Consistently Outbid in Flower Mound, Grapevine, HEB, Trophy Club (Dallas: condo, homes)

[Soonhun]

Originally Posted by Persdawg

Carrolton is the next affordable spot...right next to Lewisville of course. Carrolton has shady spots and pretty much all of the schools are not great.
We have our areas narrowed down based on proximity to our church and work places...Southlake and downtown Dallas. And we are consistently over in Southlake for church stuff like 2/3 times per week.


I won't argue that when push comes to shove, houses that don't meet your criteria can be had.
The difficult thing about that is paying the premium price right now. Thx for positive feedback.

It is generally believed that Carrollton is great north of President George and that Hebron, in Carrollton but part of LISD is a good school. CFBISD elementary schools can be great but high schools are a mixed bag. They aren't nearly on level with the schools rightfully celebrated on CD, but a student will exceed and be well prepared for college if the student or parents want the child to be.

[Persdawg]

Originally Posted by EDS_

1. Stop shorting banks. Generally speaking in an increasing rate environment banks make a killing. Betting against that sort of thing consistently is a sure fire way to retire penniless.

2. Wage growth is a terrible proxy because most buyers have built up equity wealth in the form of cash.
2.1. If you really think this run up is a bubble........as in prices will crater 20-30% next year you'd be an idiot to buy not. The fact is this isn't a bubble and you don't think it is a bubble or you wouldn't be shopping.

3. OK blame your wife if you must. But in all likelihood you're going to have to yield on the pool or the master location or both.

I'm actually short the broader mkt, but financials got killed 10 years ago and a few yrs when we had decent volatility.
This run up isn't that kind of a 30% drop bubble...but there will be some openings in a year + with rates still reasonably low. It's just so brutal right now.
Sellers countering with a higher offer than your already higher than asking offer? What???

You seem somewhat well intentioned, but you come off a little pretentious.
Either way, you sound like you are in a good spot, so I hope things continue to go well for you going forward.

[Persdawg]

Originally Posted by Parhe

It is generally believed that Carrollton is great north of President George and that Hebron, in Carrollton but part of LISD is a good school. CFBISD elementary schools can be great but high schools are a mixed bag. They aren't nearly on level with the schools rightfully celebrated on CD, but a student will exceed and be well prepared for college if the student or parents want the child to be.

I agree with all of this. And that portion of Carrollton would be considered.

For years...I lived around DNT/GB. That's why I referenced some shady parts of Carrollton.

Not that anyone cares or sympathizes...but that creates long commutes for both of us.
Commuting will beat you down. So I'm trying to take that hit and let wifey not have to deal with it.

Thanks!

[Persdawg]

Originally Posted by BongoBungo

I totally understand your frustration. I'm in about the same income bracket as you and had a hard time finding a home even a year ago. Technically I could afford a $500k home, but I'm like you and am not throwing my hard earned money away. Most middle class people in DFW (household income under $100k, I know that's not the technical definition of middle class), unless they have a ton of equity already, are now priced out of the decent houses that are close to the business hubs in downtown Dallas and Irving. People who are single or child free can get by in a smaller, older house in a not so great school district and neighborhood, but a good portion of younger people with children are having to live in far north or east DFW. If you look at new neighborhoods in Celina (in the $250k-400k price range) for example, the vast majority of residents there are couples aged 25-45 with kids, and most of them have terrible commutes but have no other choice because they can't afford a family friendly place closer to their offices. Many people are moving out of DFW because it's getting too expensive, but for every one of those, two more move here who can afford the prices here. I know I'm throwing around a lot of vague generalities, but I hope you get the idea.

Many people still haven't come to terms with the fact that DFW is now one of the largest metro areas in the US, comparable to NYC, LA, and Chicago. And all huge metro areas have similar problems that DFW now has. DFW is actually still far more affordable than the previously mentioned metro areas as well. If you really want an affordable house with an easy commute, you're better off looking at smaller cities. But DFW salaries will typically be higher than those of a smaller city, so it's all a trade off.

Thx! Ya...not willing to spend a bulk of a paycheck on a payment.
And that's most of the reasoning why this thread and rant are even happening.
Where did you ultimately end up?
And doesn't it feel good to not be sweating this stuff?

[Katana49]

OP, it sounds like you'd be more open to increasing your budget to $400-450k. In fact, with your financial experience, I bet it's a pretty easy sell for you, seeing as how spending more will buy you an asset that will appreciate more than a lower priced home.

I think you should be working on convincing the wife to up the budget to meet your criteria.

[Persdawg]

Originally Posted by Katana49

OP, it sounds like you'd be more open to increasing your budget to $400-450k. In fact, with your financial experience, I bet it's a pretty easy sell for you, seeing as how spending more will buy you an asset that will appreciate more than a lower priced home.

I think you should be working on convincing the wife to up the budget to meet your criteria.

You sound like you are in sales!

[EDS_]

Originally Posted by Persdawg

I'm actually short the broader mkt, but financials got killed 10 years ago and a few yrs when we had decent volatility.
This run up isn't that kind of a 30% drop bubble...but there will be some openings in a year + with rates still reasonably low. It's just so brutal right now.
Sellers countering with a higher offer than your already higher than asking offer? What???

You seem somewhat well intentioned, but you come off a little pretentious.
Either way, you sound like you are in a good spot, so I hope things continue to go well for you going forward.

I'm just messing with you a little. But the hard truth is you likely need to be a bit more flexible or be prepared for your search to take a good while longer.

[Mandycrowell31]

Have you thought of building? We live in Harvest, a new subdivision in Argyle ISD. Main reason is because we couldn't find the floor plan we needed (MIL/MB downstairs with other bedrooms up) in pre-owned homes. So we built. This way we got what we wanted in a great community and had buyer incentives, no bidding wars, and a price we could adjust. Oh, and we make a good deal
less than a 150k a year. You should have no problem affording 350-400k unless you have a lot of debt or something.

[Rakin]

Originally Posted by EDS_

I'm just messing with you a little. But the hard truth is you likely need to be a bit more flexible or be prepared for your search to take a good while longer.

EDS, you're giving him some good advice. Not only this but OP must play by the rules of the current market.

In his price range he'll probably have to bid 5-10% over the asking price of a home, compete with multiple offers and be prepared to put up the extra cash if the home does not appraise. If he doesn't do it, someone else will.

I have had quite a few "Older" couple wanting to downsize over the last 2 years but can no longer afford to do so or find a home. This prevents their homes from hitting the market and makes the shortage even worse.

[calgirlinnc]

Originally Posted by Rakin

So you want a $300-350 house in a great school district in a great area? So do hundreds of other families.
Hope you have a good experienced agent who can guide you through multiple offer situations.

Did you look back in Nov - Dec also when the market is slower? The next 3-4 months will be brutal on buyers.

Ugh, this makes me feel panicky about our house hunt later this summer. Are the prospects any better at the $450K price point? I'm already aware we will have to have financing in order and be ready to offer on a house we like immediately. (Sorry to hijack, OP).