Plano Texas Real Estate Blog - Local Plano Real Estate.

No Internet today

Friday's are generally for foreclosures but since today is the start of a holiday
weekend the admin kitty lap cat said "no internet today".  Just in case you want
to see foreclosures offline the link has been updated at the top.  And open houses
will be posted for Sunday. Have a good and safe holiday from Plano homes and land.

[where:75093,75024,75025,foreclosures,list]

Good News for West Plano - prices are holding

Here's a look at the median price on a 7 and 90 day rolling average from
a year ago for all 3 West Plano zip codes: 75093,75024,75025.



This gives a general overview of market conditions by zip code, so if you're a buyer
this gives you reason to pick West Plano as a destination to live.  If you're a seller
pricing your home within the ranges of your neighborhood will surely result in a sale.
Over pricing will result in more days on market and generally a lower net profit.

If you'd like a more detailed update by zip code you can subscribe on the right hand
sidebar for Market Activity Research Reports.  The reports are updated weekly and
used in conjunction with the MLS are powerful indicators of the market direction.
Reports are sent instantly and then every Wednesday thereafter.  And of course you
can opt out at any time.

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

How your home is found online at Plano Homes and Land

For all you sellers out there -  here's an example of how this site works globally
to sell your home.  It takes a lot of work and time to get found on the search
engines and have everlasting links.  Many agents think if you just throw something
out on the internet it will get picked up which is not the case.  You need to be
connected to a site that gets targeted traffic for your neighborhood.

Take a look at these snap shots of how someone from Dubai found our site to buy
real estate in Plano.



This was the search phrase entered: willow bend villas in dallas.



Plano Homes and Land is in 1st position after the sponsored  search
results, see red arrow.



Crawler landed him on the Willow Bend Park Page with all the listings
and he spent 30 minutes looking at properties and the site.

This is just one of the unique strategies we use to sell your home.
Online marketing has changed real estate and you need to know how to
market a property online.  So, if you get an offer from a gentleman by way of
Dubai you'll know where he came from.  In this market your buyer may not be
local.  Many contacts also come from Canada and England to North Texas.
Being connected to a strong city and neighborhood site can very well sell
your home with much more exposure.  it's all about finding the "right buyer".

[where:75093,west plano, willow bend park,homes for sale]

A couple foreclosure tips

flickr photo by stilleben2000

Let's face it the foreclosure market is going to be with us for awhile.
If you have never bought a foreclosure before - there are some steps to
be aware of.

It's no surprise that lenders are overwhelmed with properties, heck,
I know some lenders are buying portfolio packages from other lenders
to make money.

These are a couple things we've come across.  For example, when a
property goes into foreclosures liens are to be paid, including property
taxes.

What we have found in this portfolio buying from one lender to another is
that property taxes are not paid till a contract is executed. This can delay
the closing. Have a title search done as soon as know you want to buy a
foreclosure.  A listing agent should have done this but it's not always the
case.

The other thing is despite a legally binding contract the lenders are not
closing properties on time.  In a typical buyer and seller transaction, a
closing takes place, funds and the property transfers.

In a foreclosure, an account manager might not even be in the same state.
Title companies are responsible for bringing the two parties together to close.
I can see it now, closing docs are sent to an account manager and stacked
on a desk with the hundreds of others.  It will be signed off on in that order
regardless of a legally binding closing date.  Not surprising because banks
don't know how to sell real estate.

So, here's a solution that worked for us. Make a phone call to the top
executive.  Like the Regional President for the lender and the CEO of the
title company.  You will get an administrative assistance to listen to your
story and communicate it effectively.  And she or he will say:

"What do you want me to do about it?"

And you say:

"I want it closed right now!  The reason you're in this mess is because
you have treated the consumer so badly. Wake up and take care of
business!  This property funded two days ago, don't you need the money?"

And like magic it closed shortly within the hour.  So taking it to the top does
work to get the customer service you deserve.  And another step that you might
need to try to get something done.

[where:75093,foreclosure,tips]

Take a stroll on the Sunday open house tour

Only a handful, but some beautiful properties to view. (link is above)

[where:75093,open houses, Plano, Texas]

Lenders have a Loan Lock going on,
and that's what's wrong with Real Estate

And here's the Plano Numbers for July - not too pretty.

There are plenty of buyers - it's just the lenders have gotten so stringent that someone
with a credit score of 800 might have trouble getting a loan. You think I jest!  Really!
Are they waiting for the election? Take the hit and get on with it!  Please and thank you!
At least in Plano the inventory is rising but not out of control, and pricing is only down a
1% or so.  Your nest egg is safe here.

Frisco has come through nicely, so far. All monthly indicator reports have been updated
and are ready for download on the right sidebar. Stats are complied by the MLS and
represent the most factual info out there, they are deemed reliable but not guaranteed
- and so it goes...

[where:75093,real estate update, Plano, Texas]

Random Pics of Plano and Dallas

[where:75093,Plano Photos,Plano,TX]

No House?  What do I do?

Let's say you've been looking at houses for months.
You're from out of town and had to get to know the
neighborhoods quick - real quick.....

You looked in Plano, Allen, Murphy to find that perfect
home - over 50 properties, I believe. And finally through
many many searches on everything that is available online
you find the perfect home.  A contract was negotiated, signed,
sealed and delivered to the title company.  You have inspections
and have financing in order. Everything is going good to close
you're in the home stretch...then you have a question.

What if the home doesn't sell? 

Now, you don't like to think that something bad would happen but
sometimes people change their mind. So, what happens if the
seller doesn't close?   This is a really good question.

And here's the legal explanation:

There are time lines and conditions in the contract, once you miss any
of those you are in default meaning you can file for specific performance.
Yeah, lawyers get involved now...however on the contract there is a mediate
clause which is always checked that you will try to settle.  I will tell you
right now, it is much easier for a buyer to get out of a contract than a seller.
If the buyer doesn't close than the seller will request the earnest money be
released to them.  Just remember it's all negotiable. And it will always
depend on the circumstances and excuses.

If the house didn't close, it would be bad, very bad especially if you've
changed your life or had taken a new job and have no where to live.
But when you have a legally binding contract and everyone is doing
what their suppose to be doing, it will close.  There would always be
warning signs if there was trouble - like no communication from anyone,
that's a very bad sign or lying.  Having another house on the back burner
would be a good option.

[where:75093,real estate advice,Plano,TX]

Half Year Stats by Neighborhood - 02/08-07/08

	PRESTONWOOD      INDIAN CREEK
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	3	$132.00
2500-2999	2	$139.00
3000-3499	6	$111.00
3500-3999	5	$96.00
4000 +	2	$129.00

	SHOAL CREEK	note: *=zero lot line homes
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	-	-
3000-3499	1	$94.00*
3500-3999	2	$93.00
4000 +	6	$163.00

	WINDHAVEN
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	-	-
3000-3499	5	$121.00
3500-3999	8	$126.00
4000 +	4	$133.00

	OLD SHEPARD
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	3	$128.00
2500-2999	10	$119.00
3000-3499	2	$108.00
3500-3999	-	-
4000 +	-	-

	WILLOW BEND
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	-	-
3000-3499	5	$170.00
3500-3999	12	$145.00
4000-4499	7	$156.00
4500-4999	18	$150.00
5000-5499	8	$169.00
5500-5999	6	$178.00
6000-6999	8	$205.00
7000+	3	$267.00

	LAKESIDE
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	-	-
3000-3499	3	$195.00
3500-3999	4	$145.00
4000-4499	2	$137.00
4500-4999	5	$156.00
5000-5499	1	$188.00
5500-5999	2	$160.00
6000+	-	-

	GLENEAGLES
Square Ft.	Number of Homes Sold	Average Dollar Per Sq. Ft.
<2499	-	-
2500-2999	1	$133.00
3000-3499	3	$194.00
3500-3999	1	$116.00
4000-4499	3	$147.00
4500-4999	-	-
5000+	1	$230.00

updated 8/19/2008- to bookmark page: neighborhood stats
source: North Texas RE Information Systems - SOLD DATA

[where:75093,solds,half yearly real estate update,Plano,TX]

Your MLS Customer Report

The Sunday Open houses link above is updated each week.  It gives you all the
open houses in Plano, TX 75093 for Sunday August 17th and there are 17 lovely
homes to view after your tax free spending spree. (bet you found some great
back to school deals).

The snapshot above is your customer report from the MLS with all the juicy
details for each home on tour.  The link above is a downloadable  PDF file.
Enjoy!  And there are some great deals on houses too...

[where:75093,open houses,Sunday,Plano,TX]

Friday's Foreclosures

Well it's Friday and time for an updated list.
Check out the foreclosure link above.

Link is for zip codes:  75093, 75024, 75025.

Since this real estate blog is about advice here's my two
cents for buyers.

If you are a buyer in this market double check with your
lender about your rates.  They have changed and so have
lending rules...so tight they squeak.  Whether you are
buying a foreclosure or resale it doesn't matter.  A quarter
point will cost you $8000 to $10,000 more. So you might have
to adjust your pricing criteria accordingly.

If you already own a home and you're trying to buy another
you might not be able to - even if you lease it out.
Like I said the rules have changed and will continue to for
awhile.

There are some fantastic buys in the real estate market right
now and you're going to need a lot of patience but it will be worth
the investment.  Enjoy your weekend and check back for Open
Houses on Sunday.

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

Real Estate Realities

It's no secret that lending has gotten tighter and stricter the last 6 months.
Every lender is different and there is no organizational plan or structure
to how money is lent - so be prepared for some due diligence.
Here's a three point list to save you some stressed out moments...

It's all in the details

1. Know when your file is acknowledged from the lender.
What I mean by this is as soon as the contract is signed off by both
buyer and seller a copy should be immediately sent to your lender -
bank or mortgage broker.  Once the contract is received it becomes a file.
Until someone makes it a file and starts working on the underwriting
process it goes nowhere.  The date becomes critical because it could affect
your closing date.   I have seen docs not acknowledged for 10 days to two
weeks or longer after the contract was received so follow up daily.

Move your closing date out

2. Typically in this market you can close escrow in 4 to 6 weeks sooner
if you have cash.  Because of the back log of properties the lenders have
this process is moving slower.  Moving your closing date out will protect
you against having to renegotiate your contract.

Double check your move in date

3. You don't get the house till it funds. You can close - bring you cashiers
check and be happy but until the lender wires the funds you legally can't
move in.  Usually that would be the same day or next.  What I have seen
happen (and this is with a recent foreclosure)  is the seller had to review
other lenders docs after closing - it's going to take 5 days longer to fund...
Unusual? YES!  But stuff like this is happening everyday, so be prepared
and be patience - it will go a long way.

[where:Dallas,Plano,TX,closing your home]

Pick Your Parcel

It's so good to see this development up and coming....the streets are being
laid and the gated privacy wall is being built.  The lots above are for the Plano
ISD and some are view lots.  Lots start at $500K.  Closer to Shoal Creek are
the Villa development where homes will start at $900K - these will be low
maintenance homes in Lewisville ISD.  You are close to the tollway and the
renown Shops at Legacy, you couldn't ask for a more premier development
in West Plano!  In other words location, location, location!
See Normandy Estates

[where:75093,new development, Normandy Estates]

Why Re-List?

Mondays are for New listings in 75093 and they have been updated above.
20 for review - some are re-listed -  meaning the properties have been on the
market prior but now have a new MLS number.  Some might have a price
reduction.  Why do this?

Because it makes a property appear newly listed especially if it's been on the
market for a while. And we are seeing this a lot in the market.  Nothing wrong
with this, it's just a marketing strategy to keep the listing fresh. Another reason
is the seller might have changed brokers. Buyers do need to pay attention to
total days on market for buying purposes.

Also, I've figure out a way to do a customer portal direct from the MLS without
having to go through 3rd party vendor IDX sites - the information will be much
more current. It should be easier. Right?  Anyway, it will take a little while to
set up but will be worth the wait - I promise...Stay tuned.

[where:75093,new listings, Plano, Texas]

Foreclosure Find -----I think ---- NOT!

Even though the MLS stated it was being offered and sold:

"AS - IS - WHERE - IS"

It is recommended to have a property inspected.  In this case, the inspector would
highly advise that a professional roofing firm be consulted for further evaluation even
though you probably knew you were going to invest in a new roof - eventually.

Word to the wise:  Foreclosures are not necessarily the best buy and investment
sometimes. Land value only here...This has got to be one of the worst I've seen,
but there are others...even if a foreclosure looks good, have it inspected.

[where:75093,foreclosure,somewhere in Dallas]

What's the story...

I have had quite a few questions lately on the value of homes.
With the news quoting double digit declines one might wonder
how much is my home worth now?

The chart above is for zip code 75093 - it represents a 1 year
time frame and 90 rolling average for single family homes.

As you can see the median price per sq ft is about the same
as a year ago, although a little less - $138.   It was climbing
through April when all the bear news hit.  Inventory was lower
too.  Now the inventory has been rising but not to levels back
in Oct. when there were over 375 units on hand.

So how much of a price decrease in 75093? Depending on
your neighborhood and home condition probably around a
2-3% decrease is all.

[where:75093,real estate update, Plano,Texas]

Customer Reports have been updated

If you're a regular here or visiting for the first time you might find it helpful
to know that the links above are for:

• New Listings -  in 75093 - Every Monday
  
• Foreclosures -  in 75093, 75024 and 75025 - Every Friday
  
• Sunday Open Houses - in 75093 - Every Saturday
  

The links are updated weekly and is the most current information from
the MLS.  This is public information but it's hard to find through the local
boards.  So, you can get it here.  Hopefully, Dallas will have a website
like HAR (Houston Association of Realtors). Check it out!

I really don't know why there aren't more MLS's doing this.  It's taking
direct information straight to the public.  It benefits everyone, the buyer,
seller, agents, brokers and notice there are NO ADS. Just spot on information
at the tip of your keyboard. That's what I'd like my dues to pay for something
that helps everyone.  Almost makes you want to move to Houston but I'll
give Dallas some more time....

New Premier Gated Luxury Community

Well, if you live in West Plano you have probably noticed
activity at the corner of Spring Creek and Midway.  The streets
and wall are going up on this tony new sub division by Hawkins
Welwood, "Normandy Estates."
Check out the new Normandy Estates site.

Plano has been built out for quite some time with only a few
pockets of land left for residential.  The estate lots are also in
Plano ISD.  Word has it that a few lots have sold and it will
be a European style concept like Willow Bend Park. Building
will start in September.

There are very few gated communities in West Plano so this
is you chance for schools, location and new construction by
some of the finest luxury builders in North Texas.

[where:75093,luxury homes, gated, new development, normandy estates]