Dallas home bidding wars 2021 (Frisco, Prosper: job market, income, prices)

[place]

home prices are following the market rather intrinsic value.. if one home gets listed / sold at a price x all homes gets evaluated at the same levels. hope the market will get breather from this cold. guess this may be a better week to shop to avoid competition.

[JlkajwlNsn]

Originally Posted by place

home prices are following the market rather intrinsic value.. if one home gets listed / sold at a price x all homes gets evaluated at the same levels. hope the market will get breather from this cold. guess this may be a better week to shop to avoid competition.

That sounds like a great idea.

[Tslmdlx]

Originally Posted by place

some of the closing prices we tracked through realtors on 450k+ homes were 15-25k more than the list.. But some gone 10-12K more. most of the areas i m referring north west and north Dallas

How do you know what the closing prices are

[place]

Originally Posted by Tslmdlx

How do you know what the closing prices are

you have to check the realtor

[Tslmdlx]

Originally Posted by place

you have to check the realtor

I don’t think any realtor other than the one that sold the home can know the closing price. Someone please correct me if I’m wrong.

[Rakin]

Originally Posted by Tslmdlx

I don’t think any realtor other than the one that sold the home can know the closing price. Someone please correct me if I’m wrong.

If the home is in the MLS system any Licensed RE Agent or Appraiser (North TX) can see the sold price. New Construction does not always get into the system but usually it does so the Builder will have Comparable sales for appraisal of other new homes they build.

[Rakin]

With the upcoming demand and shortage of skilled labor due to the freeze damage, the costs of homes are going to go up even faster.

There will be labor shortage so expect lead times to again go to 10-12 months to build a house similar to 2015 time frame.

[place]

Main culprit for home price accompanied by low rates
check the lumber price chart
https://www.nasdaq.com/market-activity/commodities/lbs

[alison2019]

I rent a 3500 SF 30 y/o house in a really good neighborhood in Rockwall/Heath. I've been here a year. When I leased the place I got a right to purchase at the late 2019 price. I plan to do that as houses here are selling in a few days. I wonder if the owner will try to jack the price up even though he agreed to sell to me at the 2019 price (market was really slow then) and the coronavirus was in the news/on the horizon.

[nsumner]

Originally Posted by alison2019

I rent a 3500 SF 30 y/o house in a really good neighborhood in Rockwall/Heath. I've been here a year. When I leased the place I got a right to purchase at the late 2019 price. I plan to do that as houses here are selling in a few days. I wonder if the owner will try to jack the price up even though he agreed to sell to me at the 2019 price (market was really slow then) and the coronavirus was in the news/on the horizon.

First refusal right does not give you the choice to pick your price, but it gives you the option to be considered 1st if the owner decides to sell. Has he told you that he intends to sell? Unless you guys agreed on a sales price in writing, other than a sales contract, it would be tough to enforce.