Monday, 08 March 2010
Dallas & Plano Real Estate Results for February 2010
As you know real estate in Texas is not so bad as in other parts of the country but it's not so great either. All transactions are taking longer because the banks have tightened their lending standards and if it's a short sale or foreclosures expect much more red tape.
One thing you should know about is the new disclosure law for lenders that just went into effect, when you receive your good faith estimate (GFE) you now have a 7 day option period before you can proceed to close, compliments of the government. It's like an option period on a house but with the lender that gives you the money. Not a bad thing but does slow the process down so you need to keep this in consideration for your moving plans....now for the data..
The Dallas metro area sales for February were down only 5%, it's all relative because last year wasn't great either but we'll take single digit over double digit anytime. This is for single family housing according to North Texas Real Estate Information System (our MLS).
The positive news is pending sales (waiting to close) and new listings are both up 5% which point to more sales and activity as the spring selling season gets into high gear. The tax credit expires April 30th so watch for a flurry of activity to beat the clock. You must close by June 30th to claim it.
As far as Plano goes, which it area 20, sales were flat which is a positive sign too. Dollar per sq ft was down 9% to $93. Days on market was also down 9% at 68. Pending sales are up 18% and new listings up 10%. The bulk of the market is under $350K with many clean and updated properties going under contract within a few days. The jumbo loan market is starting to see some long awaited action due to banks taking the risk and keeping it on their books. Sellers are pricing properties better due to market conditions and buyers are still low balling, just a sign of the times....
[75093,Plano, TX, real estate market update]
