The Essential Real Estate Agent

When life changes, you need to move.

I've Got Your Six!

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

#DFWmark #REALTOR #expert #integrity #negotiations #NewStart #buyer #home #house #VeteranOwned

Summit at Stonebriar Apartment Tour

 

Under Contract!

The Summit at Stonebriar is located near Stonebriar Mall in Frisco. They do work with agents. Karmic Grounds is a coffee shop on the bottom floor. The community provides branded bicycles to travel to nearby shopping, restaurants, entertainment and more. It is in the Frisco ISD.

I’ve Got Your Six!

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

#DFWmark #REALTOR #lease #tour #apartment #Frisco #SummitAtStonebriar #upscale #new #Stonebriar

NAR Reaction to Consumer Price Inflation

Inflation didn't slow at the expected rate, but it appears that a “soft landing” may be possible without a recession. Don't expect a massive drop in mortgage rates. However, the second half of the year looks promising.

That said, on-the-fence buyers will jump back into the market when rates hit their desired target. Each 1% of mortgage rate change equals about 10% in buying power. For example, a buyer who could afford a $500K house today, could afford a $550K house after a 1% drop. Unfortunately, prices could easily increase more than any saved amount in a multiple-offer market.

Buy a house now while there are some choices and still some bargains. You can refinance when rates drop significantly.

I’ve Got Your Six!

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

#DFWmark #REALTOR #market #rates #inflation #correction

7201 Mitchell Dr. Listing in McKinney 2024

NEW TO MARKET!
7201 Mitchell Dr.
McKinney TX 75070
Listed for lease at $2,700 p/mo.
Listed by Mark M. Hancock
MLS# 20512978

This 1,974 sq. ft. end-unit home is available for lease in McKinney. It is within the Frisco ISD and has 3 bedrooms, 2 and a half baths, game/flex room, pocket office, chef’s kitchen, washer and dryer, a two-car garage and HOA grounds maintenance.

The premium end unit was built in 2017. It overlooks the community center, fountains and pool. The townhouse is ideal for travelers because it has HOA grounds maintenance and is one mile from SH 121. The kitchen has stainless steel appliances that include a refrigerator and gas cooktop. Wood floors are in the living room, kitchen and pocket office. A half bath and garage finish the ground floor. Two secondary bedrooms are split from the primary suite. A washer and dryer are included in the utility closet off the flex-game room. The primary suite has a large walk-in closet, dual sinks and separate vanities.

I’ve Got Your Six!

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

#DFWmark #REALTOR #lease #townhouse #McKinney #FriscoISD #rent #PoolView #CollinCounty #video

Lease Just Listed on Mitchell in McKinney

NEW TO MARKET!
7201 Mitchell Dr.
McKinney TX 75070
Listed for lease at $2,700 p/mo.
Listed by Mark M. Hancock
MLS# 20512978

This 1,974 sq. ft. end-unit home is available for lease in McKinney. It is within the Frisco ISD and has 3 bedrooms, 2 and a half baths, game/flex room, pocket office, chef’s kitchen, washer and dryer, a two-car garage and HOA grounds maintenance.

The premium end unit was built in 2017. It overlooks the community center, fountains and pool. The townhouse is ideal for travelers because it has HOA grounds maintenance and is one mile from SH 121. The kitchen has stainless steel appliances that include a refrigerator and gas cooktop. Wood floors are in the living room, kitchen and pocket office. A half bath and garage finish the ground floor. Two secondary bedrooms are split from the primary suite. A washer and dryer are included in the utility closet off the flex-game room. The primary suite has a large walk-in closet, dual sinks and separate vanities.

I’ve Got Your Six!

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

#DFWmark #REALTOR #lease #townhouse #McKinney #FriscoISD #rent #PoolView #CollinCounty #LowMaintenance

Principal & Interest

Do you know how fixed-rate loans are amortized and compounded?

There are four components to a mortgage payment. Of these, only two can be “fixed” for the duration of the loan. Learn how principal and interest (P&I) are calculated and amortized to allow borrowers to spread payments evenly across decades to own property and build generational wealth. Also, get a handy chart to see monthly P&I loan payments based on interest rates and amounts borrowed over 30 years.

Principal & Interest
There are four main components to a mortgage payment. They are Principal, Interest, Taxes and Insurance – PITI for short. Of these, only Principal and Interest are “fixed” for the duration of the mortgage agreement or “note.” The repayment plan of a mortgage is compounded and amortized, which roughly means interest for the entire loan is calculated and the payments are spread equally throughout the loan. In practice, much more interest is paid at the beginning of the debt period while much more principal is paid toward the end of the debt period.

Taxes and Insurance are variable each year. There are separate Information Of Value entries for these topics.

Compound interest
Compound interest means interest is not only earned or charged on the original loan amount (principal) but also on the interest previously added (compounded) to the principal.

The formula for compound interest is often expressed as:
A = P(1+r/n)nt
• A is the Amortized future value of the investment/loan, including interest.
• P is the principal amount (initial investment or loan amount).
• r is the annual interest rate (decimal).
• n is the number of times that interest is compounded per unit (t \ (time), and
• t is the time the money is invested or borrowed for, in years.

Compound interest allows for exponential growth or increase in the value of an investment or debt over time.

Principal
In a mortgage, the principal is the initial amount of money borrowed or the outstanding balance on a loan. It is the original loan amount that the borrower needs to repay over time.

When mortgage payments are paid, a portion of the payment goes towards reducing the principal, and another portion goes towards paying the interest on the remaining balance. The goal is to gradually reduce the principal amount owed throughout the mortgage.

As borrowers continue to make payments, the principal balance decreases, and they build equity in their properties.

Equity
Equity of mortgaged real estate refers to the ownership interest an individual has in their property. It is calculated by taking the current market value of the home and subtracting the outstanding mortgage balance. In other words, it represents the portion of the property the homeowner truly owns.

Equity = Market Value of Home − Outstanding Mortgage Balance

Most conventional loans require mortgage insurance unless or until the borrower has at least 20 percent equity in the property. Mortgage insurance only ensures the lender is paid if the borrower defaults. While it is paid monthly by the borrower, it provides no benefit to the borrower.

As homeowners make mortgage payments and the properties’ values appreciate, equity increases. Equity can also be built through home improvements to increase a property’s value.

Equity represents ownership and the value of ownership interest. It indicates the degree of ownership or financial interest an individual or entity holds in an asset. Accelerated Payoff

The accelerated payoff process allows borrowers to pay in advance to reduce the principal faster. Read your mortgage agreement carefully to ensure accelerated payments are allowed and there isn’t a penalty for early payoffs. A single extra payment each year can cut a few years of payments off the mortgage.

Mortgage Recasting
Mortgage recasting allows the borrower to pay a lump sum of cash into the mortgage to change their current loan repayment schedule. The loan term and interest rate remain the same. However, the monthly payment is lowered. Fees of $200-$300 are normal for a typical recasting.

Refinancing
Refinancing replaces an existing loan or mortgage with a new one. It usually has more favorable terms. This often takes advantage of lower interest rates, reduced monthly payments, adjusts the loan term/type, or accesses a property’s equity. It also resets the loan to pay more front-end interest to the lender.

Carefully consider the costs associated with refinancing to ensure the potential benefits outweigh the expenses. Closing costs and fees are common in refinanced loans. Additionally, eligibility for refinancing depends on factors such as creditworthiness, home equity, and current market conditions.

The chart to the right lists the amount of each monthly payment based on loan amount and interest rate. It’s ideal to pay a large down payment to reduce the loan amount. To understand the amount of interest paid over the loan period, multiply the monthly payment by 12 months and then by 30 years. For example, a $400,000 loan at 6% requires $863,280 by the end of a 30-year note or $463,280 in interest.

I've Got Your Six!

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

#DFWmark #REALTOR #InformationOfValue #loan #mortgage #CompoundInterest #amortization #financing #GenerationalWealth #ownership

Wealth Comparison Between Owners and Renters

I'll just leave this here with my contact information.

I've Got Your Six!

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

One90 Gateway Apartments Tour

One90 Gateway is a new community in East Plano across the George W. Bush Tollway from Richardson’s Telecom Corridor. It’s also near Central Expressway. They partially work with agents. Shopping, entertainment and DART light rail service are nearby.

I’ve Got Your Six!

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

#DFWmark #REALTOR #lease #tour #apartment #Plano #One90 #hip #new #EastPlano

Legacy West Fountain

Touring apartments in the Legacy West area for an out-of-town client. It is one of the hip areas in the Metroplex. It has a high walkability with plenty of restaurants, bars, specialty shops and an arthouse theater. The shops can also be very expensive.

If you want a lease home with a yard in the suburbs or a hip urban apartment, I can help. If you need to list your lease property and get help finding tenants, I'm the expert.

I’ve Got Your Six!

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

#DFWmark #REALTOR #lease #tour #apartment #Plano #LegacyWest #hip #nightlife #WestPlano

Pent-up Housing Demand

“Since all real estate is local, the National Association of REALTORS® identified which markets will experience stronger activity in the new year. In identifying these markets, NAR considered a variety of indicators that it views to be influential to a metro area's market in this report.”

Please read more.

I've Got Your Six!

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

#DFWmark #REALTOR #HomePrice #appreciation #PostCovid #RealEstate #Buy #Sell #Invest #VeteranOwned

Testimonial - Fate

Thank you to my amazing clients for your supportive testimonial! I’m honored to work with you and the associates you’ve already referred to me. Your referrals mean the world to me. Thank you again for your trust and cooperation throughout the process!

“Mark took excellent care and personal genuine attention through the whole process! Will absolutely look to him next time I need to buy or sell!”

See more reviews.

As always, I’ve Got Your Six!

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

#DFWmark #REALTOR #GoogleReview #review #testimonial #Fate #RockwallCounty #attention #care #Veteran

Market Watch - 5 Jan. 2024

This year’s real estate market start is typical but filled with optimism about possible interest rate decreases. All residential real estate market categories have increased since last week. After a December cyclical slump for the holidays, January normally has a surge of listings.

To have sales, there must be inventory to sell. While a balanced market has about six months of housing inventory, most local cities have less than three months. A few cities have less than two months of inventory available. These are strong seller markets.

Meanwhile, the lease market remains strong with New Listings, Pending and Closed properties all increasing. While it has consistently and significantly grown in volume since 2021, the lease market hasn’t been inverted for more than one week since 3 June 2022. Lease homes are available. Property owners have cash flow.

Each 1% change in an interest rate equals about a 10% change in buying power for conventional loans. If the market tightens in the spring with few houses and lower interest rates, available lease properties may be liquidated (sold) to capture profits. More Listed and Closed sales will happen while the Lease market may have shortages and higher rental prices.

If you want to purchase a property (for either investment or residence) or lock down a lease, consider this your final warning while the choices of location, condition or price are limited but available. If you are ready to move, call me soon. As a professional photographer and FAA-licensed drone pilot, I can get a photo-ready house or lease property onto the market within 24 hours if needed.

I've Got Your Six!

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

#DFWmark #REALTOR #MarketWatch #ResidentialMarket #LeaseMarket #RealEstate #Sold #NewListings #Pending #Leased

January 2024 Local Housing Market Update

Happy New Year!

The entire reported area remains in a Sellers’ Market with less than six months of inventory. Most of the reporting areas have less than three months of inventory with Plano, Frisco, Melissa and Denton dipping below two months.

Prosper has the highest overall Median Listing Price, Price Per Square Foot and Median Sold Price. Frisco has the second highest Price Per Square Foot and Median Sold Price while Gunter is second for Median Listing Price. Denton has the lowest Listing Price of the selected cities while it had a 19.2% year-over-year inventory drop. Year-over-year inventory for Aubrey is down 40.6% while Van Alstyne had the only increase of 27.3%.

Dallas County houses sold faster and still have a significantly lower Median Listing Price than Collin or Denton counties. Surprisingly, Dallas County has more months of inventory available than the other reported counties. Denton and Collin counties’ statistical trends are similar with Collin County generating slightly higher Median Prices Per Square Foot Sold.

The Fed said they may lower rates as many as three times during 2024 depending on inflation. This means lower mortgage rates are possible. Each 1% of mortgage rate change equals about 10% of buying power (both increased or decreased). When rates drop, more Buyers are expected to surge into the market.

A historic housing shortage should heat up competition for existing houses as rates drop, which will exacerbate shortages and probably increase prices.

If you’re ready to move, please call, text or email me. I have the systems and skills to sell your house for the most money in the shortest time with the fewest inconveniences. As a professional photographer and FAA-licensed drone pilot, I can have a show-ready property on the market within 24 hours while we find your ideal home.

I've Got Your Six!

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

#DFWmark #REALTOR #MarketWatch #ResidentialMarket #MarketStatistics #Stats #YOY #CollinCounty #DentonCounty #DallasCounty

Happy New Year 2024!

Happy New Year to you and all your loved ones!
Let’s start the year with a splash! We expect 2024 to be a record-setting year for real estate.

I've Got Your Six!

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

#DFWmark #REALTOR #NewYear #celebrate #NewStart #home #house #NewBuild #NewConstruction #VeteranOwned