Softening in RE market?? (Dallas, Plano: how much, professionals, price)

[transientbeingz]

The Case-Shiller National home index:

https://fred.stlouisfed.org/series/CSUSHPINSA

vs

The Case-Shiller Dallas home index:

https://fred.stlouisfed.org/series/DAXRNSA

[Aceraceae]

Good news for our next house hunt. The last two were ridiculous.

[Stelletti]

Mortgage rates are starting to really creep up. Should be interesting to see what happens with prices. We are still actively looking and prices are dropping big time everywhere we are looking. Some sellers still won't budge but they wonder why there house has been on market for 30-60 days.

[justsomeguy]

Regarding last 2 comments -

If/when home prices stall or dip bc of the rising interest rates, won't you still be in the same position, as the mortgage payment is still going to be expensive (or the same price) because now more of the payment is going towards interest? So it seems like it would be a wash.

I guess you could always refinance later when the fed drops the rate back to 0% again.

[Stelletti]

Yeah I agree with you. Payment don't change. It is what I am dealing with right now.

[djslakor]

Originally Posted by Stelletti

Mortgage rates are starting to really creep up. Should be interesting to see what happens with prices. We are still actively looking and prices are dropping big time everywhere we are looking. Some sellers still won't budge but they wonder why there house has been on market for 30-60 days.

30-60 days is not a long time.

[rztquery]

Originally Posted by djslakor

30-60 days is not a long time.

I personally started looking for a new house. I visited several new construction communities this weekend. I went around 10 communities in Frisco/Prosper/Celina

I noticed almost all the builders giving an option of giving a discount on the base price. It was not the case before. Each community has at least 10 to 15 inventory homes. It was never been the case before. Due to huge inventory and high-interest rates prices are going down for sure.

I will continue looking at the different communities in the next 2 or 3 months and give my information to them so that they will include me in their mailing lists. I wait for a better deal. I heard nov/dec is the best time to buy a house.

[hbdwihdh378y9]

Originally Posted by transientbeingz

The Case-Shiller National home index:

https://fred.stlouisfed.org/series/CSUSHPINSA

vs

The Case-Shiller Dallas home index:

https://fred.stlouisfed.org/series/DAXRNSA

And? What's your point?

[Katana49]

Originally Posted by rztquery

I noticed almost all the builders giving an option of giving a discount on the base price. It was not the case before. Each community has at least 10 to 15 inventory homes. It was never been the case before.

Some people have a short memory.

Sorry, but builders having 10-15 inventory homes is typical of what you'd find in a housing market with normal supply/demand.

[NAvery815]

A realtor I follow posted this in the last 24 hours. It's for a VERY specific segment of the area, Lovejoy schools and the areas right around it, like South Mckinney, Allen, and Parker, but he always has great insights.

I bought last December, and luckily am planning to stay a long time so not too worried about it. Plus, we had to sell a house, so even if prices were lower, it likely would have been offset by the difficulty in selling our home/reduced price and the increased interest rate. Although that is all logical, I have to admit, after living through 2009 in an area of the country hit hard by the recession, there is some ingrained panic when you hear about home values dipping. But once I get my wits about me, I realize this is normal and healthy. And hey, maybe we can control the insane property tax growth a little too.

Shifts Happen