Plano Real Estate Bubble?
Was there ever a bubble in the Plano real estate market? For a long time now we have been hearing about a real estate bubble and the burst of that bubble. This bubble bursting theory in reaction to the substantial increases in real estate values in many areas around the county, has recently grown into almost full-blown “the sky is falling” paranoia, largely fed by the media. This thought of the “bursting” of the so-called“ real estate bubble” seems to be based on nothing more than the collective fear that real estate values throughout the country may, at any moment, fall off the cliff, so to speak. However, there seems to be no rationale or fact based reasoning that supports this fear; just that prices are too high and can’t go any higher. As it turns out there actually was a national real estate bubble but was there a bubble in the Plano Real Estate Market? Well, I don’t believe there was a Plano Real Estate bubble. This is the reason we have not seen a “bust” in the Plano Real Estate Market. Why? Because of a number of factual, economic-based realities about the Plano Real Estate market keep the City as one of the strongest and most sought after cities to live in the country. Just look at any web site that gives you access to the Plano MLS. In the Plano MLS you can see that yes, there are more houses on the market and yes, these houses are staying on the market a little longer but the reality is that the prices of Plano homes has held relatively steady and if the these Plano homes are in good condition and price correctly they will still sell in a relatively short amount of time. Plano consistently ranks high among the best places to live in the Western United States. For the second year in a row, Plano ranked #1 as Americas richest City (cities with a population of 250,000 or more). Recent census data shows that Plano has the highest income and lowest poverty in the Nation. Ask any and they will describe the Plano Real Estate market as Calm and Steady, “Steady as She Goes”. Calmer heads have always prevailed in Plano and we should expect the same for the future.
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