Jan 2015 Plano Real Estate Update 

Home Seller Alert: No home inventory is hurting sales 

What’s going on in Plano real estate today? 

In a nutshell, buyer demand is higher than last year but there is 32.4% less inventory.

The market is so off balance it’s effecting sales.

Closed sales are down 8.4%.

But predicted to be 3% above last year.

Multiple offers are common, so common that you need a strategy to buy a home.

As we head into spring selling season there will be more homes for sale.

But will it be enough?

April is generally when home sellers start listing.

We are almost there, although with snow on the ground March 5th it seems a long way off.

Sellers’ have the upper hand:

• no or less competition
• average sales price up 17.3%
• cash offers have been 32% of Plano sales last 90 days!

Buyers are searching longer and harder than ever before and losing out to cash buyers.

If your bidding against a cash sale buyer, don’t despair.

Other terms in a contract could seal the deal.

Knowing the home sellers situation up front can help craft a winning offer.

Like giving a longer closing date to move out.

Many sellers have the same situation as a buyer, not enough homes for sale.

So where do they move?

Good Question…

The market will remain tight until inventory corrects itself.

How long will that be?

My guess is will take a while as long as demand remains strong more homes need to be available for purchase.

A new home build could be the answer.

Although you’ll pay 30% more to build than buy resale.

The Plano real estate market as well as the DFW metroplex is in a super growth mode.

As that continues so will demand for housing especially in desirable areas.

And that’s the Plano Real Estate Update for early Spring.