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Old 01-03-2011, 10:19 AM
 
27 posts, read 80,425 times
Reputation: 23

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compare to southwest corner of Mckinney where communities are almost fully developed? I am thinking about buying a house in northern part of mckinney, east of 75(very close to 75). The community hasn't built up fully... maybe 10%.. But, there's elementary school in the community, so that's nice... will i have problem reselling the house in case i loose my job? How is the neigborhood, shopping, etc?

I would really appreciate your input.


edit: PECAN RIDGE ESTATES is where i am looking at.

thanks..

Last edited by dunkky; 01-03-2011 at 10:30 AM..
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Old 01-03-2011, 10:28 AM
 
Location: mckinney
108 posts, read 287,261 times
Reputation: 75
we lived in in a Grand community in North McKinney just around the corner from where you are talking about. I can only speak for the neighborhood that we lived in, but we were not happy with it. We luckily got out before the "crash" but have checked back from time to time and it looks like homes sit for sale forever, and usually they turned into foreclosures.
We made the mistake of not using a realtor, so I would guess if you use a realtor, they will either warn you about it, or tell you to buy there?
The neighborhood itself was quiet, nothing bad ever happened.
Good luck!
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Old 01-03-2011, 10:36 AM
 
27 posts, read 80,425 times
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thanks for your input.. well.. my realtor says it would be ok.. I just want to get more input from different people.. So, sounds like based on your experience, it would be very hard to sell a house over there... That's my number one concern as i i don't wanna be the one to see my house go foreclosure...
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Old 01-03-2011, 10:43 AM
 
13,194 posts, read 28,324,000 times
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Quote:
Originally Posted by dunkky View Post
thanks for your input.. well.. my realtor says it would be ok.. I just want to get more input from different people.. So, sounds like based on your experience, it would be very hard to sell a house over there... That's my number one concern as i i don't wanna be the one to see my house go foreclosure...

Your realtor wants to make a sale and get paid.

In today's market, it would be foolish to buy a home in a community that is only 10% built as it could take 6,7,10+ years before the whole thing is built & sold. Even then, you will still be on the north side of McKinney (closest to the next "boomtowns" of Anna, Melissa, etc) and will still be competing with new construction that is "just a bit further out" (that's how the buyers will rationalize the extra 15 minutes of commute time from your "old" 2011 home to their "new" 2019 home).

In all seriousness, find a community where homes sell within 90% of list price within 60-75 days. If the market is slower/lower than that, you don't want to be there.....
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Old 01-03-2011, 10:46 AM
 
13,194 posts, read 28,324,000 times
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Quote:
Originally Posted by dunkky View Post
thanks for your input.. well.. my realtor says it would be ok.. I just want to get more input from different people.. So, sounds like based on your experience, it would be very hard to sell a house over there... That's my number one concern as i i don't wanna be the one to see my house go foreclosure...
PS- if you have ANY remote concerns that your house - the house you haven't even purchased yet- will go into foreclosure, DO NOT BUY A HOUSE NOW!!!!!

DO NOT buy a house if you aren't putting 20% down & DON'T HAVE an emergency fund of 12 months living expenses (6 months if you're a 2-income family) set aside AFTER you write the down payment check.

For example, mortgage + taxes + bills + food + car expenses = $2,500/mo. Buying a $150k home.

You cannot afford to buy the home if you don't have $30,000 saved for down payment PLUS an additional $30,000 of emergency fund saved.

Preparing to buy a home financially is the #1 way to prevent foreclosure.
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Old 01-03-2011, 11:27 AM
 
Location: Deep in the heart of Texas
1,914 posts, read 7,152,918 times
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I live in McKinney and I would not buy up there. You need to stick to the neighborhoods that are built out or close to being built out. Look in Stonbebridge Ranch. There are lots of neighborhoods in varying price ranges and the homes on my block alone sell within 90 days.
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Old 01-03-2011, 12:35 PM
 
27 posts, read 80,425 times
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i am gonna put down 20% and i think my wife saved up some money as well.. so from that aspect, we should be OK.. And i am very confident i can find another job if i loose one... but you never know....

i looked at just about every part of Mckinney except far east area. i can afford the house in Stonbebridge Ranch but the ones in my price range aren't as nice as the one i looked at in PECAN RIDGE ESTATES. It's a little further north up, but much nicer house with more sq ft. And i plan to live up there for long time.. I don't plan to make money off house, just wanna even it out when i have to sell it... man... this house hunting is very stressful... It's gonna be my first house....

It's this community..
http://maps.google.com/maps/ms?ie=UT...63c4478ce90045
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Old 01-03-2011, 01:11 PM
 
Location: North Texas
2,482 posts, read 6,537,130 times
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dunkky- please research your property taxes and insurance before purchasing. It is a shocker. Not sure where you came from (as in another state) but North Texas has some high cost when it comes to property taxes and insurance. Enough to double your mortagage payment if you add it in. Purchase what you can afford not what the trend is. I to would recommend a older estabilished community before I would purchase in a newer community.
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Old 01-03-2011, 11:01 PM
 
27 posts, read 80,425 times
Reputation: 23
does the property tax and insurance rate differ depends on which part of mckinney you live? I am not looking to sell the house after a few years... I plan to stay long time... So, no one has anything good to say about that area? south west is a way to go?
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Old 01-04-2011, 03:56 AM
 
Location: Dallas/Ft. Worth, TX
3,080 posts, read 8,430,031 times
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Quote:
Originally Posted by dunkky View Post
does the property tax and insurance rate differ depends on which part of mckinney you live? I am not looking to sell the house after a few years... I plan to stay long time... So, no one has anything good to say about that area? south west is a way to go?
You can find the property tax rate information on the Central Appraisal District WEB site Welcome to the Collin Central Appraisal District. On that site you can also obtain links to the CAD's for surrounding counties if you wish to compare the rates.

There are a lot of factors that go into your insurance premium amount. You can actually sit two homes side by side and some of the factors (some of your personal qualifications) can affect the rates slightly). You can obtain some general information and quotes on the Texas Department Of Insurance WEB site located here http://www.tdi.state.tx.us/pubs/rateguide.html. It can give yu some idea of what to expect, explain the various available policies, and create comparisons between the various provider offerings.

Good luck on the purchase and if you have inspection questions give me a holler! The whole process can be stressful if you don't have the information to help you through it.
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