Softening in RE market?? (Dallas, Frisco: big house, statistics, discounts)

[djslakor]

Originally Posted by crazyforger

My friends and family have bought homes for a pretty good discount.
You won't get it if you don't negotiate and these prices won't appear on Zillow or Redfin.

From being outbid above the asking price to a pretty good discount...there is a correction right there.

There should be more correction with increasing rates and the tax file shock that people are going to get.
People usually take a long time to adjust to new rules.

Hope you believe in your own judgement rather than 'indications'
You get to see the indications only after the event has actually happened.

Also, its not like I need a house right now.
I am happier with renting. House is just because of social pressure.

My parents are going to be happy if I buy a house....so yeah.
Just don't want to pay a huge price for it

Ok, so like I said, you're someone that needs a house hoping a correction will come. Good luck with that. Meanwhile prices continue to go up. 4-5% YoY for the DFW area in the most recent data released for October. Banking your strategy on one off stories you hear about "corrections" probably isn't the best strategy. This data is free.

[crazyforger]

Originally Posted by djslakor

Ok, so like I said, you're someone that needs a house hoping a correction will come. Good luck with that. Meanwhile prices continue to go up. 4-5% YoY for the DFW area in the most recent data released for October. Banking your strategy on one off stories you hear about "corrections" probably isn't the best strategy. This data is free.

I don't 'need' a house.
I 'want' a house

And data can be interpreted in different ways.
4-5% Yoy growth for October means that 4-5% growth compared to previous October.
It could have been 7% and then fell down to 5%.

Or there might be less affordable houses being built or there might be myriad of other reasons that we have no idea about.
There might be a population factor or new generation might not be interested in housing or just plain....housing might not be cool factor anymore, or with digital revolution, people feel farther away, so they need to stay closer factor.

My Young American colleagues aren't buying houses. They show absolutely Zero interest.
Asian colleagues are old fashioned and they want to buy a house immediately.

I can't generalize it...but I do see a trend.
The number of hits for websites that are against buying a house is increasing recently.
My reasoning is based on lot of data too.

Problem with singular set of data like home prices is that its difficult for us individuals to make sense out of it.
Even big organizations fail sometimes.

My method might be crude and might not make sense to an outsider but I have got a pretty good success rate

[Katana49]

Originally Posted by crazyforger

I don't 'need' a house.
I 'want' a house

My method might be crude and might not make sense to an outsider but I have got a pretty good success rate

...And currently you don't have a house. That doesn't sound very successful.

[crazyforger]

Originally Posted by Katana49

...And currently you don't have a house. That doesn't sound very successful.

Hope you well

[Katana49]

Originally Posted by crazyforger

Hope you well

Care to share why you changed your post? Since you originally said you bought a home in 2009 and 2011.

[crazyforger]

Originally Posted by Katana49

Care to share why you changed your post?

I don't like to reveal too much online

[houstonview]

In contract for a HUGE discount off the original list price.

[stan4]

Originally Posted by aggie972

How useful or worthless are the Zillow estimates? I seem to have bought at the top of the run up back in March, but Zillow is estimating my home value at about 4.5% over what I paid for it. I'm just north of 121 and just west of frisco in the colony, so my neighborhood might be doing better than average this year because of the explosion of growth in West Plano/Frisco around legacy/legacy west/the star, etc.

I don't think there's going to be a collapse, just a temporary cooling off period where appreciation tracks more with historical inflation instead of 10% annual gains like we've had since 2012.

Zillow = terrible

[LarryTX]

https://video.foxbusiness.com/v/5969...#sp=show-clips


"Housing headwinds getting stronger"


Dallas Fed: https://twitter.com/DallasFed/status...59585973387264


"Home Appreciation slowed in the second quarter"

[TexanByMarriage]

We're renting a home in March/April, and plan to buy during a 12 month period after that. I don't see a market collapse or correction, so all we can do us try and avoid the crazy buying season before the school year starts.

In general, if you're buying something that is not at maximum of what you can handle price/mortgage wise, and it's a home for the long run, the movement in house pricing does not matter. You have to live somewhere, and when you're like us (a family with 3 small kids) you need the stability and space of your own home. Renting in the long run is simply not an option for most home buyers.