U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-02-2015, 01:56 PM
 
35 posts, read 33,729 times
Reputation: 16

Advertisements

Hi all,

i have read umpteen threads and also did pose questions on existing threads but response seems to be a bit muted as opposed to new threads. so here i shoot off the question again with a separate thread.

Background

Family of 3 with toddler kid
South asian , i.e. Indian to be more specific
First time buyer with budget of 400k
looking for 4 bed 2 storey home with at least two BR in Floor 1

Requirement
  • Look for a home with open concept kitchen.
  • should be close to parks or play areas
  • Closer to Plano ( wifey works near park avenue, Plano)
  • Hopefully an neighborhood which has good section of toddlers rather than middle schoolerr or high schoolers( my assumption is neighborhoods closer to rice or jasper would be more of elder children) as opposed to russell creek
  • Prefer community where there are some indians to socialize during the festivals

    it would be great if we can get homes built after 2000

Dilemma

  • should we just blindly look at russell creek or should we look at frisco as well
  • how deep into frisco should we look at
  • we had a look at villages at willow bay in east frisco. loved the layout but distance seems too far and am afraid if prices will stagnate as it is bordering on mckinney.
  • prices seem to vary too wildly with little elm and mckinney. so was wondering if price differential will reduce thus causing stagnation/reduction in Frisco. with so much vacant space not sure if the momentum will be sustained for existing home prices in frisco which are hitting close to 400k


please provide suggestions on what communities or areas might be apt for us.

we are thinking
  1. Russell Creek - fits all boxes except the age of the house and possibly home plans might be too old
  2. Plantation springs - heard some good reviews

Last edited by prasen; 07-02-2015 at 01:58 PM.. Reason: missed details
Reply With Quote Quick reply to this message

 
Old 07-02-2015, 02:01 PM
 
959 posts, read 1,012,563 times
Reputation: 604
I always find it interesting how new home buyers in the area think so much into it such as yourself. To be honest, your choices are limited, and when they do pop up, get ready for a cash bidding war. You are wanting the best of the best, so does everyone else, including me.

In a couple months, you will probably just settle for a new development or end up not caring about anything you are looking for now and just buy whatever is available since it is so hard to buy a house there.

So to answer your question, start looking everywhere and start putting offers in, get ready to be frustrated and get ready to pay 100% cash with $10-$30k above asking in order to win! To be honest, I really like both areas you listed (esp Russell Creek), if a good deal comes up, you will be bidding against me personally, and trust me I don't lose

//EDIT: forget to mention, houses in prime area (which you are looking in) receive multiple offers within 24 hours and are under contract within 48 hours. Also, the closer you get above $500k+, the easier it gets to win and you can ignore the headaches I mention above

Last edited by unknown00; 07-02-2015 at 02:16 PM..
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 02:10 PM
 
15 posts, read 24,369 times
Reputation: 29
Quote:
Originally Posted by unknown00 View Post

I always find it interesting how new home buyers in the area think so much into it such as yourself. To be honest, your choices are limited, and when they do pop up, get ready for a cash bidding war. You are wanting the best of the best, so does everyone else, including me.

In a couple months, you will probably just settle for a new development or end up not caring about anything you are looking for now and just buy whatever is available since it is so hard to buy a house there.

So to answer your question, start looking everywhere and start putting offers in, get ready to be frustrated and get ready to pay 100% cash with $10-$30k above asking in order to win! To be honest, I really like both areas you listed (esp Russell Creek), if a good deal comes up, you will be bidding against me personally, and trust me I don't lose
So much truth, albeit...put a bit harshly. This is one hell of a seller's market right now. Cash always talks. To me, it's crazy to get into a used home right now(although everyone is doing it due to the interest rates climbing). Nearly every house on the market is getting over ask...and as mentioned above...not just a little bit(but 10-30K more). I've had numerous co-workers go this route and they are alarmed to the fact that the house ends up appraising less than what they ultimately paid for it and the seller's are unwilling to split the difference(you want it...pay up mentality).

Call me crazy, but getting fleeced wasn't the direction I wanted to head, so we ended up going with a new-build.

Last edited by SouthernBelleInUtah; 07-03-2015 at 12:36 PM..
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 02:12 PM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,517,946 times
Reputation: 35917
Everything is a trade off....... Open kitchen means newer than 1993. Newer than 2000 means (usually) north Plano which limits your selection.

In your price range 2 bedrooms downstairs is very hard to find unless you either get a 1 story home or get a 2009+ newer home (hard to find in Plano).

Adding that 2nd bedroom downstairs takes away from much of the downstairs space and seldom seen in older 2 story homes.
Just in the last 5-6 years have we seen builders start squeezing in a 2nd bedroom down.
Older 2 stories you had to find go to homes that might be over 4000 sf to get the 2nd BR down and that will be out of your price range.

Nothing wrong with Frisco, I would include it in my search.
All homes in that area in Plano or Frisco are selling extremely fast and at a premium.

Don't be too picky or you'll have trouble getting into any home.
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 02:13 PM
 
177 posts, read 235,605 times
Reputation: 225
Murphy would be a great location and have your price range and meet most of your criteria
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 02:22 PM
 
1,523 posts, read 842,671 times
Reputation: 716
Quote:
Originally Posted by unknown00 View Post
I always find it interesting how new home buyers in the area think so much into it such as yourself. To be honest, your choices are limited, and when they do pop up, get ready for a cash bidding war. You are wanting the best of the best, so does everyone else, including me.

In a couple months, you will probably just settle for a new development or end up not caring about anything you are looking for now and just buy whatever is available since it is so hard to buy a house there.

So to answer your question, start looking everywhere and start putting offers in, get ready to be frustrated and get ready to pay 100% cash with $10-$30k above asking in order to win! To be honest, I really like both areas you listed (esp Russell Creek), if a good deal comes up, you will be bidding against me personally, and trust me I don't lose

//EDIT: forget to mention, houses in prime area (which you are looking in) receive multiple offers within 24 hours and are under contract within 48 hours. Also, the closer you get above $500k+, the easier it gets to win and you can ignore the headaches I mention above

The OP's target was 400k. So I'm very doubtful that all transactions at this price point are 100% cash.
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 02:37 PM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,517,946 times
Reputation: 35917
Quote:
Originally Posted by aggieplaya View Post
Murphy would be a great location and have your price range and meet most of your criteria
Allen would also be a good option.
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 03:26 PM
 
35 posts, read 33,729 times
Reputation: 16
thanks for the viewpoints..

well I am not in a hurry but at the same time want to be realistic..

when i say 2 BR downstairs, i am referring to a master and a guest one a smaller one where our kid can sleep till she becomes a little bit older to graduate to upstairs. right now she sleeps in our room and we will have to slowly transition her..

i was not aware of the 100% cash transactions at 400k budget.. no i do not have that much money .. if thats the only option guess renting is my only option..

I am beinga bit conservative here being my first home and dont want to really stretch hard..

so for a first home and for a toddler kid what do you reckon my approach should be..

i am a bit particular on a well developed community with sizable indian population .
villages willow bay ticks all boxes barring location and prolly schools .

i saw a new home in corner of 75025 called renaissance.. it seems to be in market for quite some time.. any idea why its not selling..
Reply With Quote Quick reply to this message
 
Old 07-02-2015, 03:46 PM
 
177 posts, read 235,605 times
Reputation: 225
Look into the Gables in Murphy - it has a park centered in between the homes and active Indian population. Definitely some 2 story homes under $400k there. I really think that may be a good fit based on your descriptions.
Reply With Quote Quick reply to this message
 
Old 07-03-2015, 07:32 AM
 
91 posts, read 139,381 times
Reputation: 54
Quote:
Originally Posted by unknown00 View Post
I always find it interesting how new home buyers in the area think so much into it such as yourself. To be honest, your choices are limited, and when they do pop up, get ready for a cash bidding war. You are wanting the best of the best, so does everyone else, including me.

In a couple months, you will probably just settle for a new development or end up not caring about anything you are looking for now and just buy whatever is available since it is so hard to buy a house there.

So to answer your question, start looking everywhere and start putting offers in, get ready to be frustrated and get ready to pay 100% cash with $10-$30k above asking in order to win! To be honest, I really like both areas you listed (esp Russell Creek), if a good deal comes up, you will be bidding against me personally, and trust me I don't lose

//EDIT: forget to mention, houses in prime area (which you are looking in) receive multiple offers within 24 hours and are under contract within 48 hours. Also, the closer you get above $500k+, the easier it gets to win and you can ignore the headaches I mention above
This should be tempered a bit. The situation where there are 10 all-cash offers in the first 24 hours that are $30k over asking is much more true in the $300k range than it is in the $400k range. It happens in the higher priced home range some, but it's more like most good homes get a couple of offers in the first day or two, maybe one is all cash sometimes, and maybe someone goes up to 5%-10% over asking. What the person describes above is much more representative of a lower price point.

FYI, we've been looking for a house in the $400k-$450k range for the last few months in Plano, Frisco, and Coppell, and close on one in a couple of weeks, so we're not completely uneducated about this price point.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top