May 208 Market Update

Well, I wish I could say we have improved and are starting our upward swing for the Summer Season for Sales! But I can't! We are still running behind last year which again, we weren't too excited about last year's market since it was such a flat year but at least the prices rose a little (again, that was probably from rolling in closing costs!).

The number of sales is still down for every area with the number of Pendings being very off as well! From 15% to 38% off in our Pendings from April of last year, 2007! Frisco being 15% and McKinney being 38% with the other cities in between. We track 8 to 10 cities.

What does the lower number of Pendings mean to you as a seller? It means we don't have the buyers out there buying up properties! It means it is taking longer to get contracts. It means we have to fight for those few qualified buyers that are in the marketplace!

Now the good news for you as a seller is that our inventories are low! That should mean your listing should sell quickly because there are not that many other listings that you are competing with! The percentage compared to this April of last year ranges with Allen with 4% less inventory to Richardson with 26% less inventory. Plano is down 13% while Frisco is down 7% and McKinney 6%. All good news with less competition!

Will we see some improvement coming? I believe so! We have sold houses this past month in 4 days and over the weekend here in Plano, so we are selling houses. It just seems if we don't catch the buyers "right out of the chute", we have to wait for them to find us.

What does that mean for you as a buyer? Perhaps not as many choices but very good buys with motivated sellers that are trying to attract that buyer which is you! It is an excellent time to be buying a house with rates so low as well!

We would be happy to meet with you because then you will have a better understanding of your best options in this new market place we are in.