Wylie, TX

Is it better to rent right now? According to the Government it is!

For the first time in memory according to Market Watch online, the Obama Administration is telling folks it is better to rent than buy right now! You can read the article here. It says with more than 5 million homes going into foreclosure over the next two years that there will be no shortage of renters.

If you think about it, with all of those foreclosures predicted the owners who walk away are our future renters. Owners of the rental homes have to be flexible and look at these folks as potential customers. They have to look at the whole picture and consider a homeowner who lost their home to foreclosure. I have found most of these renters to be excellent tenants who have good jobs and payment history on their mortgage until the foreclosure!

For those of us who are already set up in property management , this is a good news for our business. We are currently making alot of changes in our office to accomodate this niche business even more. Last year we leased 36 homes and listed for lease 28 homes. I expect this to double this year.

With more renters renting we are also seeing increasing rental rates and homes flying off the market. I am working with a couple now who has applied for several homes only to be told that there were multiple applications, with people offering double deposits to get the home!

What happened in Wylie TX – January 2012

Happy New Year to everyone! Here’s a recap of what the real estate market in Wylie TX was doing in January 2012.

Homes priced $0 - $200k – 24 homes sold and closed in January 2012. Of these 24 homes sold; only 7 of them were priced over $150,000. The average timeframe to sell was 104 days. This means that homes in the lower price points are MOVING!

Homes priced $201k - $300k - 16 homes sold and closed in January 2012. The average sales price was $235,000 and the average timeframe to sell was 133 days.

As buyers begin looking at homes to purchase, they currently have a good selection to choose from! Buyers are also still getting loans locked in with 4% or less interest for 30-yr fixed. There are 132 homes for sale under $200,000 in the Wylie area. There are 88 homes to choose from between $200k-$300k. No matter what you are looking for, we can find it for you.

Wylie Texas Lease Homes Market Report for January 2012

Leased for $775.00

Twenty one homes have leased in Wylie, Texas since the first of 2012.

Lease prices ranged from $775.00 to $1650.00.

The average leased home was $1368.00.

The oldest home was built in 1970 and the newest leased home was built in 2007.

Square footage ranged from 1316 to 3039.

This is a great start for owners who are leasing their 3.2.2 homes ! Our office gets calls for leases daily! The main price range callers are asking for is $1300.00 per month or less. In my opinion, if you have a newer home built in the 2000's and keep the rent under $1400.00 you are going to have a very good investment and keep tenants.

Wylie has so many subdivisions that are within walking distance to 8 grades. This is a big plus for working parents. There are homes for lease in wylie for all life styles.

Leased for $1650.00.

The average days on market was 37 days! Now that is a reason to lease your home!