Today’s Housing Market Is Nothing Like 15 Years Ago

There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key variables now compared to the last housing cycle, there are significant differences.

In the latest Real Estate Forecast Summit, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below between today’s housing market and the previous cycle:

Today’s Housing Market Is Nothing Like 15 Years Ago | MyKCM

Looking at the facts, it’s clear: today is very different than the housing market of 15 years ago.

There’s Opportunity in Real Estate Today

And in today’s market, with inventory rising and less competition from other buyers, there’s opportunity right now. According to David Stevens, former Assistant Secretary of Housing:

“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity.”

Bottom Line

Today’s housing market is nothing like the real estate market 15 years ago. If you’re a buyer right now, this may be the chance you’ve been waiting for.


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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.


3 Best Practices for Selling Your House This Year

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrateexplains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years (see graph below):

3 Best Practices for Selling Your House This Year | MyKCM

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your home over the years, not all buyers will feel the same way about your design. That’s why it’s so important to make sure you focus on your home’s first impression so it appeals to as many buyers as possible. As NAR says:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.

Bottom Line

If you’re considering selling your house, let’s connect so you have the help you need to navigate through the process while prioritizing these best practices.


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


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.


The Truth About Negative Home Equity Headlines

Home equity has been a hot topic in real estate news lately. And if you’ve been following along, you may have heard there’s a growing number of homeowners with negative equityBut don’t let those headlines scare you.

In truth, the headlines don’t give you all the information you really need to understand what’s happening and at what scale. Let’s break down one of the big equity stories you may be seeing in the news, and what’s actually taking place. That way, you’ll have the context you need to understand the big picture.

Headlines Focus on Short-Term Equity Numbers and Fail To Convey the Long-Term View

One piece of news circulating focuses on the percentage of homes purchased in 2022 that are currently underwater. The term underwater refers to a scenario where the homeowner owes more on the loan than the house is worth. This was a huge issue when the housing market crashed in 2008, but it’s much less significant today.

Media coverage right now is based loosely on a report from Black Knight, Inc. The actual report from that source says this:

Of all homes purchased with a mortgage in 2022, 8% are now at least marginally underwater and nearly 40% have less than 10% equity stakes in their home, . . .”

Let’s unpack that for a moment and provide the bigger picture. The data-bound report from Black Knight is talking specifically about homes purchased in 2022, but media headlines don’t always mention that timeframe or provide the surrounding context about how unusual of a year 2022 was for the housing market. In 2022, home price appreciation soared, and it reached its max around March-April. Since then, the rate of appreciation has been slowing down.

Homeowners who bought their house last year right at the peak or those who paid more than market value in the months that followed are more likely to fall into the category of being marginally underwater. The qualifier marginally is another key piece of the puzzle the media isn’t necessarily including in their coverage.

So, what does that mean for those who purchased a home in 2022? It’s important to remember, owning a home is a long-term investment, not a short-term play. When headlines focus on the short-term view, they’re not necessarily providing the full context.

Typically speaking, the longer you stay in your home, the more equity you gain as you pay down your loan and as home prices appreciate. With recent market conditions, you may not have gained significant equity right away if you owned the home for just a few months. But it’s also true that many homeowners who recently bought their house are unlikely to be looking to sell quite yet.

Bottom Line

As with everything, knowing the context is important. If you have questions about real estate headlines or about how much equity you have in your home, let’s connect.


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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


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 DFWwill not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.


Avoid the Rental Trap in 2023

If you’re a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward.

In the past year, both current renters and new renters have seen their rent go up based on information from realtor.com:

Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters who have recently moved. Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months, and likely renewed their lease, have also reported increases in their rent.”

And if you look back at historical data, that shouldn’t come as surprise. That’s because, according to the Census, rents have been rising fairly consistently since 1988 (see graph below):

Avoid the Rental Trap in 2023 | MyKCM

So, if you’re considering renting as an option in 2023, it’s worth weighing whether this trend is likely to continue. The 2023 Housing Forecast from realtor.com expects rents will keep climbing (see graph below):

Avoid the Rental Trap in 2023 | MyKCM

That forecast projects rents will increase by 6.3% in the year ahead (shown in green). When compared to the blue bars in the graph, it’s clear that the 2023 projection doesn’t call for an increase as drastic as the ones renters have seen over the past two years, but it’s still above the historical average for rent hikes between 2013-2019.

That means, if you’re planning to rent again this year and you’ve not yet renewed your lease, you may pay more when you do.

Homeownership Provides an Alternative to Rising Rents

These rising costs may make you reconsider what other alternatives you have. If you’re looking for more stability, it could be time to prioritize homeownership. One of the many benefits of owning your own home is it provides a stable monthly cost that you can lock in for the duration of your loan. As Freddie Mac says:

Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you’re paying the same amount each month. With a fixed-rate mortgage, your interest rate is locked in for the life of loan. Steady payments allow you to budget wisely and make plans for the future.”

If you’re planning to make a move this year, locking in your monthly housing costs for the duration of your loan can be a major benefit. You’ll avoid wondering if you’ll need to adjust your budget to account for annual increases like you would if you left your housing payment up to your landlord and their renewal cycle.

Homeowners also enjoy the added benefit of home equity, which has grown substantially. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $34,300 in equity over the last 12 months. As a renter, your rent payment only covers the cost of your dwelling. When you pay your mortgage on a house, you grow your wealth through the forced savings that is your home equity.

Bottom Line

If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Let’s chat to see how you can begin your journey to homeownership today.


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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


Tips To Reach Your Homebuying Goals in 2023

Some Highlights

If you’re planning to buy a home in 2023, here are a few things to focus on.

Work on your credit and save for a down payment. If saving feels like a challenge, there’s help available. Then, get pre-approved, create a list of desired features, and prioritize them.

Let’s connect so you have expert advice on how to reach your homebuying goals this year.


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


Moving Tips for Seniors As They Transition to Assisted Living

By Lori Thomas, VP of Marketing / Chief Editor at Senior Advice

There are millions of seniors today who make the choice to transition to assisted living. This can be a hard decision but one that ultimately pays off for many seniors. While the idea of moving to a new place can be stressful for some seniors, it is the actual moving day that can cause the most stress. Many times, adult children need to step in and take care of the move and all of the particulars involved, which can add an extra layer of uncertainty to the situation. However, with a few moving day tips, most family members and loved ones can ensure that the transition is a smooth one for all parties involved.

Give Them Time

Many seniors have spent years or even decades in their home before they make the transition to assisted living or a nursing home. Their old home can have a great deal of sentimental value and a lot of memories tied to it, which can make the move hard. When moving day comes around, make sure to plan plenty of time for the senior to say “goodbye” it may not be emotional for them until the end. It is important to remember that this is a big change in their lives and leaving their home behind can stir up a lot of emotions. However long you think the move will take, make sure to schedule additional time in for the senior to say goodbye.

Communication is Key

The more you communicate with a senior about their upcoming move, the better off all parties will be. There are a lot of tough conversations that center around moving to a retirement community or assisted living center. Make sure to communicate everything that has been planned with the move. Let them know when the move will start, when it will end, how it is going to go and what they can expect. Talk them through the entire process, let them know what is going on and what is coming next.

Many seniors deal with a perceived loss of control during this process, so if you end up surprising them with unplanned events it can only make that feeling of loss of control even more difficult.

Plan What Goes and What Stays

When in charge of a senior’s move, it is important to take the time and really plan out every detail. Once there is a plan, stick to it. Take the time to plan out the senior’s new place, determine what furniture will fit and work within their assisted living apartment or room and make sure to mark which items should go and which items should be sent to storage or sold. Take the time to really plan out the new space, using a computer program or even a piece of graph paper. There are even some assisted living facilities that will come in and do the measurements for their new residents.

This way, the new home won’t be filled with extra items that just need to be moved again. It is important to bring some items from home when moving to help the senior feel as though this new residence is actually their own. Start planning ahead as far in advance as possible so seniors don’t have to make a decision about what goes and what stays on the same already emotional day as their move.

Clean and Repair After the Move

Many times when seniors leave a home that they have been in for years or decades, the house needs a little work in order to be ready for resale. Instead of worrying your senior loved one with repairs and maintenance or having repair professionals in their home during this difficult time, try to handle all of these repairs after your loved one has moved out. Plan ahead so you know what will need to be cleaned or fixed, but try to hold off on the actual work until the move is done.

This can alleviate stress and allow you to focus on the most important part of the move: getting your loved one safely settled in their new home. Try not to rush the sale of the home so much that it inconveniences your senior loved one. You don’t want them to feel pressured or on a time crunch to leave their home just because someone else is waiting to get in.

Hire the Right Type of Movers

There are some seniors who will want to be present on moving day. While in some situations, it may be best to keep your senior loved one away from the moving process, many adults want to be there as their lives get packed up and moved to a new location. If your senior loved one wants to be there and physically can be there, then allow them, just make sure that you have the right type of movers in place on the day of.

With this in mind, consider hiring full-service movers that load and deliver everything from one home to its final destination. This will give you as a caregiver or loved one, extra time to focus on your senior and to make sure they are safe and comfortable with the move. While it can be an expensive solution, it is one that will make the move much more efficient and much less stressful in the end.

When arriving at the new assisted living facility, it is important that you try to get the new residence looking like home as quickly as possible. While it will take some time, make sure to set out pictures and a few personal effects the very first night. This can go a long way in helping your senior loved one feel as though this new place is really their home. If you feel as though your senior loved one will be overwhelmed by the unpacking process, have a friend or caregiver take them somewhere for a few hours so you can get everything set up for them.

Taking extra steps as these can go a long way in helping any senior easily handle their transition to their new life in assisted living.


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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


Interior Design Trends for 2023

Since the pandemic’s beginning, we have been spending more time in our homes. Therefore, the trend that designers predict for 2023 is associated with solitude and the enjoyment of being in the home environment. Designs have begun to reflect comfort, stability, and simplicity. However, there is also a post-pandemic re-awakening in which people wish to explore their individualism with an emphasis on bold patterns, materials, and colors. While going for the maximum effect, there is also a tendency to be minimal with space and to bring nature and sustainability into the home. The following is a wide spectrum of home decorating and design trends that professional designers predict we will see more of due to an ever-changing shift in attitudes about home and our relationship to it.

Eco-Friendly

With the emphasis on environmental conservation, homeowners are more interested in using renewable materials and finding more efficient ways to heat and cool their homes. Materials such as wool, cotton, bamboo, and cork are preferred over acrylic with flooring, furniture, textiles, and building materials. They also want their homes to have smarter and more efficient appliances. Many homes will be built with increasing emphasis on sustainable supplies, natural airflow, maximum daylight, and natural ways to obtain energy for warmth and cooling.

Holistic Approach

The design considers the mind and body. The focus is on creating an environment that makes the homeowner feel happy, healthy, and productive. Warmer wood tones in furniture and fabrics versus dark or stark, white surfaces are becoming more synonymous with comfort and well-being. Open floor plans with a free flow of movement, such as the practice of Japanese feng shui, encourage tranquility and peace of mind through decluttering. Open shelving and under-counter storage, as opposed to built-in cabinetry, are some illustrations. Add enhanced natural lighting, organic implements, and warm, earthy colors, bringing the natural world into your home.

Ornate is in

On the other end of the spectrum, home decorators crave the bright and the bold. While warm, gentle furnishings and decorum are on the up, so are vivid colors and geometric patterns. The art deco style has made a comeback and is increasingly popular. While one group favors the unassuming mauves and mustards, colors like raspberry, ultramarine blue, and lavender are popular pleasers for those who want their living space to make a statement. Stripes and plaid are among the most sought-after patterns for wallpaper, textiles, paint, floor covering, and other furnishings. In addition to vibrant hues, the glossy and the elaborate are making an upward trend. Doorway arches, ceramic lamps, sweeping curtains, unusual sculptures, lavish chandeliers, marble slabs, and fancy etchings provide an old-world yet sophisticated charm.


Creating more space—When Covid forced us to shelter in place, many of us invented new areas for activities in our homes or established more room by re-purposing interiors. Many homeowners are using one room for multiple functions. The kitchen is a perfect example of a space often converted into an entertainment hub or a homework corner. Dining rooms, guest bedrooms, and closets become home offices, art studios, craft rooms, or workout areas. A solution for previously underused areas of the home came about out of necessity.

With the world a wild and unpredictable place, many homeowners are looking for new ways to redesign and decorate their homes to make a healthy and happy haven to escape or simply get greater enjoyment out of staying home.


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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


What Experts Are Saying About the 2023 Housing Market

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.comadds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

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.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” 

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. 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


Forming a Healthy Mindset with Dr. Kella Price

In this episode, I speak with Dr. Kella Price about all things health related. Kella has more than 20 years of experience in training, and an MS in Exercise Science and Wellness. Kella has published on various topics, including stress and mental wellness. Currently, she is in the process of publishing a wellness book. Kella speaks on topics such as: workplace wellness, weight loss, healthy lifestyle and balance, and exercise. Kella is a fitness and nutrition coach, with two nutrition certifications, an NASM Personal Trainer, ACE Group Fitness Instructor, and Speed and Conditioning Coach.

She is a group fitness instructor, teaching yoga and barre, strength and conditioning, HIIT, dance fitness, cardio kickboxing, step, bootcamps, aqua fit, as well as kids and senior fitness. She is also certified for TRX, Self- Myofascial Release, Integrative Corrective Exercise, Cancer Exercise, and Mental Health First Aid. Kella travels across the globe, teaching group fitness instructors and personal trainers as a Master Trainer for REVO2LUTION RUNNING and her workout programs: HIIT-30, Barre and Yoga SHREDDED, Bikini Body Camp, Fit Seniors, Athlete Strength, Fit Kids, and Aqua Fit. She previously was a Master Trainer for Beachbody LIVE and Barre Above before using her own expertise and education to create total body wellness programs. Kella is gym owner of Healthy Fit, with several locations and a virtual studio option. She is passionate about helping people improve their quality of life through fitness and nutrition.

As a mom who gained weight, then made a decision to make life changes, she lost 30 pounds with exercise and good nutrition. She is committed to teaching people healthy habits, and encouraging families to hold each other accountable and manage schedules to make exercise non-negotiable. Her boys are often in tow for family fun exercise, including running local 5k and 10k races, as well as half marathons.

Kella strongly believes that fitness + nutrition + support = success.
_______________________________________
Dr. Kella Price: Fitness Life Coach
Youtube: Kella Price Fitness
Instagram: @kellaprice
Instagram: @healthyfitnesslifecoach
_______________________________________

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


Wondering How Much You Need To Save for a Down Payment?

If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don’t let a common misconception about how much you need to save make the process harder than it could be.

Understand 20% Isn’t Always the Typical Down Payment

Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):

Wondering How Much You Need To Save for a Down Payment? | MyKCM

Learn About Options That Can Help You Toward Your Goal

If saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.

Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.

Bottom Line

Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your down payment options.


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