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Old 06-21-2017, 11:00 AM
 
9 posts, read 29,080 times
Reputation: 12

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I am in search of house, but came across these articles. Do i need to wait?

Dallas Lands Near Top of List of 'Troubled' Housing Markets | NBC 5 Dallas-Fort Worth

https://www.dallasnews.com/business/...me-market-list
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Old 06-21-2017, 11:23 AM
 
Location: Dallas, TX
937 posts, read 2,907,810 times
Reputation: 320
How long are you willing to wait?
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Old 06-21-2017, 11:33 AM
 
455 posts, read 578,938 times
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I sold and cashed out, its gonna correct if they dont do something about the taxes.
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Old 06-21-2017, 11:34 AM
 
631 posts, read 885,574 times
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I probably wouldn't for a few reasons:

1.) There's no guarantee prices will go back down below where they are now. Just because an insurance company is nervous they may doesn't guarantee anything

2.) Depending on how long you plan to stay in your home, you could ride out a dip in prices. Yes, prices tanked in 2008 but within a few years they appreciated back above their previous high. Unless you sell at the bottom, you aren't losing money.

3.) I haven't fully thought this one through yet, but...mortgage loans in Texas are non-recourse. So if prices just really tanked and you got fed up with paying off an asset whose note was greater than its market value, then you could just hand the keys back to the bank and tell them its their problem now. And they can't go after your other assets to make up the difference. Yes it would hurt your credit, but it's an option if you felt like you were getting a raw deal.
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Old 06-21-2017, 11:37 AM
 
Location: DFW
40,951 posts, read 49,206,955 times
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In my 60+ years of living in DFW, home prices have dropped maybe 2 times and even then it was just barely.

There continues to be too many people moving here to lower demand for at least the next 3+ years.
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Old 06-21-2017, 01:31 PM
 
2,611 posts, read 2,884,190 times
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Isn't Dallas the epicenter of the saving and loan crisis in the 80s and 90s? The house price was stagnant for the next 20 years. That was why Dallas house prices were so attractive.
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Old 06-21-2017, 01:44 PM
 
Location: garland
1,591 posts, read 2,409,862 times
Reputation: 2003
Quote:
Originally Posted by Nn2036 View Post
Isn't Dallas the epicenter of the saving and loan crisis in the 80s and 90s? The house price was stagnant for the next 20 years. That was why Dallas house prices were so attractive.

Not the epicenter but, yeah, the valuation history may have only dropped 2x since the early 80's but there were many years of stagnant valuation between then and now. The city has been a hungry, hungry hippo for tax revenue over the last few years. Frankly, I could easily rebuild my house for half what they say it's worth.
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Old 06-21-2017, 04:31 PM
 
18,561 posts, read 7,378,460 times
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Quote:
Originally Posted by bringitin View Post
No. Those articles are based on a summary by Nationwide Insurance that doesn't actually say anything negative about Dallas. In fact, the summary implies that housing prices should continue to rise because supply is low relative t demand.
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Old 06-21-2017, 05:39 PM
 
3,754 posts, read 4,243,376 times
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Quote:
Originally Posted by hbdwihdh378y9 View Post
No. Those articles are based on a summary by Nationwide Insurance that doesn't actually say anything negative about Dallas. In fact, the summary implies that housing prices should continue to rise because supply is low relative t demand.
Agreed. Those who decide to wait to buy have been kicking themselves for years now.

Trying to wait out these rising property values and hope to buy in on a downturn is a fool's errand.
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Old 06-22-2017, 08:09 AM
 
9 posts, read 29,080 times
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Quote:
Originally Posted by lpepping View Post
How long are you willing to wait?
I can wait for 6 months to 1 year.
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