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10-08-2008, 01:55 PM
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10/08/08 Dallas Named Best Real Estate Market
HomeVestors calls Dallas the best market for real estate investing - Dallas Business Journal:
..."In the company’s listing of top real estate investing markets, Dallas is followed by Houston and Fort Worth, which rank second and third, respectively.
...Other markets ranked in the top 10 locations for real estate investing include: Atlanta (No. 4); San Antonio (No. 5); Denver (No. 6); St. Louis (No. 7); Philadelphia (No. 8); Milwaukee (No. 9); and Richmond (No. 10)."
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10-08-2008, 01:58 PM
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lol ranked best for flipping?
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10-08-2008, 04:29 PM
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10-09-2008, 08:47 AM
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you know that generalities like that are so slippery--when I read the DMN article what I saw was not that positive at all--but guess the paper wanted to emphasize something good even if it was marginal...
and the HomeVestors also has lot to do with the fact that there are people WILLING to buy in this area for flipping--maybe they are just naive instead of knowledgeable...I know builder who bought home in his neighborhood to redo and flip for profit--he got it at good price because it needed lots of rehab but by the time he did the work and put the house back on the market it had really stalled...he sat on it for almost 4 months paying interest and minimal utilities...got a realtor hoping that would help it move quicker...finally was able to sell it but frankly although HE would not really own up to it, they lost a little money vs making any...of course some of the things he did were not that cost effective so he put more money into the house than he really had to ...and the floor plan was really a negative which made it more of a marginal play anway...but flipping is still a very risky business...
people have to know their market to make a wise buy whether it is for living or flipping...
and frankly I think even in this area MOST people would do well to wait unless they are going to be here for 5+ years--this won't be over quickly...
this recession is going to start making more in-roads into more people's pocketbooks after Christmas--
even if the market calms down, damage has been done...as the stats for declining numbers in different catagories shows...
layoffs are coming--selling into a soft market is not easy...and frankly I think home developers are still a little to sanguine about who is going to be buying their products...
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10-09-2008, 06:39 PM
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10-09-2008, 08:38 PM
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Dallas/Fort Worth Expert :)
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Join Date: Apr 2007
Location: The Burbs of Dallas
1,243 posts, read 630,353 times
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Quote:
Originally Posted by loves2read
you know that generalities like that are so slippery--when I read the DMN article what I saw was not that positive at all--but guess the paper wanted to emphasize something good even if it was marginal...
and the HomeVestors also has lot to do with the fact that there are people WILLING to buy in this area for flipping--maybe they are just naive instead of knowledgeable...I know builder who bought home in his neighborhood to redo and flip for profit--he got it at good price because it needed lots of rehab but by the time he did the work and put the house back on the market it had really stalled...he sat on it for almost 4 months paying interest and minimal utilities...got a realtor hoping that would help it move quicker...finally was able to sell it but frankly although HE would not really own up to it, they lost a little money vs making any...of course some of the things he did were not that cost effective so he put more money into the house than he really had to ...and the floor plan was really a negative which made it more of a marginal play anway...but flipping is still a very risky business...
people have to know their market to make a wise buy whether it is for living or flipping...
and frankly I think even in this area MOST people would do well to wait unless they are going to be here for 5+ years--this won't be over quickly...
this recession is going to start making more in-roads into more people's pocketbooks after Christmas--
even if the market calms down, damage has been done...as the stats for declining numbers in different catagories shows...
layoffs are coming--selling into a soft market is not easy...and frankly I think home developers are still a little to sanguine about who is going to be buying their products...
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Another example of how you always make things seem worse than they really are. You are a very negative poster.
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10-10-2008, 05:02 AM
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actually Dallas has a large market for corporate transfers--lots of companies have headquarters here and people transition in and out as they move up or down their company ladder...
the fact that 4 years ago there was big upsurge in new residents showed that companies were moving, being energetic with their operations--lots of people came in to the Southlake, Colleyville, Keller areas in Tarrant co because of corporate moves...Fidelity's office in Westlake is case in point...which is one reason why DFW home market has been fairly stable compared to other areas...but this market is starting to get soft...I see it in the MLS listings that are staying on the market longer awith people dropping their prices by sometimes as much as 30 or 50K and those are not new builders' homes...
there are lot of self-employed people in DFW area...small business, sole-proprietorships, sales people/consultants...many of them have had excellent incomes in boom times...when economy shrinks, it seems realistic to think that some of them are going to be shrunk as well...
that article just means that 1) companies are starting to reduce that corporate shifting--sign to me that the economy is having an effect on business more than the home building...2) there are lot of self-employed people in DFW area...small business, sole-proprietorships, sales people/consultants...many of them have had excellent incomes in boom times...when economy shrinks, it seems realistic to think that some of them are going to be shrunk as well...
3) that people are cautious about moving into newer homes and are hunkering down for the duration...their budgets started to be pinched when gas prices started to peak in April/May as the market started to really become erratic and more negative...
the election is point of turmoil...there are many people who are really afraid of what either man would do if elected and for some people either choice is really diametrically opposed to THEIR own personal principals, POVs--
with the market where it is after Thursday's fall and likely Friday--do you still think I am a very negative poster---
actually I am BUYING a home this month--on Tarrant county side though--
but this is not a stable environment, many people don't have enough cash to live on for three months if they lose their jobs much less a year without going into their 401Ks...
I think that the media has done a real hash of making market anxiety worse...much of what they put out is not really knowledge--it is just like new parents who think their baby's every fart or smile is a photo op for the first few weeks or months...except that the "news" always lives in the now...
if their talking heads were so prescient, they would have been screaming the sky is falling a year ago--and most of them kept calling "Bottom" way too soon...
I am not that happy about my home buying--tried to get my husband to defer or at least take out a mortgage and hold money in CDs...but he thinks it is ok move financially and we are buying for long-term... time will tell...
this month my realtor has 4 closings--next month I bet she does not have any...
TO ME (not to everyone) my take is realistic--if reality is not doing too well--then it is probably negative...
Moderator cut: politicalBut don't look for anything to stabilize really until after the election and probably until after the new president is seated...and then some...
people have been looking for the quick fix for a long time...this ain't that...
Last edited by BstYet2Be; 10-11-2008 at 01:25 AM..
Reason: P&OC is the only forum here for political discussions
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10-10-2008, 02:39 PM
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10-10-2008, 03:15 PM
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Location: Lewisville
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That article ranks Austin as the most bang for the buck?
I love Austin, but it seems pretty obvious that there are more jobs and more affordable housing in the Dallas area- it's the main reason I'm living here and not there.
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10-10-2008, 03:32 PM
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Member
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Join Date: Sep 2007
Location: Rowlett TX
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According to housing predictor website
Quote:
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In Dallas the impact of increasing foreclosures are taking a toll on the market place. A glut of foreclosures will further damage the Dallas housing market. The boom wasn’t particularly strong compared to many other urban areas of the country in Dallas, where sales were stalled in mid-2006 as a result of higher foreclosures due to subprime borrowers. Then a summer spike produced more home sales and appreciation flourished.
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See full article: http://www.housingpredictor.com/texas.html
Last edited by BstYet2Be; 10-11-2008 at 01:40 AM..
Reason: Posting copyrighted material as your own is not permitted per ToS... post a quote or two along with the link as shown above!
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