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Old 08-25-2013, 09:46 AM
 
55 posts, read 65,916 times
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McKinney has 1144, Frisco 1365, Plano 905, Allen 508 and Prosper has 268 homes on market as of today. Isn't it a big inventory, some of these towns aren't even very big and adding newer houses every day. Would it effect resale, specially once homes lose new smell as that is the main reason people drive that far.
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Old 08-25-2013, 10:13 AM
 
Location: Mostly in my head
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Yews, any time you buy a new house you lose value the minute you sign the papers. Anyone else wanting "new" will just go down the street and buy new. You have to discount your house a lot to make it attractive to those who think "new" is the only way to go.
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Old 08-25-2013, 10:20 AM
 
Location: DFW - Coppell / Las Colinas
29,931 posts, read 34,535,636 times
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The areas you mention probably have over 1-2 million (plus) people. Where are you getting your info ?

If it's from Zillow you need to go elsewhere. They keep homes on their website that are contract pending or have been sold for months.

Also, that's a huge range of unlimited pricing. Do a search for homes in the $250-400k range and see how many houses are on the market.
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Old 08-25-2013, 01:05 PM
 
55 posts, read 65,916 times
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No Sir! I got these from Realtor.com.

Frisco Real Estate - Frisco, TX Homes for Sale - realtor.com®

Mckinney Real Estate - Mckinney, TX Homes for Sale - realtor.com®

Allen Real Estate - Allen, TX Homes for Sale - realtor.com®

Prosper Real Estate - Prosper, TX Homes for Sale - realtor.com®
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Old 08-25-2013, 01:35 PM
 
Location: Earth
794 posts, read 1,350,308 times
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Quote:
Originally Posted by Maple Shade View Post
McKinney has 1144, Frisco 1365, Plano 905, Allen 508 and Prosper has 268 homes on market as of today. Isn't it a big inventory, some of these towns aren't even very big and adding newer houses every day. Would it effect resale, specially once homes lose new smell as that is the main reason people drive that far.
I only know about Plano. Ours is a big town with around 250k population and around 90k housing units. Its customary to have more houses on sale around new school year. However, about 750 homes are on sale as of today and only 630 feed to PISD. New construction is limited and homes are always released slowly as city is mostly built out. Resale is very consistent and stable.

McKinney and Frisco have about half the number of housing units but adding fast. prosper and Allen are much smaller with Prosper adding more newer homes. People usually go there to buy new houses so used homes resale is not very attractive for them. If they have to buy used homes then they want to be closer to down town and airport.

New homes, new cars, new appliances always cost more and there is a good chance that you'll lose money when you sell. This is the reason that homes have a better resale in places like Highland Park or Preston Hollow as sellers don't have to compete with new built. Of course location, schools, commute and prestige matters as well.
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Old 08-25-2013, 02:35 PM
 
11,673 posts, read 21,240,989 times
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Quote:
Originally Posted by Maple Shade View Post
McKinney has 1144, Frisco 1365, Plano 905, Allen 508 and Prosper has 268 homes on market as of today. Isn't it a big inventory, some of these towns aren't even very big and adding newer houses every day. Would it effect resale, specially once homes lose new smell as that is the main reason people drive that far.
The amount of homes on the market doesn't make a difference; the rate at which they're selling (months of inventory) does. If Plano has only 90 people a month buying a home, they have 10 months of inventory (too much, therefore prices probably headed down). In actuality, Plano probably has about 400-500 people buying a home each month, meaning there is amout 2 months' inventory (scarcity driving prices up).

Inventory is running at 3 months or less in all the suburbs you mentioned right now. 6 months is considered "healthy" / normal.
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Old 08-25-2013, 02:53 PM
 
440 posts, read 671,122 times
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Often any "realtor" type sites like zillow realtor/sawbuck etc have all listings shown-often alot of these houses that show are for sale are often under contract they just have't been updated-when our house was sale it was under contract within 3 days...on those realtor sites it never changed until about a month before closing. Our realtor in TX would send us a "real time" listings every morning and it would show what was available and it no way represented what you saw online
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Old 08-25-2013, 03:05 PM
 
55 posts, read 65,916 times
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I didnt get this data from Zillow. it is from Realtor.com's official listing site. It is always a possibility that one has to move earlier then anticipated, mix that possibility with puppy mill of new homes and uncertain market and resale picture looks really scary. I have decided to concentrate on used but updated homes in UP or Plano West. We will also consider ones that need some updating if its a desirable location and price is reasonable enough to leave us some money to add our style. That would add instant equity.
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Old 08-25-2013, 04:16 PM
 
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All of the Internet real estate sites are generally worthless. Used homes for sale on my street in McKinney have sold very quickly.
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Old 08-25-2013, 06:18 PM
 
440 posts, read 671,122 times
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Quote:
Originally Posted by Maple Shade View Post
I didnt get this data from Zillow. it is from Realtor.com's official listing site. It is always a possibility that one has to move earlier then anticipated, mix that possibility with puppy mill of new homes and uncertain market and resale picture looks really scary. I have decided to concentrate on used but updated homes in UP or Plano West. We will also consider ones that need some updating if its a desirable location and price is reasonable enough to leave us some money to add our style. That would add instant equity.
As I stated before realtor.com and sawbuck sites lack behind in realtime statistics-realtors have the most up to date listings -I mean they have the changes on a daily basis to exactly where each listing sits in terms of contract. In actual fact when we started looking we sent a realtor a list of the houses we wanted to look at as per realtor.com and they were all under contract-we had a list of about 16. DFW is doing pretty well atm-be prepared to look and make an offer pretty quickly and know plenty of others are doing the same thing.
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