Homes for sale in plano tx

1. Not Enough Homes to Meet Demand In Keller, Texas – as well as in neighboring areas – buying and selling real estate can be good, but stressful. Currently, the residential market is both good and bad. Despite the fact that there are plenty of people potentially looking to purchase a home, there simply aren’t enough homes available to meet the overall demand. As a result, buyers will be forced to expand their search into other North Texas real estate and communities – and sellers must also offer upgrades that are more desirable in order to remain competitive. According to the Texas A&M University Real Estate Center, there is an approximate 3.5 month inventory of homes in Fort Worth, with less than that available in Tarrant County. In Keller, a home priced at under $350,000, which is considered to be a hot price, can typically remain on the market for less than three weeks before it’s purchased. The overall demand for housing has weathered the increase in various mortgage rates. These, along with home prices, are only expected to rise as 2017 continues to progress further. Further adding to the housing shortage is the lack of new construction, which is caused by a shortage of construction workers. This is because many of them are leaving that line of work in search of higher-paying jobs. The population of the Dallas-Fort Worth area is also expected to increase by more than 40% by the year 2040. Additionally, new employees working for companies such as Fidelity, IKEA, Facebook, and more are likely to help revitalize the housing market. Be Financially Prepared Always be sure to have all of your financing in place before you begin to look for a home. This is especially the case with starter homes that cost under $200,000 and already have ten offers.

2. Many individuals looking for mortgage lending are actually first-time home buyers that are between the ages of 28 and 35, as well as those who are looking to move to a bigger home due to a growing family. A financial coaching program is also highly recommended for first-time buyers, beginning at least six months prior to purchasing a home. This type of program will help them to improve their credit scores, learn about different home loans, and so much more. It isn’t actually hard to obtain a loan as long as you have a consistent income, as well as a credit score of approximately 700. However, what any potential home buyer needs to have is a lender who is both local and accountable that they can completely trust instead of a lender who only works online. What’s Hot and What’s Not Even though there’s a limited inventory, many home buyers are still discerning, as their first interests include factors such as location, quality of life, schools, etc. For a home in the $350,000 price range, a buyer expects a newer home with a more open floor plan, large-sized gourmet kitchen, and areas where they can entertain guests. They also want homes that are energy-efficient and include updated appliances and HVAC. On the other hand, they aren’t so interested in things such as media rooms because families really don’t use them very much. They would much more prefer having something like a swimming pool because in the end, it will help their home sell faster, and a buyer never wants to have to update an area like this. Couples also want yards that are smaller and more manageable so that they can put their money towards a larger-sized home. Renovations/Additions There are many people who always think about moving yet, at the same time, are looking around and liking their large lot and mature trees and decide that they want to upgrade their current home. In the end, it will cost a lot less money to renovate than it will to move to a new home. The most popular upgrades involve the bathroom and the kitchen; however, an outdoor area addition is seen as being in the greatest demand. A safe room is also a popular idea, which is often done by taking space from a master bathroom and closet. Many homeowners also choose to add an extra room over their garage or even create an extra suite for aging family

3. members or those who still have yet to leave the nest. Barndominiums are another option as well, yet are considered to be less popular in this area. It’s speculated that this is because they take up a great deal of room on a city lot. Buyers are Much More Sophisticated Many people are a lot more intelligent regarding buying homes nowadays, as well as purchasing what they can actually afford, all while expecting that they will be able to invest in something bigger in a few years’ time. For instance, they can purchase a starter home that doesn’t have a fancy outdoor kitchen, but can eventually add that in later on. The lower inventory has also created a problem for those in the 40-50 age range, despite the fact that they are financially well-off. Sellers don’t want to put their homes on the market until they are able to find a home to purchase first. This then sets up a contingency sale, which is something that a lot of sellers don’t want since there are a lot of other buyers to choose from. In terms of picky buyers for those selling homes, this just means that sellers can take more time to update their homes; however, it’s important to be sure that your updates don’t eat into your profits.