Plano Real Estate Shows Signs of Rebounding

Real estate agents say they're cautiously optimistic

Foreclosures and short sales remain a reality for some parts of greater Dallas/Fort Worth, but the real estate market could be bouncing back.

"Homes are showing and homes are selling," said Cheryl Webb, of Keller Williams Realty.

In the Plano market, more homes were sold and the average sales price increased when comparing January through September of 2010 to the same period this year.

Much of the activity happened in the third quarter, when there was a 4 percent increase in the number of homes sold.

"June, July, August and September, we did really well," said Betty Magee, of Magee & Associates Realtors.

In the meantime, Webb said 2011 reminds her more of a typical market year in Plano. This year, sales prices were stable to nearly modest and comparable to the average yearly gain, she said.

"A normal increase for our area is only about a 3 percent increase in sales price," Webb said.

Inventory has also decreased, meaning fewer homes are on the market. Webb said Plano has a six-month supply of homes, a statistic of a balanced market.

She said interest is picking up at one of her listings.

"We put it on the market less than two weeks ago," she said. "We've had 15 showings, one offer that we turned down, and now we're working the second offer."

While inventory has decreased, so has the number of buyers.

Stricter lending guidelines disqualify many potential homeowners, making it impossible for some to take advantage of historically low interest rates.

But Magee said she is cautiously optimistic about the area's future.

"I don't think we'll increase in the next year, but I think we'll be very stable," she said.

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