Dallas home bidding wars 2021 (Austin, Frisco: assessor, house, homebuyer)

[Taub201]

"Very desirable" was a reference to being zoned for Rockwall ISD instead of say small town Fate ISD if that existed. I grew up attending a 5A school in east Texas. There are small, largely white towns in the outskirts of my hometown. I'd rather have my kids go to the larger, more diverse city center school with APs and club offerings. Hope that clarifies.

[Rakin]

Originally Posted by Taub201

Homes under $2M seem to go quickly especially if they don't need much work.

That would be like 99.85% of the homes in North Texas that fall into this price range.

[Taub201]

A friend just bought west of Marsh and south of 635 for just under $400K. It was a pretty solid deal -- relative to other offerings and high DCAD land value. However, it had been on the market a few months and had a surprise need for $12K bathroom plumbing fix that the inspector didn't warn him about. The market below 635 in $300-$400K seems to have few desirable offerings. Low inventory pushing up pricing.

[Tslmdlx]

https://www.realtor.com/realestatean...9_M70263-64696

[Tslmdlx]

wrong thread ignore this

[jghorton]

Apart from "appraised vs sold values" (the latter typically available on County web sites, but perhaps not in Texas?), and racial issues, the OP's original question seemed to be about rising prices and whether they will "slump" down again.

it's a supply and demand issue by area of the country. During Covid, the new SFH construction (at least here) has slowed and almost been replaced with new, lower-end multi-family construction. Low inventory has driven-up prices of upper end sfh's and condos. Nothing on the horizon to suggest a significant near-term "dip" in prices unless the SFH new home construction dramatically increases (due to demand).

It seems like many newer or first-time buyers since 2008 have the notion that housing prices periodically take a 20-40% hit (and are waiting for the next big 'crash'). Longer-term home owners/buyers, realize that was an anomaly caused by irresponsible mortgage banking actions and is unlikely to repeat itself in the near future.

[citidata18]

Originally Posted by jghorton

It seems like many newer or first-time buyers since 2008 have the notion that housing prices periodically take a 20-40% hit (and are waiting for the next big 'crash'). Longer-term home owners/buyers, realize that was an anomaly caused by irresponsible mortgage banking actions and is unlikely to repeat itself in the near future.

Yep.

In a way, the first-time / newer buyers back in 2008 hit the proverbial lottery.

[Clever nickname here]

Originally Posted by Sunbather

If only it was that easy

I've lived here for 5 years, and the entire time i've lived here I watched the local housing market. I owned for 7 years where I lived previously, but wanted to get the lay of the neighborhoods etc. before committing to owning in Dallas - especially because I'm not a suburb person so I knew I'd be buying into an existing older neighborhood.

The house that we eventually bought in 2019 had increased in price by about 25% in the 3 years I lived here. When it came on the market, we were one of 8 offers the first weekend. So many co-workers and friends told me 'prices are too high! Just wait until they go down'. Instead, since we bought it, I am confident I could list today and accept an offer in the first week for 15%+ more than we bought it for just 2 years ago and I full expect prices to increase through 2021 as well. For reference, our house is worth more than 2x what the previous owners bought it for in 2012.

Yes, I think it is smart to watch for bubbles and prices can be very neighborhood specific, but if it is your primary residence, and you plan to hold onto it for 5+ years, I think you are doing yourself a disservice by waiting for DFW prices to 'go down'. As a homeowner, you should expect values to have dips at times, but trying to time the dips just usually isn't worth it for a primary residence in my experience.

Older Austinites have been waiting nearly 30 years for this to happen in Austin.

[LocalPlanner]

Originally Posted by Clever nickname here

Older Austinites have been waiting nearly 30 years for this to happen in Austin.

Any area that's growing and adding a lot of higher-income jobs is going to tend to have rising home prices.

Now, if there was a tech "crash", yes, it's conceivable that Austin prices could come down a bit.

[GoBearcats29]

My wife and I put an offer down on a house last week. It had 40+ offers and we were allowed a showing of 15 minutes. The house was on the market for a grand total of 16 hours before it got pulled. Went $35k over asking, the buyers included an appraisal addendum, and allowed the sellers basically a free 60 day lease back. We've been in the game for about 2 months now, and it seems like this is happening on every house we're interested in now. Not sure how we're going to be able to compete! We're first time homebuyers so it's immensely frustrating.