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Old 01-12-2013, 08:20 PM
 
524 posts, read 752,076 times
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I am newly married and no kids. From my colleagues and friends I feel Plano or Frisco area would be nice to buy a home. I am looking to buy 4bd/2.5+ bath 3K+ sqft single family home upto 350K. It's OK if house is upto 5 years old.

Since I don't have any knowledge about buying a home, so I am open for any additional suggestions other than questions I have rightnow.

Questions:
1. Is Plano and Frisco are best town to buy home these days in DFW area?
2. Where should I look for to find out previous purchase price of a home out in the market or their neighborhood home?
3. Where can I find best school districts ranking for texas state?
4. Where can I find property tax payment history for an old house as well property tax estimate for a newly build home?
5. Is it good to sign a contract with a buyer's agent? (The reason for this question is that one of my colleague suggested someone but he requires to sign a contract).
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Old 01-12-2013, 08:51 PM
 
Location: Dallas
2,383 posts, read 3,039,920 times
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1. That's subjective. Neither really appreciate very fast.
2. You really can't. Unless it was a foreclosure. Zillow shows listing price records.
3. City-data
4. Collin county appraisal district: Collin CAD - Property Search
5. Agents don't like being cheated on. However, some builders won't work with an agent. You may get stuck, but the agent may let you out of the contract if you develop a good bond, or if it's not working out. Make sure it's someone you can really trust to find and negotiate the very best deal. Huge investment.
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Old 01-12-2013, 09:32 PM
 
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1. Depends on what your needs, lifestyle, and commute tolerance are.
2. Your realtor can pull this info as needed. They have access to sold comps in the MLS system.
3. Many threads on here, but the Dallas-area-schools.blogspot.com site is a tremendous & objective resource for both district & individual school data. Between those two districts, plano's academics are more acclaimed & rigorous than Frisco, particularly at the high school level.
4. CollinCAD as previously mentioned for pre-owned. You can also always calculate yourself based on purchase/ list price. Take the 3 components of taxes (county, city, and school district), figure out what %'homestead exemption you're eligible for, and do the math.

For example, a $300k home in Plano ISD is eligible for a $15k homestead which makes the taxable value $285k. Th tax rate for the ISD portion is 1.3734% so you'd multiply $285k x .013734 = $3914. Then look up & repeat for city & county taxes. Then add all 3 together.
Entity Rates and Exemptions

5. Signing a buyers agent agreement is not an unreasonable - or uncommon - request. But first be certain what areas you are focusing in on as an agent who specializes in Uptown Dallas or Grapevine probably won't know the ins & outs of the Allen or Southlake or Plano markets. Find someone who sells A TON in the area you want to live in and you're most likely to get a deal worked and pay a fair market price.
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Old 01-12-2013, 10:29 PM
 
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Thanks RonnieinDallas and TutleCreek80 for giving your valuable inputs.

1. I want to buy something that's affordable (mostly below $350K), with good school districts. It should also be located close to all shopping areas. I am not a person who spends money on luxurious homes..... so that's not something I am looking for rightnow in my high 20s age. I work few days close to DFW airport. Since home prices looks pretty high close to DFW area such as Irving, Coppell etc., so I think to buy in Plano or Frisco cities.

2. Really? Individual buyers have no privilege to find previous sell price for an old house listed in market?
3. I will search on those websites to better understand about city rankings according to their school districts.

I have done some math to calculate total Property tax for both Frisco and Plano ISDs home. Does this look correct?


Plano City 0.4886 Plano ISD 1.3734 Collin County 0.24 Total Tax in Plano (Percentage) 2.102% Property Tax Amount ($300K home price) $6306

Frisco City 0.46191 Frisco ISD 1.46 Collin County 0.24 Total Tax in Frisco 2.16191% Property Tax Amount ($300K home price) $6485.73
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Old 01-12-2013, 10:41 PM
 
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If you work at / near DFW, consider focusing on Coppell. Better schools than Frisco & will save you about $1000 / year in tolls from commuting. Homes will be older than Frisco, but well maintained and a much better real estate market to buy in since the district is almost entirely built out vs Frisco which is about 50% built out (ie, you'll be competing with a ton brand new construction if you sell within the next 20 years).

Plano is a solid buy- almost entirely built out with proven, excellent schools (like Coppell). But a pretty decent commute to DFW on toll roads.


Sales prices are not public record in TX like they are in CA & other states. Hence, the need for a realtor.

Yes, those annual taxes look in the right ballpark. Don't forget your home insurance which will run about 1% of purchase price per year.
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Old 01-12-2013, 10:58 PM
 
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The reason for buying a home in Frisco/Plano is because in near future my employer may want me to work in their other office in Collin county instead of near DFW airport. So I want to make sure I won't have a long term commute issue.

Most of homes which caught my eye in Coppell were in 350K or above. Anything below $350K did not impress me with their built year/ sqft. Though I am still very early in my search, so my eyes are wide open to look at all possible good areas.

BTW, does property tax has anything to do with sqft built area for home? For example, two home owners both having their home appraised at $300K but with different sqft built area (one with 2000 sqft home and other with 3500 sqft) will pay same property tax. Is that correct?
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Old 01-13-2013, 11:10 AM
 
Location: Dallas
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Quote:
Originally Posted by dallas_cowboy View Post
The reason for buying a home in Frisco/Plano is because in near future my employer may want me to work in their other office in Collin county instead of near DFW airport. So I want to make sure I won't have a long term commute issue.

Most of homes which caught my eye in Coppell were in 350K or above. Anything below $350K did not impress me with their built year/ sqft. Though I am still very early in my search, so my eyes are wide open to look at all possible good areas.

BTW, does property tax has anything to do with sqft built area for home? For example, two home owners both having their home appraised at $300K but with different sqft built area (one with 2000 sqft home and other with 3500 sqft) will pay same property tax. Is that correct?

Residential tax appraisers do appraisal ratio studies based on the mean and median of sold homes. So square footage does play a part. Land appraisers have a similar method. Land-to-property ratio in Collin county is only about 25%. It will be higher in places that are already built out. That's why you get more house for the money in Frisco. After a house is 5-10 years old, improvements usually go down in appraised value, but land almost always goes up in value.
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Old 01-13-2013, 11:36 AM
 
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For commute to DFW airport & to Plano, your ideal central locations are Coppell & Plano. Frisco is a bit far and schools & resale are not as good.
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Old 01-13-2013, 11:44 AM
 
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I would focus on Plano and widen my search by including homes from 1990 onwards by good builders and well maintained & upgraded by previous owners. You'll get a nicer neighborhood, better location, desireable schools and bigger lot. Always remember that its about overall VALUE of the home not about the year dry wall was manufactured.
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Old 01-15-2013, 12:45 AM
 
Location: Dallas/Fort Worth, Texas
4,197 posts, read 14,328,968 times
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Quote:
Originally Posted by dallas_cowboy View Post

2. Really? Individual buyers have no privilege to find previous sell price for an old house listed in market?
That is correct, TX is a non disclosure state so sales prices are not published. Someone suggested Zillow, keep in mind that their zestimates don't work for TX because it is a non-disclosure state. It skews all the numbers for them. They also show sometimes the "sold price" of a home but actually, it could be the loan amount only that the buyer took out.

The best information will come from your Realtor. We have access to see how much an owner owns on their home etc. But that is information given only to a person we represent, a client.

Regarding taxes, they are based on the tax assessed value of the home which doesn't mean it's the market value of the home either. You always want that value to be low since your taxes are based on it.

Tax rates are as follow for 2012.

Plano with Plano ISD 2.18
Plano with Frisco ISD 2.23
Plano with Lewisville ISD 2.19 (denton county)

Naima
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