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Message
Best predictions for Real Estate Markets 1-3 yrs
Posted on 10/11/24 at 8:12 pm
Posted on 10/11/24 at 8:12 pm
Specifically in Texas market.
Will prices keep rising because of low inventory? Or will they stall and eventually go down.
Will prices keep rising because of low inventory? Or will they stall and eventually go down.
7
Posted on 10/11/24 at 8:15 pm to WhiteRussianDude
Prices will only rise. That's why all the experts say people waste their time and money by waiting to purchase. You can always refinance. Jump in. You can't time the stock market and you can't time the expensive real estate market.
Posted on 10/11/24 at 8:20 pm to GumBoPiya
It’s not that in so much as we are considering a second home in Galveston to use until we retire. So potentially only a few years, maybe more. The market still seems to have built in COVID increases. Wondered if they were around to stay. Don’t want to grab a falling knife.
Posted on 10/11/24 at 8:23 pm to WhiteRussianDude
Man I jumped in a couple days ago but didn’t lock a rate so I’m kinda bummed about that.
Houses in the neighborhood I’ve been looking at seem to have gone up 50k to 80k per year the last 6 to 8 years.
Houses in the neighborhood I’ve been looking at seem to have gone up 50k to 80k per year the last 6 to 8 years.
This post was edited on 10/11/24 at 8:26 pm
Posted on 10/11/24 at 9:58 pm to WhiteRussianDude
quote:
Best predictions for Real Estate Markets 1-3 yrs
quote:
Specifically in Texas market.
Exponential increases in property taxes with no end in sight.
Posted on 10/11/24 at 10:20 pm to Paul Allen
quote:
Exponential increases in property taxes with no end in sight.
Meh...No State income tax in Texas and a much better quality of life compared to other shiteholes. Property tax is the least of my concerns.
Posted on 10/11/24 at 10:54 pm to GumBoPiya
quote:
Meh...No State income tax in Texas and a much better quality of life compared to other shiteholes. Property tax is the least of my concerns.
No state income tax isn’t exclusive to Texas.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Washington and Wyoming all have no state income taxes and all have way lower property taxes.
I know several people in TX that are paying $1,500 or more a month in property taxes for houses that are between $600,000-$750,000.
That’s absurd with or without a state income tax.
Posted on 10/11/24 at 11:08 pm to Paul Allen
No state income tax isn’t exclusive to Texas. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Washington and Wyoming all have no state income taxes and all have way lower property taxes. I know several people in TX that are paying $1,500 or more a month in property taxes for houses that are between $600,000-$750,000. That’s absurd with or without a state income tax.
I was looking at building in Houston area and my taxes would have been close to $30,000 a year in Conroe/Spring in any new neighborhoods. I ended up buying in Benders Landing in Spring and cut my taxes in half.
I will say moving from LA to TX the tax rate is about what and what depending on where you buy.
I paid 25k in state tax and property tax in Louisiana in 2023. Would have been at 30k in property taxes in Texas if I would have built in most places. I held out for the last year and found a place with a 1.57% tax rate and should be at 15k with the homestead.
I was looking at building in Houston area and my taxes would have been close to $30,000 a year in Conroe/Spring in any new neighborhoods. I ended up buying in Benders Landing in Spring and cut my taxes in half.
I will say moving from LA to TX the tax rate is about what and what depending on where you buy.
I paid 25k in state tax and property tax in Louisiana in 2023. Would have been at 30k in property taxes in Texas if I would have built in most places. I held out for the last year and found a place with a 1.57% tax rate and should be at 15k with the homestead.
This post was edited on 10/11/24 at 11:47 pm
Posted on 10/12/24 at 12:42 am to Rize
The county assessor that gets elected makes a difference too. It's why I'm never buying in Fort Bend again. They've been giving it to me with no lube for almost 15 years. Oil crash? Max the assessed value! COVID? Max the assessed value!
I also feel like I saw this same thread 3 or 4 months ago.
I also feel like I saw this same thread 3 or 4 months ago.
Posted on 10/12/24 at 6:41 am to Paul Allen
quote:
I know several people in TX that are paying $1,500 or more a month in property taxes for houses that are between $600,000-$750,000.
That’s absurd with or without a state income tax.
Not sure where they are located. Maybe they messed up by buying in an area with high taxes. Sounds like they weren't very smart. They may have bought in an area that has mud tax which basically allows the county or neighborhood to constantly raise your taxes. I'm in a $650K + house in hill country area with a property tax bill of $8,500 per year and no mud tax. Moved from Louisiana 3 years ago and it was the best decision I ever made. You have to do your research and be smart about it when buying.
Posted on 10/12/24 at 8:01 am to GumBoPiya
The problem is the Texas law code allows the appraisal districts to increase by a max of 10% every year. Since it is that way, they will always assess the max and leave it up to the homeowner to protest. It is a horrible part of the law that allows for essentially unrestrained tax increases. The max needs to be lowered and the burden should fall to the assessors office to prove the need of an increase not just an auto increase.
Posted on 10/12/24 at 9:25 am to GumBoPiya
This is Hays, Williamson and Travis county (Steiner Ranch, Bee Cave).
It’s absolutely ridiculous to pay that much in property taxes.
It’s absolutely ridiculous to pay that much in property taxes.
Posted on 10/14/24 at 1:33 pm to GumBoPiya
quote:
Prices will only rise
There is just too much money out there. Wages may eventually rise to meet the housing costs, but I highly doubt youll see prices drop significantly
Posted on 10/14/24 at 1:38 pm to WhiteRussianDude
Up only. The US Govt can't afford R/E or equities to meaningfully correct given their current fiscal position. Cap gains are the marginal driver of receipts. Any correction will brutally stimulated.
Posted on 10/14/24 at 3:05 pm to WhiteRussianDude
quote:
Specifically in Texas market.
The answer for Texas is "no"
Not to bring in politics, but the blue states will taper first. The growth is mostly red states and will continue for some time. Texas will surpass California in population by 2040 to 2050. Florida is expected to pass California by 2100.
This post was edited on 10/14/24 at 11:02 pm
Posted on 10/16/24 at 6:48 am to DarthRebel
quote:Which should result in lower RE prices in them from reduced demand, but keep prices steadily moving upward in the red areas still showing growth as the numbers of people moving from California in particular continue to rise.
Not to bring in politics, but the blue states will taper first.
I’ve had several relocation clients from California over the last few years to Alabama, I expect Texas and probably Florida are getting a lot of them.
Posted on 10/16/24 at 7:38 am to WhiteRussianDude
I think as long as more people are moving to Texas creating housing demand home prices should be either stable or increasing.
Unless there is some economic shocks I can’t see real estate falling materially in Texas
Unless there is some economic shocks I can’t see real estate falling materially in Texas
Posted on 10/17/24 at 2:41 pm to DarthRebel
quote:
Not to bring in politics, but the blue states will taper first. The growth is mostly red states and will continue for some time. Texas will surpass California in population by 2040 to 2050. Florida is expected to pass California by 2100.
It's not a red vs blue convo. It is hyperlocal supply/demand.
Posted on 10/17/24 at 3:02 pm to Paul Allen
quote:
I know several people in TX that are paying $1,500 or more a month in property taxes for houses that are between $600,000-$750,000.
Where is that?
My house in Texas was 800k and we paid like 1100/month in property taxes. Which is pennies compared to what I pay in property/income tax in Louisiana.
Posted on 10/17/24 at 3:40 pm to GumBoPiya
quote:
Prices will only rise. That's why all the experts say people waste their time and money by waiting to purchase. You can always refinance. Jump in. You can't time the stock market and you can't time the expensive real estate market.
Highly disagree with this. With median family income of 70 or 75k, after taxes that's 60k, you have house payments, interest, premium, car payments, house maintenance, car insurance, house insurance, gas, food, kids, hospital bills, health insurance, hundreds of other things.
You're telling me knowing that, and houses are wayy over priced at 500k for a shite home, that they will somehow rise?
You think all those items I listed and a family of four on median is taking home 60k to cover all those things, somehow can continue to go out and drive prices even further? Nah, won't happen.
I disagree, I think they will drop as they have been recently.
It's the exact opposite as one other poster here said, there's not too much money out there, there is extremely little money out there for families.
This post was edited on 10/17/24 at 3:46 pm
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