Softening in RE market?? (Houston, Dallas: plumbing, temps, windows)

[mikestrong]

Originally Posted by Leonard123

I don't know. Zillow has shown two consecutive drops on my home in Stonebridge Ranch over the last couple of weeks, although adjacent homes with the same floor plan and less desirable lots went up at the same time, so I'm not sure how reliable that is or what could be going into that model.

It's hard to even set a price range when you have no idea what your own home will sell for.

I am ready for the price gap between new and existing homes to narrow. It makes no sense, and something is off about it.

Im selling my house in Mckinney in Aug. I bought it for 280's and will be listing it at 405k, and expect for it to be bid up another 20 to 40k. Now, my house is only 2.5 years old and I have added a pool. I have been following the new listings coming up in my section of Mckinney, and most are older homes(early 2000's).

[Leonard123]

Originally Posted by mikestrong

Im selling my house in Mckinney in Aug. I bought it for 280's and will be listing it at 405k, and expect for it to be bid up another 20 to 40k. Now, my house is only 2.5 years old and I have added a pool. I have been following the new listings coming up in my section of Mckinney, and most are older homes(early 2000's).

2.5 years ago, my home would have been worth about 240-250K. Obviously, there was hardly any gap between new and existing. Now, my home is only worth somewhere in the low 300s. It might list around $315K. Even in a best-case scenario, it likely would not get $350K. A new home of similar size anywhere nearby would be a good 200K more than that.

Apparently, I'm just in a really bad neighborhood. Is Stonebridge on a decline, or is it just my subdivision?

[justsomeguy]

What is the deal the last week or two with the housing market? I thought we were in a super hot sellers market, is that no longer the case? Did everyone exit the market?

[Need4Camaro]

They moved to Austin

...

No I'm kidding

The bidding wars have been cooling off as of late as housing prices have reached the peak of rationality for the lack of better terms. Paying more just simply put isn't justified vs staying where they are located. If prices decreased slightly, the slack in demand will quickly be re-tightened until we hit that cap again.

[Rakin]

Just this last week sold a house listed at 515 for 535 and had 5 offers over a weekend.

What are you talking about?

[mastershake575]

Originally Posted by justsomeguy

I thought we were in a super hot sellers market, is that no longer the case? Did everyone exit the market?

houses are listing 10 to 15% over market value from 2019 and 2020 and majority of those houses are getting multiple offers

Yeah that sounds like a hot seller's market to me ??? (I don't understand the confusion)

[justsomeguy]

Originally Posted by Rakin

Just this last week sold a house listed at 515 for 535 and had 5 offers over a weekend.

What are you talking about?

What area was this house? Seems dead where I am.

[stephwin]

I'm in NW Frisco and a direct neighbor went under contract in 5 days. He bought the house in August of 2017 for $585k and listed it for $850k.

[TurtleCreek80]

If there’s any slowdown, it’s probably the same 4th of July / vacation lull that happens every single year - hot market or slow market.

[LocalPlanner]

At some point, prices reach their ceilings for local incomes (except in markets driven by other factors like second homes, rich retirees, etc.).

Multifamily apartment data, and more anecdotal data on rental single family, shows that the rental market has gotten really hot since March or so. You have think that this is heavily due to folks who want a different living situation, but can't handle the craziness and price appreciation of the for-sale market. So, a lot of folks are moving but choosing to avoid home purchases.