Once one of the ten most popular relocation destinations in the U.S., Plano, Texas has had a reversal of fortune due to the economy, and the area has plunged into a buyer's market. Smart buyers, however, are getting in while the getting is good, say local Realtors.
"Fall is here and sales are spotty and fickle," says Realtor Linda Lanham. "The inventory of homes is up in great numbers. Homes in good to superior locations that are updated and priced appropriately are selling very quickly -- some are having multiple offers! Out-of-town buyers seem to be few, and they seem to be hesitant to commit to a home very quickly."
Lanham advises, "Now is a great time to purchase your dream home -- interest rates continue to be low and inventory is high."
Says Realtor Sheri Stinson, "With mortgage rates on the way up, you may think that is a bad thing for home buyers today. Think again! Even at a point higher we are still enjoying some of the lowest interest rates in decades. The economy is beginning to look better and folks are beginning to breath easier with regard to job security. All this means a healthy housing market. The strengthening economy will pressure mortgage interest rates up slightly by the end of the year, followed by another increase after the first of the year as I predict."
About the market, Stinson suggests, "Homes in our area are moving slower than in previous years because the inventory available. With patience, you should see homes in good condition, correctly priced and aggressively marketed sell for around 98 percent of listed price."
Realtors believe the current buyer's market will end.
"Plano, Texas is a vibrant community offering something for everyone," says Realtor Janet Crisco, "This month over 1,000 homes are for sale between $150,000 and $500,000. This city of 250,000 people boasts abundant shopping, restaurants, cultural venues, medical facilities, churches, and award winning schools."
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Published: November 4, 2003
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