Current conditions of Frisco TX homes for sale market:
The numbers are in and across the country, the front page news splashed all over stating that we just suffered the BIGGEST US Home Sales plunged over 25% in decades, reaching the lowest level since 1999. The National Association of Realtors further add that July 2010 will go down for the largest monthly drop in 4 decades (largest since records have been kept). Reports show that the housing market has not been able to build momentum from the home buyers' tax credit offered by the Obama Administration.
To add fuel to the fire, the New Homes Sales which came out 2 days later showed that it dropped 12.4 percent in July from a month earlier.
So what does this mean to you as a Frisco TX home buyer or seller?
First of all, real estate is highly localized. The numbers that you hear on the news paint an overall American picture across the country. But we live here in Frisco TX. Therefore, we need to seek Frisco TX statistics rather than overall US statistics.
Not only is real estate local, real estate is also very specific to price range. If you are in the higher Frisco TX luxury home markets, the inventory is not moving much. But if you are dealing in the lower-end homes (less than $350K), majority of the Frisco TX homes that sell are less than 30 days.
Depending on the position you are, whether you are a home buyer or home seller, you need to strategize your local market statistics to your advantage.
In addition, real estate is also neighborhood specific. Some neighborhoods were not affected at all by the foreclosure and short sale markets. Some neighborhoods which continue to be highly desirable are appreciating more than 3% per year, yes, even in this market. Some neighborhoods are flooded with lender inventories. Nothing is moving except for distressed sale conditions and regular sellers cannot afford to price their properties to compete with foreclosures and short sales. In short, you need to understand the neighborhood specific market trends in order to negotiate successfully.
Just based on Frisco TX July 2010 Homes For Sale Market Report, the number of transaction are down from a year ago, but the average price per square feet and median price is inching up. So, as a Frisco TX home seller, there is nothing more important than pricing your home correctly the first time because you only have a 30-day window to best sell your property. As a Frisco TX home buyer, although the national news may seem to be to your advantage, attractively priced properties are typically what you have to fight through in order to become successful.
As a general observation to the Frisco TX home market, the buyers are submitting much lower than anticipated offers than before. At the same time, many properties that just come on the market are overpriced.
So, to set the record straight, the Frisco TX housing market is not as bad as the news media painted.
Other Related Frisco TX homes articles:
- Frisco TX April 2010 Homes For Sale Market Report
- Frisco TX May 2010 Homes For Sale Market Report
- Frisco TX June 2010 Homes For Sale Market Report
- Frisco TX July 2010 Homes For Sale Market Report
-
Frisco TX 2009 Housing Market Report
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Loreena Yeo
-
Realtor® in Frisco TX
Realtor®/ Broker of
3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, & North Dallas area communities.
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Copyright © 2010 by Loreena Yeo (3:16 team REALTY)
Original Source:
Setting the Record Straight in the Frisco TX housing market - mid August 2010
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