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Houselogic - a new site for the consumer - you be the judge
2009-11-20 19:11:00
Houselogic is a new web site for the consumer by NAR (National Association of Realtors). It's in beta form so take a drive and see how you like.... What is this so good? Being a consumer advocate I look for direct sources that benefit the client. What is it? It's a detailed site with knowledge about anything to do with real estate, how to spend and save money on various real estate projects.  Basically, anything to improve and maintain your home and make the right financial decision. I bet a lot of you don't know that Realtor.com is not owned by the NAR.  They sold the name back in 1996, not understanding where the internet was going.   They have no control over the ad content of the site they only make a royalty. So this is NAR's attempt to take all their incredible information and build a web site in house for the consumer!  It's sophisticated and smart - owner smart as they say. In my opinion and it's been for the last 5 years, the best re...

How long will it take to sell my house now?
2009-11-18 17:13:00
Forget the CMA, Absorption Rates are more accurate or how to figure out days on market to sell your home quick... This time of year many sellers will take there home off the market thinking there are no buyers based on the holidays.  That's a common assumption but it's just not true. One way to figure out how long it will take your home to sell is by the absorption rates of a particular area or neighborhood. What's absorption rate? Absorption rates are a  calculation of how long it will take for all the homes on the market to be sold, or absorbed, at the current rate of sales. Let's take zip code 75093.  There are 282 active properties and 320 sold the last 6 months, that's 53 a month and yes, it's better than last year. Dividing 53 into the 282 active properties gives us a 5 month supply.  You can break this down farther by neighborhood and/or price point. It's fair to say if your home is under 500K a 2 to 3 month market time is an acceptable range. A...

Shops at Legacy Tree Lighting Ceremony - It's ON!
2009-11-17 19:42:00
Tree Lighting Ceremony - It's Back!   And that's a good thing!  The last time the celebration occurred was 2006, that was the last time city of Plano help funded. Now all that has changed, this year, city of Plano is helping reinstate the festivities with $50K. Chalk that up to the recession, economy or both.  Mark your calendars, it starts this Sunday, Nov. 22 at 2:00 P.M. If you've been before you know it's a family affair.  The event features activities including carolers, face-painting, train rides, caricature artists and a visit from Santa Claus.  Musical groups will preform on three different stages.  Merchants will also be hosting a variety of activities and special promotions in their stores as well as on the street.  Past events have attracted more than 20,000 people so all this is great for Plano and a great way to start your holiday season. [where: 75024, Shops at Legacy, Plano, TX]

You're Invited: Sunday Open House - 5908 Wight
2009-11-14 18:06:00
Open Sunday - 5908 Wight, Plano TX 75093   You know if you read this blog that I list all Open House s in West Plano every weekend. You can virtually look at all the properties online and then decide which ones to visit by clicking the links to the right.  I would like to bring to your attention to one of the best values in Windhaven - Basic stats are: 5908 Wight in Windhaven Bedrms: 4 Baths: 3.1 Sq Ft: 3435 Pool: Yes Price: $499K This beautiful custom home will be Open Sunday, 11.15.09 from 2-5 PM.  We have a new price of $499K and this magnificent home has been totally updated. Nothing to do! And you know how hard that is to find in West Plano with Plano ISD. Plus you can walk to schools, parks and recreation center. Take the tour above and be sure to come see us tomorrow to preview this custom luxury home.  And by all means if you know someone that's interested please feel free to invite and pass this information along. See map below... View Larger Map [...
More About: Open

What's an Active Kick Out Contract?
2009-11-13 19:41:00
Contingency Offers - Active Kick Out... Flickr photo: by Aqua Daisey In today's changing real estate market you'll find much more use of status changes then the standard: active active-option (under contract) pending (waiting to close) sold A contingency contract is used in a couple of ways. For example, in this market an agent might not mark a property pending until there has been financing approval from the lender.  That is happening more and more.  It still takes the home off the market but buyers agents know where to look for this. A financing approval could take a couple weeks to a month. Another Contingency is Active Kick Out and what that means is a buyer needs to sell their home first before they can purchase another. It's really pretty simple how this works. The seller will still show the home to prospective buyers and if he gets another contract the first offer gets a 24-72 hour window too decide to buy the property or not, (a kick out, ...
More About: Contract

Pumpkin Patch - Dallas Aboretum
2009-11-11 14:52:00
Pumpkin Paradise I know living in Plano you might not get to much farther South of LBJ, but the Dallas Arboretum is worth the trip.  Located in the White Rock Lake Area off of Garland Road, it's one of the places that is really pretty and educational to visit. Always seasonal and guess what? Santa will be visiting Dec. 5th and 6th.  Nice way to start the holidays and relax a little before it gets crazy. [where: Dallas, TX, Arboretum,White Rock Lake]
More About: Pumpkin

Extended and Expansion of Home Buyer Tax Credit
2009-11-06 16:52:00
Happy Friday! Tax credit has been extended & expanded again... I've posted the conditions below, if Obama signs this today it will be effective. More people are eligible for the credit as of Dec 1 but they are carefully chosen, see below.  You can also download the PDF file on the right hand link of the side bar under consumer info.  This is from the National Association of Realtors(R) (NAR).  This might be good if you are ready to buy, don't just buy because of the tax credit. Note: the anti-fraud rule, now you must prove the purchase, like submitting the closing statement.  It would not have been a problem if the credit was part of the closing process and connected to the actual purchase of the property but this is a government thing so, go figure.  Anyway, take a look it does open it up. [where:75093, Plano, TX, first time home buyer tax credit updated]
More About: Credit , Home , Buyer

Where is Plano Pricing from last year?
2009-11-05 21:09:00
Plano: Median Sold Price only down 7% I talk to many clients that are in the hold mode on whether to jump back in in the market. These are some of the new market metrics that are available through the MLS that might make sense of the housing in Plano. You can see prices actually trend higher during the high season before school starts now a slight dip but that is seasonal and normal with the 4th quarter. You can see here that even in a slower market sales for October are up 6% from last year and that's a positive. Also the supply is dwindling, 10% below last October. Another sign is the months supply of homes is down 29% from a year ago. That in itself will push prices higher.  For sellers contemplating selling your home it would be good to break this down by sub area, neighborhood and price to make an educated decision. For buyers, the window is tightening on interest rates and waiting for prices to go lower might cost you more later than sooner. [where:75093, Plano, TX, r...

Shoal Creek Real Estate Update
2009-11-04 11:24:00
Shoal Creek Real Estate Update As you can see the last 6 months has been lower activity. This is due to the upper end market still being slower and much of that is because lenders are making it more difficult for jumbo loans over 417K.  Inventory is plentiful. Days on market is 78 days but that depends on many factors like location, condition and price. Pricing will depend on whether you are looking in the zero lot line location or the larger homes and lots in Shoal Creek. [where:75024, Plano, TX, Shoal Creek]
More About: Real Estate

Trick or Treat?
2009-10-31 09:52:00
   Happy Halloween! Looks like it's going to be great weather for trick or treat! If you're looking for an online photo editing tool, PICNIK is free of charge and easy to use and of course you can upgrade for other tricks.  Have a safe Halloween and don't eat too much candy. [where:75093, Plano, TX, Halloween]
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Plano Real Estate Update: Windhaven and Castlemere
2009-10-28 18:41:00
Real Estate Update for Windhaven & Castlemere Activity is very good in both neighborhoods, take a look at the absorption rate under inventory analysis. This is a very good indicator of how fast your home will sell. It takes the total sales units and divides by the total inventory for a year. You see there is only a two month supply of homes for the absorption rate. A normal inventory is 4-5 months. Also take a look at the median sales price -  there is a 11% increase from last year.  Median Days on market is around 30 days. Of course, this depends on the location, condition and pricing of the home.  This is an example of two neighborhoods that are doing well. [where:75093, Real Estate Update, Windhaven, Castlemere]
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The Fastest Thing the City of Dallas has ever done....
2009-10-27 19:16:00
Woodall Rogers Destroyed in less then 48 hours This was taken from 1999 McKinney Lofts, started late Friday afternoon and this was Saturday evening. Next weekend St. Paul will be demolished and they will fill in for the posh park, kinda like Central Park but a Dallas version to go along with the Arts District.  I bet some never thought this day would come but it will soon be a reality. [where:75201, Dallas, TX, Uptown]
More About: City

Willow Bend Real Estate Results
2009-10-26 22:42:00
  Willow Bend Real Estate thru Mid Oct. 2009 Even though the market is tougher, sales have picked up from prior 4-6 months.  23 sales units is greater and inventory is larger, around 89 homes are active.  Prices are holding somewhat too but that is because steep reductions have already been taken and the final sales price is around 96.5% of list.  Lately there is more activity in the high end market with homes going under contract but most I see have a large down payment and keep the loan amount under the jumbo limit of 417K.  Interesting... [where:75093, Plano Real Estate , Willow Bend Update]
More About: Results

Open House - 5908 Wight - Sunday 2-5
2009-10-24 16:28:00
5908 Wight Street - Open Sunday - 2-5 - Windhaven This is perfect weather for House Hunting. If you're looking for that one of a kind luxury home that has been beautifully updated then this very well could be it.  Take the tour below and then come to the open to see the real thing.  It's a very rare find in today's market and a property that is move in ready!  See you Sunday. [where:75093, 5908 Wight, Plano, Windhaven]
More About: Open House

Harvest
2009-10-22 08:22:00
   HARVEST This looks good, doesn't it? My sister is a caterer and this was a recent set up for Bank of America in Plano up at Legacy. One of the main short sale centers in the country. Yep, in our own back yard, if you didn't know. And the corn looks good enough to eat. [where:75093, Plano, Legacy]

Collin County Real Estate - September Update
2009-10-21 21:37:00
Collin County Update Here's a look at Collin County results for September. The most positive thing about this is prices have fallen very little compared to other regions in the country. Still a buyers market, but inventory levels are down 21.1% from a year ago and with mortgage rates lower it presents a wonderful buying window right now.  To be honest, I don't know how long the low rates will last because they have been low for so long...that will change. I don't have a crystal ball but timing is crucial.  If you're ready to buy the timing is excellent.  If you're ready to sell the inventories are low and this presents a good time to consider your options. [where:75093, Collin County, real estate update]
More About: Estate , Real Estate , Real

West Plano Real Estate Update: September 2009
2009-10-16 17:00:00
Plano Real Estate Update by Neighborhood As you know there a lot of great neighborhoods in West Plano and today we'll look at Deefield, Whiffletree, Preston Meadows and Glen Meadows.  There are so many conflicting reports and real estate is local, so neighborhood information is very valuable. That tells you how the market is.  The charts below are from the MLS and although it goes back a year it's broken down by prior periods as noted.  The best rule of thumb now is go with the last 3 months for a more accurate picture but it's good to see where we come from and  if the market is better or worse...    DEERFIELD - WHIFFLETREE As true in many West Plano neighborhoods inventory is down in Deerfield and Whiffletree.  Sale price has drop but has been fluctuating, days on market is 74, less than 3 months, that will be a home in good condition, location and priced to sell.  And they can sell quicker than this.   PRESTON MEADOWS Sales ha...
More About: Real Estate

Your MLS Search is About to Improve Drastically
2009-10-15 21:27:00
Big Changes Coming October 28 The MLS rarely does updates, in fact,  it's kind of behind but with great sites like Trulia and Zillow that have pushed the envelope as far as what consumers want and demand, they are making progress.  Accurate information is key and using technology is mandatory.  Here are 3 great things for you to look forward to: For example, by the end of this month 25 photos will be allowed to be entered for each listing on NTREIS, North Texas Real Estate Information System). All Open House Dates and Times will be on all full customer reports and all IDX feeds (Internet Data Feeds) those are the listings that come directly from the MLS, like on this site. And Clarus Market Metrics, California MLS's have been using this for awhile, you can run reports on the median home prices and many other report options pulled directly from local MLS data, results can then be sorted and distributed to clients and/or posted online.  ...
More About: Search , Improve

40 Days and 40 Nights, the sun came out!
2009-10-14 23:51:00
Finally Some Sunshine... I don't have to tell you that the last 12 days of rain and Seattle-like weather can put a damper on things. Especially real estate, when trying to view homes.  Well, the sun poked its head out today along with a coyote roaming it's way around The Hills at Prestonwood. If you're playing a few rounds of golf tonight, beware. He was too quick and running scared to get a photo.  Anyway, it's nice to see the sun. [where:75093, Plano, Hills at Prestonwood]
More About: Days

Plano Real Estate Update - September 2009
2009-10-12 22:40:00
Plano Real Estate Overall Results - September 2009 So, how did Plano Real Estate do this past month? The answer is better. For the month of September sales were down 10%, Dallas was down 8%, at least going toward single digit results.  Price per sq ft. is $95. which is only down 1% from a year ago.  You should be glad you live in Plano. Sold to list price is 97% which means properties that are priced correctly, that have come down in price are selling at this acceptable level. Days on market are 59 days, down 11% from last year.  Pending sales are only down 4% and more properties are actually closing in less time. Normal escrows are back to a 30 day close, less or more depending on the lender.  What Plano needs now is more inventory, new listings are at 314 which is down 10% from last year and active listings are 997, down 22% from last year, months inventory is at 4.3, which is low. On a year to date note, the average price in Plano stands at $261,312,...
More About: Update

Storm Brewing
2009-10-06 07:52:00
Storm Brewing Looks like some more weather is coming our way, this photo was taken last week while showing town homes in the Shops at Legacy.  The moon makes an interesting addition.  The building is EDS -  now HP. [where:75093, EDS, Plano, TX, Storms]
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5908 Wight, Plano TX 75093 - Windhaven, Completely Updated
2009-10-02 20:28:00
New Listing! 5908 Wight, Plano, TX 75093 - $519,000 This is a brand new listing! It is completely updated, newer home in Windhaven. Basic info is: 4, bdrm, 3.1 bath, 3435 SF, Plano ISD, built in 2000.  Check the slide show on the right side bar to see this incredible featured home.  If you've been looking at homes in West Plano, you know most need some updates...this luxury home is already done, even new freize carpet installed. Take a look at this awesome property: please see MLS 11281288 info here and click the photo above for the full blown tour.  Give us a shout if you're an interested party or know someone that is.  If you'd would like more information or a showing, just let us know.  Enjoy the weekend and the weather! [where:75093, 5908 Wight, Plano, TX, For Sale]  

Quick Video on First Time Home Buyer Tax Credit
2009-09-30 18:53:00
Quick Video On 1st Time Home Buyer Tax Credit Now, I might think twice about posting something from the IRS but this is actually a short and sweet explanation of the first time home buyer tax credit which expires Nov. 30, 2009.  A bill is in the Senate to extend it for another 6 months, hopefully...pass this on if you know someone this might help. [where:75093, Plano, TX, real estate, first time home buyer tax credit]

Is the List Price the Right Price?
2009-09-25 21:30:00
How do you know if the List price is the Right Price ? You know that searching for homes online as well as physically touring homes can be exhausting!  It's a lot of work.  You want to be efficient and save time so most assume that the list price is the correct price of a given home, or let's say within an acceptable range.  If your home price is 400K, you would look between 375K to 425K, usually a 25K difference either way.  And if your in the 800K range you might be 50K to 100K range depending on your goals. Even in this market I see some properties totally overpriced. I recently found one 250K over priced. Why? Because that's what a seller wanted.  If you toured this home you would soon realize it did not even compare to other homes by quality and location. So, how do you know if a home is way overpriced?  You won't unless you know the area but you can check the tax roles (appraised value) if you think something doesn't look right.  The ...

Hills at Prestonwood and Indian Creek Real Estate Market Conditions
2009-09-19 18:28:00
Hills at Prestonwood - Indian Creek Real Estate Update These days you need to know the numbers before you buy or sell and it's good to take a look at the current trends by neighborhood.  You can see the Hills at Prestonwood and Indian Creek sales are better than the spring season 9 vs 11.  The median sales price has come down considerably due to the lower end market being much more active, under 500K due to scarcity of jumbo loan financing.  417K is the threshed before you jump into jumbo lending.  The sale to list price is 94.68% which indicates some properties might be priced too high in the beginning because sellers are making concessions.  As far as inventory goes almost 70% of the homes are selling within 90 days. You can bet the other 30% are high end properties over 600K. Pending properties has picked up (waiting to close).  If you have an opening price point home, chances are you have a great chance of selling it within 30 days and it looks li...
More About: Real Estate , Real Estate Market , Market

Windhaven Real Estate Market Conditions
2009-09-18 00:17:00
Windhaven Market Conditions It's no secret that inventory is low in some West Plano neighborhoods. So the good houses go quick, meaning updated and nothing to do unless you have a buyer that wants a project.  The biggest shout out is that around 70% of the listings in Windhaven sell within 60 days and 92% sell in 90 days, that's good news for sellers.  And for home buyers:  it's a great location in the Willow Bend area. Also you can see the sale to list price is 100% for homes on the market for over 120 days...and that's because the home was overpriced in the first place and by the time price reductions are taken, slowly but surely, the price gets low enough for a buyer to buy for the condition of the home.  It's a painful journey.... [where:75093, Windhaven Real Estate , Market Update]
More About: Real Estate , Real Estate Market

If you can't sell a house, sell the lot! - Normandy Estates
2009-09-17 20:00:00
Normandy Estates Lots for sale!   This came on the MLS around 30 days ago. two lots for sale @$299K each... first listing. Living on the west side of Plano you're familiar with this amazing new development.  You can't see it yet but it's a 5.5 acre development with lake, fishing dock and beautiful rolling terrain.  There will be a community center with pool and it's gated. There are few gated communities in Plano - so this is huge if you desire the privacy and security.  And it's right off the Dallas tollway and Shops at Legacy.  This location is a winner! Now these lots are the smaller zero lots for town homes.  This project has gotten off to a slow start but progress has been made last 6 months, take a drive by and see.  This development will be stellar once it's completed, just a little vision is needed. The lot prices seem high since there are town homes available for $535K. I don't know, guess there is always room for negotiating. ...
More About: House , Sell , A House

Willow Bend Real Estate Market Conditions
2009-09-16 22:40:00
Current Market Conditions for Willow Bend If you want to know the truth about real estate you really need to drill down to each sub division to see what's really going on. General information is good but rarely depends on your exact location.  The report below is just for Willow Bend, a glimpse into this area. The results go back to September of last year when the bottom fell out and things got quieter.  The current last 3 months of sales is better than the prior, much better.  The absorption rate is important because it tells you how deep the inventory is.  Now 7.67 months supply is not ideal but financing issues on jumbo loans have a great deal to do with that. Median prices have adjusted considerably and you do have to figure in a few foreclosures for that.  Days on market are almost 50% lower than a year ago, a good sign.  And sale to list price is better also at 96.48%.  As a buyer you can see that activity has picked up and going the right ...
More About: Estate , Real Estate , Real Estate Market

PSSST! Small Tax Hike was approved last night...
2009-09-15 21:11:00
Plano City Council Raises Property Taxes in a Small Way How Much? 1.5 cent, a 3% hike, The new rate will be 48.86 cents per $100 of assessed valuation. See Collin County Observer for the details here.  When they lower rates you always know it will go the other way sooner than later.  And so it goes... [where:75093, Collin County, property taxes]
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Collin County Foreclosure Facts
2009-09-10 22:05:00
Collin County Foreclosure Facts A client called yesterday and wanted some foreclosure info to help fight property tax increases, the criteria went something like this: can you do a search for all sold foreclosures in Collin County this year by Fannie Mae? The answer is yes, I can do by seller type: as in foreclosure but to break it down by owner type is difficult because this is not an input field that every listing agent fills in.  So we broke it down to all foreclosures sold in Collin County since 2009 and all prices.  Can you guess the number? Don't think you'll be surprised.... 1172 units have sold in Collin County.  When I ran the report today 10 more had closed.  Yes, friends that world is fast and furious.  68% of these properties are under $200K.  But there are some upper end gems out there.  Over $500K represents 2.2% of the sold inventory. Just to give you another idea of the break neck activity, there are only 201 active foreclos...