My husband, Mark and I have been selling real estate in Frisco,Texas and the surrounding area since 2007. We have watched the market fall in the recession, and now rise to a level that has not been seen in North Texas. Many buyers do not understand the market as it is today. Buyers need agents who know the market well and can guide them through the process.
Here is our tips to buyers as they enter the HOT North Dallas Market:
1. Get Conditionally Approved by a Local Lender. I can not stress this enough. Local lenders know the market well and can typically close transactions faster and with less issues than the big banks.
2. Be prepared to offer above the listing price. The average listing price to sales price in the Frisco area is currently at 100% of list. You should consider saving extra cash in the bank because if the home doesn’t appraise for the sales price, you will most likely be asked to pay the cash difference between the appraisal price and the list price.
3. Put your best offer in to start and know you are most likely bidding against other eager buyers.
4. Be prepared to lose a few homes you really like before you win. Many buyers are finding the market tighter than the news is telling them and get discouraged when they don’t win the bid. Remember it is not personal, the other offer may fit the seller’s needs better.
5. Make sure you are working with an experience agent that knows the market and ways to make you shine as a buyer.
If you have questions regarding these tips and more call
Mark and Mandy Detrick of Keller Williams Frisco at 214.608.3278.