Softening in RE market?? (Dallas, Austin: contract, models, outside)

[TurtleCreek80]

Originally Posted by cordata

Why would the agent reveal this information? Wouldn't it make it less likely to close the sale and hence get paid ?

I assume the agent was trying to convey “best and final offer” but in a way that didn’t reflect well on their sellers.

[Chi2Dallas89]

Originally Posted by veuvegirl

We just purchased a house in a bidding war. Our agent recommended some great tactics. Highest offer of course, good financing, and waive anything on inspection that is below a certain amount (we put 2500). We won out of 8 offers, and didn’t have the best financing.

Awesome! Can you provide any other tips? I am in the market, as well.

[masonsmom4]

Originally Posted by calgirlinnc

As to the first part (financing) I think that varies by situation. On the house we are buying, we are doing extensive renovations. We could put a lot down if we got a home improvement mortgage but we are hearing that those aren't being written currently. So we are putting less down so we can pay for the renovations.

We just did this exact thing. I made enough off my sale to put the 20% down but the house we're buying needs significant work and I wanted to pay cash to do it. I considered it might look bad to my seller but oh well. You gotta do what you gotta do when it comes to these mid-nineties bathrooms! Curious as to where you're going (If you're comfortable saying). I remember your house search when you moved to DFW. Good luck!

[braaier]

Originally Posted by Rakin

Currently there is a shortage of homes on the market. There are more Buyers than Homes hitting the market.

Most decent homes are selling within days.

Not true. I'm actively looking to buy. Most houses are sitting

[braaier]

Got 2.825% 30 year no points with$2000 lender credit and$1000 cash back. Mortgage market is nuts right now! Great time for buyers, not so much for sellers

[braaier]

Originally Posted by MTNE

Nope. Maybe in Some far flung areas, not in the area I’m looking in.

I'm looking in Plano, Frisco, coppell, Richardson, flower mound mostly. They're sitting. They seem to be doing a little better in flower Mound though

[braaier]

We're making an offer on a single story in Plano. It's been on the market for over a month. Seems typical. Should get a fantastic price and great rate!

[braaier]

Five years ago is five years ago. It means nothing today.

[aggie972]

Originally Posted by MTNE

Perspective is perspective. Everything means something.

Personally, I feel the market is overvalued right now, and it'll be really curious to see what the impact of thousands of jobs moving to remote work will do to many of the urbanized "hot" employment and housing markets. If you can live in a much lower COL area and maintain the position that you otherwise would be overpaying for a crackerbox in Frisco for, that's going to start having an impact.

Time will tell, I guess. Good luck on your offer.

I wouldn't call most houses in Frisco "crackerboxes". If anything, I could see people working remotely trading a 1500 SF house in Dallas for a 2500+ SF home in Frisco.

I agree that some people will be drawn to more rural areas, but I don't think it will happen all at once. It's tempting to upgrade to a nicer house on some acreage for the same price as a suburban tract home, but there are downsides. Lots of people would be leaving behind friends and family, strong school districts, etc. How easily is someone from Frisco going to fit in somewhere like Hillsboro OR Corsicana? Especially if they're not white? Places like that have an old money culture at the top of the social ladder and they are much more religious and conservative. In time, I think those sorts of rural areas that are within 45 minutes of a major city will get less white, less religious, and less conservative, but it will be a long process. Not everyone wants to be a pioneer, most people want to fit in.

[crazyforger]

Originally Posted by MTNE

I've just seen the construction quality of those places, I lived through the gigantic boom in Austin and it's the same stuff up here, that's why I call them crackerboxes - even if they are 4,000 sqft versions of them.

I do think there will be a bigger shift to WFH for a large number of companies and roles, which will eventually lead to places in TN, NM, AR, etc that are much cheaper COL due to the job markets there being spots that people start to gravitate toward. It'll be interesting to see what that impact is on traffic, housing prices on the close in spots, etc.

Agree...If my job goes full remote......we are going to pack our bags and move East.
We have lot of friends and family over there.