This Month in Real Estate: News for April 2018

Real Estate News for April 2018

Real estate news for April looks good. Home sales are up and the price of homes has increase. With a decreased number of homes in inventory, if you are looking to sell, now might be a good time to enter the market. See the details below.

HOME PRICES

The median home price increased to $241,700 in February, which was up 0.4 percent from January and up 5.9 percent from February of last year. The median home price has increased by approximately $13,500 in the past year alone.

 

HOME SALES

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of February. This was an increase of 3.0 percent from January and an increase of 1.1 percent from February of last year.

 

INVENTORY – MONTH’S SUPPLY

There was a 3.4-month supply of housing inventory in February, which was flat from January. The total number of available homes for sale has decreased by 10.5 percent compared to February of last year.

 

REAL ESTATE NEWS ON THE MORTGAGE MARKET

  • The average 30-year fixed-mortgage rate is 4.41 percent, up 6 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.33 percent.
  • The average 15-year fixed-mortgage rate is 3.81 percent, up 6 basis points over the last week.

Featured Home: 1313 Thistledown Drive Plano

Meticulously maintained traditional home in the heart of West Plano…

You’ll love coming home to this impeccable, meticulously maintained Traditional in the heart of West Plano. Enjoy beautiful hardwood floors, vaulted ceilings, abundant windows, and large open living areas. Let your inner-Chef shine while cooking on the Thermador Pro 6-burner gas range surrounded by custom cabinets, granite, warming drawer, 2.5 ovens, coffee bar, SS appliances and backsplash. The kitchen opens to both the breakfast area with a quiet side patio, and the den which overlooks the private backyard, covered patio and pebble-tec pool. Retreat to the huge master suite with a sitting area and an updated travertine bath and separate shower. Three perfect-sized bedrooms await you upstairs. With over $180k in renovations, Thistledown will definitely impress. Just minutes to shopping, dining, parks, walking trails, Shops at Legacy, Tollway-190-121 and the best that North Dallas/Plano has to offer. Exemplary West Plano Schools.  See this beautiful home at the Open House this Sunday April 29 from 2 to 5pm.

Offered at $528,000

DETAILS of 1313 Thistledown Drive:

  • 3,049 Square Feet
  • Built in 1985/Remodeled in 1995
  • 4 Bedrooms
  • 4 Baths
  • Living: 2
  • Dining: 2
  • Garage Spaces: 3
  • Pool
  • Fireplace: 2
  • Security System: Yes
  • Pool: Yes
  • HOA: Mandatory, $515/annually
  • Plano Independent School District
    • Elementary school: Huffman
    • Middle school: Renner
    • High school: Shepton
  • Master Bedroom: 22 x 15 / 1
  • Bedroom: 13 x 11 / 2
  • Bedroom: 13 x 12 / 2
  • Bedroom: 12 x 11 / 2
  • Utility Room: 6 x 6 / 1
  • Kitchen: 19 x 12 / 1
  • Living Room: 19 x 6 / 1
  • Study/Den: 18 x 12 / 1
  • Dining Room: 14 x 12 / 1
  • Breakfast Room: 13 x 12 / 1

 

For homeowner tips, market resources and information, visit our blog at IndigoSkyeGroup.com/blog.

A note about Plano: With a population of over 275,000 in 2016 and a projection of 280,000 residents in 2020, it is clear Plano continues to be a city on the rise. Located 19 miles north of downtown Dallas, Plano is the 9th largest city in Texas and 4th largest city in the Dallas/Fort Worth region. Plano is home to many leading global corporations including several Fortune 1,000 companies and more than 10,000 businesses. For more information on Plano, visit the Plano Chamber website.

 

Keller Williams Introduces ZeroPlus Mortgage

Keller Williams rolls out a new mortgage program created for buyers of Keller Williams agents.

The new Keller Williams ZeroPlus Mortgage is an awesome program for buyers that work with Indigo Skye Group. If you use Keller Mortgage, it can save you a ton of money when buying a home!

KW buyers pay no lender fees + they receive an extra $1,000 closing credit.

Keller Williams buyers pay no lender fees + they receive an extra $1,000 closing credit. Typical lender fees are 1–2%. On $300,000 that’s $3,000–$6,000; after another $1,000 credit that brings the total savings to $7,000, and the interest rate stays nice and LOW!

Buyers can use the savings to:

  • Qualify for a higher loan amount
  • Increase their down payment
  • Improve their offer price
  • Offset repairs
  • Buy new furniture
  • Pay moving expenses

Buyers can skip lender fees ONLY because they are working with a KW agent!

Obviously, for a seller who is also buying, they can use Keller Mortgage ZeroPlus too!  Just see your Keller Williams agent. Even if the buyer already has another agent, they can still use ZeroPlus through Indigo Skye Group as the selling agent and buy the house with the savings – making it easier for them to buy, buy more, or save money!

Types of loans ZeroPlus offers :

  • Conventional
  • FHA
  • VA
  • Jumbo loans up to $3,000,000

ZeroPlus offers 10, 15, 20, 30 year fixed rates as well as ARMs for primary residences, second homes, and investments.

…but wait, there’s more!

Thinking about refinancing?  ZeroPlus also offers the same benefits for a refinance.

For more information visit the ZeroPlus Mortgage website, or contact Janelle or Judy at the Indigo Skye Group.

Freshen Up Your Home With Spring And Summer Updates

Updating your home can seem like a huge blank, especially if it’s been a while. But there are easier ways to freshen it up and make it look spring and summer ready that won’t break the bank and won’t create a long drawn out hassle. Each of the each of these updates represents a current trend and something you can pull off yourself this weekend if you’ve got a little time a little scale and a little skill.

Take it to the floor

Some of the freshest rugs out there combine a couple of trends. There was a time when the Persian rug dominated informal spaces. Take a look at this one from Wayfair? The Warren luck brings in vintage feel but the color palette is all new. This is an easy and affordable way to instantly update a living room with fresh, bold colors that will get you were space noticed.

“If there’s one piece to invest in this spring, it’s a rug,” said The Glitter Guide. “It’s a surefire way to bring interest and style to any room. Try a colorful pattern or print.”

Brighten up the bedroom

While you’re thinking about patterns…”Swap in a patterned headboard,” said Elle Décor. “You don’t have to grab your paint rollers or ready the wallpaper to revamp a bedroom. Upgrade the centerpiece of your room – the headboard – to something bright and cheery.”

Patterns, patterns, patterns

Mixed prints have been all over the runway, and you can create a similarly textured and stylish look at home. Mix it up, mash it up, and freshen it up with an assortment of prints – florals, houndstooth, stripes, graphic patterns. You can create a look that brings depth to your space by using one main color as your anchor and then creating a mix of patterns around it.

Coordinate your pet decor

Your basic scratching post or dog bed may fade into the background for you but they can stand out like a sore thumb to visitors. Pet decor has come a long way, and no matter what style you’ve got going on at home, you can find something to match, blend in, or even stand out—for all the right reasons. Stores like HomeGoods and Target and blank all have tons of options that are affordable. But if you’re looking to break the bank, perhaps consider this.

New appliances

Lowe’s and Home Depot have both been running spring specials with appliances that are 35 to 40% off. These discounted prices could easily lead to you redoing your whole kitchen, but a new fridge Cheryl freshen up your kitchen. If you really want to make the purchase of painless, look into financing and both of the stores if you can get the 0% interest deal over 24 or 36 months you really don’t feel the crunch of putting out a lot of money upfront.

Paint, paint, paint

They really are few places in your home in and out of your home for paint can’t make a huge difference, and with such a low dollar commitment, you just have to pick and choose your projects. We love this one for blank, and also this blank

Bring in the flowers

When spring flowers start blooming, we have a natural desire to bring them into the home. After all, just the smell of fresh flowers can lift our mood. “Flowers always brighten up a space, no matter what kind you use,” said The Spruce. “You also don’t need a lot of them. A small floral arrangement on a table, mantle or windowsill makes a big difference. What’s particularly great about flowers is that every color and combination works together, so it’s a great way to experiment with colors you wouldn’t normally put together.”

Big, bold floral patterns are also a huge trend this season, so, while you’re thinking about how to display your cut roses, consider where you can make a splash on the walls, on an upholstered piece, or even xx

Frame your windows

Another easy way to bring an additional layer of interest to your home is with modern window coverings. Already have blinds or shutters? Framing the windows out with drapes that can be changed seasonally is a great way to create an interior that always looks updated and call attention to the outdoors and to your architecture (or create architecture where there isn’t much).

Shop your home

You can give areas of your home a whole new look without spending a dime. “I love updating the look of our home by styling the coffee table, accent tables, shelves, countertops, and mantel,” said Jane at Home. “One of the reasons I love styling is that I can use items I already have on hand.  If I don’t like how something looks, I can easily change it by moving things around or bringing in new items from another part of the house.”

Some of her styling tips include: “Use stacks of books to raise objects off the surfaces; combine items in groups of threes–preferably with a tall item, a shorter, more sculptural item, and a horizontal item; balance hard and soft objects, as well as things with different textures, colors, tones, and styles; layer–placing some things in front of others and some off to the side–to create more depth and give the space a more natural look.”

Some great ideas here! If you are ever in need of ideas for your home decorating,  or a vendor to carry out your home maintenance needs, be sure and reach out to the Indigo Skye Group!

A Tale of Two Markets (Infographic)

Right-click the image above to save the infographic.

Some Highlights:

  • A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices!
  • Inventory continues to rise in the luxury & premium home markets which is causing prices to cool.
  • Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!

FEATURED HOME: 1409 Grapevine Cove

Featured Home: 1409 Grapevine Cove in beautiful Trinity Falls.

Enjoy Trinity Falls living in this spacious one story home…

Gorgeous one story, barely lived in. Features include beautiful wood floors, spacious covered back patio, stacked stone fireplace and large granite kitchen island. Wait until you see the amazing master bathroom. Original dining space is used for playroom. Perfect home for entertaining. Home is walking distance to the community pool! Easy access to 75 for easier commuting.

This home is a must see! Price adjustment to $390,000.

Click to watch video:

 

Featured Home: 14741 Celestial Place in Addison

Location. Privacy. Location.

Indulge in inviting, Mediterranean elegance in this uncustomary Sharif Munir, single-story custom home.

Revel in soaring ceilings, skylights, natural light, architectural details, & gorgeous views to the covered veranda, pool, spa and lush, private backyard oasis. An over-sized kitchen & island perfectly connect the open living & breakfast with a see-through fireplace & atrium. Overlooking the pool, the master suite is a private retreat, bay-window seating area, separate vanities & elaborate closet. Perfectly situated, just minutes to Addison restaurants, shopping, nightlife. Short walk to White Rock Creek and Celestial Park with greenbelt, walking-jogging trails, Tollway, I635, GB190.

Offered at $759,000

  • 3,294 SF
  • Year Built: 1995
  • Bedrooms: 4
  • Total Baths: 2.1
  • Living Areas: 1
  • Dining Areas: 2
  • Fireplaces: 1
  • Garage Spaces: 3
  • Security System: Yes
  • Pool: Yes
  • Dallas Independent School District
  • Elementary: Frank
  • Middle School: Benjamin Franklin
  • High School: Hillcrest
  • Master Bed: 20 x 15/1
  • Bedroom: 14 x 12/1
  • Bedroom: 14 x 12/1
  • Bedroom: 13 x 11/1
  • Kitchen: 17 x 10/1
  • Utility: 8 x 6/1

Mortgage Interest Rates Have Begun to Level Off

Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading.

Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April.

At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we look at the graph below, we’ll see that rates have already started to level off and return to the mark set in February.

This is great news for anyone looking to buy a home this spring! The spring is always one of the busiest seasons for home buying, and with rates increasing even more, buyers have come off the fence to lock in great rates! This is still great advice as the experts believe that rates will continue to rise throughout the year.

Every month, Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors release their projections for where they believe mortgage rates will be in the coming months. If we take the average of what each of the four organizations is predicting for the second quarter, rates are expected to rise to about 4.48% by June.

That average climbs to 4.73% by the end of this year.

So, what does this mean?

Waiting until the end of the year to buy, with rates still projected to increase, will end up costing you more money on your monthly mortgage payment. For every $250,000 you need to borrow to purchase your dream home, you will spend $49.21 more per month, $590.52 per year, and over $17,700 by the end of your 30-year mortgage.

And that’s just the impact of your interest rate going up!

Bottom Line

If you are ready and willing to purchase a home, find out if you’re able to. Let’s get together to evaluate your needs and help you with next steps!

NOT Owning Your Home Can Cost You a Lot of Money!

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Realtor.com recently reported that:

Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option… as people get more savings in their pockets, buying becomes the better option.”

What proof exists that owning is financially better than renting?

1. In a previous blog we highlighted the top 5 financial benefits of homeownership:

  • Homeownership is a form of forced savings.
  • Homeownership provides tax savings.
  • Homeownership allows you to lock in your monthly housing cost.
  • Buying a home is cheaper than renting.
  • No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.