In the North Texas region, sale comps rule when it comes to determining the market value of homes. We have a market that has a large corporate base, so there is a steady turn of homes throughout the year. Supply determines value, too. When supply of homes is saturated, our home values drop. When supply diminishes, those values appreciate.
When a balanced market returns, as is the case in Prosper, Texas, buyers need to listen very carefully to their agents when they tell them about sale comps in the area and how that impacts the market value of each home. We have a very educated seller-base, which means that the listing agents are doing a tremendous jobs of educating their clients on sales comps at the time they list the home. It is a competitive advantage to know enough about a neighborhood to know when a home has been priced correctly right from the start, or when it has reduced in price to the point where it becomes a great value. Not every home has the wiggle room in the price that the buyer would hope for. Some homes are priced at or under market value from day one.
Luxury homes in the North Dallas suburbs are selling. Prosper, Frisco, McKinney, Allen, and Plano are all seeing sales in price ranges that were stagnant just a year ago. We have 90-day sold comps that agents, lenders and appraisers use to determine if fair market value has been established on a home.
The best tip I can give a buyer purchasing a home in Prosper, Texas this Fall is: Don't get over-greedy and try to steal away the seller's equity. The owner was smart enough to purchase a home in Prosper in 2004 to 2007. Like fashion trends, the recession is so-last-year. Sellers in Prosper know how to say 'no, thanks' to a bad offer - and if they are wise, they'll submit a thoughtful counter-offer and get the deal done.
Have a blessed day!
Ronda
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