Has anyone noticed, the housing market in Plano, TX is a bit crazy right now. Homes are selling at a ridiculous rate. We’re seeing multiple bidding like we haven’t seen in years. Inventory is extremely low, so there may be limited choice, especially in the lower price ranges.
On top of that, interest rates are at an all time low, which means owning Plano real estate may be more accessible. As a result, many who have been sitting on the fence and merely dreaming of that new home or condo, are now taking the plunge.
Competition is also fierce. In addition to more first-time buyers, we’re seeing more out-of-state buyers than we can remember.
Plano Homes under $300k are not remaining on the market for any substantial length of time, and when they do come up, there are often several buyers waiting in line.
How to Increase Your Chance of a Successful Home Offer
1. Work with a reputable and an experienced Plano buyer’s agent
An experienced Plano buyer’s agent can make the process of identifying a home and getting it under contract in a strong sellers market with multiple offers easy. A good agent can come up with a strategy to submit a strong offer on your behalf taking into account your individual situation. A purchase contract in Texas contains various clauses that can be modified to make your offer stand out when competing with other offers in a multiple offer situation. Here is a list of some of the things that can be modified in a purchase contract in Texas when buying a home in Plano.
As you can see, this list is extensive and a good buyer’s agent will know how to tweak these variables in an offer to get you under contract.
2. Be ready for long hours and multiple home tours when buying a home in Plano
The housing market is very competitive and buyers should be prepared to look at homes as soon as they hit the market and submit an offer as soon as possible. Buyers should also be ready to look at numerous homes. The historically low inventory caused by uncertainty as a result of COVID-19 has generated fierce competition for homes in the Plano market. Be the first one to make an offer on a home you like!
3. Be ready to pay above list price
Shortage of inventory is resulting in multiple offers for homes in the Plano market. Buyers may be shocked to find out that it is not uncommon for sellers to receive up to 50 offers on a home for sale in Plano today. This means that buyers need an experienced Plano real agent who can provide them the “comparable” sales data so that the buyers can make an appropriate offer.
4. Be ready to roll up your sleeves after buying the home
Buying a resale home in Plano is like buying a used car. The home will have a number of issues that will be listed by the inspector in the inspection report. These will include cosmetic issues, deferred maintenance issues, city code compliance issues etc. Make sure that you are ready to get the home inspected quickly and only ask for repairs if anything major like a hail damaged roof are found. You can take care of cosmetic issues and other minor issues after closing. Do not ask seller to fix small items if you want to win in this crazy market with multiple offers.
5. Offer to pay for seller’s closing costs
Both home buyers in Plano and sellers in Plano have closing costs in a real estate transaction. To improve your chances of buying the house in a multiple offers situation, offer to pay for the closing costs typically paid by the seller like the owner’s title policy, home warranty etc. This will make your offer for the Plano home for sale more attractive to the sellers.
6. Get pre-approved, not pre-qualified
Get your financing in order before starting home search. Buyers in this market should work with a reputed and experienced local lender to get a pre-approval for their upcoming Plano home purchase. The loan officer should perform required due diligence before providing a pre-approval letter to the buyer. Please note that you should get pre-approved and not just pre-qualified. Pre-qualification generally involves a quick check of buyer's credit by the lender whereas pre-approval involves verification of income, assets, liabilities and verification of all the information provided by the buyer to the lender. Buyers should try to get pre-approved instead of just getting pre-qualified from the lender to avoid any surprises in closing and to provide an incentive to the seller to pick the buyer's offer.
7. Make a large down payment
A large down payment in the purchase of the home demonstrates the financial strength of the buyer to the seller and can help the buyer beat other offers provided the buyer is submitting a competitive offer in terms of purchase price etc.
8. Keep your options open
Buyers should work with their buyer’s agent to identify various options for the home they are looking to buy in Plano to improve their chances of getting a home in a multiple offers situation. Everyone wants to buy a new construction home but there is a shortage of newly built homes and it can be helpful to identify options for homes built in the last few years as an alternative. It also helps to consider various different cities that match your requirements instead of focusing on one or two cities for the home search. If you do not have any kids, think about town homes instead of single family homes.
These 8 tips can all have an impact on whether a buyer has their offer accepted when there are multiple offers. It’s inevitable that in a multiple offer situation, there is going to be at least one loser. The most important tip of all, which isn’t listed above, is that a buyer has a great real estate agent working on their behalf who can help them submit a winning offer!
How to Purchase a New Builder Home in Plano
The new construction market in Plano is just as busy. No sooner does a builder advertise a new development, the choice lots disappear. Sales of quick move-in homes or model homes are at the top of the list and inventory changes almost hourly.
Follow these steps for purchasing a new builder home in Plano
1. How Much Can I Spend? Nail down your budget for how much you can spend on a new home before going in.
2. Get a Buyers Agent: Many new home buyers make the mistake of going directly to the new home builder in Plano when they’re ready to buy. This isn’t always in your best interest because those sales agents, as helpful as they are, represent the builder. Choose an agent (I can help!) to accompany you on your first visit and represent you as a buyer. If you don’t do this initially, you aren’t allowed to bring a buyers agent after your first visit. Signs indicating this are posted in their offices.
3. Narrow Down Your Choices: Try to narrow the models or developments in Plano you’re interested in. An experience agent who specializes in new construction can help you navigate through the various developments and home types. Maybe you want a community swimming pool or a guest suite for mom – we can help with that.
4. Start Touring: Go tour the model homes and development, even if you’re still undecided. Seeing these homes in real-time, walking through the layout, imagining how your furniture will look, that is what will help you make the best decision.
5. Get Your Name on Record: Get your name down on lists for developments you are interested in. Builders don’t market all their homesites at once. Often, there are weekly drops, little by little. If you’re on a priority list, you’ll be notified and have first right to accept or refuse.
To all you potential sellers out there – what can I say – the timing could not be better. If you’re curious about what your home might be worth, I’d be happy to give you a free home evaluation.
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Choosing an experienced, qualified buyer’s agent in Plano is an important step in buying the home you want at a price that fits. And, as we’ve shown, a buyer’s agent will help you get a home in this competitive market in Plano. As a Plano buyer’s agent, my mission is to deliver a seamless home buying experience for our clients by combining exceptional client service, hyper local market expertise, innovative technology and savvy negotiations. Wouldn’t you like to shorten the search, find your dream home in Plano, and avoid stress? If so, give us a call today at (469) 269-6541.
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How We Help You Buy Your Home In Plano
You need a top Plano real estate team and a top Plano Buyers Agent to work hard for you and guide you throughout the home buying process in today's competitive market. Our top Plano Real Estate Agents are devoted to helping our clients find the right home, at the best price, and with a minimal amount of stress and disruption to their lives. Our goal is to find the home in Plano that will make you happy and successful in real estate ownership.
When you hire us to help you buy your first home in Plano, we want to know what you want and how much you can afford. We will find a way to merge these two priorities and find a residence you will enjoy owning for years. Starting with the first interview to determine your requirements to the moment we present the keys to your home in Plano, we - top Plano Real Estate Agents - will walk you through the complicated home-buying process in Plano. We will share our expertise to educate you on the market and the process of buying a home, so you will be prepared to make the best choices and feel comfortable with all of your decisions.
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If you are planning to buy a home in cities like Plano TX, Prosper TX, Dallas TX, Celina TX, Lewisville TX, Keller TX, Southlake, TX, McKinney TX, Allen TX, Coppell TX or Colleyville TX, contact us. Our excellent Home Buyer Real Estate Services provided by top Real Estate Agents will make buying your first home much easier and will make your Plano TX relocation less stressful! Check out our Plano Relocation Resources at http://www.nitinguptadfw.com/dallas-relocation-real-estate-agent