Plano Texas Real Estate Blog - Local Plano Real Estate.

Grim Reaper

Our first trick or treater this evening, even before dusk, she did bring her own
treats. see Hollywood Holloween - best decorations in West Plano.

In the Spirit of Halloween

Even though this was taken in Santa Fe, you will still find all the trappings
of Southwest culture in Dallas too.  Mexican food is called Tex Mex in Dallas,
Red or Green Chile variety in Santa Fe, it's all in the sauce.  Many of these
skulls were selling fast as take home souvenirs, bet they were fun on the plane.
Wonder how they got through security? You can find many of these treasures
and food at the Dallas Farmers Market.
Happy Halloween!

Watch Out for Your Re-fi's at Countrywide

Re-Fi-er Beware

My Wall Street guru’s as I so loving like to call them, because they
just tell it like it is and don’t hide the “dirty laundry” always seem to
shed a little more insight into the every day back room workings of
Countrywide. Now this particular article gets a little murky sometimes
because you might have to read between the lines on some of the
assumptions being made, but at the end of the day the story line
is the same…check the link below...
Too Many Ifs In Countrywide’s Future Profits – by Accured Interests
of Seeking Alpha

Rank Treachery Lending Verse II

photo by woodleywonderworks

On 10.25.07 I made comments from the Seeking Alpha article
How Egregious Was Countrywide’s Option Arm Lending and now
we have the second segment to that article by a different author
of Seeking Alpha (Teeka Tiwari) this time, but just more fuel to the
fire for the RANK TREACHERY LENDING PRACTICES that
Countrywide purveyed to unsuspecting homeowners across America.

And to quote Teeka Tiwari - the plan was a simple one: (Countrywide)
offered artificially low adjustable rate mortgages (ARM’s), "give a
mortgage to anyone with a heartbeat, and watch the profits roll in!"

And you know what happened?...It Worked!....because every time
the mortgage payment adjusted higher, Countrywide would come
back to the borrower and say, “Hey no problem. Let’s refinance!”
And that’s exactly what millions of Americans did.

Then guess what happened?.....the bottom fell out of the real estate
market, and many peoples’ homes are now worth less than what they
owe on them. If your home appraises for less than what you owe, you
know what? You ain’t refinancing.  And that’s exactly where we are
right now.  Millions of Americans are stuck with accelerating mortgage
payments that they can’t borrow their way out of.

Folks, this isn’t a pretty picture at the end of the day and to get the full
jest of the article please click on Is Countrywide Financial the Next Enron?
and read the whole article. But currently Countrywide (the good cop/bad cop)
is throwing a life preserver with a lot of band-aids on it to a small portion of
their homeowners with their “Home Preservation Program” that Mr.
Tiwari states should probably be called “Profit Preservation Program”.  

Basically what the “Home Preservation Program” is ….”like any good
loan shark/predatory lender, Countrywide knows that if you push too hard,
the mark just won’t pay, and that’s bad for business…so let’s examine their
“HPP” altruistic, humanitarian gesture so generously offered by Countrywide.”

To date approximately 6% of Countrywide’s 1.45 trillion dollars’ worth
of loans are loans categorized as in arrears; SO FAR. But understand we’d
be one french fry short of a happy meal to believe that these guys aren’t
playing around with the numbers to hide their true financial picture.  Take
the 6% value and that means about 87 billion dollars’ worth of loans are on
the verge of default or close to a 500,000 mortgages.  That’s 500,000
Americans and their families who are in danger of becoming homeless. 

So as Mr. Tiwari states….

”WHAT IS COUNTRYWIDE PROPOSING?”….or the
Rank Treachery Lending Practices VERSE II.

And if anyone wants to ask me if the CEO of Countrywide should
be the next poster child of Ken Lay my vote has already been cast!

Celebrity Parcel For Sale

This is one of the last tracts of land to be undeveloped
in Old Highland Park. Trees galore...

It's part of the Lamar Hunt estate purchased in 1968.
They were going to build but never did.

So here's your chance to own 1.77 acres in Highland
Park with views of Turtle Creek and all the privacy
anyone could want.  The price? For you?
Only...$15,000,000.

Ghost Ranch

no ghosts, but amazing colors

Right before entering Georgia O'Keefe territory - when others talk about the light in New Mexico, this is what they mean.

Dallas Market Update-week 10.19.2007

You ask and you shall receive, lots of searches for price per sq ft,
inventory for sale and days on market for Dallas Real Estate.

Here are a couple of charts to browse, that will give you an
overview of Dallas Home Market since January:



Take a look at the top chart - price per sq ft has fluctuated
from $97 to $101 since January. Doesn't seem like much, but it all
adds up when your buying per sq ft.  The point here is Dallas
is a tremendous value compared to rest of the county.  Not too
many major metro areas that can boast $100 per sq ft.

As far as investors go, Dallas is in the top 10 foreclosures
markets in the country, (CNN MONEY) and the picking is ripe
for properties that don't need too much work or you can find a
disaster and bring back to it's former glory. Whatever you like.
Dallas has always been a good place to BUY and HOLD.

The second chart shows the explosive growth of inventory
since January, more than 5500 homes are on the market
in Dallas.

Now that we're in 4th quarter, you'll find sellers and REO
properties wanting to get their inventory off the books before
the end of the year.  Good to know...

Also remember that their are creative ways to do financing
besides through a bank, this is a time to possibly get seller's
to think about participating, it's an option for all buyer's.
And that means builders too.

Days on market is right around 112 days, average has been
around 50 days since March and climbing up steadily.

Need more info on the Dallas - Plano Market? 

Gives us a shout. Have a great weekend!

Rank Treachery Lending Practices

How Egregious Was Countrywide's Option ARM Lending?
by Seeking Alpha


photo by FOTOMOE

Sometimes these Wall Street guru's use big words that I have to google
to see what they mean such as EGREGIOUS....which has about four or five
different meanings... translated as...." conspicuously bad", "flagrant violation",
"gross ineptitude", and maybe the last one is my favorite "rank treachery".

Now I just need to figure out how to say EGREGIOUS....unfortunately at a
quick glance it resembles RELIGION.  Maybe the CEO of Countrywide does
need to resign b/4 the FED's start digging deeper, but with his Italian heritage
he'll probably be O.K. while the rest of us try to bail the country out of his mess.

Everyone have a blessed day at least we have the privilege to be looking at the
right side of the grass.

Break down by zip codes and price
West Plano Home Listings

Past couple of weeks there has been many searches for West Plano
homes and zip codes, so here's a couple links and price points of the
drill down searches.

West Plano is basically zip codes: 75093, 75024 and 75025.

The links below are updated hourly from the MLS and are always current
and include great photos, virtual tours, info etc.etc.

West Plano Search $250,000 - $499,999
West Plano Search $500,000 and up

And here's a zip code map to get your bearings if you're not familiar
with the city.  Break downs by community and neighborhood are also
available by just a click or two.

Corner Unit at "The Shops"

Why to live at the Shops at Legacy?

Besides being one of the hot new urban concepts in America growing by leaps
and bounds with everything you desire at your door step and fingertips.

Another reason?  The real estate at the shops is very exclusive and with
neighbors that do landscaping like above, it makes you want to say "Hello".
Great for properties values too.

Don't know who lives here, but it's always decorated by the holiday and season.
Maybe she does consultant work too, curb appeal - ring a bell?

If you haven't been to the Shops at Legacy, it's a must see destination Mecca.
And check the listings that are available for sale now.  $320K and up.

As far as real estate goes it's location, location, location and this is no different!



And besides the boutique shops and restaurants- there's a Live Concert Series
every year, April through October on Bishop Street that starts at 7:00 P.M.
Click logo above for more info...

Oh, Did I mention free? It is! Enjoy! And yet another reason to buy real estate
in The Shops at Legacy.

Willow Bend Sales from Oct.1-22.07

Here's a brief update on sales in the neighborhoods of Willow Bend.

• Active properties:      78
• Pending properties:     3
• Sold  properties:         6

Average list price is $212.64 sq ft
Average Sales Price in $224.64 sq ft
Average Days on Market is right around 100

This is a little skewed because of a $3.5M sale that just took place.
You can find a normal range of $122.to $454.a sq ft in Willow Bend
neighborhoods.

Compared to last year there were only 3 sales, so Willow Bend
is ahead of the game here. That's good news!

Plano Property Tax -Update

Well, its that time again, yeah...your 2007 property tax statement just arrived.

Right? And were you pleasantly surprised?

Looks like the legislature did their magic and property taxes went down.

How much?  Like 16%,  now that's Awesome!

Usually, you could figure around 2.5% of your appraised value is what you owe.

Here's how the tax bill broke down this year :

• Collin County -  .245000
• Plano City     -  .473500
• Jr College     -   .086984
• Plano ISD    -  1.268400

Now - 2.073884 is much better than 2.5%, that's like an extra present
just in time for the holidays.  See more about property tax cuts here.

Taxes are due Jan. 31, 2008 or if you want to write them off this year
they need to be paid by Dec. 31, 2007.

And if you are relocating to the area and looking to buy real estate in
Plano, prices are down, property taxes are down and inventory is way up
so your timing is perfect! 

This is an Awesome Home!
Short Sale Shoal Creek

Just got an email blast that this home has been reduced to $860K, it's been on
the market a while.  Originally started at over 1M and it's $100K below the tax
roles.  Ideal location in Shoal Creek, looking out toward the lake and surrounded
by more expensive homes.

This home has a wonderful floor plan, chef's kitchen has been totally updated
with stainless pro appliances and a .5 acre lot, pool and outdoor kitchen!

We've been in this home several times and it's had a few offers that have
not worked out.  So if you're in this price range - this one is too good to
pass up.

New Homes in Plano

Normandy Estates is a new development located at Tennyson and
Spring Creek Parkway.  The land has been graded and the streets
are about to go in. (you can drive your SUV to get a feel for the
development - it's muddy too)

This choice piece of real estate must have cost the developer a pretty
penny. (see starting prices below) Originally, this was commercial
property rezoned for residential. 75 acres of raw land.

Homes prices are as follows this includes the lot and home.

• 52 estate lots - start at $1,600,000 - all Plano School District
• 49 villa lots - start at $900,000
• 38 townhomes - start at $500,000

Some of the estate lots will back up to Indian lake and are heavily
wooded.  I'm assuming the original owner is still there, mobile home,
horses, row boat and chair still remain just north of the development.



Watch for incentive pricing or VIP list to jump start the development,
all builders do it that way.  Best prices will be for the first buyers and last
buyers.  (we'll have updates on this site, too)

There are plans to also have something like The Shops at Legacy,
but not as large and a more neighborhood feel, like The Shops at
Starwood in Frisco.  Seems everyone loves the concept.

Real Estate Data for Plano - 75093

Here is last weeks neighborhood detail report for West Plano
and insights into local market conditions.


Median Price:                      $524,950
Asking price per sq ft                  $142
Average days on market               104
Total inventory                             346
Sold this week                              27

Inventory has been climbing and homes under $439,000
represent 78% of homes sales.  It's very much a buyers
market with ample supply.

Prices are holding for now but it will be something to
watch as we go into the slower part of the selling season.

This could be a better time for sellers to sell their home
because many will take homes off the market for the
holidays.  Many corporations relocate employees
by the first of the year and that's a good thing to keep
in mind.  Click here for more zip code graphs

Just grab your honey and come to Santa Fe

Did you know Santa Fe will celebrate it's 400th year as a city in 2010?
It has been around since 1610!  Today many of the 400 year old adobe
structures still stand.

Above is the Lensic Performing Arts Center that has been lovingly restored
with state of the art acoustics and hosts many concerts throughout the year.
Its located around the Plaza.



Located just north of the Plaza is The Cathedral Basilica of St. Francis of
Assisi.  Its a stone Romanesque cathedral built in 1869. (It's really not
crooked)

Besides the miracle of 400 year old adobe structures still standing, Santa
Fe offers rich culture, history, arts, upscale shopping, fine cuisine, spa
retreats and romance. 

In fact, Santa Fe might be the new Las Vegas - for $25. in cash and a
ID, you can go to the County Clerk's office between 8:00 and 4:00 for your
license.  No waiting period or other requirements.

Considering real estate here could pay off handsomely, with all the
baby boomers retiring it's a destination of choice for many.  Very quite
and eclectic too.  People watching at Trader Joe's yesterday was better
than going to the State Fair!  Santa Fe is also a short trip from Dallas
and a true get-away.

Garcia St.- tucked away on the historic east side in Santa Fe

Taking a little break from real estate in Plano and decided to head up to Santa
Fe for quick get away.

It's human nature to want to know about real estate in other locations, so when
you see for sale signs around where you're staying - well,  just have to look
them up.

Garcia St. is a historic east side location built in the 1930's, most condos have
been lovingly restored with all the latest amenities - like wireless Internet
connection, HD TV's and Chef's kitchen.  Very close to Canyon Road and
The Plaza.  You can walk everywhere. Very private.



Take a look at some of the Real Estate offerings on Garcia Street
enter Garcia in the quick search box, for some reason it won't link to the direct
page.

Best Halloween House in Plano

A Hollywood Halloween

Driving by this home every day has been fun, they've set a Halloween stage
for all the kids and adults.  More and more scary items get added, can't wait
to see what it looks like right before trick or treat.



Check the spider and shadow on the wall, cool lighting effects - you can't see
it in the photos, but the gentle breeze at night moves everything too...the hair,
hands, lights.



Anyone else have any spectacular Halloween staged effects?  I'm thinking if
they were selling, this staging might just get the home sold!

A Cup of Coffee and A Close Shave

Just like any where, you'll find a Starbucks on every corner in Plano.
This one is at The Shops at Legacy, it's close to the tollway and all the
Legacy Corporate Campuses.  It makes a great place to meet up for real
estate outings, a virtual office for everyone - whether you do real estate or
not.  Also close to very nice houses and Frisco too.  Meeting clients here
is low key and a relaxing way to see Plano and start your house hunt.
To the left is Razor's Edge - it's an old time barber shop that's just as busy
as Starbucks, so you could get a haircut, shave and a cup a Joe.

Sell Your Home in a Real Estate Auction?

Sam selling grandmother's house - Courtesy of LG- flickr

The Trend

There's a growing trend now in real estate, actually not a new
thing but happening more often, none the less.

Fox news had a piece on this and made it sound like anyone
could do it.  You can but you will lose as a seller, great if you're an
investor licking the wounds.

Foreclosures in Dallas are auctioned off the first Tuesday of every
month on the court house steps, mostly sight unseen and more
than likely you need to have cash or fast credit in 30 days.

What's Happening Now that's New

Foreclosures have always been a good business in Dallas
and there are specific Realtors/Brokers that do this called
Real Estate Owned (REO) which means they list and sell
distressed properties for lenders and banks.

What's interesting is now the lenders banks are putting
pressure on these REO Realtors/Brokers to sell the properties
more quickly.

They will only list the property for let's say 90 Days and if it
doesn't sell they will take it off the MLS and go straight to
Auction - on and off-line.

What This Means for You

Right now there are some excellent foreclosures in highly
desirable areas and priced below the market.

If your REO Realtor says the lender is going to auction if they don't
get a contract soon,  you can probably negotiate a very good price
besides what it's listed for.

The lenders and banks want their money quickly now and will
probably want to SELL the property before taking it to auction.

3 Day House Sale?

If you've sold or selling your home you probably know what CSS is.

If you don't - it's the Centralized Showing System that schedules all
your appointments for other agents to show your home.

They track all your appointments and send auto emails to agents
that show your property for instant feedback. (if your agent has that
feature set up)

You can also send listing announcements about price changes or
circumstances to all the agents that have previously shown your property.

Yesterday,  I received an announcement for a 3 Day Sale on a Property
in Frisco at one of the Stonebriar communities that, Still hasn't sold...

It's like a Macy's 3 Day Sale!  No kidding...

We aren't selling clothes or appliances here,  the sale goes like this:
$20,000 will be taken off the list price on Friday, Saturday and
Sunday - ONLY!

After that the price goes back up, Does that make you want to buy it?

Don't you think they will take the $20,000 off after Sunday?
YEP! They will.

Better to go ahead and take another cut and leave it, the more inline
the price is the better chances of your home selling quicker.

Once you give it up you can't take it back - be curious to see what kind
of signage they have for the event.  Sellers and agents are getting very
creative now, aren't they?

Spicy Avocado Bites

The State Fair of Texas started last week and the best thing about
the fair is the food.  The concessionaires get creative and every year
there's a state fair food review.  Above is a photo of the Zesty Fried
Guacamole Bites. YUM!!!  Truly a Texas thing - deep fried and one
fresh avocado, check this slide show for best fair food finds and on
the spot reviews.

Are Dallas Home Prices Decreasing?

September Stats

Dallas Median Price

Things have been a little bearish lately in the Dallas Real Estate
market.

Briefly, September sales across the metroplex were down 19%
from 2006.  Despite unit count being down home prices stayed
in the black.

That's the broad perspective, let's look at the areas covered on
this site.

Stats are for Single Family Resales:

In Far North Dallas sales declined 10%, median price is holding at
$294,000 an 8% increase over last September.

North Dallas which is south of LBJ was off 29% from a year ago,
Median price of $575,000 is a 5% increase from a year ago.

Park Cities resales were off 44% from a year ago, median price
holding at $962,000, a 25% increase over last year.

Plano sales were down 10% and median price of $220,000 is
holding at 4% above last year.

Plano Median Price

So,  Are home prices in Dallas decreasing?

The answer is yes and no and it depends on what area of the
metro.  Click this link for median-price-inventory of local
zip codes.

You can see from the charts above that Dallas prices have moved up
and down.  Plano has leveled around $275,000.

From early 2006 listing prices have adjusted accordingly across the
board.

Sales to list price is a healthy 97%, which means prices of homes
are selling within that range.

Inventory has risen with an average of 6.5 month supply - in the areas
above that's about an average of 20% over last year.
Yeah! that's big.
 
That means you can shop till you drop, but the good homes still
go quick.  Buyers are taking their time to decide.

If the home inventory doesn't sell, it will put a downward pressure
on pricing, but even that doesn't happen all at once, it goes slooowly
and keep looking out for bargains, you never know when a seller's
going to take another price reduction or a property status changes to
REO (Real Estate Owned) meaning foreclosure.

What's Next?  Well, pending sales are down 17% from a year ago
across the board so October looks like it will be down too.  Year to
date sales are down only 6%.  Let's see how 4th quarter plays out.

Source: North Texas Real Estate Information System & Altos Research

Short Sided Short Sale
or should it be short sighted?

Additional Hurdles

Last week we made several offers on homes -
one a short sale and one a foreclosure.  That seems to be the
way of the market now and believe me there are some great
values in premium neighborhoods.

A couple things to remember in dealing with a lender:

On a short sale you might be dealing with a few more surprises
than you expected once you get down to submitting a contract.

For example, a short sale is prior to foreclosure so the lender
has agreed to sell the property for less than what's owed.
They will still try to save any equity that is left in the property.

One thing that might screw up a deal is back taxes could
be owed and the bank will get you "the buyer" to pay these.

Let's say property taxes weren't paid last year so in addition
to the sales price you'll have to pay back taxes plus penalties
as part of your closing costs.  These add up, so you would want
to find this out before you commit to a contract.

You can use a rough estimate of 2.5% for property taxes,
Texas is among the highest in the nation, however there's not
a state or city income tax and the low cost of living and housing
balance that out.

So if a property is $900,000 - and property taxes weren't paid
last year an additional $22,500 would be added to the closing costs.
Now that's sobering...

Another Scenario

Now let's say the seller has two notes from the same bank,
generally in Texas the second lien holder wouldn't have
any recourse in collecting what is owed them. 

Since the same lender has two notes they are going to try and
collect on the second note too. Even to the point that they'll not
forgive that note and will refinance that loan to the original owner
so they get something.

Can you imagine still paying a note on a property that'll  be
a constant reminder of a mistake you made?  Also the original
owner would have to agree to this, so that's another cog in the
wheel.

Now, That's a bad deal for everyone involved unless the price is
so good that it works to buy the property.

Don't forget about repairs or updates the property might need
because the lender is more than likely not going to do these either.

Keep things in Focus

In shopping for short sales and foreclosures there are many other
variables involved that might make the transaction a bad deal.

Might be a good idea to find those out before you agree to agree.
Sometimes a short sale is not a good buy!

Rare Find in Uptown

Yesterday, in Uptown, that's where much of the revitalization or gentrification,
(same thing, different generation) is happening in Dallas Real Estate,  I was
taking photos of a new construction listing that will be coming on the market
and this is the house next door.  It's rare to find one of these gems so thought
I'd snap a shot before it's gone too. Prairie style architecture built in 1935 with
all its southern charm still standing.  Here's some uptown listings.

Dallas Real Estate Market Update

This is a little early with the September numbers, officially
they won't be out till early next week.

But with a little input into the MLS you can get a very
good idea of the real estate climate locally. Figures are for
resales of single family homes.

September will be the largest decrease in sales units
we've seen, against 2006.

Dallas home sales are 33% below 2006 numbers.*
Plano home sales are 27% below 2006 numbers.*
*certain areas on this site*

What's interesting though -  is price per sq ft is holding.

Dallas:
2006 - price per sq ft - $117. vs 2007 - price per sq ft $136.

Plano:
2006 - price per sq ft - $96. vs 2007 - price per sq ft $99.

So value is still perceived, but for how long? That's the question.

Basically, if inventory increases along with days on market
then it will take more price reductions to move homes.

Pricing is 90% why a home sells or sits on the market!

Take a look at the market action index -



This represents a balance for supply and demand - anything above
30 represents a seller's market, which was back in March.  Look
at what happened this week, a severe drop to 18.
This tells me that prices have to come down more to get things
moving or some homes need to come off the market.

The point being is there is too much competition in the market and
buyer's aren't in a hurry to buy!  On the flip side...

Dallas market is a very healthy market compared to some east and
west coast cities, we never had the run ups like CA or FL - but
adjustments need to happen in any market.

Click here for more graphs. of luxury zip codes.

Check back for official stats next week and year to date and have
a great weekend!

Shops at Legacy Photographs

These photos are from the lakeside views at the Shops, close to the Marriott.
Great place to relax or meet up on Indian summer days in North Texas.





The landscaping is very unusual too, it's more conducive to the climate, very
green and seasonal.  These buildings are some of the upscale apartments.
Here are some of the residential townhomes available for sale.

Zillow and Zilliness

Are Zillow Real Estate Values Correct?

Here's another question for you....

Why do you believe Zillow real estate market values
are correct?

Is it because Zillow exists and the site is pretty slick plus
you can look at the property values of a neighborhood on
a plat?  A "Zestimate" is a catchy phrase.

Personally, I call it Internet marketing based on a platform
that's not, all that accurate - but a lot of fun to look at.
like this...

Do you question where Zillow gets their information since
they are Internet marketers and really don't do real estate as
a business?

Here are a few facts about Zillow to keep in mind as you look-

• information they get is from public data - (TX is a non disclosure state)
• anyone can enter whatever they want on the site to change value
• values represented are suspect and should be verified
• true value is market value not value assessed by tax authorities
• who actually checks the accuracy of the data
• no one at Zillow can or will answer your questions about value
• Zillow does not have all the data or properties
  

I really don't dislike Zillow, heck we advertise our listings on it
and the technology is sweet, but keep in mind, they are not as correct
as you might think.  You should use use it as a new cool preliminary search
tool as it's intended. Here's a link to the accuracy of a zestimate.

All they really want you to do is click on an ad or banner for revenue
anyway.  It's an business/advertising model with a real estate face.

They want to make it the best real estate site for the consumer
to use.  I'm for that too, but with the correct data, and at this point
in time that comes from the 900 MLS's all over the country.  So here's to
better technology in the future for all of us to use.

But to really think that it's got the true values of property is Zilly.
You can also have fun with the name.

(this post was inspired by Zillow Talk with 4 clients this week and
a spreadsheet that included a Zillow estimate column to compare
properties, bet Zillow will love that one)

Preview of Estates at Normandy Concept

Since there has been quite a bit of interest in the Estates at Normandy -
a new home subdivision that's just starting to develop in West Plano,
I'm going to follow it closely and give updates as necessary.

The land is cleared but no roads or lift station yet.

It's going to resemble a European feel in homes and landscaping.
That's been a very successful concept in the Dallas market.

The photos are of another Hawkins Wellwood townhome community in
Willow Bend Park.  I'm  betting that this same look and feel will follow at the
Estates at Normandy.  We'll keep you posted on the progress...

Market Conditions - Time to Buy?

Here's  a couple of charts that help us monitor the market weekly. 
This is specially for 75093.  The median price has come down in recent
weeks, inventory has come done also.  The orange line is the 90 day rolling
average and black bar is for this week.  Median price it $521K.


The 90 day market action report gives a bearing on the market by Rate of Sales
vs. Inventory.  We're quite strongly in a buyers market. This usually this hovers
between 25 to 30, looks like a big drop this week to 16.



What does this mean?

If you are buying you'll find a fine selection of homes.   If you are a seller, you
might need to take a price reduction if you've had no showings or offers in
the last 30 days.  Pricing is not going to get better in the spring, nor or interest
rates.

Because of the mortgage crisis there has been pent up demand and we've seen
more activity lately, get ready for a more active 4th quarter.  Yes, It's time to buy
in the whole Dallas metroplex,  not just Plano.

Here's a bit more detail on the city of Plano and zip code 75093.

Don't Fall for This Investor Tactic

This is a real letter from a real client.  Guess with all the
DO NOT CALL  in place, here's a way they get you to call
them.

Our client turned this over to us so we called and
thought we'd have some fun.  When we rang Elaine, an
interest was expressed in buying the property by investors.
Then...these are the questions Elaine asked:

• How long have you lived in the house?
• What's your pay-off?
• What sets your house apart in the neighborhood?
• What updates might your house need?

After our conversation, Elaine said she would get back to us.
As of today we have not heard a word, guess the investors
are still punching the numbers.

This is a typical way of trying to get you to sell your property
for less than market value, builders do this too...

Some other tactics are simple drive by's and catching you as
you're outside or working in the yard and asking if you'd be interested
in selling your home.  Bet your flattered!

Moral of this story, is know your market value and who you
are dealing with.  As a seller you naturally are curious and
of course, probably think you would save money. 

Here's a copy of the envelope (bogus too)



This is my public service announcement for Monday.  Anyone
can have fun in real estate, even a perfect stranger.

And Elaine, if you read this, bet you didn't know I was so handy
with the computer.