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Plano Texas Real Estate Blog - Local Plano Real Estate.
Helping You Make Better Real Estate Decisions - Advice, Opinion, Trials, Tribulations of the Dallas Real Estate Market and Community Resource Guide * 24 Hour Real Estate *
Thursday, 31 May 2007
This will be the 20th day of straight rain in Dallas, TX!
I can safely say Seattle, TX because I have lived in the real Seattle
for 4 years and experienced the rainy weather that makes everything
so luscious and beautiful. It is truly God's country!
Our weather is unheard here for this time of year, yesterday we had
severe electrical storms pound through the Metroplex. At 9:30 A.M. the
sky turned so dark you thought it was night or the second coming!
We had 50 mile an hour winds, trees limbs breaking and lighting strike
so close that Figgy, (my cat) promptly hid under the bed. For a long time.
Days like yesterday, pretty much cancel looking at any houses. We have
7 days of this scheduled in the forecast. So we will remain socked in with
the occasional sun break. Check the 5 day forecast.
What's great is we are out of our drought for almost the entire Dallas area and
I have never seen our yards and landscaping look so GREEN.
The photo is a sun gardenia, I have had this plant for 4 years and this is the
first time it has bloomed, thanks to the rainy weather and humidity.
It's really true you never know what the weather is going to do in North Texas
but nobody's complaining about the rain because we need it so badly.
And if you have relocated to the area, the one thing I can advise is storms
do come up quickly in North Texas and you might be in your car when they hit.
Make sure you know where covered parking is so if the storm has hail (another
possibility) you will know where to take cover. It will be hot in no time!
Tuesday, 29 May 2007
Just when you think your almost finished with the scamming of sub prime lenders a new scam is nipping at your heels.
Every so often being a member of the National Association of Realtors and Texas Association of Realtors we receive updates on industry scams.
This one came through the inbox and it is cause for great concern: Texas Homeowners beware of the:
Deed Restriction Transfer Fee
If any private company starts to talk to you about this, RUN, HANG UP or promptly DELETE THE EMAIL.
It works like this:
The restriction attempts to require every subsequent purchaser of the property to pay 1% of the sales prices of which a substantial percentage goes to pay the a private company, who claims to have a patent pending on this scam, and another portion of the 1% percentage to the original owner who created the restriction for 99 years.
The restriction also creates a lien against the property if the transfer fee is not paid which causes much concern about the negative aspects such a restriction might have on closings both now and in the future. For example, it might be difficult to locate those who are entitled to the transfer fee (or their heirs) 20 to 30 years after the date such a restriction is recorded.
Our senate is trying to prohibit this fee.
If you do this and you try to sell your property you are going to have to pay 1% of your sales price to get the lien released, what's worse is it transfers to the next owner, it never ends...
Remember these words, Deed Restriction Transfer Fee - or any combination of the phase, it is a bad deal for you! Contact your Realtor, broker, lawyer or title company for advice.
Sunday, 27 May 2007
Thank You....
It's the holiday and people are out and about, visiting family and friends. This is typically the time real estate starts to be very active. School is out or going to be out and you have a 3 month window to move or relocate from another state.
Showings on our listings have been very active and we are in the process of working 4 contracts. This is a very good sign of the summer to come. This weekend we will negotiate on your behalf to move to Texas or move out of Texas and start a new chapter in your life.
We have had the opportunity the last couple of months to work with you, who visit our site. We have helped you find new homes, list your homes or are helping to answer questions about the Dallas- Plano Area. Even if you are just starting the process and need some help, just ask. We thank you for selecting our services, we know you have many choices.
Plano Homes and Land also wishes to thank our service men, past and present who keep our freedoms safe. We also want to thank their families for their sacrifices and commitment to America. You are our Real Hero's!
So, enjoy the weekend, be safe and if we are working a contract for you (that's Realtor speak) you will be hearing from us soon.
Friday, 25 May 2007
Yesterday I was talking to a favorite client about the lease market and ran
some comps on what he should be leasing his duplexes for. His daughter just
had a baby a few weeks ago and I had not gotten a present yet.
So in conversation, I asked "What does she need?"
There was silence and he said "A babysitter"
More silence from my end, and then he burst out laughing, (LOL) Real Loud...
as the baby (Gavin Williams) was crying in the background. Precious name.
This referral came form another blog, RSS pieces that helps real professionals
like myself, find good things to share and blog about.
This is a great site for baby sitters and pet sitters across the nation, just enter a zip code.
You probably need to sign in though.
It is endorsed by the BBB, and these other fine referral corporations:
Have a great memorial day, and remember our soldiers past and present
and if you need a sitter, baby, pet or nanny, you know where to go.
Thursday, 24 May 2007
You must really have a green thumb....
Every day I run searches for our clients looking for homes,
here's one I came across in Oaklawn.
Can a tree grow in concrete? Looks kinda dead? Huh!
This actually is a photo of a prototype, meaning not a real
photo because the property doesn't exist yet or agent has
not put real photos on MLS.
Everyone wants a tree but I don't think growing in your
drive way. Go figure... BTW it will cost about a grand to
take out!
Wednesday, 23 May 2007
I just received this email and want to help find a home for these fine new kitties - any takers?
contact info below...
KITTENS READY TO ROMP: We got this tip from Deborah Fugit, mom of Daisy the Westie, soon to be profiled in an edition of Urban Animal magazine. One of Deborah's colleagues at the Billingsley Company, Tom Holland, has a trio of kittens that need good homes. Or one good home if you are patient and confident in your abilities to herd cats.
At any rate, Tom says there are "stray" cats that live "in the neighborhood that all of the neighbors kind of take care of and one of the cats had kittens." These good-hearted neighbors are in Lake Highlands Estates.
The kittens needing homes are two gray females and an orange boy. And as you can see  from these photos, one likes old shoes, one likes the bed and the orange boy likes to pose for action photos. If he grows into his ears, you'll need an exotic animal permit to keep him on your property! (To ask about adopting, e-mail tholland@billingsleyco.com.)
KITTEN FOSTERS NEEDED: Our reliable tipsters at the Friends of the Animals at Cedar Creek Lake are looking for someone to help foster and socialize some kittens. Lois Reller reports that a feral cat "has five colorful kittens now about three weeks old."
To offer to foster or, perhaps, to adopt these "colorful" kittens, contact Lois at starline@mycvc.net or call 903-887-7691.
Tuesday, 22 May 2007
Does your Realtor give good feedback?
With so many homes on the market it is not unusual for a Realtor to show so many homes to a potential buyer that they can't remember what they showed?
Sound Familiar?
So where does that leave you, the seller who wants to know what a buyer and Realtor thought of your property and if they liked it enough to put in an offer?
As a listing agent you call the Busy Realtors and call and email and call, to get the feedback, and to all the Realtors that don't give feedback, Shame On You! It is a professional courtesy.
We work with both buyers and sellers, so we understand the importance of the proverbial feedback.
It is so easy now, the emails can be sent automatically to the buyers agent and a response can be given professionally and in a timely matter. You don't even have to talk to anyone!
That couldn't be any easier, especially if your feedback is negative - yes we want to know that too....
So why is it that a buyers agents think they can just show with no obligation for feedback - I do not know, but I can guess....after all they are coming into your home....
In this market an inexperienced agent might show 60 properties to a client, not not all in one day, but yes- that many homes.
WOW! First of all you shouldn't show more than 5-6 properties at a time, it gets over whelming and confusing. Second, with the internet and an experienced Realtor you should be able to qualify and narrow you criteria so you can make the house hunting experience an actual pleasure for you. The whole relocation and moving experience is stressful enough.
The point of this post is to get legitimate feedback for you! Our wonderful sellers who are anxious to do the right things to sell their homes. Whether it be a price reduction or some easy updates or repairs that need to be made, good feedback is needed - positive or negative.
If you are out house hunting with your Realtor, tell them what you think the sellers needs to do to sell, you have probably looked at many homes and know what the competition brings to the table and your feedback is very valuable to everyone. Tell your Realtor to tell the seller what you thought of their home.
That helps everyone get a better deal! Everyone loves a SALE! Now, if we could only get all Realtors to give good feedback.
Monday, 21 May 2007
 is for Foreclosure...
Foreclosure postings are up 14% for the whole North Texas Metro area.
What does that mean if you are in the market for buying a home?
Some really good news, if you are willing to do some repairs and put in some extra elbow grease to bring the home up to the neighborhood standards.
The largest increase for foreclosed properties is Collin County - 428 postings for June, up 30%! Here's a run down of the other North Texas Counties:
County Postings Change
Dallas 1733 +10%
Tarrant 1188 +19%
Denton 386 +23%
Rockwall 64 +8%
D-FW area 3735 +16%
It seems when anyone is looking to buy a home, you always want to know if any foreclosures are available. Thinking that you can make a real good deal and have some instant equity. Well, that is definitely the case in this market.
The process is different from dealing with a seller. You are usually dealing with a lender and a real estate broker that only deal in real estate owned properties. All lenders deal differently, so be sure you work with an experienced Realtor on the buying side of the transaction. The process is much different.
All together in the Dallas Ft Worth area - 21,000 homes have been posted for foreclosure the first 6 months of the year. This is still the fall out of adjustable rates mortgages higher energy costs and rising property taxes.
As Realtors, we see this trend continuing till first quarter 2008 and beyond. In Plano, the increase is very evident in all neighborhoods, so instead of a neighborhood having no or one foreclosure there might be 2 or 3. They are worth a look see!
Friday, 18 May 2007
Friday's Feast
Doesn't this look good?
Perfect Coals, Veggies lightly charred, Steaks are next...
This is what we are doing this weekend, you have a good one too!
Enjoy!
Wednesday, 16 May 2007
Educational Attainment by Dallas Counties
Ya know, I always like the analytical facts before making a decision, so exactly who
lives in Collin County? This snapshot will give you a peek of the educational achievement
by degree, Collin ranks highest in Associate, Bachelor, Master and Doctorate degrees.
Smart, Very Smart!
Monday, 14 May 2007
Neighborhood Activity
Since real estate is a bit slower than normal in Plano as a whole and the April numbers were down 10% from last year, I decided to take a look at home sales for April in 75093 and some tony neighborhoods to see what is going on. Here is what I discovered:
April Homes sales for zip code 75093 were down 13.3% from last year.
Sales: 60 units in 06 vs. 52 units in 07
Avg price: $137 in 06 vs. $130 in 07
Days on Market: 37 days in 06 vs. 52 days in 07
Days on Market! That is 40% longer than last year, what that means is joe public is taking longer to decide and that properties are still not priced right and the inventory of homes has doubled, so sellers need to be more accurate on their pricing and selling strategies. Updates in older homes are mandatory in this market!
I also took a look at a few individual neighborhoods:
Willow Bend
Sales: 10 units in 06 vs. 4 units in 07 - YIKES!
Avg price: $158 in 06 vs. $169 in 07 - NICE!
Days on Market: 31 days in 06 vs 96 days in 07 - 1 month vs.3+ months- WOW!
Is my house ever gonna sell?
Lakeside
Sales: 4 units in 06 vs. 3 units in 07 - Not bad!
Avg price: $233 in 06 $193 in 07 - Not good!
Days on Market: 26 days in 06 vs 36 days in 07 - Very good!
Hills at Prestonwood
Sales: 5 units in 06 vs. 2 units in 07 - Not good!
Avg price: $118 in 06 vs. $134 in 07 - Excellent!
Days on Market: 44 days in 06 vs. 6 days in 07 - only two sold at lower end of scale and were priced right!
So here is some of the inside track for 75093, it is a lot more complicated than this but this gives you a good idea of the real estate climate along with the weird weather of late. No matter what main stream media says people still buy and sell real estate all year long, just like any business. If you are selling your home look at it as a business transaction or if you don't need to sell take it off the market, if you can't compete with other houses. That's my real estate advice for Monday and let us know if you need some help.
Friday, 11 May 2007
Collin County Movement
Take a look at these numbers from the U.S.Census Bureau. There has
been a 84.6% population increase in Collin County the past 10 years! Denton
& Rockwall Counties have had big increases as well. These 3 counties surround
Dallas and are not much more than 45 minutes away from downtown Dallas.
People are moving to North Texas, buying property now is a great investment!
Check out cities in Collin County.
Tuesday, 08 May 2007
MLS Market Summary for Dallas Neighborhoods - April 07 Results
Well... and so it goes. There is still a slowdown in the North Texas market. April pre-owned home sales were down 6% against last year. April sales lagged March too, usually this is the time when all the hustle and bustle starts, but it is off to a slow ROAR!
At this point in the season it is safe to say that 2007 pre-owned home sales will be down from 2006. It is a slower market. Prices did well in April, the median price is up 5% which does result in slower sales, a little give and take, ya know. Average price up 10%.
It is also a given that it will take you longer to find and buy a home now. Lending practices have tightened considerably and the inventory of pre-owned homes is up 10% from last year. There is a 7.5 month supply of homes available. If you are in the market to buy you need to narrow your criteria and if you are a seller you will need to negotiate. There are many foreclosures in prime neighborhoods that are ripe for the picking.
North Dallas, Far North Dallas, Park Cities, Lakewood have been more robust as stats show below, inventories are building though...Plano has been a bit slower than March results, pricing is crucial to sell your home.
Overall North Texas Market:
April 07 for Single Family: Sales down 6% from year ago, Dollar volume up 3% from year ago, Average price up 10% from a year ago.
Month-to Date Sales Closed by Area for: April 2007 - Single Family - Part I
Far North Dallas- north of LBJ
Sales up 22% from year ago, Dollar volume up 9% from year ago, Average price down 11% from year ago.
North Dallas-south of LBJ (Preston hollow)
Sales down 7% from year ago, Dollar volume up 9% from year ago, Average price up 17% from year ago.
Park Cities Area
Sales up 61% from year ago, Dollar volume up 74% from year ago, Average price up 8% from year ago.
Plano Area
Sales down 10% from year ago, Dollar volume down 8% from year ago, Average price up 2% from year ago.
Lakewood-M Street Area
Sales up 5% from year ago, Dollar volume up 12% from year ago, Average price up 6% year ago.
Uptown-Oak lawn- Condos & Town homes
Sales up 58% from year ago, Dollar volume up 92% year ago, Average price up 21% year ago.
Year-to Date Sales Closed by Area for: April 2007 - Single Family - Part II
Far North Dallas- north of LBJ
Price per sq ft down 2% from year ago, Sold to list price flat from year ago, Days on market down 35% from year ago.
North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 8% from year ago, Sold to list price flat from year ago, Days on market down 17% from year ago.
Park Cities Area
Price per sq ft up 7% from year ago, Sold to list price down 1% from year ago, Days on market down 13% from year ago.
Plano Area
Price per sq ft flat from year ago, Sold to list price down 1% from year ago, Days on market up 7% from year ago.
Lakewood-M Street Area
Price per sq ft up 8% from year ago, Sold to list price up 1% from year ago, Days on market down 18% from year ago.
Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 15% from year ago, Sold to list price up 1% from year ago, Days on market up 2% from year ago.
Year-to Date Sales Closed by Area for: April 2007 - Single Family - Part III
Far North Dallas- north of LBJ
Pending sales up 8% from year ago, New listings down 3% from year ago, Active listings up 14% from year ago, Months Inventory down 7% year ago.
North Dallas-south of LBJ (Preston hollow)
Pending sales down 19% from year ago, New listings up 9% from year ago, Active listings up 14% from year ago, Months Inventory up 25% year ago.
Park Cities Area
Pending sales up 13% from year ago, New listings up 9% from year ago, Active listings up 12% from year ago, Months Inventory up 13% year ago.
Plano Area
Pending sales down 6% from year ago, New listings up 13% from year ago, Active listings up 15% from year ago, Months Inventory up 24% year ago.
Lakewood-M Street Area
Pending sales down 6% from year ago, New listings up 16% from year ago, Active listings up 9% from year ago, Months Inventory up 12% year ago.
Uptown-Oak lawn- Condos & Town homes
Pending sales down 9% from year ago, New listings up 13% from year ago, Active listings up 17% from year ago, Months Inventory up 6% year ago.
A word about average dollar per sq ft as of April 07
Far North Dallas - $113
North Dallas - $226.
Park Cities - $323.
Plano - $95
Lakewood - $146.
Oak lawn Condo-Town homes - $211.
Thoughts - All stats are for resales, new construction will vary. Inventories are much higher overall than last year even in Far North Dallas, North Dallas, Park Cities, Plano and Lakewood. If you want to flip a house now is a good time with the foreclosures available and also to speculate the re do of older homes in prime locations. You will have lots of room for profit if you buy it right going in!
Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.
Monday, 07 May 2007
Another word about property taxes
Last week we received our property tax notice from Collin County. Usually, I might look at it for a while before I open it because the past few years values have gone up quite a bit. Luckily, our value had only gone up $1200. from last year, taxes would be about the same.
However, some past clients just a few streets over had their home value go up over $25,000 from last year! It is definitely a case by case basis. You have until May 31, 2007 to contest. It is a good idea to get some comps of the neighborhood, proof of lesser sale or repairs that need to be done to property that lessens its value of appraisal. Yes, they all could help lower your property tax bill.
Remember, the appraised value you received last week in Plano, IS NOT A STATEMENT. It does not include your $.33 rate reduction for 2007 school rate taxes. When you receive your statement at the end of October you should be pleasantly surprised. Also, remember that the schools can propose bond packages now that can increase your property tax rates again, be informed of these issues, see post written last week on this this issue. let us know if you would likes comps for your neighborhood to fight your cause.
Friday, 04 May 2007
Map to Shops at Legacy - Dine, Shop and Relax
Being that's it almost the weekend, here's a map to the Shops at Legacy
in West Plano, 75024. If you're looking for something new to do and haven't
ventured out of Dallas for awhile, come visit. We promise you won't be
disappointed. Here's a link to their website so you can see all the happening
restaurants, boutiques and bars to hang out this weekend. Check out Vin
Classic Wines, a new Siegel's concept with wine tasting and gourmet foods.
ENJOY!
Thursday, 03 May 2007
Damage from the Storms
This time of year is always a little turbulent in North Texas, yesterday a line
of severe storms came in at the same time, from the West & South, dozens of
counties were involved. 50 to 100 mile an hour winds whirled around the metro
area. No one was spared from this storm. This is a photo taken in West Plano
of a 12 year old Bradford Pear that was snapped into. We didn't have that much
destruction in our neighborhood just a few wind gusts that took down trees, but
the whole metro area had different problems with high water, lightening strikes,
funnel clouds, down power lines and fire. All this happened around rush hour
till about 10:00 PM. Needless to say it was an exciting evening.
Tuesday, 01 May 2007
A Community Profile: Wolf Creek Estates
Wolf Creek Estates is located in zip code 75024 along the Midway Corridor. It is a beautiful community of around 300 homes and is built around parks, lakes and grounds for use by the homeowners only. Your HOA fee is around $700. annual which takes care of this pristine landscape. The homes were built in the 90's and are priced from 290K to 465K. You get the best of both worlds here because all of Wolf Creek is located in the Plano Independent School District, with exemplary Barksdale, Renner, Shepton and Plano West as your schools. Many different custom builders such as David Weekley built here and the development is located directly west of Shoal Creek in West Plano. If you want extra room to roam besides your back yard, then Wolf Creek could be for you.
Housing Information Overload?
I Hear You!
Take a look at the monthly housing breakdown for Feb. 2013 for insight into the current real estate market. Every month new information will be posted as a trusted souce for excellent advice. Any questions about local real estate in Plano? Just ask us for expert advice.
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J.W. & Terry Smith
Common name, Uncommon service
Licensed Broker - Owner, TX Realtors®
Smith & Smith Realty
info(at)planohomesandland.com
| Real Estate Forms and Consumer Info | |
Property Tax Rates 2013
Plano 2.17%
Dallas 2.66%
Frisco 2.18%
Sales Tax 8.25%
Property Website
Just Listed! 3225 Oak Hollow, Plano, 75093 -MLS 11927773 - Hills at Prestonwood, Plano Schools, Hard to find 5 bdrm,4.1 bath, 4589 sq ft, .45 acre lot, pool & spa-Updated, Lux Spa Master Bath & Outdoor Livng Area--$629K, See more info on this property. Call or text for private showing, 214.415.9829
Should Texas Home Sale Prices be Disclosed?
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