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Plano Real Estate Update May 2015

Plano sales down 21% but prices up 18% 

How’s the Market? But what does it mean if your a buyer or seller today? 

Seller Tips: 

It’s still your market although things have slowed a little. Now that school is out many will go on vacation. The luxury real estate market over 500K is a very strong sector however there are more listings now. And there are more price reductions due to home owners testing price barriers.

It’s hard to find homes under the 399K sector. These properties will go under contract in a few days and have multiple offers.

Inventory is still at an all time low however there are more homes on the market than last month. 1.2 supply vs 1.5 supply now. This means if there were no new listings all homes in Plano would be sold in 1.5 months. A normal market is a 5 to 6 month supply.

This trend will continue as demand for Plano homes is strong due to positive economic factors.

If your home has not had any offers you should consider looking at price after 2 weeks. Buyers are still looking for updated homes as well as new builds.

Location plays a big role as Plano has been built our for years and location is driving prices up. This will continue too. We’ll be stuck in a seller’s market for a long time due to low inventory of homes for sale. It’ll will take a while for inventory to build back up.

If a home is priced correctly you can expect to get 100% of list price or 2K to 20K more than list. Yes, really! Homes are appraising for loan contingencies and there are still CASH buyers.

Buyer Tips:

If you’ve been trying to buy a home and can’t seem to nail one down due to multiple offers, keep trying. You might find it a little easier this summer. Of course, it will depend on location & price.

There is a huge under market now of:  for sale by owner (FSBO), hip pocket listings, pre market and coming soon homes. Many agents are connected to recent apps that share these properties first.

Make sure you have an agent that knows and uses this technology. Many homes don’t make it to the MLS.

Considering a new home is another option but you’ll pay around 30% more than resale to do it. Knowing family and friends that are selling is another foot in the door.

Make sure your search tool is directly from the MLS. You’ll will not get there first from a third party site. You need alerts set up so that as soon as a home is entered into the MLS you will be notified and go see it immediately.

You must be pre approved from a bank or lender. Have a letter ready before you even start house hunting. Most listing agents will not take a contract without one. Remember, it’s a seller’s market and you’ll likely be competing with multiple offers.

Watch for properties that come back on market. I still see this happening. Financing falls through, buyer changes mind or didn’t get the job. You’ll be surprised if you have a 2nd chance to make an offer.

Terms of a contract are just as important as sales price. Many sellers are asking for leasebacks or other contingencies because they need to find a home too. Be flexible with seller timelines by making a strong compelling offer.

These are tips for buyers and sellers in todays real estate climate. And that’s the Plano real estate update May 2015. See why Plano home prices have risen so rapidly and here are some interactive charts to follow Plano real estate trends.

Plano Real Estate Update May 2015

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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