Plano, Texas, one of the top ten relocation destinations in the country, is falling into a buyer's market as relocations slow down and local move-up buyers are made nervous by media reports of a housing bubble.
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We have probably moved through the relocation business for the summer and will see the next influx in the late fall," says Realtor Linda Lanham. "Some of the newspaper articles about Zip Code 75093 (Plano) have made local buyers skittish, and this attitude may continue until local buyers feel that the market has stabilized."
She explains, "The Texas A&M Real Estate Center states that sellers have been in the driver's seat for the past several years, and many have chosen to hold out for a good price. Strong demand and limited supply, not speculative bidding, have created the run up in home prices. Inventories of MLS listings and new home construction is growing - these gains in inventory will impact pricing of resale homes."
Says Realtor Marianne Weintraub, "Total home sales = 346. That's down 24.9% compared to 2001."
Plano is a northern suburb of Dallas, about 20 minutes drive from downtown Dallas. Homes are still selling, but not at the quick rate they once were. However, average sales price of homes still is about $224,948.
Realtors Norman and Jeannette Edwards say, "We are not seeing the multiple offers on properties as in the past.
"Homes that are selling seem to have common criteria," explain the Edwards. "Some of these are:
- Priced correctly for their condition and for the current market
- In good to excellent condition. They are updated and have little need for any work to be done by prospective buyers
- Easy to show - there are no restrictions on showings
- Located in a desirable area
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Published: August 20, 2002
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