landlord or lease a house in Collin or Denton counties, you need a skilled REALTOR on your side to ensure you get the ideal property.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

Lease properties: Active, single family, 3+ beds, 2+ baths, 2+ garage, built 1990+. Located in cities that tax in Collin or Denton counties.

Columns include lowest and highest asking price as well as number of properties available, median Days On Market and city population.

Collin County
City                         Low $      High $       # Avail   Med. DOM        Population (2020 census)
Allen                       $2,100      $6,750         24              18                    104,627
Anna                       $1,725      $2,695        31               20                     43,703
Blue Ridge                                                   0                                           1,180
Carrollton                $1,980     $4,300        12                 7                    133,434
Celina                      $1,995     $3,900        14               26                      16,739
Dallas                      $1,400      $2,500       33               16                 1,304,379
Fairview                  $2,900                           1             13                       10,372
Farmersville            $1,980                           1             19                       12,344
Frisco                      $2,095     $8,000         75              15                     200,509
Garland                   $1,695     $3,200           8              20                     246,018
Josephine                $1,750     $2,400          2              14                          2,119
Lavon                      $1,950     $2,100           4              11                         4,469
Lowry Crossing                                             0                                          1,689
Lucas                                                            0                                           7,612
McKinney                $1,900     $5,600          62             12                     195,308
Melissa                    $1,899     $3,295         19             15                       13,901
Murphy                    $2,400     $4,511           2              17                      21,013
Nevada                                                          0                                          1,314
New Hope                                                      0                                             661
Parker                                                             0                                     148,222
Plano                       $2,100    $5,000            40              9                    285,494
Princeton                 $1,895    $2,595            43            17                      17,027
Prosper                    $2,250    $4,995            11            20                      30,174
Richardson              $2,495    $3,200              2            21                    119,469
Royse City               $1,850    $2,405            15           10                      13,508
Sachse                     $2,300                              1            3                      27,103
Saint Paul                                                         0                                          992
Van Alstyne             $2,300     $2,800              2           43                        4,369
Weston                                                             0                                          283
Wylie                      $1,800      $4,545            10           17                      57,526

Denton County
Argyle                    $3,000     $7,000                8             9                       4,403
Aubrey                   $1,950     $3,920              18           21                       5,006
Bartonville                                                        0                                      1,725
Carrollton              $1,980      $2,150              14             7                   133,434
Coppell                  $3,000      $3,800               5             6                     42,983
Copper Canyon                                                 0                                      1,731
Corinth                   $2,050     $2,900                5              6                     22,634
Cross Roads           $1,900     $2,595               5            19                       1,744
Dallas                     $1,400   $12,500              32            19                1,304,379
Denton                   $1,745      $3,158              32            11                  139,869
DISH                                                                0                                           437
Double Oak                                                      0                                       3,054
Flower Mound       $2,200       $6,000            14             15                    75,956
Fort Worth             $1,600       $6,900           202            14                  918,915
Frisco                     $2,095       $8,000            76            16                  200,509
Hackberry                                                        0                                        2,973
Haslet                    $1,950       $2,225              4              22                     1,952
Hickory Creek                                                  0                                        4,718
Highland Village                                              0                                      15,899
Justin                     $2,400                               1                9                      4,409
Krugerville                                                       0                                        1,766
Krum                                                               0                                         5,483
Lake Dallas                                                     0                                         7,708
Lakewood Village   $7,695                             1               14                         635
Lewisville              $1,900      $3,994            12              18                   111,822
Little Elm              $1,895       $3,500            41              14                    46,453
Northlake              $2,575      $3,295               8             18                       5,201
Oak Point              $4,200                                1               6                       4,357
Pilot Point                                                        0                                        4,381
Plano                     $2,100      $5,000             40               9                   285,494
Ponder                   $1,875      $2,500              2             23                       2,442
Prosper                  $2,250      $4,995             11            20                     30,174
Roanoke                $2,350      $3,000               2            26                       9,665
Sanger                   $2,025                                1              2                       8,839
Shady Shores                                                   0                                       2,764
Southlake               $4,300      $6,500              4             20                    31,265
The Colony            $2,750      $3,995              2             20                    44,534
Trophy Club           $3,000      $7,200              3             30                    13,688
Westlake                                                          0                                       1,623

#DFWmark #REALTOR #lease #rent #tenant #landlord #DaysOnMarket #LowestRent #MostExpensive #available #housing

I Just Want A House

You’ve got a great REALTOR by your side to get you to the finish line. Here’s the information you need if you only want the basics and leave the rest to your agent. The information below is approximate. You’ll need to talk to your lender to get specific numbers. This should get you started for a conventional purchase.

What can I afford?
You’ll need to talk to a lender to get an exact amount, but the ballpark number is up to three times your annual income (single, joint or household). If joint annual income is $100K and both have great credit without debt, they should qualify for a $300K loan.

What is the minimum cash to start?
Every transaction will have closing costs regardless of financing source. That’s about 2.5% of the house price. VA and USDA loans allow $0 down loans and the funding fee is rolled into the mortgage.

FHA loans require a 3.5% down payment. Most conventional loans require 3.5-5% as a down payment.

Bottom line: plan to have 6% of 3X your annual single or joint income in cash to start. More is better.

When do I need a 20% down payment?
Conventional loans will charge Private Mortgage Insurance (PMI) until the principal is below 78% of the property value. PMI only ensures the lender will be paid if the borrower defaults. When a buyer puts 20% down, there often is no PMI because the principal dips below the 78% threshold. However, don’t make assumptions – check with the lender for an exact amount. If an offered amount is over the asking price, expect to pay the difference to avoid PMI.

How do I find houses?
Your agent will send house options to you. You can see options monthly, daily, on specific days or the moment they hit the market (very high frequency if options aren’t properly limited). When you see one you like, contact the agent. The agent will arrange access and do basic research on the property so you can make an informed decision.

How do I find a new construction house?
If you want a new-build house, the agent needs to hunt them down by contacting the builders directly. The agent lets you know what is available, the cost and where it’s located. Most new-built homes are NOT on the listing service.

Never go to a builder without an agent. It’s like going to trial without a lawyer. The builder’s representative is obligated to protect the builder’s best interests – at your expense. Try to get an agent who is certified in new construction.

Never give a builder’s website your personal information (name, phone, email). Some consider this “procurement” and will prohibit you from having agent representation.

I found a house I like, now what?
Your agent should provide a comparative market analysis (CMA) of the house and a potential offer range in relation to the current market conditions. YOU decide what the house is worth to YOU. Tell the agent the price you want to pay – a combination of a cash down payment and any financed amount. The agent will ask some basic questions and make some suggestions related to other negotiation points in the contract.

Next, the agent completes the offer and sends it to you for digital endorsements. The entire signed and initialed package is called an Offer. The agent will send the offer to the Seller’s agent.

The offer was accepted and executed. Now what?
Most contracts will have an Option Period. It’s negotiated, but the Option Period is normally 3-10 days to perform due diligence inspections and terminate (back out) for any reason.

How do I know the house is OK?
Buyers need to have the house inspected quickly. Fast inspections allow additional time for roof and foundation inspections before the end of the Option Period. The buyer must select and pay for the inspection. Price is based on house size but expect $500-$700 for most. The agent can make the arrangements for the inspection but can’t pay for it.

When do I get the house?
How the house is purchased dictates when ownership will change hands. Most conventional loans can “close” in about 30 days. Cash-only purchases with no repairs can close in as little as two weeks.

Possession happens most often after “closing and funding.” Title can’t transfer ownership until it secures the entire contracted amount from the buyer and lender(s).

Finally, if you agreed to let the owner lease the house from you after closing (called a “leaseback”), you must wait until the lease is complete before you can occupy the property.

How do I turn on my utilities and get moved?
Your agent should present a list of utility providers for you to call. It will be in the Seller's Disclosure Notice (SDN). If there wasn't a SDN, ask your agent for a list from a recent nearby sale.

What else?
If you have a full-service real estate agent, everything else should be handled for you. Your agent will do the research, negotiations and guide you through the process while communicating with you and keeping you informed. Your agent brings the menu, YOU make the decisions.

If you want to know more about any part of the transaction, please view or download my Home Buyer Guide (free book). 

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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