Savvy Home Buyers Keep Plano Real Estate in High Demand 

Plano home inventory woes just seem to get worse. 

Although it hasn’t put a damper on homes sales in 2015.

Unprecedented buyer demand is beating all the odds.

Take a look at January 2015 data:

Plano Real Estate Update for January 2015

• 218 Units Sold and that’s 2% above January 2014 – and all sales have not been entered yet.
• Average Sale Price is a respectively 353K – Up 22% from Jan. 2014.
• Pending Sale Units 210 – Up 7%
• New listings 252 – Down 11% – all active listings down 30% from Jan. 2014.
• Months Supply .8 – which means if all homes sold in less than 1 month there would be no homes for sale. (if no homes were listed)
• $125. Price Per Sq. Ft. – Up 21% from Jan. 2014 – Back to 2005 pricing. Pre-Bust!
• Sold to List Price 99% – which means more than likely you will pay close to asking price.
• Days on Market – 42 Days – down 5% from last year.

Hotness Report

Did you know that Plano, The Colony, Carrollton and Richardson are the Top 10 Areas in Dallas Real Estate?

The hotness ratio is pending sales as a percent of active listings from the North Texas Real Estate Information System (MLS)

This has everything to do with Toyota, Fed- X, Nebraska Furniture Mart (opening next month), State Farm and now possibly Liberty Mutual  making North Texas their home.

Not to mention many ancillary businesses that work with bigger corporations are moving here too.

It’s already happening!

Finding a Home is Harder Today

Until inventory corrects itself which will be a slow process and might not be until the 2016 election cycle,

I see demand remaining high and more off market deals getting done.

The market is very tight not only in inventory but financing too.

Cash sales are common and sellers are assured of a quick close.

Savvy Home Buyers are driving sales, even though it’s taking longer to find a home simply because of no inventory.

If you stick with it and get on a direct MLS feed you will get there first.

Sealing the Deal

Getting pre approved and having lender letter in hand or proof of funds if cash will beat 98% of the buyers out there.

The approval letter is the single most important thing that savvy homes buyers need to purchase a home in today’s market.