Plano Texas Real Estate Blog - Local Plano Real Estate.

Mortgages are a complicated business, Dan Green is a licensed Mortgage Broker that blogs about the industry. An insightful look into this business by video.  

3 Foreclosures at the Shops


Everyone is looking for a deal, especially in real estate!
I think that goes without saying.  There are some great buys
all over the metro area.  Shops at Legacy is a destination, live,
work, play, walk area and you'll find 3 foreclosures in the town home
community.  They are all under 300K and if you follow real estate you
know that's a now you're talking number.  You can take a look at the
foreclosure link on the right to review.  Street names are Lois, Olivia
and Robbie, sounds like a nice family. One foreclosure sold last year
at an unheard price of 249K!

Great investment area for the future if you can get in at the right price.
Have a wonderful weekend, open houses are light because of the super
bowl but there are plenty in Dallas if you're looking south of the border.
These links are directly from the MLS and FREE!  No third party provider
or ADS either - just good current info - try it and see.

[where:75093, 75024,75025, Shops at Legacy, foreclosures, real estate]

BUYERS TOP 3 AREAS: Kitchen, Master Suite and Garage?

When you go into dozens of homes a week, buyers begin to understand value
of a particular area more than the seller because buyers are the ones shopping.
Buyers love a great kitchen and master suite, that includes the bath when they
don't have to do anything to improve. One area that might surprise you is the
garage- it's also a top area for buyers, usually for extra storage space or that
third car. Most buyers relocating are use to a basement and they see the garage
as that extra room.  So, in selling your home a quick clean and degrease of the
garage floor, pack up clutter and if you park a car in the garage makes sure it
clean.  Even if the wife doesn't go in the garage - I can guarantee the husband will.
[where:75093, 75024,75025, West Plano, home buying, home selling]

Collin County Real Estate Data

The Collin County Associations of Realtors just released stats for Collin County for December and here's some positive news. Take a look...

• December sales are up 19% over November 2008. 

• Average sale price for December 2008 was $174,000 vs $174,480 for December 2007.

• Average sale price for foreclosures is $112,000.

• Only 1.4 of the existing mortgages are in foreclosure.

• Only 2% of the 1.4% are above $500,000.

• We have a 5.5 month supply of homes, which is considered good.

• DOM for 2008 was 100, DOM for 2007 was 95.

Collin County is the wealthiest county in Texas and is on Forbes list for one of the best places to raise a family according to the magazine :

"Home to the burgeoning northern suburbs of Dallas, Collin County is a great value play for families. An affordable median house price of $191,000 means access to a school system that boasts a 1,103 average SAT score and a graduation rate of 93%"...

[where:75093, 75024,75025, Collin County Housing Data, West Plano]

This time of year is rather dull as everything is brown,
so here's a dose of healthy green and don't forget to check
out the open houses in West Plano, lots of choices...
[where:75093, 75024,75025, West Plano, Open Houses]

Foreclosure Inventory and Sales Data - Q4

It's no secret that foreclosure sales have doubled the past two years in the Dallas area. There isn't one home buyer that doesn't ask about them.  The good news is they are being absorbed and once this happens a typical market will re emerge.  I'm sure many of you are curious where are the most foreclosures in the metro and what % of sales. So - as not to disappoint, here's a great chart to review. The Collin County Realtors Association puts these charts together every quarter about foreclosures - brilliant.
Plano has 5.3% of the inventory with 12.2% of sales. The reports are very detailed and give great insight in understanding this market.  They will become a part of this site under Monthly Real Estate Indicators to the right.  For more details download the report to the right.  If you have any questions - give us a shout!

[where:75093, Dallas, foreclosures sales and data]

If you bought a home in 2008, it's time to file your homestead exemption....

Did you know the Texas Homestead Exemption provides legal protection regarding your home?  It can also save you money on your property tax bill. A homestead exemption reduces taxes by lowering a home's taxable value. All school districts offer a $5000 homestead exemption, and some taxing units offer a percentage exemption of up to 20% of a home's assessed value. Homeowners can lower their property taxes by applying for these exemptions for which they are eligible. You must OWN your own home and occupy it as your principal residence on January 1. You can have only ONE principal residence and ONE homestead exemption.  For more explanation on Texas Homestead Exemption click here.

You can download homestead exemption forms at your county tax assessors website.  Most folks forget about this and January is the perfect time to file. This is my public service announcement for Monday.

[where:75093, Texas Homestead Exemption]

Sales are down - Pricing up

After the train wreck last quarter with the credit, financial and economy meltdown,  I know you won't be surprised that Plano sales were down 24% from a year ago.  Not because there aren't buyers but the credit markets and general mood of consumers helped breed the foul mood. It's called shock and awe and not in a good way.  However the other numbers aren't so bad.  Take a look...

Average price in Plano is $289,968 up 6% from a year ago, median price $215,000 up 2%.  It's called positive affordability. Days on market is 79 days down 2%, remember this is all of Plano, West Plano Days on Market is a little higher because of higher price points.  Pending sales were down a whopping 31%, not surprising after being shell shocked. 207 new listings are way down to - 27%, total listing units of 1042 also down to 22%.  Months inventory is the lowest I have seen, 3.6 months down 7%. That will definitely cause some multiple contracts on highly desirable areas, sellers need something to hang on to. Overall, Plano is one of the most affordable places in the country and that you can take to the bank, cant' go lower when you're already there.  Time to get up, brush off and shake the bad dream. 

I'm not much on predictions but I can tell you rates won't stay this low and more fees are being passed down from the lenders and title companies as I write this.  There might be some extras passed down from government - like the $7500. tax credit could become a gift and available for everyone. And there is the City of Plano's Housing Rehabilitation funds for home repairs to fix up the bad foreclosure homes, restrictions and eligibility apply. Call 972-941-5246 or 972-941-7151.  So, that's a start.

[where:75093, December real estate results,Plano, TX]

Real Estate Realities: The Virtual Office

photo by: Sarahleeab

This is our real estate office, it lives inside my computer and I like it that
way.  It's open 24/7 to anyone that has a computer and is online. You can
access a lot of great information here in the privacy of your own place.  I
meet great clients in my online office that want to buy or sell real estate now
or later.  That's the way it works.  I also have an office on Preston Rd. but to
be honest nobody meets there. Especially on a very cold day, it's nice to be
able to take care of business online and the fire really does feel warm and cozy.
I'll hold that thought as I go look at 11 homes this afternoon.  You can stay by
the fire, boot up the laptop and search all you want.  I'll be back later...

[where:75093, Plano, TX, real estate office, virtually]

Real Estate Agency - another way to look at it

If I (the agent) act for you (the principal) then we have an agency
relationship. The agent places the interests of the principal first,
while treating all other parties fairly. It's one of TRUST.

The role of an agent can be large or small depending on the task
at hand, but always must benefit you.

Some common agency relationships involve actors, actresses, models
and of course, athletes.  All are represented by agents to secure opportunities
and benefits for their clients. Yes, you actually are celebrity status.

Real estate agency is the same thing.  Just like you have an insurance agent
or use an attorney to represent your best interests. All of it is an agency
relationship and an important way to buy property.  The agency is the legal
part of the puzzle.  Most people know they need the help of a real estate expert
but few are aware of all the benefits an agent can provide.

Now, off to show an awesome home...

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

Arbor Hills Nature Preserve
It's a Plano photo moment...



I took this photo 3 years ago according to my photo file.  I also have
it on the Plano page on this site.  So when I received my water bill
yesterday and saw the glossy flyer for Plano Television Network -
I did a double take at the top header, this photo proudly displayed.
Hey, not recognized but still worthy of some publicity, even if I'm
just aware if it...Also, it's a dreary day and reminds me of warmer
spring days coming soon at Arbor Hills Nature Preserve.  As a side
note, open houses are picking back up so check the links to the right
and enjoy your weekend!

[where:75093, Plano, TX, arbor hills nature preserve photo]

The Real Estate Relationship: Agency

I am not a salesperson!

You're probably thinking I'm off my rocker at this point but it's the new
year and just thought I might start at the beginning.  Which is when
you call an agent and want to buy or sell your home, the start of the
real estate process, if you will.

So, what is agency? It's the same kind of thing that you have with
your doctor or lawyer - It's a fiduciary relationship based on trust.
Yes, real estate is an agency relationship.  Stay with me now...

Did you know when you have your first contact with an agent they
are suppose to speak of representation? Professional agents will,
salesman will not.  Take a look at the right sidebar and read the
information about brokerage services.  It's a bunch of legal speak
but an agent should explain the rhetoric.  Basically, who represents
the seller, buyer or both - yes, that can happen in Texas but it's
not in anybody's best interest, that's another post.

What you get in representation (duties) from an agent is an OLD CAR.
Are you crazy now? You might say. No, not quite...

This is what old car stands for:

• obedience
• loyalty
• disclosure
• confidentiality
• accounting
• reasonable care

On the other side of the coin, a client (principal) owes these duties to the
agent:

• compensation
• reimbursement
• indemnification
• performance

So, as you start the new year and need real estate services these
duties are crucial in making an exceptional union.  Start at the
beginning and that's not selling or buying a home it's the relationship
that matters first. Real estate is retail so every transaction is different
and the agent you chose to represent you is the first piece of the real
estate puzzle and the most important one.  If someone is trying to
sell you a house- it's probably not the right agent.

[where:75093, Plano, TX, agency, real estate relationship]

New Exclusive Lease!

3213 Twin Falls - Plano,  TX  75093
Highlands of Preston Ridge
MLS # 11129192     $3995.
Play below...
[where:75093,3213 Twin Falls, Plano, TX, for lease]

Starting the year off...

Well, it's Monday, cold and dreary but we had 2 great days of outstanding
weather this weekend, so no reason to complain....

Year to date figures will be out on Thursday for all real estate activity
in the metro area and that includes recorded and adjusted sales of
previous months, true comparables. 

But what's the market doing right now? In Plano?

So here's some "live" charts that are updated weekly on Market Trends in
Plano...crucial info that anyone getting ready to enter the real estate market
should know. This is for single family homes in all of Plano.


As you can see prices has not been affected too much but days on market
has increased substantially to around 140 ( it used to be 90 as an average)
and Inventory has plummeted to under 1000 units, give or take.  The market
action index is demand for housing which considering the time of year is down
anyway. To give you an idea of activity - 30 is a sellers market.  And we have a
way to go. A more favorable sign for Plano is that inventory is extremely low and
will create demand for pricing and competition when the market starts back up.

[where:75093, Plano, TX, market trends]

Nice....

It's Friday and the beginning of a new year!  Hope all of you are enjoying a long
weekend off and the weather, of course.  It can be temperamental (no pun
intended) this time of year but you can have days like today and Saturday
however when the winds start blowing you can count on change for Sunday,
maybe... 
Open houses have started back up again, check out the link to the right for Plano
and if your interested south of the loop - go to Dallas Homes Center, lot of opens
there. 
[where:75093,Plano, TX, weather, open houses]