01-05-2010, 05:55 PM
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Dallas County Home Prices up 12%, Collin County drops
Dallas County's median home prices rise | wfaa.com | Local News
DALLAS- Dallas County experienced the largest jump in median home prices in North Texas.
Comparing November of 2009 to November of 2008, the median price of homes increased by 12 percent. According to dfwREALTORS.com, the median home in Dallas County cost around $126,000.
Collin County had the only drop in the median home price out of the four main North Texas counties..."
01-05-2010, 10:43 PM
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Interesting! Glad to hear that things are looking up!
Quote:
Originally Posted by
Lakewooder
Collin County had the only drop in the median home price out of the four main North Texas counties..."
Yes, but only a 2 percent drop....Actually, I would have expected worse.
Also some good news, according to the article...home sales in Collin County went UP 39%!
01-06-2010, 05:48 AM
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I'm considering buying a new or nearly new home around the 250K mark in the McKinney area to rent out and as a long term investment. Is doing so a reasonable idea or not?
01-06-2010, 06:35 AM
Location: Lake Highlands (Dallas)
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Quote:
Originally Posted by
Tony_in_Dallas
I'm considering buying a new or nearly new home around the 250K mark in the McKinney area to rent out and as a long term investment. Is doing so a reasonable idea or not?
I would say that if you are asking a group of strangers investment advice, it might not be a good idea.
Additionally, I personally don't understand getting a home for $250K and renting it - especially if it is your only rental. The market for rentals of that price is MUCH smaller than lower priced units. Spreading your investment - maybe getting two $125K homes or three $83.3K homes would spread out the costs - when you have a vacancy, you have 1/3 of your rent not coming in for a month or two - vs- 100% of your rent gone. There are many more people looking to rent a $125K home than a $250K home. I work with a guy that has a dozen or so single family homes - and this is his investment theory. I don't know anyone that has a $250K home as a rental investment. Anyone that I know that did have a $250K rental was simply trying to cover a portion of their mortgage because they had to move for a job and couldn't sell the home without bringing cash to the table.
Brian
Last edited by lh_newbie; 01-06-2010 at 07:55 AM ..
01-06-2010, 11:07 AM
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Just started this thread to let everyone know I am back from vacation!
01-07-2010, 11:54 AM
Location: Georgia native in McKinney, TX
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Quote:
Originally Posted by
lh_newbie
I would say that if you are asking a group of strangers investment advice, it might not be a good idea.
Additionally, I personally don't understand getting a home for $250K and renting it - especially if it is your only rental. The market for rentals of that price is MUCH smaller than lower priced units. Spreading your investment - maybe getting two $125K homes or three $83.3K homes would spread out the costs - when you have a vacancy, you have 1/3 of your rent not coming in for a month or two - vs- 100% of your rent gone. There are many more people looking to rent a $125K home than a $250K home. I work with a guy that has a dozen or so single family homes - and this is his investment theory. I don't know anyone that has a $250K home as a rental investment. Anyone that I know that did have a $250K rental was simply trying to cover a portion of their mortgage because they had to move for a job and couldn't sell the home without bringing cash to the table.
Brian
Excellent advice
01-08-2010, 09:16 AM
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Also if a big house goes vacant you are going to have a big payment, taxes and a lot of cleaning and painting to do! Recarpeting alone would cost a fortune.
Please register City-data.com
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Marital status - Never married (%)
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Marital status - Divorced (%)
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Races - Two or more races(%)
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Races - Other race alone (%)
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Median house or condo value ($)
Median house or condo value ($ change since 2000)
Mean house or condo value by units in structure - 1, detached ($)
Mean house or condo value by units in structure - 1, attached ($)
Mean house or condo value by units in structure - 2 ($)
Mean house or condo value by units in structure by units in structure - 3 or 4 ($)
Mean house or condo value by units in structure - 5 or more ($)
Mean house or condo value by units in structure - Boat, RV, van, etc. ($)
Mean house or condo value by units in structure - Mobile home ($)
Median contract rent ($)
Median gross rent ($)
Median monthly housing costs ($)
Median household income for houses/condos with a mortgage ($)
Median household income for apartments without a mortgage ($)
Houses occupied (%)
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Mortgage status - with mortgage (%)
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Mortgage status - with home equity loan (%)
Mortgage status - with both second mortgage and home equity loan (%)
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Median year house/condo built
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House/condo owner moved in on average (years ago)
Renter moved in on average (years ago)
Housing units lacking complete plumbing facilities (%)
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Vacancy status - For rent (%)
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Vacancy status - For seasonal, recreational, or occasional use (%)
Vacancy status - For migrant workers (%)
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Housing units in structures - 1, detached (%)
Housing units in structures - 1, attached (%)
Housing units in structures - 2 (%)
Housing units in structures - 3 or 4 (%)
Housing units in structures - 5 to 9 (%)
Housing units in structures - 10 to 19 (%)
Housing units in structures - 20 to 49 (%)
Housing units in structures - 50 or more (%)
Housing units in structures - Mobile home (%)
Housing units in structures - Boat, RV, van, etc. (%)
Year house built - Built 2005 or later (%)
Year house built - Built 2000 to 2004 (%)
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Year house built - Built 1940 to 1949 (%)
Year house built - Built 1939 or earlier (%)
Year householder moved into unit - Moved in 1999 to March 2000 (%)
Year householder moved into unit - Moved in 1995 to 1998 (%)
Year householder moved into unit - Moved in 1990 to 1994 (%)
Year householder moved into unit - Moved in 1980 to 1989 (%)
Year householder moved into unit - Moved in 1970 to 1979 (%)
Year householder moved into unit - Moved in 1969 or earlier (%)
Residents speaking English at home (%)
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Geographical mobility - Same house 1 year ago (%)
Geographical mobility - Moved within same county (%)
Geographical mobility - Moved from different county within same state (%)
Geographical mobility - Moved from different state (%)
Geographical mobility - Moved from abroad (%)
Residents with income below the poverty level (%)
Residents with income below 50% of the poverty level (%)
Children below poverty level (%)
Poor families by family type - Married-couple family (%)
Poor families by family type - Male, no wife present (%)
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Poverty status for native-born residents (%)
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Place of birth - Born in state of residence (%)
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People in Group quarters - Institutionalized population (%)
People in Group quarters - Correctional institutions (%)
People in Group quarters - Federal prisons and detention centers (%)
People in Group quarters - Halfway houses (%)
People in Group quarters - Local jails and other confinement facilities (including police lockups) (%)
People in Group quarters - Military disciplinary barracks (%)
People in Group quarters - State prisons (%)
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People in Group quarters - Nursing homes (%)
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People in Group quarters - Wards in general hospitals for patients who have no usual home elsewhere (%)
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People in Group quarters - Barracks, unaccompanied personnel housing (UPH), (Enlisted/Officer) (%)
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Armed forces status - In Armed Forces (%)
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Additionally, I personally don't understand getting a home for $250K and renting it - especially if it is your only rental. The market for rentals of that price is MUCH smaller than lower priced units. Spreading your investment - maybe getting two $125K homes or three $83.3K homes would spread out the costs - when you have a vacancy, you have 1/3 of your rent not coming in for a month or two - vs- 100% of your rent gone. There are many more people looking to rent a $125K home than a $250K home. I work with a guy that has a dozen or so single family homes - and this is his investment theory. I don't know anyone that has a $250K home as a rental investment. Anyone that I know that did have a $250K rental was simply trying to cover a portion of their mortgage because they had to move for a job and couldn't sell the home without bringing cash to the table.
