Housing Market in DFW (Dallas, Orange: mortgage, houses, job market)

[BigDGeek]

Originally Posted by bringiton1

I agree that new companies are moving and creating new jobs but its not enough as so many people are also moving at the same time which is creating lot of competition.

Some of the places such as frisco, plano home prices are high and gone up by 20 to 25% in last 2,3 years which is crazy.

Dallas is not SFO or New york. We have so much room to grow in any direction. That is why i feel home prices will go down.

It is just my analysis.

I think your analysis is faulty. I don't see a bubble; I see the market not keeping up with demand and prices rising accordingly.

You should have bought years ago, honestly. Even 2 years ago. Price increases may slow down but as others have said, barring economic catastrophe I don't see prices going down. I have only heard of price crashes from the usual Chicken Little types.

Here in Richardson our 50-60 year old houses have skyrocketed in value. It's happening all over the place.

Also...as long as people keep moving here in high numbers, you can count on rents continuing to go up too.

[cyrece]

There is a slowing, it could be seasonal but also a slight shift. But I do think that we are more insulated due to the NEW revenue and transplants relocating here.

Seller/buyer ratios in Mckinney 1.1 to 1 in the less than $400k however more than $400k is 5.5 to 1. 11.1% appreciation and slowing per the latest Sept report.

[bringiton1]

Originally Posted by cyrece

There is a slowing, it could be seasonal but also a slight shift. But I do think that we are more insulated due to the NEW revenue and transplants relocating here.

Seller/buyer ratios in Mckinney 1.1 to 1 in the less than $400k however more than $400k is 5.5 to 1. 11.1% appreciation and slowing per the latest Sept report.

which report?

[EC2005]

Originally Posted by bringiton1

I agree that new companies are moving and creating new jobs but its not enough as so many people are also moving at the same time which is creating lot of competition.

Some of the places such as frisco, plano home prices are high and gone up by 20 to 25% in last 2,3 years which is crazy.

Dallas is not SFO or New york. We have so much room to grow in any direction. That is why i feel home prices will go down.

It is just my analysis.

I dont know if we are in a bubble or not, but there is actually plenty of room within 20 to 30 miles of NYC and SF. From NYC for example, just drive north and there are plenty of cities in NY and CT.

For SF, same could be said east and south. It's living in the heart of those cities that is ridiculously expensive.

For a long time, Dallas has been known to have "cheap" housing relative to the rest of the country (primarily major cities). As people now actually flock to Dallas, I could see this sustaining higher prices until there is a large exodus. A $400k house is very affordable to those migrating from LA, SF, NY, etc, and thats where many starter home prices are trending to these days.

[lepoisson]

Originally Posted by EC2005

I dont know if we are in a bubble or not, but there is actually plenty of room within 20 to 30 miles of NYC and SF. From NYC for example, just drive north and there are plenty of cities in NY and CT.

For SF, same could be said east and south. It's living in the heart of those cities that is ridiculously expensive.

For a long time, Dallas has been known to have "cheap" housing relative to the rest of the country (primarily major cities). As people now actually flock to Dallas, I could see this sustaining higher prices until there is a large exodus. A $400k house is very affordable to those migrating from LA, SF, NY, etc, and thats where many starter home prices are trending to these days.

That's how I know I'm living in the wrong place. My budget for a home is $150,000-175,000. I can't really find anything in the metroplex in move-in condition for that price unless I live way out in a place like Azle, Weatherford, Denton, Waxahachie, etc.

When you look at the housing market in a place like Omaha, NE, you realize how crazy the market is down here. Most homes are $300,000 or more. DFW is not the market for starter home people. It's more for people who have already owned a home.

[EC2005]

Originally Posted by lepoisson

That's how I know I'm living in the wrong place. My budget for a home is $150,000-175,000. I can't really find anything in the metroplex in move-in condition for that price unless I live way out in a place like Azle, Weatherford, Denton, Waxahachie, etc.

When you look at the housing market in a place like Omaha, NE, you realize how crazy the market is down here. Most homes are $300,000 or more. DFW is not the market for starter home people. It's more for people who have already owned a home.

Just 5 years ago you could buy a wonderful home for $250k and have plenty to choose from. Its definitely pushed that number to $300k or $350k.

Its crazy to see the new home developments all starting at $450k

[TurtleCreek80]

Originally Posted by lepoisson

That's how I know I'm living in the wrong place. My budget for a home is $150,000-175,000. I can't really find anything in the metroplex in move-in condition for that price unless I live way out in a place like Azle, Weatherford, Denton, Waxahachie, etc.

When you look at the housing market in a place like Omaha, NE, you realize how crazy the market is down here. Most homes are $300,000 or more. DFW is not the market for starter home people. It's more for people who have already owned a home.

You think Dallas prices are crazy high because you're comparing them to OMAHA?!?! Wtf. Omaha's metro area has less than 1 million residents; DFW has over 7 million residents - and a ton more job opportunities and diversity of industry. You're comparing cities that aren't comparable. Take a look at DFW housing prices compared to metro areas with similar populations like DC/NoVa, Philly/Wilmington, and Chicago- pretty sure this is still a much more affordable place to live.

Good luck finding any property for $150-175k in those metro areas. You DO have choices in DFW; whether you like them or not is another issue. But there are properties out there.

[lepoisson]

Originally Posted by TurtleCreek80

You think Dallas prices are crazy high because you're comparing them to OMAHA?!?! Wtf. Omaha's metro area has less than 1 million residents; DFW has over 7 million residents - and a ton more job opportunities and diversity of industry. You're comparing cities that aren't comparable. Take a look at DFW housing prices compared to metro areas with similar populations like DC/NoVa, Philly/Wilmington, and Chicago- pretty sure this is still a much more affordable place to live.

Good luck finding any property for $150-175k in those metro areas. You DO have choices in DFW; whether you like them or not is another issue. But there are properties out there.

Right, but population size doesn't have anything to do with housing cost. Seattle and Detroit have metros with similar populations, yet one metro is triple (or more) the cost of the other. New Haven, CT is a lot smaller than Omaha, yet NH has a much higher cost of living.

DFW will never be as expensive as Chicago, NYC, or DC because why would anyone even move here if they could live in the previously mentioned places for the same price? The only reason people move here is because of the cheap housing.

Besides population, Omaha and DFW have a lot in common.

[octo]

I didn't move here because of cheap housing.

[Aceraceae]

Originally Posted by octo

I didn't move here because of cheap housing.

It had no impact on me either.