What am I missing about the housing market?

[EDS_]

Originally Posted by unknown00

There is actually a SURPLUS of houses in North Dallas...it's just the surplus is for houses $500k+

What makes you say that?

[Peter5457]

Originally Posted by serger

Not sure how you define West Plano, but if it is 75093+Plano ISD, the number of houses currently for sale is about 150, and the median is about 650k (which is pretty crazy). And 4+bdr/bath + below 600k shows something like 10 houses. Having said that, yes some are very overpriced, imo.

This is very important info for people new to this area. Many neighborhoods in far West Plano are NOT zoned to plano schools so you have to understand this may be different from the school zoning you are relocating from. I personally think far west plano is a great area and Hebron HS is good but it is a fact there is a price premium buyers are paying for the plano school side.

And Shepton HS feeding into West Plano is the sweet spot if you can afford it or bought few years ago. I am in Plano Sr zone by the way and no compaints here except for the rising taxes and traffic.

[LeagleEagleDFW]

It's "west Plano," not "West Plano." It's not a separate city like Hartford and West Hartford.

[loves2read]

Originally Posted by Peter5457

This is very important info for people new to this area. Many neighborhoods in far West Plano are NOT zoned to plano schools so you have to understand this may be different from the school zoning you are relocating from. I personally think far west plano is a great area and Hebron HS is good but it is a fact there is a price premium buyers are paying for the plano school side.

And Shepton HS feeding into West Plano is the sweet spot if you can afford it or bought few years ago. I am in Plano Sr zone by the way and no compaints here except for the rising taxes and traffic.

Yes--Texas unlike some other states has unusual school district policy--INDEPENDANT means independent of the city/county boundaries...
Some ISDs lie within 2-3-4 towns
Some towns have 2-3-4 ISDs in various areas of the city limits...
AND in Colleyville (Tarrant county) upscale, higher median price point, good schools-- the neighborhoods developed on west side of Colleyville are in Keller ISD and those homes despite being equal in all other factors like sq ft, lot sz, upgraded appliances will usually sell at lower price point than homes in GCISD

In north Fort Worth, msny subdivisions built 10-15-maybe 20 yrs ago were marketed as Keller because the developers and city of FTW engineered a deal with the post office to get Keller zip code/mailing addresses...
homes were in Keller ISD which isn't a bad district...but all city services/taxes/gov't were Fort Worth--
not Keller...
So police/fire/EMS services were not from the closer Keller city locations...people called 911 said they lived in Keller often had real delay with who came out
People didn't have free access to the Keller Point swim center since they were not Keller residents...and that is very popular activity--selling point
And the people selling homes in those neighborhoods were fairly lax in pointing out the conflict between Keller mailing address and being in actual city limits...
Great example of bait-and-switch marketing...

So pay attention to MLS ISD but also check with ISD itself to be certain...

[unknown00]

Originally Posted by EDS_

What makes you say that?

I'm not stating an opinion, I'm stating a fact.

Pull up ntreis yourself. Look at how much inventory there is at $500k+. Also look at how many of those have had to do price reductions

[mm4]

Originally Posted by LeagleEagleDFW

It's "west Plano," not "West Plano." It's not a separate city like Hartford and West Hartford.

But you wouldn't write "north Dallas." Would you?

Aren't neighborhoods, or sections, or regions, capitalized? East New York isn't a separate city either.

[loves2read]

But that is just normal statistic...
The higher the price point the fewer the people who can buy those homes--either for cash or under mortgage/downpayment guidelines, even at such low interest rates...
...fewer people make 200k than 100k
It is the economic pyramid...

[EDS_]

Originally Posted by unknown00

I'm not stating an opinion, I'm stating a fact.

Pull up ntreis yourself. Look at how much inventory there is at $500k+. Also look at how many of those have had to do price reductions

From your source - latest data set.

North Dallas - median price $782,500, +13% over same time last year, average time on market 56 days.

[CookieBoss80]

To be fair half million dollar and up market for pre existing homes in DFW is really different than $300,000 and less market. Those homes are almost always listed for a higher asking price and usually stay on market for longer as most owners either out right own their properties or have significant equity and they aren't in the same boat as most sellers of lower priced homes with little or no equity.

They rather wait for a good offer from a solid buyer with big down payment instead of going with a buyer who may or may not even qualify for a big loan.