Real Estate News & Market Trends for the North Dallas Area

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Feb. 25, 2018

Learn Local History Near Plano Homes at the Heritage Farmstead Museum

Learn local history near Plano homes at the Farmstead Museum.Get to know the farming history near Plano homes by visiting the Heritage Farmstead Museum. Guests can explore the 4.5 acres to gain a better understanding of what it was like to live on the Blackland Prairie. Take a look at furnishings and other domestic items collected from several prominent Plano families from the Victorian era. Also see a variety of tools used on farms and by craftsmen as well as Victorian era textiles and costumes. The site also includes the Young House, several other buildings, and a library with tons of information about what it has been like to live in Plano and the surrounding Texas region.

People who Live in Plano Enjoy Demonstrations and Special Events

The museum is open Tuesdays through Sundays from 10 a.m. to 4:30 p.m. General admission is $3 per person with children aged 2 and under being free. This price includes the opportunity to explore the grounds at your own pace and does not include access to the Farrell-Wilson house or any of the buildings. Choose for a more full experience and opt for a docent guided tour that goes through the Farrell-Wilson house, the grounds, and the outbuildings. These occur Tuesday through Sunday at 1:30 p.m. The price is $7 for adults, $5 for students and children, and free for children 4 and under. The cost for adults and students also includes the price of general admission. Be sure to stop in for a little shopping at the Visitor Orientation Center. There are books, historic reproductions, and handmade gifts available.

The Heritage Farmstead Museum offers so much more than just coming for a tour. Watch the events calendar for special programs all year long. There is something special many holidays such as Easter and St. Patrick’s Day as well as concerts, demonstrations, picnics, and special themed activities for children. Youngsters also enjoy coming for summer camps and scout, preschool, grade school, and senior programs. Teachers have access to a variety of resources and preteens and teens can be active in the Junior Historian Program. View more details about all of these programs and plan a visit to Heritage Farmstead Museum.

 

Posted in News
Jan. 25, 2018

The 5 Top Home Buyer Turn-Offs of 2017

Selling a home in today's market can be a bit frustrating. There's all sorts of home staging and property preparation advice out there, and some of it seems daunting or impossible to follow unless you already live in a haute home or have a serious bankroll set aside to whip your place into shape.

You can't turn a rancher into a Victorian – so don't bother trying. But you do have more control than you may realize over how desirable your listing looks to potential buyers. In order to know what turns a buyer on you need to know what turns a buyer off.

Here are 6 big-time turn-offs that make buyers cringe at the thought of purchasing your home.

1. Cluttered, dirty and/or "fragrant" houses. You already know this one. Every seller does. Yet, even in 2017, the era of Houzz and HGTV, buyers across America walk into homes that would make your mother cringe every single day. The people who come to see your home are making one of the biggest decisions they'll ever make. Cluttered countertops, neglected toilet seats and unattended litter boxes not only invite the viewer to turn up their nose, they practically compel a buyer to walk away.

Luckily, you have all the control in the world over how your house looks to your would be buyer. Some sellers find it helpful to think not about de-cluttering, but about pre-packing. Everything that is not part of the home's decor or furnishing and that is not a must for your daily functioning should be boxed up, and neatly packed away in the garage or a storage unit. You'll have to pack it all up anyway when your home sells, and doing it in advance just makes it more likely the place will sell, stat!

Also, no matter how long it takes for your home to get an offer, do not show it without it being completely and totally tidied up: no laundry or dishes piled up, countertops freshly wiped down, mail and paperwork put away and smelly dogs or litter boxes cleaned and/or out of the house. Get every family member on board, kids/cats/canines included, and create a morning or evening cleaning ritual to minimize mad, pre-showing dashes.

2. Overpricing. Buying a house in today's market is hard work! On top of all the research and analysis about the market, buyers have to work overtime to separate the real estate wheat from the chaff, get educated about short sales and foreclosures and often put in many, many offers before they get even a single one accepted. The last thing they want to add to their task list is trying to argue a seller out of unreasonable expectations or pricing.

When buyers see a home whose seller is clearly clueless about their home's value and has priced it sky-high, many won't even bother looking at it. If they do love it, they'll wait for it to sit on the market for a while, hoping the market will "educate you" into desperation, priming the pump for a later, lowball offer.

Ultimately, you decide what to ask for your home. But you deprive yourself of the professional counsel and expertise you're paying for if you fail to listen to your agent's advice and insights on the subject of listing price. They will point you to other properties that have sold in your area with similar features and use that data to help you understand the right price range for your home. Worried about setting the price too low? Get buyer's brokers' feedback with an advance broker's open house, and work with your agent on an advance plan for bringing the price down if you get no showings or buyer interest.

3. Deceptive listing descriptions or pictures. Here's the deal: you will never trick someone into buying your home. If listing pics are photo-edited within an inch of their lives, buyers will learn this information at some point. If your neighborhood is described as funky and vibrant, because the house is under the train tracks and you live in between a wrecking yard and a biker bar, buyers will inevitably figure this out.

And misrepresentation alone is enough to turn otherwise interested buyers off. In cases where the buyer feels misled, whether or not that was your intention, they can't help but wonder: If they can't trust you to be honest about this, how can they trust you to be honest about everything else?

Buyers rely on sellers to be upfront and honest – so be both. If your home has features or aspects that most buyers will see as negative, your home's listing probably shouldn't lead with them. But neither should you go out of your way to slant or skew or spin the facts which will become instantly obvious to anyone who visits your home. And in any event, your pricing should account for all of your home's features, pros and cons.

4. New, bad, home improvements. Many a buyer has walked into a house that has clearly been remodeled and upgraded in anticipation of the sale, only to have their heart sink with the further realization that the brand-spanking-new kitchen features a countertop made, not of Carerra marble, but brand-new, pink tiles with a kitty cat in the middle of each one. Or the pristine, just-installed floors feature carpet in a creamy shade of blue – the buyer's least favorite color.

New home improvements that run counter to a buyer's aesthetics are a big turn-off. In today's era of frugality, buyers just can't cotton to ripping out expensive, brand new, perfectly functioning things just on the basis of style – especially since they'll feel like they paid for these things in the price of the home.

Check in with a local broker or agent before you make a big investment in a pre-sale remodel. They can give you a reality check about the likely return on your investment, and help you prioritize about which projects to do (or not). Instead of spending $40,000 on a new, less-than-attractive kitchen, they might encourage you to update appliances, have the cabinets painted and spend a few grand on your curb appeal. Many times, they will also help you do the work of selecting neutral finishes that will work for the largest possible range of buyer tastes.

5. Bad photos or no photos at all. Some of the listing photos that make it online are shockingly bad. They have dumpsters parked in front of the house, piles of laundry all over the "hardwood" floors touted in the listing description, and once, even the family dog doing his or her business in the lovely green front yard. Listing pictures that have put your home in anything but its best, accurate light are a very quick way to ensure that you turn off a huge number of buyers from even coming to see your house!

The only bigger buyer turn-off than these bizarre listing pics are listings that have no photos at all; most buyers on today's market see a listing with no pictures and click right on past it, without giving the place a second glance.

Before your home is on the market, ask your listing agent-to-be to see the online marketing for their current listings, to get a feel for how they operate. After your home is on the market, don't neglect to check top listing sites to be sure that the pics for your home's listing represent your home well. If not, ask your agent to grab some new shots and get them online (and say pretty please, pretty please!).

Posted in News
Sept. 30, 2017

DFW Real Estate Market Report - SEPT 2017

DFW Housing Market Cools but Competition Remains Fierce

Key Takeaways from September 2017 Stats:

  • Good news for both buyers and sellers 
  • DFW Market is continuing the trend of softening from a seller standpoint 
  • Continuing signs showing a movement towards a balanced market
  • For all the details including historical trends,  CLICK HERE.

 

A Closer Look at the September 2017 Market Statistics & Indicators

New Listings

The number of new listings on the market increased by 6% when comparing Sept 2016 to Sept 2017.  With that type of increase, it is obvious that more and more homeowners are ready to jump into the market to cash in on the once hot seller's market.  Are the flood of new sellers too late to the party?  That remains to be seen.   But looking at the numbers and stats which follow, they might be getting to the party too late.    Advantage - Buyer

Closed Sales

The number of closed sales have decreased by 7.3% from last Sept.   In August 2017, we saw a 2.3% decrease from last August.   Could we be seeing a trend towards fewer closed sales?   The fact that the number of closed sales are down in combination with the increase of new listings can only mean that buyers will have more options and might be able to negotiate more than they have over the past few years.  It is likely still too early to say that the market is cooling, but it isn't too much to state the market has definitely "slowed" for the meantime.   Advantage - Buyer

Median Sales Price 

If you're a seller, here's your good news.  Prices have continued to increase and this Sept vs last Sept is a whopping 6.2% increase.   The increase is still a little lower than the 7.3% increase we saw in August, but with the numbers mentioned above, I wouldn't put all your faith in the Median Sales Price stat.  The increase in new listings on the market gives you more competition for your home.  More competition generally means prices decrease.  Be careful by only paying attention to this stat if you are thinking of listing.  As a potential seller, you should still get very good money for your property.  However, overpriced homes will be ignored at this point due to the number of new listings, drop in closed sales and the greater inventory of homes on the market.  Advantage - Seller

Percent of Original List Price 

Another indicator in the favor of the buyers.  The percent of sale's price to list price has decreased 0.6% from a year ago and it was down 0.6% in August as well.  Bidding wars are becoming less and less common as the number of new listings rise and number of closed homes dips.  This is definitely to the advantage of buyers.   Advantage - Buyer

Inventory of Homes for Sale 

In August, we saw an increase of 17.4% from last year.  For September, that number has dropped just a bit to 15.2%.   This stat continues to supports all the buyer advantages listed above and follows the trend of the market shifting toward the even mark - which is a good thing.  Advantage - Buyer

 

To view all the details for the September Market Overview, including historical trends, CLICK HERE.

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Posted in Market Updates
Aug. 30, 2017

DFW Real Estate Market Report - AUG 2017

Key Takeaways from August 2017 Stats:

  • Good news for both buyers and sellers
  • DFW Market is softening from a seller standpoint 
  • Showing signs of moving towards a balanced market

 

A Closer Look at the August 2017 Market Statistics & Indicators

New Listings

The number of new listings on the market increased by 10.3% when comparing August 2016 to August 2017.  With that type of increase, it is obvious that more and more homeowners are ready to jump into the market to cash in on the once hot seller's market.  Are the flood of new sellers too late to the party?  That remains to be seen.   But looking at the numbers and stats which follow, they might be getting to the party too late.    Advantage - Buyer

Closed Sales

The number of closed sales have decreased by 2.3% from last August.  The fact that the number of closed sales are down in combination with the increase of new listings can only mean that buyers will have more options and might be able to negotiate more than they have over the past few years.  It is likely too early to say that the market is cooling, but it isn't too much to state the market has "slowed" for the meantime.   Advantage - Buyer

Median Sales Price 

If you're a seller, here's your good news.  Prices have continued to increase and this August vs last August is a whopping 7.6% increase.  But with the numbers mentioned above, I wouldn't put all your faith in the Median Sales Price stat.  The increase in new listings on the market gives you more competition for your home.  More competition generally means prices decrease.  Be careful by only paying attention to this stat if you are thinking of listing.  As a potential seller, you should still get very good money for your property.  However, overpriced homes will be ignored at this point due to the number of new listings, drop in closed sales and the greater inventory of homes on the market.  Advantage - Seller

Percent of Original List Price 

Another indicator in the favor of the buyers.  The percent of sale's price to list price has decreased 0.6% from a year ago.  Bidding wars are becoming less and less common as the number of new listings rise and number of closed homes dips.  This is definitely to the advantage of buyers.   Advantage - Buyer

Inventory of Homes for Sale 

Up 17.4% from last year, this stat supports all the buyer advantages listed above and follows the trend of the market shifting toward the even mark.  Advantage - Buyer

 

Market Stats for Dallas Suburbs:

Here's a look at a few of the popular individual suburbs around Dallas to give you a better idea of each smaller market.  The standard rule of thumb is that a six month absorption rate is an even market.   Anything under six months is considered a seller's market and anything above six month is considered a buyer's market.  The closer the absorption rate to the six month median, the less it favors buyers or sellers.

Allen 

The low inventory and high rate of absorption along with the 98% of list price to sale price gives a strong advantage to the Allen TX Seller.

Frisco 

Wow!  Frisco with a whopping 42 average days on market and 3.3 months of inventory which is a whole month more than the DFW average!   It would seem everyone in Frisco has decided now is a good time to list their home!    Also note the 98% list price to sale price, down 2% since July.    If you plan to list your Frisco home, be sure to check your facts and be willing to acknowledge you likely aren't going to get over market value right now.   Price it accordingly for the condition and you'll still get good money for your house.  Frisco is still slightly a seller's market, but not by much.  Buyers - If you're looking to buy a home in Frisco, you've got a lot of choices and you're not likely to run into many bidding wars if you strike now.   Look for overpriced homes to start slashing prices to get more traffic with the current Frisco market conditions.

McKinney 

Numbers in McKinney indicate a seller's market with 3.5 months of inventory.  However the list price to sale price ratio declined from 99% last month to 97% in Aug.   Avg days on market remained steady at 39.   Buyers are likely to hit some bidding wars in McKinney.

Plano 

First thing to look at is the 97.8% list price to sale price ratio - this number is down considerably from July when it was at 102%.    The bidding wars in Plano may have started to cool off.   But Plano remains a very hot market with the average number of days at 27, which is lower than the DFW average.   Plano is still sizzling.... great time to sell in Plano.    If you're a buyer, depending on the area and home, you may have to disregard list prices and prepare to pay over the asking price.

Richardson

Another hot sellers market!   Very low inventory and a low days on market, homes in Richardson are selling fast!    Again, if you're a buyer for Richardson, you'll have a low number of homes to view and you could find yourself competing against other buyers.   Be prepared!

Wylie

Wylie's numbers indicate another great sellers market!   Continued low inventory!

 

NEED MORE INFORMATION?

If you don't see your desired city listed here, contact me and I'll be happy to provide you with the current data.    Click here to Request More Information on your desired location.

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates
June 25, 2017

New Construction Prices Hit Record High

The median price for a new single-family home reached a record high in May 2017 of $345,800, the Commerce Department reports.   If you're thinking of buying new construction, you'll likely be paying a huge premium, as new-home prices are now 16.8 percent higher than they were just a year ago.

So far, however, the higher price tags don’t seem to be spooking home shoppers.  In May, there were 61,000 new construction homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year ago.  Today's builders are focused on the mid to upper end of the housing market which it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income buyers.

Only 6,000 newly constructed homes that sold in May were priced between $150,000 and $199,999.   Further, there were about 14,000 sales in the $200,000 to $299,999 range.  New homes now cost almost 37 percent more than pre-owned homes, which also reached record high prices in May.  

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest.  

Need help in finding a new home?  It's a really tough market out there for buyers.  So don't go it alone.  Let our team of professional realtors help you find and buy the perfect home you've been searching for. 

Posted in News
March 25, 2017

Most Popular Home in Texas - Mary Wise Group Listed It!

The Mary Wise Group had the most popular listing in TX and was featured in Country Living's Online Magazine. Where was it? Get the Story Here.

Freak Fire Leads to Most Popular Listing in Texas 

Every now and then, I run across a listing that I know will be super popular with buyers and this was one of those homes.   But it wasn't until I was contacted by County Living Magazine that I realized just how popular it really was.  This McKinney home was the most popular listing in Texas with over 25,000 views on Realtor.com, on the first day alone.  

A freak fire caused this beautiful family home in McKinney to go up in flames in the middle of the night.   The fire destroyed the attic, the 2nd floor and part of the 1st floor.   What wasn't destroyed by fire was heavily damaged by smoke and water.   

What remained after the fire was the gorgeous 3/4 acre cul-de-sac lot and pool.  For various and personal reasons, the sellers decided to sell the property instead of rebuilding.   

The property was listed for lot value which is part of the reason for the high level of interest. 

I am continuing to follow the buyers progress as he restores and rebuilds this home.  Once complete, I will provide an update with the before and after photos.  

Read the Full Story as  Published in Country Living's Online Magazine:

Posted in News
Feb. 25, 2017

New Listings in Plano

Picture this... 

You’re scrolling through the internet and come across your dream home. You call to inquire only to find out that it’s been active for weeks and has multiple offers already. 

Sounds like a nightmare, right?

One way to avoid this is staying on top of all the newest listings as soon as they hit the market. That’s why we’ve created this list for you:

Posted in News
Feb. 25, 2017

Price Improvements in Plano

It’s true that everyone loves a good deal, especially when buying a home. 

Throughout the month there are usually at least a handful of properties with reduced prices. 

Some people might think a “price improvement” holds a bad connotation - but typically, that’s not the case. It really boils down to how motivated the seller(s) are, for many possible reasons.

If you’re a motivated buyer looking for a great deal on a Plano home, price reductions are a huge advantage for you. I combed through many homes in our area with lowered prices this week and the ones below are the ones I think you shouldn’t miss!

Posted in News
Feb. 25, 2017

Myths Sellers Believe About Pricing Their Home

Many home sellers succumb to myths about home pricing that don’t match the reality of the housing market. 

I focus primarily on listings and I hear my sellers talk about each of these common pricing myths.  There's a lot to consider when pricing your home.   The best advice you can receive is from an experienced agent who lists homes every day and is knowledgeable about the local market.

You'll always make money on the sale of a home.

Home sellers shouldn’t always assume they’ll walk away with a profit. The National Association of REALTORS® estimates home prices will increase 5 percent by the end of this year. That said, 23 markets have seen the cost of single-family homes decrease in recent months, NAR reports. Sellers’ return greatly depends on their location and how much they paid for the home when they purchased it.

A high home price will net you more in the end.

Sellers may be tempted to set a higher price to see if they can actually get it.  While the payday might sound appealing, you’re actually sacrificing your best marketing time in exchange for the remote possibility that someone will overpay for your home.

Overpricing a home from its initial listing isn’t easily fixed by lowering the price on it, either. Buyers may presume something is wrong with the home if they see it linger on the market or have multiple price reductions.

Setting a low price initially means you won’t make as much money.

Pricing a home on the low end can actually pay off. Low-priced homes tend to prompt greater interest among buyers. That could result in a bidding war, which could increase the home’s price way past the listing price.

Sellers can add renovation costs to the price.

Just because you completed a renovation of your kitchen or outdoor deck does not mean you can recoup every dime of that investment at resale. Some renovations may help you to increase your home’s value. Sellers, however, rarely will recoup the entire cost from a renovation. Sellers, on average, see a 64 percent return on every dollar they spend on home improvements, according to realtor.com®. But the profit can drastically vary by the type of remodeling project. 

 

Read more: 2017 Remodeling Impact Report - Where to Spend your Money.

 

Thinking of selling?  Need some advice on how to get the most money for your home?  

CONTACT ME to Schedule a free 1-on-1 Consultation

Posted in News