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Plano BlogPlano BlogBeing Resident and Realtor of West Plano, TX for 15 years, this is a bird's eye view of current Real Estate market conditions and analysis of a close in location of Dallas that has yet to explode. Articles
Plano Area Sales Up 10% from Last Year
2010-01-07 20:23:00 Plano Area Sales Still Up in December Real Estate really is local and Plano area sales were up 10% from December 2008. Dallas was up 2%. And that's good for being in the down part of year plus the economy. Buyers are out and looking for their dream homes and bargains. Here's the rest of the data for the Plano Area for Dec. 2009. Dollar per sq. ft: $94. down 6% (not bad) Sold to list price: 97% (which means pricing is right between what sellers and buyers perceive) Days on market (DOM): 69 days down 10%. Pending Sales: 131 units up 2% New Listings: 224 units up 8% (we need the inventory) Active Listings: 890 units down 15% Months Supply: 3.7 months (this could be trending toward a sellers market, low inventory for the area) Year to date is not so bad either if you think about other areas of the county. In the Plano area average sales price came in at $253,903 only down 5% from last year and dollar per sq ft is...
New Good Faith Estimates & HUD-1 Closing Settlement Forms
2010-01-02 18:13:00 Two New Forms - GFE & HUD-1 What does this mean for you? These new forms are officially being used as of 1.1.2010. The changes went into effect last January but it took a year to implement the new forms. All lenders will be using the same form for GFE's or Good Faith Estimates. It will now be easier for the consumer to compare loan packages and pick the right mortgage. What it doesn't tell you is what the "junk fees" are and what fees are legit. You can ask us for that piece of advice.... The form breaks down and explains every charge on the GFE however some fees can still go up or down especially the escrow & title fees by 10%. If you use the lenders service providers then they will pick up the additional fees or credit on the HUD-1. What's weird is the lender never chooses title company, usually the seller, buyer or agents pick the title company and it's part of the contract. Seller's generally pay for title...
Happy New Year!
2009-12-31 19:08:00 Plano Homes and Land Wishes You Only the Best in 2010! I know it's a little early for Mardi Gras but the photo is still festive for New Year s! This bike was a raffle at the Shops at Legacy tree lighting ceremony this year. Don't know who won but what an awesome wrap job. I know I'm not the only one to be thankful this year is over. If you participated in a real estate transaction or tried to, well then, you know what I mean.... We want to wish you and your family a happy & safe New Year! And hope the coming year will be successful & prosperous for you! Thanks for visiting our site and see you in 2010! [75093,Plano,TX,New Year] More About: Happy , Happy New Year
How to Sell Your Home Quicker! it's called Range Pricing...
2009-12-30 23:00:00 What the Heck is Home Range Pricing? You might or might not be surprised that only 50% of the homes on the market actually sell. Maybe because your home isn't priced right for the condition and location or it could be market forces (like the economy) beyond your control that make it harder. Finding the right buyer can be easier if you try range pricing. What's range pricing? Range pricing lets you open up your buyer pool. Instead of just setting a list price say, $459,000 you can list a range from $429,000 to $459,000. It's perfectly legal here but most agents don't do it. I have come across it more recently in the MLS. It will state that a seller will accept offers between $429,000 to $459,000. That's a 30K difference and opens the window for more showing activity thus a potential offer. I can see it used in the luxury home market where pricing and financing are more difficult to obtain. When you list a home this way an R appears next to the l... More About: Sell
No Brick & Mortar here - New Search Saver Format
2009-12-29 21:25:00 YOUR ONLINE OFFICE IN PLANO Most buyers start their home search online with their computer where ever that might be. You can do a lot of investigating on the internet before you go out and actually look at homes. Looking at homes online is still a labor intensive project. What we want to accomplish here is introduce new people to the area and also let homeowners see what's going on in the real estate market in West Plano, specifically. I posted this picture last year as our virtual office because just like you we do everything online, even contracts by electronic signatures. Next year I might have to paint but the color is still good for now. So, sit back - relax and enjoy the New Year. And when you're ready to start your search or have already signed up to receive email notifications. Please know we are launching an all new Search Saver format that will include new and/or updated listings right in the email! If you are already a registered user,...
Collin County Real Estate - 2009 Update
2009-12-27 08:46:00 As the year is almost to a close, you might be wondering where Collin County real estate data comes in. You can see closed sales surged in November due to such a poor climate last year. Needless to say that is positive news as well as year to date numbers. Average sales price dropped only 4.8% and that's due to the county being extremely affordable. Buyers from all over the country find this real estate market a true value as far as what you get for your money. The trouble spot is new listings are down 14.5% and single family inventory is down 25% so buyer choices will not be as vast. The most important fact in selling or buying a home now is the asking price, make sure comparatives are reviewed ever 30 days because prices change with or without activity. [75093,Plano,TX,Collin County Real Estate ] More About: Real Estate , Update
Happy Holidays to You!
2009-12-25 09:13:00 Happy Holidays to You! I bet you're taking a break too! Enjoy family and friends today and it's OK to eat too much. Stay warm and if you need to search for homes you know you can do so here without getting cold. You can use one of our specialized neighborhood searches on the left sidebar or make up your own. Either way Happy Holidays ! [75093,Plano,Texas] More About: Happy
Dallas Historical Mortgage Rates - How low will they go?
2009-12-23 13:01:00 Historical Interest Rates Every month the Collin County Realtors Association publishes various reports. You can find the monthly indicators by area on the right sidebar if your interested in seeing sales results. Below is a historical chart for the Dallas area on mortgage rates. A full point lower from a year ago. It means you can by more house if you can pass the more than strict lending standards of today. Interesting to see where we've been the past 6 years. Do you think it will go higher or lower next 60 days or so...? More About: Mortgage , Historical
Local Color
2009-12-22 18:15:00 Lakeside Market Holiday Tree You folks that are relocating might wonder what the weather is like in North Texas this time of year. Yesterday was upper 60's and absolutely gorgeous, mild warm wind. The photo captures the holiday tree at Lakeside Market, another upscale shopping venue just south of the Shops at Legacy in West Plano. The center is located adjacent to the community of Lakeside, an enclave of luxury custom homes and parks. [75093, Plano,TX,Lakeside Market] More About: Color , Local
Lowest Price Square Foot Home in West Plano - Guess...
2009-12-18 18:39:00 Friday's Foreclosure Of course, this didn't stay on the market long at $33.49 a sq ft, The asking price? you wonder.... An unheard of $100,000 in a 75024 West Plano neighborhood. Severe foundations problems, cash buyers only, no one would lend money on this one. Great opportunity for an investor and only lasted 4 days. Anyone want to guess where it is? [75024,Plano TX, real estate, foreclosures] More About: Home , Price
Justed Listed - Then & Now
2009-12-17 20:22:00 Just Listed - Then & Now... I received a "Just Listed" postcard yesterday, first in a while...however the property has been listed on and off since 2006, so "Just Listed Again" is more appropriate. What's interesting though is the price has really come down, way down. At one time, 3 years ago it "just listed" for the upper $600's. Then sold in 2008 for upper $500's. Now, on market in upper $400's. Think prices haven't come down? think again... Just because a seller lists a home for a certain price doesn't make it worth it or what it'll sell for, a buyer will determine that. No matter what the market value is some will list homes to sell and some will still overprice just to see. And that fact never changes in real estate. [where: 75093, Plano, TX, real estate]
Plano Real Estate Supply & Demand
2009-12-10 20:00:00 Plano Real Estate Stats - A year back You might have heard that sales surged in November across the metroplex. One reason for the large percentage increase is that if you remember (and how could you forget) the huge financial institutions were about to fail in 2008. So demand is better just by not being last year Plano. It's all relative to your location. Take a look at the Supply & Demand Chart - supply is down 15% from a year ago and sales are up 67%, a 78 unit increase. And that is due to first time home buyers, tax credit and FHA loans. Now lets look at the expired properties. This chart below shows the number of properties that expired and came off the market each month from 1 year ago. Expired listings is a balance between supply and demand. When the number of expired listings is decreasing (-16%) over time it's a sign that prevailing home prices have increased. Buyers and Sellers need to remember we never had a bubble in Pla... More About: Real Estate
Are Buyer & Seller Perceptions in Sync?
2009-12-09 18:35:00 Plano TX 75093 - Real Estate Market Perceptions You ask "How's the Market?" and the answer is "Where's the Market?" The chart above Median For Sale vs Median Sold Price shows the median price of properties listed For Sale (what a seller expects) compared with the median price of properties that have successfully Sold (what a buyer is buying) for each month during the last year. The difference between the two show different perceptions of the actual market. Properties in Plano generally sell for 5% to 6% off the last sale price, accounting for price reductions. When the price difference is this substantial - meaning more than 10%, buyers and sellers perceptions are not balanced. What this shows is the lower end market and first time home buyers are where the activity is. It doesn't mean that higher end homes aren't selling, it's just slower. And that has a lot to do with the tightening of credit and scarcity of jumbo loans. Although we're seeing lenders st... More About: Seller , Buyer
Appraisal La La Land - trying to get an appraisal done
2009-12-08 20:32:00 The Appraisal Game? The more things change the more they remain the same, that's soooo not true in any real estate transaction today. This post is for anyone that's had a hard time getting an appraisal done to close on a property. Know your lender on a personal basis It depends on your lender (very important) on who does the appraisal. If you go with a mass lender it is almost guaranteed that you will get shuffled into auto appraisal system so don't count on closing on time because they simply don't care. Run if you get an auto email especially if one has been forwarded to you... What's an auto appraisal system? Here's an example: A big lender sources out their appraisals to a middle man corporation, compliments of our government invading the home buying process. The middle man in this instant is located in Florida and sources out to appraisal firms and takes half of the appraiser's fee. They are so large that you're are plugged into an auto emai... More About: Land
Good Foreclosure Finds in West Plano Real Estate
2009-12-02 21:10:00 Foreclosures Finds in 75024 It's no secret that the luxury real estate market has had a tough go this year. With foreclosures being a daily force in the real estate market no matter where you live, there are some great buys to be had. With that being said, not all are foreclosure prices, even the banks know they can get more in a desirable neighborhood. There are occasional foreclosures in all the tony West Plano neighborhoods but there are a couple that deserve a shout out. Everyone likes new, right? So, if you like the Shops at Legacy area there is always 1 or 2 foreclosures in the first and second phase. I remember when town homes were going for 325K to 475K. Now almost everything that's sold in the last 6 months is 225K to 300K. I point this area out as a great investment or first time home buyer product that could be worth a pot of gold when the economy comes back. Another shout out is Normandy Estate s, two villa lots were just li... More About: Real Estate , Foreclosure , Real
After Thanksgiving Post - How economic forces have affected real estate las
2009-11-30 23:18:00 75093 - Market Trends 2007 to 2009 I hope everyone had a nice Thanksgiving and you're ready for a little real estate chat. Activity has picked up the past 30 days but everyone wants a deal, a real deal and that usually means price! So, no surprise, the best price and house get the contracts. That's a take on right now buyers, and believe me, they are taking their time and are being extremely careful. So, how's the market from 2 years ago? I just know that's a burning question... If you're in the market it does help to know the history of the past two years particularly by areas. Let's take a look at 75093 to see what's transpired. A couple months ago the MLS had a significant upgrade and now detailed market information can be tracked for trends and more accurate comparables for pricing a property, so here you go. Inventory is lighter but not as low as last Dec - Feb. when the world fell apart. The number of sold homes is down 21% - only 10 homes less.... More About: Estate , Real Estate , Post , Real
Happy Thanksgiving from Plano Homes and Land
2009-11-26 08:43:00 Happy Thanksgiving ! Enjoy your day with family and friends! And thanks for visiting here. [where: 75093, Plano, TX, Thanksgiving 2009] More About: Happy , Homes , Land
Lights at Legacy Pics
2009-11-23 22:47:00 If you didn't make it to the "The Lights at Legacy", put it on the calendar for next year...
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... More About: Judge , Consumer , Site , New Site
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... More About: House , Sell , Long
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] More About: Tree
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 , Open House
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 , Patch
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] More About: Trick , Treat
Plano Real Estate Update: Windhaven and Castlemere
More articles from this author: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] More About: Real 1, 2, 3, 4, 5, 6, 7 |
