U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-20-2014, 03:35 PM
 
3 posts, read 6,813 times
Reputation: 10

Advertisements

My youngest goes to college next year and I retire in 2017. Should I sell home now to downsize or do it in 2017. Market going up or static?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-20-2014, 04:18 PM
 
Location: Lewisville
149 posts, read 265,245 times
Reputation: 200
Are you looking to relocate elsewhere (in DFW, Texas, US etc.) or just find something smaller in West Plano?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 05:51 PM
 
4 posts, read 7,825 times
Reputation: 10
We are planning to move back home near our family in a rental for a year or two to see if we still fit in that life. If it works out then we buy there or else back to Plano in a smaller patio home.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 06:35 PM
 
Location: DFW - Coppell / Las Colinas
36,523 posts, read 40,306,751 times
Reputation: 43893
My Magic 8 ball says......... YES.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 09:05 PM
 
12,402 posts, read 23,841,867 times
Reputation: 11548
Quote:
Originally Posted by Rakin View Post
My Magic 8 ball says......... YES.
LOL, that's what I was thinking! OP, if you find someone who can definitively tell you what home prices are now vs three years from now, I'd like some stock tips from them, too!!!

Kidding aside, all anyone can do is make the best decision they can with the facts they have today. For you, it would be that the West Plano real estate market is doing pretty well right now (unless you're in a $1M++ home which still sell pretty slowly). My long-term view is that an area like West Plano with a good location, great highway access, great public schools, etc is only going to increase in value over time. However, economies go in cycles and there is absolutely NO WAY of knowing what the overall economy will be doing in 2017.

I would say if you absolutely must sell either now or in 2017, a bird in the hand (now) is worth two in the bush (a possibility in 2017). However, if you have flexibility and in 2017 the economy isn't as hot and you can hang on until 2019 or whenever it turns around again, then I'd say wait it out.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 09:16 PM
 
Location: Prosper
6,257 posts, read 14,026,709 times
Reputation: 9428
Quote:
Originally Posted by TurtleCreek80 View Post
My long-term view is that an area like West Plano with a good location, great highway access, great public schools, etc is only going to increase in value over time. However, economies go in cycles and there is absolutely NO WAY of knowing what the overall economy will be doing in 2017.
Nailed it. I tend to believe that the economy will be ok in 2017, so I would lean toward waiting until then to sell. However, a lot can happen between then and now, and you may find that you're kicking yourself for not selling now.

I went through this in 2006/2007 when I sold my condo. I had an offer for $169k, I was listed at $185k. My realtor told me the offer was too low, and that I shouldn't go any less than $175k. I ignored the offer, the housing market practically tanked overnight, and I ended up selling for $140k after a year of being on the market. In the end though, it helped, because the place I moved to, prices dropped even more dramatically than they did here. Plano weathered the last housing downturn very well, I suspect it would do the same in 2017 if we were in a similar situation.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 09:16 PM
 
35 posts, read 198,986 times
Reputation: 21
Personally I would stay in your house. Things happen and renting is not fun and maybe more expensive than your house payment. Plus that is 2 moves. Your stay in Plano might be extended beyond 2017.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-20-2014, 09:23 PM
 
Location: DFW - Coppell / Las Colinas
36,523 posts, read 40,306,751 times
Reputation: 43893
Home inflation and a high demand should continue in DFW because of all the people moving here.

I would hold the house.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-22-2014, 05:19 PM
 
3 posts, read 5,994 times
Reputation: 13
I would wait, DFW is booming and West Plano is a desireable niche. Highland Park is too expensive, Dallas schools suck, Coppell is too small, Richardson and Plano are in for a treat. These two are the nearest suburbs with access to public transport, good public schools, not too far from good private schools. There is money to be made and houses to be sold. Don't rush!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-23-2014, 05:39 PM
 
Location: Texas
45 posts, read 60,058 times
Reputation: 32
Inventory in Plano is extremely low, so now is a good time to sell. I've been working with Plano buyers and let me tell you... some west Plano houses are going faster than we can get in to see them!

However, like the other comments, I'm inclined to say that if you are staying in the area and can be flexible, waiting wouldn't be a bad idea. Rents are higher than mortgage payments. We never know exactly what will happen with housing (who saw 2008 coming a year before?) but values usually trend upward as long as the economy is relatively stable. Do keep an eye on the newspapers for real estate trends so that you can be aware of anything coming up that might change things. I did read in the DMN that if home building inventories stay low, we could face an issue with demand driving prices up high enough to reduce homeownership and scare off businesses. I don't think that will happen, because builders do seem to be responding to the demand as fast as they can, but you never know.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:38 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top