Plano Texas Real Estate Blog - Local Plano Real Estate.

Plano Pride and The Fourth of July

This is a mug shot from previous July 4th celebrations in Plano.
Looks festive, doesn't it...Check out the Patriotic Concert on
July 3rd, The Independence Day Parade on July 4th as well as
the Patriotic Pops Concert and Fireworks Show @ City of Plano
Celebrates July 4th  - links, directions and websites for more info.

 

Who are Open Houses really for?

A few blog articles of late are questioning the need for open houses, saying that because of virtual tours and the video tour phenomenon that open houses are over and don't work to sell your home. They also report that open houses are a tremendous inconvenience for the seller.  Just remember, everyone has an opinion and experiences in real estate, good and bad.

In reality open houses are really for the Realtor to pick up leads for future business and get to know the neighborhood and other owners of property.  An actual face to face and casual conversation with a prospective client or customer is an excellent tool for lead generation.

It is a proven fact that less than 1% of open houses sell homes.  Whether you like them or not, it is still a way of marketing your home.  If you are a seller you can chose whether you want to have an open house or not,  it is your choice and decision not the brokers or Realtors.

One very positive thing about an open house is that neighbors (even though they might be nosy) probably love where they are living and can communicate with others in the community about your home being for sale.  They can tell family, friends and people at work - this can be an excellent marketing tool to use.

Did you know that when people relocate in a community that they usually don't move more than 5 miles away?  So letting people in a community into your home could help and is another tool to help market your property to the local public.

The way your home is marketed is your choice and the internet, virtual tools and videos are great vehicles to show off your property to the world.  Open houses are local and just another choice to give you to advertise your home to the community.

Open houses are really for you to market your home and for the Realtor to generate leads for new business.  You can chose to have them or not.  There is no right or wrong answer here, but it is always your preference.  The only time an open house isn't good is if no one comes, which does happen and RAIN.

 

Glenhollow Estates - West Plano - 75093 - A Great Value!




West of the North Dallas Tollway, there are many homes that are located on the Midway Corridor.  These subdivisions happen to represent some of the best values in West Plano Real Estate as far as convenience, amenities and Plano schools. Take a look at some of these properties for sale...



Glenhollow Estates is one of the neighborhoods that is located on the east side of Midway between Parker and Spring Creek Parkway.  Close to all shopping, Presbyterian hospital,  Arbor Hills Nature Preserve, Prestonwood Church and all major thoroughfares.



The homes were custom built in the 90's and are set in a beautiful park setting with plenty of mature landscaping.  Homes are priced from $275K to $425K and many have been updated. There are around 280 homes in this development with the exemplary Barksdale elementary less than a mile away.



As a Realtor and relocation specialist, I would highly recommended this neighborhood and others along Midway Road. If you are looking for a great family lifestyle and some good appreciation to come, Glenhollow Estates could be right for you.

 

 

As the saying goes, wait a minute and the weather will change in North Texas.  The Dallas area has gone from severe drought to 6" surplus of rain.  Being a native, I have never seen things look prettier, usually things start to dry out this time of year.  Daily rain contiues as if we live on the coast or by the ocean. (I wish) The photo above can be yours for a cool $3 million, pretty as a picture, and in West Plano.

 

Friday Funny Photos

On the MLS there are many different reports you can run and also custom reports to find out about what's new on the market.  To stay current with what is going on in the neighborhoods there is a hot sheet report you can run on daily activity.  Here are a few funny photos from today's search.


this one is from a way low discount broker


this is the front photo, at least take a good angle,
btw, the front of the house is not pretty


can you tell what this is? looks like a media
room to me


another foreclosure, needs updating, can make
a low ball offer..

It is too easy now days to take a good digital photo and upload it to the MLS,  this is what downloads all over the internet, so make sure your home photos are taken with someone who knows what they are doing and a wide angle lens.

 

5 Reasons why not to sell on your own

When you want (or need) to sell your home, will you consider selling it yourself?  The first thing you save would be the Realtor commission? Right. Homeowners with a background in sales might think it is easy to sell a home.  As a Realtor, it really isn't quite that simple.

If the market is in your favor, meaning a seller's market - you might just have luck.  In reality only 8% of all "For Sale by Owner" efforts are successful.

The reason I an posting about this today, is there are a lot foreclosures in our market and I think many start out as FSBO's first. That's Realtor talk for: for sale by owner.

So, what is the downside of selling yourself?  A few choice points:

• Investor Bargain Hunters - these are skilled people who watch your house and make an offer to close quickly - and try to buy 30%-50% below market value.
• Unqualified buyers - with the market tightening even more, it has become more difficult, and you will be wasting your time on people that can't buy.
• No third party - Emotions ride high on all real estate transactions, you do need a skilled mediator to dot the i's and cross the t's. Deals get blown, instead of being able to work it out.
• Pricing not right - Most seller's including myself as a Realtor think their property is worth more than it really is, Real estate is a business and most fsbo's are overpriced or because of inexperience, are sold at an unfair below market price. (see first bullet point)
• Closing - Every home sale is different and you need someone to know how to do the sale, the contract , abide by timelines and get it done. There are many many steps and if you miss one like getting a deposit or a signed agreement the sale could be lost.

If you are behind on payments, there are other solutions to getting your home sold besides for sale by owner.  Timing is critical and if you need help, just call, we might be able to help.

 

 

Search for Homes just like a Real Estate Agent or Broker

You might want to bookmark this one, this is a widget from our search provider MLS finder.  You can search all North Texas property listings provided by the  North Texas Real Estate Information System, this is the same information that real estate agents and brokers use.  It is the most current and up to date, all national sites are quite a bit behind on the status of a property.  This is right from the source.

Click this link and you will find this handy to use whenever you want to house hunt.  Just enter your info in the boxes as much or little as your like and have at it.  Let us know if you need more information about an area or specific property, we are just a click away.

We also have drill downs of neighborhood listings by property type and communities on the left.  I know when I do searches on the MLS for clients I will run many different search criteria to come up with homes to preview. This tool on each page will give you the same opportunity and without having to click a lot.
Let us know if you like this feature.  Happy Hunting!

 

Happy Father's Day!

"The only surfing I did in my younger years was surfing
between woman"            Classic Dad - one in yellow...

This photo was taken 7 years ago on my parents 50th wedding anniversary.
Jerold and I took them to the North Shore in Kauai for a wonderful 10 day
vacation.  We are fortunate because our family has always been close through
good and bad times.

This photo was taken from our condo (yes, it is the one in the Expedia ads a
while back.)  My Dad is a practical joker and he decided to dress up like he
was going surfing, and Jerold who doesn't surf either played along. LOL

Dad turned 80 last year and is getting ready to have knee surgery, he is not a
good patient.  When we were coming back home we had to make our connection
in Hawaii and he was having trouble walking back then much less running.  We
only had ten minutes to make our flight and we landed on the other side of the
terminal, sound familiar? 

So Jerold grabbed a luggage cart and propped my Dad on the basket and we all
ran to catch our flight, which we just made.  We have been on him for 7 years to
get knee surgery, his knees are bone on bone. Ouch!   Now he has decided he is
going to live a long time so he his going to have it. Congrats Dad!

Happy Father's Day and we will all be there to push you along.

And Happy Father's Day to all Dad's that make a difference in our lives!

Paris does Plano?



Did she escape again?  She was spotted at The Shops at Legacy right
outside Martini Park and dashed out for a quick smoke. She might be from Vegas.
Did Mr. Dallas spot her too? 

 

Are you relocating to the Plano area and looking for that dream home?

We get a lot of requests for land in Plano, which is hard to find.
Just east of Plano is Parker, conveniently located by shops, 190 & I 75. 
This is considered a close in location with a 1 acre lot in a very prestigious
30 home community named Dublin Park Estates.  It is a brand new listing
and this custom home is looking for new home owners, see if this one is for
you or someone you might know.  Check this link for tons of photos and MLS
info and more about the area. Commute to downtown is easy.

MLS Market Summary for Dallas Neighborhoods - May 07 Results

Even though sales were down 8% for pre-owned homes for the month of May, YTD shows a more accurate view.

Sales for single family homes are down 5% YTD, Dollar volume is flat and average price is up 5%.
Median price is up 1% from a year ago, price per sq ft is up 4% and day on market is up 4%.
Pending Sales are down 3%, new listings are up 3% and active listings are up 9%.

Buyers are still finding value in this market, even though sales are down, the value of property in the metro area is still undervalued compared to many other cities in the country.  Of course, there are always pockets, and most definitely neighborhoods and streets can determine the value of a home.

Pricing is critical in this market and older home needs to be updated or priced accordingly.  If a property is priced well and in excellent condition with a stellar location, consider it sold. 

Seems like everyone wants to give low ball offers these days, a suggestion to buyers is if a property is priced right, prepare a fair offer, you just might make the seller mad and blow the deal.  (I have seen this happen a few times)

Here are May results...

May 07 for Single Family:  Sales down 8% from year ago, Dollar volume down 3% from year ago, Average price up 3% from a year ago.

Month-to Date Sales Closed by Area for: May 2007 - Single Family - Part I

Far North Dallas- north of LBJ
Sales down 7% from year ago, Dollar volume down 10% from year ago, Average price down 3% from year ago.

North Dallas-south of LBJ (Preston hollow)
Sales down 13% from year ago, Dollar volume up 9% from year ago, Average price up 25% from year ago.

Park Cities Area
Sales up 11% from year ago, Dollar volume up 18% from year ago, Average price up 6% from year ago.

Plano Area
Sales down 13% from year ago, Dollar volume down 7% from year ago, Average price up 7% from year ago.

Lakewood-M Street Area
Sales up 4% from year ago, Dollar volume up down 19% from year ago, Average price down 2% year ago.

Uptown-Oak lawn- Condos & Town homes
Sales up 23% from year ago, Dollar volume up 35% year ago, Average price up 10% year ago.

Year-to Date Sales Closed by Area for: May 2007 - Single Family - Part II

Far North Dallas- north of LBJ
Price per sq ft flat from year ago, Sold to list price down 1% from year ago, Days on market down 15% from year ago.

North Dallas-south of LBJ (Preston hollow)
Price per sq ft up 12% from year ago, Sold to list price flat from year ago, Days on market up 9% from year ago.

Park Cities Area
Price per sq ft up 10% from year ago, Sold to list price flat from year ago, Days on market up 8% from year ago.

Plano Area
Price per sq ft up 2% from year ago, Sold to list price flat from year ago, Days on market up 2% from year ago.

Lakewood-M Street Area
Price per sq ft up 6% from year ago, Sold to list price up 1% from year ago, Days on market down 1% from year ago.

Uptown-Oak lawn- Condos & Town homes
Price per sq ft up 20% from year ago, Sold to list price up 30% from year ago, Days on market down 1% from year ago.

Year-to Date Sales Closed by Area for: May 2007 - Single Family - Part III

Far North Dallas- north of LBJ
Pending sales up 4% from year ago, New listings down 2% from year ago, Active listings down 5% from year ago,
Months Inventory down 5% year ago.

North Dallas-south of LBJ (Preston hollow)
Pending sales down 11% from year ago, New listings up 3% from year ago, Active listings up 22% from year ago,
Months Inventory up 25% year ago.

Park Cities Area
Pending sales up 3% from year ago, New listings up 12% from year ago, Active listings up 20% from year ago,
Months Inventory up 20% 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 up 2% from year ago, New listings up 6% from year ago, Active listings up 6% from year ago,
Months Inventory up 8% year ago.

Uptown-Oak lawn- Condos & Town homes
Pending sales down 6% from year ago, New listings up 10% from year ago, Active listings up 12% from year ago,
Months Inventory up 1% year ago.

A word about average dollar per sq ft as of May  07

Far North Dallas - $116.
North Dallas - $231.
Park Cities - $350.
Plano - $97.
Lakewood - $137.
Oak lawn Condo-Town homes - $192.

Source is from North Texas Real Estate Information Systems. (MLS)
reliable but not guaranteed.

 

The sales numbers should officially come out tomorrow to see how our market did against last year.

Here's a sales unit report I ran on a few zip codes in the Dallas Area for May.

West Plano zip codes 75024,75025 and 75093

75024 - 2007 sold units 40 vs 2006 sold units 61 - down 34%
75025 - 2007 sold units 94 vs 2006 sold units 123 - down 24%
75093 - 2007 sold units 71 vs 2006 sold units 89 - down 21%

Park Cities zip codes 75205 and 75225

University Park
75225 - 2007sold units 35 vs 2006 sold units 46 - down 24%

Highland Park
75205 - 2007 sold units 30 vs 2006 sold units 26 - up 15%

North Dallas Area zip codes 75230

Preston hollow
75230 - 2007 sold units 42 vs 2006 sold units 58 - down 28%

Interesting to see Highland Park is the only zip code to out perform. This is only for sales units and will report the full scope of May plus year to date when figures come out.  Stay tuned!

 

Your Home On the Internet...



There is a new world out there, (or should I say here) on marketing your home on the Internet.  If you are a buyer or seller you are doing searches from all over the web.  The search tools kind of seem all the same and properties are hard to stand out.  You get little photos of houses all in uniform rows with little agent head shots like you find in print media. How do you stand out?

There are many new services on the web 2.0 that help Realtors who sell homes to make an impact on the intern.  These new start ups are wonderful and best of all they are free to use if you are technology savvy.  That is good for you!  The web 2.0 of intern is happening quickly and you are probably a part of it and don't know it. Basically, it is the socialization of finding kindred spirits online and not having a static website.  A few of the sites we use to market your home are above.

When listing your home your agent should have an interactive website, such as a blog, and constantly changing content, that is what drives traffic to our site and puts us on the first page of Goggle on many searches, with key words, plano homes or plano real estate.  We get about 100-200 targeted visitors everyday to some page on our site and many are turning into clients.

But back to listing your home and the new school marketing that is happening on the Internet.  Much of the old school marketing - for example: A Realtor will use your listing to market themselves as listers.  Does that really sell your home and make a unique presence as a stand alone property? No, it doesn't,  but I will tell you it gets leads for the broker and Realtor.

New School technology allows your listing to be showcased by itself to the world, quitely and beautifully!  Besides a beautiful and well written presentation on the MLS with all pertinent information uploaded for everyone's convenience.  Your home will be showcased on these tools and sites:

• We build you own custom website for every home we list.  We takes hundreds of high quality photos.
• We use multimedia, videos, slideshows, vflyer , wellcomemat and whatever new tools are out there.
• Realtor.com
• Craigslist
• Ebay
• Google Base
• Trulia, Trulia Voices
  
• Zillow and more....

We also use traditional means of marketing, but are finding that PlanoHomesAndLand can sell your home on the Internet!  It's a new world out there and your Realtor needs to get it and if they say the intern doesn't work, than they don't get it!

 

No if ands, or butts about it!

Another reason to live in Plano.  Effective June 1, 2007 Plano has joined other city county and state smoking bans prevalent in workplaces, restaurants and some bars by becoming smoke-free.  The Marriott International hotels is now smoke free and thinking about charging guests who smoke, a possible $200-$300 fee. No thanks, What's a smoker to do? Quit I hope.

Today is the Susan G. Komen Race for the Cure in Plano at The Shops of Legacy.  This will be the third event here and it is sponsored by EDS.

The event means a great deal for us, even though it celebrates survivors it does not forget the casualties.

On March 3, 1999 we lost the best sister-in-law anyone could have had.

My brother married Stacey in 1995, she was diagnosed with breast cancer two years later, she was only 25 years old.

She had the best of care and did everything possible to survive, stem cell transplant, lots of chemo and tamoxifen etc.

She lost her battle at the age of 28 years and we miss her terribly.  She is with her brother Michael who died last year of leukemia at a very young age too and Tyler her precious dog who we all loved and adored.

So, this race is for Stacey and the Cure. God rest her soul, she was so tired.

Well, we have had a slamming real estate week.  The season has finally kick in and people are starting to move, literally.

I want to say a few things about the foreclosures in this market and some things to look out for in dealing with REO (real estate owned) properties.

First, the foreclosure market continues to grow in the DFW Metro Area, no community is left untouched by this.  Now, it is not all doom and gloom, this market presents such a great opportunities for buyers to make some unbelievable deals.

The suburbs have there share of foreclosures as quoted in Dallas Morning News.  I will talk about Frisco here since it is directly north of Plano and we have properties listed for sale on this site.  Frisco is up 57% in residential foreclosures postings in the first half of 2007!  Most of the foreclosures are in the suburbs.  It is new development and many overreached their bounds, meaning if you have a hiccup (job loss -unforeseen circumstances) you are unable to afford your home.

Frisco is where the bulk of new building is and many investor houses are available for sale or lease option.  This means you can lease with a portion of your rent payment going to the sales price if you decide to buy it.  You will usually pay a premium to do this type of purchase, it could cost you 20% extra.  Watch out for these.

The strangest things are happening with lenders these days and it is just not with foreclosures; it is all types of loans and qualifiers. For example,  we have had two deals that the lender decided to change the contract after it had closed and funded!  You can't do that! These are the two scenarios:

• 16 units investment condos closed, but lender decided to ask the buyer to get exterior insurance after the closing, now folks, all this is suppose to be done prior to closing.  In Texas, it is not required to have this insurance when it is the HOA that covers that insurance.  The lender from California did not care about that and would not release funds until this was acquired.  Held the funding up for 5 days.

• Fantastic foreclosure buy - I couldn't even believe what we got it for! But after it closed and funded the lender decided he didn't want to pay the commissions stated in the contract or MLS.  They decided to let the broker/agent split it or hold it up and go to mediation. Because the property had funded and we had the key our buyer was able to move in and did not know about this bad move by the lender. Unbelievable!                            
  

So how do we deal with things like this?  I don't think I need to tell you that tempers run high!  You need to be able to hold the deal together.  This is an art or talent if you will.  Everyone needs to to take a deep breath and communication is the key component here.  There is always a creative solution and I mean an ethical solution, but it takes experience and knowledge of the industry and contracts to do it.  We solve them every time to the satisfaction of our client.  There are so many involved in a real estate transaction that you need to be able to deal with all parties amicably and talk to the right person.

Anyone else having weird deals that you think were not quite right?