ResalesPlano, Texas: Top Ten Relocation Destination Still Reigns
The North Dallas suburb of Plano, Texas was once a farming community, but aggressive growth northward from Dallas area transferees as well as the addition of a much needed new turnpike has made Plano one of the most desirable locations in the Dallas/Fort Worth metroplex. In just twenty years, from 1980 to 2000, Plano has grown from a population of 72,331 to 222,030 with an average median age of 34.1 years.
Located twenty miles north of Dallas" dynamic downtown, Plano has been the recipient of numerous community awards. Voted 4th Kid-friendliest City by the Children"s Environmental Index and 8th Safest City by the Federal Bureau of Investigation, Plano offers top schools and other services in a family-values atmosphere.
Each September, Plano is host to Texas" largest hot-air balloon event, The Plano Balloon Festival raises thousands of dollars for participating nonprofit organizations. The city also boasts new shopping and housing developments.
Yet, recent layoffs in the telecommunications and related technology fields, however, have caused the number of homes offered for sale in this top ten relocation destination to shoot upward, and bargain hunters are on the lookout. The community boasts some of the youngest housing stock in the Dallas/Fort Worth metroplex. Due to Plano"s spectacular growth, 72 percent of its housing stock was built between 1980 and 2000. Plano is almost "built-out," with comparatively little in new home construction. These homes are finding buyers if they are properly priced and updated, say local Realtors.
"There are a lot of buyers in the market," say Realtors Fred and Linda Lanham. "However, the properties that are being presented are not always priced realistically in view of their condition. Western Plano has become a "local buyers" market in that the buyers have lived in the area for a while and generally know values, are not in a rush to purchase and will only respond when they find property that is priced appropriately and presented in a saleable manner."
Says Realtor Geni Manning, "There have been 729 homes sold in Plano so far this year. The average list price in Plano is $227,268. These homes sell for 97.01% of the list price."
Yet home sales are trending downward, says Realtor Marianne Weintraub. "Total homes sales were 346," says Weintraub, "down 24.9 percent compared to 2001."
"We are not seeing the multiple offers on properties as in the past," explains Realtors Norman and Jeanette Edwards. "Homes that are selling seem to have common criteria. Some of these are:
Priced correctly for their condition and for the current market.
In good to excellent condition. They are updated and have little need for any work to be done by prospective buyers.
Easy to show - there are no restrictions on showings.
Located in a desirable area.
"MLS Statistics for the first quarter of 2002 and for homes priced from $60,000 to $1,000,000 are," say the Edwards, "current active listings - 1,359; sold listings - 1,477; average active amount - $280,749; average sold amount $221,172."
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