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Old 07-17-2014, 08:30 PM
 
88 posts, read 152,575 times
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I am planning to move to Plano next year. I read the discussions and also look at various real estate sites for available inventory $350K to $600K. I see few homes on the market 30+ days and constantly reducing prices. I also see discussions of hot market where homes getting sold overnight. New homes are much more expensive than comparable 10- 15 year old homes. May be for someone who is monitoring and trying to understand the market from west coast it is confusing.
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Old 07-17-2014, 09:28 PM
 
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From the realtors that I have talked to, the market that are "hot" are for homes below $300k. The ones above it is now so so.
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Old 07-17-2014, 09:39 PM
 
Location: NYC
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The houses I have noticed that have been on the market for long are ones that were not staged (very cluttered, dirty ) and overpriced in the beginning.
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Old 07-18-2014, 10:30 AM
 
559 posts, read 926,771 times
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Quote:
Originally Posted by veuvegirl View Post
The houses I have noticed that have been on the market for long are ones that were not staged (very cluttered, dirty ) and overpriced in the beginning.
+1. Seen that over the past 6+ months or so. Good homes at a good price (listed at similar price for which other houses in the neighborhood sold for in last 6 months), sell very quickly.

A year ago builders were having a lot of inventory spec homes, but these days they are also difficult to find many of them and their prices are still going up.
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Old 07-18-2014, 10:36 AM
 
Location: Simmering in DFW
6,952 posts, read 22,605,221 times
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If you google earth the addresses of long time listings, often you see they have issues with backing up to major roads, being across from high tension towers, or other property sorepoints you cannot see in the listing photos.
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Old 07-18-2014, 12:39 PM
 
Location: Frisco, TX
1,399 posts, read 2,154,294 times
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Also check the school district. There are homes in West Plano that feed to Lewisville ISD.
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Old 07-18-2014, 12:48 PM
 
1,515 posts, read 2,263,237 times
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Quote:
Originally Posted by veuvegirl View Post
The houses I have noticed that have been on the market for long are ones that were not staged (very cluttered, dirty ) and overpriced in the beginning.
Have also seen a few that were laid out very strangely or horribly dated and I mean dated. Others have been cluttered like you say or have had terrible MLS pictures. One listing had blurry photos, photos taken at strange angles and frankly the whole place looked creepy. Slowly though, they seem to get sold but seem to linger there for a bit. One house we looked at and almost made an offer sat there for at least 6 weeks. It was on a rather busy street and the backyard was sort of bleh. It did sell but 30k less than asking price.

So glad that we found our home and are now settled in! I certainly did not like buying in this housing market.
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Old 07-19-2014, 01:16 PM
 
2,674 posts, read 4,374,594 times
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Anecdotally, from my own neighborhood, homes that are priced right and show well, seem to move in a matter of weeks. Homes with issues or unrealistic prices sit. This happens in any market.

That said, even homes with issues will sell, if priced right.
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Old 07-19-2014, 03:51 PM
 
28,564 posts, read 18,576,646 times
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Quote:
Originally Posted by Squirl View Post
If you google earth the addresses of long time listings, often you see they have issues with backing up to major roads, being across from high tension towers, or other property sorepoints you cannot see in the listing photos.
Including serious foundation problems, aluminum wiring in a lot of homes built before 1975, and such things.
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Old 07-20-2014, 08:44 AM
 
Location: North Texas
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Any time you see houses sitting in a hot market it's either over priced, poor condition or location. As someone else said, always Google the address to see what is around it or it backs up to. Poor condition can normally be spotted in the photos and any local Realtor should be able to advise you concerning pricing.

All that said, price is king. I can sell a home in poor condition next to a nuclear power plant if it's priced so attractively that you would be a fool not to buy it. Point is, price always trumps everything else. We still have very low inventory in DFW. Houses in decent shape in locations where people want to live and priced at market will be gone in a few days. I just sold a 600K+ home in 20 days. The buyer paid CASH. Not common but very possible & fast sales push prices higher.

Find the area you want to live and watch what is happening in the neighborhood sales. That way you will know what is realistic, get prequalified and can jump fast when you find the right one. Don't believe the Zillows and Trulias of the world or you will be behind the curve. Either hook up with a local agent, local real estate company website with a MLS link or Realtor.com

All MLS listings are updated to Realtor.com within minutes. The other sites are behind and often use public data like tax values. That can be inaccurate as well as old. Texas is a non disclosure state so no one has to disclose what they paid, however any agent will have access to sold information via the MLS.

Soooo - your answer is yes, it's a very hot market with good homes selling in days and often with multiple offers but still great values compared to other parts of the country. Why? Low rates, good areas to live and JOBS.

The ones not selling are due to condition, pricing or location reasons. Bad if you want move in ready and fair pricing. Good if you are an investor, handyman or rehabber. Those homes with purple paint are sought out by investors and often sold for cash. Junk is not selling - nice is being snapped up.
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