Frisco to Reach 140,000 Residents This Month

Legacy West Announced

Much Larger than Shops at Legacy

J.C. Penney has teamed up with three real estate companies to develop the 240 acres by its headquarters in Plano, the large empty tract of land at the southwest corner of Dallas North Tollway and 121 Tollway.   The massive tract, larger than the 168 acre Shops at Legacy, will be a mixed-use development similar to Shops at Legacy with high rise offices, a hotel, restaurants, theaters, apartments and town homes.  Karahan Cos., the developer of Shops at Legacy, is the lead developer along with Columbus Realty (apartments) and KDC.  It is expected to have the walk-friendly feel similar to the Shops. 

–         Dallas Morning News, February 6, 2014(Excerpts)

No sooner than Frisco had surpassed 138,000 residents on January 1st, it is now expected the city will surpass 140,000 in February.    Frisco ISD is now projecting 20,000 additional students over the next six years as the district readies for its next school bond program in May.   This newest bond will allow for the construction of 14 additional schools over the next six years, not including the five new schools currently under construction.  By 2020, the school district will have surpassed Plano, Lewisville and Garland in size, making it the fourth largest district in North Texas.  By 2025, it will have surpassed Arlington and will rival Fort Worth ISD in size.

–          CBS 11 News, February 1, 2014 (Excerpts)

North Texas School District Enrollments:

District

Now

2020

Frisco ISD

45,000

66,000

Plano ISD

55,000

54,000

Arlington ISD

64,000

68,000

Garland ISD

58,000

65,000 (in the next 15-20 years)

Lewisville ISD

53,000

54,000

Fort Worth ISD

84,000

89,000 (in the next 10 years)

Dallas ISD

159,000

160,000

 

Frisco: 2,200 Building Permits in 2013

Workers cannot build the homes fast enough, and community leaders say the growth is only picking up steam.    The city issued 2,200 residential building permits in 2013,  the most in the city’s history.   Frisco’s housing boom has lasted for 14 years, and all indications are that 2014 will top 2013 in building permits.    Several new developments are to be announced in 2014.

Permits for Single Family Homes in 2013:

Frisco

2,215

Plano

410

McKinney

1,834

Allen

463

Prosper

486

Dallas

1,318

Fort Worth

3,304

 


5 Reasons You Shouldn’t For Sale by Owner

Do-Not-FSBO

Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). We think there are several reasons this might not be a good idea for the vast majority of sellers.

Here are five of our reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.

§ The buyer who wants the best deal possible

§ The buyer’s agent who solely represents the best interest of the buyer

§ The buyer’s attorney (in some parts of the country)

§ The home inspection companies which work for the buyer and will almost always find some problems with the house

§ The appraiser if there is a question of value

§ Your bank in the case of a short sale

2. Exposure to Perspective Purchasers

Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3.  Results Come from the Internet

Where do buyers find the home they actually purchased?

§ 43% on the internet

§ 9% from a yard sign

§ 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can’t both save the commission.

Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000.   This doesn’t mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.


5 Reasons to Hire a Real Estate Professional

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We are often asked if it makes sense to hire a real estate professional when buying or selling a home. We always emphatically answer – YES!

Here are five reasons why:

PAPERWORK

An agent will help with all disclosures and paperwork necessary in today’s heavily regulated environment. This helps remove much of the liability a buyer or seller could face.

EXPERIENCE

Navigating today’s real estate and mortgage processes can be like walking through a minefield of challenges. Real estate professionals are well educated in and experienced with the entire sales process.

NEGOTIATIONS

Negotiating such a large financial transaction can get tricky. Agents act as a ‘buffer’ in negotiations with all parties throughout the entire transaction.

PRICING

Real estate professionals help buyers and sellers understand the true real estate value of a property in today’s market. This is crucial when setting the price on a listing or on an offer to purchase.

UNDERSTANDING OF CURRENT MARKET CONDITIONS

There is a plethora of housing information available today. The challenge is that some information appears to be in direct conflict with other pieces of information. A true real estate professional can simply and effectively explain today’s real estate headlines and decipher what they mean to you.


National Association of Realtors’ Home Sales Report

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The Two Things You Don’t Need to Hear from Your Listing Agent

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You have decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:

1.    Set the market value on possibly the largest asset your family owns (your home)

2.    Set the time schedule for the successful liquidation of that asset

3.    Set the fee for the services required to liquidate that asset

An agent must be concerned first and foremost about you and your family in order to garner that degree of trust.  Make sure this is the case.

Be careful if the agent you are interviewing begins the interview by:

  •  Bragging about their success
  •  Bragging about their company’s success

An agent’s success and the success of their company can be important considerations when deciding on the right real estate professional to represent you in the sale of the house. However, you first need to know they care about what you need and what you expect from the sale. If the agent is not interested in first establishing your needs, how successful they may seem is much less important.

Look for someone with the ‘heart of a teacher’ who comes in prepared well enough to explain the current real estate market and patient enough to take the time to show how it may impact the sale of your home. Not someone only interested in trying to sell you on how great they are.

You have many agents from which to choose. Pick someone who truly cares.


Don’t Wait! Move Up to the Home You Always Wanted

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Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still below 5%.

However, sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease.  Look at the chart above detailing this point.

 


Just the Facts

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Remax DFW Only Has 358 Active Listings

Four years ago our company averaged 1,400 active listings, and that monthly number would drop to 1,100 during each year’s holidays.    As the market has changed from a buyer’s market to a seller’s market, the number of active listings has plunged.   Our current listing count is 35% less than one year ago for the start of the new year.   Listings sell within hours of activation.  Will this change in 2014?   Call me to discuss. If you would like to register to receive up-to-date market information for your neighborhood, log into www.YourHomesValueFREE.com and you will automatically receive the information.