Navigating a Hot Housing Market
To say that the Dallas-Fort Worth housing market is hot is an understatement. It’s standing-on-the-surface-of-the-sun hot. Over the past five years, DFW housing prices have risen an astounding 43.3 percent.
In this post we look at navigating a hot housing market, particularly for people searching for homes for sale in Frisco, TX or trying to understand the Frisco real estate market, not to mention understand what’s going on in surrounding communities.
But first, let’s look at the numbers and why the DFW market, including Frisco real estate, is so crazy hot.
DFW Real Estate Numbers
As one area real estate analyst has said, “It is stunning to see this kind of growth.” The 43.3 percent growth in North Texas home prices has never happened before.
Another milestone to note: North Texas preowned home sales topped 100,000 (101,529 actually) for the first time ever in 2016.
The gains occurred even with home prices rising to record highs. The median price of homes sold in the DFW area in December reached $232,000 — up 10 percent from 2015. Median sales prices are more than 50 percent ahead of where they were during the most recent recession.
The years of escalating home prices is a reason why North Texas wasn't ranked in the Top 10 of U.S. Metropolitan areas to watch in Realtor.com's 2017 Housing Forecast. Instead, the region ranked No. 48 out of 100 with home prices expected to increase 4.13 percent and sales growth at 5.09 percent into 2017.
With such strong housing demand in the DFW area, analysts are not looking for a cool...
Grand Park and the Canals at Grand Park
Anybody looking for homes for sale in Frisco, TX will undoubtably come across three developments of note — The Canals at Grand Park, Grand Park, and Park West (Frisco Parks and Rec Master Plan). What makes these worth considering over other Frisco real estate options?
The temptation is to say “planning,” but there are many master planned communities in the Dallas-Fort Worth area to choose from. A better choice is “diversity.” Not economic or ethnic diversity. This is more “diversity of thought” that separates The Canals at Grand Park, Grand Park, and Park West from other developments and gives families looking for new homes in Frisco or evaluating Frisco real estate differentiating options to consider.
The Canals at Grand Park, Park West, and Grand Park are all in various stages of development, with Grand Park having been delayed while Frisco received a U.S. Army Corps of Engineers permit for Stewart Creek.
Grand Park is a future 350-acre centerpiece park with a festival green area, a children’s play area, and a retail and office component west of the lake.
The Canals at Grand Park
The Canals at Grand Park is a 152-acre diverse development with 16.2 acres of open space. Part...
Pros and Cons to Winter Home Listings
There are many pros and cons to winter home listings. Take the plusses and minuses and rip ‘em up because everything is changing.
Recent studies have shown that real estate does not hibernate from December 21 through March 20 — better known as winter — because house hunters are smarter, more informed, and better equipped to do business 24/7, 365, not just during spring and summer when conventional wisdom says it’s the best time to buy and sell homes.
In fact, in strong local housing markets such as Dallas-Fort Worth, the likelihood of selling a home within 180 days is highest when listed during the winter months compared with another season.
Redfin, a real estate website, conducted a two-year study and found that February is “the best month to list, with an average of 66 percent of the homes listed selling within 90 days.” Redfin researchers found that in 19 major markets, including cold-weather cities, “home sellers were better off listing their homes in the winter than during any other season.”
Winter, surprisingly, can be an advantageous time to list, shop, negotiate, and buy homes. Go figure. In this post we look at a few pros and cons of winter home listings with an eye on what’s influencing rear-round real estate activity.
It starts with technology.
Say you’re looking at homes for sale in Frisco, TX or evaluating Frisco real estate options. In the not-so-distant past:
• You would drive around Frisco neighborhoods looking for...
Frisco’s Real Estate Boom and The $5 Billion Mile
Anybody looking for homes for sale in Frisco, TX or simply evaluating Frisco real estate even 10 years ago will be amazed by what’s happened to this no-longer-sleepy bedroom community.
Just 15 years ago Frisco’s population was roughly 33,000. Frisco was a small town that hardly anybody paid attention to while driving in and around far north Dallas communities of Plano, Richardson, McKinney, Allen, and others to the west.
Now, that once-sleepy nondescript town of Frisco has grown by more than 300 percent to nearly 160,000 people and is a major attraction for families looking for new homes in Frisco and companies investing in Frisco real estate.
The latest lure and draw for people looking for houses for sale in Frisco and businesses investigating Frisco real estate opportunities is the city’s $5 Billion Mile.
Perhaps unlike any other one-mile stretch anywhere in the United States, Frisco has attracted more than $5 billion in capital investment, either under construction or announced, within a one-mile stretch of road along the Dallas North Tollway from Warren Parkway North to Lebanon Road.
This is a real estate boom unseen in at least a generation. In fact, the Dallas-Fort Worth (DFW) region is so hot that PricewaterhouseCoopers and ULI put DFW at the top of the “Top 20 Markets to Watch” in their 2016 Emerging Trends in RealEstate report.
What’s attractive to developers and investors, corporations, businesses, small businesses...