First Time Home buyers have your eyes wide open...
flickr photo by basta de tudo
With the house bill being "officially signed" today you might
be thinking how will it affect me?
I'm going to address first time home buyers here because
the $7500. tax credit is really a no-interest loan and has to
be paid back in 15 years. That's the take away - but there
are other requirements you need to know.
You only have till July 1, 2009 if you qualify. The credit is to
stimulate the real estate market right now and it's a good program
if you can afford it.
[where:75093,first time home buyers, housing bill]
When you talk about big sky country - this is it! With the 3 digit temps the last 10
days this was a welcome sight. A nice quite rain that cooled things off this morning.
Strange for this time of year though...
If you're are selling or buying a home it's good to look at the
total market picture. These are visual snapshots of the current
market based on weekly data on a 90 day rolling average for all
of Plano. Chart timespan is a year...
The market action index is the pulse of the market - 30 being a
sellers market and anything below that is in the buyers favor.
North Texas summers can be really hot and it looks like this one is going
to be a scorcher. Whew! This time of year is when you try and leave the
metroplex - go west, like Colorado or New Mexico - higher elevation or
any place that's cooler. Best to stay in the AC - you'll be saving money
on gas but burning it on the AC. Think of what your August electric bill
will be if it stays this way for a month and you know it can...I guess we
can all move slower it might help.
Posted by: Terry Smith - Dallas Real Estate Gal - 214.755.9895 AT 09:13 am
I bet your wondering - that's the most frequent question we get asked.
The answer is, it depends - every neighborhood is different.
Being a subscriber of Altos trend reports you get a weekly snapshot
of the market, by zip code. So, you can really zero in on the listing
vs sales activity of a particular area.
Take a look at West Plano - 75093. Please note: that all data is for homes
currently for sale and is collected weekly (that's what makes this so important
- it's real time!) Everything is on a 90 days rolling average, pretty neat...
I've talked about the market action report before but to review it's a barometer
on listing vs sales activity. If the index is above 30 - it is considered a seller's
market below that it is a buyers domain.
To recap, price per sq ft is stable and days on market is down.
It's still a buyers market, inventory is rising but still below previous levels.
Price decreases are being taken to reduce inventory. New listings have
leveled off this past week. This info is awesome and to think I can do this
with every zip code is powerful. More to come...
A family member just got back from Peru and wanted to share this
photo. Already feels cooler at the top!
New listings link has been updated at the top, there are 22 new properties
but 6 of them have been on the market before. You can tell by the days on
market or DOM on customer report. Prices should be coming down on old
Typically in real estate you always have a house or land or home
or something else to know it's real estate.
So, it's interesting how the name Zillow came about.
Since it's a made up word.
As Realtors, we get tons of publications every month and this
month in Lore magazine there was an article on Rich Barton who
founded Zillow, in case you don't know he founded Expedia too.
Now you know who he is...
The creation of Zillow started with a Zillon data points of information
so that anyone could figure out their home value based on public data
and state of the art technology. For the consumer a home is more
than cold hard numbers - it's a place to lay your head - A Pillow!
So, Zillow was born.
One word of caution, if you claim your home you can never take the
information off. That's one thing that's not clear to the consumer and
the other thing is to always confirm the data because anyone can
In light of events that has happened the last few days,
a buyers window has changed as far as mortgage rates are
It's going to cost you more to buy any home. If you've been
on the fence trying to decided what to do, you might want
to take another look at your loan options.
If you have a 90 day commitment letter and have yet to write an
offer I would advise you to check with your lender to see if anything
has changed with your good faith estimate. More than likely,
it probably has...
Since Plano Homes and Land is a consumer site we are always
looking out for new products in the industry. This transparent
mortgage tool could be of interest. Check out Rate Window to Get a Mortgage.
It's a new tool to quote wholesale rates to the consumer in a instant.
With the financing sector in turmoil right now this could be a good
way to know your options. Having a few is the best way to go.
The New Listing Link for 75093 has been updated at the top.
(and is working now)
Sunday Open Houses link above has been updated for download.
Open houses are really a doubled edged sword.
They are excellent for buyers to compare home values in a neighborhood
and they are good for agents to acquire new clients, but rarely do they
sell a home. I do think its a good tool for sellers to compare their
properties to see if they are priced correctly in this market, that is 90%
of selling your home.
Some Neighborhoods that are in the tour are:
Parker Estates, Glen Meadows, Glen Hollow Estates, Shepards Glen,
Glen heather, Willow Bend, Windhaven and Indian Creek.
Fridays are for foreclosures and will be until they go away,
it will be awhile and most everyone I talk to are interested in
buying or looking at a foreclosure.
The foreclosure link at the top of the page has been updated,
it includes all West Plano foreclosures in zip codes 75093,
75024 and 75025. There are 25 good properties to review.
We are working a couple right now and you need to have plenty of
patience to go through the process. Some lenders are easier to
work than others. They are all slow! And sometimes it is better
to pass and find something else.
A couple of things to know....
Before you put an offer in be sure and have you pre approval letter
for financing to submit. Nobody will look at your offer if you don't.
Even if you have a letter they are probably going to have to approve
you too. Yes, your credit will be run twice.
All the REO (real estate owned) properties operate this way now.
They want to make sure you are qualified to buy and close the
One lender, who I will not name, said they had to qualify in order to
even look at the contract. She said with everything going on they
had to qualify too, in reality they want to be given the opportunity
to finance. Watch out for fees and really compare the products
before you commit to a loan.
Even if they pressure you to finance with them - know that it is
your choice to pick the right loan for yourself, not theirs!
Usually there will be other addendums required to fill out
and submit with your offer. All banks have different forms from
there legal departments for each property. My advice would have an
attorney go over these before you submit an offer, they are not written
in your favor.
Once you submit a contract be prepared to wait a couple days
for a response, at least. The lenders only work Monday through
Friday and will get to it as soon as someone is given the file.
Patience is a virtue - it might take 90 days or more to close it.
So if you need to move quickly a foreclosure will most definitely
stress you out...because banks don't know how to sell real estate!
I haven't posted foreclosure stats before so here is a half year grid
for zip codes 75093,75024 and 75025. This will give you and idea of
dollar per sq ft and total units to date. The average dollar per sq ft
sold is $92. I would say, If you can get much lower than that you will
be making a great deal in West Plano. Even foreclosure pricing is
holding due to the value perceived in our community. Have a great weekend!
[where:75093, 75024,75025, Foreclosures, West Plano]
All and all, with it being an election year, the economy, inflation
and GAS prices, we all will just prod along until consumers feel
better about things...
However, If you are a buyer and you're in the market to purchase
real estate, you won't find a better time as far as pricing and
selection are concerned. Overall, Plano prices are holding due
to perceived value compared to other cities and states.
In this market there are plenty of homes to consider when
purchasing a property. Now, more than ever you have an
on onslaught of foreclosures to chose from.
Condition of a foreclosure should be a primary concern.
Many have been sitting around for months - if not year(s).
There could be lots of things wrong or major repairs to be
made. Foundation is always a concern in North Texas and
that is a major expense.
What you need to know about a foreclosure is the seller
(lender, bank or REO) is not required to furnish a seller's disclosure
which would give you some idea about the condition of the home.
You need to be very aware of the problems and money that a
purchase could entail.
One thing with the Internet and MLS is sometimes a property
has been listed with several different agents and you can come up
with a seller's disclosure to give you an idea of any problems with
That's a good thing to look for and investigate before you make
an offer. Consumer beware.
Well, if your like me you're back at it today, work that is.
If you frequent this site for real estate information you know
that I post New Listings on Monday, Foreclosures on Friday
and Open Houses on Sunday.
So, instead of posts - I thought I'd make some links that always
have the most current file you can download.
You can find the links above under Plano Real Estate Blog Title.
it will also save on server space...
The files are customer reports from the MLS and will always
contain West Plano zip codes 75093,75024 and 75025 starting
next week. This week links are for 75093.
Any questions or other request let me know....
as always info deemed reliable but not guaranteed.
[where:75093, Open Houses, New Listings, Foreclosures, West Plano]
Hope you're enjoying your Friday off with family and friends. The photo above is of a blue
Lily of the Nile thats getting ready to explode. The miracle grow really works.
And because it's Friday and we usually post foreclosures - here's the list for 75093 and
75024. Enjoy your weekend, be safe and try not to blow anything up. If you're looking for
a list of firework displays it's here too.
[where:75093, 75024, foreclosures, West Plano]
Posted by: Terry Smith - Dallas Real Estate Gal - 214.755.9895 AT 12:08 pm
Brand new hot off the press...
Luxury Custom Home 3519 Birchwood,
Richardson, TX 75082
Take a look at the show and if you know someone interested give us a shout!
or pass it on. This is a new web commercial we're using to syndicate all over the
web in different forms. Instead of a "distorted" 360 view - spinning around the house
(no one really does that) it's more of a walk thru approach- naturally with music
and much more info about the property in one place. Do you like it?
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.
YourNeighbor@PlanoHomesAndLand.com Smith & Smith Realty
Jerold and Terry Smith
Common name, Uncommon service Licensed Texas Real Estate Broker - Owner
Copyright - 2004 - 2013
Jerold and Terry Smith is the sole owner of the information collected on this site. Jerold and Terry Smith nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for Jerold and Terry Smith.
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