Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 22, 2021

Sellers: You’ll Likely Get Multiple Strong Offers This Season

Sellers: You’ll Likely Get Multiple Strong Offers This Season | MyKCM

Are you thinking about selling your house right now, but you’re not sure you’ll have the time to do so as the holidays draw near? If so, consider this: even as the holiday season approaches, there are plenty of buyers out there, and they really want your house. Here’s why selling this winter is a win for you.

Today’s buyers are still dealing with a limited number of homes for sale. Thanks to continued low inventory, those buyers are competing with one another for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool – and it will be worth it.

According to the latest data from the National Association of Realtors (NAR), the average seller received 3.7 offers on their house in September. For a view into what’s happening at the state level, take a look at the map below:Sellers: You’ll Likely Get Multiple Strong Offers This Season | MyKCMNationwide, the average seller today is getting nearly four offers. That number is significant because it means you’ll likely have multiple offers to pick from if you sell your house this season. To put things into perspective, no matter where your state falls, remember that you really only need one good offer to close the deal.

Any offer you receive will likely be from a highly motivated buyer who’s doing everything they can to beat the competition. The stakes for buyers are high. They’ve been looking for a house and they want to lock in their dream home before prices and mortgage rates rise further next year. Chances are, they’ll get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price – both of which are great news for you.

If you’re on the fence about when to sell, remember your house is a hot commodity this season. As other sellers take a break for the holidays with plans to re-list their homes in the new year, you can put your house in front of motivated buyers by making your move today. That means your house will be the center of attention, and likely the center of a bidding war too.

Bottom Line

Selling now gives you even more opportunity to win big as buyers compete for your house in today’s market.

Posted in Selling Tips
no comments yet
Nov. 19, 2021

Change Your Bathroom’s Look With a New Faucet

Bathrooms are one of the most important rooms in the house. Despite this, they tend to get a bit less attention than other rooms when it comes to how they look. If you find yourself worrying that you have a less-than-beautiful bathroom, you’re in luck; the bathroom is also one of those rooms where a relatively simple change can make a big difference in the overall look. In fact, something as seemingly simple as changing your faucet can have a major impact on how you and your guests view your bathroom.

Of course, it’s important that you choose the right faucet if you’re hoping to make a positive change to the look of your bathroom. A cheap or ugly faucet can have as big of a negative effect on the room’s appearance as a beautiful faucet can change it for the better. If you’re not sure what sort of faucet to get to make a positive impact on your bathroom, here are a couple of things to keep in mind while you’re shopping.

Faucet Style Considerations

One of the main things to consider when choosing a new faucet for your bathroom is the style of the faucet. While you might think that one faucet is pretty much the same as any other, there is actually a wide range of styles to choose from. Different styles work better in different rooms, and pairing the wrong faucet style with your bathroom can make it look out of place and really throw off the overall look.

When shopping for a new faucet, think about the color of the faucet, the finish, and even the shape that would work best in your bathroom. Many bathroom faucets are silver or chrome in color, but there is a wide range of metallic shades available and quite a few that offer splashes of other colors as well. Some faucets are taller than others, and some are very blocky and square while others are rounded and smooth. Take pictures of towel racks, wall colors, and other features of your bathroom to help with your comparisons.

Posted in Home Keppr
no comments yet
Nov. 18, 2021

4 Things Every Renter Needs To Consider

4 Things Every Renter Needs To Consider | MyKCM

As a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current situation and future plans, but there are a number of benefits to homeownership every renter needs to consider.

Here are a few things you should think about before you settle on renting for another year.

1. Rents Are Rising Quickly

Rent increasing each year isn’t new. Looking back at Census data confirms rental prices have gone up consistently for decades (see graph below):4 Things Every Renter Needs To Consider | MyKCMIf you’re a renter, you’re faced with payments that continue to climb each year. Realtor.com recently shared the September Rental Report, and it shows price increases accelerating from August to September (see graph below):4 Things Every Renter Needs To Consider | MyKCMAs the graph shows, rents are still on the rise. It’s important to keep this in mind when the time comes for you to sign a new lease, as your monthly rental payment may increase substantially when you do.

2. Renters Miss Out on Equity Gains

One of the most significant advantages of buying a home is the wealth you build through equity. This year alone, homeowners gained a substantial amount of equity, which, in turn, grew their net worth. As a renter, you miss out on this wealth-building tool that can be used to fund your retirement, buy a bigger home, downsize, or even achieve personal goals like paying for an education or starting a new business.

3. Homeowners Can Customize to Their Heart’s Content

This is a big decision-making point if you want to be able to paint, renovate, and make home upgrades. In many cases, your property owner determines these selections and prefers you don’t alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

4. Owning a Home May Provide Greater Mobility than You Think

You may choose to rent because you feel it provides greater flexibility if you need to move for any reason. While it’s true that selling a home may take more time than finding a new rental, it’s important to note how quickly houses are selling in today’s market. According to the National Association of Realtors (NAR), the average home is only on the market for 17 days. That means you may have more flexibility than you think if you need to relocate as a homeowner.

Bottom Line

Deciding if it’s the right time for you to buy is a personal decision, and the timing is different for everyone. However, if you’d like to learn more about the benefits of homeownership, let’s connect so you can make a confident, informed decision and have a trusted advisor along the way.

Posted in Buying Tips
no comments yet
Nov. 17, 2021

What’s Happening with Home Prices?

What’s Happening with Home Prices? | MyKCM

Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

How much have home values appreciated over the last 12 months?

According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):What’s Happening with Home Prices? | MyKCMThe increase in the rate of appreciation that’s shown by CoreLogic coincides with data from the other two main home price indices: the FHFA Home Price Index and the S&P Case Shiller Index.

The last year has shown tremendous home price appreciation, which is resulting in a major gain in wealth for homeowners through rising equity.

What’s happening with home prices right now?

All three indices mentioned above also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off (see graph below):What’s Happening with Home Prices? | MyKCMYear-over-year appreciation is still close to 20%, but it’s clearly plateauing at that rate. Many experts believe it will drop below 15% by the end of the year.

Keep in mind, that doesn’t mean home values will depreciate. It means the rate of appreciation will slow, yet stay well above the 25-year average of 5.1%.

What about next year?

The recent surge in prices is the result of heavy buyer demand and a shortage of homes available for sale. Most experts believe that as more housing inventory comes to market (both new construction and existing homes), the supply and demand for housing will come more into balance. That balance will bring a lower rate of appreciation in 2022. Here’s a look at home price forecasts from six major entities, and they all project future appreciation:

  1. Fannie Mae
  2. Freddie Mac
  3. Mortgage Bankers Association
  4. Home Price Expectation Survey
  5. Zelman & Associates
  6. National Association of Realtors

What’s Happening with Home Prices? | MyKCMWhile the projected rate of appreciation varies among the experts, due to things like supply chain challenges, virus variants, and more, it’s clear that home values will continue to appreciate next year.

Bottom Line

There have been historic levels of home price appreciation over the last year. That pace will slow as we finish 2021 and enter into 2022. Prices will still rise in value, just at a much more moderate pace, which is good news for the housing market.

Posted in Market News
no comments yet
Nov. 16, 2021

Furnace Maintenance for Beginners

Getting ready for winter in advance is important to make sure that you don’t run into major problems once cold weather hits. There are a lot of places in the home that will likely need some maintenance or upkeep as part of your winterization process. Of these, your furnace is one of the most important; falling behind on furnace maintenance can result in problems at the worst time, and getting them fixed in the cold of winter can be both difficult and expensive.

Fortunately, a lot of furnace maintenance is fairly easy to do even for complete beginners. There are several things that you can do if you want to make sure that your furnace is ready for winter. While the specifics may vary depending on your actual home heating setup and the type of furnace you have, here are some of the basics of furnace maintenance that you should keep in mind both for winter and throughout the year.

Furnace System Cleaning

There are several cleaning tasks that you should do every two to three months throughout the year, but they are especially important heading into cold weather after your heating system has been off for the summer. Replace your air filter and clean your system’s humidifier if it has one. If your system has a burner, you should also clean it to remove any dust, lint, or other debris that could affect functionality. Take the time to open up your vents and vacuum out the registers and ductwork as well, as there was likely a lot of dust and other buildups that occurred during the summer.

You should also take a little time to clean and test various sensors around your home to ensure that they are working properly. This includes things like smoke detectors and carbon monoxide detectors, as they’ll be very important in case there’s some problem with your heating system. If you use gas heat, having a functional gas detector is also important. So if you don’t have one already, you should install one. If you do, make sure it is clean and working so that you’ll be alerted of any potential gas leaks before they can become dangerous.

General Maintenance

There ae other basic maintenance tasks that you should perform in the lead-up to winter as well. Test your thermostat to make sure that your furnace is turning on and off automatically at the set temperatures. Check to make sure that blower fans can turn freely as well, and add a small amount of lubricant if needed to keep them spinning without grinding or hanging. Visually inspect the components of your furnace for signs of wear, rust, or damage; even small cracks can result in leaks or more significant damage once the furnace is in full operation.

Check out the function of your registers to make sure that they open and close as expected; this will help to ensure that the heat your furnace produces is going exactly where you want it to go and isn’t being blocked by a register that’s stuck closed. You should also turn on the furnace and let it run briefly to make sure that it is actually blowing warm air since a heating problem is definitely something that you want to fix before winter comes. If you use a house fan as part of your summer cooling solution, make sure that it is turned off and closed for the winter so that you aren’t losing heat from your furnace as a result.

 

Posted in Home Maintenance
no comments yet
Nov. 15, 2021

Should I Update My House Before I Sell It? [INFOGRAPHIC]

Should I Update My House Before I Sell It? [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide.
  • If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current sellers’ market, the added expenses might not be worth it.
  • Let’s connect so you have expert advice on which updates are important in today’s market.
Posted in Selling Tips
no comments yet
Nov. 13, 2021

Painting Concrete Floors: The Basics


When most people think of flooring, they picture things like carpet, wood flooring, tiles, and other common floor coverings. There are other options available to homeowners though, including concrete floors. While concrete was once seen mostly in places like basements and garages, it’s becoming increasingly common in the main floor of homes as well. Concrete flooring with built-in radiant heating systems is becoming a lot more popular, especially in areas that tend to have more severe winters.

Some people think that concrete flooring is limited in its decorative options, assuming that the only thing you can do with concrete is to apply a sealant or stain. There are other options available, though, including painting the concrete. But be careful before just slapping a coat of paint onto a concrete floor; there are a few things that you should know first.

Prepping the Surface

One of the biggest problems that people have with concrete floors is trying to paint them without having adequately prepped the concrete surface first. In order for paint to adhere to concrete well, the surface needs to be rough enough for the paint to get a good hold, and it also needs to be clean and dry. This can mean a little more prep time than some other types of flooring, but the end results are definitely worth it.

Seal any cracks in the concrete with concrete filler, then sweep the concrete to remove any dust or loose debris. Scrape off any old paint or other materials that are stuck to the floor. Wet the floor with a sprayer or mop, then apply a concrete degreaser and scrub the surface with a stiff-bristled broom to clean it. Rinse well and clean up any excess water with a wet/dry vac so that the surface can dry completely before you start painting.
Painting and Sealing
Once your floor is completely dry, it’s very important to put down at least one or two coats of primer that’s designed for use with concrete before you actually start painting. Tape off all of the baseboards and other areas that you want to protect, then start applying your primer at the edges and work toward the middle. Try to get each coat applied in a single painting session, as you don’t want to let the primer dry in patches that will show through in the final paint application. Allow each coat a chance to dry completely before starting on the next, waiting up to 24 hours if necessary to ensure that it’s fully dry.

Once you’ve applied your primer, it’s time to start painting. Use a concrete-friendly epoxy paint and follow the same application instructions that you used with the primer. Get good coverage along all of the edges before moving in toward the center and allow each coat a chance to dry completely. Once your paint is completely dry, apply a concrete sealer and follow the manufacturer’s directions to ensure that it cures properly. Ventilation and proper masking are especially important for this step, as come sealers can release fumes that you don’t want to breathe.

Understanding the Project Scope

Painting concrete floors can be intimidating because the process is a bit more involved than your standard paint job. If care isn’t taken to ensure that the floor is properly cleaned beforehand and sealed afterward then you can end up with bubbles and peeling paint down the road. Getting all of your materials together before the job starts and following all material instructions will save you a lot of trouble in the long run, since you won’t have to stop to go get something or run into issues with improperly applied coats.

For this reason, some people choose to hire professional painters for concrete even when they would tackle other painting projects themselves.

Posted in Home Keppr
no comments yet
Nov. 12, 2021

Why a Wave of Foreclosures Is Not on the Way

Why a Wave of Foreclosures Is Not on the Way | MyKCM

With forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the housing bubble 15 years ago. Here are a few reasons why that won’t happen.

There are fewer homeowners in trouble this time

After the last housing crash, about 9.3 million households lost their homes to a foreclosure, short sale, or because they simply gave it back to the bank.

As stay-at-home orders were issued early last year, the fear was the pandemic would impact the housing industry in a similar way. Many projected up to 30% of all mortgage holders would enter the forbearance program. In reality, only 8.5% actually did, and that number is now down to 2.2%.

As of last Friday, the total number of mortgages still in forbearance stood at  1,221,000. That’s far fewer than the 9.3 million households that lost their homes just over a decade ago.

Most of the mortgages in forbearance have enough equity to sell their homes

Due to rapidly rising home prices over the last two years, of the 1.22 million homeowners currently in forbearance, 93% have at least 10% equity in their homes. This 10% equity is important because it enables homeowners to sell their homes and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create.

The remaining 7% might not have the option to sell, but if the entire 7% of those 1.22 million homes went into foreclosure, that would total about 85,400 mortgages. To give that number context, here are the annual foreclosure numbers for the three years leading up to the pandemic:

  • 2017: 314,220
  • 2018: 279,040
  • 2019: 277,520

The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures that impacted the housing crash 15 years ago. It’s actually less than one-third of any of the three years prior to the pandemic.

The current market can absorb listings coming to the market

When foreclosures hit the market back in 2008, there was an oversupply of houses for sale. It’s exactly the opposite today. In 2008, there was over a nine-month supply of listings on the market. Today, that number is less than a three-month supply. Here’s a graph showing the difference between the two markets.Why a Wave of Foreclosures Is Not on the Way | MyKCM

Bottom Line

The data indicates why Ivy Zelman, founder of the major housing market analytical firm Zelman and Associates, was on point when she stated:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

Posted in Market Updates
no comments yet
Nov. 11, 2021

Awesome and Practical Tips for New Construction Buyers

Are you looking to buy new construction homes soon? Here are some great tips for you. But before we dive into the tips, I will give you some updates on what you need to know about the New Construction Market. There's only one thing that I can tell you: It is CRAZY!
 
Let me tell you why:
1. The inventory is low! 
They don't have any inventory that is why we don't have enough houses right now. So what happens when you don't have enough houses on the market and you have a lack of inventory? Everyone wants to buy new construction houses. 
 
2. You need to wait for a significant period of time before you can buy a new construction home. 
Since the demand is high because the housing inventory will remain low for the rest of the year, the builders cannot build fast enough to accommodate the growing demand.
everybody wants to come here to DFW because we have jobs, and our home values are actually pretty good. 
 

Let's talk about some practical tips as well as some rules and things that you need to follow when it comes to buying new construction homes. 

 1. The inventory is going to remain low for the rest of this year. 
You need to make sure that you have this conversation with your agent so you are well-informed and ready. What does this mean for you? It means, that if you have a lease that's not up until November, you need to start now.  I built my new home earlier this year and it only got ready last August. Building a brand new home is going to take some time. If you are still in the lease you need to get started as early as now. Do not wait until you're three months up to your lease until you start to buy a house.
 
Then you start thinking to yourself that you can do this whole thing that's why you go out to the pre-owned market and get your soul crushed because every home on the pre-owned market has about 15 different offers at a time. This is the tough reality that every home buyer has to face in DFW's aggressive market. Then somebody comes from California, and they offer you another $20,000 over the asking price for the Escalation Clause. 
 
2. Be firm and decisive!
Practically speaking, the New Construction Market, is definitely the kind of market that you should be looking at right now. However, if you wait too long, you can let that pass you up to all right now. If you see a house that you love, and you want to buy it, and have second thoughts about it, what happens next?  The family that saw the house the night before who also said they're going to go back and think about it comes back and buys that same house that you want. This is a running joke in the Real Estate Industry. This is very true. 
 
With how things are doing in the DFW Real Estate Market, you are not in a position to wait and have second thoughts about buying a home that you love. I cannot tell you how many times this year alone where I've had clients who chose to wait and then come back, only for them to be completely out of the house that they want and only to be out of the lots period. So now, we need to wait for the builders to release more lots.
Then what happens? You'll be on the long waiting list for new lots and we don't want that. 
 
3. Consider the cost of waiting. 
I'm telling you, the cost of waiting right now is so ridiculous. There are certain builders that are going up every fourth, eighth, and tenth home and they are raising their prices. The house that you really want to buy today will be much more expensive in the next few months. Here's the beauty of it: Let's say you buying and building a new construction home that costs around $300,000 in a certain neighborhood. You want to be one of the first people to build and help in that neighborhood because, by the time they finish their neighborhood, three years from now, their prices are going to continuously increase. This means your house's worth can go up to $400,000. That's instant equity.  All I'm saying is, you need to think from a pricing perspective. Whether we like it or not, prices are going up and it is going to get to the point where we are price gouging. As an agent, I don't feel good saying that to my clients.
 
4. Get an agent who specializes in the New Construction Market.
You need an agent that understands and knows the New Construction Market like the back of their hand. It is more important than ever to have someone who has a relationship with New Construction Builders because a lot of things are happening today such as, people losing their jobs, and people who are falling out of contract. When this happens, you need to be on the show. How do you get insider information from the builders? Get a reliable agent with outstanding relationships with the builders. You can count on me and my team at Chatman Realty Group. We're on a shortlist when people fall out of contract. We always get notified and we are on it
all day. You need that kind of agent to get you on the forefront whenever there's a vacant slot. 
  

5. Be up-front with your in-house lender.
If you decide to go with an in-house lender, you need to have a conversation so you can have a solid understanding of where you stand financially. The number one reason why deals fall out is that people are not being completely honest with where they are financially. The last thing you want to do is go through the process of building a home for six months, only to find out that you can't afford to buy it in the end.

 6. Get a really good home inspector.
Even if you are building a new home, you still need a home inspector to make sure every nook and cranny is flawless. My partner, Derek can take care of you when it comes to your Home Inspection Needs, and I highly recommend him in DFW. Derrick and I talk in our previous videos about why you need to have a Home Inspection for New construction on my YouTube Channel so go ahead and check it out. 

7. Go with a good builder.
This is not time to try to drop on a fly-by-night builder who hasn't been in the business for some time. 
 
8. Be confident in your decision-making.
You need to make sure that you understand what you're going to be going for. When it comes to new construction homes, your earnest money is at risk because the builders taking all of the risks.

If you need help in finding a New Construction Home in the DFW area, I'll be more than happy to do that for you. I have an awesome site where you can browse Brand New Construction Homes that are active on the market. 

 

Posted in Buying Tips
no comments yet
Nov. 10, 2021

Three Holiday Savings Apps

Header: 3 Holiday Savings Apps

Have you started your holiday shopping yet? If not, it's probably time to get started. When shopping for anything, it's only natural that we price shop, especially when it comes to holiday gifts. So I thought I'd share a few apps to help you compare prices on the gifts on your list.

ScanLife.com

If you're in a store and want to find your item cheaper at another store, ScanLife is your tool. Just scan the product code and find real-time price matches. Then, you can go straight to the competitor's website and buy it or save that price and purchase it later.

ShopSavvy.com

This app gives you comparison pricing along with expert product reviews and testing—download and scan either a QR code or barcode to get unbiased price comparisons from hundreds of retailers. You can also get the gift of cashback opportunities when using ShopSavvy.

Price.com

​Use the app, browser plug-in, or retail site to find the best deals on the items you're buying. You can quickly browse or scan items and compare prices. If you're shopping in a store and find a gift, take a picture of the gift, and the app will find competitive prices at other retailers. You can also earn cashback opportunities when you use price.com.

As you launch into the holiday shopping season, I hope that these apps help you save a little cash. I hope that you and your family have a wonderful Thanksgiving and holiday season.

If you're thinking about making a move before the end of the year, it's a great time to buy and sell. Reply to this email or give me a call to talk about your next move. Thank you for choosing me as your local real estate expert.

Posted in DFW Lifestyles
no comments yet

Categories

Archives

Sites We Follow