Softening in RE market?? (Dallas, Allen: refinance, new house, construction)

[san11]

Originally Posted by EDS_

Yea. Read the article, disregard the headline. We'll know if we have any kind of an issue in the spring.

I read the article.. August month comparison from last year looks weak. Numbers shows the same.

Quote from article
"So what's the takeaway from all this?

D-FW still has a good home sales market, but not as robust as last year."

I will take that as softening in RE market as compared to last August.

The only thing that can trigger DFW RE much higher is new Amazon Headquarter.( if that happens).

[Acntx]

Moderator Note: No matter how heated this discussion may get, the name-calling and personal attacks will not be tolerated. Please calm down. Thanks.

[djslakor]

Note that article is area specific.

Fort Worth, for example, increased 1% YoY, Prosper flew WAY up, etc..

Seems like irresponsible reporting with sensational headlines.

[BigDGeek]

11% drop in sales in Richardson! Woo hoo! Bring it on...I bought at the bottom of the market. I don't care if prices dip a bit. I'll just use that as ammunition when I battle the appraisal district next year.

[RoamingTX]

Originally Posted by houstonview

No one knows what will happen, but one thing we do know is it’s a lot of price drops now and if you sold summer, you made a good descsion as of now in the short term instead of waiting until this summer .

If no one knows what will happen, how do you know it was a good decision?

[houstonview]

Originally Posted by RoamingTX

If no one knows what will happen, how do you know it was a good decision?

Key words were (as of now) but you do have a good point lol

[Taynxtlvl]

It's about time. And was bound to happen. Things can only stay on fire but for so long.

[numbersguy100]

Originally Posted by TurtleCreek80

Selling a house in 50 days for 6% over last year’s value is a slower market than last year’s getting 10 offers in 3 days and selling for 12% over prior year.....but y’all are delusional if you think that taking 1-2 months to sell a house for more than it was worth last year is a “soft”, “slow”, “declining”, “you’re screwed” market,

What’s screwed up is your perception of a textbook “healthy” real estate market.

There’s less financial benefit to owning a $1 Million home now, but the tax code didn’t change much for the average person buying a $200-450k home unless they have some really odd personal deductions.

I agree with most of this, but you'll get hit by the 10k cap on real estate tax deduction well before $1mm in DFW. It also ignores the fact that prices all around the area are being driven by the demand at the top (at least in Dallas proper this is true). People who wanted to buy in HP/UP but are priced out, they look to Lakewood or maybe Devonshire and the like, and push up prices there; people who are in turn priced out of those relatively less desirable markets look to other areas they can still afford and push those prices up, on and on down the line. So if you have a pullback in demand at the highest price points, it will ripple through the rest of the markets. That's not happening on a wide scale right now, but it doesn't mean that something that only affects the highest price points can't have an effect on the lower end of the market.

[Larry Caldwell]

Originally Posted by Taynxtlvl

It's about time. And was bound to happen. Things can only stay on fire but for so long.

It's a closely guarded secret, but mortgage interest rates are rising. Don't tell anyone.

[TurtleCreek80]

Originally Posted by numbersguy100

I agree with most of this, but you'll get hit by the 10k cap on real estate tax deduction well before $1mm in DFW. It also ignores the fact that prices all around the area are being driven by the demand at the top (at least in Dallas proper this is true). People who wanted to buy in HP/UP but are priced out, they look to Lakewood or maybe Devonshire and the like, and push up prices there; people who are in turn priced out of those relatively less desirable markets look to other areas they can still afford and push those prices up, on and on down the line. So if you have a pullback in demand at the highest price points, it will ripple through the rest of the markets. That's not happening on a wide scale right now, but it doesn't mean that something that only affects the highest price points can't have an effect on the lower end of the market.

All true. I did think it was interesting that the DMN mentioned sales transactions in the Park Cities were +29% to LY. Usually when there is fear in the market, the wealthier households pull back first. Not happening yet according to the latest sales stats.