Prosper, TX

Moving to Texas

By the numbers

• 23,507,783 people (2006 census estimate) reside in Texas. For more demographic data about the Lone Star State, visit the official site of the Census Bureau.
• 262,017 square miles of land; equal to 7.4% of the total area of the United States, and second only to Alaska for size
• 4,790 square miles of inland water
• 367 miles of coastline
• 801 miles is the longest point from north to south within Texas
• 733 miles is the state's widest point from east to west
• 8,749 feet - Guadalupe Peak, the highest elevation
• 305,951 miles of roadways, more than any other state CONTACT TIFFANY SHARKEY OR TONYA PEEK 214-356-4472 FOR MORE INFORMATION ON MOVING TO PROSPER TEXAS!

Moving to Texas

Congratulations and welcome to the Lone Star State. Texans are friendly people. In fact, our name comes from the Caddo Indian word tejas, which means friend. We are very proud of our state - and you will be, too. There's an old saying among naturalized Texans, "I wasn't born in Texas, but at least I got here as fast as I could."

Texas' size is matched only by its diversity - people of different cultures coexist and several different industries flourish. You'll also find a variety of food, music, languages, entertainment, employment opportunities, professional sports, and outdoor activities.

The Texas Department of Information Resources has put together TexasOnline.com, a nationally recognized, award-winning portal for the citizens of Texas. You'll find links to Web sites for counties, cities, chambers of commerce, schools, and libraries. You will also find answers to questions about state laws, state government, required business licenses, taxes, and much more. We specialize in Frisco, Texas & Prosper, Texas as well as Plano, Allen & McKinney CONTACT TIFFANY SHARKEY OR TONYA PEEK FOR MORE INFO ON MOVING TO TEXAS 214-356-4472.

Now that we've entered the 4th quarter of the year, it's a very good time to stop and analyze the housing market in Prosper, TX and see how things are doing:

Active homes in Prosper: 169 Active listings in the MLS.

We had a solid September and October showings and sales show that Prosper, TX is a hotbed of activity now that we're beyond the 100-plus degree heat of August. At only 169 homes available, ranging in price from $140,000 to $21 million, choices are limited and market conditions fluctuate from balanced to seller's market conditions depending on the price point. The only saturated price point in Prosper is the $300,000-$400,000 range. Below and above, the numbers of available homes are pretty limited.

New home inventory in Prosper: 28 Active listings in the MLS.

There are only 28 homes that were built in 2009 by builders that are currently Active in our MLS in Prosper. We are actually much leaner on builder inventory in 2009 than we were at this time last year. It took longer to move inventory from 2008, which slowed resale sales in the early Summer. By late Summer, most of that 2008 inventory was in sold status and the builders remain cautiously optimistic about the market and are doing more build jobs than spec homes. That is a very common reaction to a recessionary housing market. Watch for continued emphasis on build jobs in 2010, as many builders are still recovering from the negative cash flow of the recession.

Lease homes in Prosper: 19 Active listings in the MLS.

Residential leasing was a pretty new concept to the Town of Prosper in 2008. But, smart homeowners saw an opportunity to ride out the recession by listing their home for sale OR for lease, and letting the needs of the market determine the result. They may have had some encouragement from folks like yours truly, encouraging them to consider becoming the landlord of their home. 45 homeowners leased their home this year for rents ranging from $1145 per month to $5000 per month. Buyers demanded leases in Prosper this Summer. We had calls on listings for sale to inquire if the owners would consider leasing. I call these tenants "buyers", because in many cases, the families were telling me that they wanted to lease the home they could potentially buy, when their current home sold. They moved to the Dallas area, chose Prosper, and required a lease because they still maintained a home in another city/state. Nobody wants to be forced to move twice. On the homes I have leased in 2009, I followed up with the owners and not a single one had problems with late rents. That was the #1 fear of the owner/landlord, and it wasn't happening. These were good families helping good families, and they have been mutually beneficial relationships. We're actually getting into multiple offer situations on leases in Prosper, because we're down to just a few homes in each price point.

The outlook for the housing market in Prosper, Texas in 2010? Unless the first-time home buyer incentive is extended and expanded to all homeowners and not just first-timers, I don't see the 2010 housing market in Prosper being too different from the 2009 housing market. We're selling homes very close to 2007 prices. If sellers will be realistic about the fact that a recession did occur and we're just barely creeping our way out of it, they won't try to price their home beyond the what the market will bear and they will get sold or leased. If unrealistic, and priced beyond our market conditions, you will likely get that monthly looky-loo, and may even make the short list for a buyer because your home is newish and beautiful and big, but you aren't likely to achieve that coveted #1 choice that gets the offer.

Stay REAL in 4th Quarter and get SOLD/LEASED!

Have a blessed day.

Ronda

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As a Realtor in the North Dallas suburbs, we were pretty fortunate to be one of the last large metropolitan cities in the nation to feel the impact of the recession. We have also been fortunate to feel the rebound happening pretty rapidly all across the Metroplex. However, going into 4th quarter, 2009, I am a bit wary that we could have another wave of foreclosures caused by delinquent mortgages in Collin County. 96 banks have failed so far in 2009. Some people have confided in me that they are barely hanging on. We remain cautiously optimistic, but with emphasis on the caution.

We saw a good amount of activity this Summer/Fall in Prosper. If you are in the area, you couldn't miss the signs going up and coming down. Homes were selling AND leasing. Leasing was a relatively new concept to our area, but the agents quickly grasped that we had solid buyers who were only looking for leasing opportunities until their current homes sold. Thus, in many cases, we were leasing to the prospective buyer. Being open to letting the market dictate whether the home would sale or lease was one reason why we saw the activity in our market improve.

I suggest Fall/Winter 2009 is another quarter or two where we should consider listing for sale or lease and let the market dictate the direction. For those who might be delinquent in mortgage payments, a lease can solve the immediate problem of making the mortgage payment and buy the owner time to get current. Our buyers seem to be wanting to close quickly. They had their own homes on the market in other states for so long, that by the time they reach us, they are weary and want this purchase transaction completed in 2-3 weeks. They want to be done with the whole process. They are ready to get settled and get on with their lives.

We do have some issues happening in our MLS that you need to know about:

1. Z-sales are undisclosed sales and do NOT mean that the seller got their full asking price.

2. Not every Z-sale is actually identified as one in the MLS. What are the odds that a half million dollar

home listing is selling for half a million dollars right now? If it looks to good to be real in a buyer's

market, then it is too good to be real. Those were negotiated sales.

3. These Z-sales and undisclosed sales have caused an inflated value in our comps in most

neighborhoods. Sale comps rule in a buyer's market, and the house must be able to appraise.

Don't just look at the ACTIVE listings. Those are your competition. But, really analyze the SOLD comps

for the closest homes to yours, and price the house right.

4. If you are listed, are priced above $350,000, and are only getting 1-2 showings a month, you are not

positioned properly for the showing volume we're seeing in Prosper. Don't blame that on the economy.

Adjust your strategy, align with sale comps, and start getting 1-5 showings per week. If you aren't

getting steady and predictable traffic through the home, your chances of selling in 2009 are slim.

Be REAL, and be SOLD/LEASED.

Have a blessed day!

Ronda