"Schoooooolll's OUT. For. THE SUMMER!" The sun is bright, weather is toasty and the BUYERS ARE OUT! Low interest rates, the $8000 First Time Home Buyer Tax Credit and plenty of homes to choose from are all attracting potential home buyers! Let's look at how Collin County real estate market shook out for May 2009:
- Allen: 399 sales (-27% from prior yr); Avg sales price $234,394 (-8% from prior yr); Avg Days on Market: 86 (0% from prior yr)
- Frisco: 1024 sales (-11% from prior yr); Avg sales price $278,134 (-7% from prior yr); Avg Days on Market: 86 (-10% from prior yr)
- McKinney: 631 sales (-24% from prior yr); Avg sales price $220,302 (0% from prior yr); Avg Days on Market: 84 (+4% from prior yr)
- Plano: 1020 sales (-30% from prior yr); Avg sales price $258,076(-5% from prior yr); Avg Days on Market: 66 (-8% from prior yr)
What strikes me the most are the number of sales that are down across the board in double digits for each city - down from 11 to 30%! NONE of the cities showed an increase in the average sales price.
What does this mean for home sellers? I'll say it again this month. LISTEN UP: It's CRUCIAL to price your home accordingly!! The first 2 weeks on the market are the most crucial. With fewer sales on the books, and many more homes to choose from coming on the market as the selling season gets going, your home needs to be the cream of the crop! You also need to have a REALTOR with an agressive marketing campaign and dominant internet presence. When interviewing agents be sure to ask about this! Also ask how the new Appraisal law will impact how you price your home.
With all of this being said, DFW is still doing GREAT when compared to the rest of the nation! If you want more information about the Dallas or McKinney Real Estate market, go to www.TexasRealEstate.com. Each market is different - contact a REALTOR for information about YOUR area!
As always, remember, sellers have control of only TWO things:
- Price! Don't overprice - enough said.
- Condition! Consult a home stager...it's necessary.
Do you need a Collin County Realtor with an agressive international marketing strategy to get your home SOLD? Contact the Barron-Daugherty Team at d + b real estate today. Summer is here - call us for a NO-PRESSURE home market analysis today. 972-838-5394.
Search homes for sale in the Collin County real estate market.
;)
;)
Kim - excellent points here! It looks like McKinney's price is stable although the activity is much lower than last year. Most people are afraid to sell because of the dour economic talk. Hopefully we will turn a corner soon and activity will start picking back up.
Regarding your points about the 2 things a seller can control - we all have shown many homes that on paper are the same, but due to condition there is a clear winner and loser! Homes must be very clean, painted where necessary, carpets etc in good shape if they want to stand out in this market. Pricing your home a little less to compensate for condition really doesn't work that well with buyers.