Plano Texas Real Estate Blog
Advice,Opinion,Trials,Tribulations of the Dallas Real Estate Market and Community Resource Guide

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Dallas & Plano Real Estate Results for February 2010

As you know real estate in Texas is not so bad as in other parts of the country but it's not so great either.   All transactions are taking longer because the banks have tightened their lending standards and if it's a short sale or foreclosures expect much more red tape.

One thing you should know about is the new disclosure law for lenders that just went into effect, when you receive your good faith estimate (GFE) you now have a 7 day option period before you can proceed to close, compliments of the government.  It's like an option period on a house but with the lender that gives you the money.  Not a bad thing but does slow the process down so you need to keep this in consideration for your moving plans....now for the data..

The Dallas metro area sales for February were down only 5%, it's all relative because last year wasn't great either but we'll take single digit over double digit anytime.  This is for single family housing according to North Texas Real Estate Information System (our MLS).

The positive news is pending sales (waiting to close) and new listings are both up 5% which point to more sales and activity as the spring selling season gets into high gear. The tax credit expires April 30th so watch for a flurry of activity to beat the clock.  You must close by June 30th to claim it.

As far as Plano goes, which it area 20, sales were flat which is a positive sign too.  Dollar per sq ft was down 9% to $93.  Days on market was also down 9% at 68.  Pending sales are up 18% and new listings up 10%.  The bulk of the market is under $350K with many clean and updated properties going under contract within a few days.  The jumbo loan market is starting to see some long awaited action due to banks taking the risk and keeping it on their books.  Sellers are pricing properties better due to market conditions and buyers are still low balling, just a sign of the times....

[75093,Plano, TX, real estate market update]

Phone Etiquette

I took a call this week from someone inquiring about a house.  She was driving by and said she had called 12 agents during the day and I was the only one to call her back....

Don't take it personally but I don't even get return phone calls from agents, especially when the voice message is:

"Your call is very important to me and I will get back to you just as soon as I can, however I only check my messages twice a day because I am very busy! Please repeat your number twice and have a nice day!"  It's amazing to me how many agents have the same message.

I mean with all the technology, text , email and chat - it's pretty easy to answer all inquiries via your smart phone.  Isn't it?  Of course, if your with a client we certainly understand you want no interruption but an hour or two to respond is not too much to ask rather than no return call at all, don't you think?
[75093,Plano,TX,]

Parker Estates Real Estate Results - 2009


If you're looking for an opening price point home or town home in West Plano 75093 that is
newer, than Parker Estates could fit the bill. And excellent schools in Lewisville ISD.  These are
low maintenance home and many are one story.  Close to Arbor Hills Nature Preserve and Shops
at Legacy and tollway...ideal location! Take a look at the stats for last year, prices have adjusted
and this is an excellent value in 75093 with all the luxury that surrounds it.
[75093,Plano,Texas,Parker Estates, town homes]

Multiple Offer Situation - Prove It!

If you've found that perfect home or almost perfect and decide to put a contract in you might get in a multiple offer situation.  If the property is priced fairly or below market and under 300K or a foreclosure you could encounter this scenario.

What does a buyer do?  The first response is to ask for proof, which I can tell you is not going to happen. Neither the seller or buyer is going to give up negotiating power. Besides the seller determines if he even wants to disclose more than one offer...you might not even know if there are any.  Sometimes an agent will give a list of other agents to contact that have offers in but that doesn't do anything either. Still no proof.

The best way to go about this is to offer your highest and best offer first or the second counter.  Do not get in a bidding war. Only do what is comfortable for you. Or you can call their bluff if it is one and be in the drivers seat from there.  Always have another house and don't fall in love until you actually close.  Advice from the real estate trenches...

[75093, Plano, Texas, multiple offers]