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Old 09-20-2015, 09:03 PM
 
1,162 posts, read 2,002,295 times
Reputation: 639

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Collin County home prices...I am kind of shocked at how quickly prices have been going up.I have talked to so many colleagues at work as well as friends and family who live in the area who are either looking to buy or looking to sell homes.In Plano,Prosper and Frisco it seems like new builds start at about $325,000 and anything decent under $200,000 is non existent.

I personally think prices will continue to rise in Collin County until 2017 then stabilize.What are your thoughts and predictions?

It is certainly an interesting time to be a homeowner in the "hot" areas of the metroplex...
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Old 09-20-2015, 09:09 PM
 
Location: Plano 75024
409 posts, read 842,352 times
Reputation: 208
Quote:
Originally Posted by CREW747 View Post
I personally think prices will continue to rise in Collin County until 2017 then stabilize.
Exactly this. But, I am more worried about whether of not they will hold their value 2020 and beyond.
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Old 09-21-2015, 03:41 AM
 
769 posts, read 488,236 times
Reputation: 1786
Yeah it is so awesome having to cut a huge property tax check each year. Just wonderful. Especially for me having no intentions to ever sell and having no mortgage which makes this increase in value a horrible development.
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Old 09-21-2015, 07:49 AM
 
Location: Prosper
6,268 posts, read 12,118,539 times
Reputation: 9325
At this point, we're practically into 2016, so as hot as the market is now, I don't see things slowing down much by 2017. Realistically, I think it will be 2018-2019 before we see the market return to historical norms of ~2% appreciation per year. Builders won't have built enough new homes by 2017 to make much of a dent, and right now, there's just too many buyers vs sellers.

It's a double edged sword... we were thrilled about the market when we sold our last home, and we'd bought it at the bottom of the market, so we saw a fantastic return in only 4 years. Our latest home, we also scored a deal and bought well under market value, but if we decide to sell in a few years, then we may have trouble finding a home we like at a price we're willing to pay.

I also doubt that we're done hearing about companies relocating to the DFW area. I'm sure there will be more in 2016/2017, which will keep demand strong. There's still plenty of land along North DNT in Frisco to be developed, and with all the current stuff going on, it's an attractive area.
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Old 09-21-2015, 08:05 AM
 
1,162 posts, read 2,002,295 times
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it is kind of crazy that $300,000 seems like the new starting point for the majority of homes in Frisco/Prosper/Plano.Building new under $300,000?Forget it.Do most people just starting out make enough money to buy $300,000 homes?I feel like there will be new starter areas now since Frisco/Prosper/Plano is going in the direction of Colleyville/Southlake/Coppell with pricing....I think that Mc Kinney and Celina will end up seeing big gains in the next few years due to people going there who are priced out of Prosper/Plano/Frisco.I could see Rockwall becoming the next best thing as well....

Random comment....I have been traveling alot for work recently and let me tell you,after visiting a handful of metro areas that shall not be named,I am very happy to be back home in DFW.I can see why so many people and businesses want to be here now more than ever....
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Old 09-21-2015, 08:50 AM
 
Location: North Texas
23,611 posts, read 31,169,837 times
Reputation: 26678
Quote:
Originally Posted by CREW747 View Post
Collin County home prices...I am kind of shocked at how quickly prices have been going up.I have talked to so many colleagues at work as well as friends and family who live in the area who are either looking to buy or looking to sell homes.In Plano,Prosper and Frisco it seems like new builds start at about $325,000 and anything decent under $200,000 is non existent.

I personally think prices will continue to rise in Collin County until 2017 then stabilize.What are your thoughts and predictions?

It is certainly an interesting time to be a homeowner in the "hot" areas of the metroplex...
It's not just Collin County.

Also, "interesting" isn't a word I'd use. I think the only homeowners who are really happy about these price increases are sellers. People like me who are planning to stay put for the time being aren't too happy about property tax increases, not to mention utility increases for most if not all of us due to all the new infrastructure required to accommodate the influx of transplants.

Yeah..."interesting."
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Old 09-21-2015, 09:01 AM
 
11,679 posts, read 21,250,268 times
Reputation: 10074
Quote:
Originally Posted by CREW747 View Post
it is kind of crazy that $300,000 seems like the new starting point for the majority of homes in Frisco/Prosper/Plano.Building new under $300,000?Forget it.Do most people just starting out make enough money to buy $300,000 homes?I feel like there will be new starter areas now since Frisco/Prosper/Plano is going in the direction of Colleyville/Southlake/Coppell with pricing....I think that Mc Kinney and Celina will end up seeing big gains in the next few years due to people going there who are priced out of Prosper/Plano/Frisco.I could see Rockwall becoming the next best thing as well....

Random comment....I have been traveling alot for work recently and let me tell you,after visiting a handful of metro areas that shall not be named,I am very happy to be back home in DFW.I can see why so many people and businesses want to be here now more than ever....
The reality is that 90%+ of first-time home buyers in DFW will not be buying new construction anymore. This is a normal concept across the rest of the country but is a big mind-shift from what first time buyers have been able to do here until recently. It's hardly the end of the world if your first home is a "used" one...
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Old 09-21-2015, 09:38 AM
 
6 posts, read 4,235 times
Reputation: 27
Quote:
Originally Posted by CREW747 View Post
Do most people just starting out make enough money to buy $300,000 homes?
It's pretty simple.
1. There are a lot of high-tech jobs in the Northern Dallas.
2. There are a lot of high-tech professionals in this area.
3. Median household income for families with Bachelor degree is about $80,000 (2013 statistic). And it is even more in hi-tech jobs.
4. If their annual income is 80K and more, then they can afford a $300 - $400,000 house.


Welcome to the future.
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Old 09-21-2015, 09:38 AM
 
15 posts, read 14,199 times
Reputation: 21
Waaaaaaaaahhh. We complain when the housing market is in decline and our values are low and then we complain when they are high. Just sit back and enjoy the ride and be happy knowing you are living in one of the best areas within the US of A.

Other areas of the country would kill for the economic strength DFW is showing right now.
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Old 09-21-2015, 10:02 AM
 
1,162 posts, read 2,002,295 times
Reputation: 639
Quote:
Originally Posted by DallasFloridian View Post
Waaaaaaaaahhh. We complain when the housing market is in decline and our values are low and then we complain when they are high. Just sit back and enjoy the ride and be happy knowing you are living in one of the best areas within the US of A.

Other areas of the country would kill for the economic strength DFW is showing right now.
Agreed....I am ok with what is going on here, but I am also surprised that values have risen so quickly in certain areas as are many other homeowners.I think we are all wondering when values will stabilize.Like I said above, I have been traveling alot for work in the past few months and after visiting a handful of metro areas,I am very happy to be back home in the DFW area.The northeast scares the hell out of my at this point.The horror stories I have heard from friends and family living there regarding jobs,lay offs and cost of living are enough to make me extra happy we decided to move to Collin County years ago...There are many,many reasons to feel grateful to live in this area.
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