Plano Texas Real Estate Blog - Local Plano Real Estate.

Plano Homes and Land Wishes You Only the Best in 2010!

I know it's a little early for Mardi Gras but the photo is still festive for New Years!  This bike was a raffle
at the Shops at Legacy tree lighting ceremony this year. Don't know who won but what an awesome wrap
job.  I know I'm not the only one to be thankful this year is over.  If you participated in a real estate transaction or tried to, well then, you know what I mean....

We want to wish you and your family a happy & safe New Year! And hope the coming year will be successful & prosperous for you!  Thanks for visiting our site and see you in 2010!

[75093,Plano,TX,New Year]

What the Heck is Home Range Pricing?


You might or might not be surprised that only 50% of the homes on the market actually sell. Maybe because your home isn't priced right for the condition and location or it could be market forces (like the economy) beyond your control that make it harder.  Finding the right buyer can be easier if you try range pricing.

What's range pricing?

Range pricing lets you open up your buyer pool.  Instead of just setting a list price say, $459,000 you can list a range from $429,000 to $459,000.  It's perfectly legal here but most agents don't do it.  I have come across it more recently in the MLS. It will state that a seller will accept offers between $429,000 to $459,000. That's a 30K difference and opens the window for more showing activity thus a potential offer.  I can see it used in the luxury home market where pricing and financing are more difficult to obtain. When you list a home this way an R appears next to the list price but an explanation is generally needed in the description to tell agents what it is.  This is commonly done in California and Florida and really is a seller's tool.

The extra range could find a lower end buyer that can trade up 5K to 20K and really find a home they want.  You just never know.  It also protects the seller from low ball offers because he's stated his opening bid. Remember, everything in a contract is negotiable so the point is to increase the showing activity to get an offer. Range pricing could and should be considered if you really wish to sell and you have little or no showing activity. 

More Showings = Potential Offers.

It's just one more tactic to try in this real estate market that could get your home sold sooner than later.  As always, a CMA (competitive market analysis) not more than 3 months old is the best way to determine the value and activity of your specific neighborhood and since appraisal issues from lenders are becoming more difficult, range pricing could help you get multiple offers just in case one doesn't work out.  Knowing the market forces and trends of an area can help you sell quicker and use it to your advantage.  Might be just the thing to try for the New Year!  Any questions???

[75093,Plano,TX,range pricing]

YOUR ONLINE OFFICE IN PLANO


Most buyers start their home search online with their computer where ever that might be.  You can do a lot of investigating on the internet before you go out and actually look at homes. Looking at homes online is still a labor intensive project.  What we want to accomplish here is introduce new people to the area and also let homeowners see what's going on in the real estate market in West Plano, specifically. I posted this picture last year as our virtual office because just like you we do everything online, even contracts by electronic signatures. Next year I might have to paint but the color is still good for now. So, sit back - relax and enjoy the New Year. 

And when you're ready to start your search or have already signed up to receive email notifications.  Please know we are launching an all new Search Saver format that will include new and/or updated listings right in the email!  If you are already a registered user, you will have immediate access to listings, as well as additional account settings to customize the email notifications.  There will be more upgrades soon and additional searches directly from the MLS and you can't get more accurate than that!  2010 promises to be a better and more accurate search tool for you. The upgrades will be in January sometime, stay tuned for another announcement.

[75093,Plano,TX,real estate searches]

As the year is almost to a close, you might be wondering where Collin County real estate data comes in.  You can see closed sales surged in November due to such a poor climate last year.  Needless to say that is positive news as well as year to date numbers. Average sales price dropped only 4.8% and that's due to the county being extremely affordable.  Buyers from all over the country find this real estate market a true value as far as what you get for your money.  The trouble spot is new listings are down 14.5% and single family inventory is down 25% so buyer choices will not be as vast. The most important fact in selling or buying a home now is the asking price, make sure comparatives are reviewed ever 30 days because prices change with or without activity.

[75093,Plano,TX,Collin County Real Estate]

Happy Holidays to You!


I bet you're taking a break too! Enjoy family and friends today and it's OK to eat
too much.  Stay warm and if you need to search for homes you know you can do
so here without getting cold.  You can use one of our specialized neighborhood
searches on the left sidebar or make up your own.  Either way Happy Holidays!

[75093,Plano,Texas]

Historical Interest Rates

Every month the Collin County Realtors Association publishes various reports.  You can find the monthly indicators by area on the right sidebar if your interested in seeing sales results.  Below is a historical chart for the Dallas area on mortgage rates. A full point lower from a year ago.  It means you can by more house if you can pass the more than strict lending standards of today. Interesting to see where we've been the past 6 years.  Do you think it will go higher or lower next 60 days or so...?

   Lakeside Market Holiday Tree

You folks that are relocating might wonder what the weather is like in North Texas this time of year.
Yesterday was upper 60's and absolutely gorgeous, mild warm wind. The photo captures the holiday
tree at Lakeside Market, another upscale shopping venue just south of the Shops at Legacy in West
Plano.  The center is located adjacent to the community of Lakeside, an enclave of luxury custom
homes and parks.
[75093, Plano,TX,Lakeside Market]

Friday's Foreclosure


Of course, this didn't stay on the market long at $33.49 a sq ft, The asking price? you wonder....
An unheard of $100,000 in a 75024 West Plano neighborhood. Severe foundations problems, cash buyers only, no one would lend money on this one. Great opportunity for an investor and only lasted 4 days.
Anyone want to guess where it is?

[75024,Plano TX, real estate, foreclosures]

Just Listed - Then & Now...

I received a "Just Listed" postcard yesterday, first in a while...however the property has been listed on and off since 2006, so "Just Listed Again" is more appropriate.  What's interesting though is the price has really come down, way down.  At one time, 3 years ago it "just listed" for the upper $600's. Then sold in 2008 for upper $500's. Now, on market in upper $400's.  Think prices haven't come down? think again... Just because a seller lists a home for a certain price doesn't make it worth it or what it'll sell for, a buyer will determine that. No matter what the market value is some will list homes to sell and some will still overprice just to see.  And that fact never changes in real estate.

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

Plano Real Estate Stats - A year back

You might have heard that sales surged in November across the metroplex.  One reason for the
large percentage increase is that if you remember (and how could you forget) the huge financial
institutions were about to fail in 2008.  So demand is better just by not being last year in Plano.
It's all relative to your location.  Take a look at the Supply & Demand Chart - supply is down 15%
from a year ago and sales are up 67%, a 78 unit increase.  And that's due to first time home
buyers, tax credit and FHA loans.


Now lets look at the expired properties. This chart below shows the number of properties that
expired and came off the market each month from 1 year ago.  Expired listings is a balance
between supply and demand.  When the number of expired listings is decreasing (-16%) over
time it's a sign that prevailing home prices have increased.  Buyers and Sellers need to
remember we never had a bubble in Plano, home prices are realistic so they will bounce back
quicker than other areas and price points.  This is good news.

[where: Plano, TX, real estate stats]

Plano TX 75093 - Real Estate Market Perceptions
You ask "How's the Market?" and the answer is "Where's the Market?" The chart above Median For Sale vs Median Sold Price shows the median price of properties listed For Sale (what a seller expects) compared with the median price of properties that have successfully Sold (what a buyer is buying) for each month during the last year.

The difference between the two show different perceptions of the actual market. Properties in Plano generally sell for 5% to 6% off the last sale price, accounting for price reductions. When the price difference is this substantial - meaning more than 10%, buyers and sellers perceptions are not balanced.

What this shows is the lower end market and first time home buyers are where the activity is. It doesn't mean that higher end homes aren't selling, it's just slower. And that has a lot to do with the tightening of credit and scarcity of jumbo loans. Although we're seeing lenders starting to slowly wade in...

A month to month comparison over a year shows a real time picture of the market.  It's more of a psychological snapshot because of market forces and how consumers are participating in it.  The information is derived from MLS active and sold data only and is deemed reliable but not guaranteed.

[where: 75093, Plano, TX, real estate market data ]

The Appraisal Game?
The more things change the more they remain the same, that's soooo not true in any real estate transaction today.  This post is for anyone that's had a hard time getting an appraisal done to close on a property.

Know your lender on a personal basis

It depends on your lender (very important) on who does the appraisal.  If you go with a mass lender it is almost guaranteed that you will get shuffled into auto appraisal system so don't count on closing on time because they simply don't care.

Run if you get an auto email especially if one has been forwarded to you...

What's an auto appraisal system? Here's an example:  A big lender sources out their appraisals to a middle man corporation, compliments of our government invading the home buying process. The middle man in this instant is located in Florida and sources out to appraisal firms and takes half of the appraiser's fee.  They are so large that you're are plugged into an auto email system for status updates with a do not reply to their email because no one is home, meaning no one is willing to speak with you...which is typical responses of large corporations today, you don't even get a scripted customer service person to take your call.

Who's on first?

There are so many people involved in the process that you need a separate database for one home loan.  Just so you know if you use a local lender and appraiser the appraisal should not take any more than 2-3 days.  This is a signal that you're getting close to closing.  Maybe, except this appraiser came back to act like an inspector and says he wants boxes removed and painting done before he will complete the appraisal and deliver to the lender. This appraisal was done on Nov 16th. CRAZY!  We are representing the seller and a new agent is trying to help the buyer, so we all help each other, that's the only way to get it done.

Help everyone get it closed

That is just part of the reality in dealing with the ever changing role of control from our government, tightening the appraisal process and the lending process, next month new GFE (good faith estimates) are being revised for more disclosure to consumers about loan transparency.  That's a good thing!   What the consumer needs to know is who's the lender and if they source there appraisals locally or from another world.  It will make a huge difference on getting your home closed in a timely manner and much much less stressful.

[where: 75093, Plano, TX, appraisal process ]

HOLIDAY LIGHTS

Foreclosures Finds in 75024


It's no secret that the luxury real estate market has had a tough go this year.  With foreclosures being a daily force in the real estate market no matter where you live, there are some great buys to be had.  With that being said, not all are foreclosure prices, even the banks know they can get more in a desirable neighborhood.

There are occasional foreclosures in all the tony West Plano neighborhoods but there are a couple that deserve a shout out.  Everyone likes new, right?  So, if you like the Shops at Legacy area there is always 1 or 2 foreclosures in the first and second phase.  I remember when town homes were going for 325K to 475K.  Now almost everything that's sold in the last 6 months is 225K to 300K.  I point this area out as a great investment or first time home buyer product that could be worth a pot of gold when the economy comes back.

Another shout out is Normandy Estates, two villa lots were just listed as REO (real estate owned).  You could buy for future building or hold for a while. It's on the Denton County side and Lewisville schools.  A minimum 2500 sq ft structure must be built. This is the first gated community in over 5 years. Now, you need vision for this neighborhood but it will be a winner down the road at Spring Creek & Tennyson, just north of Shoal Creek.  The lots are listed at 309.9K, which is retail, villa homes prices start at 900K or around there and that includes the lot, so roughly 600K home to build.   Wonder what the bank would take for these?  Probably make a sweet deal if you buy two...

[where: 75024, Plano, TX, foreclosures ]