Plano Texas Real Estate Blog - Local Plano Real Estate.

Quick Video On 1st Time Home Buyer Tax Credit

Now, I might think twice about posting something from the IRS but this is actually a short and sweet explanation of the first time home buyer tax credit which expires Nov. 30, 2009.  A bill is in the Senate to extend it for another 6 months, hopefully...pass this on if you know someone this might help.



[where:75093, Plano, TX, real estate, first time home buyer tax credit]

How do you know if the List price is the Right Price?


You know that searching for homes online as well as physically touring homes can be exhausting!  It's a lot of work.  You want to be efficient and save time so most assume that the list price is the correct price of a given home, or let's say within an acceptable range.  If your home price is 400K, you would look between 375K to 425K, usually a 25K difference either way.  And if your in the 800K range you might be 50K to 100K range depending on your goals.

Even in this market I see some properties totally overpriced. I recently found one 250K over priced. Why?
Because that's what a seller wanted.  If you toured this home you would soon realize it did not even compare to other homes by quality and location.

So, how do you know if a home is way overpriced?  You won't unless you know the area but you can check the tax roles (appraised value) if you think something doesn't look right.  The values should be close, give or take a little depending on neighborhood.  The values are becoming more inline these days.  Also, do a map search so you can edit bad locations, that's a real time saver.

If you have access to sales or dollar per sq ft, that's a way to tell too. Look at sales on a particular street, if homes are selling for 550K on the golf course and a home listed for sale not on the course course is 800K, well then, that's a sign.  You might think everyone would be more realistic in a softer real estate market but that's just not the case. It happens in all price ranges and it works the opposite too, if a home is priced, say 10% below market, it won't last long.  Enjoy the weekend, looks like great weather ahead and don't forget to check the open house link on the right sidebar.

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

Hills at Prestonwood - Indian Creek Real Estate Update

These days you need to know the numbers before you buy or sell and it's good to take a look at the current trends by neighborhood.  You can see the Hills at Prestonwood and Indian Creek sales are better than the spring season 9 vs 11.  The median sales price has come down considerably due to the lower end market being much more active, under 500K due to scarcity of jumbo loan financing.  417K is the threshed before you jump into jumbo lending.  The sale to list price is 94.68% which indicates some properties might be priced too high in the beginning because sellers are making concessions.  As far as inventory goes almost 70% of the homes are selling within 90 days. You can bet the other 30% are high end properties over 600K. Pending properties has picked up (waiting to close).  If you have an opening price point home, chances are you have a great chance of selling it within 30 days and it looks like they are going to extend the first time home buyer take credit for another 6 months, bill went to senate on Thursday, we'll see...no changes, just an extension.






[where:75093, Plano, TX, Hills at Prestonwood, Indian Creek, real estate]

Windhaven Market Conditions

It's no secret that inventory is low in some West Plano neighborhoods. So the good houses go quick, meaning updated and nothing to do unless you have a buyer that wants a project.  The biggest shout out is that around 70% of the listings in Windhaven sell within 60 days and 92% sell in 90 days, that's good news for sellers.  And for home buyers:  it's a great location in the Willow Bend area. Also you can see the sale to list price is 100% for homes on the market for over 120 days...and that's because the home was overpriced in the first place and by the time price reductions are taken, slowly but surely, the price gets low enough for a buyer to buy for the condition of the home.  It's a painful journey....



[where:75093, Windhaven Real Estate, Market Update]

Normandy Estates Lots for sale!

 

This came on the MLS around 30 days ago. two lots for sale @$299K each... first listing.

Living on the west side of Plano you're familiar with this amazing new development.  You can't see it yet but it's a 5.5 acre development with lake, fishing dock and beautiful rolling terrain.  There will be a community center with pool and it's gated. There are few gated communities in Plano - so this is huge if you desire the privacy and security.  And it's right off the Dallas tollway and Shops at Legacy.  This location is a winner!

Now these lots are the smaller zero lots for town homes.  This project has gotten off to a slow start but progress has been made last 6 months, take a drive by and see.  This development will be stellar once it's completed, just a little vision is needed. The lot prices seem high since there are town homes available for $535K. I don't know, guess there is always room for negotiating. Always...bet some builders might want to sell their lots if they can't sell a house.

[where:75093, Normandy Estates, Real Estate, lots for sale]

Current Market Conditions for Willow Bend

If you want to know the truth about real estate you really need to drill down to each sub division to see what's really going on. General information is good but rarely depends on your exact location.  The report below is just for Willow Bend, a glimpse into this area. The results go back to September of last year when the bottom fell out and things got quieter.  The current last 3 months of sales is better than the prior, much better.  The absorption rate is important because it tells you how deep the inventory is.  Now 7.67 months supply is not ideal but financing issues on jumbo loans have a great deal to do with that. Median prices have adjusted considerably and you do have to figure in a few foreclosures for that.  Days on market are almost 50% lower than a year ago, a good sign.  And sale to list price is better also at 96.48%.  As a buyer you can see that activity has picked up and going the right way, at least for now.




As of today there are 72 active properties, 11 pending and 67 have sold last 6 months.  Pending activity has picked up last 2 months.  Take a look at the selling price range below.  As a seller you can find pockets of opportunities within a 50K leeway to see if your property has a good chance of selling quickly.  A buyer can use this to target overpriced properties in specific price ranges with large inventories.  Check back tomorrow for Windhaven market conditions...


[where:75093, Willow Bend Real Estate, market update]

Plano City Council Raises Property Taxes in a Small Way


How Much? 1.5 cent, a 3% hike, The new rate will be 48.86 cents per $100 of assessed valuation. See Collin County Observer for the details here.  When they lower rates you always know it will go the other way sooner than later.  And so it goes...

[where:75093, Collin County, property taxes]

Collin County Foreclosure Facts


A client called yesterday and wanted some foreclosure info to help fight property tax increases, the criteria went something like this: can you do a search for all sold foreclosures in Collin County this year by Fannie Mae?

The answer is yes, I can do by seller type: as in foreclosure but to break it down by owner type is difficult because this is not an input field that every listing agent fills in.  So we broke it down to all foreclosures sold in Collin County since 2009 and all prices.  Can you guess the number? Don't think you'll be surprised....

1172 units have sold in Collin County.  When I ran the report today 10 more had closed.  Yes, friends that world is fast and furious.  68% of these properties are under $200K.  But there are some upper end gems out there.  Over $500K represents 2.2% of the sold inventory.

Just to give you another idea of the break neck activity, there are only 201 active foreclosures in all of Collin County, 25 are active option (in option period) and 256 are pending (waiting to close). Foreclosures have a shortage of listings too but that will change, I can promise that.  Not all of the pending transactions will close due to financing or the bank making it difficult to buy, so it's worth to watch if you missed a property you wanted to buy.  Interesting stats and times...

If you'd like more detail take a look at the Q2 Foreclosure Real Estate Report to put you in the buying mood.  This is just for Collin County guess I'll have to look at Dallas County next...

[where:75093, Collin County, foreclosures]

   Amazing Clouds

Always something about this time of year.  The light and clouds are different and the temperature is below 100, which is huge...much better for house hunting!  This was taken in West Plano on Sunday afternoon while grilling ribs. The light reminded me of Santa Fe, that ethereal thing...

[where:75093, local photos, Plano, TX]

Plano Real Estate Update: Aug 2009

Plano sale units were down 16% from last year.  Dallas sales were down 15%.  It's double digits but hey, it's not in the 25% category, so we'll take it.   The market continues to be first time home buyers and properties under 400K.  The bank lending scenario is still cautious but seeing things close in a reasonable amount time, 30-60 days.  One thing to watch as a buyer or seller in this market is not every home closes, back on market is a frequent status change now-a-days and each party should have other choices or back up contracts available in case this happens.  What can happen? Job loss, Financing, Appraisal issues and/or simply buyers remorse.  So keep this in mind if your in the market now.

One thing about Plano is prices are still holding.  It's holding because inventory is low - 4.6 months. New listings are down 10% and active listings are down 20% - pending sales are down 2% which is a nice sign of current activity, meaning under contract waiting to close.  Days on market is 64 days - not too bad.  Year to date average price of $261,227 is down 5% and median price of $215,000 is down 4%. That's not too shabby either, considering the national market.

The market south of the loop, Dallas North and Park Cities is very soft.  If you are considering a move closer in this is the time to score on builders inventory,newer homes and foreclosures go without saying.. If you live in a neighborhood and there are not many homes for sale this could be the time to move.  Companies relocate by the first of the year so there is fall activity.

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

Foreclosure Follower

Every so often I check our web site rankings on Google to make sure we are on top or at least in the top 5 on the first page of a search.  I did a search for planohomes and this is what came up.

Planohomesandland.com came up number 1 but what I find interesting is the sponsored link: Buy Direct From the Bank - All Chase Bank foreclosures.  The banks aren't dumb and they will do anything to save some bucks.  So I clicked the link thinking I would get all their real estate owned properties.

Wrong.....what I got was a form to fill out first without knowing what I'd get. Most of the bank homes are listed with a REO (Real Estate Owned)  listing agent, so I'm assuming they would be giving the agent your name. It's not really direct...You can get home listings all over the web but it's still hard to find all foreclosures in one place, seems like the banks should all get together and have a web site to promote their properties direct, better for the consumer and the banks.  What do you think?

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

Looking for a Labor Day Event....
If you plan on being around Plano on Sunday, this could be a great place to be.  This photo is courtesy of the Shops at Legacy email newsletter announcing the first ever Labor Day Event.  If you've been to the free summer concerts and the Christmas festivals (word has it - they will have again this year) you know they put on first class events.  And this is no exception, Nastia Liukin will be signing autographs as well other celebrities and it all starts at high noon till 6:00PM on the north side of the Shops at Legacy fountains. Best of all proceeds of tickets sales for activities will be donated to Children's Medical Center.  Lots of live music and activities for the whole family. Check out the event calendar here or call the hotline: 972.943.4626 for more info.
[where:75024,Shops at Legacy, Labor Day, Plano, TX]