Market Conditions in Plano>Question Details

Rahul Kumar, Home Buyer in Greendale, WI

Please advice - Sell this year or wait?

Asked by Rahul Kumar, Greendale, WI Thu Jan 17, 2013

Hello - Thanks in advance for your inputs. I have a house in plano, which I have currently rented. I bought it in 2007 as Investment property, but there has been no appreciation in the price. The house is in very good area and I have been able to rent it out to most part. As some reports indicate, home prices are going up again. Do you think I should wait another year or two before I sell it? I think I can keep it rented. Recently, with refinancing, I am able to recover most of my money back from rents. But, still, overall in 6 years, I will say I have been under water. Please advice.

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Dallas Texas’ answer
Much depends on where the home is located in Plano. I work with many families in the area leasing their homes appears this year we can place on the market to sell.

Contact my office today where I can obtain additional facts about the home

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Thu Jan 17, 2013
Inventory is very low right now in Plano, so it is a great time to sell. I would be happy to put a market analysis for you to give you a better idea of the sales and rental activity specific to your property so you are able to have the information you need to make a good decision.

Amy Clements, REALTOR®, Coldwell Banker Apex
Previews® Luxury Property Specialist, Coldwell Banker Premier Club
Phone: 214.763.0571 | Email: amy.clements@coldwellbanker.com | Website: AmyKClements.com
0 votes Thank Flag Link Thu Jan 17, 2013
Hi Rahul,

I am glad that you currently have it leased out this way you are not in a hurry to make a decision.

But as far as what to do with the property - We will need a little bit more information as we will need find out how much its worth according to the market. How much are you regaining from the rent. how much is your break even cost to sell and more importantly do you have a flexible lease with your current tenant if you need to sell.

Its the best to sit down with one of us and do the numbers.

You can reach me at dixondfw@gmail.com or 214-519-9493

Please let me know if you have any other questions.

Thanks

Dixon
Realtor
http://www.findyourtexashome.com
0 votes Thank Flag Link Thu Jan 17, 2013
Market seems to be going up the past year....about 4% according to Case-Shiller index. The problem is no one can accurately tell you to buy, sell, or hold. It depends on way so many things...employment, interest rates, European economy, Japan Inc., oil prices, debt ceiling negotiations, and so much more.

Me.....I'd hold it, unless you think you have something better to do with the money.
If you don't like being a landlord, or some other compelling reason.

If you have a good tenant...I'd probably keep them in place and then think of selling when they want to move out.

If you want to keep up with sales in your neighborhood in Plano, just drop me a line and we'll send you updates periodically.
0 votes Thank Flag Link Thu Jan 17, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Dear Rahul

Yes the market is headed higher.

Check http://ruthandperry.com/news-letter-housing-trends

and also get in touch with the many fine agents responding to you.

Best regards
P Mistry
0 votes Thank Flag Link Thu Jan 17, 2013
Rahul,

My suggestion is to work with a local realtor and find out how much you can sell your home for and how much you can net selling it today. Then you can decide from there. Homes that show well and priced right are always in high demand. What's the reason for you selling? You can call me to discuss and then you can determine what's best for you.

Take care,

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Thu Jan 17, 2013
Great Question! I also have some investment properties and actually bought them based on a long term strategy and not a short term strategy. I can understand that rents might be under pressure in certain areas but it seems that rentals are in most cases being occupied. I have sold many rentals in Plano that the owners decided it was time to go ahead put on the market. There are some conditions that do make it favorable to sell this year because of the lack of inventory in the market at this time. This usually drives price increases. Again, it depends on the neighborhood and not the overall market. It really depends on your personal circumstances and what you are looking to achieve. If you are happy with your cash flow and not unhappy with your expenses then there is not reason not to keep it. However, if you are unhappy with either of those two areas it might be time to go ahead and put the home on the market or increase your rents to cover your expenses and a little more. It depends on what the market will bear. I am sorry I can't be more definitive. I believe you can sell the home if that is your decision. Thank you for allowing the realtor community to assist you.
0 votes Thank Flag Link Thu Jan 17, 2013
Rahul - In general terms our housing market has made huge strides over the past year, but a lot depends on where the home is located in Plano. If you'd like to call to discuss I can give you some input on sell vs. lease.

Andrea Brooks
http://www.topagent.co
469-450-1326
0 votes Thank Flag Link Thu Jan 17, 2013
Yes home prices are expected to increase, but only in certain areas of DFW area. I can definitely give you a comparative market analysis for selling vs. renting. Feel free to contact me anytime, teneshalusk@judgefite.com. The good news is both rental and selling market is doing great!
Web Reference: http://teneshalusk.c21jf.us
0 votes Thank Flag Link Thu Jan 17, 2013
It is a seller's market in Plano right now. There is not enough inventory for all the buyers that are active right now. It is up to you whether you want to sell now or not. Prices in Plano are up over last year. The pricing of your home would depend on its location and condition and comps around it. I could run comps for you if you like, and go see the home. I could give you a better answer after that. Thanks.
0 votes Thank Flag Link Thu Jan 17, 2013
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