Is this really a good time to buy in DFW area? Or are we just hitting "typical" buying season? (Dallas: house, neighborhoods)

[GripeWater]

I agree with BigDGeek, buying a house is a big decision but life is short and unpredictable. Deal with it!

[loves2read]

you CAN'T get a guarantee----
if you aren't ready to make a decision -- asking questions here won't give you the security you need to buy a house...
buy a home NOT because it is going to put money in your pocket but because living in a home is right for your family...

and in the DFW area like most others---location is very important for home prices but it is not a guarantee for home prices increasing over time....
Southlake home prices in general may go up but there is no guarantee that any home YOU buy will--

[pinipig523]

I agree... I think I'm the slowest purchaser of all time.

[stan4]

Naw, pin...it took us 5 years.

[MckinneyOwnr]

To be honest... I don't know what you're waiting for. Anyone who has ever bought a home with interest rates over 10% will tell you to strike now while the gettin's good! When I bought my first home, interest rates were 7%, which was still a damn good rate in my opinion, compared to what my parents have paid over the years. Now it's almost half that. It's never been this cheap to buy a home. The way I see it, even if your home were to fall in value a bit, it's more than offset by the amount of money you are saving in interest by buying now while rates are low, especially when you consider the amount over 30 years.

[loves2read]

We took 3-4 years before we bought the house we are in now--
but in that time we also put down option on lot in new developing neighborhood and waited 9 mo or more before we started talks with architect and found out that what we had been told was possible in our price range wasn't--maybe very naive on our part but more deceptive on part of builder and developer who lead us along...

while price and location were factors---FLOORPLAN was first on our list...
we didn't have children so were fairly flexible on ISD we bought into
location--we were amenable to several different areas as long as certain criteria were met
but floorplan----having master plus guest bedroom down with two full baths, having kitchen with dish storage close to the dishwasher, having garage driveway that went right to left, and two living areas downstairs, getting foundation that was piered=beam slab, a lot with decent privacy in backyard and not on busy street...
THAT was difficult to do in our price range--and we had to raise it because we were just unrealistic about what we would have to pay...
After the RE crunch in 08-09----homes were more reasonable, but the # of homes on the market stagnated so your choices were more limited...
maybe homes were better priced--but you might still have horrible time finding one you wanted to buy...
We know young couple who sold their home in Bedford and bought home in Colleyville and probably got a great deal--They had to do some painting and general maintenance but at their purchase price, I am sure they have already had a 30-40K increase in market price
I wouldn't have bought that house because of floor plan (garage enters house in front hall--not by the kitchen area and no 2nd bedroom down) but they could live with it because the neighborhood is great and the price was a good deal...

we got everything but the two LA down---my husband just got so tired of looking...
and probably because of when we bought we paid more than we will get back for this house...
and again that was his decision--vs walking away and waiting for another house or hoping for price to come down on this one...

Find a house that fits your family/needs and buy it...
LIFE HAS NO GUARANTEES!!!
Hindsight is costly in so many ways---mainly because if you are looking over your shoulder you can't enjoy what you are moving toward
This doesn't mean you should never learn from your mistakes--but in all honesty, many people don't recognize mistakes they have made for the lessons they offer...they just repeat them...

IF you want a house, IF you can afford a home, IF you have found ones you like--
pull the trigger and enjoy the future....

[mezman]

Originally Posted by pinipig523

Yeah - I think I missed the bottom in 2010-2011.... but there was no way I was in a position to buy at that time so I can't cry over spilled milk.

I just don't want to buy now and come out at a loss in 5 years.

At some point in the next 5 years interest rates will have to go up (I mean how much longer can they stay at 0%). When interest rates go up the cost of a loan goes up and that will affect how much a buyer is willing to spend on a house. So I'd guess what is going to happen is your going to have a bunch of folks who bought at 3.5% (or whatever) and paid X amount trying to sell to people who are taking out 5-6% mortgages and want to pay less than X. My crystal ball is a bit cloudy though... if I were buying a home and thought that maybe I'd be moving in 5-ish years I would hope for breakeven and save up some extra cash to bring to the table just in case.

Well I would never buy a house if I thought I might move in 5-ish years since we tried that while my wife was in med school and that didn't work out very well for us. But you get the point.

[BigDGeek]

Originally Posted by MckinneyOwnr

To be honest... I don't know what you're waiting for. Anyone who has ever bought a home with interest rates over 10% will tell you to strike now while the gettin's good! When I bought my first home, interest rates were 7%, which was still a damn good rate in my opinion, compared to what my parents have paid over the years. Now it's almost half that. It's never been this cheap to buy a home. The way I see it, even if your home were to fall in value a bit, it's more than offset by the amount of money you are saving in interest by buying now while rates are low, especially when you consider the amount over 30 years.

Too true. My parents bought their house in Preston Hollow in 1977 and their interest rate at that time was around 10%. They refinanced later and paid the house off six years early, but still. 10%. Ouch. They nagged me incessantly to refinance my 5.5% mortgage.

[txgolfer130]

Originally Posted by pinipig523

So we don't see a downturn anytime soon? No indicators pointing towards a down?

I know nobody has a crystal ball, but just past performance as an indicator of future performance...

I can't recall, what were the indicators of the months leading up to the implosion of the real estate bubble of 2008?

Soon? No. Downturn....well there will be eventually.

And there were many indicators in the months leading up to the implosion, but most people outside of the real estate industry either said they were rants of crazy people or just ignored them.

[Johnhw2]

A house in Texas is a place to live rather than an investment. Sure you may make some money or lose some but if you focus on buying the home want in the location you like, the gain or loss is a detail. Sure we all like to get the best deal but no way to know until years later in most cases.

I agree you seem to be a picky buyer and all over the place... but if I recall you are new to the metroplex so location can be confusing. Narrow down where you want to live or 2 or max 3 locations you like and find the best home for you in those areas and go for it. Finding the perfect house wont happen, life is full of tradeoffs.

Interest rates dictate that today is a good time to buy. Inventory available says it is not as good a time as a few years ago. But living in the house that fits your situation is worth missing the best time to buy IMHO. Good luck!