Housing market future question: North McKinney (Trinity, Howe: for sale, countertops, new home)

[orangecat1]

Evidently we are now in a seller's market. I talked to a homeowner in our subdivision the other day, he said it took 3 days to sell his house, and they got more than they asked for the house. The realtor told me via email that they had backup offers as well.

My question is this: How does new construction affect the seller's market?

Here is the situation, in our zip code, 75071, we have had almost 0 new contruction for a long time, maybe 5 years. Now we have two subdivisions coming in. One has a big kickoff next weekend. They are advertising Beazer and Ashton Woods starting at the low 200s. The really big news for my subdivision is that the subdivision is advertising a new McKinney ISD school in the subdivision.

This subdivision is probably about 2.5 to 3 miles north of where I live. Obviously I'm hoping the new school could swoop down and pull us in their attendance zone, but even if we didn't land in the new school zone, we might possibly land back where we used to be zoned, Vega Elementary, which is about 1.8 miles from our house. The important thing about Vega is that there are no highways or big streets to cross. We are currently zoned for Press, which is across highway 75 on the east side of McKinney. Mapquest lists Press about 1.7 miles from our house.

For re-sale purposes, if we could compete with the new subdivision in terms of features inside the house, such as flooring, countertops, bathroom, etc. I think we might possibly come close to commanding the $ per square foot, because of our proximity to schools, grades 6-12. We are within walking distance to grades 6-12.

Back to the new subdivision. My forecast is that the homes will sell for between $100 and $125 per square foot. Wow!

Once that subdivision fills in, I wonder if we will be able to get maybe 80-85% of that subdivsion's pricing?

If so, then $85 per square foot would be like gold.

The other subdivision is even closer to ours, but it is further away from construction. I'm guessing they are a year away, so that might have a bigger impact.

[MckinneyOwnr]

What subdivision was this in? My wife and I are looking to move to a larger home, the few homes that we like but have found too late are being snatched up extremely quickly and are already under contract by the time we found them. This is in the 400-$550k range.

All in all... it's a fast paced market no matter the price point, except for homes in the $700+ range. Those stay on the market a bit longer, but then again, there's a lot less people who can afford them so it makes sense. We may put an offer in on Monday, we know we can't wait long or we'll lose out on another good one.

[orangecat1]

The home that sold was in Creek Hollow, which is a Fox and Jacobs neighborhood. That home is 2703 s. f. and sold for 200k.

Walking the other day, I noticed another home that had a sign that read "coming soon". It's a 2 story, probably at least 2306 s.f.

The subdivision next to us is a higher end subdivision, Timber Creek, and has several homes for sale. That neighborhood appears to be jinxed, no home seems to sell there. They are mostly 2000+ s.f. homes built around 2008.

The subdivision with the new homes is Trinity Falls. However, remember it is not near anything at this point.