It was The Best of Times, It was the Worst of Times...

Will this be the title on the chapter in our American history books written about our current economic turmoil? Of course if you have been personally effected by layoffs or are struggling to make the monthly budget, you may feel like it is the worst of times. We certainly hear about the worst of times everyday in the media whether it be the newspapers or television news. But we can all feel grateful to live in McKinney, Texas during this time as we continue to see that the
negative impact in our area is much less than many other parts of the country. Let me show you the results of recent studies that constantly remind me to be thankful for where we live and work, especially during these tougher times:

•August 2008, Money Magazine, “Best Places to Live” the first North Texas city to rank is McKinney at number 14. (Frisco #38)
•April 2008, Forbes Magazine, “America’s Recession-Proof Cities” included metro areas of Austin, Houston and Dallas.
The recession-proof study examined unemployment data, job growth in key fields, and our historically low median home prices making ownership affordable to a large segment of the population.
•July 2008 CNNMoney.com reported that McKinney still ranks in the top 3, as 3rd, fastest growing city in the nation with 8% growth.

There are also several other reasons that would help to further demonstrate it may not be all negative. While 2008 was different in the real estate market, it was still a good year. Almost 1/4 of my business last year was helping relocate families to Texas from around the nation including Florida, Pennsylvania and New Hampshire. Each relocating family was amazed to see how they could keep their mortgage payment the same, yet purchase a much larger and newer home compared to their previous location . So while we continue to hear about the faltering economy, remember that we have a better chance to survive and thrive right here in McKinney and for that we can be grateful.

There is also good news today in the real estate and mortgage markets. Within the past few weeks, we have seen mortgage rates as low as 4.8%. This low interest rate allowed many to refinance saving hundreds a month or for buyers to gain additional purchasing power. Also for sellers the previous few months have had record low home inventories thereby reducing the competition on the market and allowing homes that come onto the market priced strategically and in good condition to sell within days with multiple offers. Several months in 2008 also had higher median home prices in McKinney than 2007.

Tina Marr, REALTOR® , GRI, Keller Williams Realty - Jan 2009