Commentary of Frisco TX homes for sale market:
It is time for an early Frisco TX homes market summary review. I attended several meetings about market forecast about the real estate market in 2011. Here's what I found out: Some are either too optimistic while others are a damper to the local Frisco TX homes market. These will always be opinions of what people think and as you read this article, the Frisco TX homes early 2011 commentary will also be a matter of MY opinion. It is also based on my interactions with actual Frisco TX home buyers and sellers about the Frisco TX housing market as well as the economic outlook:
The 2010 Frisco TX Homes market turned out okay. Nothing spectacular, but nothing bad either. As expected, Frisco TX sold 22% less homes in 2010 than it did in 2009. Also, the Federal First Time Home Buyer tax credit did not spur additional sales like it intended to. It only inspired home buyers who already had plans to purchase in 2009 and 2010 to do it before the Tax Credit ended on April 30 2010.
Here in Frisco TX, the typical real estate "busy" season begins from April through August. After the April Frisco TX home sales numbers soared 22% and May 2010 did just as well as 22%. June 2010 closings was the same as the previous year, but in July, the Frisco TX home sales number fell 35% and down 37% in August.
Real estate mortgage interest rates seem to be edging upwards. At the time of this publication, a 30-year mortgage is hovering around the 5% range. It seems that just 6 months prior, the rates were around the mid 4% rates. Some buyers are feeling discomfort about the rise and are now making the decision to jump off the fence because they have been waiting for prices to "bottom out" in Frisco TX. PENT UP DEMAND.
Frisco TX continues to be a favorable choice of city to live when buyers relocate to Frisco TX. Companies make business decisions to relocate to the North Texas area because of Texas's favorable business climate conditions that let businesses keep more of their profits. At the same time, their employees want to relocate to this area because there is NO state income tax and low cost of living here in the Frisco/ North Texas region. Then, it is just a matter of which suburban cities to select. Frisco TX often tops home buyers list because our Frisco TX homes are generally "newer" - a large selection built after 2000. The desirable home floorplans have slowly evolved since the mid-90s and Frisco TX seems to offer the open family room to kitchen floorplans along with the 2-story magnificent floor-to-ceiling 22-ft space.
Frisco TX Inventory Level. Based on current Frisco TX home inventory level, we are sitting right at 6 months supply - which is at an "equilibrium" state. When inventories fall below 6 months, we can expect to see Frisco TX home prices go up or if it rises over 6 months, Frisco TX home prices expect to go down.
Frisco TX New Homes Inventory & Construction Update. Frisco TX continues to top the new home sales & inventory levels, especially in the $150,000 price range and up. New home sales and inventory in Frisco TX go well into the Million Dollar estates. The First Time Home Buyer tax credit created new homes sales in Frisco TX. At the moment, Frisco TX has a 33-month surplus supply of lots available for new home construction. By the end of 2011, Frisco TX expects shortages of lots.
Frisco TX Foreclosures Market. 292 homes in Frisco TX were sold by lenders. In consumer terms, these are called "Foreclosure properties". The majority of the Frisco TX home sales (85%) occurred under the $350,000. The foreclosure inventories have subsided in 2010 when compared to 2009. However, it is said that banks still have foreclosure inventories to release in the Frisco TX market. They have been releasing them for sale slowly as in not to flood the housing market to maintain the Frisco TX home prices.
3:16 team REALTY's outlook on the Frisco TX homes sales market. It has been a very busy January 2011, by far the busiest ever since 3:16 team REALTY's broker of record, Loreena Yeo have been in the business since 2003. Correctly priced homes (3:16 listings) have continuously sell within the 30-45 day time frame, bringing much satisfaction to Frisco TX home sellers.
Summary to the Commentary. There are many economic and political news pending 1Qtr of 2011 that could affect how the Frisco TX housing market will fare. At the end of March 2011, the Congress will have to vote on debt ceiling - whether we want to start living less than we make, or continue to postpone the debt repayment to our future generations. For the past few years, small business owners - who are the backbone of the US economy have been hoarding cash in fear of uncertain economic futures. 2/3 of American jobs today are created by small businesses and if these small businesses have been tired of waiting and begin to hire again, we could slowly dig ourselves out. One small business owner at a time.
The driver of home sales in Frisco and Collin County is job growth and we have been known for that stability for a while. We could be in the early stages of recovery but there is alot of work to be done. It is not going to look pretty but one home at a time.
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3:16 team REALTY is a locally-owned Frisco TX real estate brokerage that serves buyers and sellers in and around the Frisco TX areas.
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Originally posted on Early 2011 Outlook on Frisco TX Homes Market
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