Plano Real Estate Blog

Pricing Trends for Real Estate

Lately there's been a lot of searches for pricing trends, I call it real estate rumbling,
pricing really is local in real estate and you can't go by the news sources.

Here's a chart that tracks the time lines from last April till now to give you an idea
of where things are headed.  Good to know - if you're thinking of selling or buying.



You can see all of Plano (black line) has fallen from it's high but gaining ground
and has been steady despite all the doom and gloom about real estate.
Median Price around $270K.

Zip code 75093 in Plano (orange line) has a steady pattern but has bumped up in
last few weeks.  Median Price around $565K.

You can find homes above and below these prices, but this gives you an idea by
city and zip code.  If you liked to see another Plano zip code let me know and
I'll post it here.

Go Ahead - Reduce it now!

....cause it'll cost you more later.

This weekend I looked at over 30 homes with 3 different clients, all in Plano
zip codes 75023, 75025 and 75074.  When you go in that many homes you
get a clue to what's going on in the market.

Here's what I saw:

• over priced homes
• homes that needed updating or lots of work ($$$)
• foreclosures
• homes that have been on the market over 200 days
  

The few homes that were nice were priced too high!
Sellers often think that their home is worth more than you do
and it's very common in this market.

For January, Plano Real Estate sales were only down 9%, better compared
to other cities in the DFW area.  But, pending sales (haven't closed yet)
were also down 29%. Active listings are up by 6% and a 4.1 month supply
of homes is almost up 19% from a year ago.  Days on markets has
increased to 80 days a 33% increase from last year.

Now, to be honest I have seem the inventory much higher than this
in Plano, but there are homes just sitting because of price.

The only way these homes will sell is a price reduction or take it
off the market.

A buyers tip: Banks do not know how to sell homes (meaning
foreclosures.) Have several homes to chose from and don't fall in love
with the home until you close. And believe or not some banks don't
want to sell. (that's another story)

A sellers tip:  If your home has been on the market for 90 days
and you've had no offers, consider a price reduction and repairs.
As the season picks ups and from the stats above there's going to be
more competition.  Sometimes you just have to get on with your life,
so go ahead get on with it...remember, buyers determine value.

And the homes that are selling are priced correctly for the market.
Congratulations!  It's a win win.

source: North Texas Information Systems

Open Houses for Sunday-75093

There's lots of open houses for Sunday. Here's a list that agents
post on the MLS for 75093. This isn't all open houses but quite a
few to review. Open houses are an excellent way for buyers to get
to know a neighborhood  and see how homes compare.

List of Open Houses for 75093 on 2.10.08

The link is a PDF file with info, photo, directions and time.
Looks like the weather going to be nice to start your hunt.

Willow Bend 6 Months Comps

Every 6 months I post the dollar per sq ft of some West Plano neighborhoods.
These stats are for August 2007 through January 2008. They are by square
foot so you can get an idea of what buyers are willing to pay.  The market
started to change the end of July so these stats are going to be more accurate
based on the current trends.

SQFT                SOLD             $PERSQFT

<2499               
2500-2900
3000-3499            1                  $121.
3500-3999            5                  $141.
4000-4499            9                  $146.
4500-4999           10                 $160.
5000-5499            4                  $169.
5500-5999            7                  $184.
6000-6999            4                  $206.
7000 +                 4                  $287.

Of course, it depends on updates and location for a final analysis, the
best thing a seller can do is go in your competition to see how you compare.
See more neighborhoods on the page.