Living In DFW

Why You Shouldn’t Fear Today’s Foreclosure Headlines

If you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s happening today. Here’s a deeper look.

According to the Year-End 2022 U.S. Foreclosure Market Report from ATTOM, foreclosure filings are up 115% from 2021, but down 34% from 2019. As media headlines grab onto this 115% increase, it’s more important than ever to put that percentage into context.

While the number of foreclosure filings did more than double last year, we need to remember why that happened and how it compares to more normal, pre-pandemic years in the market. Thanks to the forbearance program and other relief options for homeowners, foreclosure filings were down to record-low levels in 2020 and 2021, so any increase last year is — no surprise — a jump up. Rick Sharga, Executive VP of Market Intelligence at ATTOM, notes:

“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic. It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”

Clearly, these options meant millions of homeowners could stay in their homes, allowing them to get back on their feet during a very challenging period. With home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure, and that trend continues today.

And remember, as the graph below shows, foreclosures today are far below the record-high 2.9 million that were reported in 2010 when the housing market crashed.

Why You Shouldn’t Fear Today’s Foreclosure Headlines | MyKCM

So, while foreclosures are rising, keeping perspective in mind is key. As Bill McBride, Founder and Author of Calculated Risk, noted just last week:

“The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”

Bottom Line

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

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Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Robin McCoy Realty Group and Living in DFW does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Robin McCoy Realty Group and Living in DFW will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Where Will You Go If You Sell? You Have Options.

There are plenty of good reasons you might be ready to move. No matter your motivations, before you list your current house, you need to consider where you’ll go next.

In today’s market, it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential.

The Benefits of Newly Built Homes

First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to:

1. Build your dream home

If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more. Bankrate puts it like this:

“Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighborhood.”

2. Take advantage of builder concessions

In today’s market, a lot of home builders are working hard to sell their current inventory before they add more to their mix. That means many of them are offering concessions and are more willing to negotiate with buyers. That could work to your advantage in the process.

3. Minimize home repairs

Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little improvement projects to tackle. As realtor.com says:

“. . . if something goes wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .”

4. Take advantage of energy efficiency

When building a home, you can choose brand-new, energy-efficient options to help lower your utility costs, protect the environment, and reduce your carbon footprint.

The Benefits of Existing Homes

Now, let’s compare those to the perks that come with buying an existing home. With a pre-existing home, you can:

1. Explore a wider variety of home styles and floorplans

With decades of homes to choose from, you’ll have a broader range of floorplans and designs available.

2. Appreciate that lived-in charm

The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home.

3. Join an established neighborhood

Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit. Plus, they have more developed landscaping and trees, which can give you additional privacy and curb appeal.

4. Move in faster

If you have a short timeframe to move or you just don’t want the process to take several months while your home is under construction, buying an existing home might make sense for you. U.S. News explains:

“When you’re choosing a home, existing or new, you should also consider how long it might take to move into that home. Just because you have a contract doesn’t mean that your new home will be completed (or even started) at the time you agree to the purchase. It can be a struggle waiting for the walls to go up as you wonder what your home will become.”

When thinking about where you’ll go after you sell your house, remember your options. As you start your search, think about what’s most important to you. By working with a trusted real estate agent, you can be confident you’re making the most educated, informed decision.

Bottom Line

If you have questions about the options in our area, let’s discuss what’s available and what’s right for you, so you’re ready to make your next move with confidence.

Free Buyer Guide

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45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

Candle Safety

Valentines Day means romance and nothing creates an air of romance more than candles. Although candles are great for creating warmth and romance, accidental ignition can lead to property damage, injury, or even death without proper adherence to fire safety. According to the NFPA (National Fire Protection Association), thousands of home fires due to candle-burning accidents are reported each year and the U.S. Consumer Product Safety Commission reports that most of candle fires can be avoided by following basic safety rules. Keep your home safe by practicing these simple candle safety tips.

Never leave burning candles unattended

Avoid use in the bedroom where people may fall asleep or areas with much distraction or lack of supervision.

Consider the location

Never burn candles near flammable items such as paper, combustible liquids, oxygen tanks, curtains, and sheets. Keep them at least one foot away from hazardous materials and place multiply lit candles at least 3 inches apart. Place your candles on a steady and uncluttered surface, so you don’t risk the chance of them toppling over. Burn them in a well-ventilated room without drafts or air currents. Keep candles out of reach of children and pets.

Clean your candles before use

Whether using them for the first time or relighting, discard candle debris such as wax remnants, broken wicks, and matches that can be flammable. Trim candle wicks to a quarter of an inch with clippers or scissors. Trimming helps prevent uneven burning and dripping.

Don’t burn candles too low or too long

Carefully supervise the progression of the burning. Don’t let the flame burn beyond half an inch of wax left, and no less than 2 inches for thick, stand-alone candles. Candle burning duration should be no longer than 4 hours. If in doubt, follow the manufacturer’s instructions and recommendations for proper use.

Consider alternatives to candles

If candle burning is unsafe in your home, use flashlights or flameless candles. These other lighting choices can be especially convenient during lengthy power outages and safer to use around children, pets, and the elderly.

Free Buyer Guide

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45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

Inclusive Leadership with Yolanda Jackson

In this episode, I speak with Yolanda Jackson (Johnson) about the importance of marrying leadership with diversity, equity, and inclusion. Yolanda is the Founder and Executive Consultant of BeyondMeasure, LLC. She is described as a multi- dimensional, intrapreneurial leader having served the workforce for 30 years. Yolanda brings an astute understanding to workforce consulting through her experiences holding staff-, mid-, and senior-level positions within juvenile justice and nonprofit program development.

Yolanda is a proud graduate of Bowie State University, one of the 10 oldest historically black college & universities in the country. She holds a Master’s Degree in Organizational Leadership from Nyack College. A Certified Diversity Executive®, Yolanda is highly skilled in diversity, equity, and inclusion training facilitation and dialogue. She is a sought after thought leader and subject matter expert in nonprofit program development, leadership, community relations, multi-sector partnerships and corporate social responsibility programs. Yolanda’s career has afforded her the opportunity to work across the country with juvenile justice and child welfare professionals, the legal community, federal government agencies, and corporations such as Verizon, Capital One, Netflix, Merck, and Home Depot.

Yolanda’s signature summit and podcast, “Can You See Me: Women, Leadership, and Race”, highlights leaders of diverse races, creates space for dialogue, and inspires change within the workplace and community. Yolanda was awarded the American Business Women’s Association’s 2023 Top Ten Women. She currently serves as the Vice President of Membership for the Maryland Capital Chapter in Annapolis.

“True leadership makes room for everyone to utilize their gift and create sustainable impact.”
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Yolanda Johnson: BeyondMeasure, LLC
Facebook: BeyondMeasure, LLC
LinkedIn: Yolanda Johnson
Instagram: @yolandadjackson51
Email: yolanda@leadbeyondmeasure.com
Online Course:
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Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

All About Reverse Mortgages Today with Alesia Dutton

In this episode, I speak with Alesia Dutton about the ins and outs of reverse mortgages and reverse to-purchase mortgages. Alesia was recruited into the Reverse Mortgage Industry in 2013. Prior to 2013, she was the Development Director at the Las Cruces Chamber of Commerce. Her relationships with the local bankers and financial advisors made for a perfect transition into Reverse Mortgages. She was hired to do Reverse and Reverse only. To this day she is still hyper-focused on this market. She has dedicated her career to educating bankers, loan officers, financial advisors, and realtors about this program. She prides herself on personally walking all homeowners through the process and getting to know them as individuals. Their needs and timeline are always the priority!

Alesia has been on the Board of NAIFA New Mexico and Dallas (National Association of Insurance and Financial Advisors). NAIFA is the voice of the Insurance and Financial Advisor industries. This position allowed her access to up-to-date information on government changes that can affect retirement and asset growth. She is currently involved in the El Paso Estate Planning Council, NM Estate Planning Council, and NM Mortgage Lenders Association.

Alesia and her husband have lived in California, New Mexico, and Texas. They spend much of their free time with their 2 grandsons in Little Elm, TX. When she is not working, they love to travel! Their favorite times are spent outdoors and with family.

Who you’re in business with matters! To get in contact with Alesia for all your reverse mortgage needs, use any of the methods listed below.
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Alesia Dutton: Mutual of Omaha Reverse Mortgage
LinkedIn: Alesia Dutton
Email: adutton@mutualmortgage.com
Phone: 972-922-2699
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Want to hear more Alesia? Check out her next episode! Alesia Dutton: The Reverse Mortgage Lady

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

Why It Makes Sense to Move Before Spring

Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.

Spring Should Bring a Wave of Buyers to the Market

In most years, the housing market goes through predictable seasonal trends in activity. Winter is typically a quiet point in the year, while spring sees a surge of buyers begin their search. And experts project that this year will be no exception.

Right now, buyer demand is low due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear. Affordability is beginning to improve, but demand is still low — for now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares:

“. . . expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

If you’re ready to buy a home, right now is the best time to do so before your competition grows and more buyers enter the market.

Today’s Sellers Are Motivated

Low demand from buyers often means sellers are more motivated to work with you, and that can set you up to buy a home on your terms. In fact, sellers have been more willing to negotiate this winter because there are fewer buyers in the market. According to a recent article from Forbes:

“. . . sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter of last year.”

But keep in mind, the advantages buyers have this winter won’t last forever. The competition you face could be greater if you wait until spring to make a move, and increased buyer demand means sellers will have less motivation to negotiate with you. Be sure to work with a trusted real estate professional to learn what you can expect in your local market right now.

Bottom Line

If you’re in a good position to make a move, it may make sense to move before spring. Working with your team of expert real estate advisors is the best way to learn about the current market and what it means for you. Let’s connect today to determine the best plan to achieve your homebuying goals.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

The 3 Factors That Affect Home Affordability

If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, there are 3 factors that affect home affordability, and those factors are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares:

“. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.”

The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here’s a closer look at each one.

1. Mortgage Rates

Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down. George Ratiu, Senior Economist at realtor.com, explains:

“Let’s celebrate some good news. . . . mortgage rates are down. With inflation showing a tangible slowdown, I do expect mortgage rates to follow suit in the months ahead.”

Even a small change in rates can impact your purchasing power. Nadia Evangelou, Director of Forecasting for the National Association of Realtors (NAR), gives this context:

“With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners.”

If 7% rates paused your homebuying plans last year, this could be the opportunity you need to get back in the game. Be sure to work with a team of experts who know the latest on mortgage rates and can give you the best advice for the current market.

2. Home Prices

The second factor at play is home prices. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. When discussing home prices in 2023, Lawrence Yun, Chief Economist at NAR, says:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

So, while prices will likely be flat this year in some markets, others could see small gains or slight declines. It all depends on your local area. For insight into what’s happening in your market and how prices are impacting affordability, reach out to a trusted real estate professional.

3. Wages

The final component in the affordability equation is wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time:

The 3 Factors That Affect Home Affordability | MyKCM

When you think about affordability, remember the full picture includes more than just mortgage rates and prices. Wages need to be factored in as well. Because wages have been rising, many buyers have renewed opportunity in the market.

While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some sense of relief to homebuyers who have faced growing challenges. As Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), says:

“Rates are expected to move lower for the year, and home price growth is expected to cool, both of which will help affordability challenges.”

Bottom Line

If you have questions, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your financing options. You may be closer to owning a home than you think.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

Want To Sell Your House? Price It Right.

Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you’re thinking of selling your house soon, that means you’ll want to adjust your expectations accordingly. As realtor.com explains:

“. . . some of the more prominent pandemic trends have changed, so sellers might wish to adjust accordingly to get the best deal possible.”

In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today’s market.

Why Pricing Your House Appropriately Matters

Especially today, your asking price sends a message to potential buyers.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what that means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine that ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

Want To Sell Your House? Price It Right. | MyKCM

Bottom Line

Homes that are priced at current market value are still selling. To make sure you price your house appropriately, maximize your sales potential, and minimize your hassle, let’s connect.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

Happy Valentine’s Day 2023

I’m a great matchmaker! Let me pair you with your perfect home today!

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

What’s Really Happening with Home Prices?

Some Highlights

If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.

While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.

Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com