Plano Texas Real Estate Blog - Local Plano Real Estate.

Fighting Property Taxes...

Do you think your home has increased in value?  Most people I know think - NOT!

This time of year is when you run neighborhood comps you might find that even though sales, new listings and under contract properties are down 15% or so, sales prices have increased a tad.  And quess what? The county wants more money.  Heck, everyone does.

The best way to fight tax increases this year is not to go back 6 months on comps, just look at what's happened the past 30 days are so, that's a true picture of the real estate market and what buyers are paying.  And guess what again?  It's lower than 6 months ago.  You might have to drill down farther to fight a case this year but it will be worth it.

Plano April real estate results are a bit off from last year.  You can believe what you want but every market is very local so some areas are better and some worse.  What we're seeing is a pick up in homes above $500,000.  That bracket has been weak for so long that now the prices have come down to an acceptable level - buyers are saying yes.  What's interesting is many are paying all cash or at least putting 50% down, the lower the loan the better.  What's up with new construction? I believe that buyers are finding better values in resales.  New homes are great but the finish out and amenities are a more lower standard than in the hay day.  You still are going to pay at least 30% more for a new home than resale and I think buyers are weighing their option more carefully.  Check out the new open houses link on the left sidebar and an updated MLS IDX search with more current information and last but not least enjoy the weekend!
This Data is from the MLS and includes the most up to date sales figures possible with about 89% of sales being reported for April, so far.

This could be fun! All about craft beers...And we do take our beers seriously here...
Click the poster for a fun filled beer fest.

Open Houses are great for buyers.  They're one of the oldest marketing tools available to showcase a home but do they really sell houses?

The truth is you have a 1% to 3% chance of selling your home at an open house.  Could it happen? Yes, No, Maybe....

My question is if open houses worked so well to sell -  Why does a seller need a listing agent?   You could basically have an open house, make a deal and have the title company do the paperwork.  Of course, if a buyers agent was involved they would do all the paper work in addition to the appropriate title work.  In case you didn't know a selling agent, (buyers agent) will more than likely sell your home.  The odds are 98% or better.  That's according to the MLS and National Association of Realtors stats.

So to have an open house or not is up to the seller and listing agent.   It's good exposure but more than likely will not sell a home.  Open houses are more advantageous for listing agents to pick up leads for other real estate services.  And with the market being off -  this is more of a tool to market a listing agent and meet future prospects - Buyer Beware!  Like I said, if open houses sold homes you'd see more direct real estate transactions and many more open houses by real estate agents than you do now.  Just saying....and that's both sides of the equation.

Have a great weekend and enjoy the 22 0pen houses this weekend in West Plano.

Is it a Good Time to Buy or Sell?

Despite sales in March & April being down 5% to 20% from last year the Dallas market continues to hold on pricing.  Here's some quick facts from March 2011.  April will be out soon and I will post accordingly.  Is it a good time to buy? The answer depends on your needs, not your typical advertisement from the establishment.  Many times it's a family necessity that determines the act to move whether it's a good time or not.  Go by your gut and don't get sold on the process, it's still a tough market but if it's your time to move, do it! It's easy to get information on the internet but much of it is simply not true especially about real estate data.  Just confirm with a local expert and you should be on your way to accurate information. Charts are from the local MLS.