Plano Texas Real Estate Blog - Local Plano Real Estate.

Opportunity Is Knocking for Sellers, Finally...

It's no secret it's been a buyers market for years but finally sellers are getting a break.  Two important factors are taking place in the 75093 zip code.  Inventory has fallen drastically in recent months and that makes it a more balanced market.  With less homes for sell they are going under contract much faster.  The other interesting fact is median price has increased dramatically with less inventory, it's the old supply vs demand, works every time.  Check the charts out below for a visual on 75093.  Real Estate is local and each city, neighborhood, zip code and even specific streets have their own story to tell.  Overall, Dallas closed sales are up 14% above last year and yes, there still are great opportunities for buyers.

New HOA Rules for You

If you live in an HOA, which many of you do in Plano, you might of noticed signage that announced meeting times of the HOA.  This is part of new state regulations that took effect this year.  What other HOA's powers have been limited?  Glad you asked. Homeowners living in a neighborhood with an HOA now must be permitted to:

1.  Display the U.S. or Texas flag, or flags of military branches. Free-standing flagpoles no more than 20 feet tall are also allowed.

2.  Hang a religious display on the front door. (HOA's can, however, require the display be no larger than 25 square inches).

3.  Collect rainwater in barrels and use solar panels, within limits.
   
4.  HOAs must go through a judge to foreclose on owners who fall behind on dues, and the HOA must give the owner a payment plan.  You would think that would be a reasonable solution anyway, Right?  Texas is a non-judicial state so only paperwork has to be filed to start the foreclosure process, seems silly over a $350.00 yearly due or even thousands to lose a home.  A payment plan sounds reasonable.

5.  HOAs also have to hold open meetings, post a notice of those meetings and adopt record retention policies.  These are the signs you see.

Although this doesn't seem like much.  It's a step in the right direction.

When is the Best Time to List Your Home?

Obviously, the best time is only when you're ready.  However, it's good to know certain market conditions which change daily to know your chances of actually selling and moving on.  I once had a client tell me she was going to wait till June to list.  To be honest the spring market starts now and there is pent up demand. 

Buyers are out there especially below 350K price point.  The chart below shows an opportunity for selling in 75093, Plano, TX.  Homes for sale are 18% below last year.  When inventory shrinks there's not as much competition on the market and really pristine homes will sell for top dollar.  And median sale price is up over 8% from last year in 75093.  Days on market is around 100 days but could be much shorter, some properties are going under contract in less than a week.

Sounds like the perfect storm to test the market, competition is not as fierce now as it will be in a couple of months.  Multiple contracts are seen quite frequently now on excellent properties and yes there are still low ball offers but you don't have to sell unless they really want the house and it does work that way.  Buyers will play hard ball just to see and some will pay the price but your home has to be on the market to play.  The tide right now is turning for sellers with the low inventory in West Plano.  Enjoy the weekend and any questions, let us know.