With the children back in school, I have unofficially declared that the Summer is over. Here in Frisco, Texas, we have had the best summer - weather-wise, I mean. It is not as hot compared to previous years and unfortunately, for the real estate market, it too as not sizzling hot like just the year before.
851 homes sold in Frisco, Texas from Memorial Day through Labor Day. They ranged from the lowest priced home at $75,000 to $1.67 Million dollars. When compared to the same time last year (2006), the most expensive home sold was $2.25 Million dollars. As predicted, it takes a little longer for properties to sell: 73 days at an average when compared to 58 days the year before.
The biggest market movers in the Frisco market are the 150K - 250K price range, then followed by 250K - 500K. Properties are taking approximately 30-45 days longer to sell.
My Comments:
These numbers are possibly the result of the tightening of lender requirements which dampen the entry- and move-up markets. The splashing news about the foreclosures and the fall of the sub-prime mortgages did not help. Even though buyers acknowledge that this is "their market ie buyer's market", many of them choose to monitor the market very carefully. The Texas real estate unlike the California market has not live the "roller coaster" swings: where it is worth $250K when purchased, then in 6 months be worth $500K and a year after that, cannot find a buyer at $166K.
For buyers, you can control how much you want to pay. Hence, working with the area expert is key in guiding you in knowing how much to pay.
For sellers, immaculate homes in the great neighborhoods are still selling, but that is now the exception rather than the rule. Pricing is the key. Acknowledge the fact that it takes longer to sell, hence be willing to price it correctly upfront will assist you in moving on a lot sooner.
The Frisco real estate market statistics I provided above is an overall market summary. Each neighborhood is different (and yes, some are still HOT on the Buyer's lists) and strategy in selling each home is as unique as the Seller itself. For a unique home marketing plan and evaluation of your home's value, call me. If I can help you develop a strategy, call or click the buying or selling links.
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