Am i ever going to buy house in DFW?

[Dallas retail updater]

Originally Posted by biafra4life

Ok I'm going to suggest something that I would have scorned 3 years ago. To the OP; buy now! Home prices are going to continue rising for the foreseeable future. I'll use me as an example. I own an 11 year old, 2500 sq foot home in Wylie. Not a McMansion, not in a fashionable town. Here in Wylie schools are mediocre/average when compared to other Collin county school districts. Little in the way of shopping/restaurants/things to do. All these negatives and still my house has gone up $85K in 4 years. Over 10% increases every year for the last 3 years. And again, this is Wylie we are talking about, not Plano, Frisco or Allen.

The problem with waiting to save up a bigger down payment is that by the time you've saved up your target amount, home prices would have gone up too. I would tell the OP, sit down and examine your budget. Taking on a larger mortgage payment will mean cutting back in other areas so that you are not in financial distress later. Just my 0.02

Aren't we nearing the end of this present growth cycle in the economy though? As someone would never want to purchase gold late in the investment cycle, one wouldn't want to purchase a house either. Recessions don't last long in North Texas. Wouldn't it be smartest to save up to buy at the bottom of the next down cycle? And one can't trust the evaluation placed on houses, but actual money spent on buying them.

For example, there was an article in tge Dallas Morning News about an estate with a huge mansion on it built in Plano going for an asking price of over one hundred million. At the same time, figure the evaluation for the estate is going to be much lower. In the end, the bargained amount paid for the house will be even lower.

These are factors that we all fear considering the houses we live in. The idea that we may have made mistakes on such huge investments is unthinkable. So many people out there have lost their hard earned life savings to psychopaths without a conscience.

So, I suggest the OP save up their money and wait to buy at the bottom of the next down cycle.

[Dallas retail updater]

Originally Posted by mikestrong

I would live in a apartment before driving that. Its like working an extra 15 hours a week for free with time on the road and tolls. I spent 300 a month on tolls back and forth to Ft worth.

Okay, but pertaining to the more casual benefits of Dallas like shopping, buying a home in Fort Worth is an option. People in Houston tickle me. They buy a home in The Woodlands and still think they live in Houston. The thirty miles it is from the Woodlands to downtown Houston is the same distance as from dowtown Fort Worth to downtown Dallas.

[cordata]

Originally Posted by Dallas retail updater

The high cost of housing today in North Texas is being perpetuated by the typical inner city players getting fat off of social spending. As developers are playing one hand as willing comrads with these inner city thieves, they are playing their other hand pretending to be willing capitalists with the more conservative suburbs.

Could you expand on this a bit ? Who are these players? Who are the inner city thieves?

My impression is the cost of housing is simply due to supply and demand. Building farther and farther out is just not as practical as it once was.

[Katana49]

Originally Posted by Dallas retail updater

The high cost of housing today in North Texas is being perpetuated by the typical inner city players getting fat off of social spending. As developers are playing one hand as willing comrads with these inner city thieves, they are playing their other hand pretending to be willing capitalists with the more conservative suburbs. In the end, they are taking all their customers as fools by playing one off the other.

Sounds like the same winning formula that made a shambles of cities up north.

The real solution is not to buy into their scheme. Do the smart thing by making an end run further away from the high cost of housing. Do what any smart filthy rich person would have done in the past. Push two double wide house trailers together and live in them if that is what it takes. If they won't drop the high cost of their Rolls Royces, drive around in a Buick.

Thinking some more...





Nope, your post is just full of crazy.

Please though, if you happen to run into any of these inner city players and thieves, please tell them thank you for increasing the value of my home. And here I was thinking that housing costs have risen due to the multitude of huge, well paying corporations moving to the DFW area, along with thousands and thousands of well paid employees, fantastic school districts, strong job market, as well as a shortage of homes for sale vs the number of buyers in the market. You know, the whole "supply and demand" smokescreen.

[Dallas retail updater]

Originally Posted by cordata

Could you expand on this a bit ? Who are these players? Who are the inner city thieves?

My impression is the cost of housing is simply due to supply and demand. Building farther and farther out is just not as practical as it once was.

Those same developers, the ones not only looking for tax handouts to build apartments within a more liberal inner city Dallas, but to keep them filled up as well are, in many cases, the same developers building new homes out in the more conservative suburbs.

This is a conflict of interest as, while dragging their feet building homes will keep people in apartments, just as a low vacancy rate will indicate a need for them to build even more and more apartments, so to will too few new homes put on the market keep their prices high.

This is a scheme that can continue drilling itself perpetually all the way to China.

[Dallas retail updater]

Originally Posted by Katana49

Thinking some more...





Nope, your post is just full of crazy.

Please though, if you happen to run into any of these inner city players and thieves, please tell them thank you for increasing the value of my home. And here I was thinking that housing costs have risen due to the multitude of huge, well paying corporations moving to the DFW area, along with thousands and thousands of well paid employees, fantastic school districts, strong job market, as well as a shortage of homes for sale vs the number of buyers in the market. You know, the whole "supply and demand" smokescreen.

The supply and demand formula you speak of didn't work out to well up in those northern cities now in a shambles. I am trying to point out why.

You know, your crazy theory only works in an oral world. No one here is communicating in such a fashion though, but writing. When writing, we all rewrite and revise. This tendency is far superior to oral communication as it teaches us to interpret. This, in turn, builds tolerance as we learn that, even though it might appear that we are all speaking the same language and understanding each other, we are really just interpreting each other.

So, I never perceive people as crazy. Instead, I interpret what they are trying to say.

[tcualum]

Originally Posted by mikestrong

I would live in a apartment before driving that. Its like working an extra 15 hours a week for free with time on the road and tolls. I spent 300 a month on tolls back and forth to Ft worth.

Way back in 2000 I lived in NW Fort Worth and commuted to Las Colinas. It was a hellish commute even back then. WE now live in Arlington and my husband works around I-20 and I-35W. Just that short distance during rush hour is awful and is only getting worse. Only live in Fort Worth and commute to Dallas if you are easily able to take the TRE or you hate life.

[TheOverdog]

The supply and demand formula you speak of didn't work out to well up in those northern cities now in a shambles. I am trying to point out why.

Yes it did. It has two sides, supply and demand, and they can both rise and fall. I'm not sure which northern city you are speaking of, but if it's Detroit or St Louis, they were too tied to single major industries and fell when the fortunes of those industries shifted. BTW, the populations of those cities didn't shrink, they have more people than ever. They are just more widely dispersed now than they were in the past, which goes exactly against your railing against the main city. No surprise there.

[mikestrong]

Originally Posted by Dallas retail updater

Those same developers, the ones not only looking for tax handouts to build apartments within a more liberal inner city Dallas, but to keep them filled up as well are, in many cases, the same developers building new homes out in the more conservative suburbs.

This is a conflict of interest as, while dragging their feet building homes will keep people in apartments, just as a low vacancy rate will indicate a need for them to build even more and more apartments, so to will too few new homes put on the market keep their prices high.

This is a scheme that can continue drilling itself perpetually all the way to China.

Which actual developers? Names, I mean. Just curious who the actual companies are that you are talking about.

[Mandycrowell31]

We steadily make 70k a year for a family of four. I bring home about 500 a month in a part time home business and my MIL (who now lives with us) pays about 800 a month for expenses, etc. We live in a new subdivision developed in Northlake that feeds into Argyle, which is one of the highest rated school districts in the area. Our spec home (built in 2016) was the last house sold on the street, so we received a great deal (compared to other homes in this neighborhood) of 362k. (House is 3000 sq feet btw, on a typical third of an acre lot). We put down 60k as a down payment and with taxes, PMI, etc. we pay 2500 a month. However, we have no debt except the house, we keep about 10k in savings, we put aside 20k which paid for all our new furniture/washer and dryer, and we used inheritance money to purchase two cars outright and put aside a 6 month emergency fund. With this in place, we are comfortable in a new house, in a great MP community with tons of amenities, great school district. But we have a multi-generational household and used a good chunk of money up front to accomplish it. In addition, once my kids are done with school, we will sell this monstrosity and downsize to something about 2300 sq ft or so with just 2-3 of us living in it.