This summer in McKinney, TX has been H-O-T! But how is real estate in McKinney and surrounding Collin County cities doing? Is it just as scorching hot, or are we experiencing a chill? Low interest rates, the $8000 First Time Home Buyer Tax Credit and plenty of homes to choose from are all attracting potential home buyers. Is it enough, though? Let's look at how Collin County real estate market shook out for June 2009:
- Allen: 533 sales (-23% from prior yr); Avg sales price $233,166 (-7% from prior yr); Avg Days on Market: 79 (-5% from prior yr)
- Frisco: 1299 sales (-12% from prior yr); Avg sales price $276,424 (-7% from prior yr); Avg Days on Market: 84 (-9% from prior yr)
- McKinney: 822 sales (-23% from prior yr); Avg sales price $221,005 (-1% from prior yr); Avg Days on Market: 84 (+5% from prior yr)
- Plano: 1326 sales (-28% from prior yr); Avg sales price $261,472(-5% from prior yr); Avg Days on Market: 65 (-6% from prior yr)
Like last month, what strikes me the most are the number of sales that are down across the board in double digits for each city - down from 12 to 28%! NONE of the cities showed an increase in the average sales price.
What does this mean for home sellers? I'll say it yet again. LISTEN UP: It's CRUCIAL to price your home accordingly!! The first 2 weeks on the market are the most crucial. With fewer sales on the books, and many more homes to choose from coming on the market as the selling season gets going, your home needs to be the cream of the crop! You also need to have a REALTOR with an agressive marketing campaign and dominant internet presence. When interviewing agents be sure to ask about this! Also ask how the new Appraisal law will impact how you price your home. It could also affect whether or not you close the sale of your home ON TIME.
If I may, I'd also like to address my fellow REALTOR's reading this market update (if you are not an agent, feel free to skip this paragraph). When you read that sales are down about a quarter from where they were last year, what does this mean to you? It tells me there are agents FIGHTING to get the same number of deals sold as last year. It tells me that some may even throw in the towel if they are not able to keep up the same production over last year. You don't have to give up! I'd be happy to help you find a way to make more money, while staying in this industry as we go through the tough times. There are options out there that don't involve quitting a career you may love.
With all of this being said, DFW is still doing GREAT when compared to the rest of the nation! If you want more information about the Dallas or McKinney Real Estate market, go to www.TexasRealEstate.com. Each market is different - contact a REALTOR for information about YOUR area!
As always, remember, sellers have control of only TWO things:
- Price! Don't overprice - enough said.
- Condition! Consult a home stager...it's necessary.
Do you need a Collin County Realtor with an agressive international marketing strategy to get your home SOLD? Contact the Barron-Daugherty Team at d + b real estate today. Summer is here - call us for a NO-PRESSURE home market analysis today. 972-838-5394.
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