Plano Texas Real Estate Blog - Local Plano Real Estate.

Happy Halloween!

It's Friday and it's Halloween, and some foreclosures are like Halloween - Scary!
Click the photo to the right for the latest foreclosure listings.

Is a foreclosure priced like a foreclosure?

Got your attention?

Most everyone I work with wants to include foreclosures in their search.
That's a reasonable -  thinking you are going to find a deal and steal it.

Right?

Now this isn't obvious but it's something you should keep in mind
when shopping foreclosures.  Many, many foreclosures are extremely
overpriced for the condition, not all - but there are quite a few.

For example, take a new home foreclosure that was built in 2005 in a
West Plano neighborhood. Nobody has ever lived in it! It has foundation
problems and it's priced 100K over what it should be. The current seller
bought it as a foreclosure and now it's in foreclosure again. And the seller
isn't even budging on price.  Crazy? Absolutely!

Surely that can't be right? Oh, yes it can....here's how it works,
a lender will hire an REO (real estate owned) agent.  Most of these
agents specialize in foreclosures and don't even know the neighborhoods.
They work on a volume basis and just list the property what the lender
wants out of it and see what happens and may or may not take any
reductions. A dead sign is high days on market.

So, the number one thing to save yourself some time and leg work,
is make sure a property is priced appropriately first or within range
so you can determine if a buy is realistic. You can check tax rolls
to start, but they aren't always right either...especially if a property
was bought and sold several times during the past few years.

Most buyers I know search by price range and don't know if a property
is offered for too much. If it is, it will probably be a waste of time to even go
see.  A foreclosure should be priced like a foreclosure. This can actually go
for regular resales too.  Buyer beware.

[where:75093,West Plano, foreclosures]

Can you imagine what's inside?

This isn't just a trick or treat house, it's really haunted!  And you can tour it on
Halloween only - starting at 5:00 PM, the little ones go between 5:00 and 7:00,
under 5 years.  After that anyone can go till 10:00 PM, if you dare...proceeds
benefit the SPCA.  No cost to enter but donations are strongly encouraged!
Take a peek from my drive by...this really is a Hollywood Halloween and I'm
sure it's much more graphic at night!  Between Parker and Park off Coit.













[where:75093,West Plano, Halloween Open House, 4220 Rockingham]

It's very difficult to determine the value of a home,
or is it?


photo by Gabriel Robledo

Recently, I had the pleasure of trying to buy a FSBO (for sale by owner).
This property is not listed on the MLS but was on a street that we were
showings homes on.  When working with clients I like to show them all the
properties even if the owner is trying to do it on their own.

Most problems with For Sale By Owners is that they list their property
for waaay too much money! And they really don't know the true comparables
of a neighborhood or chose to ignore them. Or they were watching to much
TV and decided to act like a bank or financial institutional and be deaf,
dumb and blind to the truth. Don't get me started...that's another post.

After we made our very fair offer, low but fair, room to negotiate you
know...the owner came back at why he rejected our offer.  Here it is...

"I appreciate all the information you have sent on the "comps" in the vicinity.
Its hard to say exactly what a property is worth.  Recently I have refinanced
our commercial property in Plano (I know that is a different animal but I want to
make a point) Two appraisals were done. One came in at $1,000,000, the other
at $1,500,000. Some of the same "comps" where used and adjustments made
according to each appraisers judgment. I could not believe the difference in value."

First of all there are 3 types of appraisals:

1. for lending purposes
2. for appraised tax purposes
3. for resale purposes
   
   

Also, when you hire an appraiser you are their client so they will be more favorable
to you.  However in determining resale value you will take a neighborhood or 1 mile
radius and basically 200 sq ft either way, then you do plus and minus for location,
bedrooms, baths and a pool.  There's much more to it then that, but that's all we
need here.

Here's what our for sale by owner added for his pool:

Add the amenities that we have for the back yard at today's prices. Add +or - $60,000.

1. Pool  $40K
2. Gazebo $10K +
   
3. Landscaping $3-5K
4. Fence  $10K

What kind of Kool-Aid have you been drinking?

This mistake is made often when trying to determine the value for a home.

Guess what a pool is worth? Go ahead....pick a number.

Are you sitting down?

$10K to $15K - that's it, maybe $5K it depends.

Adding a retail sales price when your pool is 5 years or older doesn't compute.
When you put in a pool, you build it to enjoy - don't figure making money
on it - real estate does not work that way.  There is no line item when you
sell a property - it's sold as a unit - home + land.

I think anyone can dispute the numbers are day long, but with comps you
can get a very close range of value.  The other factor that directly determines
value is going in the "competition".  For example,  I go in 30 homes a week
and when buyers start their house hunt and preview home after home, value
is very easy to determine.  They always buy the the most home for the money.

Our buyer really did want the home but not at $40K above market.
And I don't think you'd buy it either.

In closing, a real estate agent needs to be excellent in determining home
value whether it be buying or selling, otherwise a different profession is in order.
Not only knowing the neighborhood comps but area trends are just as important in
predicting where values are going and what a pool is really worth.

[where:75093,West Plano,home value]

Looking for Open Houses in West Plano?

You're in luck! The view customer open house link
to the right has all homes on the MLS for 75093,75024
and 75025. Click the link for specific times...

If you want to see more photos about each open, click
on the photo above for more detail info.

[where:75093,75024,75025,West Plano, open houses]

Most Current Real Estate Listings in West Plano

I wanted to make you aware of a few updates to this site -

• New Listings for the past 8 days - all West Plano
  
• Foreclosures - all West Plano
  
• Open Houses - all West Plano for Sat. and Sun.
  

Can be found on the right sidebar now - all West Plano real estate from
every broker straight from the MLS. I had to tweak a bit - let me know
if there are any clitches...

If you click on the pretty picture on the upper right side bar, you'll find it all
in one place.  The site is directly from the MLS and is updated several times
a day. (no time delays) as soon as a property is entered for sale or lease you
will see it here immediately!

If you are watching the market or just started to look this resource tool will give
price reductions, price increases, back on market on all properties. They are
tagged this way.

And now the open houses will be for both Saturday and Sunday in West
Plano zip codes 75093,75024 and 75025.  You will need to download the
view customer open house report to get dates and times. (link always below
photo)  You can see all photos, tours and sort just about anyway you wish...
for any Real Estate in West Plano- Nice!  You might want to bookmark if you're
West Plano bound.

[where:75093,75024,75025,West Plano, new listings, open houses, foreclosures]

Historical Dallas Home Appreciation

It's good to be an affordable city!

[where:Dallas, Texas, home price appreciation]

New West Plano Homes Portal

It's not to difficult to find home listings all over the internet.
They are used by every web marketer for advertising revenue.
Whoever has the most listings wins? Right?

No, not really. Not one web site has all the listings and besides
that info is not complete, inaccurate or you don't even know
if the property is still on the market. Not even Realtor.com.

The best and most accurate source for your house hunt would
be an IDX provider that actually downloads data from the MLS
boards like most searches on local agent and brokers sites.

Even better than that is a direct link to the MLS from a public
portal and I have just added that to this site to include:

• Newest Listings - 8 days on market or earlier
• Open Houses - current week roundup
• Foreclosures - as long as needed

The West Plano Homes Portal is specially for zip codes 75093,
75024 and 75025.  Go ahead and click the inviting photo above, I
know you want too. And it will always be on the upper right sidebar
so you can know the most accurate information available today.
Info, photos, virtual tours, seller's disclosure, floor plans, up dates-
are all here if they have been uploaded.
I'll leave the links above just in case there could be some clitches...
You will still have to download the Sunday Open Houses link to get
specific dates and times - public open houses are Saturday or most
the time on Sunday...it's a PDF file called the customer open house report.

[where:75093,75024,75025,West Plano, new listings, open houses, foreclosures]

Plano Open House Tour

You just can't go wrong with open houses...
You get to see a neighborhood, drive it and
best of all go in homes to shop and compare.
Sounds like a good way to spend a Sunday!
And pricing is very competitive...see Sunday Open
House link above for tours in:

• Willow Bend
• Preston Lakes (photo above)
• Kings Court
• Wentworth Estates
• Cypress Creek to name a few...

14 luxury homes are on tour.

[where:75093,Plano Open Houses]

West Plano Foreclosures in 75093,75024 and 75025

shouldn't surprise you.  Dallas has always been in the top 10
foreclosure cities in the U.S. and probably always will.

The West Plano Foreclosure list this week includes 20 properties
in prime locations.  And pricing is getting good, real good. If you are
considering a foreclosure property here's a couple things to look at....

1. If the dollar per sq ft is $85 or under, take a closer look at
   the property.
2. If a property is listed at 85% or below of original list price then
   appropriate price reductions have been taken.
   

The key words here are below and under.  You know if Warren Buffet
is buying stock in U.S. companies the timing is right. The banks will still
be tough to deal with - but your sales price should justify any complications
you could incur. Click the foreclosure link above for what is available.

[where:75093,75024,75025, West Plano foreclosures ]

A Blowout Sale

flickr photo by sugar and vice

Did you know that some Coldwell Banker properties are on a 10 day
sales event? I bring this up because I'm always looking for a great buy!
Aren't you?

How does the 10 day event work? If the seller is listed with a Coldwell
Banker agent in the DFW metro area they can participate in the price
reduction.  Prices will come down 5% to 10% depending on the sellers
decision.  Not all properties will participate. This is a substantial price
reduction!  On a 200K home this would be between a 10K and 20K off
the sale price.  Wow - it's that good - you can do the math on other
price scenarios.

You'll have to call the agent to see if a listing is participating and by how
much or go to the Coldwell Banker website to see what is available.

I know Coldwell Banker has done this in other regions of the country and
probably with success. Just so you know a normal price reduction on a
home should be 3% to 5% after 30 days on the market - 10% needless to
say is a great concession for the buyer. The event is Oct. 10-19 and could
represent a blow out price.

[where:75093,75024,75025, West Plano ]

West Plano real estate prices vs city of Plano, No problem...

Are you concerned about your home value? I've had many questions during the
week regarding this very subject.  To ease your mind, let me see if I can make
you feel better.  I think we all need that!

Take a look at the 3 West Plano zip codes: 75093,75024 and 75025 - all are very
stable and actually 75093 and 75024 are heading upward.  75025 is going that way
also, now take a look the blue line that's the total city of Plano which too is
hovering above last year and I don't need to tell you that last year was better than
the past month.  Chart information is reported weekly and done on a 90 day rolling
average, so it gives you a "Feel Good" trend that is accurate for our local real
estate market.  You can take a deep breath now...

[where:75093,75024,75025, West Plano, home prices ]

    Sunday Open Houses in 75093

18 Fabulous Homes to tour in:

Whiffletree, Wentworth, Hills at Prestonwood, Parkbrooke,
Stone Lake, Preston lakes, Windhaven, Willow Bend,
Cypress Creek, Castlemere to name a few. Sunday
open house link updated above.  Enjoy the weekend
and thank goodness the markets are closed for 3 days.

[where:75093,Plano, Open Houses]

14th Annual Dads in the Hood - Front Yard Campout

Every once in a while you get a worthy solicitation stuck on the door.
And the 14th Annual Dads in the Hood - Front Yard Campout is such
an event.

Next Friday, October 17 is "Dads in the Hood" Campout!  What is it?
It's a grassroots event celebrating its 14th year!  A fatherhood initiative
that honors and promotes personal and community commitment to the
role of fatherhood.  Annual Dads in the Hood Campout Registration form
is here and other pertinent info. Today's the last day to register, but late
registrants will be accepted.  Lot of treats and give-aways for the kids &
you.  Kick off event is at Glen Meadows Park - see above link for all the
details - another reason why West Plano is a great place to live!

Take a slide show tour of Annual Dads in the Hood Event

[where:75093,Annual Dads in the Hood,Glen Meadows]

Plano Home Sales in September

Area Plano	Homes for Sale	New Listings	Pending	Avg List Price	Act Sales Price
20	1282	372	225	285,919	274,940

Despite all the bad news, Plano homes sales were up 9% from last year!
Can you believe it? Yea...and here's why...

Dollar volume was up 12%, average price up 2% and median price up 3%.
I've said before that inventory is low in Plano, 4.2 months supply and new listings
are down 15% from a year ago.  You can really see that real estate is local!
Don't get me wrong - it's still a buyers market but if your home is priced correctly
and you've been waiting for the right time to sell, this could be it even if the media
tells you otherwise.  Plano needs new listings.  And that's a little more Texas
sunshine for today.
data from NTREIS - MLS

[where:75093,Plano Home Sales,market stats]

Hot Deals Online...

Did you know the City of Plano Official site has a Hot Deals page?
I found this somewhat buried in the site.  There are some great discounts
in the form of online coupons to take advantage of like a shopping coupon
from the Marriott at the Shops at Legacy.



Take a peep on the link above, Nylo has a good one too for 1st quarter.
And since it's Monday, Hot New Listings in 75093  have been posted as
well.


[where:75093,West Plano,New Listings]

    West Plano 75093 Open Houses

Sunday Open House tour is available in the link above.
Neighborhoods include:

• Glen Meadows
• Willow Bend park
• Cypress Point (gated)
• Westover Estates
• Willow Bend Lakes
• Hills at Prestonwood
• Old Shepard Place

Might be a good time to take advantage of the market,
I think rates will be heading down...
[where:75093,open houses,West Plano]

It just keeps getting better...
Check this out, cool new tool for marketing and selling your home..
2229 Yaupon is for sale at the unheard price of 369K - Hackberry Creek
Golf Course. Check it out!  Do you like the video?