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Competition & Availability Has Some Homebuyers ‘Flying Blind’

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COLLIN COUNTY (CBSDFW.COM) – It’s a big decision that many have very little time to make and few choices to choose from. CBS 11 News takes a close up look at the race to find and buy the few available homes in Frisco, where new residents are entering the competition in one of America’s hottest housing markets.

Homes are going so fast in the area builders are erecting new houses without any foreseen buyers. They say they’re doing it so they can have inventory for those moving into the city and are ready to make a quick deal.

Paul Sawyer is about to take a whirlwind tour of homes. He’s moving his family to Collin County from Florida. “We’re looking to start over in a new office,” he said.

Sawyer has one day to make one of one the most important decisions he’ll ever face.

“I had a very obscure idea of what Texas was like, and this is definitely not what I was expecting,” he admitted. When asked what he thought the Lone Star State would hold, he said, “A lot of dust and a lot of horses.”

Sawyer’s search had him checking out two of only 500 homes currently for sale in a city of 130,000. His guide, Lynn Slaney with Ebby Halliday Frisco, described a housing market where houses are selling before she can even show them. “You have to be a little bit aggressive,” she said.

Developers in the area simply can’t build homes fast enough for those moving on a deadline — like Sawyer. The situation has him looking at $500,000 custom homes under construction that he won’t even be able to customize. He said, “Even if a house isn’t finished you have to be ready to pull the trigger.”

Sawyer may have to submit an offer immediately or face losing a house that he says fits his family’s needs.

A staggering 97-percent of the homes for sale in Frisco are getting the asking price, which on average is about $359,000.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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