Softening in RE market?? (Dallas, Plano: distance, flooding, towns)

[honeyham]

http://dallas.culturemap.com/news/re...ngrates-report

Apologies for the formatting, I can't figure out how to make it a clickable link.

[NTXPerson]

This Dallas suburb's housing market is 'turning ugly,' says new report - CultureMap Dallas

Try this

[houstonview]

Dip is super healthy for the market can’t fly straight up forever. The next run up will start to price people out. In grapevine, Colleyville, Southlake houses still sell if move in ready quickly. Shortage of land, not as many new builds, right next to airport, and good schools.

Not sure about the north burbs. It’s always a risk buying new and trying to sell in next 5 years when new houses are everywhere.

[djslakor]

Originally Posted by NTXPerson

This Dallas suburb's housing market is 'turning ugly,' says new report - CultureMap Dallas

Try this

This article is specific to McKinney, not all of DFW suburbia. Sensational.

[MinesotaUser1]

Originally Posted by djslakor

This article is specific to McKinney, not all of DFW suburbia. Sensational.

Fall housing shifts quickly to a buyer’s market
https://www.cnbc.com/2019/09/09/fall...rs-market.html

[BigDGeek]

Mr. BigD and I are house-hunting right now and we're definitely seeing evidence of a softening market in the area we're looking in. We're not put off by it since we plan to stay in our new home for at least 10 years and any subsequent fall in value will be smoothed out over the next decade.


Fortunately for us our current neighborhood is still extremely popular with buyers in the $350k and under price range, so we have the advantage of a seller's market in our area and a neutral/buyer's market in the area we're looking in.

[Rakin]

Originally Posted by BigDGeek

Fortunately for us our current neighborhood is still extremely popular with buyers in the $350k and under price range, so we have the advantage of a seller's market in our area and a neutral/buyer's market in the area we're looking in.

That's what people don't understand.

RE is extremely local even down to a very specific neighborhood and price range. All this generalities about the market being up or down is just all a lot of inexperienced, uneducated Blah, blah, blah.

You have to look at each neighborhood and the demand for that neighborhood. Builders are different, demand is different. What applies to a Grand Home does not apply to a Highland or Am Legend Home.

It's one reason I don't really participate in these discussions. What applies for one area, does not apply if you go 2 miles away.

[BigDGeek]

Originally Posted by Rakin

That's what people don't understand.

RE is extremely local even down to a very localized neighborhood and price range. All this generalities about the market being up or down is just all a lot of inexperienced, uneducated Blah, blah, blah.

You have to look at each neighborhood and the demand for that neighborhood.

It's one reason I don't really participate in these discussions. What applies for one area, does not apply if you go 2 miles away.

Yup exactly.


We're seeing a significant number of $400-$600k properties in 75093 sitting on the market for 100, 125, 150, 175 days with multiple price reductions.


When you scratch the surface you see a property that needs major cosmetic updates, that doesn't have a pool, that backs up to a busy road, etc. Many are photographed vacant with obviously dirty/worn flooring and very dark or bright paint colors that would take at least a couple of coats of Kilz to cover. That, or there's about $5k of popcorn ceiling removal to be done.


It looks to me like all of these property owners still think it's 2017-2018 and have marketed their properties accordingly.


Some have had to reduce their asking prices significantly to get the houses sold, though they're still over 90% of original asking price.


To me it looks like the market is maybe coming to its senses, at least in west/northwest Plano.

[Katana49]

Originally Posted by BigDGeek

We're seeing a significant number of $400-$600k properties in 75093 sitting on the market for 100, 125, 150, 175 days with multiple price reductions.

I'm surprised you're looking in Plano, you've said many times you want to move out of TX.

[BigDGeek]

Originally Posted by Katana49

I'm surprised you're looking in Plano, you've said many times you want to move out of TX.

G-d has other plans for us right now.