Frisco's Real Estate Tornado

By
Real Estate Agent with Jeff Fritzson Real Estate, Ebby Halliday Realtors 0629874

Frisco Texas is experiencing a tornado of a real estate season. This happens when any market gets too hot. Whether a market is too cold or too hot it can cause problems for buyers and sellers. In this case there is just not enough homes on the market. Sellers may think this is a great situation but it does not necessarily work out well for either buyers or sellers.

Buying Feels Like a Lottery

In our current market, buyers are starting to stop shopping. Some of my clients have stopped trying to buy in the current market. After losing out on multiple offers over list price to other bids, buyers start getting upset. When you have clients willing to submit over list price offers to get a home and still coming up empty the frustration mounts. We could use some unethical tactics that I have seen in use but once someone breaks their ethics where will they stop.

This is not for all homes. Many for sale by owner homes sit and wait. Even homes represented by agents can sit and wait. This occurs because houses that are not prepared well (remember the 3 Ps of Selling your home) do not get offers. If your home is still not priced properly, presented frequently and prepared properly are still not getting sold as quickly. When buyers are thinking they have to pay over list price to get a home, their demands and expectations increase.

Not Every Home Enters The Tornado

Then there is the other side to this where the sellers are not going to do a thing regarding repairs or preparation. As a seller if you want top dollar and you want it sold as quick as you hear of homes getting sold then you have to be willing to invest your time and sometimes money to get those results. Showing your home improperly loses your advantage of a seller's market. The big advantage in this type of market is the first week on the market. Getting properly prepared is a challenge and if you don;t understand the market, and process you could be leaving tens of thousands of dollars on the table.

Work With a Realtor®

To better secure your success, a professional Realtor® can really earn their money. If your real estate agent simply puts it on the MLS or if that is what you think, then either change your agent or ask questions and start interviewing agents. Understanding the market and even the subdivision can be very important. Evaluating the competition on the market is a key to how well your property will show. Knowing the selling prices of similar homes in the area and the trend of going up or down can be the difference between getting an offer or sitting on the sidelines.

Offers in Hours

My last listing in Frisco was listed under $400K. I worked with the dream sellers. They listened, asked questions and then made things happen. We followed the strategy we set up and ended up listing the house on MLS with proper pictures and staging. It actually hit the MLS at 4:00 PM. By 6:00 PM I had in my hands, already delivered, our first of 7 offers (5 over list price.) This is another reason why you should use a Realtor for purchasing a home. By the time this home showed up on some major public boards, we were already working valid and strong offers.

When you decide you want to buy or sell a home in Frisco, find out what my clients have found out: when you work with me, Your Success is My Focus

For more information about Frisco and the current perfect real estate storm check out this post - Frisco Texas - The Future's So Bright

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Topic:
Real Estate Market Trends
Location:
Texas Collin County Frisco
Groups:
Realtors®
1st Time Buyers
Frisco Texas Real Estate
Local Expert
Bananatude
Tags:
for sale by owner
home buyers
tornado
home sellers
frisco texas

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Rainmaker
1,309,242
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Thoughtful post...my area usually sees your stats within about 4 to 6 months...am hoping we will see thinning inventory/sellers market conditions by our early Fall market.

Apr 24, 2014 06:54 AM #1
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Li - it is a crazy market right now and I am seeing agents cross the line trying to secure a home for their buyers. I hope it settles down some soon.

Apr 24, 2014 07:58 AM #2
Rainmaker
2,230,293
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Always great reading your post, I have missed seeing them. When I'm buying, it is about price, price and price and when I'm selling, it is about price, price and price.

Apr 24, 2014 08:48 AM #3
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Thank you for the kind words. Let's just say things are better for now. I hope to get back in the blogging rhythm.

Apr 24, 2014 08:50 AM #4
Rainmaker
2,762,496
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Jeff,  Our market is experiencing the same.  I never see a need or a justification to throw ethics out the window. We know there are those that do in the name of greed and profit. We can do business honestly and ethically and still have everybody win.

Apr 24, 2014 08:51 AM #5
Rainmaker
795,312
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Agent

We're short of inventory in swfl, too. I won't lie and say I am twice as vigilant watching the other agents right now.  I've also become pretty strict with the clients, too. They need to know that this market is no joke.  The last contract I wrote, yesterday, the buyers were hemming over $5,000 on what they wanted to offer.  I said, if you lose this house will you regret not offering the the extra $5,000?  They offered it, they got the house.  Now they're switching to my preferred lender so that it closes without problems.  If we leave the door cracked in this market something can sneak in and take the deal ...

Apr 24, 2014 07:32 PM #6
Rainmaker
1,366,527
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jeff, no matter what type of market we are in if the property looks good and is priced right, it will sell.

Apr 24, 2014 10:56 PM #7
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Kathleen, Chris and Michael -thank you for your comments and taking the time to read the post. The biggest problem we have now as sellers is will the house appraise. That brings in a whole lot of other issues.

Apr 24, 2014 11:09 PM #8
Ambassador
1,609,760
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

That's a hot market. Oklahoma City is also low inventory but we are hoping that the thought of rising rates and the end of the year will motivate sellers, but not yet.

Apr 24, 2014 11:58 PM #9
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hey Joe - living just north of us I am sure you are hearing some of the stories. I remember when the thought of rising interest rates was to motivate buyers. Perhaps sellers in a hot market would do well to realize that rising interest rates mean fewer buyers.

Apr 25, 2014 12:07 AM #10
Rainmaker
2,422,675
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to low interest rates spurring this on together with the new Real Estate cycle at work...its hard to sit and watch this opportunity fly by....Now or never kicks in

Apr 25, 2014 12:37 AM #11
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Richie - sort of like a perfect storm. While this may seem great for sellers, anything too one sided is never a good thing if it lasts too long.

Apr 25, 2014 01:01 AM #12
Rainer
346,117
Karen Johnson, Realtor, ABR
Addison Wolfe Real Estate - Doylestown, PA
"Bucks County PA Homes"

Hi Jeff, these are great numbers and an easy to read market report. I hope you receive lots of clicks and leads from it!

Apr 25, 2014 11:01 AM #13
Rainer
233,826
IRMA Beltran
Century 21 M & M and Associates-Turlock homes Real Estate - Turlock, CA
Your Real Estate Agent 4 Life Always there 4 You!

Very good blog, we're experiencing the same here in our area.

Have a Blessed day

Apr 27, 2014 01:24 AM #14
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hi Karen - i didn't intend for it to be a mrket report but I see your point. Thanks!

Hello Irma - THank you for your kind words.

Apr 27, 2014 01:49 AM #15
Rainmaker
863,526
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Comes to a point where you cannot sit on the sidelines any longer. Great post.... Have a blessed day!

Apr 27, 2014 03:39 AM #16
Rainmaker
1,324,777
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Sometimes too many buyers can be a burden.  Hang in there!

May 02, 2014 07:42 AM #17
Rainer
88,126
A. J. Zaki
REMAX Realty Pros - Boca Raton, FL
Home Finder In Florida

Thank yu for taking the time to post this useful information. Have great week!

May 06, 2014 06:56 AM #18
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Rainer
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Jeff Fritzson: Frisco Real Estate Pro

Your Success is My Focus!
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