Are you a seller or landlord who is hesitant to enter the housing market in Prosper, Texas? If so, you needn't be. But, that's really easy to say and not have to substantiate. So, let's look at a few recent case studies to help demonstrate what buyers and tenants are saying in today's market and how Prosper is at the forefront of their Collin County home search:
1. THE BUYERS:
1.A. BUYERS- Corporate relocation.
I just finished touring with a $500,000 buyer who was deciding between McKinney and Prosper. He accepted a job relocation to the Legacy Business Corridor in Plano. On first sight, they picked McKinney (more established) and we wrote an offer. Next thing I knew, I was getting a 6am email asking me to rescind the offer and make an offer on a home in Prosper instead. The reason given was that they did not want to spend half a million dollars on a home purchase, just to sacrifice the three things that they wanted the most: A massive kitchen, a 4-car garage and at least a third of an acre lot. They wrote a reasonable offer on a home in Prosper (almost 97% of list, based on the most recent 90-day sales comp figures in the neighborhood) with the ability to close in May without any contingencies. They even joked that I would not be getting a panicked 6am email from them the next day, and I did not. They are very confident that they chose right in Prosper.
1.B. BUYERS- Self-movers.
1.B.1. A family of four came into my open house on Sunday right at 4pm. They really just wanted input. They love the idea of moving to a newer home in Prosper, because they've heard such great things about the community and the schools. But, their budget just would not afford them a $400,000 home. Where in Prosper could they find a home in the $250k-300k range to fit their budget? We DO have options in the $100,000 to $300,000 price range that are very suitable. But, the media hype about Prosper's $350k+ average home sale price makes people think that there aren't opportunities for them in the lower price points. We do have a proportionally higher number of sales in the luxury markets, and our closest Sister-city is Southlake, TX. But, unlike Southlake, we have more opportunities in the $100,000 to $300,000 than they do.
1.B.2. Another self-mover, I had a 40's couple and their 20's Son drive down from Paris, TX to see "what all the fuss was about" in Prosper, TX. They've heard good things and wanted to check it out for themselves, so they drove down on a Sunday afternoon to go through open houses and drive around town. Their overall impression was that they were touring fantastic homes, where the builders appeared to put a lot of quality into the construction. They liked the small-town feel, and yet being so close to all the amenities that they lack, currently being located way out in the country. They are ready to come back toward 'town', but not all the way back in. Prosper is a good fit for them, and they are ready to list their home in Paris and begin making plans to relocate to Prosper.
1.B.3. A third self-mover is a young couple from Lake Highlands. They walked into an open house at a Prosper residence in Steeplechase Lakes that I was holding. All the good things they've heard about Prosper schools had caused them to get into a car and drive over to Prosper on a drizzly, cold, and gray Saturday afternoon (when you would think the weather would keep them away). Their motivation to move to Prosper is very high. Their daughter is going to start school in the Fall. The clock is ticking. Their home is up for sale and they want to be in a home this Summer. This family, moving from Lake Highlands, is all about the smaller, niche (or bedroom) neighborhoods. They don't like master-planned communities. Prosper has both. I have plenty to show them when they take a contract on their current home.
2. THE TENANTS
2.A. Tenant - "Is the home for sale in Prosper also for lease?" Just yesterday, an inquiry was made about leasing a home in Prosper that I have listed in the MLS just for sale. With only 8 available leases in the MLS, we are in a shortage of lease opportunities and have more demand than available inventory. This guy is a corporate relocation from Atlanta, GA. He has been living out of a Hilton Hotel for a month. The company is paying his hotel bill. He came to an open house in Prosper yesterday, photographed every room in the house on his I-Phone for his wife, and called for her feedback. We are talking about converting a sale property to a lease property, and we'll see how that goes this week.
2.B. Tenant - The Prosper downsizer. This couple came through an open house a couple of weeks back. They already live in Prosper, and their home is for sale. They are making plans to downsize within Prosper. They don't want to leave the community, but one of them was laid off from their job and they are blowing through their cash reserves. Everybody has to find their right place, right now. We all know that there is no national housing market, but there are big regions of the country that are still in distress. We aren't out of the woods until all our regions recover. That may be several more years down the road. Recognizing the need to downsize prior to becoming a distressed sale or lease is a smart decision for families that need time to recover financially. The stress of riding out these times, for several more years, can exact too big a toll.
These are not people who I've met over the course of the last year or even the last six months. These are people I've encountered in the last 30 days, mostly from holding open houses. Both open houses I held this past weekend produced resulting showings. We had four groups through the home on Saturday in Willow Ridge and four different groups through the home on Sunday in Lakes of La Cima. 3-4 groups of people are pretty typical right now through most of the open houses I'm holding in Prosper this year. Prosper is in demand, for both sales and leases. Our average sale in the last 90 days is higher than you might think, and definitely higher than other parts of Collin County. We are not immune to bank-owned or distressed properties, but they are a small portion of our limited available inventory. Builders are putting up new homes all over town, and Prosper is experiencing commercial growth, as well. All signs are positive in 2010, and any hesitation is unnecessary. Make whatever move is right for you, and do it confidently. The Prosper sale and lease comps support it!
Have a blessed day!
Ronda
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