Rent vs Own (Dallas, Plano, Richardson: rentals, house prices, buying)

[smiles_chicago]

So we have been house hunting - narrowed down to East Plano/Richardson (with PISD) areas. However the houses (range 350-500) are selling so quickly and the prices seem inflated Would it be better to just rent for now in the area and then keep looking (we need a house - rented or owned by May end).

I see the following for renting. Can you add to my list? Pros or cons? Much appreciated!

The Pros:
Time to ponder and get our ducks in a row
Make sure the commute is doable (work in Dallas DT). 35 -40 mins in am and ~ 50 mins in evening is what I have been averaging from Murphy (living with relatives in Murphy)
Home prices may stabilize?

The cons:
Double move (IL to rental home, most stuff in storage and then to the new home)
Potential change of school for my daughter (5th grade)
Prices may trend upwards
rentals not friendly to pets

Thanks
JK

[Brookside]

Originally Posted by smiles_chicago

The Pros:
Time to ponder and get our ducks in a row
Make sure the commute is doable (work in Dallas DT). 35 -40 mins in am and ~ 50 mins in evening is what I have been averaging from Murphy (living with relatives in Murphy)
Home prices may stabilize?

The cons:
Double move (IL to rental home, most stuff in storage and then to the new home)
Potential change of school for my daughter (5th grade)
Prices may trend upwards
rentals not friendly to pets

Thanks
JK

I think your pros and cons are very realistic. The pet thing especially can be a real impediment. We solved it with a lot of negotiation and a huge deposit.

You may want to add how very hard it can be to time the closing of a house with the end of your lease. Again, you may be able to negotiate with your landlord, or sublet, etc (if the lease allows it). But these things can have pretty severe consequences.

And as for the market being "inflated" - I seriously doubt prices will go down anytime soon. And right now, you should be able to find a very nice house in your price range. That may not be the case in, say, 2 to 5 years.

[stephwin]

I really don't see prices stabilizing or even going down, especially with summer right around the corner. There may be more homes on the market then, but the competition will be even more fierce and prices will probably be up. If it was me, I would look to buy now and not rent.

[keribeth818]

So...We rented first and ended up buying in a completely different area. We had a dog and found a rental home by owner that had no issues with a pet (no deposit either). Used craigslist. Our kids were too young for school but you can choose to look at it the other way. If you arent happy with the schools (and I wasnt crazy about one of the east plano middle schools) you are stuck if you buy. If your daughter is going into 5th grade (or is she currently in 5th?) she will have to change schools for 6th anyways. Sometimes we kick ourselves because home prices did appreciate in the 3 years we rented, but at the same time, I am very happy with our location and commutes and both would have been awful if we had purchased first, without knowing the area well. It sounds like you are already in Murphy, however, so you have a leg up there.

That said, northeast Richardson is a great area and had our jobs not been too far north and west, we would have purchased there.

[aggie972]

I don't think prices will go down. I only see house prices as being "inflated" in the sense that the government is propping them up still, but I don't see them stopping and allowing housing prices to fall any time soon. I could see waiting in order to save for a larger downpayment, but I wouldn't get my hopes up about prices falling. They're more likely to keep increasing.

[OkieSoonerGuy]

Originally Posted by smiles_chicago

So we have been house hunting - narrowed down to East Plano/Richardson (with PISD) areas. However the houses (range 350-500) are selling so quickly and the prices seem inflated Would it be better to just rent for now in the area and then keep looking (we need a house - rented or owned by May end).

I see the following for renting. Can you add to my list? Pros or cons? Much appreciated!

The Pros:
Time to ponder and get our ducks in a row
Make sure the commute is doable (work in Dallas DT). 35 -40 mins in am and ~ 50 mins in evening is what I have been averaging from Murphy (living with relatives in Murphy)
Home prices may stabilize?

The cons:
Double move (IL to rental home, most stuff in storage and then to the new home)
Potential change of school for my daughter (5th grade)
Prices may trend upwards
rentals not friendly to pets

Thanks
JK

This is really a hard one. I was set on buying before I moved here but my realtor advised me to rent for a year and check out different areas and I am glad that I did because I will more than likely be moving 20 miles east of where I currently live to be closer to work.

[stephwin]

How long have you been in the area? I'm wondering if you've had time to drive around and get a feel of a few cities/areas since you are technically living here, just with the in-laws.

Have you considered Lake Highlands? That area would be good for a downtown commute and the schools are good (just make sure you are zoned to the right ones). Your budget should get you something nice too, unless you are looking for a 4000 sq ft, brand new home. But I completely understand if you like the Plano area better.

[smiles_chicago]

Originally Posted by stephwin

How long have you been in the area? I'm wondering if you've had time to drive around and get a feel of a few cities/areas since you are technically living here, just with the in-laws.

Have you considered Lake Highlands? That area would be good for a downtown commute and the schools are good (just make sure you are zoned to the right ones). Your budget should get you something nice too, unless you are looking for a 4000 sq ft, brand new home. But I completely understand if you like the Plano area better.

Thanks! I will do that. I have driven around. Las Colinas in beautifu but did not find anything suitable. West Plano is too expensive and other areas are too much commute time.
My criteria is home not more than 20 years old...good schools and fairly good commute...and in my range...sigh

[ChristieP]

Your wants are not compatible with your budget. A house that's less than 20 years old, with a decent commute to downtown Dallas, and in that price range isn't likely to exist. The easy answer is to look at homes that have been totally renovated instead of insisting on something that's newer. This will open up a lot more possibilities for you since you can't change the commute, and you need to stay within your budget.

[Bloomfielding]

Originally Posted by smiles_chicago

Thanks! I will do that. I have driven around. Las Colinas in beautifu but did not find anything suitable. West Plano is too expensive and other areas are too much commute time.
My criteria is home not more than 20 years old...good schools and fairly good commute...and in my range...sigh

If you consider all that West Plano offers then it's not too expensive. Yes it is expensive if you compare it to houses in boonies but not if you compare it to other established areas with good locations and top tier schools. It is very affordable unless one is HGTV picky about houses.