Plano Texas Real Estate Blog - Local Plano Real Estate.

Your Year in Summary for Hills at Prestonwood, Plano, TX 75093 - January 1, 2009 - December 31, 2009

Square Ft.	Number of Homes Sold	Average $ Per Sq. Ft.	Average Days on Market
<2499	5	$140.00	75
2500 - 2999	5	$107.00	50
3000 - 3499	12	$105.00	71
3500 - 3999	6	$109.00	57
4000+	6	$155.00	75

 

It's one of those days that's not ideal to go house hunting - Rain, Sleet - Yuk!   We are spoiled here...so grab a nice hot cup of something and take a look at this year end summary.  I bet many of you are curious how your neighborhood did for last year? Despite the economy and market forces, some ideal neighborhoods did quite well.  A total of 34 properties sold in the Hills at Prestonwood last year and 50% sold for under $400,000.  Goes to show desirable neighborhoods do well regardless of the real estate environment.  Especially when there was no bubble here...(it's in Preston Hollow, Park Cities & Uptown, a bubble in the bubble if you will...)

You might wonder how does that compare to 2008 and 2007 sales for The Hills?

2008 - 28 units

2007 - 43 units

As you can see it's better than last year but anything would be.  Now dollar per sq ft is dependent on a particular property, location and condition so you can't go by it alone, some homes will fetch better pricing then others.  It also has to to with a certain point in time.  So as we begin the spring selling season and yes it starts now, many West Plano neighborhoods are in need of more inventory.  The chart above gives you an idea of what you might expect to sell or buy for.  If you'd like to see your neighborhood, let me know and I'll do my best to post.  Stay warm, we still have a little bit to go on winter.

[75093,Plano,TX,West Plano,Hills at Prestonwood]

It's no secret mortgage rates have been at historic lows much of 2009.  The Feds are doing this to help stimulate the economy and when the Fed stops buying mortgage backed securities from our friends, Fannie & Freddie they are likely to increase suddenly...The chart above is data from our MLS and Collin County Realtors Association that shows historical mortgage rates from 2003, that should make you feel pretty good!  According to Real Estate Center at Texas A & M University average mortgage rates (percent) from the last 40 years goes something like this:

1970s   8.9
1980s 12.70
1990s  8.12
2000s  6.33* through Sept 2009

So when the economy starts to improve watch for rates to go up, the Fed will stop purchasing mortgages and mortgage rates will rise accordingly but still low compared to historical data for now....I'm sure the Fed is anxiously waiting.
[75093,Plano,TX, historical mortgage rates]

For those of you that follow the market and are waiting to jump back in or out there selling or hunting, here's
the results for the month of Dec and 2009.  This is for Plano Area 20 which includes Collin and Denton counties.
December proved to be a busy month especially compared to last year.  The extension of the home buyer tax
credit and low interest rates helped with that as well as realistic list prices.  Year to date average sales price
is not to bad either at -5.1%.  As you can see the condo town home sales took a big hit at -45.2% and a lot
of that is due to financing and stricter FHA guidelines.  So, how do you know if prices are going to go down more?
You don't - except with a detailed market analysis, trend reports and absorption rates of a particular area you can
make a very intelligent decision.   The fact is there are great deals in any market, the question is:

Is it the right time for you to buy or sell?

And that alone should determine your course of action.  On a different topic, there are over 20 open houses to visit
this weekend and that's the perfect way to start.  All the monthly market reports have been updated on the right
sidebar if you chose to look at the big picture or a different area.

For those of you interested in Frisco, it did well last year!  Have a good weekend!
[75093,Plano,TX,Plano Real Estate Year End Results]

NEW Paint Colors at The Shops at Legacy


You know there's always something going on at The Shops at Legacy.  The photo above
are the apartments near Bishop and the fountain.  The whole complex is going through a
total transformation of color.  Each apartment concept is getting a face lift.  The colors
are interesting and very sophisticated.  Just goes to show that painting the outside can give
a whole level of newness and definite curb appeal. Take a drive and see the color combinations
that might work in your home to give you that upscale look and colors of the moment.
[75093,75024,Plano,TX]

Plano Listings Trend Report

Great new reports available from the MLS! This shows all listings in Plano by areas and subareas.
For example, 20-1 (red) is the highest concentration of luxury homes in Plano. Stats below reveal:
162 active listings, med list price $625K, med price s/f is $147. and med days on market is 156. as
of yesterday.  Of course, there are all price points in each area but gives you an idea of activity and
where you might find more inventory.  Take a look at the med green areas where inventory is low, it
could be time to put your home on the market.  And for buyers you'll find fewer selections.  If you're
thinking about getting in the market these tools are invaluable as far as knowing what your up against.
This also tells you that Plano real estate is very affordable and that's a good thing in this market.



[75093,Plano,TX, trend reports]

Loan Pricing Engines that Lenders use...

First things first and before you begin your house hunt you need to get approved by a lender. And now it's even easier by Google ads.  They are using the same pricing engines as lenders use to give you quotes.  More accurate? you might ask,  let's just say in the ballpark.  This is a new service right out of beta.  Now, not all states are listed but you can compare Texas mortgage rates here.  You can get this info without any of your precious info being given to the lender.  Now that's awesome!  You can enter all type of variables, purchase a home, refinance a home, credit rating, down payment etc. etc. it even gives you a closing cost estimate like a Good Faith Estimate (GFE).  At least now you can have an idea before you speak to a lender what a reasonable quote is from comparable lenders online, Thanks Google!


[75093,Plano,TX, google ad mortgage rates]

Realtor.com Home Search App for iphone

This new app is awesome!  By far, the best home search app out there and the most complete inventory of homes to boot.
If you're in the market, give it a try. It's lighting fast and from what I experienced, little or no glitches.  Realtor.com has done a great job here and beats anything I've tried before.  It will immediately pull up all homes for sale in your GPS area with just a click or two, loads fast and you get the basic info you need to see if that's your home. Open houses, maps, photos, homes in all cities, more accurate info because it's from the MLS, not a third party vendor.  Try it! or pass it on, If you click the photo it will take you to the realtor.com page or just go to itunes to download.

[75093,Plano, TX mobile home search]

Time to File Your Homestead Exemption

Now is the time to file if you purchased a home in 2009 and are living in it by Jan. 1st 2010.  There are various real estate exemptions to file for and it must be done by April 30th of the current year to take advantage of the possible reduction for 2010 taxes.  Applying for the exemptions is the property owners responsibility; therefore, it is important to contact the appropriate County Appraisal District.  This is a free service that you can apply for online, download form and submit, you do not need a service company to do this for you!  Direct link to Collin County Tax Exemptions is here.  Remember, Texas has some of the highest property taxes in the nation, we also have no state or city income tax so it's a trade off and every little bit helps!

 [75093,Collin County, homestead exemptions]

Plano Area Sales Still Up in December

Real Estate really is local and Plano area sales were up 10% from December 2008.  Dallas was up 2%.  And that's good for being in the down part of year plus the economy.  Buyers are out and looking for their dream homes and bargains.  Here's the rest of the data for the Plano Area for Dec. 2009.

• Dollar per sq. ft:  $94. down 6% (not bad)
• Sold to list price: 97% (which means pricing is right between what sellers and buyers perceive)
• Days on market (DOM): 69 days down 10%.
• Pending Sales: 131 units up 2%
• New Listings: 224 units up 8% (we need the inventory)
  
• Active Listings: 890 units down 15%
• Months Supply: 3.7 months (this could be trending toward a sellers market, low inventory for the area)

Year to date is not so bad either if you think about other areas of the county.  In the Plano area average sales price came in at $253,903 only down 5% from last year and dollar per sq ft is at $94. only down 3%. YAY!  Opening price point homes and under $400K is where the action is.  Luxury homes at the million dollar level are starting to see some activity, slowly but still better than a few months ago. That market is still thawing out, no pun intended on the weather today (BURR!) but the inventory is very high and selection is good.  The tax buyer credit is going to be around and has been expanded to not just first time home buyers, check this link from the mortgage reports for a detailed explanation on how to qualify. It's an easy to understand version....

[75093, Plano, TX, market stats]

Two New Forms - GFE & HUD-1

What does this mean for you?

These new forms are officially being used as of 1.1.2010.  The changes went into effect last January but it took a year to implement the new forms.  All lenders will be using the same form for GFE's or Good Faith Estimates.  It will now be easier for the consumer to compare loan packages and pick the right mortgage.  What it doesn't tell you is what the "junk fees" are and what fees are legit.  You can ask us for that piece of advice....

The form breaks down and explains every charge on the GFE however some fees can still go up or down especially the escrow & title fees by 10%.  If you use the lenders service providers then they will pick up the additional fees or credit on the HUD-1.  What's weird is the lender never chooses title company, usually the seller, buyer or agents pick the title company and it's part of the contract.  Seller's generally pay for title policy but it's not always the case.  There are many escrow and title companies so I don't see how that's going to play out as far as who pays for what, looks like another fee that will hit the consumer...

On page 3 of the GFE there's a table to compare 4 loan packages (shopping chart) for your convenience. The HUD - 1 Settlement form (Housing Urban & Development) that's your closing statement from the title company, cross references the GFE on lender charges.  It's a good idea to get this a day or two prior to closing and go over with your lender, they will have a copy too.  You can visit HUD's website for more information. 

All in all,  this makes it more transparent to understand the loan process and puts the steps in order but you still have to work the numbers and know what fees are normal and what's out of line. I have also put links on the right sidebar under real estate forms for easy access and future use.  Looks like there will be some kinks to work out but all in all it's good lenders will be using the same form.  And remember, everything is negotiable in real estate including your lender fees.

[75093,Plano TX, GFE,HUD-1]