Realty Times Feature Article by Blanche Evans

Plano, Texas, one of the top relocation destinations in the U.S., is about 20 miles directly north of downtown Dallas. Job opportunities, good city management, and a youthful, family-oriented culture make the area an attractive place for many to live, which means that homes are selling despite a slowdown in certain price ranges and areas.

"Plano is a sparkling combination of real estate, banking, industry, retail, acclaimed education facilities, and diverse sporting and recreational facilities," says Realtor Suzanne Pereira, "This area projects an image of quality, excellence, and prosperity. The corporate world has noticed the area's attributes and major businesses have flocked to the area in recent years. J.C. Penney, Frito Lay, E.D.S., Southland Life, Capital Wire and Cable, ARCO, Texas Instruments, US Brass, Rockwell International, DSC Communications Corporation and many others have made their home in this area. Dr. Pepper/7-Up, Inc. and Fina, Inc. are some of the new additions that have joined Plano in becoming the dynamic, prosperous city that it is today."

That's resulted in brisk real estate sales.

Says Realtor Geni Manning, "There were about 3,657 houses sold in Plano last year. The average list price in Frisco is $228,569. These homes sold within 97.03 percent of the sales price."

Explains Realtor Timm Baumann, "The City of Plano has earned a national reputation as one of the best places in the country for employers to do business and for families to live and work. Plano was incorporated in 1873 and chartered as a home rule city in 1961. Plano is located 20 miles north of downtown Dallas and is the largest city in Collin County with a January 1, 2001 estimated population of 236,539. In 1997, Plano was named the 4th most Kid-friendly City in the United States based on the findings of the Children's Environmental Index. The City of Plano was also named the 8th Safest City in the United States based on the most recent Federal Bureau of Investigation crime statistics.

"Plano's growth over the past two decades," continues Baumann, "is largely the result of its pro-business attitude and enthusiastic accommodation of industry. Growth trends in the residential, commercial and manufacturing construction markets have continued in 2000 and into 2001. The city issued 1,905 single-family permits in 2001, with an average valuation of over $200,000. The average home was 3,787 square feet in size, and over 75 percent of the permitted houses were larger than 3,000 square feet in size. In 2000, the city issued permits for non-residential construction valued at $476,804,943.

"Homebuyers are taking full advantage of low interest rates," advises Baumann, "which have averaged about 6 percent since the beginning of October for a 30-year fixed rate mortgage. Though the fourth quarter is traditionally a slower time for the housing market, low interest rates have been key to the surge in home buying activity seen in recent months. With last week's Purchase Mortgage Index registering well above its "healthy" standard of 300, home buying activity is expected to hold at robust levels as 2003 gets under way."

"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."

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.

© Copyright 2002 Realty Times. All Rights Reserved.
Republication or redistribution of Realty Times content is expressly prohibited without the prior written consent of Realty Times. Realty Times shall not be liable for any errors or delays in the content or for any actions taken in reliance thereon.