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Message
re: North Dallas Home Market is Nuts...
Posted on 3/9/21 at 8:28 pm to PhiTiger1764
Posted on 3/9/21 at 8:28 pm to PhiTiger1764
quote:
I have honestly never understood how a house gets sold over asking price. Why would a seller ever initially price their home below market value?
House is listed at $350,000
(most homes in the U.S. are currently way up there in price even in the shithole towns up north)
So the sellers are more than happy with the asking price.
Multiple buyers want it.
Home is marked as Contingent which means open to higher bids. I don't think the agents are allowed to say who or what the bids are
People offer higher bids some more because Barbie just has to have it
Some unknown swoops in with a cash offer.
The cash offers are happening big time
1
Posted on 8/28/23 at 1:58 pm to cajunangelle
Bump.
Anyone buy recently? Anyone got updates on current state of things?
Anyone buy recently? Anyone got updates on current state of things?
This post was edited on 8/28/23 at 1:58 pm
Posted on 8/28/23 at 2:01 pm to McCaigBro69
quote:
One of my friends is in the market right now and he is getting blown out of the water on every offer he makes.
Tough to outbid Blackrock and the like.
Posted on 8/28/23 at 2:03 pm to GeauxTigers123
Not sure how north Dallas market is doing but metro Austin has cooled significantly. Especially 650k and up homes.
Posted on 8/28/23 at 2:07 pm to Paul Allen
quote:Seems like this is the case everywhere. 400-500k range is still competitive but the competition is a lot smaller once you get into 600k+. Homes in general are staying longer on the market but inventory is low and you're going to get fricked by interest rates.
Especially 650k and up homes.
Posted on 8/28/23 at 2:10 pm to GeauxTigers123
quote:
Anyone buy recently? Anyone got updates on current state of things?
This is not the case anymore. I bought recently, asked the buyer to cover closing cost and fix 2 smaller things. They agreed since it had been sitting for a couple of months. Got in at a 5.75 rate before the rates took off.
Posted on 8/28/23 at 2:10 pm to Paul Allen
Why do so many people want to live in Dallas? I've admittedly never been anywhere in Dallas except for the airport, but it seems kind of lame and boring besides sports. I had a connection at the airport last weekend and the people there that I assumed were from Dallas seemed kind of snooty and materialistic.
Posted on 8/28/23 at 2:12 pm to Funky Tide 8
DFW has a ton of corporate headquarters/offices so there are plenty of high paying jobs. North DFW has some great public schools and housing used to be cheap. That hasn't been the case since Covid as a ton of California/NY transplants moved in. It isn't worth it anymore as most of the Metroplex is a cookie cutter hellscape. Austin metro to the San Antonio northern suburbs is the best area to live in Texas.
This post was edited on 8/28/23 at 2:28 pm
Posted on 8/28/23 at 2:18 pm to GeauxTigers123
quote:
Anyone buy recently? Anyone got updates on current state of things?
Current market still kind of sucks for buyers but you can at least get inspections done more often than not.
IMO w/interest rates sky high it doesn't really make sense to buy most of the houses for sale now for what they are asking.
This post was edited on 8/28/23 at 2:21 pm
Posted on 8/28/23 at 2:25 pm to Dragula
I sold my house in Allen in 2018 for 75k more than I bought it for in 2015. It's crazy how expensive that area has gotten since 2012.
Posted on 8/28/23 at 2:27 pm to Dragula
My youngest daughter bought a house in northern Fort Worth last year, sold it in less than 12 months for over $80k profit.
Posted on 8/28/23 at 2:28 pm to Dr RC
Interest rates are high right now, but if you are a buyer in this market, it's not a terrible time...
inventory is still low, but with less buyers in the market, you don't really have to worry about competing offers, more than likely... also means you have much more negotiating space... typically, we are seeing sellers wanting asking price, or close to that, but they are willing to give upwards of over $10K in concessions...
lenders have programs, like 2/1 buydowns, that will buy down the rate, and you can negotiate with the seller to cover the costs of the buydown... so your 7.5% rate goes to 5.5% year 1, 6.5% year 2, then 7.5% for the life of the loan... it's a fixed rate loan, not an ARM, so no surprises later, however, by the time the rate would kick in, you should be able to refi at a lower rate anyway...
inventory is still low, but with less buyers in the market, you don't really have to worry about competing offers, more than likely... also means you have much more negotiating space... typically, we are seeing sellers wanting asking price, or close to that, but they are willing to give upwards of over $10K in concessions...
lenders have programs, like 2/1 buydowns, that will buy down the rate, and you can negotiate with the seller to cover the costs of the buydown... so your 7.5% rate goes to 5.5% year 1, 6.5% year 2, then 7.5% for the life of the loan... it's a fixed rate loan, not an ARM, so no surprises later, however, by the time the rate would kick in, you should be able to refi at a lower rate anyway...
Posted on 8/28/23 at 2:28 pm to Funky Tide 8
quote:
Why do so many people want to live in Dallas? I've admittedly never been anywhere in Dallas except for the airport, but it seems kind of lame and boring besides sports. I
Pretty much why anybody moves anywhere, economics and jobs. Dallas has one if the best white collar job markets in the country. It has one of the largest concentrations of corporate headquarters in the country. Just about every big accounting firm, financial firm, and IT company has a big office there.
Most people have to work even if it's an area that lacks natural features or older buildings but there's more to Dallas than the suburbs and office buildings if you venture off the freeways. Collin County, in particular, has some the best schools, parks, and healthcare systems in the country.
This post was edited on 8/28/23 at 4:11 pm
Posted on 8/28/23 at 2:37 pm to LoneStar23
Prices are holding at their high prices but buyers no longer have to compete with 300 other buyers in 4 hours. Sellers now offers concessions but not giving much away.
The hedge fund buyers are diminished considerably and some are the sellers offering concessions to get the house off their balance sheet and free up capital for the next investment opportunities
The hedge fund buyers are diminished considerably and some are the sellers offering concessions to get the house off their balance sheet and free up capital for the next investment opportunities
Posted on 8/28/23 at 2:41 pm to Limitlesstigers
quote:
Dallas has one if the best white collar job markets in the country. It has one of the largest concentrations of corporate headquarters in the country.
Good point, but with the proliferation of remote and work from home jobs, it’s going to be interesting to see how many of those jobs are actually going to be in Dallas or wherever the employee is located.
Posted on 8/28/23 at 2:51 pm to Funky Tide 8
quote:
Why do so many people want to live in Dallas?
Several reasons, it's centrally located so you can get to East Coast and West Coast for the most part in the same travel time. Lots of corporate headquarters here, all the major sports events. It used to be low cost of living and low housing cost pre housing crunch. Dallas has a diverse economy, it's not dependent just one type of Industry, say like oil in Louisiana. In the suburbs you have A+ quality schools (public) without the private tuition cost.
Posted on 8/28/23 at 2:54 pm to Funky Tide 8
quote:that’s where the professional jobs are
Why do so many people want to live in Dallas?
Posted on 8/28/23 at 2:58 pm to GreatLakesTiger24
quote:
nobody wants to live in Dallas but that’s where the professional jobs are
Fixed it for you. Can attest, been perusing open positions lately and 70% are out of the Dallas area.
Posted on 8/28/23 at 3:01 pm to fwtex
quote:
Prices are holding at their high prices but buyers no longer have to compete with 300 other buyers in 4 hours. Sellers now offers concessions but not giving much away.
My in laws close this week. This is accurate from my area. It used to be that any home was selling instantly above ask. Now we have homes sitting on the market for months. The best homes still move rapidly. My in laws wanted a one story with a pool and that narrows down the availability dramatically…within a week there were 4 bids and they ended up getting it over ask but with concessions after inspection.
No more are the days of over ask with no contingencies and full cash. With that said, I haven’t seen prices drop dramatically. There are homes getting over priced but that’s sellers being greedy versus reasonable price per sqft based on comps. Our area has had 50-60% appreciation in the last three years and holding.
Posted on 8/28/23 at 3:11 pm to TheeRealCarolina
quote:
New York transplants Will buy all of the PFG button downs at your department stores.
Especially the fat guys:
quote:
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