Am I being realistic? On the great home hunt for McKinney/Allen/Frisco etc (Dallas: for sale, real estate)

[MobiusStrip]

I'd thought I would consider Plano but it seems the houses I can afford are not zoned for the schools I want my kids at. So am thinking most zoned for Frisco/McKinney/Allen/Wylie/Prosper ISDs will have good to great schools, with the odd exception. Kids are in early elementary school so I have to consider ES/MS/HS ratings.


My budget is maybe $210,000, tops. I don't want a god-awful open floor plan so probably nothing newer than 1995ish ideally or anything older than about 1980 especially since so many people feel the need to remodel their galley/horseshoe kitchens to something open and they look asinine. I really want a settled, safe neighborhood. I work from home so need either four bedrooms, an office, den or dining room to use as an office. No less than 1400 sf (gack, so small but I have to be realistic). Because of the nature of my work, I prefer to live close to Plano in the event I lose my job or end up having to work at our company headquarters (in Dallas).


I have some credit challenges and am in the midst of a cleanup. I can currently get an FHA loan (my FICO scores used by mortgage companies are around 590) but expect I can have the middle score to 620 by end of the school year so hope to actually prequalify then.


We live about 120 miles away so I cannot just drop work and pop over to look at a house when one comes on the market. I was hoping to set up camp in a hotel for a week and put an offer in on the first house I can stand. Will I need to offer over the asking price? Are people still getting houses for under the asking price? Is there a snowball's chance in heck that I can actually manage this this summer and be moved before school starts?

[MobiusStrip]

I should add that I am open to living elsewhere but prefer to stay within 150 miles maximum of Wichita Falls, as my mother is in the nursing home there. And the job market for network folks should be decent. It must be safe and the schools must be good (eg have a good G&T and honors programs).

[TheOverdog]

I don't want a god-awful open floor plan so probably nothing newer than 1995ish ideally or anything older than about 1980 especially since so many people feel the need to remodel their galley/horseshoe kitchens to something open and they look asinine. I really want a settled, safe neighborhood. I work from home so need either four bedrooms, an office, den or dining room to use as an office. No less than 1400 sf (gack, so small but I have to be realistic).

Your budget, price range, and design criteria don't really exist. Ranch homes from the early '80s were already open floor plan, especially ones in your price range and size range. You want an older home, 1960-1970 or earlier that hasn't been renovated yet.

Some small homes in east Plano, east Allen, and east McKinney will have a few choices. Garland will have more.

[MobiusStrip]

Originally Posted by TheOverdog

Your budget, price range, and design criteria don't really exist. Ranch homes from the early '80s were already open floor plan, especially ones in your price range and size range. You want an older home, 1960-1970 or earlier that hasn't been renovated yet.

Some small homes in east Plano, east Allen, and east McKinney will have a few choices. Garland will have more.

I do see many houses from the 80s whose floor plans are not intolerably open, and occasionally the 90s. I cannot do east Plano because the elementary schools are execrable. I am not sure about McKinney but did notice it consistently in Plano. I cannot do Garland either. Allen seems like a good choice if I can actually time it all to be moved in before school starts.

[TheOverdog]

I do see many houses from the 80s whose floor plans are not intolerably open, and occasionally the 90s.

Maybe so, but they will be over your budget.

I cannot do east Plano because the elementary schools are execrable

No they are not. East Plano schools are better than any of the other places mentioned, in general.

[MckinneyOwnr]

Originally Posted by TheOverdog

Ranch homes from the early '80s were already open floor plan, especially ones in your price range and size range.

Most of the ranch homes in central Plano built in the late 70's up to 1990 are NOT open floor plan. The trick would be to find one for $210k, but they are out there.

Originally Posted by MobiusStrip

I'd thought I would consider Plano but it seems the houses I can afford are not zoned for the schools I want my kids at.

Which schools are those? This home meets your criteria in central Plano, and has good school ratings, I myself went to Schimelpfenig.

3220 Anchor Dr, Plano, TX 75023 - Home For Sale and Real Estate Listing - realtor.com®

As you can see, it's definitely not open floor plan.

Originally Posted by MobiusStrip

Will I need to offer over the asking price? Are people still getting houses for under the asking price? Is there a snowball's chance in heck that I can actually manage this this summer and be moved before school starts?

If you bid right now, I would probably offer full asking price. Even when people were getting homes for under asking, it was like 2-3% under, max. Last time we shopped for homes a year ago, all the comps were showing sold for 98-99% of asking if they were under, and sometimes 5 and even 10% over.

You won't be getting favorable terms with a lender with your credit score, but if time is of the essence then it doesn't really matter. To be honest, I'm surprised you qualify for an FHA loan. We purchased our home just over a year ago, and even with credit scores in the 800's, we had to jump through hoops, far more than we ever had to do in the past, and that includes buying a home in 2010 in the midst of the banking/foreclosure nonsense.

[WorldKlas]

I am curious where the job location is.

[unknown00]

Impossible. Sub $250k is so rare these days, and if you find one, it will have an all cash + above ask offer within 24 hours of listing (unless of course it is a rare exception that is just in such bad condition no one wants)

[BongoBungo]

Originally Posted by unknown00

Impossible. Sub $250k is so rare these days, and if you find one, it will have an all cash + above ask offer within 24 hours of listing (unless of course it is a rare exception that is just in such bad condition no one wants)

There are plenty of new construction homes available in Mckinney around/north of 380 under $250k, they are just smaller floorplans.

[MobiusStrip]

Originally Posted by WorldKlas

I am curious where the job location is.

I work at home and have for over four years. Company is headquartered in Dallas, employees are all over, and the customer I am currently supporting is headquartered in Switzerland.