North Texas offers unique challenges for gardeners and landscapers. We sometimes have winters that rival those of many states much farther north. We often have summers that rival those of New Mexico or Arizona. I also have struggled recently with landscaping because of the limited rainfall we have had. Just when everyone thought we were going to have to switch to desert plants we have started having very substantial rains. The good news is we have discovered a tool to help us select plants for our climate and rainfall needs. Visit www.txsmartscape.com . This interactive site will help you pick plants for annual or perennial plantings. The pictures of each plant type helps me put a name with a flower.
The mortgage insurance provider, PMI Group, has released a study assessing the risk of substantial, lasting declines in residential real estate values in various markets around the country. The good news for the Dallas-Ft. Worth metroplex is that the area has only a 2.5% risk of housing prices being lower two years from now than they are today. Some short term fluctuations are expected due to increased unemployment, but Texas cities in general are at the bottom of the 300 markets studied. Markets at the top of the list are are looking at an almost 100% chance of declining prices. The news is still good for places like McKinney, Texas and Collin County. With interest rates at all time lows, this is still a good time to buy a home. There are some bargains in existing builder inventory and some bank owned properties. Both of these inventories are being depleted by buyers who are looking for bargains. Even the youngest people in the market today are very unlikely to ever see a confluence of housing values and interest rates that exits today.
I have a client who had a loan on their current home of $193,000 financed three years ago. Sold their house in 7 days. Found a new home for $262,000. Loan amount $252,000. Interest rate 4.75%. Result is their monthly payment went DOWN by almost $200 per month. They have a new home and one that better fits their needs. They are beside themselves. There are tremendous opportunities out there. You just have to think creatively. McKinney, Texas is different than most of your situations. Things are not all bad.
A lot of people are not doing well around the country. I feel for them. Our problems in McKinney, Texas are far smaller that those being experienced by most of you. Business, however, is beginning to pick up. Buyers are getting the word that they may not ever see interest rates or prices lower than they are today. My little three person group contracted on 4 properties last week. Two buyers bought and two listings sold. We even sold one only seven days after it came on the market. Our seller in one case turned around and made the purchase of a lifetime in new construction. The house will serve their family well for many years to come. The opportunities are great right now. I really wish the government would calm down and quit messing things up with their dire pronouncements.
McKinney's current square is the home to Landon's Winery. This marks quite a change considering that in 1987 when we moved here you couldn't buy wine in the local grocery or convenience store. Today wine is available locally and is actually made at Landon's and has won awards in tasting competitions. Landon's is also the focal point for the monthly gathering called 2nd Saturday. Today the street in front of Landon's Winery and Rick's Chop house is closed to traffic and tables and chairs fill the street the second Saturday of each month. Musicians play light jazz weather permitting.
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Located in what is by many estimates the fastest growing city in the nation, we operate in a unique real estate environment in McKinney neighborhoods when compared to other parts of the country.
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