Dallas home bidding wars 2021 (Celina, Aubrey: school district, subdivision, to live)

[Katana49]

Just for kicks, I looked up homes comparable to mine to see what the asking prices were... I'm sure most of them are selling for asking or above asking, as they all show pending within 20-25 days of being listed and realtors are updating the listing descriptions and saying there are multiple offers and to bring your best one by such and such a date.


Kinda tempted to put ours on the market and downsize, but when I see what is out there at even the $500k range, seems like too much of a downsize for the price.

[Rakin]

Originally Posted by Katana49

Kinda tempted to put ours on the market and downsize, but when I see what is out there at even the $500k range, seems like too much of a downsize for the price.

Downsizing people can be stuck in larger homes when those small homes cost more than the larger homes they bought just a few years ago.

I've had many an older couple in that situation. Downsizing in footage does not mean downsizing in price today. I've seen this during 4-5 pricing cycles like today over the last 25 years.

This also contributes to the shortage of larger homes that never come on the market.

[Katana49]

Originally Posted by Rakin

Downsizing people can be stuck in larger homes when those small homes cost more than the larger homes they bought just a few years ago.

I've had many an older couple in that situation. Downsizing in footage does not mean downsizing in price today. I've seen this during 4-5 pricing cycles like today over the last 25 years.

This also contributes to the shortage of larger homes that never come on the market.

I think we'd be able to get $800-850k for our home (possibly even higher, as it seems there's multiple offers being submitted above list.)


It's tempting to think we could cash out a bit and buy back in at $500k... but we paid $500k for our home back in 2014. Granted, we got a helluva deal and it appraised at $580k at the time, but seeing what is out there for the same price we paid is very underwhelming. Never thought I'd say that about a half million dollar home in this area.

[tristatecommuter]

Perhaps this craze will come down after the rent eviction and foreclosure moratoriums end.

[mmozaffa]

Originally Posted by tristatecommuter

Perhaps this craze will come down after the rent eviction and foreclosure moratoriums end.

Sad to see what these out of state(CA) buyers doing to north suburbs in dfw, unethical tactics just to get the house and bidding up crazy, deals going on under the table without the house being hit the MLS or market.
If you got a realtor who has relationship with seller agent you are in the game else good luck.
I am curious to know how local ppl are coping up with this madness?
Most of these out of state cash buyers are doing the same things that they did in their state(CA)
and now are running away from the mess and bringing it all here.
I am started to get worried that locals will be phased out and no longer able to afford house in their desire location.
don't believe me, see how one of the top end realtor praise themselves and feel proud doing so!

cheneygroup
If you are waiting for homes to hit Zillow, you are too late. As is the case in most listings lately, this home was listed, multiple offers and under contract within 2 days.

[biafra4life]

Originally Posted by mmozaffa

Sad to see what these out of state(CA) buyers doing to north suburbs in dfw, unethical tactics just to get the house and bidding up crazy, deals going on under the table without the house being hit the MLS or market.
If you got a realtor who has relationship with seller agent you are in the game else good luck.
I am curious to know how local ppl are coping up with this madness?
Most of these out of state cash buyers are doing the same things that they did in their state(CA)
and now are running away from the mess and bringing it all here.
I am started to get worried that locals will be phased out and no longer able to afford house in their desire location.
don't believe me, see how one of the top end realtor praise themselves and feel proud doing so!

cheneygroup
If you are waiting for homes to hit Zillow, you are too late. As is the case in most listings lately, this home was listed, multiple offers and under contract within 2 days.

It's been a subject of conversation for a long time on this forum. Locals who are not coming from either coast or overseas with loads of cash are getting priced out of even the lower middle class suburbs, never mind Frisco. It sucks what has happened to the DFW area but it is what it is. This area is hot and has been a magnet for people from all over the world for at least two decades so it's inevitable that now the secret is out, this area will slowly but surely become one of the more expensive areas in the next two decades or so.

[mastershake575]

It's funny looking back 1 year ago today people where running there mouths about how the market was going to crash and how they where "going to get a covid deal". In majority of neighborhoods houses dramatically increased in value..... (lol)

Combination of lower inventory and demand was still strong (the people moving here and not the people whose jobs are on the cutting block)

[SueSouth]

We lived in Dallas for nearly 20 years - 1985-2004. Our kids grew up there, went to school there (RISD when it was outstanding) and to this day still consider themselves Texans. They've since relocated to Florida, which is where I'm from. The two states have several things in common, and one is that there are a flood of inbound buyers relocating from other states, where they've sold their homes for inflated prices, and they're accustomed to higher real estate prices for homes. Homes with pools, and no basements with an oil burning heat system, or a smaller square footage, and outrageous property taxes.
Our mutual dreaded risk is that these people bring blue state voting habits. We can't stop them from coming, but we MUST remind them they're political refugees, not political missionaries!

[mastershake575]

Originally Posted by biafra4life

It's been a subject of conversation for a long time on this forum. Locals who are not coming from either coast or overseas with loads of cash are getting priced out of even the lower middle class suburbs, never mind Frisco. It sucks what has happened to the DFW area but it is what it is. This area is hot and has been a magnet for people from all over the world for at least two decades so it's inevitable that now the secret is out, this area will slowly but surely become one of the more expensive areas in the next two decades or so.

It is crazy to watch. Not even 10 years ago East Plano, East Richardson, and half of Central plano where all attainable for working class.

Now it's mostly people in the 100K+ a year income range buying in those areas which is crazy (2x the median household income is now what it takes to get into those areas, crazy considering those areas where mocked not that long ago for being "aging working class areas" )

Originally Posted by SueSouth

Our kids grew up there, went to school there (RISD when it was outstanding)

RISD is still outstanding (or at least most of it). Pearce and RHS are still top 5% highschools in the nation and the popular elementary schools back then (Mohawk, Arapaho Classic, Brentfield, Canyon Creek, Prairie Creek, Bowie) are all still highly ranked

[naterator]

Originally Posted by SueSouth

We lived in Dallas for nearly 20 years - 1985-2004. Our kids grew up there, went to school there (RISD when it was outstanding) and to this day still consider themselves Texans. They've since relocated to Florida, which is where I'm from. The two states have several things in common, and one is that there are a flood of inbound buyers relocating from other states, where they've sold their homes for inflated prices, and they're accustomed to higher real estate prices for homes. Homes with pools, and no basements with an oil burning heat system, or a smaller square footage, and outrageous property taxes.
Our mutual dreaded risk is that these people bring blue state voting habits. We can't stop them from coming, but we MUST remind them they're political refugees, not political missionaries!

Must everything be political?