Plano Texas Real Estate Blog
Advice,Opinion,Trials,Tribulations of the Dallas Real Estate Market and Community Resource Guide

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Mortgage Shopping



Sure, house shopping is easy, just hop online and start hunting the millions of real estate listings on any site but "What about Mortgage Shopping?" Now that's a little different.  The Mortgage Reports is a daily blog about the mortgage markets, I highly recommend it and have mentioned it before.  Keeping your credit score high is imperative and checking your credit is not a bad thing when it comes to a mortgage, did you know that?  The lending process is complicated and the most misunderstood because it changes all the time but it's the first step to take if you're a serious home buyer. Check out the article it's an excellent read and explains the process of checking your credit.  Good to know!

[75093,Plano,TX,mortgage shopping]

How's the Market?

You know that real estate transactions are never easy, there are many pieces to the puzzle and good title companies help the closing process go smoothly.  Hexter - Fair, Preston Road in Plano is an outstanding office.  Today they sent a recap by area for the Dallas metro.  Take a look below, this information is from the MLS and Hexter Fair put this in an easy to read chart.  Overall, number of sales are down compared to last year and that is expected for the time of year.  What's positive is the average sale prices are holding or are ahead with the exception of a few areas like Park Cities down 14% but sales were 60% above last year.  And this is expected at the higher end but buyers are finding the bottom here with a huge increase in sales activity.  So how's the market in your area? Take a look and see...it goes to show how affordable prices are in Dallas and an up beat economic factor helps too.


[75093,Plano,Texas,Dallas real estate]

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]

Phone Etiquette

I took a call this week from someone inquiring about a house.  She was driving by and said she had called 12 agents during the day and I was the only one to call her back....

Don't take it personally but I don't even get return phone calls from agents, especially when the voice message is:

"Your call is very important to me and I will get back to you just as soon as I can, however I only check my messages twice a day because I am very busy! Please repeat your number twice and have a nice day!"  It's amazing to me how many agents have the same message.

I mean with all the technology, text , email and chat - it's pretty easy to answer all inquiries via your smart phone.  Isn't it?  Of course, if your with a client we certainly understand you want no interruption but an hour or two to respond is not too much to ask rather than no return call at all, don't you think?
[75093,Plano,TX,]