Where can you find a house for under $300,000? (Dallas, Grapevine: transplants, how much)

[hbdwihdh378y9]

Originally Posted by bencronin04

For what it's worth I found a few houses in RISD (close to Dallas, "safe" area, good schools) for under 300K. All updated and with pools.

http://www.realtor.com/realestateand...1_M81067-95747

http://www.realtor.com/realestateand...1_M85023-64982

Found one in Lake Highlands (RISD). It backs up to 635, but it's a nice house for $299k:

10722 Ferndale Rd, Dallas, TX 75238 is For Sale | Zillow

And lots of listings under $300k in the L streets.

[bencronin04]

Originally Posted by BigDGeek

Sure, but you can buy in the RHS or JJ Pearce zones for under $300k if you don't mind a smaller house, one that needs a little updating, or just get really lucky.

You're definitely not going to get a 2k+ sq ft 3-2 or 4-2 house that's updated and move-in ready for under $300k in Richardson in a nice school district. That ship has sailed for the most part! If you're content with living in less than 2k sq ft and can deal with doing some cosmetic updates or even tearing out a couple of bathrooms or the kitchen...now we're talking.

And that's where you have to find the trade off. A few bathrooms, kitchen and pool is going to be a 50-100K piece to add. Plus we have two growing boys and my wife wants a little room. Nothing like the 3000sqft+ boxes in Plano/Allen, but anything under 1800 is pushing it. Lol. We definitely haven't scratched JJ Pearce off our list, it's just going to be finding the right home at the right time!

[TurtleCreek80]

Originally Posted by gocubs418

I think you are really reaching on this example....

What I truly think is happening is people are buying homes with >5% down payment.

Suit yourself. I know several people who work at a Dallas-based company that was recently bought out by private equity. The way the deal was structured, EVERY SINGLE ONE of their 1500 employees got 1x their annual salary as part of the deal. I can tell you most of the 20-somethings in that office who just got a $30-60k windfall are all talking about buying houses with that cash, while most of the older people chose to roll it into retirement accounts or put towards college savings.

The economy is REALLY GOOD right now, especially in Dallas / Texas. All I can say - whether you believe me or not- is that there are a lot of people making a lot of money right now in a lot of different industries. And it isn't all going to the 1% / CEO's that may be your assumption.

Also, as the baby boomers die (the oldest are 70 this year), the greatest wealth transfer in history will occur. $30 TRILLION of wealth has begun to transfer to Gen X, Millenials, and Gen Z, which will continue for the next 20-30 years. That's a lot of inheritance money.

[TurtleCreek80]

Originally Posted by gocubs418

What I truly think is happening is people are buying homes with >5% down payment.

Also, I think you meant <5%.

[numberfive]

Originally Posted by gocubs418

I think you are really reaching on this example....

What I truly think is happening is people are buying homes with >5% down payment.

Have you looked up the home equity statistics for the area? If not, where are you getting this 5% number from?

I haven't confirmed, but I don't think the majority of home buyers in the area are first-time homeowners. They're families that are a bit more established, maybe some older couples and singles that have years of home ownership (and equity) under their belts. They're not going to struggle as much with a larger downpayment, making the income-to-house-cost ratio as a non-issue.

[bencronin04]

Originally Posted by TurtleCreek80

Also, as the baby boomers die (the oldest are 70 this year), the greatest wealth transfer in history will occur. $30 TRILLION of wealth has begun to transfer to Gen X, Millenials, and Gen Z, which will continue for the next 20-30 years. That's a lot of inheritance money.

And a LOT of taxes.

[TurtleCreek80]

Originally Posted by bencronin04

And a LOT of taxes.

Well, the first $5M individual / $10M married couple are tax-free. Since only 2 out of every 1,000 estates owe any estate taxes, it's not a big deal for all but the top .2% of households.

[gocubs418]

Originally Posted by numberfive

Have you looked up the home equity statistics for the area? If not, where are you getting this 5% number from?

I haven't confirmed, but I don't think the majority of home buyers in the area are first-time homeowners. They're families that are a bit more established, maybe some older couples and singles that have years of home ownership (and equity) under their belts. They're not going to struggle as much with a larger downpayment, making the income-to-house-cost ratio as a non-issue.

Originally Posted by TurtleCreek80

Also, I think you meant <5%.

Originally Posted by TurtleCreek80

Suit yourself. I know several people who work at a Dallas-based company that was recently bought out by private equity. The way the deal was structured, EVERY SINGLE ONE of their 1500 employees got 1x their annual salary as part of the deal. I can tell you most of the 20-somethings in that office who just got a $30-60k windfall are all talking about buying houses with that cash, while most of the older people chose to roll it into retirement accounts or put towards college savings.

The economy is REALLY GOOD right now, especially in Dallas / Texas. All I can say - whether you believe me or not- is that there are a lot of people making a lot of money right now in a lot of different industries. And it isn't all going to the 1% / CEO's that may be your assumption.

Also, as the baby boomers die (the oldest are 70 this year), the greatest wealth transfer in history will occur. $30 TRILLION of wealth has begun to transfer to Gen X, Millenials, and Gen Z, which will continue for the next 20-30 years. That's a lot of inheritance money.

Yes I did mean <5%. Nice catch.

I'm not saying its exactly what is happening, but maybe.

I would agree with you that the majority of home buyers are older and more established, especially when they have to deal with cash offers.

[bencronin04]

Originally Posted by TurtleCreek80

Well, the first $5M individual / $10M married couple are tax-free. Since only 2 out of every 1,000 estates owe any estate taxes, it's not a big deal for all but the top .2% of households.

Not just estate, but inheritance tax as well. But yes, MOST will not suffer.

*Yes I know this is not a Texas issue.

[BigDGeek]

Originally Posted by bencronin04

And that's where you have to find the trade off. A few bathrooms, kitchen and pool is going to be a 50-100K piece to add. Plus we have two growing boys and my wife wants a little room. Nothing like the 3000sqft+ boxes in Plano/Allen, but anything under 1800 is pushing it. Lol. We definitely haven't scratched JJ Pearce off our list, it's just going to be finding the right home at the right time!

It's a tall order but they do exist.

And space really is a personal thing. Some people REALLY like to spread out...others, not so much. And some people sacrifice square footage for a shorter commute. It's all up to you.