The Grisak Group June 2, 2023 Newsletter

Is This The New Normal?
The #1 Fairview and Lucas agent for 21 consecutive years!
Tom Grisak, President
Broker Associate/Realtor
214.850.1519
tom@grisak.com
Hi Everyone,

Note* - I'll be following probably tomorrow with some of our statistics and area updates for Prosper, Fairview, Lucas, Starcreek, McKinney, and Rockwall. We have so much going on now that we're moving into the peak selling season, this report would be way too long, if I added those here, so keep your eye out for another email.

We're officially into spring which many consider the beginning of the peak selling season and our activity is through the roof. We had our weekly team meeting today so I was able to catch up on our new listings, listings which we have paperwork out for signature, and the listings we've been told we'll be getting in the coming weeks.

We have so many new listings coming in our pipeline at different times, I can't discuss them all here. If you're interested in knowing about them as soon as we can announce them, please bookmark our "coming soon" listings page" and check it periodically. You can also call me or any of our team members and they'd be happy to update you more thoroughly.

How Strong Is the Market Right Now?

Let me put it this way, if you're making an offer on a home you think is priced reasonably, there's no point in submitting an offer unless you're willing to pay over the list price. Coming in at under or even at the list price is probably going to be pointless. Your offer won't even be considered.

Listing agents know they're going to receive muliple offers, sometimes as many as 10-20 in the lower price point homes, and those will set the market price for the home. It's not unusual these days for a home to sell at 20% over list but that doesn't happen on all homes. If the listing agent doesn't price the home so high that no-one makes an offer, they'll get offers. We've found starting at a reasonable offering price ends up netting more for a seller because more buyers will be inclined to get into the bidding process.

When we see price reductions in a market like this, it's only natural to wonder if there's something wrong with the home, the agent just didn't know what they were doing when they priced it, or the agent did know what they are doing and the seller convinced them to start higher than they were advised.

Is This The New Normal?

The main fear buyers today have is if they've overpaying for a home. But what does that really mean? If what they paid is what it took to buy the home, they aren't overpaying. It's market.

I think this is the "new normal". I don't believe these prices are going down. There's just too much demand and too little product. I've been told by builders it might take 2-3 years to catch up.

Even if a buyer thinks they overpaid, in three to five years, it won't make any difference. The market will catch up unless something dramatic happens. The recent uptick in interest rates along with the Ukrainian invasion have had no effect on home sales so far. It would take something catastrophic to crash our economy and if that happens, we're all going to be in trouble anyway.

Why Aren't More Homes Coming Onto The Market?

Although more homes are gradually starting to hit the market, there are still not nearly enough to impact home prices. And in some smaller markets there's still almost nothing to choose from. That creates almost a panic to buy which is great for sellers.

So why aren't more homeowners becoming sellers? We've talked to so many who want to take advantage of this incredible market, but they tell us they're concerned they won't be able to find a home they like, and even if they do, it will probably be more expensive than they want to pay. That makes their home look pretty good, so they just stay put.
Here are the Events We Have Coming Up in the Next 3 Months

  • Our Zoom Town Hall, April 6th - We'll have the entire team on board to answer any questions you might have about us, the market, pricing a home, staging, how to get into real estate, anything whatsoever. The invitation is below
  • Property Value Consultation - Mid-April, as soon as the Collin County property tax notices come out, we'll start setting up zoom meetings with anyone who needs comps or advice on how to appeal their value
  • Our First Client Appreciation Pickleball Event June 23rd - Play some pickleball with the team for an hour or so of play, then upstairs for drinks at the newly restored High Point tennis center in Plano. There are only a limited number of spaces so if you want to play, please let me know and I'll reserve a spot tom@grisak.com
  • Client Appreciation Gris"hack"fest at Watters Creek golf course in Plano - No date set as yet, but we'll play their fun nine hole course and then upstairs for drinks and snacks
  • Client Appreciation Night at the Movies - Still in the works and date will be announced
  • Come fly Fairview with Google and me - This is a video I'm working on now. I'll show you where the various acreage developments are located, price points, and where I think you'll find the smartest buys.
  • Living in Lucas - I start my videos about Lucas just like my recent Fairview videos
Why Are New Homes So Expensive and Taking So Long to Build?
Tony Prutch, who owns Homes by JAnthony currently has 52 homes in construction and design so he's a wealth of information. He's going to answer both of those questions and also walk through his newest home sale on Blondy Jhune Rd in Lucas.

This is a "twofer". You get to see what's probably a $3 million home on an incredible creek lot that's not out there for public viewing. Plus, if you're thinking about building, you can learn about the challenges today's home builders are facing and get some insights on what you should expect.
Do You Have Any Burning Real Estate Questions?
We're getting the entire gang together on Zoom for our first town hall meeting. The collective, combined knowledge of this group of agents is off the charts.

You are welcome to ask us anything. Between all of us, I'll bet we can get you an answer. And if you'd like to ask a question beforehand, just email it to tom@grisak.com

We're not sure what the maximum number of zoom participants we can have, so if you're interested, you can sign up now at this LINK
We Have Two Open Houses this Weekend
Allen / Allen ISD
$595,900
Open Friday, March 18th from 4-6 PM
& Saturday, March 19th from 1-3 PM
McKinney / McKinney ISD
$355,000
Open Saturday, March 19th from 1-3 PM
Our Closings, Under Contract, and New Listings
Over the Past 10 days
Under Contract
Lucas / Lovejoy ISD
$1,250,000
We are Representing the Sellers
Lucas / Lovejoy ISD
$1,225,000
We are Representing both the Sellers
and the Buyers
Fairview / Lovejoy ISD
$1,225,000
We are Representing both the Sellers
and the Buyers
Richardson / Richardson ISD
$714,900
We are Representing the Sellers
McKinney / McKinney ISD
$599,900
We are Representing the Sellers
Fairview / Lovejoy ISD
$1,925,000
We are Representing the Sellers
This New Home Has Been in Title Since Construction Began Early This Year
1405 Haverton Way
McKinney / McKinney ISD
$850,000
We are Representing the Buyers
TBD Bus 78s
Blue Ridge / Blue Ridge ISD
Approx. 16.34 Acres
$399,000
We are Representing the Buyers
New Listings
755 Kenwood Trail
Lucas / Lovejoy ISD
$1,875,000
Coming Soon
450 Oakwood Trail
Fairview / Lovejoy ISD
$1,199,999
Coming Soon
2347 Boxwood Dr
Allen / Allen ISD
$695,000
Coming Soon
1050 Creek View Lane
Lucas / Lovejoy ISD
$665,000
Coming Soon
Allen / Allen ISD
$595,900
Open Friday, March 18th from 4-6 PM
& Saturday, March 19th from 1-3 PM

McKinney / McKinney ISD
$355,000
Open Saturday, March 19th from 1-3 PM
Available
Fairview / McKinney ISD
$3,700,000
Approx. 7.396 Acres
Fairview / McKinney ISD
$2,983,850
Approx. 5.967 Acres
Lucas / Lovejoy ISD
Two Lots Left
Lot 6, 2 acres, $725K
Lot 2, 6.45 Acres, $1,600,000

Please visit us at Grisak.com to see how we professionally market our properties. You can also learn about the areas in which we specialize.