Dallas Housing Market (Plano, Richardson, Allen: neighborhoods, purchase, public schools)

[Leonard123]

Originally Posted by LocalPlanner

In some markets, like Austin and Houston, there is a single industry that has outsize impacts on the local housing market. That is not the case in DFW, because there's a whole range of industries, without a single dominant one, that pay employees well enough to create impacts.

That is and probably has been an important factor in averting crashes and major downturns.

Originally Posted by Rakin

Conventional interest rates hit 7.375% and loan applications have dropped like a rock.

Funny thing is Jumbo rates are 5.875% and have been lower than normal rates for some time now. They used to be .5-1% higher.

It just goes to show how far off the "experts" have been. They can't ever get it right.

I suspect contract cancellations are going to be a problem for builders. Only a year ago, the builders were trying to get out of their contracts. Now it looks like the shoe is on the other foot.
https://www.dallasnews.com/business/...ge-homebuying/

[TheOverdog]

Funny thing is Jumbo rates are 5.875% and have been lower than normal rates for some time now. They used to be .5-1% higher.

Jumbo rates are often lower than conventional (or equal, at the lower rates) because 'surprise surprise!' people who can afford to pay a lot of money for a house generally have a lot more money than average. It's not correct to say they are generally 1 point higher.

[Gaylord_Focker]

Originally Posted by Kenro911

Imagine comparing an apartment literally on the park in NYC (World's most expensive city). Versus an apartment in basically in the middle of nowhere in northern part of DFW (almost 30 minutes by car away from downtown dallas). Where you will need to have at least 2 cars for 2 working person family. Once you factor the cost of 2 cars, now you have almost matched that NYC on the park (aka one of most prestigious locations in NYC) price.

Once again, you picked out literally one of the most expensive areas not only in NYC but Manhattan itself to compare it to. I showed links to more reasonable places with more reasonable prices in previous post.

Your overpriced/obnoxious 1bedroom in NYC on park for $3400 without a car is same as having your middle of nowhere 30 minutes away from Dallas $2200 with 2 cars brining it to at least $3200 monthly.

Thank you for proving my point.

Then there is other people here trying to compare apartment to apartment, DFW to NYC WITHOUT taking into account that you need 1 car per working adult in DFW - it's hilarious.

I thought Dallas was the world's most expensive city? We can compare suburbs if you want. Dallas does have public transportation right? I seriously don't get your argument as there are sunbelt cities that are more expensive and have worse public transportation than Dallas. Look southwest to the capitol.

[oil capital]

Originally Posted by TheOverdog

Jumbo rates are often lower than conventional (or equal, at the lower rates) because 'surprise surprise!' people who can afford to pay a lot of money for a house generally have a lot more money than average. It's not correct to say they are generally 1 point higher.

While “generally 1 point higher” would be an exaggeration, it is absolutely correct to say that jumbo mortgages have historically had higher rates. The current situation of jumbos being lower is very unusual.

[Kenro911]

Originally Posted by TheOverdog

Jumbo rates are often lower than conventional (or equal, at the lower rates) because 'surprise surprise!' people who can afford to pay a lot of money for a house generally have a lot more money than average. It's not correct to say they are generally 1 point higher.

What? Historically, Jumbo have been about .5 to 1% higher than Conventional. I'm not really sure what is going on here.

If this is because 'conventional' are being seen as high risk - we're in trouble. It's not like Jumbo products are some holy grail. Its 700+ FICO with as little as 5% down. Although 10-20 is more usual.

[TheOverdog]

What? Historically, Jumbo have been about .5 to 1% higher than Conventional. I'm not really sure what is going on here.

It's really simple: I'm saying you are wrong.

[Wittgenstein's Ghost]

Originally Posted by TheOverdog

It's really simple: I'm saying you are wrong.

My research shows otherwise....jumbo tends to run a bit higher than conforming: https://www.businessinsider.com/why-...sh-sign-2010-9

[Kenro911]

Originally Posted by TheOverdog

It's really simple: I'm saying you are wrong.

[Titus Pullo]

I recently retired from the FDNY and have always considered northern dallas as my retirement destination. But the area has seen tremendous property price increase and I'm wondering if it's still sensible for a retiree.

I currently rent a single family home in Long Island. My monthly expenses are $3300 with the rent being the major chunk. We have 3 vehicles all fully owned. You can add $1500 per year for the car insurance. Not every one in NYC lives car free. So all this talk about living in Manhattan sans vehicles made me chuckle.

I only put about 3-5K miles on each of the cars which would be way more in Dallas due to everything being spaced far apart (shopping, restaurants etc).

I would like to purchase a house and that fact seems unobtainable around NYC. There is nothing less than $500K in decent areas from Long Island to Upstate NY to New Jersey. The next big issue is property taxes which are a minimum of $11K in Long Island.

My question is how much more or less is Dallas in the following areas:

Property Taxes
School Taxes (If additional)
Car Insurance
Gas & Electric Utilities

My future home is desirable to be 4 bedrooms with 3 baths. I LIKE Plano. Is Murphy, Richardson & Wylie comparable? I know pre-pandemic one could get a nice ranch in Wylie for about $260 to $280K. I am looking to spend no more than $500K.

Thank you to all in advance. BTW, why Dallas? It's mainly due to the amount of house you could get for your money...especially before the recent boom. The second reason is my pension will not be taxed.

[Leonard123]

Originally Posted by Titus Pullo

I recently retired from the FDNY and have always considered northern dallas as my retirement destination. But the area has seen tremendous property price increase and I'm wondering if it's still sensible for a retiree.

I currently rent a single family home in Long Island. My monthly expenses are $3300 with the rent being the major chunk. We have 3 vehicles all fully owned. You can add $1500 per year for the car insurance. Not every one in NYC lives car free. So all this talk about living in Manhattan sans vehicles made me chuckle.

I only put about 3-5K miles on each of the cars which would be way more in Dallas due to everything being spaced far apart (shopping, restaurants etc).

I would like to purchase a house and that fact seems unobtainable around NYC. There is nothing less than $500K in decent areas from Long Island to Upstate NY to New Jersey. The next big issue is property taxes which are a minimum of $11K in Long Island.

My question is how much more or less is Dallas in the following areas:

Property Taxes
School Taxes (If additional)
Car Insurance
Gas & Electric Utilities

My future home is desirable to be 4 bedrooms with 3 baths. I LIKE Plano. Is Murphy, Richardson & Wylie comparable? I know pre-pandemic one could get a nice ranch in Wylie for about $260 to $280K. I am looking to spend no more than $500K.

Thank you to all in advance. BTW, why Dallas? It's mainly due to the amount of house you could get for your money...especially before the recent boom. The second reason is my pension will not be taxed.

I would figure about 2 to 2.35 percent of purchase price for all taxes combined in Collin County. Plano will be the lowest, and you won't have to drive as far to get places. Richardson taxes will be higher if you live in the Dallas County portion. You should be able to find houses starting in the upper 300s and 400s in Plano, Wylie, and Richardson. That's assuming you aren't expecting a McMansion. Murphy and Wylie are not comparable to Plano. There isn't much there, and Wylie can be a stretch to get some places. Richardson is a lot older but similarly won't require driving far to do anything. You may or may not like it as well. I would not.

Utilities vary widely. It depends on how big the house is, usage patterns, who your electricity seller is, and how energy efficient the house is. Averaged over the year, I pay about $300 a month for gas and electric combined for 1600 square feet, but I have tall ceilings and huge windows. Your results may differ.

Car insurance too varies. It depends on what kind of car you drive, how old it is, how many miles, your driving record, etc. I pay a little over $100 a month. It helps to use the same company for car and homeowners insurance.