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re: The Wild DFW Housing Market--my experience
Posted on 3/27/17 at 12:41 pm to PetreauxCat
Posted on 3/27/17 at 12:41 pm to PetreauxCat
quote:
If you want to buy a starter home in Dallas proper, you're going to pay $400k.
Nor LA, New York City, Boston, Chicago, etc. That's not my point. If you are living in one of those places, you are most likely making over $100k though also.
I'm just saying that with social media, all these women want modern everything on their first house with 5% down on a 30 year mortgage.
Posted on 3/27/17 at 1:02 pm to Quidam65
They've built 1,000 + homes within a square mile of mine in the past 6 years. (Wylie, Sachse, Murphy area)
Most are 300K up, it's nuts.
Most are 300K up, it's nuts.
Posted on 3/27/17 at 1:06 pm to PetreauxCat
quote:
If you want to buy a starter home in Dallas proper, you're going to pay $400k.
My wife and I have sadly come to this realization. We've been renting in Dallas for a year and a half and it's just insane how little you get for your money here (unless you are willing to take a chance at buying in a seedy neighborhood).
Does anyone have a recommendation for an area to look for houses in the $250K range for a young married couple (mid 20s) with no children?
Posted on 3/27/17 at 1:45 pm to tlsu15
Rent.
I was approved for 250k through Rocket on my income and credit history and I came to the realization I needed 50K more to get into the neighborhoods I want. I am single though, so either its get a raise or find a wife.
I think I'll try the first right now lol...
I was approved for 250k through Rocket on my income and credit history and I came to the realization I needed 50K more to get into the neighborhoods I want. I am single though, so either its get a raise or find a wife.
I think I'll try the first right now lol...
Posted on 3/27/17 at 3:23 pm to 50_Tiger
If you are selling your house that quickly then you are underpriced. This is the definition of an agency problem. The agent has every incentive to flip the house as quickly as possible because the net benefits of a few extra grand doesn't mean much for the agent.
You could have listed for 20K more and still had people offer over ask. Dallas is as much of a sellers market as you will ever see...if you are patient, then you can find a buyer that will overpay because they are tired of the process. Now, you may need someone who is all cash because otherwise the financing could fall through.
I'll report back on a couple months when my rent lease is up for renenwal. Only went up about $40 this last year so cheers to hoping the same happens again.
You could have listed for 20K more and still had people offer over ask. Dallas is as much of a sellers market as you will ever see...if you are patient, then you can find a buyer that will overpay because they are tired of the process. Now, you may need someone who is all cash because otherwise the financing could fall through.
I'll report back on a couple months when my rent lease is up for renenwal. Only went up about $40 this last year so cheers to hoping the same happens again.
Posted on 3/27/17 at 3:49 pm to Quidam65
Just read an article today about the acceleration of the great southern migration. Housing markets in Atlanta, DFW, Houston, Austin, Nashville, etc. show no signs of cooling off.
Posted on 3/27/17 at 4:02 pm to TejasHorn
quote:
Just read an article today about the acceleration of the great southern migration. Housing markets in Atlanta, DFW, Houston, Austin, Nashville, etc. show no signs of cooling off.
All economic data here in Middle TN show no signs of slow down until 2020, and they expect a dip back to 2016 levels.
The MTV generation has been replaced by the HGTV generation. Works for me.
Posted on 3/27/17 at 4:09 pm to TejasHorn
Yet, Millennials are still slow to buy houses, which makes me think that this market will be hot for a while as they start buying up houses.
Posted on 3/27/17 at 4:18 pm to southernelite
Exactly. Some of these places like Atlanta are extremely overbuilt.
Posted on 3/27/17 at 4:25 pm to southernelite
quote:
Yet, Millennials are still slow to buy houses, which makes me think that this market will be hot for a while as they start buying up houses.
The most intriguing trend we are seeing with Millenials in Middle TN is they will sacrifice location for the house within the city. They have no qualms about the teardown/rebuild on the bad block. They are gentrificating machines.
Posted on 3/27/17 at 4:35 pm to southernelite
quote:
Yet, Millennials are still slow to buy houses, which makes me think that this market will be hot for a while as they start buying up houses.
I keep reminding people in my industry that older millennials are well into their 30's. (if you go by the 1980 and later definition). They aren't just growing up, many have already grown up, had kids, etc.
Posted on 3/27/17 at 5:35 pm to TejasHorn
But statistically, Millennial home ownership is low, I'd imagine its even lower in the big metro areas we are talking about. Most of my friends in Dallas are in their upper 20s and all still renting.
I can't afford to buy a house in this market, and probably won't for a few years. I'd rather rent in the uptown area than move to the burbs.
I can't afford to buy a house in this market, and probably won't for a few years. I'd rather rent in the uptown area than move to the burbs.
Posted on 3/27/17 at 5:45 pm to southernelite
I'd love to own a house one day but I don't view home ownership as the long term financial investment that it once was. I would rather rent and have the flexibility to move the family for a better job opportunity.
Hell I'm an army brat and we didnt stop moving until I was a sophomore in high school so I have at least 15 or so years before I need to park my family somewhere.
Hell I'm an army brat and we didnt stop moving until I was a sophomore in high school so I have at least 15 or so years before I need to park my family somewhere.
Posted on 3/27/17 at 5:49 pm to tlsu15
I just bought 7 acres in Waxahachie, 30 min from Dallas.
If you are going to work in Dallas and want somewhere reasonable to live, Midlothian/Mansfield/Waxahachie is the way to go.
If you are going to work in Dallas and want somewhere reasonable to live, Midlothian/Mansfield/Waxahachie is the way to go.
Posted on 3/27/17 at 6:11 pm to Quidam65
Thats pretty much why I am planning to just build in Melissa or Anna.
Posted on 3/27/17 at 6:15 pm to 50_Tiger
quote:
Rent.
I was approved for 250k through Rocket on my income and credit history and I came to the realization I needed 50K more to get into the neighborhoods I want. I am single though, so either its get a raise or find a wife.
I think I'll try the first right now lol...
Make sure she has a job, and if she does, you will live where "she" wants......
Posted on 3/27/17 at 7:54 pm to b-rab2
I'm renting an updated 3 bed in Richardson. Good deal for close highway access, good food, relaxing and chill location. Dfw apartments are ridiculous though. The State Farm hq has jacked up home prices in the 75/635/tollway area.
Been here 6 years, apartments, duplexes, and updated homes being built non stop but rates keep going up year after year. Wish I could find a way to get in on the market before it goes down
Been here 6 years, apartments, duplexes, and updated homes being built non stop but rates keep going up year after year. Wish I could find a way to get in on the market before it goes down
Posted on 3/27/17 at 9:13 pm to Retrograde
quote:
f you are going to work in Dallas and want somewhere reasonable to live, Midlothian/Mansfield/Waxahachie is the way to go.
Just curious how bad that commute that is?
Posted on 3/28/17 at 7:16 am to notiger1997
That's I-35 Corridor, so if you leave the house by 6am you will just get a small blip of rush hour into Uptown. Once you pass Uptown the bulk of traffic switches to southbound coming in from North Dallas. Should be smooth sailing until you hit Frisco, because it's becoming another job center pretty much.
If you are going East on 20 or 30 I will say a prayer for you.
So pretty much factor in 45-1hr depending on how far north you have to go.
For example for me: From Carrollton to Grand Prairie under moderate traffic load using PGBT is 57 min.
If you are going East on 20 or 30 I will say a prayer for you.
So pretty much factor in 45-1hr depending on how far north you have to go.
For example for me: From Carrollton to Grand Prairie under moderate traffic load using PGBT is 57 min.
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