Plano Texas Real Estate Blog - Local Plano Real Estate.

Another Plano Winter



Let's see, it's Feb. 25 and the temperature is 80!  Not so bad as far as winter goes this
year.  Photo is right outside of Ericsson and other Legacy corporations that headquarter
in West Plano.  Still lots of land and wide open spaces with horses and cattle, makes
it rather unique, don't you think?  Anyway - nice day! - enjoy.
[where:75093, 75024,75025,Legacy Corporations, West Plano]

   Signs of Spring and Open Houses

These Narcissus have been blooming for 15 years in my back yard, the
fragrance is intoxicating especially on a blustery windy day like today.
They are the first to bloom along with the daffodils.  Good sign for warmer
weather and spring to come.  Another good sign are the open houses this
weekend take a peek (link to right) and the fantastic prices that are offered.
Prices have come down as well as interest rates and with the first time home
buyer tax credit, well - good opportunities do exist.  27 properties to review
and new listings are picking up, it's that time of year!

[where:75093, 75024,75025,Plano, TX, Open Houses]

Where to Live Well for $500,000

Just when you need some good news about where you live, Forbes has named Plano TX, yes, lil' old Plano as the number 10 spot. Check out other cities to live if you have the urge to get out of town.


[where:75093, 75024,75025,Plano, TX, Top city to live]

Government Affairs Tax Credit Chart 2009 - "The Rules"


[where:75093, 75024,75025,Plano, TX, First Time Home Buyer Tax Credit Chart]

Something is Better than Nothing

While the lavish stimulus bill was passed on Friday evening. The $15,000 tax credit was a little too bold for the bail out, here's what you can look forward to as a buyer:

1. Loan limits will be raised to $727,000 in high cost areas.
   
2. Tax credit will be raised to $8,000 with NO payback - (no loan repayment) effective January 1st  2009. There are income limits so need to check on that. (Designed for first time home buyer)
   
3. Interest rates have come down 125-150 basis points.
4. The bill has over $50 billion in it for foreclosure mitigation, and the second half of TARP will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's - so in return will help increase new mortgages.
   
5. Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

The foreclosure part remains to be seen in my opinion. The tax credit is a true credit and that's a huge victory from the $7500 repayment in 15 years. So buyers get a $8000 credit and sellers get an automatic price reduction that doesn't hurt!  Is that the bail out you've been waiting for?  To get all the juicy details be sure
and read more about:The American Recovery and Reinvestment Act of 2009 from NAR. (National Association of Realtors)

[where:75093, 75024,75025,Plano, TX, home buyer tax credit]

Buyers are rumbling...

OK - numbers just came out...here's Area 20 which is all of Plano:

• January sales units were down 30% - total 144
• Average price down 8% to $238,223
• Median price down 11% to $196,000
• Dollar per sq ft down 3% to $90.
• Days on market is 82 - flat
• Pending sales down 25%
• New listings down 27% - 346 units
• Active listings down 23% - 1063
• Months inventory down 7% - 3.8

The past few weeks we have noticed a tremendous up tick in business.
With the interest rates, stimulus whatever and possible tax credits in the
works buyers are back out.  With Plano inventory so low don't be surprised
if you find yourself in a bidding situation.  Just keep a calm head and stick with
the numbers. And for sellers: it's time to put your home on the market you
might be pleasantly surprised how fast it goes - average 82 days on market
is very doable.  And you can go on with the next chapter of life.

[where:75093, 75024,75025,Plano, TX, market stats]

10% up to $15,000 - Tax Credit, getting closer...

Part of the stimulus bill in the senate now has a few real estate incentives for home buyers and sellers.  We've had a few questions about this, so here's a brief explanation:

The bill has not passed yet but it could give 10% to any home buyer up to $15,000 as a tax credit.  No repayment, no loan - just straight off the closing statement. (deductible, of course)  To a seller this would be an instance price reduction that you didn't have to cough up.

Also included in the bill is an unheard of 4% mortgage rate - I'm sure stellar credit is a prerequisite.

Anyway, stay tuned we should know something shortly.

[where:75093, 75024,75025,Plano, TX, tax credit,real estate]

Plano still holding it's own

Going back one year, you can see each zip code in West Plano - 75093,75024
and 75025 - nice? right? Well, better than you expected, I bet. Might even be
going higher in this crazy market!  The charts don't lie...good news on the home
front. See Monthly Market Indicators on the right side bar for charts and data.
[where:75093, 75024,75025,market data, real estate]

Really Free Annual Credit Reporting

Did you know when your credit is run by any lender that it will
cost you points on your credit score.  It's deducts to a lower score.
One site has come to my attention that you should bookmark.

Annualcreditreport.com  is a site you can check your credit
report once a year, which is recommended - free of course and
it does not deduct anything from your credit score.  Now, that really
is free without running any silly TV Ads that actually hurt your credit
rating.

The site is sponsored by: Experian, Equifax and Transunion

[where:75093, 75024,75025,credit reports, real estate]