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Real Estate Blog

 Real Estate Blog 
Wednesday, May 21 2014

We continue to hear local and national news about how the real estate market is recovering and recently we saw an article and stats from RealtyTrac that the number of foreclosures across the country are at the lowest quarterly level since mid-2007!  

March 2014 was the forty-second straight month where the foreclosure activity dropped when compared to the same month a year-ago!   Additionally in March the filings for new foreclosures fell by a whopping 23%!   Which also tells us that the number of homeowners who are behind on payments is decreasing each and every month.  

Yes, you may still be seeing foreclosed homes in your neighborhood but reports indicate that banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time.  About half of the currently listing so called bank-owned properties are still occupied by the former owner or a renter, so there are less empty homes in neighborhoods.  

Helping you find your home is our goal,

Getting you through the process is our expertise!

Reechia & Keith Powell

Powell Realty Group

Posted by: AT 07:02 pm   |  Permalink   |  Email
Tuesday, May 13 2014

About a month ago we featured homes for sale in Plano and Allen – we also discussed the number of available homes on the market, and some of the average stats to give you facts & figures about our local real estate market.  

We thought it would be a good idea to revisit those stats and see how the market looks in mid-May compared to mid-April.

Plano has 409 available homes for sale today – that is just 15 more than we saw last month.  The average listing price per square foot increased by about $4.oo – the current figure is $137.39.  The average days on the market decreased by a whole week!  These numbers tell us the inventory remains very tight, homes are selling faster and for a little more money than they were just a month ago.   These 400+ homes are listed at $69,000 to $6,900,000. 

In Allen, Texas last month there were only 180 homes available, today there are 223!  The list prices vary between $105,000 & $2,500,000 with the average list price per square foot being $127.17 (less than a dollar’s difference from April’s stats).  The average days on the market increased by one day.  There are less homes overall in Allen when compared to Plano and the stats barely changed from April to May.  However, the overall news is still very good, a steady and strong market.  

If you want to know how the market is your neighborhood, contact us, we can customize a report for you.   Buying or selling Plano or Allen – give us a call, put our experience to work for you!  

Helping you find your home is our goal,

Getting you through the process is our expertise!

Reechia & Keith Powell

Powell Realty Group

Posted by: AT 05:33 pm   |  Permalink   |  Email
Wednesday, May 07 2014

We have talked a lot lately about the real estate market recovery – if you are a current home owner the recovery articles are encouraging and relevant to you.   However if you are considering purchasing a home you may wonder how the past market challenges affected the mortgage industry and more importantly how it has changed the requirements for obtaining a loan so you can purchase a home.  

If you are considering purchasing your first home or next home, the mortgage loan process and requirements have changed in the past several years.  So here are the first things a reputable lender will be looking at.  

  • Credit Scores and Credit History.
    • A credit score is almost always the first thing a lender looks at, and your score typically needs to a minimum of 640 FICO for any type of financing.  Also your paid-on-time history, especially for housing liabilities, is required.  Unfortunately the recent reality of layoffs and downsizing has caused late and missed payments, which adversely affects your ability to obtain a mortgage loan.     
  • Job History & Job Income.
    • Typically a lender is looking to review a 2-year work history, not necessarily in the same job but rather a working history covering at least the past 2 years in the same line of work.  Proof of income will be required, via your paystubs, W-2’s and tax returns. 
  • Value of the Property.
    • The home you are seeking to purchase will be appraised; a third-party will examine the property.  Appraisers examine the physical property, the updates and condition of the property, as well as reviewing what similar homes have sold for within the area, usually within a one mile radius. 

As you proceed through the process of obtaining your loan you will discover that it is a document heavy process.  Lenders will review assets, income to debt ratio, a title search will be done, are there any liens or judgments (against the borrower or the home), what are the property taxes and the home insurance costs? 

Choosing your lender is an important part of the process, you want to be sure they are attentive to you, easy for you talk to and offer superior service with the ability to look outside the box and solve problems, should they arise.  We have worked with many lenders in the Plano area and of course can offer you referrals!    

Helping your find your home is our goal,

Getting you through the process is our expertise!

Keith       214-649-4823

Reechia   972-979-9978

Homes for Sale in Plano

Posted by: AT 04:09 pm   |  Permalink   |  Email
Monday, May 05 2014

Those of us lucky enough to call Plano, Texas home know exactly why so many Fortune 500 Companies chose to locate their headquarters here!  Just this past week Toyota announced they too will be relocating their headquarters to the Plano area.  

It is anticipated that construction will be begin later this year with an expected move-in date of 2017.   The current headquarters is located in Torrance, California; there are reports that approximately 1,000 current employees will be offered relocation packages to move with the company and some are saying there will be an additional 3,000 jobs available when the headquarters open.    It is believed that one of the reasons the Lone Star state was chosen by Toyota is that we are closer to its factories and engineering center.  Plano is often at the top of employee’s lists of best places to relocate to, thanks to our state-of-the-art amenities, centralized location, diverse job opportunities, award winning schools, warm and consistent weather climate, and the availability and affordability of all kinds of housing

 Not only will our real estate market in Plano benefit from this announcement but so will the market in Allen and Murphy.      

 Welcome to Plano Toyota!  

Helping your find your home is our goal,

Getting you through the process is our expertise!

Keith       214-649-4823

Reechia   972-979-9978

Homes for Sale in Plano

Posted by: AT 05:02 pm   |  Permalink   |  Email
Thursday, May 01 2014

Allen’s popular Starcreek Community is the home to this wonderful two-story custom home.  Featuring 5 bedrooms, a main floor master suite, a game room & media room this home has something to offer everyone.  A man’s dream garage with epoxy finished floor and custom cabinets!  You will love everything about this home.  

Learn more about 858 Falcon Trace Drive here!

Helping your find your home is our goal,

Getting you through the process is our expertise!

Keith       214-649-4823

Reechia   972-979-9978

Posted by: AT 04:34 pm   |  Permalink   |  Email
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Reechia Powell

Reechia Powell Realty Group
301 S. Watters Road #100
Allen, TX 75013
Phone: (972) 979-9978
Email: Reechia@Reechia.com

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