re: North Dallas Home Market is Nuts...

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They live in a 3 story 3 bedroom condo. 3300.00 a month. If you want to live in the Dallas area, your gonna pay

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A lot of one bedrooms are getting close to 2k a month. So for a 3 bedroom that is a really good deal.

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I imagine things have slowed a bit as I know they have in Austin. Bidding wars, no inspection, and cash buyers were very common 2 years ago. Now, it’s not bad, but your common subdivision type homes are sitting on the market longer.

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Yeah, Collin County saw 5% dip.

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The county saw a median sales price of $539,580 compared to $569,500 in June 2022, according to a Collin County Association of Realtors news release. Despite the price drop, the county’s months supply of homes for sale indicates a strong seller’s market.

Collin County also saw a 22.7% decrease in new listings, while houses took 19 days longer on average to sell compared to 2022.

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Just need that insanity to continue for 2 more years so we can sell when our son goes to college.

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1 more year for us. He's a senior. Then we're going to move someplace more relaxed, where the golden retrievers can run, my wife can have her chicken coop and I have a workshop to tinker around with my hobbies.

Not looking forward to moving, though.

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Why would a seller ever initially price their home below market value?

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The "market value" of something is simply what people are willing to pay at any given time. It's simple supply and demand.

A seller can make a reasonable guess as to how much money he can get, but if a lot of people want the house, they will outbid each other and drive up the price.

Now sometimes people will under price a home to get some interest, but in this market sellers know they're going to have bidding wars. No use in that tactic.

We bought 10 months ago. The seller of our house put it on the market at the end of the peak market. It sat on the market for a month at their original price. They dropped it $50k and we came to look. Made a full price offer at what they were asking. Appraisal came in $64k less than what we offered ($114k less than their initial ask). We ended up getting it for the appraisal price and the rates had only bumped up to 4.5% at the time. In hindsight I feel like we threaded the needle on timing.

The appraiser said at the time they were read the riot act letting them know they will be held accountable for over-appraising properties so right around the time we bought, they all started being super conservative with their appraisals. Previously, they had been "appraising" houses around the agreed upon price of the home.

The home buying experience is pretty arse backwards in many ways. Theoretically you should be able to have the appraisal done prior to putting the house for sale since the appraisal process is set into motion after the buyer has already put their house on the market and likely accepted an offer. If things fall apart thereafter, it creates tons of issues for the buyer and seller.

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the rest over $1.2M with the highest at around ~1.57M. Glad I got in when I did.

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I'm glad I sold my place in December (Katy/West Houston). There are other homes in that price range that inexplicably went on the market in June, that are still on the market. Pools, etc. School was out in Mid May, and went back into session two weeks ago. Horrible timing by the sellers.

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When i was down in Florida in 99 to 2001, you could get a Home with screened in pool for $125-150K easily, and in nice areas

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My older brother bought a house in '96 for $140K, half acre, 4/3 home (2,600 sq. ft.) in South Miami. That same house now is worth $890K. Totally insane.

Yeah. But then you live in Mississippi. That's hard row to hoe