Home prices headed for a triple dip (MSN article) (Dallas: real estate, 2013)

[Nhousehunter]

Hellooo..

I am a first time home buyer, signed a contract for new home in Plano area . I just came across this article and this has me lil worried ...wanted to get the opinion of guru's who are familiar with Dallas market. Impact ?

Home prices headed for a triple dip

Best

[WorldKlas]

the DFW area has historically been moderate in both house price inflation and deflation; buy here for a nice home -- its not necessarily a market that one should buy in simply hoping to make a profit.

[GreyDay]

Article seems to be a bit of a puff piece. Also doesn't take local markets into effect. Depends on where you're buying. East Plano or West Plano? That matters more than some 4 inch article.

[Nhousehunter]

I am planning on staying in my first home (east plano) for at least 7 years..but what worries me is the slump, if any and should I back out of the contract and wait lets say an year to make the buying decision, expecting lower price/ sqft

[TurtleCreek80]

Originally Posted by Nhousehunter

Hellooo..

I am a first time home buyer, signed a contract for new home in Plano area . I just came across this article and this has me lil worried ...wanted to get the opinion of guru's who are familiar with Dallas market. Impact ?

Home prices headed for a triple dip

Best

Did you read the whole article or just the intro paragraphs? If you read the whole article, you'd know that real estate experts disagreed with the writer's premise:

Over at CoreLogic, which also tracks home prices, economist Mark Fleming is skeptical. "I suppose you can never say never, but realistically there does not seem to be any particularly strong reason why we should see sustained declines in house prices."

CoreLogic reported home prices nationally in August up 6.4 percent compared with August of 2013.

[Ralph_Kirk]

Originally Posted by GreyDay

Article seems to be a bit of a puff piece. Also doesn't take local markets into effect. Depends on where you're buying. East Plano or West Plano? That matters more than some 4 inch article.

Bingo. The Plano area is still attracting business like a black hole. State Farm will have its huge complex at the intersection of George Bush and 75 open for business in another two months, with Rayethon as its next tenant. Toyota is moving its headquarters from California to Frisco over the next three years. These kinds of local effects overcome national trends.

[fwsavemoney]

If you are planning to be there for 7 years, I wouldn't put too much stock into any guessing games. For all you know next year something big could happen near East Plano and you would regret not signing a contract now. Speculation should be considered for investment purposes only. For your primary residence, you should buy a house when you are ready.

[aggieplaya]

The economy plays a huge role in addition to level of demand for homes. Right now the demand exceeds supply and so long as that continues you really don't need to worry about a dip. If the local economy tanks, then yes I could see a dip. I don't see that happening anytime soon though.

[HockDad]

I really don't think you can time the market. Buy a house that you love, make sure it does not have any huge warts (not enough bedrooms, no garage, etc.), pay extra principal every month to build equity, take care of it, and you will be fine. Don't go into a house expecting to make money. You might, or you might not. You should get back equity plus a modest appreciation, but you never know.

[synchronicity]

Originally Posted by HockDad

I really don't think you can time the market. Buy a house that you love, make sure it does not have any huge warts (not enough bedrooms, no garage, etc.), pay extra principal every month to build equity, take care of it, and you will be fine. Don't go into a house expecting to make money. You might, or you might not. You should get back equity plus a modest appreciation, but you never know.

^^^^That. A house should be a home first, second and third, and an investment vehicle far behind that. Don't do anything foolish in buying a housee, but in general, many of the same structural/material things that make a house a good home* will also tend to make it a good investment. Markets and values go up and down and certainly one should be realistic about that, but really, you should be buying a house as a place to live your (and your family's) life, not as a way to make big bucks in 7 years or whatever when you sell.

*- yes, the most important thing in make a good home is having people who genuinely love and care for each other, which is obviously intangible. I'd argue that people like that also tend to take good care of their dwellings, so again, overlap with the "investment" side of things.