Plano Texas Real Estate Blog - Local Plano Real Estate.

 Laser Cat doesn't like holding temperature at 78 when it's 107 outside!

[75093,Plano,TX,summer heat]

Where is the Best Appreciation in Plano?

Straight from "Ask the Broker" files...great question! Lets go back and look from where we came.  I think we're at or near bottom of the real estate market, What do you think?

Take a look at the charts below: These go back by quarter from 2007, so it's a great guideline for price movement year to year.  This is for single family residential homes.
I think you'll agree Plano is holding well.  Although unit sales are down home values are steady.  Where do you think pricing is going?

City of Plano:  Pricing is Flat

Midway Corridor: Only down 1%


Zip Code 75093: Only down 5%


Zip Code 75024: Up 3%


Willow Bend Area: Only down 9%

[75093,Plano,Texas, real estate update]

Buying Over Improved Properties or I got a Viking Range in my 250K Home!!!

One of the best buying opportunities in this market is over improved homes. Going in and out of houses all day you do see a lot of lifestyles, some are representative of spending way way too much money for the value of the home. I sometimes wonder what a home owner was thinking putting $500K to $1M amenities in an opening price point home. Too much HGTV? Hard to say....Have you seen this too?

I really think they thought that improving a property no matter how much you spend will increase the resale value. I guess the kool-aid was tasting pretty sweet. Actually, that couldn't be farther from the truth. The budget of the renovation or improvements must be in keeping with prices of homes and neighborhood values. And more importantly, your budget.  That makes sense, doesn't it?

As with all improvements if your home is say, 250K to 350K don't buy top of the line appliances like a $10,000 Viking Range, the correct vendor would be more of a median price point like GE Profile or the many, many other choices we have as a consumer. The same consideration should go with flooring, paint, fixtures, hardware and of course, the common granite counter top. Big money can go into exotic colors plus slab thickness and finishing of edges. Pools, landscaping and outdoor living areas are a huge expense, so watch that one carefully.

So, if your a buyer looking for a property that's been updated you could just find one that's been over improved for the area and all you have to do is enjoy! That's another perk if you're buying today because you can get the upgrades at below market price if you can find one of these jewels in the right neighborhood and snag it!

[75093, Plano, Texas, Buying Over Improved Properties]

NO Pot Holes in Plano

When I heard of the Dallas motorcycle crashing because of a pot hole during Obama's visit last week; it made me think how lucky we are in Plano to have great city services. They are efficient and customer service driven and we have a clean city.  That's been my experience anyway.  Seriously, how long has Dallas been trying to fix pot holes on the streets? Decades?  Beside other Fortune 500 companies that help with the Plano tax base, the two below are part of the Legacy Corporate Campuses and most people would not even know they are headquartered in Plano, Texas.
HP

Rent - A - Center

[75024, Plano, Texas, Legacy]

Need A Break from the Heat?

Remember... way back when we had bone chilling temps.  I don't know about you but I think I'd rather have the heat. Keep in mind things will start cooling in about a month...in the meantime enjoy the last few weeks before school starts, take a look at this photo to cool yourself down because you certainly aren't going to find relief in your pool, more like bath water till the end of August...it's that way every year!

[75093,Plano,Texas,winter weather]

Why North Texas Homes Sales Fell Off the Cliff in July

If you're not too interested in real estate sales or data the last couple of months you're not the only one. Dallas area homes sales were off 29%.  Of course, any agent would have been able to tell you this when pending sales started falling off 2 months ago.  Sales will be down for August too.  How much? Probably about the same.

Despite the demand being much less, consumers are still in the market buying and selling properties.  And making some very good investments.  However, the whole process is slower due too tighter lending restrictions and the banks in general.  If you're talking foreclosures or short sales, whether it be a bank or Fannie, Freddie or whatever government entity, expect delays.  It's just the way it is now.

That's the main reason sales are off.  Some blame it on the tax credit, it's really a combination of a lot of things, mainly because the banks are slow moving, tighter lending standards and the closing date for the tax credit was extended for another two months so all the pending sales will have until September 30 to close.  So, what's the hurry?

With buyers and sellers in todays market it might take a few times to find and buy the right house. Sometimes sellers will chose the wrong contract to work and sometimes a home can't be bought.  That's always been the case in retail real estate sales.  Patience and a commitment are needed to find or sell a property in any market.  Every deal has a little hair on it.  I think I read that in the Dallas Business Journal and thought that was a pretty good description for the current real estate conditions....

With that being said, every area is different, for example Park Cities and North Dallas sales have increased dramatically over last year +30% because prices have come way down and buyers are finding value in the area.  Buyers do determine the value or a house won't sell.

I see houses come on the market and go under contract very quickly, some deals are being closed fast too, just depends on all parties to the transaction and getting it done.  It's definitely not easy out there but with the inventory increasing and low, low, low rates it's hard not to get excited about the awesome real estate opportunities that exist and I mean awesome!

Here's a quick peek into other areas against last year:

North Dallas Area 11: Sales up 17%, Median Price up 15%
Park Cities Area: Sales up 34%, Median Price up  30%
Plano Area: Sales down 26%, Median Price up 8%
Frisco Area: Sales down 31%, Median Price up 15%

The Take Away: Sales will be down next month too so don't be surprised.  More inventory means more selection and that will keep pricing sharp.  Looks like relocation is starting to pick up and that's a good sign.  Plano & Frisco are large areas and account for over 450 sold units for July, so although this figure is off, real estate is still being bought & sold.  And if you're looking to buy...we know where the deals are!

[75093,Plano, TX, real estate update]

TOP 5 Least Expensive Listings in Willow Bend

Here's a list of some great homes in Willow Bend!  As summer has heated up pricing remains very sharp in moving properties these days.  Check out more detail on the least expensive homes here.  Or you can always check the Plano Property Portal link to the right and search Willow Bend and sort by lowest price, an easy way to get a handle on the market whatever neighborhood or price you're shopping in West Plano.



[75093, Plano, TX, Willow Bend Real Estate]