Softening in RE market??

[ufcrules1]

Originally Posted by Rakin

Home Inventory continues to inch up. We are close to 2.5 months inventory in most counties.

Still not a buyers market but Mortgage applications have slowed. More of a good balanced market.

Hard to imagine it isn't a buyers market yet. Has to be coming soon if it isn't already. When I look up homes for sale I see a ton of big price drops which I can only imagine is going to get worse.

[Hunter&Stewart]

Any updates on this? I didnt buy last time at 6% in Garland as I could not come up with the 20% down payment on my own and wife didnt want to move due to the Feng Shui wasnt right. I am still looking to get out of Arlington though as having 18 wheelers/sand trucks/Penske trucks/F250 hauling 3 mashed up cars in a bouncy trailer run through my backyard street on a daily basis is getting old. I will probably wait till after the presidential election to make sure things are settled down, this time, I may have to go as far out as west Wylie or McKinney/Frisco along Sam Rayburn and maybe go with something thats built recently as the older homes in Plano/Richardson had low ceiling and if you want something recent/new, they are all asking $1,000,000+. A colleague of mine is building in Prosper (star field I think?) but I dont see the appeal of relying only on Hwy 380 and DNT to get to places. Thanks.

[ilovepizza1975]

Originally Posted by Hunter&Stewart

Any updates on this? I didnt buy last time at 6% in Garland as I could not come up with the 20% down payment on my own and wife didnt want to move due to the Feng Shui wasnt right. I am still looking to get out of Arlington though as having 18 wheelers/sand trucks/Penske trucks/F250 hauling 3 mashed up cars in a bouncy trailer run through my backyard street on a daily basis is getting old. I will probably wait till after the presidential election to make sure things are settled down, this time, I may have to go as far out as west Wylie or McKinney/Frisco along Sam Rayburn and maybe go with something thats built recently as the older homes in Plano/Richardson had low ceiling and if you want something recent/new, they are all asking $1,000,000+. A colleague of mine is building in Prosper (star field I think?) but I dont see the appeal of relying only on Hwy 380 and DNT to get to places. Thanks.

No offense but if you couldn't come up with 20% for a house in Garland what makes you think Frisco and Prosper are in your price range?

[Hunter&Stewart]

Forgot to add we got flatbeds here also (LoL), yeah I am just a poor wagie that can only just save the overtime pay for the time being and hoping the rate would go back to 6%. On top of that maybe I am either oblivious or underestimate the amount of households with above average earning here in DFW, not just the folks from out of state. Even when I worked at a high school cafeteria making lunches, this lady on her first day of work just laid out the 15 rent checks that her mobile home tenants are paying her on the small lunch table we all shared during break, she could be practicing the BaristaFire already. Even my colleague got me wondering how she can afford a new build in Prosper without selling her existing home and move into temporary housing until I find out her husband's pay exceeds our warehouse's highest payband. I probably can still make the move work if I rent a home up there and rent out my home here in Arlington, but our HOA do not allow renting out homes because they think it would hurt our small subdivision's overall home value. Yet, I heard even Windsong or Viridian allows renting out your home. It sucks right now but thanks for the advice I will keep patient until the market gets better.

[Leonard123]

Originally Posted by Hunter&Stewart

Forgot to add we got flatbeds here also (LoL), yeah I am just a poor wagie that can only just save the overtime pay for the time being and hoping the rate would go back to 6%. On top of that maybe I am either oblivious or underestimate the amount of households with above average earning here in DFW, not just the folks from out of state. Even when I worked at a high school cafeteria making lunches, this lady on her first day of work just laid out the 15 rent checks that her mobile home tenants are paying her on the small lunch table we all shared during break, she could be practicing the BaristaFire already. Even my colleague got me wondering how she can afford a new build in Prosper without selling her existing home and move into temporary housing until I find out her husband's pay exceeds our warehouse's highest payband. I probably can still make the move work if I rent a home up there and rent out my home here in Arlington, but our HOA do not allow renting out homes because they think it would hurt our small subdivision's overall home value. Yet, I heard even Windsong or Viridian allows renting out your home. It sucks right now but thanks for the advice I will keep patient until the market gets better.

Do keep in mind that Prosper and Frisco make up a very small share of the metro area that is unusually costly. Most home buyers in the area cannot afford to buy existing homes in either city, let alone new ones. They aren't missing much either if you ask me. You can likely improve your living situation without having to be in the most expensive zip codes.

Regardless, the best time to buy is when you find the house you like in the location you like at a price you can manage. You can't go by trying to time the market because you could lose out on a house you otherwise like that is in your price range. The first priority for any buyer should be finding his or her happy place, not what other people like.