Yet another "Where should I buy a house" ? (Arlington: low income, transplants)

[Leonard123]

Originally Posted by UP 270

How come no one is suggesting anything south of Arlington? Everyone pretty much is promoting points north. How about Cravens Park, Lynn Creek Park, and surrounding areas south of the 20. Forgive my ignorance if the answer to this question is glaringly obvious.

Also, why is no one saying wait a year for the market to improve for buyers.

As a matter of principle, I'm not going to be one of those people paying over the house's value. I'm determined to pay nothing out of pocket; I'm all about the 0 down VA home loan. Yet another reason I'm thinking new construction is my only choice. I'm willing to have a longer commute; I'm not willing to be a sucker.

You might want to post on the Fort Worth forum. I can't answer the first question as I don't know the Fort Worth area that well at all. I would think Fort Worth is a little cheaper, and I am sure there are spots that would fit your needs there. However, this forum is more for the Dallas side.

The reason people don't say to wait is there is nothing at this point that we can foresee changing it in as short as a year or two. Too many other people have been and are hoping for the same thing. People with exceptionally high salaries such as yourself would have to be impacted for that to happen.

When builders are already facing such extreme delays, it would still take multiple years for them to catch up in a best case scenario.

Furthermore, by waiting, you will have a higher interest rate, and that loan won't go as far. New construction drags the process on even longer.

Builders taking offers are also going to give preference to cash buyers and people who have been on their waiting lists many months or longer.

Life is just too short to be house hunting in this market.

[Wittgenstein's Ghost]

Originally Posted by UP 270

I want a house so I can build wealth. I'd consider a condo also if I could find one in my price range in a good location.

Buying a house a living in the house you bought are two different things. If you think real estate is a good wealth builder (it is), then buy some. But that doesn't mean you need to live in it if it isn't the right home for you.

I second TurtleCreek80: rent on W 7th in Fort Worth. Keller, Grapevine, etc. are boring for a single guy. Checking out chicks at the Central Market only to see that ring and toddler will get old really quick.

[Wittgenstein's Ghost]

Originally Posted by biafra4life

My two cents: No disrespect intended to the other posters who have advised the OP to wait a year, but while that would have been spot on advice 3 years ago. It's probably the worst thing he can do in today's environment. My younger brother just learned this the hard way. He could have bought a year ago, but he and his newly married wife decided to wait a year to explore and what not. Well fast forward today, the same houses now cost anywhere from 50-100K more, and as we all know, the inventory has dropped even more. He's kicking himself.

The difficult thing for the OP is that if he wants to build wealth, then buying right now is the way to go while he can still afford to. Only problem is that this can have a limiting effect on finding a spouse, due to the large size of the metroplex. If he buys in say Forney but meets a girl who lives in Prosper, well someone is going to have to change jobs/move to make the dating aspect work. Now he might get lucky and find someone who lives closer, but that is the risk he takes.
Now it's not an insurmountable risk, people have lived in different states and even different countries and found a way but just to keep that in mind. That being said, I would say try and get the house now, the prices will probably jump even more in a years time.

The fact that waiting was a bad idea a year ago doesn't mean it's a bad idea today. Things have changed considerably in the last year, and it isn't clear (at least to me) that the next twelve months will look like the last twelve months.

[tcualum]

Which is more important to you: dating or owning a home? Unless you are prepared to join a megachurch that has a robust singles ministry, it will be difficult to buy something you want at your price point in an area that has lots of single women. Also, the commute up 360 from south of 30 is horrendous, especially since they're redoing the intersection of I30 and 360. You need to do the commute both ways before you settle on a location because the traffic in DFW can be horrendous and you don't want to have to pay a sky-high toll bill to have a decent commute.

[Rakin]

Originally Posted by Leonard123

McKinney has tons of inventory, and it's dirt cheap. There are actually quite a few price drops, and home are not selling over list. That's obviously not a viable option for the OP, but neither is Forney. However, I find it hard to fathom that it's an exception. I see no reason why it should be some unusually repulsive ghetto to so many people.

LOL... In McKinney TX today between $300-400k (his price range) there are 7 houses available on the market with 4 of those being older than 1991. That's a huge price rage and very few houses.

That's not a "Ton of Inventory" and the cheapest is $190 / sqft with the most expensive at $313 /sqft. That also ain't "cheap". And it would be a very long commute for OP to the FTW / Keller areas plus nowhere what he's looking for in a comminity.

OTOH there are 80 homes in that price range "Under Contract". In the last 90 days 163 homes have closed. No one considers McKinney ghetto. It's selling like crazy.

The 7 homes is less than 3-4 days Inventory and I'd bet several of those are already under contract, the others are in serious need of repair.

You need to stop spouting crap you don't have the data to back up.

[texstout]

Originally Posted by UP 270

Thanks for all the good info folks.

For everyone who missed the original post and is asking for my budget: ~$400,000.

Also, I forgot to mention I currently live in an apartment in Arlington, TX. I just got to the DFW 2 weeks ago from the DMV(DC, Maryland, Virginia). I thought it would be a good idea to be centrally located between Ft. Worth and Dallas while I get oriented to the DFW.

Yeah, I've been doing some looking and realize I'm probably going to have to buy a ways out to get a descent house. I'm strongly considering new construction to avoid the bidding war crap. FWIW, I qualify for the VA home loan. I also have a 20% service connected disability so no PMI nor funding fees.

I saw someone mention the Roanoke area. I saw many new construction options that way during one of my Google searches. What are your thoughts on that area? I should be able to find something I like without going all the way to southern Oklahoma right?

Again, it's only me. Just need a roof, house value appreciation, proximity to the gym, and an abundance of single ladies. It really shouldn't be that hard to find. It's America for Christ's sake.

You won't find an abundance of single ladies in places like Roanoke...

[NoClueWho]

Originally Posted by Wittgenstein's Ghost

I second TurtleCreek80: rent on W 7th in Fort Worth. Keller, Grapevine, etc. are boring for a single guy. Checking out chicks at the Central Market only to see that ring and toddler will get old really quick.

Hahahaha!!! If it wasn't true, it wouldn't be so funny...LOL!

[joey101]

I used to own a house in Roanoke three years ago. I do not suggest that area for him. No top gyms, very country, tons of F150s if you get my drift. Not good for meeting single people. I am in Richardson and like being closer to the city. Him working in Ft. Worth makes it more difficult to find a singles thriving area. Dallas area is where all the action is.

[Leonard123]

Originally Posted by Rakin

LOL... In McKinney TX today between $300-400k (his price range) there are 7 houses available on the market with 4 of those being older than 1991. That's a huge price rage and very few houses.

That's not a "Ton of Inventory" and the cheapest is $190 / sqft with the most expensive at $313 /sqft. That also ain't "cheap". And it would be a very long commute for OP to the FTW / Keller areas plus nowhere what he's looking for in a comminity.

OTOH there are 80 homes in that price range "Under Contract". In the last 90 days 163 homes have closed. No one considers McKinney ghetto. It's selling like crazy.

The 7 homes is less than 3-4 days Inventory and I'd bet several of those are already under contract, the others are in serious need of repair.

You need to stop spouting crap you don't have the data to back up.

I hate to hijack the thread about something irrelevant to the OP, but try finding that in the surrounding cities. Even those older houses would be at least 50 percent more. Data published by a realtor in the local paper, comps from my agent, and listings online all paint a negative picture. Prices have not budged since May and have dropped on the east side. Nothing in my Stonebridge community went significantly over list and some were under. New and like new are the only exception, and an acceptable location should not be seeing such a growing price gap by age in the midst of few options. Something has changed or declined in the last year alone, and I am at a loss to explain what. I have the data, but this is not the thread for that debate.

Like others, I suspect Fort Worth is going to be the best value for the OP.

[joey101]

True