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Old 06-11-2011, 09:52 AM
 
10 posts, read 20,515 times
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We are Dallas right now looking for rentals and am shocked the low inventory available (we only saw 4) and how expensive they are. Conversely, we could move into many sale houses with our criteria and with much lower monthly carrying costs (especially with the tax deductions). Is this normal in the McKinney/Frisco/Plano area or is just a bad weekend to look?
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Old 06-11-2011, 10:22 AM
 
37,315 posts, read 59,552,891 times
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did you miss the news that the DFW area has had the highest job growth in past year of almost any metro area in US--
we have more people employed here now than we did two years ago

more people = more living spaces required = fewer houses for rent and higher rents than the avg for DFW area

what you are experiencing is fairly common--
with mortgage rates as low as they are for qualified buyers it is very often less expensive to buy a house than to rent comprable one--
the issue is that most newcomers to the DFW area are not that familiar with different towns/locations/neighborhoods--have no idea of where they would really be happy living--or what commuting is like in our maze of freeways--and usually think (correctly) that renting for at least 6 mo of adjustment period is smarter than buying a house right off the bat that might not be best choice in long run
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Old 06-11-2011, 08:36 PM
 
5,760 posts, read 11,502,979 times
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Quote:
Originally Posted by Canuck11 View Post
We are Dallas right now looking for rentals and am shocked the low inventory available (we only saw 4) and how expensive they are. Conversely, we could move into many sale houses with our criteria and with much lower monthly carrying costs (especially with the tax deductions). Is this normal in the McKinney/Frisco/Plano area or is just a bad weekend to look?
If you do not mind me asking -- what budget numbers were you looking at?

We are still seeing My Little Pony Princess Castles in the $5000 + / month range, but below that seem like a few at $2500 range, and then its gets broad when you hit the suburban $1500 and under range.
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Old 06-11-2011, 10:30 PM
 
13,194 posts, read 28,133,983 times
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The rental market is super tight because so many of the types of people who were buying homes 3-5 years ago are either choosing to rent due to the market's uncertainty or uncertainty about their jobs & incomes or want to buy but can't due to not qualifying for mortgages. In my condo building, rentals are being snapped up in 1-30 days while units for sale are lingering for 6-12+ months.

Yes, you can probably buy a home in McKinney or Frisco or wherever for less than it costs to rent, but you could be buying into a major problem. What if the home values remain stagnant or decline and you have to bring gobs of money to the table to close when you sell? What if it takes 5-10 more years for a builder to sell out your subdivision and you need to sell, but no one wants your home when they could buy a new one for less or the same?

Rent first- even if you could *technically* have lower monthly costs by buying. After renting for a year, you'll know which areas are better values & potential than others and you won't waste money buying in a "lemon" suburb/ subdivision. It's worth the peace of mind long-term to rent first.
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Old 06-11-2011, 11:39 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,204,215 times
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Quote:
Originally Posted by Canuck11 View Post
Is this normal in the McKinney/Frisco/Plano area or is just a bad weekend to look?
Frisco/Plano very typical but not for McKinney. You have to be on top of it and ready with an application and your ducks in a row when you go look at a rental in those areas.

Naima
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