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Old 06-05-2009, 02:29 PM
 
1,098 posts, read 3,856,718 times
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With respect to pricing above comps - lenders are tightening up on loan to value (and appraisers are under much closer scrutiny), so there is always a possibility that the house won't appraise for mortgage purposes. So, even if you get an offer at the higher price/ft, the financing could fall through for the buyer if they can't bring enough money to the table to float the difference.
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Old 06-05-2009, 02:51 PM
 
15 posts, read 39,075 times
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The housing market in DFW doesn't look very good at all and I believe it will get even worse in following 6-12 months. It seems that there is a 1-2 year lag for Texas behind other areas in the nation when it comes to economy and housing price downfall.
For example, in Southlake, the area I'm interested in, many homes in 500-700k price range are asking 50-100k below the prices that these owners paid in 2006 and 2007 when the market was hot. There are also other sellers still reluctant to reduce their unrealistic asking prices. Of course, their homes are going to continue to sit on market for a long long time.
So for the OP, if you don't immediately reduce your price aggressively and sell the house NOW, you'll more than likely regret your decision later.
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Old 06-05-2009, 03:16 PM
 
Location: Brentwood, Austin, TX
156 posts, read 278,382 times
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It depends on what "market." Houses priced for first time home owners who are trying to take advantage of the $8000 tax incentive are certainly selling. A certain friend who is shopping for a newer home in far north Plano has seen houses fly off the market within 1 or 2 weeks of listing. But these buyers are less likely to be in the market for more expensive homes (e.g. Southlake), thus that segment is still slow.
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Old 06-06-2009, 02:19 PM
 
Location: Bella Vista, Ark
69,478 posts, read 79,700,409 times
Reputation: 38803
Quote:
Originally Posted by RN7676 View Post
It's a great media stunt, but does anyone think that free car would really influence a legitimate buyer? I would think that the intelligent buyer would leverage the $60k car 'value' against their best deal and leave the car (which is probably only worth $50k by now) with the seller.

I guess if the 7 year loan from Mercedes-Benz Financial wont get your car payments right, consolidating it into a 30 year mortgage might. That's the American way right? ... Or the North Dallas way? ... Or the US Government way? Ha!
excellant posting.

Nita
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Old 06-06-2009, 09:29 PM
 
27,609 posts, read 45,105,335 times
Reputation: 14104
I would like to see any homes in Southlake that are 100K BELOW what a similar house in the same neighborhood was listed and sold for a year ago...
I don't belive that piece of info...
prove it with specifics...
some of the homes may be a builder's spec house but I still get emails of new listings and after following the market (at least in the 550K and under categories) I am not seeing houses that are discounted like 20% over prices a year or so ago...

there were three spec homes built in Colleyville on Pool Rd--right beside a new fire station--one of them was up for sale and the buyer would get a new car--but it was not a Mercedes...
forget now what it was but did not take my breath away...
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Old 06-06-2009, 09:39 PM
 
1,383 posts, read 3,001,198 times
Reputation: 1267
Quote:
Originally Posted by loves2read View Post
I would like to see any homes in Southlake that are 100K BELOW what a similar house in the same neighborhood was listed and sold for a year ago...
I don't belive that piece of info...
prove it with specifics...
some of the homes may be a builder's spec house but I still get emails of new listings and after following the market (at least in the 550K and under categories) I am not seeing houses that are discounted like 20% over prices a year or so ago...

there were three spec homes built in Colleyville on Pool Rd--right beside a new fire station--one of them was up for sale and the buyer would get a new car--but it was not a Mercedes...
forget now what it was but did not take my breath away...
There are definitely no homes in Southlake for below 100K. Maybe a few old mobile homes and trailers, but that is it. There is only one house at 200K.
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Old 06-06-2009, 10:18 PM
 
15 posts, read 39,075 times
Reputation: 15
Quote:
Originally Posted by loves2read View Post
I would like to see any homes in Southlake that are 100K BELOW what a similar house in the same neighborhood was listed and sold for a year ago...
I don't belive that piece of info...
prove it with specifics...
some of the homes may be a builder's spec house but I still get emails of new listings and after following the market (at least in the 550K and under categories) I am not seeing houses that are discounted like 20% over prices a year or so ago...

there were three spec homes built in Colleyville on Pool Rd--right beside a new fire station--one of them was up for sale and the buyer would get a new car--but it was not a Mercedes...
forget now what it was but did not take my breath away...
Since you are asking, here are a couple.
1. 1900 white oak clearing, in Southlake Woods, built in 2005. Bought in 2007 for 679,000 and just asked for 600,000. It is in "pending" now. Guess the sale price was around 580,000.
2. 1429 waltham, in Timarron, built in 2001. Bought in 2006 for 635,000. The latest asking price was 529,000.
I could give more, but I think these are enough to demonstrate my point.
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Old 06-06-2009, 10:27 PM
 
15 posts, read 39,075 times
Reputation: 15
Quote:
Originally Posted by $DFW8$ View Post
There are definitely no homes in Southlake for below 100K. Maybe a few old mobile homes and trailers, but that is it. There is only one house at 200K.
I guess you misunderstood. We were talking about homes 100k below their original purchase prices, not prices below 100k.
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Old 06-06-2009, 10:32 PM
 
15 posts, read 39,075 times
Reputation: 15
Quote:
Originally Posted by loves2read View Post
I would like to see any homes in Southlake that are 100K BELOW what a similar house in the same neighborhood was listed and sold for a year ago...
I don't belive that piece of info...
prove it with specifics...
some of the homes may be a builder's spec house but I still get emails of new listings and after following the market (at least in the 550K and under categories) I am not seeing houses that are discounted like 20% over prices a year or so ago...

there were three spec homes built in Colleyville on Pool Rd--right beside a new fire station--one of them was up for sale and the buyer would get a new car--but it was not a Mercedes...
forget now what it was but did not take my breath away...
You should definitely look closer. There are TONS of such houses on the market now.
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Old 06-08-2009, 12:02 AM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,185,014 times
Reputation: 2527
Quote:
Originally Posted by wolsmr View Post
Since you are asking, here are a couple.
1. 1900 white oak clearing, in Southlake Woods, built in 2005. Bought in 2007 for 679,000 and just asked for 600,000. It is in "pending" now. Guess the sale price was around 580,000.
2. 1429 waltham, in Timarron, built in 2001. Bought in 2006 for 635,000. The latest asking price was 529,000.
I could give more, but I think these are enough to demonstrate my point.
Some sellers list their homes below what they paid because they choose to not because the market demands it. I think it's because of bad advice or thinking that the house will sell faster.

Both homes are under contract and were both under 3 months on the market.

The average day on the market in Timarron is 97 and homes are selling for 98% of sale price. You will always find that one where the owner overpaid to begin with or didn't take care of the home etc. that is why they feel that they have to offer an agent bonus or buyer money to update/fix the home.

Same with Southlake Woods, both sales from this year sold in less than 30 days.

Naima
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