Plano Texas Real Estate Blog - Local Plano Real Estate.

To Sell or Not to Sell?

I guess the real question is how much will I lose.

In talking with a few sellers this week considering putting their
homes on the market, this question was asked several times.

"Did I pay too much for my home?"

And the answer will vary with each client.  When you purchased
your home you probably paid fair market value if you knew what
the comps were.  If you purchased during the boom years of 2003
to 2005 you are probably going to take a hit in selling your home now.

How much? That will vary too - probably 2.5% to 7% - it depends on
how bad you have to move.  One scenario to consider is leasing if
you don't want to take a loss.  The only problem with that is if you
want to buy another home that will be an issue with the current lending
situation.

The best way to know the outcome of selling is to run a net sheet
before you even list your property.  I like to say "No Surprises".
And there won't be any that way, at least with the money you will get
back at the closing table.

Take a look at the chart below - West Plano pricing shows much security
based on other parts of the country and you know who they are.  No double
digit declines here, actually very solid numbers.  You should feel safe with
your home purchase in Plano.  If you bought at the height it just might take
a couple years to go back up, not too bad considering.  The DFW housing
market is still undervalued compared to east and west coast cities.  And
people are leaving those areas and moving here for a better quality of life.
A positive outlook for home buying and selling.



chart is rolling 90 day average for 1 year

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

Texas size Popovers - 8 inches tall at NM

Well, they say everything is big in Texas!  And that holds true for the Neiman Marcus
Popovers.  If you haven't had one go to any Neiman Marcus Mariposa or Zodiac Room.
They aren't on the menu but you get one as a tempting appetizer.  Ask for Tim at
Willow Bend and he'll send one home with you for desert along with the mouth
watering strawberry butter.  No doubt these are the best popovers ever.  I'm not going
to talk about the -777 loss in the stock market yesterday, seems like a 666. Only time
will tell how it will effect the real estate market, however we did show homes yesterday
to two relocation clients that are cash buyers.  I'd say that's a sign of the times...

[where:75093,Neiman Marcus Willow Bend,West Plano]

11 Magnificent Properties Open On Sunday 9-29

The Customer Report has been updated on Sunday Open
House Link above.  Neighborhoods include:

• Willow Bend Polo Estates
  
• Greens of Gleneagles
• Parker Estates
• Lakeside at Preston
• Hills at Prestonwood to name a few...

[where:75093,open houses,West Plano]

Friday, Foreclosures and Fraud

Alright, this is going to be an interesting Friday! To bail or not to bail.
I've never seen anything like the last two weeks.  Have you?

In the meantime, sellers are still selling and buyers still buying.
You know we all get up everyday and go about our business.
Real estate is real estate and the show goes on despite the theatrics
of Wall Street and Washington.

All I know is the bail out won't make things better and neither will a stimulus
package. The economy has to work through it like it has been the last 2 years,
nothing happens over night!  Another thing is - there's going to be an awful lot of
people going to jail sooner rather than later....fraud at it's finest hour.

Foreclosure link has been updated and enjoy yourself this weekend you
deserve it.  Watch for the new list of Sunday open houses.

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

Living Close to Prestonwood

I'm working with a few relocation clients right now and among the top
priorities are school and church communities.  Did you know that
Prestonwood just surpassed 27,000 members?  Now, that's a mini
city in itself and makes West Plano a destination stop for anyone
looking to buy real estate. Since it's so desirable I thought I'd post
neighborhoods west of the tollway that are closest to the church and
academy.  And since gas is probably going to stay in the stratosphere,
the closer to school and church the better:

• Hills at Prestonwood, Indian Creek
• Glen Meadows
• Cypress Creek, Cypress Point
• Glen Hollow
• Parkbrooke
• Shoal Creek
• Wolf Creek
• Parker Estates
• Gates of Prestonwood
• Glen Heather
• Westover
• Villages of Prestonwood
• Wyndham Hills
• Normandy Estates (New development - lots available)
• Kings Ridge
• King Gate

This is the Midway corridor and price points are $200K to the Millions.
All neighborhoods are just under or over a mile but very close to the
community.  And if you're selling your home this is an excellent demographic
to market to, just a thought...links above are homes for sale!

[where:75093, 6801 Park Ave., Prestonwood Church, West Plano]

21 Tips to get you moved...

If your homes has been on the market for a while or just listed,
these tips could help make an offer come sooner rather than later.
Understanding both buyers and sellers wants and needs is crucial
to get to the closing table, buyers love this stuff...

1. Curb Appeal: Bring it to the best appearance possible.
2. Driveway:  Fix needed repairs, power wash it or clean it.
3. Roof: How is the condition?
4. Mailbox:  Make it attractive.
5. Front Door: Must be in the best shape possible, hardware too.
6. Windows:  Clean and crack free.
7. Exterior Paint: How is the condition?
8. Garage Door:  How is the condition.
9. Front, Side & Back Yards:  Must be in the best shape.
10. Your Cars:  If not in good shape, remove them from the driveway for showings.
11. Front Entry: Clean and clutter free.
12. Closets & Rooms:  Remove as much clothing and furniture as possible.
13. Carpet:  Must be clean.
14. Door Leading to Garage: Have it unlocked and garage clean.
15. Interior Paint: Must be in the best shape possible.
16. Heating and Air Conditioner:  Clean them up and working good.
17. Light Bulbs: Make sure all work.
18. Home Clutter: Eliminate it.
19. Kitchen:  Clean and bright at all times.
20. Baths & Bedrooms & Pool: Clean and bright at all times.
21. Home Smell:  Must be fresh.  If you smoke...use air freshener.

Did you notice none of these are updating? Just clean things up so your home
shows in a positive light.  This might take some elbow crease - but the reward
could be a quicker sale.

[where:75093, home selling, tips, West Plano]

Luxury Open House Tour

No Ike this weekend, just get out and enjoy the weather with this list
of open houses in 75093. (Link above)

Tony Neighborhoods include: Willow Bend Park, Lakeside on Preston,
Glen Meadows, Windhaven, Pebblebrook at Willow Bend, Whiffletree,
Village at Prestonwood, Wentworth and Parkbrooke to name a few.

And many have had decent price adjustments...

[where:75093, open houses, West Plano]

Foreclosure Madness

If you frequent this site you know I post foreclosures on Friday.

So in light of the biggest bail out ever, I thought lets change things up a bit.
Since there are not that many foreclosures in West Plano - around 15, I'll
add Frisco zip codes 75034 and 75035 to the mix. 

Can you guess how many?

121 foreclosure listings have been added to the link above and that is what's
on the MLS -  there are probably more than that.

Even though I don't sell money -  only real estate -  I can tell you the undoings
on wall street this week came from banks and institutions not being able to
sell real estate.  Perhaps now foreclosure properties will be able to be bought
at the correct pricing and conditions.  Better deals for buyers!  It's certainly time...

If you 'd like further explanation and see more opportunities in this market, check
out Million Dollar Foreclosures for another take.


[where:75093,75024,75025.75034,75035,Frisco,real estate,foreclosure]

The Real World in Plano

With all the financial mess going on I bet you're wondering how does that effect me and real estate in
lil' old Plano, TX?  While I don't sell money for a living I do sell houses so here's the facts for Plano real
estate and year to date at a glance.  All the monthly indicators reports have been updated on the right sidebar. You can take look at each city for an August review and year to date big picture.  It will give you
a quick handle on the situation locally. The All Dallas Real Estate link gives an overall view of the metro
area - visual graph charts to scan through, nothing too mind bending.  Plano New listings are down almost 25% year to date with sales being down 15% - even though it's a buyers market Plano has very low inventory, around 4.5 months.  Seller's could get multiple offers if not already. Pricing has stayed inline.
I do have an opinion about what's transpired the past few days but I'll save that for Friday's foreclosures
which seems more appropriate.  And so it goes - - - the world is still turning in Plano.

info from MLS and courtesy of Collin County Association of Realtors

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

What's an AS-IS property?

As you're reading property descriptions on the MLS - many times
you come across the term as-is - where is, or just as-is,
they are both the same thing.

The term as-is typically means a distressed property, one in needed
repair.  Sometimes they are priced accordingly and sometimes not.
Running the comps will tell you what to buy it for.

It's really a message to the agent and buyer that the seller is not
going to make repairs, meaning they are ready to move on. The
seller is telling you don't ask for anything else, it is what it is.

There can be some really great deals on these but you need to have an
inspection and get repair estimates so you know you're not dealing with
future headaches.

Just because a property is as-is  - you can still ask for repairs.  With
the state of some of the foreclosure properties a lot of work needs to be
done. Go ahead and ask anyway - why not?  The one thing you learn in
real estate quickly is everything is negotiable.

What you need to ask for is mechanical repairs, not cosmetic repairs.
What's the difference? That's the inspection report that tells you what
condition the HVAC, water heater, foundation and roof are in.  Forget
about the paint and and pretty things - ask for the meat and potatoes.

In this market some lenders are repairing or giving allowances for
mechanical items, even if a property is marked with the words as-is.
But you need to ask even if they don't want you to.

[where:75093,real estate, as,is,foreclosure,reo,Plano,Texas]

Hills at Prestonwood and Indian Creek

West Plano has so many great subdivisions and neighborhoods it's hard to decide
which one to live in. Above is a shot of Prestonwood golf course with its rolling hills
and terrain - The two main neighborhoods consist of around 700 homes, golf course
and creek views are available.  There's a neighborhood park for the community and
Arbor Hills Nature Preserve is a short distance as well.  A very nice place to live!

[where:75093,hills at Prestonwood, Indian Creek,Plano,Texas]

Have you noticed some homes in your neighborhood are selling
quickly? One reason is because new listings are substantially
down from a year ago and inventory is heading that way too.
What's happening? Two things:

1. Homes that have been on the market a long time and stay
   that way because they were never priced right. A clue is the
   same house for sale with many different agent signs.
   
2. New listings that come on the market priced correctly are
   fresh and buyers that have been waiting for the right home in
   the right schools are writing offers.

Also, the price points that are selling quickly are under 350K.
If you've been in your home for 5-10 years and not taken too much
equity out, you might want to take advantage of this buyers market
yourself.  A net sheet could tell you if it would be a good time to
sell or not.  75093 is going to need more inventory!

New listings link has been updated at top.

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

 

Open House Roundup for Sunday

As the storm is slowing coming North, last weather report I heard was
the eye is in Palestine and moving North 16 miles per hour, still 60 mph
winds, tornadoes and heavy rain are a threat.  Many of us in Plano
remember the storms this Spring and still see the visible damage today.

My parents live in Sugar Land and have experienced what we did earlier
this year with no power, blown fences to pieces and favorite trees being
destroyed.  They had 90 mph winds from 11:00 PM last night  to 7:00 AM
this morning.  Thankfully they are alright and grilling out tonight!

Well, we still have houses to sell and 15 open houses are scheduled for
Sunday, weather permitting of course. Link has been updated up top and
neighborhoods include:

• Glen Meadows
• Hills at Prestonwood
• Parkbrooke
• Glen Heather
• Willow Bend Lakes, Willow Bend Polo, Pebblebrook, Willow Bend Park
  
• Castlemere
• Lakeside on Preston
• Preston Meadow and more...

Gas was still $3.41 at Costco a little earlier today :-)
[where:75093,open houses,real estate,Plano,Texas]

Simple Steps to Stage Your Home

Sometimes staging can get extra complicated.  Believe me, you can do
a little or a lot to get your home ready to sell. Here's some easy tips you
can do yourself that will put the extra touches on making your home stand
out from the competition.  Take the tour below and find out how.



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

I know the housing recovery act can be confusing, so this chart will help decide if you can
use it.  Your lender or broker will probably suggest it for financing.  This chart gives you an
overall picture of the plan. Just remember the $7500. credit is a non interest loan not a freebie.

Most homes that are selling in this market are between $200K and $350K, an example
are the new listings this week. Of the 14 over half are under $400K in 75093. (see link above)
So if you're sitting on the fence at this price point you might want to re look at selling or buying
to take advantage of this opportunity.

[where:75093,housing recovery act chart, Plano, Texas]

Open houses and Plano Real Estate is holding it's own

15 beautiful properties in West Plano zip 75093 are open Sunday.
Link provided above has been updated with a customer detail list
that can be downloaded. (easy PDF file with info and details)

Earlier this week Business Week had an article on where homes
are selling the fastest and of course certain Texas zips - as in PLANO,
HOUSTON and AUSTIN are sited as relative strong economies and booming
because of high energy prices...now you know that things aren't like last year
but it's all relative and we should feel fortunate.

Take a look at these Altos Charts (they were quoted in the article as well)
for a glance of where we stand since last year.

Last year median price per sq ft $139. vs this year $ 137. Now it's
gone up and down but not a big swing...days on market has actually
come down some but that is directly related to the credit crisis.



As a review the action index is market activity, 30 is a sellers
market, it was a buyers market last year too, you have to take into
consideration that Sept is a slow down due to back to school and
this year - the financial market melt down...inventory is actually
lower than last year which bodes well for sellers in 75093.




Enjoy you weekend and the Indian summer weather.

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

What foreclosure is a good buy?

Fridays are for foreclosures and the link above has been updated.
As far a getting a great buy on a foreclosure - that depends on the
condition and list price compared to normal resale properties.
A good rule of thumb to use is when a property has been reduced
20% to 30% off the original list price that could potentially be a
good investment and something to look into.

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

August Activity for Glen Meadows, Glen Hollow and Parkbrooke

Here's Aug. sales for a few sub divisions of the Midway Corridor,
all Plano ISD.  Current MLS activity which is deemed reliable
but not guaranteed.  This will give you an idea of demand and
competition.  Price per sq ft is an average of all homes on the market,
active properties may be above or below this figure.

Glen Meadows

4 active properties - price /sq ft is $115.
1 sold - price/sq ft is $121.

Glen Hollow

3 active properties - price/sq ft is $106.
1 active option - just received a contract
1 pending - waiting to close
1 sold - price /sq ft is $94.

Parkbrooke

3 active properties - price / sq ft is $118.
1 sold - price /sq ft is $113.

If you look by each sub divison there is not a lot of inventory available,
(better chance of selling) however you need to be the best value for the
dollar to get an offer.  If you haven't been in your competition it would be
a good idea to see it from a buyer's eye and price your home competitively
to get the wheels turning.

[where:75093, august sales, parkbrooke, glen meadows, glen hollow]

Seasonal Photo Check - Does your home look good?

I think it goes without saying that photos are extremely important to
marketing your home.  If your home has been on the market a long
time you might want to re visit your photos on the MLS.  The home
below is over $1M, can you believe it?



Sometimes homes have winter photos on the web where the grass
is dead yellow and the trees have yet to bloom, if that's the case, then
you need need new photos. Digital photography is so easy and inexpensive
that you can change photos in a snap, even my 83 yr old father can do it!

There are many bad photos on the MLS and your home deserves photos
that fit the season.  All MLS photos are downloaded to IDX search engines
and sites all over the web, so you want to make sure the 10 photos that are
allowed to be featured are the best they can be...

That's on Tempo, did you know on Rappatoni you can have 99 photos on
the MLS. I wonder if your agent knows that? It may sound confusing but there
are two MLS systems to use and one allows more photos, anyone that belongs
to the MLS has access to both.  You should have as many good quality photos
as it takes to represent your property in the best light. Period.  Both systems
feed into the NTREIS (North Texas Real Estate Information System, the MLS)

You agent or Realtor should email your MLS listing for your approval, if you
haven't looked at it lately it might be a good time to do so, changing the photos
can make your house stand out from the competition.  It's the first place to say
my home looks like a million bucks and to find your qualified buyer.

[where:75093,home photos, online marketing]

Rate Change Bait and Switch


flickr photo by ToastyKen

There are a couple of things to look for in a loan that are extremely important
but often overlooked for the better rate.

When shopping for a loan the #1 item should be the reputation of the lender
or broker and SERVICE.  Actually a referral or meeting the lender or broker
is a good idea. If they're out a state, you're rolling the dice if you don't' know
them.

Before you even start to house hunt you should get pre-qualified or pre
approved for a loan. But most folks don't start the underwriting process
till they have a contract on a home.  And that could cause a few tremors.

What's underwriting? That's when they decide if they are going to give you
the loan based on you credit, job etc. etc.  That can be a scary part because
the lender might request more or change information required to get the loan.
Yes, a few surprises could occur.

What you don't want to see is last second rate changes!
If that happens to you, change your lender.  It's unethical and wrong.
That's called a bait and switch -  meaning they hooked you in with a low rate
and then changed it close to the closing date so you have no choice.

You always have a choice and you can amend a contract.
If it feels bad, don't do it!

[where:75093,home loan, mistakes]