Softening in RE market?? (Dallas, Southlake: buses, workers, services)

[tewest86]

Originally Posted by TurtleCreek80

It would also probably help if he wasn’t declining showings…

I really don’t understand some people.

I started declining showings because I got tired of people wasting my time. I have kids and a dog that I have to get situated for every showing. Agents come late and expect me to wait on them. I've had people show up and take 2 mins to look and say something in the feedback like "We wanted two masters". Do these people even read the MLS? No house in our neighborhood is like that.

[Leonard123]

Originally Posted by mastershake575

Household income will increase (due to higher paying jobs moving here and people working remote from other states) but wages of more standard jobs won't keep up.

For example 10 years ago you could own a house in my parents neighborhood on a single firefighter salary. Now you need at least 1.5-1.7x there current salary to be able to afford that same area. The salaries of firefighters won't increase in 2025 to be able to buy a house in that area it will simply be a case of firefighters can't buy into that area anymore (wages for more mid level jobs will get priced out by higher paying transplant jobs).

If you currently can't afford things in your current profession then your ability to buy a house will simply get replaced by professions that can (income will increase but not in the sense of working a job that won't cut it and the profession will pay you alot more in 5 years )

Then how will cities get firefighters in those areas?

[KerrTown]

Originally Posted by mastershake575

Household income will increase (due to higher paying jobs moving here and people working remote from other states) but wages of more standard jobs won't keep up.

Actually the winter storm has many people thinking twice about Texas. People are dependent on electricity more than ever!

Any company/industry and workers without deep roots in Texas are likely to pack up and leave for somewhere served by the federal grid.

[mastershake575]

Originally Posted by Leonard123

Then how will cities get firefighters in those areas?

Via having a spouse that also works full time (dual income) or commuting from a much less desirable area (EX: Richardson cop/firefighter can't afford Richardson so they commute from old parts of Garland/Carrollton since that's more in there price range ).

Same thing happens in the Nicer parts of Dallas. Office I worked at years ago in North Dallas literally nobody owned a house in Dallas, it was all commuttes from like Garland, Carrollton, Sache, Grand Praire. They've done articles and surveys over the years noting how few Dallas workers (teachers and cops) that actually live in the Dallas due mostly to price

[Leonard123]

Originally Posted by mastershake575

Via having a spouse that also works full time (dual income) or commuting from a much less desirable area (EX: Richardson cop/firefighter can't afford Richardson so they commute from old parts of Garland/Carrollton since that's more in there price range ).

Same thing happens in the Nicer parts of Dallas. Office I worked at years ago in North Dallas literally nobody owned a house in Dallas, it was all commuttes from like Garland, Carrollton, Sache, Grand Praire. They've done articles and surveys over the years noting how few Dallas workers (teachers and cops) that actually live in the Dallas due mostly to price

Those people would have to be quite committed to their jobs. I would never do that. It is true though that most owners in the higher cost areas are dual income. I saw where Frisco had one of the highest shares of dual income households in the country, and it's probably even higher since that was published.

I think this market is actually harder on the second time buyers than the first-time buyers because the gap for anything at all better than what one has will have risen to a drastically higher rate than it used to be. The last year has been so crazy that a 20-25 percent increase in value in the last year alone is effectively a decrease in value.

[calgirlinnc]

Originally Posted by tewest86

I started declining showings because I got tired of people wasting my time. I have kids and a dog that I have to get situated for every showing. Agents come late and expect me to wait on them. I've had people show up and take 2 mins to look and say something in the feedback like "We wanted two masters". Do these people even read the MLS? No house in our neighborhood is like that.

Buyers and agents are often incredibly rude. When we were selling last year, my agent called at 8 am on a Saturday morning and begged for an 8:30 appointment. I pushed it back to 9 am. Ran around making beds, turning on lights, scooping the pool, etc. The people showed up at 9 am and never even came inside because they “didn’t like the neighborhood.” Just one story out of dozens.

[EonBlueSyZ]

Originally Posted by wannabeNC

If you believe prices in 2025 will be insane relative to 2020, and that 2030 will be insane relative to 2025, that suggests you believe incomes are going to rise commensurately and consistently enough to support these large increases? Prices can't rise beyond ability to pay.

No it doesn't, and no I don't. Incomes have not kept up for decades and that hasn't stopped the real estate market from skyrocketing constantly. This is the entire reason why people want mandated minimum wages - because incomes are not keeping up with cost of living. It doesn't dictate prices - supply and demand does.

[jgn2013]

Originally Posted by hbdwihdh378y9

The DEMOCRATS AND REPUBLICANS' spending spree is going to result in a *lot* of inflation in the next five years, so prices will look much different in 2025.

Fixed that for you.

No matter who is in office, spending goes up one way or the other. GOP shifts a little more to defense and then tax cuts for rich people while the Dems spend more on entitlement programs and the like.

[mastershake575]

Originally Posted by EonBlueSyZ

No it doesn't, and no I don't. Incomes have not kept up for decades and that hasn't stopped the real estate market from skyrocketing constantly. This is the entire reason why people want mandated minimum wages - because incomes are not keeping up with cost of living. It doesn't dictate prices - supply and demand does.

Agreed. From like 1999 to 2018 the median household income only went up a couple thousand dollars. Income won't keep up what will happen is DFW (like almost every single top 15 metroplex in the US) will become prodiminately upper-middle class and higher if you want good residental housing.

People will say it's not fair or unsustainable but reality is DFW is just becoming the price of what most elite metros cost (go to any major West Coast or Northeast metro and see what a suburb with low crime and top 10% schools in the nation cost then come back and try to complain that houses in central Plano cost 400k is unfair)

[Wittgenstein's Ghost]

Originally Posted by Leonard123

Then how will cities get firefighters in those areas?

How are there fast food workers in Southlake or baristas in Highland Park? Every expensive area has workers who couldn't afford to live in that area.