Plano Texas Real Estate Blog - Local Plano Real Estate.

Collin County Ratio of Sales Price to Original List Price

When you look at the list price of a home for sale do you often wonder what you can really get it for?  I get this question quite a bit.  It really depends on how well a property is priced, condition and what you can negotiate.  But if you want a guide line take a look at the graph below for Collin County home sales for February and year to date.  It's a little higher than last year but around 94% is the norm. 



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

Why people are moving here...

[75093,Plano,TX,Housing Costs]

First Ever Nationwide Open House



This is a first!  Sellers and buyers get ready for a major consumer marketing blitz to move your property.  Literally!  And thanks to our State Realtor Associations the Open House Weekend date is April 10 - 11.  it's a chance for sellers to showcase their homes and for buyers to use the tax credit that's still available.  You need to be under contract by April 30 and close by June 30 to qualify.

Participating houses will be marked by balloons, DFW Realtors which is Dallas, Metro-Tex,  is reaching out to the media for full blown press.

How do you participate? 

It's easy, if your home is listed tell your Realtor to enter your home in the MLS under Open Houses for that weekend and that's it.  The association is giving free colorful balloons to attach to your sign.  Sounds like a win-win for everyone.  All open houses in Plano will be listed here so check back if you're ready to hunt!

[75093,Plano, Texas, nationwide open house weekend]

Not a Tiger Woods Fan

Of course not, this is a fan on the Highland Park Country Club golf
course...nothing to do with Tiger.
[75093,Plano, Texas]

First Day of Spring Last Year

Well, maybe on Monday! Stay Warm during the last WINTER Blast!
[75093,Plano,TX,Bradford Pears]

Collin County Days on Market


For those of you in Collin County wanting to know how long it will take to sell your home the chart above is a good guideline to go by.  You can take a look at last year "days on market" it was 85 days, today through February supply had dropped and so has the time to sell your home.  Nobody can tell you what your home will sell for but you can give a range.  If you price a property below that range your days on market will be less and you'll be packing sooner than later.  Days on market is 15% below last year, 72 days but that doesn't include closing time, so figure another 30 days or so.  And that's a realistic time line.  The information and chart is from the MLS which is deemed reliable but not guaranteed.  So, what else is new?

[75093,Plano,Texas,Collin County,real estate]

Signs of Spring

Wow! Last two days have been much better weather, a little windy today but sure beats the COLD!  Pic's at The Marriott Shops at Legacy.  One of our many virtual offices, great place to meet to start a house hunt.  HP is in the far background which use to be EDS.  Lots of open houses this weekend, check the upper left icon above, last count 31....and enjoy the weather!
[75093,Plano,Texas,Shops at Legacy]

Mortgage Shopping



Sure, house shopping is easy, just hop online and start hunting the millions of real estate listings on any site but "What about Mortgage Shopping?" Now that's a little different.  The Mortgage Reports is a daily blog about the mortgage markets, I highly recommend it and have mentioned it before.  Keeping your credit score high is imperative and checking your credit is not a bad thing when it comes to a mortgage, did you know that?  The lending process is complicated and the most misunderstood because it changes all the time but it's the first step to take if you're a serious home buyer. Check out the article it's an excellent read and explains the process of checking your credit.  Good to know!

[75093,Plano,TX,mortgage shopping]

How's the Market?

You know that real estate transactions are never easy, there are many pieces to the puzzle and good title companies help the closing process go smoothly.  Hexter - Fair, Preston Road in Plano is an outstanding office.  Today they sent a recap by area for the Dallas metro.  Take a look below, this information is from the MLS and Hexter Fair put this in an easy to read chart.  Overall, number of sales are down compared to last year and that is expected for the time of year.  What's positive is the average sale prices are holding or are ahead with the exception of a few areas like Park Cities down 14% but sales were 60% above last year.  And this is expected at the higher end but buyers are finding the bottom here with a huge increase in sales activity.  So how's the market in your area? Take a look and see...it goes to show how affordable prices are in Dallas and an up beat economic factor helps too.


[75093,Plano,Texas,Dallas real estate]

Dallas & Plano Real Estate Results for February 2010

As you know real estate in Texas is not so bad as in other parts of the country but it's not so great either.   All transactions are taking longer because the banks have tightened their lending standards and if it's a short sale or foreclosures expect much more red tape.

One thing you should know about is the new disclosure law for lenders that just went into effect, when you receive your good faith estimate (GFE) you now have a 7 day option period before you can proceed to close, compliments of the government.  It's like an option period on a house but with the lender that gives you the money.  Not a bad thing but does slow the process down so you need to keep this in consideration for your moving plans....now for the data..

The Dallas metro area sales for February were down only 5%, it's all relative because last year wasn't great either but we'll take single digit over double digit anytime.  This is for single family housing according to North Texas Real Estate Information System (our MLS).

The positive news is pending sales (waiting to close) and new listings are both up 5% which point to more sales and activity as the spring selling season gets into high gear. The tax credit expires April 30th so watch for a flurry of activity to beat the clock.  You must close by June 30th to claim it.

As far as Plano goes, which it area 20, sales were flat which is a positive sign too.  Dollar per sq ft was down 9% to $93.  Days on market was also down 9% at 68.  Pending sales are up 18% and new listings up 10%.  The bulk of the market is under $350K with many clean and updated properties going under contract within a few days.  The jumbo loan market is starting to see some long awaited action due to banks taking the risk and keeping it on their books.  Sellers are pricing properties better due to market conditions and buyers are still low balling, just a sign of the times....

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

Phone Etiquette

I took a call this week from someone inquiring about a house.  She was driving by and said she had called 12 agents during the day and I was the only one to call her back....

Don't take it personally but I don't even get return phone calls from agents, especially when the voice message is:

"Your call is very important to me and I will get back to you just as soon as I can, however I only check my messages twice a day because I am very busy! Please repeat your number twice and have a nice day!"  It's amazing to me how many agents have the same message.

I mean with all the technology, text , email and chat - it's pretty easy to answer all inquiries via your smart phone.  Isn't it?  Of course, if your with a client we certainly understand you want no interruption but an hour or two to respond is not too much to ask rather than no return call at all, don't you think?
[75093,Plano,TX,]

Parker Estates Real Estate Results - 2009


If you're looking for an opening price point home or town home in West Plano 75093 that is
newer, than Parker Estates could fit the bill. And excellent schools in Lewisville ISD.  These are
low maintenance home and many are one story.  Close to Arbor Hills Nature Preserve and Shops
at Legacy and tollway...ideal location! Take a look at the stats for last year, prices have adjusted
and this is an excellent value in 75093 with all the luxury that surrounds it.
[75093,Plano,Texas,Parker Estates, town homes]

Multiple Offer Situation - Prove It!

If you've found that perfect home or almost perfect and decide to put a contract in you might get in a multiple offer situation.  If the property is priced fairly or below market and under 300K or a foreclosure you could encounter this scenario.

What does a buyer do?  The first response is to ask for proof, which I can tell you is not going to happen. Neither the seller or buyer is going to give up negotiating power. Besides the seller determines if he even wants to disclose more than one offer...you might not even know if there are any.  Sometimes an agent will give a list of other agents to contact that have offers in but that doesn't do anything either. Still no proof.

The best way to go about this is to offer your highest and best offer first or the second counter.  Do not get in a bidding war. Only do what is comfortable for you. Or you can call their bluff if it is one and be in the drivers seat from there.  Always have another house and don't fall in love until you actually close.  Advice from the real estate trenches...

[75093, Plano, Texas, multiple offers]