Resale difference between Plano and Frisco? (Dallas, Richardson: sales, real estate market, renter)

[lvrpl]

We're considering buying a house in either Plano or Frisco. We may need to sell it and move for a job transfer in 2 or 3 years and want to maximize the likelihood of being able to resale the house easily if that happens. Any opinions on whether there will be an appreciable difference between the two areas? Would being in Frisco ISD make it noticeably harder?

A couple of notes: we're only looking at the very southern end of Frisco in order to be close to my job in Richardson. If we buy in Plano, it will be in the area for West or Central Plano. We don't actually care about having our kid attend the respective schools as we'd definitely be moving before he gets to be older than 6 or 7 - we only care about impact on resaleability. Thoughts? Thanks!

[nsumner]

If you are sure that you'll move within 3 years, you may want to consider renting instead of purchasing a home. The expenses of buying/selling a home without a loss are almost an absolute for the timeframe you're considering.

Naima

[RedTexanTea]

Originally Posted by nsumner

If you are sure that you'll move within 3 years, you may want to consider renting instead of purchasing a home. The expenses of buying/selling a home without a loss are almost an absolute for the timeframe you're considering.

Naima

I have been relocated as a renter and a home owner. Generally relocation packages are more financially advantageous when you are a homeowner. My company paid closing costs on both ends and if I wound up in a PMI situation they compensated me for that expense for 2 years. Depending on what the company relo policy is they may be at a break even point. I do think buying and selling in a 3 year period is a pain though. I recently did it in less than 5 years. Fortunately for me it paid off in $$$ due to the hot real estate market and being in Plano West school district. I am hoping to stay in my new place 10+ years this go round, but you never know what life will bring.

[OBGYN14]

I wouldn't buy just to sell within 3 years. However, if you must then Plano is a safer bet.

[TurtleCreek80]

Originally Posted by nsumner

If you are sure that you'll move within 3 years, you may want to consider renting instead of purchasing a home. The expenses of buying/selling a home without a loss are almost an absolute for the timeframe you're considering.

Naima

This is great advice. Unless you're in a rare industry where full relo (including home sales at a loss) is "normal", it's a risky venture.

For a long term buy & hold, both cities and ISD's are good buys and will continue to be in demand. Be careful in Frisco and try to buy in an older area where the school zones are set and school track records are more consistent/proven. If you buy in a new part of Frisco, your school aged kids could go to 2+ schools in 2-3 years as lines are redrawn to accommodate growing populations.

But again- I say rent and invest the monthly difference between rent & own during your short stint in Dallas .

[lvrpl]

Thanks for the thoughts so far. I totally understand what is being said about the transactional costs due to closing, realtor fees, etc. If we do end up needing to move in 2 or 3 years, all of those things would be covered in my relo package. The only thing I expect may not be covered is a loss on the actual value of the home, so that is the risk in my view. No one knows for sure, but barring an unforeseen catastrophic event, it seems like most people would bet easily that home prices in Frisco and Plano won't go down in the next few years...you disagree?

The other piece of this is that it's probably a 50% chance we'll need to relo in 2-3 years, but there's a 50% chance we'll be here for at least 5.

With all of that context, do you all still strongly think we should rent? Thanks again!

[BubbleT]

In your case, it makes sense to buy. Both towns are good but for resale, West Plano would be my first choice for simple reasons of location, schools and no competition with new construction. Most buyers go to Frisco because they don't want "used" homes.

[jacobr]

IVRpl, have you though about buying a house in Plano/Frisco and renting it out later when you move out of the city?

[dallas_cowboy]

Originally Posted by lvrpl

We're considering buying a house in either Plano or Frisco. We may need to sell it and move for a job transfer in 2 or 3 years and want to maximize the likelihood of being able to resale the house easily if that happens. Any opinions on whether there will be an appreciable difference between the two areas? Would being in Frisco ISD make it noticeably harder?

A couple of notes: we're only looking at the very southern end of Frisco in order to be close to my job in Richardson. If we buy in Plano, it will be in the area for West or Central Plano. We don't actually care about having our kid attend the respective schools as we'd definitely be moving before he gets to be older than 6 or 7 - we only care about impact on resaleability. Thoughts? Thanks!

Plano / Frisco ISD Market is still capable to handle at least 20% to 30% price increase for mid range priced homes. So it reflects to see hot real estate market at least for another 2 to 3 years (at least 10% increase a year)

Chances are very good that you will end up making $$$ if you buy/sell a house in this area in 3 years. I am more optimistic about this area because of big companies bringing jobs in this area.

[lvrpl]

Originally Posted by jacobr

IVRpl, have you though about buying a house in Plano/Frisco and renting it out later when you move out of the city?

Yes. We're open to it if we need to (e.g. housing prices have fallen and we'd take a big loss selling or it's just taking a long time to sell). But we'd try to sell first though given that all the transactional costs would be covered by my company.

I imagine that if we do get in that scenario, Plano is a stronger rental market. However, if we we move and can sell it we will, which is why I'm wondering if it would be materially harder to sell a house in south Frisco than in Plano.