75093 real estate trends (bank owned, for sale, real estate market)

[Johnhw2]

How is the residential real estate market in 75093? I see fewer homes for sell now vs at this point last year. There is a large foreclosure (Bank Owned) on the market and three homes are back on the market that didnt sell last year, one at a lower price I believe. In my neighborhood 4% of the homes are listed for sale in MLS, is that typical for this market and time of year? How is demand and pricing looking in this zip?

Thanks for any insights from market experts

[Rakin]

Originally Posted by Penny wise

It seems that this area is very expensive for some reason when compared to other zip codes in Collin County. I am looking for a house there because of an expected relocation and it seems that there is higher demand for this area because there are fewer homes for sale and prices are higher than nearby towns. I wonder what are the reasons?

This area has almost sold well with a moderate to high to very high price range. It's a great location close to shopping, highways and very good schools.

The 2 most important factors in home prices... Location & Schools

[ggolf]

Lived there in the 90s on the 3rd hole of Prestonwood CC. Very good location to get to anywhere in DFW. Now even more shopping locally. Schools excellent.

[nsumner]

I've been showing homes there in the last 2 days and the inventory is low for anything under 500K. Many homes are overpriced or need way too much updating. Very frustrating for my buyer who has some specific needs. But to be fair, there are also a lot of beautiful homes on the market that are priced right and are updated but weren't the perfect fit for my client.

It's an awesome location with the proximity to the tollway, high end shopping and fantastic schools.

Naima

[Johnhw2]

Originally Posted by nsumner

I've been showing homes there in the last 2 days and the inventory is low for anything under 500K. Many homes are overpriced or need way too much updating. Very frustrating for my buyer who has some specific needs. But to be fair, there are also a lot of beautiful homes on the market that are priced right and are updated but weren't the perfect fit for my client.

It's an awesome location with the proximity to the tollway, high end shopping and fantastic schools.

Naima

A high end foreclosure/bank owned went under contract in my neighborhood. I know they got it for less than the asking price but wonder how much less is common for foreclosure sales? I would guess at least 10% below asking even though the asking was pretty well priced, assuming inside was not a disaster.

[nsumner]

Originally Posted by Johnhw2

A high end foreclosure/bank owned went under contract in my neighborhood. I know they got it for less than the asking price but wonder how much less is common for foreclosure sales? I would guess at least 10% below asking even though the asking was pretty well priced, assuming inside was not a disaster.

There really isn't a magic formula on a percentage. It all depends on several factors, a couple of which are the lenght of time it was on the market, if the bank had to repair the place etc, and the asset manager assigned. Drop me a DM and I can tell you at least what the mortgage balance on it was.

Naima

[Johnhw2]

Originally Posted by nsumner

There really isn't a magic formula on a percentage. It all depends on several factors, a couple of which are the lenght of time it was on the market, if the bank had to repair the place etc, and the asset manager assigned. Drop me a DM and I can tell you at least what the mortgage balance on it was.

Naima

I see another home on the market in my neighborhood which looks like a foreclosure. I suspect this is a foreclosure because it is on the market with one photo of the house. A very large expensive home with one photo? Either its a foreclosure where the seller doesnt care about anything but the lowest priced sale or the realtor is not mareting the house, which I doubt a "real" seller would let them get away with this.

Is there an easy way to tell from MLS or another free source?

There one more house that looks like a foreclosure to me, it was on the market and empty September of 2010 when we bought, it was off the market a while but back now still empty.

[nsumner]

Originally Posted by Johnhw2

I see another home on the market in my neighborhood which looks like a foreclosure. I suspect this is a foreclosure because it is on the market with one photo of the house. A very large expensive home with one photo? Either its a foreclosure where the seller doesnt care about anything but the lowest priced sale or the realtor is not mareting the house, which I doubt a "real" seller would let them get away with this.

Is there an easy way to tell from MLS or another free source?

There one more house that looks like a foreclosure to me, it was on the market and empty September of 2010 when we bought, it was off the market a while but back now still empty.

I think you are talking about the home on the "K" street. Nope, not a foreclosure, just poor marketing. The home has been on the market for 19 days and only 1 picture and only 4 poor quality pictures on the agent's website.

You'll be surprised how many sellers don't actually look up their listings and check how their agent is marketing it. They shouldn't have to. It looks like an old joke we say in RE the 3 "P" applies here.

1. Put a sign in the yard
2. Put the listing in the MLS
3. Pray that it sells

If you want more background about it, I know a few things that I can't post here.

Naima

[Johnhw2]

Originally Posted by nsumner

I think you are talking about the home on the "K" street. Nope, not a foreclosure, just poor marketing. The home has been on the market for 19 days and only 1 picture and only 4 poor quality pictures on the agent's website.

You'll be surprised how many sellers don't actually look up their listings and check how their agent is marketing it. They shouldn't have to. It looks like an old joke we say in RE the 3 "P" applies here.

1. Put a sign in the yard
2. Put the listing in the MLS
3. Pray that it sells

If you want more background about it, I know a few things that I can't post here.

Naima

Yes that is the home, what about the one empty that was on the market a year and a half ago and apparently didnt sell and is back on the market again now. Is that a shadow foreclosure home? (bank owned or some other entity owned)> I can PM you if you prefer

[Warnpeace]

Prices were effected like rest of the country but overall very stable and desireable area for obvious reasons. It's a great option for buyers above 400k budget.