Who is the idiot who pays $150k more for a new house (Dallas: 2015, renter)

[BigDGeek]

Originally Posted by nissan

No one brags about "throwing money away" And isn't it a good thing when prop values increase, even if its driven by those "annoying/idiotic/wasteful/immigrant/blah blah"?

Only if you're trying to sell...which isn't most of us. All it does is cost us more money per year in property tax.

[Hacker1234]

With bidding wars on homes, it might be easier just to build a new one at a premium. But with the prices they are at now, its not so cheap anymore.

[frisco19542]

Originally Posted by Hacker1234

With bidding wars on homes, it might be easier just to build a new one at a premium. But with the prices they are at now, its not so cheap anymore.

There are no bidding wars on 500k plus houses. if people where doing bidding wars there wouldn't anything in MLS listed.

[Katana49]

Originally Posted by frisco19542

There are no bidding wars on 500k plus houses.

There are definitely bidding wars going on in the $500k+ segment. I've got a friend who was in a bidding war last year for a $750k house. It's not as bad as the $300-400k segment, but there are many areas around DFW that are affluent and have lots of buyers that can afford these higher prices. You're kidding yourself if you think bidding wars are not going on at these higher price points.

You probably have to budget above $1 million to significantly cut down the number of people you could potentially be bidding against.

[frisco19542]

Originally Posted by Katana49

There are definitely bidding wars going on in the $500k+ segment. I've got a friend who was in a bidding war last year for a $750k house. It's not as bad as the $300-400k segment, but there are many areas around DFW that are affluent and have lots of buyers that can afford these higher prices. You're kidding yourself if you think bidding wars are not going on at these higher price points.

You probably have to budget above $1 million to significantly cut down the number of people you could potentially be bidding against.

I see lots of houses everywhere sitting around for 100 days plus on the market. The ones with bidding wars were underpriced to begin with or under 200k. That happens even a bad market. If you go out look at houses and make an offer the same day your probaly going to be the only person.

[HP48G]

So what I get from this thread is some posters are exhibiting the usual resentment and envy when people from other states/countries are making good money and enjoying spending it as they see fit.

[farmboy_22]

Originally Posted by HP48G

So what I get from this thread is some posters are exhibiting the usual resentment and envy when people from other states/countries are making good money and enjoying spending it as they see fit.

Totally Agree.

[NYfaninCowboyLand]

Just read the thread. I really doubt that the price differential between new and older homes is 150K, if all the other factors are the same ( same builder, location, school etc). I think it would be more around 50K. If slightly older homes are really as good of a bargain that many people in this thread seem to think, why would they be sitting on the market for so long. Yes, there are people who want a new home and willing to pay the premium, but the vast majority of the buyers I think evaluate options, consider the value before making a decision.

[BigDGeek]

Originally Posted by HP48G

So what I get from this thread is some posters are exhibiting the usual resentment and envy when people from other states/countries are making good money and enjoying spending it as they see fit.

No, I don't think that's it.


People who move here from other areas (whether it's California or Calcutta) and bid up real estate contribute to rising property taxes which cost us all extra money.


It's not the same as them tooling around in a Mercedes or Lexus, which is also them enjoying spending their money as they see fit...but it doesn't cost the rest of us anything extra. Drive what you want, I don't care; just don't be an ass about sharing the road.


Bidding up real estate prices does cost the rest of us.

[NYfaninCowboyLand]

Originally Posted by BigDGeek

No, I don't think that's it.


People who move here from other areas (whether it's California or Calcutta) and bid up real estate contribute to rising property taxes which cost us all extra money.


It's not the same as them tooling around in a Mercedes or Lexus, which is also them enjoying spending their money as they see fit...but it doesn't cost the rest of us anything extra. Drive what you want, I don't care; just don't be an ass about sharing the road.


Bidding up real estate prices does cost the rest of us.

Indian people are one of the most cost conscious consumer groups. I am not sure if they are just spending more on these houses just because they can. Apart form the premium they are willing to pay for a certain direction and new house, I do not believe they are way over paying more than the market value of any home (new or old).