2001-2013=? (Dallas, Richardson: for sale, real estate, condo)

[Texastopia]

I want to sell my NE Richardson home and move Uptown. I bought way back in 2002. Is this a good time to sell & buy? Are prices higher than two years ago? Should I wait?

[TurtleCreek80]

Originally Posted by Texastopia

I want to sell my NE Richardson home and move Uptown. I bought way back in 2002. Is this a good time to sell & buy? Are prices higher than two years ago? Should I wait?

1. Get a realtor who sells a lot in your neighborhood to come do a competitive analysis on your home. He/she can advise what current market value is and any work that would need doing prior to putting your home on the market.

2. Yes, prices are much higher than 2 years ago in many area neifhborboods. Don't know which specific part of Richardson you're in, but the value is either "higher" or "much higher" than 2011, which was pretty much the "bottom" year in Dallas real estate. What does your neighborhood look like right now? Are there fewer "for sale" signs in the yards? Are the ones there moving to "pending" or "sold" signs quickly? That will give you an indication of how your local market is moving. In many areas, there is half the inventory needed for a "healthy" market, meaning homes are being snatched up quickly (meaning hours & days, not weeks) and at/near full price.

3. If you purchased in 2002, you should be more than fine & selling a good bit above your purchase price (unless you're in a part of East Richardson where the schools & general neighborhood have gone downhill since then).

4. If you've been watching Uptown properties for 6+ months, you may be frustrated to see that the prices have jumped and that you can afford less home than you expected. It's still a great move, just don't get frustrated or think the realtors or sellers are crazy for raising their prices over last year. The market is significantly better and even the condo market is starting to pick up again.

[Texastopia]

Just browsed uptown and yes it is costing lot more than what it was two years ago. My Richardson house wouldn't buy more than a condo there. I'm tired of maintaining a house anyway.

First thing is to clean and paint the property.

[jdallas]

You have probably already received a few direct messages inquiring about your house just from this post alone. It's a great time to sell but, like TC mentioned, that usually means it's not a great time to buy. Finding that sweet spot is difficult and it seems to have passed about a year ago.

[Texastopia]

Easy to sell but even without COMPS I can see that in 12 years I only made 50K, paid more in interest and in property taxes.

[TurtleCreek80]

Originally Posted by jdallas

You have probably already received a few direct messages inquiring about your house just from this post alone. It's a great time to sell but, like TC mentioned, that usually means it's not a great time to buy. Finding that sweet spot is difficult and it seems to have passed about a year ago.

I disagree- it still is a good time to buy with mortgage rates hovering in the 2.5% range. Those rates aren't going to be around in a year so even if prices stay where they are today, it is going to cost more to buy the same priced property. Yes, the absolute best time to buy was about 12-18 months ago, but this is still a good time to buy from a historical perspective.

[TurtleCreek80]

Originally Posted by Texastopia

Easy to sell but even without COMPS I can see that in 12 years I only made 50K, paid more in interest and in property taxes.

How do you know that, without comps?

[Texastopia]

By looking at similar listings.

[BigDGeek]

Originally Posted by jdallas

You have probably already received a few direct messages inquiring about your house just from this post alone. It's a great time to sell but, like TC mentioned, that usually means it's not a great time to buy. Finding that sweet spot is difficult and it seems to have passed about a year ago.

I agree. From an interest rate standpoint, awesome time to buy. From an inventory perspective, crappy time to buy! I was thinking about moving myself late last year/earlier this year, but have abandoned the idea because of how difficult it is to actually buy a house in a decent area.

Having said that, the house behind me is still for sale; it was rumored to be under contract a couple of times, but still it sits with the for sale sign out front. They're having the fourth open house in four weeks there, and the owners moved out at least a couple of weeks ago. I went to last week's open house to have a look...cute, but small and I think it's a bit overpriced. That hasn't stopped similar properties from flying off the market though; I wonder what's wrong with this one?

Maybe it's the neighbors! That's ME!

[Texastopia]

Sellers of 2006 and buyers of 2011 were so smart/lucky people.