Plano Texas Real Estate Blog - Local Plano Real Estate.

How to Compete with Multiple Offers

The real estate market has shifted dramatically in the last couple of months.  This is due to the reduction of housing inventory across the board.  It's very common to have multiple offers on well priced homes in excellent locations.  You might know about the multiple offers or not, remember the listing agent is under no obligation to tell you or your buyers agent about them.

There are a few things you can do to sweeten your offer in today's market.  These suggestions will help you get a home under contract quickly and closer to your dreams.

1.  Get pre-approved by a lender with a letter to submit with your contract.  That means turning in all the paperwork  and ready for closing.

2.  Offer fair value or full price if a home is price correctly.  An agent can help you zero in on correct comps.  You should not get this information from an AVM website such as Zillow.  Zestimates are mostly very inaccurate and misleading.

3.  Make sure you put down at least 20% for a strong offer and if you can let the seller pick the closing date.

These things will make your offer one to seriously consider and probably look more favorable then other offers.  Of course, there are more things you can do but this is an excellent start.  Need help finding your dream home?  Contact us and we'll be glad to help you out.

Eli says: " Pool Time "

This is my nephew Eli getting ready to enjoy the long weekend.  Don't forget the sunscreen and if you need to look at some houses give us a shout.  Remember our veterans too, that after all, is what we're celebrating.  Be safe and stay cool!

Filing your Homestead Exemption

Do you need to file your homestead exemption every year?  I have been asked this several times lately and figured it would be a good post.

The answer is No, just once within a year of when you moved in, that will do it.  In fact, any exemption like a senior exemption (65 and older) only need to be filed once.  The senior exemption will lock in your school tax rate forever even if you move and purchased another property in Texas it will be good.  Have a safe, long weekend and enjoy family and friends.  Any questions on homes for sale let us know.

April 2012 Real Estate Results


Around the 18th of every month data for last month real estate activities is posted.  This information is from the MLS and is most accurate it's not an AVM (automatic valuation model) it uses real data from the MLS.  The large syndication sites are not accurate because they use algorithms - not data from reliable sources.  Texas doesn't report actual sales so sometimes the mortgage amount is used as the sales price on these site. WOW!  So, inaccurate.  Now, back to what's happening in the market.

It's a seller's market in certain price points and areas.  Inventory levels are down to 3.7 month supply. A balanced market is 6 months.  So prices will go up and bidding wars are going on.  Advice for buyers is don't bid out of your price range or value range of the property.  Just not worth it and plan to stay for 5 to 7 years.  For sellers who have been waiting the market out, now could be the time to list if your property has been updated and maintained.  Give us a shout if you have any questions,  we know the answers.  Have a great weekend!

Nicely Restored 1957 Ford Skyliner



One of our local daily driver at Super Wal Mart on Dallas Parkway in West Plano.
It's original - new paint and rebuilt motor.  It looks black but it's really charcoal grey
and coral and yes the colors are original 57 Ford colors.  Awesome!

Has the market hit bottom?

The truth is you never know until after the fact but if you buy and sell real estate all the time you'll be more right in the long run.  Below is data from the NTREIS (North Texas MLS) for Collin County.  You can see sales have increased 12.4% over last year quarter, which is not saying much since 2011 was not good.  Although, this is positive overview you really have to drill down individual areas to get the real story.  Where are things selling?  It's still first time home buyers and zip codes, Plano - 75023, 75075, Allen - 75002 and Richardson - 75080 are strong because of opening price points of homes.  Sales are up 30% to 50% in these zip codes.  Overall the inventory of 4.1 months is extremely low and shows signs of a sellers market, yes - a sellers market.  Be prepared for multiple offers and be careful not to over bid, better to find another home.  If you have any questions let us know.

West Plano Zip Codes

If you're relocating to Plano Texas and don't know anything about the area then you have a lot of work to do.  There have been many requests lately about zip codes of the area so I will try and give you some perspective.

See the map above for zip code guidelines for all of Plano.  Basically, West Plano is 75093, 75024 and some of 75025.  There are all price ranges in single family homes, condos and town homes, although inventory for condos and town homes are very limited.  The best way to search West Plano is by zip code or the pre defined neighborhood searches on the menu and sub menu to the left.  This will give you a good idea of the available inventory of homes and styles.

One thing that's very hard to find in West Plano are large lots that would accomodate a pool as well as a grassy area.  These are considered prime properties and if priced correctly will have multiple offers.  The inventory is very low right now so you'll see properties flying off the market and multiple offers as obstacles to overcome.  Always try and have more than one home to offer on so you won't be disappointed, actually you should have 3 in this market to be safe.

3.8% National Real Estate Sales Tax to Pay for Obama Care

Just when you thought you couldn't be taxed any more here comes another one.  Congress passed this in 2010 and it is complicated.  Below is a link from the National Association of Realtors on the ends and outs of the new tax.  Just so you know it does not effect all real estate.  Like I said it's complicated.  Basically,  if your income is 200K for single or 250K for dual you'll be considered a club member.  This tax is to pay for Obama Care in case you asked.  I don't like surprises so pass the link on to help others if you like.  Hopefully, it will stay in the proposed category.  The link below provides information on the 3.8% proposed tax on investment income and real estate scenarios.

Tax brochure for business that helps pay for Obama Care