not many new listings in plano/frisco/allen? (Carrollton, McKinney: for sale, houses)

[tony98]

Hi folks,

I recently refreshed redfin everyday, and found out that there are not many new listings on redfin for zipcode of 75025,75024,75013,75002 or frisco. does this indicate the market is cooling down? I went to a few open house in Frisco last Saturday, there are actually not many visitors as well.

what do you think?

[BayTexan]

No - it just means that we are still in winter and this is not the time that many people list their homes for sale and buyer action is also muted. Typically, inventory (and buyer interest) picks up starting in March/April and the spring buying frenzy sets in (so people can close by the summer and move in/out before schools start).

Originally Posted by tony98

Hi folks,

I recently refreshed redfin everyday, and found out that there are not many new listings on redfin for zipcode of 75025,75024,75013,75002 or frisco. does this indicate the market is cooling down? I went to a few open house in Frisco last Saturday, there are actually not many visitors as well.

what do you think?

[Rakin]

Stop using Redfin and get your agent to set you up with a direct feed from the MLS as they come on the market.

[TeamLynn]

No....it is not slowing down...just the opposite....just heating up.
Most of the big moves you've heard about...haven't happened yet.
People talk about Toyota and they have moved some people here, but the building isn't finished.
Most won't move here until they are ready to move in.
Same with most of the other moves...announced but hasn't happened yet.
Just worked on a sale last weekend that has 20 offers on a $245,000 house in Carrollton.
To me that is not an indication of a slowing market. That means there are a minimum of 19 families ready, willing, able to buy who are still in the market and actively searching.
Don't waste time going to open houses unless you just want to get an idea of what homes look like.
In today's market...typically two types of open houses. One for houses that are not selling for some reason....maybe condition or higher price....second is for new agents to try to pick up buyers.
Rick has good advice too...if you are serious, get your agent to set you up on a direct feed to MLS. Sometimes the other sites can work, but too often the info is outdated.

[Katana49]

Give it two months... there will be a huge wave of homes for sale. This is the slowest time of the year.

[BigDGeek]

Agree with the others...it's the time of year. Just wait a couple of months.

[Katana49]

Even though this is the slowest time of the year, the housing market here is still incredibly strong.

My neighbor a few doors down listed their house for sale in November. Approx ~4300 sq ft, .3 acre lot. They listed at $625k, or about $145/sq ft. We (and several of our neighbors) thought they were crazy, that their house would never fetch that high of price. They ended up getting $140/sq ft.

Our home is by the same builder, same kinds of upgrades... but we are 1100 sq ft bigger. We had been thinking our home was worth about $650k, but using $140/sq ft as a comp, our home is $756k. That's about $100k more than we had thought.

[tony98]

Originally Posted by Katana49

Even though this is the slowest time of the year, the housing market here is still incredibly strong.

My neighbor a few doors down listed their house for sale in November. Approx ~4300 sq ft, .3 acre lot. They listed at $625k, or about $145/sq ft. We (and several of our neighbors) thought they were crazy, that their house would never fetch that high of price. They ended up getting $140/sq ft.

Our home is by the same builder, same kinds of upgrades... but we are 1100 sq ft bigger. We had been thinking our home was worth about $650k, but using $140/sq ft as a comp, our home is $756k. That's about $100k more than we had thought.

omg, did you sell your home? you must be lucky enough to make some good money

[Katana49]

Originally Posted by tony98

omg, did you sell your home? you must be lucky enough to make some good money

After hearing what our neighbor got for their house, I admit I considered putting the house up for sale this spring already.

BUT... From what I'm seeing, if our house is $750k, we'd have to spend about $850-$900k to have an appreciable upgrade on our house. At least, that's what I've seen based on what houses are available for sale right now.

I'll look again in a few months, but we ran into this same problem when we sold our old home in McKinney... We thought we could get everything our old house had, plus take care of a few shortcomings it had as well... if we spent $100k more than what our house was worth.

Nope.

Had to go $150k higher to find everything we had and everything we wanted. Even then, there were compromises, so we upped our budget even further, to $200k over our old home, to be completely satisfied.

I realize that's not the norm. Most people have a budget of +/- $50k or so, so compromises have to be made, especially in this current market. Our situation was a few years ago, it's only gotten worse.

But, we'll see, knowing I've got ~$500k in equity in my home gives us some options come spring.

[tony98]

Originally Posted by Katana49

After hearing what our neighbor got for their house, I admit I considered putting the house up for sale this spring already.

BUT... From what I'm seeing, if our house is $750k, we'd have to spend about $850-$900k to have an appreciable upgrade on our house. At least, that's what I've seen based on what houses are available for sale right now.

I'll look again in a few months, but we ran into this same problem when we sold our old home in McKinney... We thought we could get everything our old house had, plus take care of a few shortcomings it had as well... if we spent $100k more than what our house was worth.

Nope.

Had to go $150k higher to find everything we had and everything we wanted. Even then, there were compromises, so we upped our budget even further, to $200k over our old home, to be completely satisfied.

I realize that's not the norm. Most people have a budget of +/- $50k or so, so compromises have to be made, especially in this current market. Our situation was a few years ago, it's only gotten worse.

But, we'll see, knowing I've got ~$500k in equity in my home gives us some options come spring.

Cool! I visited a $550k house in Frisco, that is damned huge! will you worry about resale if house price is above $800k?