Plano housing market - help please? (home, costs, building)

[stan4]

Our neighbor just sold for $190 a square foot.

Beat of luck!

[recklesscognition]

Originally Posted by texashome

Hi all

My wife and I are looking to buy our first house in Texas in the Hunters Glen area of Plano. We have never bought a house before in the Dallas area and I am slightly confused as houses seem to have a large price per sq range ($100 to $125) Most of the houses seem to be in similar condition with most needing some updating.

Also hearing from agents that the market is very hot currently.

Just wondering if anyone had any insight or views.

Any help is appreciated.

Thanks

Price per square foot is going to be higher for smaller homes because of the base cost of construction spread out over fewer sq feet. So a 3000 sq foot home might be $125 a sq foot and a 2000 could be $130 in exact same condition, neighborhood, schools.

We are looking in Plano and surrounding areas and the demand is insane. But it depends on your price range overall. If you're in the <250k range, good luck! Demand steadily decreases as you go up from there since there are many more houses in higher price ranges plus new construction. It has been this way since last summer at least and hasn't slowed down. Supply is the lowest it has ever been. A good house is gone in 2 days, one day for the open house and collecting bids, then it is under contract the next. If a house is on the market more than 3 days without going under contract it is a) severely overpriced, b) severely damaged or c) in the higher price ranges.

[texashome]

We are looking at just over 3000 sq ft with a price around £340k

[shrapr]

Originally Posted by jacobr

Buy it. If you need to move after 3+ years you could still rent your home or make more money selling it at that point. Remember in the next couple of years lots of families are expected to move to the Plano area and housing market are gonna remain hot in the coming years.

Nothing against your advice but I would never buy just thinking appreciation in this country. It is just a speculation and you do not have any control over it. Everybody should remember what happened in California and if we have just bought before the crash. We are buying in this market too because of necessity but never hoping of any appreciation. Matter of fact I dread the property tax increases with considerable appreciation since we are in for a long haul, hopefully. In our current home in Plano, we lived in it through two crashes and since we were not selling, the following years taxes were nice and last year was a pain. Just last year our house appreciated lot more in one year than what it appreciated in 15 years. I also strongly believe in what goes up must come down.

Originally Posted by texashome

Also hearing from agents that the market is very hot currently.

The keyword is CURRENTLY Just buy what you can afford no matter what happens with the market and you will be fine. Good luck.

[shrapr]

Originally Posted by texashome

We are looking at just over 3000 sq ft with a price around £340k

I will direct message you with some in the market near where we live.

[Brookside]

Originally Posted by recklesscognition

Price per square foot is going to be higher for smaller homes because of the base cost of construction spread out over fewer sq feet. So a 3000 sq foot home might be $125 a sq foot and a 2000 could be $130 in exact same condition, neighborhood, schools.

We are looking in Plano and surrounding areas and the demand is insane. But it depends on your price range overall. If you're in the <250k range, good luck! Demand steadily decreases as you go up from there since there are many more houses in higher price ranges plus new construction. It has been this way since last summer at least and hasn't slowed down. Supply is the lowest it has ever been. A good house is gone in 2 days, one day for the open house and collecting bids, then it is under contract the next. If a house is on the market more than 3 days without going under contract it is a) severely overpriced, b) severely damaged or c) in the higher price ranges.

FWIW - One story homes sell for a higher sq ft price as well.

[shrapr]

Originally Posted by Brookside

FWIW - One story homes sell for a higher sq ft price as well.

Because it costs more to build a single story of the same size, bigger foot print, so bigger slab, roof, etc...

[texashome]

Originally Posted by recklesscognition

We are looking in Plano and surrounding areas and the demand is insane. But it depends on your price range overall. If you're in the <250k range, good luck! Demand steadily decreases as you go up from there since there are many more houses in higher price ranges plus new construction. It has been this way since last summer at least and hasn't slowed down. Supply is the lowest it has ever been. A good house is gone in 2 days, one day for the open house and collecting bids, then it is under contract the next. If a house is on the market more than 3 days without going under contract it is a) severely overpriced, b) severely damaged or c) in the higher price ranges.

We are seeing exactly that, there was a couple of house we inquired about that both had multiple offers within 48 hours. So we assume they have sold for over the asking price.

[keribeth818]

We looked/waited for a house in Hunters Glen for a year and gave up. There are a couple realtor groups that seem to hold most of the listings. More than one of these realtors told us unless we worked exclusively with them, ditching our agent, we had no chance. It may or may not be true but we got tired of waiting. If you aren't afraid of a project you might get lucky.

[randomuser123]

Originally Posted by texashome

We are looking at just over 3000 sq ft with a price around £340k

£ or $?