Plano Texas Real Estate Blog - Local Plano Real Estate.

Seller's Market or Buyer's Market?

Do you know what kind of real estate market it is? Does it matter?

It really depends on the home for sell and the seller.

Market conditions do matter and with low inventory, buyers need different strategies to work during the home buying process.

What helps to make your offer look better?

First, is get pre-approved for a mortgage. That means all your docs have been turned in and vetted by a bank or mortgage broker.  You are ready to close.  Get a pre approved letter to submit with offer.

Second, is always put in a back up offer if you're in a multiple offer situation.

Why?  Behind the scenes deals are falling apart during the option period for various reasons.  If you submit a back up your offer will become a contract as soon as the first contract is terminated.  Believe me, it happens more than you think!

Plano Prices are Alive and Well!

Are Plano Real Estate prices dropping?  The one thing about the real estate market is that it's constantly in flux but trends do surface.  You can do plenty of research on data but you have to be in the market on a daily business to understand it.  Ask any buyer about their recent real estate experience and they'll tell you inventory is extremely low in general and they had competing offers and possibly has to offer full price or above to get a home.  In today's climate prices will go up because of demand and little supply.  If you'd like a little history on Plano home prices look at the chart below since 2007 by price points.  This illustrates the steady prices in Plano and the value they hold.  Good to know if you're looking to jump in the market.

Happy Fathers Day! To All The Great Dads...
Enjoy Your Day!

Plano Properties are Hot!

When real estate sales are reported the first week of the month they are far less accurate than mid month.  This report is from the Collin County Association of Realtors and are taken directly from the MLS and are not projections.  You'll note that sales are reported two ways here: Reported and projections.  The positives in real estate right now are across the board and inventory is severely lacking especially in the first time home buyer range.  Pending sales and closed sales can't be sustained without more inventory.

Plano Sales: Up 17.8%
Pending Sales: Up 22.5%
Days on Market: Down to 54 Days from 96 Days
Homes for Sale: Down 28.8%
New Listings: Only Up 1.4%

If you've been thinking about selling and your home is in good condition now would be a great time to sell.  Competition is less because of inventory which makes it a sellers market in some areas.  Do you notice the lack of for sales signs in your neighborhood?  That could be a good sign for you.  Contact us if you'd like expert advice on how to sell or buy a home in this market. 

Plano Area Real Estate -  May 2012

So here's the real story, the data you find here are not projections, this is real data from the MLS at 9:30 AM on Saturday.  Is the market better? Yes! Is it still challenging? Yes!  However, indicators are going the right way for North Texas.  As far as Plano goes,  the problem is with the dwindling housing inventory.  Homes for sale are down 27.5% from last year around a 4 month supply, that's low, see 2nd chart below, 6 month is a balanced market.  We need another 500 homes on the market to be healthy.  Thinking about selling?  Call us to find out more about your specific area.  All other signs are very positive for the Plano real estate market.

• Median Sales Price up 3.7%
• $ per Sq Ft - $101.
• Days on Market only 54 days
• Pending Sales up 16.2%

MLS Data Co-op Results for Plano,  TX 75093


There is so much new technology to use on the MLS it's just fascinating the level of detail and true data that can be realized by the click of the mouse, finger or keyboard.  The chart above gives actual activity in 75093 for the month of May.

Blue: 240 Active Listings - down 28% or more from last year. (yikes!)
Pink: 73 Properties under contract - up 15% or so from last year.
Red: 49 Properties Sold - up 2% from last year so far, I predict a 10% increase.
Gray: 16 Properties Off-Market

The Take Away - Inventories are so low that properties are going under contract within days of listing.  Buyers seem to be back now that schools out and activity is more normal, perhaps this will convince sellers to jump back in the market.  New listings are desperately needed.  Just ignore the national news, real estate is local and the North Texas real estate market is healthy and getting better.

If you'd like a broker that uses the most accurate real estate data available, please give a call.  Just like you we like no surprises when it comes to making a real estate investment.
Have a great weekend.