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Old 08-05-2015, 08:54 AM
 
4 posts, read 5,823 times
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We just started with our first home search in Plano. The listings which agent sent us has lot of homes whose price has been reduced recently. I was under the impression that its a sellers market and houses are getting sold in matter of hours
Am I missing something here? or Market seems to cooled off?
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Old 08-05-2015, 09:40 AM
 
Location: Prosper
6,255 posts, read 17,102,084 times
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Quote:
Originally Posted by bazinga777 View Post
We just started with our first home search in Plano. The listings which agent sent us has lot of homes whose price has been reduced recently. I was under the impression that its a sellers market and houses are getting sold in matter of hours
Am I missing something here? or Market seems to cooled off?
It's still a seller's market. What you are seeing are homes where the owners/agent are just being a bit greedy and unrealistic.

Homes that are priced around market value or slightly higher are moving just fine. But there are some I've seen listed where the prices are just simply not in line with the comps. These are people who want to get next years pricing, today, and it just doesn't work like that.
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Old 08-05-2015, 10:07 AM
 
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Guy in my office just sold his Prosper house in 3 days with all cash offer at listing price.
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Old 08-05-2015, 10:21 AM
 
1,167 posts, read 1,817,640 times
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Quote:
Originally Posted by bazinga777 View Post
We just started with our first home search in Plano. The listings which agent sent us has lot of homes whose price has been reduced recently. I was under the impression that its a sellers market and houses are getting sold in matter of hours
Am I missing something here? or Market seems to cooled off?
do you mind sharing what area and price? if it's above $500k+ then reduced is common, yes the market in north dallas is hot hot hot, but to clarify the amount of houses at $500k+ there is actually soooooooooo many and a surplus. if it's under $300k and it was reduced well i'm kinda surprised, could be a horrible area
Quote:
Originally Posted by Aceraceae View Post
Guy in my office just sold his Prosper house in 3 days with all cash offer at listing price.
pretty bad, should be able to get ABOVE asking + all cash + within 24 hours
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Old 08-05-2015, 10:28 AM
 
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We are looking in $300k range. How do you find data about comps to make a fair value estimate on the listed price
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Old 08-05-2015, 10:30 AM
 
1,167 posts, read 1,817,640 times
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Quote:
Originally Posted by bazinga777 View Post
We are looking in $300k range. How do you find data about comps to make a fair value estimate on the listed price
what area of plano? west/central/east?
300k-ish range might be the start limit of surplus.

to answer your question, you ask your "professional realtor" to run comps
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Old 08-05-2015, 10:32 AM
 
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Not sure if this is right place to ask but any reference for any good realtor will be appreciated
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Old 08-05-2015, 10:32 AM
 
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Market >$500k works differently than <$300k where buyers pool is huge. Sellers and agents need to be in synch with the vibe or it takes time and reductions to finally align with the market. My neighbor listed his 5% below market, ended up selling 10% above asking and had several bids to pick from.
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Old 08-05-2015, 10:34 AM
 
1,167 posts, read 1,817,640 times
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Originally Posted by bazinga777 View Post
Not sure if this is right place to ask but any reference for any good realtor will be appreciated
get ready to be spammed lol

btw in your OP you said you have an agent...i'm confused
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Old 08-05-2015, 10:40 AM
 
127 posts, read 165,265 times
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Quote:
Originally Posted by bazinga777 View Post
We are looking in $300k range. How do you find data about comps to make a fair value estimate on the listed price
Find a good buyer's agent and they will guide you through this process.
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