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re: North Dallas Home Market is Nuts...
Posted on 3/2/21 at 5:03 pm to TejasHorn
Posted on 3/2/21 at 5:03 pm to TejasHorn
quote:
Not exclusive to north Dallas but people want those schools so emotion takes over and bidding wars are happening on every house.
The DFW metro as a whole has been cheap/underpriced for years. Add in a bunch of folks selling their $1-2 million dollar shitholes in CA as their company moves to DFW, and you have the perfect recipe for a line of buyers who have no problem going way above a $400-500k asking price in a desirable suburb like Frisco.
We bought in Ft Worth in 2014. 7 year old house, 4 bed 2 bath, 2,000 sq ft...$156,000. When we left you could still get into Colleyville for $300-400k. Same with Frisco and Mckinney and Allen. Easily.
1
Posted on 3/2/21 at 5:19 pm to UnluckyTiger
quote:
Mt. pleasant apparently is one of the fastest growing areas in the country.
The problem is that it's growing with New York residents.
And they're bringing their asinine political ideologies with them.
Posted on 3/2/21 at 5:22 pm to Dragula
It’s a buyers market and the agents are cleaning up. In another era, I rode through this as a part time agent. It was a fun second gig. All of a sudden, everyone wanted to be an agent. Lot of youngster ponied up for the courses & got their license only to be looking for another career when the market went the other way and you really had to work to make a sale. Lumber and other materials are through the roof driving it all. Prices for a “used” home are a bargain compared to building new at this point. Like all things in real estate, this will pass.
Posted on 3/2/21 at 5:30 pm to Dragula
what's the price range for the hot market sales?
Posted on 3/2/21 at 5:39 pm to Nado Jenkins83
quote:
No inspection?
Sold our house. Cash, no inspection, no appraisal, absolutely ZERO contingencies. Located in BR.
Posted on 3/2/21 at 5:39 pm to Nado Jenkins83
quote:
No inspection?
Sold our house. Cash, no inspection, no appraisal, absolutely ZERO contingencies. Located in BR.
Posted on 3/2/21 at 5:45 pm to armsdealer
Just sold in Orleans parish in a day. 12 showings, 7 offers at or above ask. Got $30k over ask and a two week closing
Posted on 3/2/21 at 5:48 pm to lshuge
quote:
what's the price range for the hot market sales?
Anything under $1.5m is hot and moves quick in Collin County it seems.
This post was edited on 3/2/21 at 5:49 pm
Posted on 3/2/21 at 6:23 pm to Palomitz
quote:
Come to Miami. This city has practically become inhabitable due to the outrageous property value. I bought a townhouse 16 years ago when the prices were decent and now I am stuck in the townhouse b/c there's no way I could afford a single family home in this city. Wife and I are planning to leave in a couple of years.
Yep, that's exactly what I mean. I have no idea why I'm getting downvoted for what I said
I literally lived next door to a home that was extensively remodeled in order to put on the market. The buyer bought it and tore it down to build a completely new, bigger house.
It's a pretty simple concept.
A 2/2 in a very desirable location goes on the market. It's valued around $300k.
You have two pools of prospective buyers.
1) People who want to pay $300k for a 2/2
2) Richer people who want to build their own house and are willing to pay $300k just for the lot.
I'm betting that's what happened. Some wealthy folks said "shite, we'll pay cash and pay more than what these other people are offering. Because we don't want your 2/2. We want to build a completely new 5/4 in this location."
This post was edited on 3/2/21 at 6:31 pm
Posted on 3/2/21 at 7:14 pm to bee Rye
quote:
You don’t understand how multiple people wanting the same home can end in an offer higher than asking?
I didn’t understand how it could possibly happen as often as it does until the explanations in this thread. Is that ok?
Posted on 3/2/21 at 7:58 pm to PhiTiger1764
Agency problems mean there is every incentive to start the price lower, get multiple offers that drive the price up. Then the agent can say that “they got the seller top dollar!” but the main motivating factor for an agent is securing the deal (not selling for an extra $10K or whatever higher figure).
We closed in July ‘20 and I think we barely got in before this madness. I started seeing houses selling for $15 sq ft more than ours but much more dated in the last month. I’m thinking we have 10-15% appreciation in under a year.
We closed in July ‘20 and I think we barely got in before this madness. I started seeing houses selling for $15 sq ft more than ours but much more dated in the last month. I’m thinking we have 10-15% appreciation in under a year.
Posted on 3/2/21 at 8:00 pm to Centinel
quote:
The problem is that it's growing with New York residents.
And they're bringing their asinine political ideologies with them.
One of the big reasons I'd be coming down would be to get away from the political machine that is Illinois and Chicago within it. They are doing everything they can to drive us out and turn this place into Detroit.
Posted on 3/2/21 at 8:00 pm to Dragula
An appraisal is a fricking racket. The house is worth what someone is willing to pay. Period. If the appraisal is thousands below, then so fricking what.
Posted on 3/2/21 at 8:04 pm to texasmason
I'm in Flower Mound. It's unreal here. Homes selling just a year ago for $700k are fetching $875k - $1million. My home was valued at $565k a year ago. Now close to $700k.
Posted on 3/2/21 at 8:07 pm to UnluckyTiger
quote:
Was at Folly within 20 minutes from downtown Sunday afternoon.
In February.
That’s going to be an hour and a half sitting on Folly Road in the summer. I grew up on Clark’s Sound, and I don’t even recognize it anymore. We went home about three years ago and tried going down to the old Coast Guard station for a nostalgic walk but gave up and turned around.
It’s such a beautiful place and I miss it dearly, but the Charleston I knew is long gone.
Posted on 3/2/21 at 8:14 pm to Dragula
This is in my neighborhood. People bought house in Dec 2019 for 1.465. Lived there 13 months, and listed it for 2.25M under contract for 2.2M
700k to live there 13 months
This post was edited on 3/2/21 at 8:16 pm
Posted on 3/2/21 at 8:33 pm to HubbaBubba
quote:
I'm in Flower Mound. It's unreal here. Homes selling just a year ago for $700k are fetching $875k - $1million. My home was valued at $565k a year ago. Now close to $700k.
Sister in law in Flower Mound, sister in Highland Park Village. Both close to 20 years I guess with homes paid for and both looking to downsize. Think they’ll do fine.
Posted on 3/2/21 at 8:40 pm to Martini
How fast can property taxes go up there, based on assessments?
In California it can only go up in small increments so people that have homes for a while pay a lot less than their neighbors that just purchased.
In California it can only go up in small increments so people that have homes for a while pay a lot less than their neighbors that just purchased.
Posted on 3/2/21 at 8:46 pm to BeepNode
quote:
How fast can property taxes go up there, based on assessments?
In California it can only go up in small increments so people that have homes for a while pay a lot less than their neighbors that just purchased.
I thought Prop 19 did away with Prop 13 in Cali
Posted on 3/2/21 at 8:53 pm to ItNeverRains
quote:
I thought Prop 19 did away with Prop 13 in Cali
Really? I think that was something that lets old/disabled people transfer their reduced property tax rates to new property, and also prevents people who inherit property from inheriting the reduced property tax rate.
If I'm not mistaken they can't tax you more than 1% of your property value, and can't raise your taxes by more than 2% a year.
This post was edited on 3/2/21 at 8:54 pm
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