November 2023 North Texas Real Estate Market Report Video
How is the Market?
Your November 2023 update for Plano, Texas is here. As the real estate market changes, we want to bring you the most relevant information. In the video update, we explore larger North Texas trends that will eventually affect the Plano market. The question remains whether we’re in the final inning of the seller’s market or traditional seasonality has returned.
Our team wants you to succeed in your real estate journey. Market conditions affect both buyers and sellers differently. As always, our team is committed to providing up-to-date information affecting the local real estate market so that you make the best decisions possible.
Curious about what is happening in your local neighborhood?
Current Data for Plano
$540,000
median sold price
156
homes sold
100%
sold to list ratio
16.5
median days on market
≈2.0
months of inventory
Sellers
market
A Note on Negotiability
How much are homes actually selling for?
Last month, the Sold vs List ratio was 100%. This means that sellers are generally getting their asking price. The important thing to keep in mind is that this is their last asking price. So if a seller reduces their list price and then receives that amount, the ratio is 100%. This is relevant to note for buyers because you probably don’t have much negotiability from the seller’s current price.
Buyer negotiability is returning to the market and we expect this trend to continue this Fall & Winter. However, a buyer looking for the “best” house, still needs to be prepared to bid up. Last month, 49% of homes in Plano sold at or above the list price. Typically, buyers don’t see any negotiability until a home has been on the market for a few weeks.
Home Inventory
Remains Low
A balanced real estate market is six months of inventory. Going into November, Plano had just 2.0 Months of Supply, however the trend is towards more inventory. Most likely, inventory will continue to rise this Fall & Winter.
Across all price points it’s a sellers market.
What it means for: Sellers
Low inventory… or simply put, fewer homes for sale, has been great for Plano homeowners and home sellers. Stable demand for Plano and low supply has resulted in steadily rising prices and a lot of leverage for sellers in the transaction. As more homes comes on the market and seasonable demand patterns return, we will probably see median sold prices start to fluctuate throughout the year. However the long term for home prices trend is up, especially in highly desirable cities like Plano.
In the current market environment, sellers need to focus on having their home prepared for sale and looking great. Buyers want move-in ready homes. Higher interest rates (meaning higher mortgage payments) have buyers willing to pass and wait for something else. Also, seller price reductions are becoming more common. That’s the result of overpricing a home. Overpriced homes sit on the market longer and ultimately tend to result in lower profits for the seller so an intelligent pricing strategy is critical.
For an estimate of your home’s value, check out our complimentary home valuation. For a more detailed conversation or strategy session, reach out; we would love to guide you.
What it means for: Buyers
Whether it’s seasonality returning to the marketplace or a broader market shift, things have gotten better for buyers this Fall. The thing that buyers need to know is that the good homes sell fast. In Plano, 1 of 3 homes are sold in less than a week! That means buyers need to be ready to make on offer when they see a great home they like because it might not be there next week.
We think Fall 2023 is a smart time to buy a home. There is less competition against other buyers, more negotiability, and prices are stable. For the buyer waiting for significantly lower mortgage rates, they may be in for a rude awakening when they return to the market with increased competition & higher prices.
Our most successful buyers start with a plan. Since homes sell quickly, buyers need to be clear on what they want and ready to make an offer. That means having your financing ready: use a reputable lender who will give you the best available rates and ensure a good transaction.
Buyers still need to be realistic with their expectations. With the median price of Plano homes at $540,000, if you are shopping below that price, you may have a difficult time finding the “perfect” home.
With so much uncertainty in the world, now is a good time to find a place you can call home.
Let’s help you find a home you love
Whether you’re looking to buy or sell, it’s never too early to talk about what you want
