Plano Texas Real Estate Blog - Local Plano Real Estate.

Warmer Weather Ahead

Greetings from a better day!  I guess the the last bit of winter is passing through....
Be sure and take a look at the open house schedule this week.  Many homes are
aggressively priced and waiting for new families, you might find your dream home this
weekend or it may find you!  It can work either way...stay warm this evening.
[where:75093,75025,75024, West Plano, real estate, open houses]

1st Time Home Buyer Tax Credit Slide Presentation

Just when you thought it couldn't get more complicated, it does.  I've had many
questions about this lately. So, here is a slide show from NAR (National Association
of Realtors) to explain the first time home buyer tax credit.  This is good, so email this
post or pass on the link to anyone you feel can use the information to buy a home and
understand what is available to you.
[where:75093,75025,75024, West Plano, first time home buyer tax credit]

Dallas Performing Arts Video

If you haven't been down to see the progress put it on the list! Opening Fall 2009. [where:75201,Dallas Arts District]

Fast & Furious Foreclosures


This is a heads up for all you REO buyers out there.  You can't wait to make an offer on any foreclosure in these West Plano Zip Codes - 75093,75024 or 75025.  The race is on for who gets there first.  And it counts.

A few quick stats, last month 8% of total sales were in foreclosures, this month so far and we aren't even to the end yet, the number is 17% and that is sold properties that have closed, as in done deal! The pending status (contracts waiting to close) as it stands right now, as of March 20th, foreclosures make up 32%.  Savvy buyers and investors are watching and pouncing on them as soon as they hit the market.  Banks are reducing prices to sell.  So if your playing this game be prepared to write a contract immediately and expect multiple offers.  And by all means, get there first!  Stats are for these zip codes only. It's MOVING!

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

Plain-o Plan-o

I get a laugh when my GPS gives me directions in Plano, she says Plan-o.  Sounds better, doesn't it? Like there is a plan rather than Plain-o.  I spoke with a new client last week and she pronounced it Plan-o too.
But asked what the correct pronunciation was, I said Plain-o, there was silence... but it was OK, you learn to like it, especially when its such a great city to live!

[where:75093,real estate, city of Plano, Texas]

Plano Price in 75093

As you can see from this chart median price has increased the last two years in 75093.  This is the hardest thing to explain to relocation clients that don't know the value of the area. The prices are holding and will continue as long as willing buyers and sellers can agree on price without duress.  That's market value.
Seems to be working in this zip code, now there are bargains...when the dollar per sq foot goes down to $75.00 or below be prepared for multiple offers and the deal of a lifetime.  When you know true value of a neighborhood you will reap the rewards.

[where:75093,real estate, Plano, Texas, median price]

Spring Break in Plano

photo by: SKWomack

The weather doesn't feel like it yet but we're getting close to the big warm up.  And we did need the rain desperately.  The middle of March typically means we're almost out of the winter doldrums.  In the meantime, take a peek at the open houses this weekend, the market is starting to pop and it's time to move.
[where:75093,75024,75025, Plano, Texas, open houses]

Verify all data on Real Estate Listings

Before you even put an offer on a property you or your agent should verify all MLS information. It is deemed reliable but not guaranteed. A reader called this out earlier in the week and I thought it deserved a post.  This has to do with what schools your children go to. Here's the quote:

"BTW, I noticed on a lot of property details for houses south of 121 they may list the Frisco HS as Centennial. After talking to the rep at Centennial and seeing their map on the wall we now know that all of Plano south of 121 in the Frisco ISD goes to Liberty. No one goes to Centennial and she said she gets a lot of angry parents coming to sign their children up after moving. You might of known this but I figured I'd let you know just in case."

I can imagine parents who thought they were going to certain schools and got blindsided by this. And that's an expensive lesson to learn the hard way!  When things are entered on the MLS they might be entered by an administrative person and there can be mistakes. It is the listing agents responsibility to make sure the info is accurate. Schools can change their mapping yearly, even by a street or two, so it's a good idea to call the school directly to confirm. And if you are working with a buyers agent they are just as responsible for verifying information for you. As always, buyers beware. Thanks again for the shout out!

[where:75093,75024,75025, Plano, Texas, buyers advice]

Absorption Rate Details - What is it?

What's the length of time it would take to sell the inventory of Plano at the current sales rate?

By tracking the absorption rate over time you will gain a better perspective of the real estate market. It can help determined a proper price range of a current property based on the latest monthly sales.  Also, it will confirm realistic price expectations if you are selling or buying a home.  It's provides more current information than using comps, say 3 to 6 months past, although you need to look at that too.

It's easy to do from the MLS.  Take the active listings of a given area and divide by the sales of last month and you will get the absorption rate in months.

Take a look at Plano. At the end of February active listings totaled 1146 and there were 72 sold properties - that makes a 6.6 month supply and that is considered a balanced market.  Plenty of choices for buyers and seller pricing must be competitive.  Now lets take a look at individual zip codes for February:

75093: 278 active listings, 34 properties sold - absorption rate is 8.2 months
75024: 192 active listings, 16 properties sold - absorption rate is 12 months
75025: 178 active listings, 36 properties sold - absorption rate is 4.9 months

What this means is activity in 75025 has been greater because of price points and reductions taken that have helped spur the market.  75093 and 75024 have higher end price points and that has hurt sales because of the credit markets.  However, you can also drill this down by price point to get a clearer picture. By watching the absorption rates it will help you get a more accurate pricing scenario of a particular area.

[where:75093, Plano, Texas, market data, absorption rates]

I can't believe it's that time again.  Move clocks forward by 1 hour tonight and gain
an extra hour of whatever you like to do.  Be sure and check the open house
schedule if your in the market for a new home.

[where:75093, Plano, Texas, Spring 2009]

Buyers coming back to real estate market 



We get asked a lot:  "Is now a good time to buy real estate?"

The answer is different for everyone depending on your circumstance but there certainly are opportunities to take advantage of in this or any market.

The chart above answers the question:  "How's the market?"

The market action index shows demand for housing.  As you can see the trend has been heading up since February and that will be evident by pending property status in February results.  Although we have a long way to go to be a sellers market the demand is picking up and buyers are back out.  The chart looks like bottom hit in February, remember we are always ahead of what you see in the media.  Thank goodness!  Anything above 30 on the chart indicates a market in favor of sellers, and that number is a ways off since the chart only goes to 22.  Have a great weekend and enjoy all the open houses!

[where:75093, Plano, Texas, Market Update]

Low Ball Offers & Pretend Pricing

Buyers are going low, way way low.  When writing offers these days even if a property is priced fairly or below market, buyers want it lower, much lower. Some sellers are willing to consider others not so much especially the bank.  What's interesting and I see it happening often in short sale or foreclosure scenarios is the bank is pricing a property way below market, like $50. to $80. a sq ft in West Plano in order to get multiple contracts to possibly bid the property higher.  Now this does work to some extent but you must be a patience buyer because despite a house being in distress the banks don't seem to be.

Yes, you heard me right. 

Even with a cash offer and quick close they will drag their feet.  Why? Still haven't figured that out except they don't understand the retail consumer or real estate. It's quite obvious why banks should not be in the real estate business because none of them know how much a  property is worth.  All they need to do is look at the tax roles and recent comps which I'm sure the listing agent has done, it's not rocket science...

The bank owned properties only care about the sales price, their addendum's override the familiar 1-4 residential contract.  It's pretty cut and dry. What the banks don't understand is the consumer determines value not the banks, they have been too long in taking appropriate price reductions, so guess what?  The value is lower now, like I said it's not rocket science.  I can almost predict another RTC  (Resolution Trust Corporation) is on the way, similar to the savings and loans scandals of the 80's - only this time much, much bigger.

I know the picture has nothing to do with the topic but it's prettier than a foreclosure.

[where:75024, Shops at Legacy, foreclosure, short sale]

Too Good to be True? - An Awesome Foreclosure

I bet this isn't your idea of a foreclosure but it is!  There are a growing number of
builders homes that are going into foreclosure.  This one in particular use to be
a million dollars, on sale now for $785,000.  Only 2 years new and never been
lived in.  The only thing about buying a builders home in foreclosure is there is
probably no warranty protection, so in that cause you need to locate the vendors
that built the home in the first place just to be covered against possible defects.
You never know...
[where:75034, Frisco, foreclosure, homes for sale]

Normandy Estates Home Pricing



A few interested parties have inquired about the properties for sale at Normandy Estates.  It's hard to tell what the price is because there are several phases and really no photos to go by.  So, just a heads up for those who want to know.  The single family lots in the Plano school district start at $500,000 and up.  The town home development which is in the Lewisville ISD start at $500,000 for a completed home.  There are several homes in the beginning building phases and you can drive through the development now to get a feel for the neighborhood.  Street names are very European, like Beauregard, gotta love it since no street names in West Plano even resemble the land or places they are named after but you can dream.  You can check the homes or lots for sale here. It's a gated community.

[where:75093, Normandy Estates, West Plano, homes for sale]