House in allen offer suggestions - pls help (Plano, McKinney: neighborhoods, buyers)

[NJ2Texas]

Thank you all for your comments.

For our earlier 8 different property offers, none of them received any call back from the buyer agent.

This house we really liked and it is in Saddleridge in Allen seems to be one of the luxury neighborhood. It has stucco exterior with clay tiles roof and plenty of upgrades inside. When we researched for a new build similar to this home goes in the north of 1.7m with the wait time of 12-16 months.

If you were to submit an offer today this house what would that be? I just want to get some thoughts to compare ours before the submission

[TurtleCreek80]

Originally Posted by NJ2Texas

Thank you all for your comments.

For our earlier 8 different property offers, none of them received any call back from the buyer agent.

This house we really liked and it is in Saddleridge in Allen seems to be one of the luxury neighborhood. It has stucco exterior with clay tiles roof and plenty of upgrades inside. When we researched for a new build similar to this home goes in the north of 1.7m with the wait time of 12-16 months.

If you were to submit an offer today this house what would that be? I just want to get some thoughts to compare ours before the submission

I don’t know that market well enough to give you any advice on this house, but here is a general suggestion: are you using a relocation generalist who sells all over DFW? Or a top connected agent in the Allen/ Plano luxury sub-market (if that is where you have narrowed down that you want to live)? Real estate is as much about connections/ knowing the ins & outs of local sub-markets as it is the strength of the offer….


I’m wondering if your agent is not even getting callbacks because your offers are not competitive or because they have 1 offer and solid backups from agents they know and routinely do business with (and therefore know will get to the closing table for the sellers).

[Wittgenstein's Ghost]

Originally Posted by cordata

This is the part I don't get - if houses are consistently getting 30% over asking wouldn't the asking prices increase over time ? Why would agents under price houses that much ?

A bidding war where the asking price means nothing is a perfect situation for a seller. It's effectively a silent auction.

[Rakin]

Originally Posted by NJ2Texas

For our earlier 8 different property offers, none of them received any call back from the buyer agent.

I assume you mean the Listing agent. When an agent gets 20-30-40 offers an agent who did not get it or even come in the top 3 will seldom get more than "We went with a better offer" or "sorry". Maybe not even that.

[FreeVilley]

Originally Posted by NJ2Texas

Hi,

Thanks for everyone in this forum. We did use this forum to research and gathered lot of useful information

We are in the process of moving from NJ to TX. We visited Dallas multiple times in the past couple of months. We were looking for a house (new or existing) ~4k sq. ft in and in and around plano or frisco or allen or prosper. Our budget is $800k to $1.2M max

Past 2 months we made several offers and tried with 10-20% more than asking and cover owner title insurance / appraisal waiver / insurance waiver etc. None of them were accepted

Today we saw this open house and really liked it.. we are in the process of making an offer. What suggestions you guys can provide it to us to make an offer that the seller can possibly accept?

https://www.zillow.com/homedetails/1...13397306_zpid/

Appreciate your suggestions on this regard.

I am an agent and I am looking in the MLS right now. In the past 90 days, 21 homes in Allen between 800-1.2M have sold. Only 2 are listed as cash purchases, 17 conventional loans, and 2 listed as "other" and the average closing price is only 6.8% above original list price. I think your agent is fatigued because what they are telling you is not true. Your agent should be "befriending" the listing agent who knows what the client wants, they convey that info to your agent and if you can meet those terms, you offer them.

[rabbit33]

Originally Posted by cordata

This is the part I don't get - if houses are consistently getting 30% over asking wouldn't the asking prices increase over time ? Why would agents under price houses that much ?

Because they want to get a bidding war started, in which FOMO would (they hope, and I think it frequently works out that way) drive the final selling price higher than the higher asking price would, plus the bidding war on a house with low asking price will get it sold in a weekend whereas with the higher asking price, offers might trickle in over a longer period.

[ThomasCrown]

It's brutal right now to buy a home in the DFW area unless you are at the $2 mil price point and above. It used to be that once you hit the $1mil threshold, there was a pretty large drop off of qualified buyers, but with prices being what they are now, that limit has been doubled the last 5 years or so.



If you REALLY want a particular home, and your realtor is just not getting it done, I would reach out to the listing agent personally, tell them you are working with so-and-so as your realtor, and that you really want the home. Ask them to keep you informed as to what it will take to get this home, offer to match/exceed existing offers, etc.


You'll probably be paying more than you'd like, but you'll have a much better chance of getting a home.

[NJ2Texas]

Thank you... my realtor is reaching out to seller realtor to get some insights. As you all suggested gather some inputs to make a reasonable offer to get it accepted

BTW, 2 quick questions to experts here:

1) Allen houses are priced little less compared to Frisco or Plano?
2) This house is listed for $1.2M ($248 per sq.ft). It is built by toll brothers and it is very nice and clean inside/out. I was told that stucco exterior with tile roof is costly to build so typically priced higher. My realtor stating that this house priced little above than comps.. any comments or suggestions on the listed price?

[Rakin]

Originally Posted by NJ2Texas

2) This house is listed for $1.2M ($248 per sq.ft). It is built by toll brothers and it is very nice and clean inside/out. I was told that stucco exterior with tile roof is costly to build so typically priced higher. My realtor stating that this house priced little above than comps.. any comments or suggestions on the listed price?

Tile roofs are way more expensive to build. They are heavy and require much heavier structure to support. A builder will use 2x6's instead of 2x4's in the walls to support the heavy weight. The Foundation also probably required to be an upgrade.

That house has now been on the market 4 days. You better get your offer in today without delay.

Also, that Listing Agent has quite the reputation. Don't be heart broke if you don't get it.

You are paying a premium for the house. They have doubled the cost of the home from where it sold just 3 years ago. Way too high but there is little on the market. Your agent should have told you all of this.

[TurtleCreek80]

Originally Posted by Rakin

Tile roofs are way more expensive to build. They are heavy and require much heavier structure to support. A builder will use 2x6's instead of 2x4's in the walls to support the heavy weight. The Foundation also probably required to bean upgrade.

That house has now been on the market 4 days. You better get your offer in today without delay.

Also, that Listing Agent has quite the reputation. Don't be heart broke if you don't get it.

You are paying a premium for the house. They have doubled the cost of the home from where it sold just 3 years ago. Way too high but there is little on the market. Your agent should have told you all of this.

Oof, that’s crazy to pay that much to back up to commercial property and have 121 in your backyard.
The world really has gone insane!