Market Conditions in 75093>Question Details

Deborah Jenk…, Home Buyer in Plano, TX

I'm not seeing what I consider my target buyers, the Families with 2-3 middle age kids, in the 360K price

Asked by Deborah Jenkins, Plano, TX Wed Jul 22, 2009

range. in the many showings that we have had, the vast majority of lookers have been empty nesters, newly married, or still young newly married with 1 baby. What has happened to my target group?

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Hi Debbie,

Your listing looks great in MLS. Your updates were good choices, your decor is very tasteful, and your pool area is gorgeous. There is nothing with the presentation of your listing that would prevent potential buyers from looking at your property.

I appreciate your frustration with not seeing your "target group" of buyers, but you should look at every buyer group as a potential buyer for your property. It only takes one buyer. As agents we don't want our listings to be decorated or designed around a specific buyer. We want to appeal to as large a pool of buyers as possible. I think you property does.

So why aren't you seeing "your target group"? The economy is affecting this price range of buyers. Families in this price range are concerned about just keeping their jobs. The move up buyers may not be as secure in this market and they probably have a home to sell first. There is one factor with your property that might be limiting your showings to buyers with younger children. You don't have any back yard other than the pool. The extra parking, 3 bedrooms up with a game room, the guest bedroom down, and the pool are great for families with kids of any age, but the lack of an outdoor play area is something that my buyers with younger kids are demanding.

The bottom line on your showings is, are you getting enough traffic? If you are getting traffic and no offers, then you need to reduce your price. If you aren't getting enough traffic then you should have reduced your price 90 days ago. July is the end of the market for buyers with school age children who are not making a work related move. Families want their kids in place for the start of school in August so you are about to loose what there is of "your target group". You are at the top end of the market for Westover Estates. You have a great property, but if you aren't getting offers it is because the buyers that are out there are finding other properties that they like better or that are priced more favorably.

What do the numbers tell you? Since April 1st there have only been 3 homes sold in all of Plano that were 5 bedrooms with 4 baths in the $345,000 to $375,000 price range. They were all on the east side of 75 with larger lots. There are 4 properties in the same price range that have contracts pending. All 4 of those properties are over 3700 sqft and none have pools. Perhaps the buyers in this price range that have larger families want more sqft. There are currently 19 listings in this price range. Your property is the smallest with 3,225 sqft. The next largest is 3,500. Most are over 3,900 and 9 of the listings have pools. If 3 homes sold since April in the busiest time of the year, how many months of inventory is currently on the market as we go into the slower selling fall season?

The only other consideration is how your property is being marketed. If you are using a limited service broker, then you may not be paying for marketing that a full service agent would provide. Are you marketing the property yourself? Since you seem to know a lot about the buyers that are viewing your house you may also be showing your property yourself. If you are, you are only hurting your prospects of selling the home. Buyers do not feel comfortable looking at any home when the seller is present and they are constantly looking over their shoulder for the seller instead of looking at the home. Please pardon my assumption if this is not the case, but let the buyer's agent do the showing and the selling.

Work on your price and best wishes for a quick sale.
0 votes Thank Flag Link Wed Jul 22, 2009
I would say that the second market you describe will more realistically be your target market.

As for what happened. My assumption is that most of the families you describe are families that would be needing to upgrade to a larger house. Most of them with two or three kids have bought houses in the past 2 to 5 years and trying to sell one of those homes right now depending on the area can be very tough and not really feasible.

Currently I would say the "economy" woes are impeding this normal progression of expanding families and many more are staying put.

I am a fairly small Realtor however I still see trends and the empty nesters moving about to be near grand children is a very common occurence. As for the younger buyers this is also a growing trend. Dallas has a large number of young buyers in a host of different family dynamics, whether it be married, single or with or without child.

The main thing to me when marketing a property is just making sure it is out there. Being that the majority of the clients are younger the internet is your best exposure. Also every empty nester I have had has also found me via the internet. If your home is marketed on the internet and is priced aggressively you should have showings.

I had a client ask me a very similar question about a certain demographic. I told them simply when marketing one home it is not cost effective to market solely to one demographic. Rather make sure the property is available for all to see and hope for the best. Also be happy that you are seeing buyers. It is a very competitive market about 300k.

Hope this helps
RJ
Web Reference: http://www.findapadfast.com
1 vote Thank Flag Link Wed Jul 22, 2009
Hi Debbie,

I read your question with great interest because I actually showed your home to a newly married couple with no children about 7-8 weeks ago. Your property is lovely, especially the pool area. This couple was looking for a home with pool and extra yard area, so yours did not meet their needs. I was wondering if you are receiving feedback from the agents showing your home? This would be helpful in determining if you should make any suggested changes in staging or price. Your room sizes are not as large as some of your competition, so you will want to maximize your space by removing pieces that make the rooms feel smaller. Has your agent shown you any of the competition in 75093?

If you are having a lot of showings and no offers, make sure your agent is providing you with a current market analysis so you can see what is selling and at what price. With so much competition and a smaller pool of buyers in your price range, you need to know when to make adjustments to marketing and price.

Hope this helps - best of luck,
Joanne
0 votes Thank Flag Link Sat Jul 25, 2009
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