Buying a home in Allen or McKinney is about more than a transaction. It's about where your life happens next. At Kelly Pearson Realty Group, we guide North Texas buyers through every step of the home buying journey with expert advice, local market knowledge, and dedicated advocacy.
Licensed in Texas since 2010, Kelly Pearson brings local market expertise to every purchase. Our team knows what it takes to find the right home at the right price. Our results and recognition include:
We provide comprehensive support that goes beyond basic home showings:
Explore our comprehensive buyer resources:
Contact Kelly Pearson Realty Group today for a free, no-obligation consultation. We'll discuss your goals, show you available properties, and create a customized buying strategy.
Call 469-631-5893 or download our free Buyer’s Guide below to get started.
You can buy with as little as 3.5% down on an FHA loan, according to the Consumer Financial Protection Bureau, and Fannie Mae's HomeReady loan allows 3% down for buyers who meet its income limits. On a $500,000 home, 3.5% is $17,500. You will also need cash for earnest money, the option fee and closing costs, so get a written estimate from a lender before you shop.
The option period is a number of days you negotiate, often 5 to 10, when you can end the contract for any reason and get your earnest money back. You pay the seller an option fee for this right, delivered to the escrow agent within 3 days of the effective date, and it is credited to you at closing if you buy, according to the TREC resale contract. Book your inspection right away so you have time to ask for repairs.
Earnest money in Texas is often about 1% of the price, or about $5,000 on a $500,000 home, and you can offer more to make your offer stronger. You deliver it to the title company within 3 days of the effective date, according to the TREC resale contract. If you end the contract during the option period, you get it back.
In Allen, the combined 2025 rate is $1.7697 per $100 of value, or about 1.77% before exemptions, according to the City of Allen. In McKinney inside McKinney ISD, the adopted county, city, school and college rates add up to about $1.75 per $100, based on rates reported by Community Impact. The Texas Constitution bars a state income tax on individuals, so local property taxes fund schools and cities. Your bill depends on the appraised value, any special districts and your exemptions, so look up each home on the Collin Central Appraisal District site.
The homestead exemption takes $140,000 off your home's value for school district taxes, up from $100,000 after voters approved Proposition 13 in November 2025, according to the Texas Comptroller. Homeowners 65 or older or with a disability get an extra $60,000 off. You apply with the Collin Central Appraisal District, and the general deadline is April 30. If you buy after January 1, you can qualify once the home is your main residence, and the City of Allen adds its own 5% homestead exemption on city taxes.
It depends on what you agree to in writing. Since the 2024 NAR settlement, and under Texas SB 1968 since January 1, 2026, you must sign a buyer agreement that states your agent's pay before you tour a home with them. Pay is fully negotiable, and sellers can still offer to cover some or all of it, so your agent can ask for that in your offer. Kelly Pearson Realty Group will go over the agreement with you before your first showing. Call 469-631-5893.
A financed purchase usually takes about 6 weeks, and ICE Mortgage Technology data puts the national average near 42 days for purchase loans. Cash deals can close faster once title work is done. Your closing date is written into Paragraph 9 of the TREC resale contract, so pick a date your lender says it can meet.
Allen ISD serves almost all of Allen, with small parts of the city in Lovejoy, McKinney and Plano ISDs. McKinney is split among 7 districts, with about two thirds of residents in McKinney ISD and the rest in Frisco, Prosper, Allen, Melissa, Lovejoy and Celina ISDs. District lines do not follow city lines, so confirm the district and campus for each address with the district before you make an offer.
