Plano real estate slowing? (Dallas, Frisco: sales, houses, neighborhood)

[Bp25]

Is anyone selling their Plano home seeing less traffic? We got a lot of traffic for the first week in north Plano, then it went quiet. Wondering what happened that I'm nor aware of.

[lakeside15]

Not sure about Plano, but the Dallas areas that I'm following certainly seem to be slowing. Houses are sitting longer and I see more and more price reductions. It could just be seasonality, rather than a market shift, but that remains to be seen.

[Peter5457]

Here in north central plano seems fine. House in my neighborhood got offers first day , open house with good traffic. I thought it was listed high at $350K for a smaller house but it is a great neighborhood with great schools too.

https://www.redfin.com/TX/Plano/2225.../home/32219076

[Soh Cah Toa]

I don't know if the market is slowing, but it's definitely not what I expected now that I've started looking. After all of the stories I've heard, I expected to see homes go on and off the market within hours or a few days. I expected all of the homes to sell well over asking.


It has not been that. From what I've seen in the areas I'm looking, maybe 1/3 of the homes come off the market in the first week. It's rare that I've seen homes sell over asking price. Maybe 5% of the homes I've seen in Dallas go over asking price.


I do believe the inventory is low right now. That's the only expectation that has held true, but it's not the fire storm that I expected.

[Katana49]

I think a lot of people have gotten greedy and are listing higher than what the market will bear. It's a rising market, but you still have to price your home for what the market is NOW, rather than what you think it will be 6 months to a year from now.

[TurtleCreek80]

Originally Posted by Katana49

I think a lot of people have gotten greedy and are listing higher than what the market will bear. It's a rising market, but you still have to price your home for what the market is NOW, rather than what you think it will be 6 months to a year from now.

This is definitely happening more frequently. I've noticed in my Dallas neighborhood that the homes that listed in the spring with prices that made me roll my eyes and say "yeah, right" are still on the market, while everything else has sold.

OP, another thing is that in Dallas the main selling season is from March to Memorial Day. Most people don't list in the summer unless the absolutely have to so there are fewer new listings and more "leftover" houses from the spring market that were overpriced or have issues or aren't updated.

If you're looking in the <$500k range, anything priced accurately is moving fast. It's less of a seller's market over $500k.

[BigDGeek]

Originally Posted by TurtleCreek80

This is definitely happening more frequently. I've noticed in my Dallas neighborhood that the homes that listed in the spring with prices that made me roll my eyes and say "yeah, right" are still on the market, while everything else has sold.

OP, another thing is that in Dallas the main selling season is from March to Memorial Day. Most people don't list in the summer unless the absolutely have to so there are fewer new listings and more "leftover" houses from the spring market that were overpriced or have issues or aren't updated.

If you're looking in the <$500k range, anything priced accurately is moving fast. It's less of a seller's market over $500k.

The "yeah rights" in my neighborhood are all off the market. Then again we're still sub-500k around here.

[unknown00]

Nothing has changed. The $500k+ (you can argue $400k+) has always had a surplus and been relatively more difficult to sell. Only difference is now more people think they're worth $500k+ so the surplus continues to grow

[Soh Cah Toa]

Originally Posted by unknown00

Nothing has changed. The $500k+ (you can argue $400k+) has always had a surplus and been relatively more difficult to sell. Only difference is now more people think they're worth $500k+ so the surplus continues to grow

That may explain it a bit. I've been looking at house sales since December, and I hadn't seen those crazy trends. I've always assumed that the cut off for when the activity wasn't insane in the area was closer to 700k+.

[TurtleCreek80]

Originally Posted by Soh Cah Toa

That may explain it a bit. I've been looking at house sales since December, and I hadn't seen those crazy trends. I've always assumed that the cut off for when the activity wasn't insane in the area was closer to 700k+.

The cutoff price depends on where you are looking. For most of the northern burbs its going to be $500k because of the relation of $500k to median sales price. If you're looking in WillowBend or Southlake or the Park Cities or Lakewood, the competitive "cut off" prices are going to be much higher because the median prices in those areas are well north of $500k. So it could be $700k if you're in Lakewood, but not if you're in Frisco. Make sense?