The housing marketing in Frisco is CRAZY right now, so don’t move there!
It IS really wild, and the housing prices are shooting through the roof right now in the Frisco area, so there are some things you need to consider before making that decision to move to Frisco.
We’re seeing a ton of influx from places like New York, Chicago, California, and more. Why? Because the housing marketing is going up everywhere, and Dallas has way lower prices overall than almost all of those places I mentioned. That being said, all of this movement is really increasing the demand Frisco especially, which is driving the housing prices way up. We’ve been seeing up to 50 offers on one house, and the homes closing at $90,000+ over asking price!
I’m not here to scare you off, but I do want to make you aware that, when you come into Frisco right now, you need to be prepared when it comes to the housing market. You also really need a great agent with you to help you navigate the market, because it’s really insane right now, and it’s easy to lose the house of your dreams simply because you don’t know all of the ins and outs of writing the best offer possible.
THINGS TO LOOK OUT FOR IN TODAY’S MARKET IN FRISCO
So some of the things we are seeing right now are bidding wars, appraisal waivers (where you, as the buyer, agree to pay more than the appraised value), all-cash offers, and more. With all of those things in place, it’s a competitive market for sure!
TIP #1 – SPEED IS YOUR FRIEND
Another thing we need to keep in mind is that speed is your friend, and you need to take advantage of the time you have when you come into town to look at a home with us. First off, we need to meet with you to get an idea of what you like and what your budget is. That will really help us narrow it down before you come into town. We don’t want to waste any time when things are as competitive as they are in Frisco.
TIP #2 – GET PRE-APPROVED
Next, you NEED to be pre-approved to come to look at homes with us. Typically, if you find a home you love, you need to make an offer within 24 hours to be in the running for the home. Not being pre-approved beforehand will make that process really difficult, so make sure you get that done (with a Texas lender, by the way!) before you decide to come down and view homes. We have a really solid list of lenders we can connect you with if you are looking for someone in the area, so reach out and let us know if you need some suggestions on where to start that loan process.
Now, again, we don’t want to pressure you or make you feel like you have to make any knee-jerk decisions when you’re here with us, but we are very familiar with the market, and they have the most success, our clients have had to move fast. The old market allowed us to think about it a little longer, maybe sleep on the decision for a few days, but especially in the Frisco area, that’s not really a possibility at the moment. The ones who secure homes and close on the home they want are the ones that make decisions and send in offers fast. Doing some of that pre-work before you get down here with make that process a lot easier!
TIP #3 – THINK ABOUT A NEW CONSTRUCTION HOME
Another thing to keep in mind is that new constructions are a great place to go if you don’t want to get into a bidding war. They are basically first-come-first-serve, so it’s a lot easier to get you into those types of homes. True – sometimes it can take you a few weeks or a few months to have the home you’re looking at finished, but it does make it a lot easier to secure that spot you’re looking at (and hey – who doesn’t love a brand new home, right?). Those homes also almost always appreciate in value, so they are a good investment overall, on top of being a little easier to secure in today’s market.
TIP #4 – ENLIST AN EXPERIENCED TEAM TO HELP YOU IN YOUR HOME SEARCH!
Overall, it’s important to have a full team around you when you’re trying to get into Frisco, from your lender to your agent, and we’d love to help you get the home you’re eyeing if you choose to move to Frisco, or anywhere else in the Dallas area for that matter. We’d love to hop on a Zoom call with you to get an idea of where you’re at in the home search and what your goals are as you relocate to Texas. We’re here to help and help you navigate the stormy real estate waters, because it IS possible to get into the home you love! You just need someone who specializes in cutting through the competition. I’m looking forward to talking to you more about what you’re looking for and answer any questions you have!
Until next time, we hope to see you around town!