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Old 04-02-2013, 11:54 AM
 
67 posts, read 137,503 times
Reputation: 61

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Zillow is not very accurate at all, use Realtor.com for the best info you can get without an agent. Still, when we listed our house recently, it wasn't on either site for about 2 weeks. A Realtor with access to the MLS and sellers that haven't officially listed yet is the ONLY way you're going to get accurate market info. And a buyer's agent doesn't cost anything, I don't know why anyone would buy a house without one. I'm a former agent and have hired one to handle my sale and purchase FWIW.

The market is very crazy right now, definitly in the Collin/East Denton county suburbs! We have had the same problem as another above, we would get new listings, make appointments to see them, and they were in contract within a week or 2. I've heard of sellers getting over asking price in the area we were looking. We did finally get a house, but we had to up our initial offer to get a response. Even where we are now, we had multiple offers starting the second week on the market and we're not in one of the highest demand areas. There are still some people with the low-ball mindset of the last few years. We got a couple of those offers and our agent didn't even present them, she told them to come back when they wanted to be realistic. The ones that did got themselves a house, the others are probably still looking.

Bottom line: This is not a market where you can expect deals and can make offers at 5-10% below asking anymore. I would expect that to continue throughout this year. After that, it will really depend on what happens with interest rates. They've started to creep back up slowly, but from what I understand the Fed intends to keep them low until 2014 to help with the recovery. It's definitely helping DFW!
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Old 04-02-2013, 12:57 PM
 
157 posts, read 366,214 times
Reputation: 78
Quote:
Originally Posted by HFamily View Post
And a buyer's agent doesn't cost anything, I don't know why anyone would buy a house without one. I'm a former agent and have hired one to handle my sale and purchase FWIW.
I used a buyers agent via the USAA Home Purchase Program and was very happy. This was a non-DFW home in another area of the country, about 8 years ago.
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Old 04-02-2013, 03:43 PM
 
Location: Dallas, TX
1,161 posts, read 740,486 times
Reputation: 248
I have seen 6-7 homes yesterday with my online search in Irving and Coppell ISD. Same search gave me 3 homes today.
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Old 04-02-2013, 04:35 PM
 
Location: DFW - Coppell / Las Colinas
29,970 posts, read 34,587,203 times
Reputation: 35977
Quote:
Originally Posted by ritholtz View Post
I have seen 6-7 homes yesterday with my online search in Irving and Coppell ISD. Same search gave me 3 homes today.
I'm making appointments to show homes the next few days and many are calling back saying they just went under contract. It's frustrating as an agent trying to find homes to show to a buyer in todays market.
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Old 04-05-2013, 02:34 PM
 
Location: Dallas, TX
1,161 posts, read 740,486 times
Reputation: 248
Quote:
Originally Posted by Rakin View Post
I'm making appointments to show homes the next few days and many are calling back saying they just went under contract. It's frustrating as an agent trying to find homes to show to a buyer in todays market.
Hi Rakin,
My search is only showing 2 homes today.
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Old 04-05-2013, 04:29 PM
 
Location: DFW - Coppell / Las Colinas
29,970 posts, read 34,587,203 times
Reputation: 35977
Quote:
Originally Posted by ritholtz View Post
My search is only showing 2 homes today.
We've made 3 offers and not gotten any. Hopefully our 4th works. We offered $240k on a $225 house and we did not get the house.

I have never seen such a shortage of homes in my area. Even the ones showing available are not really available.

We are almost in a bidding war.
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Old 04-05-2013, 05:15 PM
 
172 posts, read 289,096 times
Reputation: 67
Coppell is a small town and homes under $300,000 are popular. I see above $500,000 linger on market for longer period.
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Old 04-05-2013, 10:35 PM
 
Location: Dallas, TX
1,161 posts, read 740,486 times
Reputation: 248
How accurate are appraisals? Do they need to provide accurate reflection of the market price irrespective of our offer price. My realtor says, they are subjected to felony for false appraisals. Is it true?
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Old 04-06-2013, 08:29 PM
 
27,573 posts, read 45,029,595 times
Reputation: 14086
Homes can be priced lower to incite buyers' interest and start a bidding war...
appraisals that are lower than the required MORTGAGE amount cause problems
if you have someone with large amount of equity to put down and the selling price is MORE than appraised value but the equity downpayment means that the mortgage is still less than appraised value,
I don't think you have problem...if you want the house...you could get a mortgage
since the bank/mortgage company's money is not at risk--only the buyer's equity...

but not RE agent
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