McKinney TX Real Estate

In this next secion of "McKinney's Ultimate Buyer's Guide", we'll look more closely at McKinney's neighborhoods by price range - from $400,000 to $450,000. As of today, March 31, there are 58 luxury homes for sale in McKinney within this price range.

You could start your home search in any of these unique neighborhoods:

Stonebridge Ranch - a sought-after master-planned community offering top amenities to homeowners, such as a beach & tennis club with sandy lagoon, aquatic center, stocked ponds, hike & bike trails and appealing landscaped entrances:

• Cypress Crossing
• Greenbriar
• Canterbury
• Timber Crossing
• Cascades
• Village of Ballantrae
• Gallery at Stonebridge
• Tanglewood Villas
• Wildwood Crossing
• Woodhaven
• Wellington Point
• Woodland Bridge
• Stratford Manor
• Wyndsor Grove
• La Cima Haven Meadows
• La Cima Manor

Craig Ranch - another popular master-planned community centered around the PGA golf course at Craig Ranch. Area offers shopping and great schools:

• Settlement at Craig Ranch
• Wellstone at Craig Ranch

Areas in and around Historic Downtown McKinney - own a piece of McKinney's history!

Tucker Hill 

And these great neighborhoods:

• Mallard Lakes
• Hidden Forest
• Estates of Verona
• Waterstone Estates
• Chancellor Creek
• Clifton Park
• Village Creek
• Flagstone
• Pecan Point

The Eldorado Countryclub Area:

• Eldorado Estates
• Kensington Creek
• Village of Eldorado
• Village Creek Estates

Of the 58 Luxury Homes priced in this range , they had the following characteristics according to MLS data:

• Average price per square foot is $109.26
• Homes on average are 4 bedrooms with 3,931 sq ft
• Ranged in size from 2245 - 4974 sq ft
• These homes were built all the way back from 1910! (Historic Homes) up to 2009 (new construction)
• 13 of the homes (22%) offered pools
• Almost all offered at least a 2-car garage, with over half of them offering 3-car garages in this price range - with one equipped with a FOUR car garage!
  

Note: All data & photos taken from NTREIS

For more information about McKinney Luxury Homes visit www.McKinneyTexasHomesBlog.com.

OH NO! There's a HIGHER OFFER than ours? Guess we'll move on to another house, right?

I hear this comment quite a bit when working with home buyers. The buyer found the perfect home, got their nerves together to make an offer on the home, only to find out that there are other offers on the property.

Here's what buyers need to know about making a STRONG offer.

First, price is only ONE piece of the puzzle. Sure, it's a big one and it's best to not insult the seller with a low-ball offer that has no supporting documentation. But price is just one part of the offer. What are other ways to make an offer strong?

1. Quick Closing Date. This assumes that the seller is ready to move, or has already moved out of the property. The buyer's agent needs to be on their A-game in asking the listing agents all the right questions prior to making an offer. If the seller is ready to move the property, then a 30-day closing OR shorter is attractive to the seller. If you can time the closing so that the seller doesn't need to make another mortgage payment, then all the better!

2. Generous Earnest Money - There is no standard amount buyers must put down as earnest money - not in my area at least. A good rule of thumb is about 0.75 -1% of the sales price, but I've seen as little as $500 go on to be accepted on a $200,000 home. By jumping up your earnest money amount you are telling the seller, "I am serious about buying your house!". Should the contract fall through due to the BUYER'S FAULT, the seller gets to keep the earnest money...so extra is better to sellers.

3. No Home-Sale Contingency - Renters, this one works out in your favor. In the situation where two contracts have equal terms, with the exception that one has a home-sale contingency and one does not, the one withOUT a home sale contingency is generally MUCH stronger and less risky to the seller.

4. Include a Pre-Approval letter from your lender - By showing the sellers up front that you have already spoken with a lender about your ability to purchase the home, you will appear stronger than another buyer that has not. In my opinion, a pre-approval letter should ALWAYS be the first step in the home buying process!

5. Choose an Agent with a Good Reputation in Your Area - OK, so a seller won't ignore a great offer presented by an unknown buyer's agent. Money is money to the seller. But, let's say you are up against another offer that is for all intents and purposes EQUAL. The seller turns to the listing agent and asks for their opinion. Lets just say that the listing agent has heard that Agent B has a less than stellar reputation when it comes to repair negotitiations. Maybe they've done a deal or two with Agent A that have were smooth sailing. Which agent the listing agent prefers could factor in.

So, when faced with the multiple-offer situation, there are other negotiating points that can amp up an offer without having to pay more than you are comfortable with. A good agent will know how to do this and fight for you every step of the way!

Photo source: Flickr

For all the First-Time Home Buyers out there - have you asked yourself lately,

"Why is it a good time to buy McKinney, TX Real Estate in 2009"?

If so, I've got the answer: $8,000.00!

What does $8,000 have to do with it?  The revised economic stimulus bill, signed 2/17/09, is offering First Time Home Buyers an $8,000 Tax Credit!

Here's the scoop:

1. You'll recieve a credit in the amount of 10 percent of the sales price up to $8,000.
2. It applies to purchases after January 1, 2009 and before December 31, 2009.
3. Income limits (based on adjusted gross income) are $75,000 or less for single buyers and $150,000 or less for married buyers.
4. The credit does not have to be repaid by the buyer as long as they own the home as their primary residence for at least three years.
5. If the buyers do not own the home for at least three years, the credit will have to be returned to the government.
6. The revised credit is still refundable, meaning that the credit will be paid out to eligible taxpayers, even if they don't owe tax or the credit is more than the tax they owe. Woo Hoo!

You will need to consult with your tax preparer or CPA about the details for applying for the credit. An IRS Form 5405 will need to be completed.

Another great reason: LOW INTEREST RATES

Yet another reason: LOTS OF HOMES TO CHOOSE FROM!

With 921 homes available for sale on the MLS, in addition to lots of new construction available, NOW is the BEST time to buy McKinney, TX real estate!

"What if the house was empty?"

Seems like an odd question by itself. However, this question is mighty helpful when working with buyers who are having a tough time deciding on the right home.

Case in point: happy, young couple tours a home that's not exactly what they said they wanted. But, it just so happens that the decor in the home is identical to the buyers taste. They begin to talk themselves into the home.

Now, as a REALTOR, you know your job is to help them through the decision making process. You know that as soon as the seller moves out and the buyer moves their things in, it's not going to look the same. Suddenly the buyers don't like the home, and you can't explain it, but they don't like you either.

It's the same as when a buyer walks through a decked-out model home and fall in love with it. They build thier own dream home, minus the $20K in upgrades the model had, and when it comes time to move-in they are less than in love with their plain-jane home.

The moral of the story? When it seems like it would be easy to just let the buyers buy the home and make an easy sale, you must ask some important questions. LIKE - "Would you still like the home if it were empty?". By doing this, you help give them a reality check. If they still want to buy the home then it is your job to help them buy it!

Other questions to ask your buyers:

"Are you concerned about the location near ________ (busy street, train track)?"

"This home is over the price range you told me you wanted to stay under - are you sure your comfortable with this amount?"

"You mentioned you wanted to start having a family right away - are you sure 2 bedrooms will work for the long term?"

You get the picture - now help them! It's our job to help our buyers make the best, most informed decision they can...not an easy sale caught up in the moment.

image coutesy of Flickr

I have been in real estate since 2001. Since then, I have spent a good part of my time in my career devoted to being a BUYER'S AGENT. I know buyers. I like buyers. I LOVE first-time home buyers. But with every client I work with, I am continuously reminded how little the general public knows about how real estate agents operate.

Myths abound as to the secret lives of Realtors. So, in an effort to clear things up, I decided to let you in on a few important facts about my career.

1. I don't can't work 24/7. If I did that, I would be no good to you. I have a family. I like to get to bed at a decent hour. I celebrate holidays. This would seem like a given, but I've had clients call me at 11:30 at night. Would you call your CPA at that time? Your doctor? No. Please respect the time of day you call. I'm happy to listen to your message, but understand that it might be during normal business hours that I get back to you.

2. Not all Realtors are Millionaires. We do not work on salary. If we don't sell something one month, we don't bring home any money. We are not paid hourly, by the mile, or by the number of showings we do. So, when you wonder why we ask a few "intrusive" questions before putting you in our car to show homes, it's just that we want to make sure you can actually afford to buy a home, and that we aren't wasting either of our time by looking at the wrong homes.

3. Clients are not HANDED to us. Our company does not simply hand us clients ready to sign a contract. This was a big misconception that I had to overcome. When I left RE/MAX and Keller Williams to start my own brokerage, some people said - "Well, where will you get your business from?". Answer: the same place I've always gotten my business - through referrals,networking, and smart marketing. I like to ask my clients when I first begin working with them to keep me in mind for anyone they know who needs my services. That way, I'm not spending all of my time working to get more business, I can focus on the clients I have and do a better job for them in the end.

4. My Crystal Ball is Not Working. Oh, wait...I don't have a crystal ball. I don't know what price the seller will take. I don't know how long it will take a home to sell. I don't know how many houses we'll have to look at before you find the right one. It is my job, though to find out as much information as possible and give that to you. It is my due diligence to research a property, to obtain disclosures and as much info as I can get from the other agent to help you make the most informed decision possible.

5. I'm working for YOU! Now, I know there are some not-so-truthful agents out there that spoil it for the rest of us, which is why you need to do a thorough job of selecting your agent. It is my JOB to protect YOUR best interests. I will not go behind your back. I will not lie or decieve you. It is not in my best interest. It would only hurt my relationship with you, in turn, stopping any kind of referrals you might send my way. I'm bound by the Realtor's Code of Ethics on this one!

6. I can sell homes not listed by me or my company....That is the benefit of belonging to the local MLS. By being an MLS member I participate in broker reciprocity - we can all show each other's listings, thus allowing us to uphold our duties in #5.

7. ...And in other cities OUTSIDE of the city that my office is located in. Just because my office is physically located in McKinney, TX, doesn't mean I can't sell outside these limits. Ask your agent what areas they serve. Chances are, they can help you in that city or help you find a reputable agent that does.

Whew, now that I've got that off my chest I feel a lot better.

Bottom line is this - I love my job. I do my job well. I just want you to understand the basics of how I work, so I can help you better! So let's do it - interest rates couldn't be better, and McKinney, TX and the surrounding areas are a Buyer's Market right now! Now is the best time to find your dream home...

For some, purchasing a home is not yet an option. Perhaps their job is temporary in nature, their credit needs some polishing, or the down payment piggybank just isn't quite full enough.

With the recent crack-down on lending, many have had to sell their home (or worse, lose it in Foreclosure) and turn to renting. Renting a home can be a great solution for the time being.

Some benefits of renting a Single-Family HOME over an APARTMENT include:

• The use and enjoyment of a yard. Do you love to garden or landscape? Most landlords would welcome you to their home as you provide some nice curb appeal to the home and you get to enjoy your hobby!
• Have kids? Then this one's a no-brainer! A home provides access to a "wide open space" in which they can expell their energy! They can also enjoy hopping on their bike, skateboard or scooter and play on the sidewalks!
• Pets, anyone? The days of walking the dog outside, perhaps down a flight of stairs, even in the rain and cold just in the hopes that Fluffy does his business are gone. Just open the back door! No need to reach for the leash.
• No upstairs and/or downstairs noise through paper-thin walls. You know - you can always tell when Bubba upstairs is home cause he stomps through the home, throws his stuff on the ground and begins fighting with his girlfriend. You find after a while that you come to enjoy their drama - almost like a real life soap opera.

Renting a home isn't much different than an apartment. The process is quite similar, with a few differences.

1. Find a REALTOR who really knows the city you want to live in. Come up with a price range and begin looking at a few homes that meet your needs.
2. Fill out an application. Includes rental history, employment and references. I usually require this before showing prospective tenants. This ensures I can clear any red flags before wasting anyone's time.
   
3. Credit check. The listing agent of the home will pull your credit. Many times a landlord will be willing to overlook poor credit as long as the rental history checks out.
   
4. Security deposit. Like an apartment, a security deposit will be held by the landlord to cover any incidentals during the term of your lease.
   
5. Pay for a Pet deposit, if necessary.
6. Sign the Lease. Once your info has been verified, the listing agent will draw up a lease for you to sign and will provide you the information of the person who will be responsible for collecting your rent and addressing any home maintenance issues. Sometimes this will be the owner, and other times it will be a property management company.
7. MOVE IN and SAVE - Ask your REALTOR to come up with a home buying game plan. Perhaps at the end of your 1 year lease you'll be in a position to start looking at homes again...except this time, to purchase! Save up for the down payment and get in touch with a credit repair specialist if you need to.

See - it's not so bad? If you are looking for a McKinney, Texas rental, then contact d + b real estate at 972-838-5394!

If you are in the market for a McKinney, TX rental then you have probably been scouring the internet gathering as much information as you can. You can stop now!  Below are some stats regarding the current inventory of McKinney rental homes - as of January 8, 2009.

144 Rental Homes/duplexes/triplexes/4plexes/condos/townhomes.

Rents range from $600 - $6,000.

• $0-$1000 = 11
  
• $1,000 - $1,100 = 5
  
• $1,101-$1250 = 16
  
• $1,251-$1,500 = 47
• $1,501 - $1,750 = 14
  
• $1,751 - $2,000 = 16
  
• $2,001 - $2,500 = 10
  
• $2,501 - $3,000 = 10
  
• $3,001 + = 11

A brief synopsis of what you can get for the money:

• The lowest price listing is $600 for a 846 sq ft home built in 1909. It's a 2 BR, 1 BA Historic Cottage walking distance to the McKinney square. Available as a lease-purchase, and for a 1 yr + lease.
• The highest price listing is $6,000 for a 6,244 sq ft home built in 2005 located in Stonebridge Ranch's gated village of Isleworth. It has 5 BR, 5 1/2 baths, 3 car garage, 4 fireplaces and all the custom finishing touches you could want. The lease is for 1 yr +. (Images from NTREIS)
• 

Are you interested in knowing MORE about the rental market in McKinney? Then subscribe to my blog where you will be updated when I post the next feature about the rental process!