Las Colinas update for September 2011

Kenton here again, thought I would take time to post the activity among homes here in the Irving Las Colinas area. I have found there are just those certain questions that always seem to get asked whether discussing buying or selling of a home. Today's post will address the 3 most common questions asked when discussing real estate or first encounters with local people who find out I am a Realtor.



But first let us look at the statistics on Irving Las Colinas.....

As of the first of September there are currently 226 homes for sale in the Las Colinas area of Irving. Prices of these homes are reflected from a 1,724sq/ft 3bed 2 bath for $57,000 too a lavish 6,478 3bed 4bath for $2,495,000 with everything in between.

As of August the first 68 homes have been sold or are under contract to be purchased. Once again these homes range from $44,000 to $630,000.

Taking the sold homes under consideration we can break down the numbers and get a feel of the past months trends. The following numbers are averages based on entire homes that have sold.
Square footage of homes sold: 2,457 sq ft
build date of homes sold: 1977
Cumulative Days On Market (CDOM) : 113
Average price per sq ft: $77.02
Average price of sell : $210,683

Now with a little better understanding of the make up of for sale and sold properties let us now address those oh so common questions (which I never mind and are always welcome)

Question number one and most frequently asked:
"so, what are homes going for around here these days?"

Looking back up the data you will notice I did not included data from homes one the market for sale to determine prices of an area. This is because ANYONE can ask ANY Price for a home, doesnt mean it will sell for that price or at all. Another way put, say I have my 2001 F-150 with 150,000 miles for sale nothing special (to anyone but me that is). Anyway I want to sell it for say $60,000, as you can imagine no one is going to pay that price for it so it will never sell. Also not only will not sell it will give an inflated price to those others selling at around $8,000. To get true value of an area we must try to determine what actual people are actually paying for a close or similar product. Back to the task at hand, going by the data we can tell the average sells price for a home is $210,683. Does this mean its what every home or even most homes are going for? No, of course not so what I do is give those that ask this question the average price per square foot, which would be the $77.02 /sq ft...

Question number two
"how is the housing market, are homes selling right now"

This is a fairly easy question and always seem to get mixed opinions as what people consider either good or bad. Going by the data again and from August first 68 homes have or are going to be sold until today, giving us a total of almost 2 homes sold per day. (68/40=1.70 homes sold per day) While some say that they figured it would be more or less ect. ect., remember that is only in Irving Las Colinas. Factor in the rest of Irving, other parts of the DFW, rest of Texas ect. ect. we can conclude the market is still alive and doing relatively well.

Question number 3

"How long are homes staying on the market before they sell"

On average I tell people expect 3-6 months or 90-180 days to sell. As we can see by the data homes are only staying on the market around 113 days falling nicely between the 3-6 months time around 4 months.

Hope this has been helpful,
Until next post

KB

New Agent in Irving Las Colinas

With summer winding down and the heat still over 100, thought I would take a break from outside and pick back up with the blog of Irving Las Colinas. Let me introduce myself as Kenton Byrne, agent with Rohter & Company. I began five months ago interning under independent broker, owner (and blog writer) Reev Rohter. I am very excited to finally make the jump from intern to agent having gained much wisdom and insight on the Irving Las Colinas market. Also I will continue to add as much content to this wonderful blog after a few months of down time on the site. Having grown up in rural west Texas hard work, southern hospitality and caring personal service have been a way of life since I was" knee high to a grasshopper". Selling and buying real estate in "the big city" (as we call anything over 200,000) has been a dream of mine ever since my high school days. Upon graduation I had no question the DFW area is where I wanted to be. I have now be in the DFW area for the past five years and lived in Las Colinas for two of those five. With Reev as my go to broker with his 15+ years specifically in the Irving Las Colinas area I can confidently say if I don't know an answer to your question, "I know someone who does". To me the most valuable asset when stating any new undertaking in life is a mentor or guide to walk you through every and all aspects of that venture, with Reev I have that. I really look forward to serving you and the rest of the Las Colinas area in the near future and to keep this blog updated several times a week so make sure to check in regularly.

Irving Las Colinas Market Snapshot for May/June 2011

Just another quick snapshot for the Irving Las Colinas area.

598 Currently active homes.
105 Homes currently under contract
77 sold in the last thirty days.
130 Days on market for the active property average.
107 Days on market for the sold average.

Banks repossess 1 million homes in 2010

I found an interesting article this morning that I would like to share with you.
Click here for article.

It is truly unfortunate for those that whose homes are being foreclosed on and I do recommend calling your lender if you are having problems with you mortgage payments as they will offer some helpful programs such as short sales to sell your home without it getting foreclosed upon.

On the flip side it also presents an opportunity to purchase these homes that the bank has taken back. Sometimes at very low prices which can make it affordable for those seeking to purchase this year.

I have always offered services on both the selling side and the purchase side of Real Estate. If you would like to talk regarding a sale or potential short sale that I may help you with or if you would let to get the ball rolling on a purchase this year please feel free to give me a call and we can have a no obligation discussion regarding your options.