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Old 02-04-2021, 08:58 AM
 
2,997 posts, read 3,106,499 times
Reputation: 5981

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Quote:
Originally Posted by GoBearcats29 View Post
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.
How to compete as a middle class, first time homebuyer who wants a home in a neighborhood that's worthy of your middle class status? Move out of DFW (and big city Texas in general) to a place where the housing market isn't as ridiculously and frustratingly competitive...
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Old 02-04-2021, 09:10 AM
 
Location: DFW, Texas
238 posts, read 172,534 times
Reputation: 375
I guess we all should expect 10% increase on upcoming tax appraisal.
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Old 02-04-2021, 09:17 AM
 
Location: Houston
5,615 posts, read 4,947,388 times
Reputation: 4553
Quote:
Originally Posted by fleaflicker View Post
I guess we all should expect 10% increase on upcoming tax appraisal.
It is the legal duty of the appraisal districts to peg assessed value to market value, so if the market prices have gone up 10%, then yes you should expect that.
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Old 02-04-2021, 09:33 AM
 
Location: 89052 & 75206
8,153 posts, read 8,359,535 times
Reputation: 20086
I own rental houses. I am being pursued on a daily basis by investors and real estate agents trying to get me to sell to them or list my houses. I guess these people download from the county assessor records and go after owners of non-homesteaded properties. There is rarely a day that I don’t have texts, phone calls or snail mail offerings to buy or list my properties “no commissions, in any condition.” Extremely annoying. I have only a mobil phone number and no idea how these callers reach me. There is one investment company that is relentless and I have called them several times and refused their mailings but they never stop.
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Old 02-04-2021, 09:34 AM
 
Location: DFW
40,952 posts, read 49,213,992 times
Reputation: 55008
I have a Lease home that I'm showing 5 people this afternoon from 3-5 pm. There are only 3 on the market and this is the only one under $3700 a month. It's small but at $2700 we'll lease it today.
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Old 02-04-2021, 10:19 AM
 
349 posts, read 379,415 times
Reputation: 518
Quote:
Originally Posted by Julio July View Post
How to compete as a middle class, first time homebuyer who wants a home in a neighborhood that's worthy of your middle class status? Move out of DFW (and big city Texas in general) to a place where the housing market isn't as ridiculously and frustratingly competitive...
Or redefine what middle class status actually is.
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Old 02-04-2021, 10:59 AM
 
2,997 posts, read 3,106,499 times
Reputation: 5981
Quote:
Originally Posted by djslakor View Post
Or redefine what middle class status actually is.
The point is, you won't HAVE to redefine what middle class is to you and your family if you move to a region where the housing market isn't so skewed against people who can't buy a house upfront with cash, or who can't readily bid WAY above asking price in their desired price range.

It's worth considering and may soon be MANDATORY for people who are getting priced out of the DFW housing market. That's just the reality these days. Austin had its turn with this issue, and now DFW is having its turn, and as pointed out before, the prices in Austin NEVER went back down again, so.......
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Old 02-04-2021, 11:14 AM
 
841 posts, read 554,042 times
Reputation: 1931
Relative in Wylie. Full price offer within minutes of realtor sticking sign in their yard on a Thursday night. Open house was already scheduled for Sunday, so they went ahead and went through with it and took offers until noon on Monday. Got multiple over asking. Ended up going with one over asking with no contingencies, not even an inspection. Those buyers had lost out on several properties and were willing to take the risk to get the house.
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Old 02-04-2021, 11:23 AM
 
Location: Frisco, TX
1,399 posts, read 2,176,978 times
Reputation: 1978
Quote:
Originally Posted by citidata18 View Post
Yep.

In a way, the first-time / newer buyers back in 2008 hit the proverbial lottery.
We bought in 2009 and we were so, so lucky to be in a position to buy back then. We got our house in West Frisco for $67/sq ft! It would be well over $100/sq ft now and that's with no updates on a 16 year old house.
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Old 02-04-2021, 11:38 AM
 
4,233 posts, read 6,913,427 times
Reputation: 7204
Quote:
Originally Posted by Julio July View Post
Austin had its turn with this issue, and now DFW is having its turn, and as pointed out before, the prices in Austin NEVER went back down again, so.......
Some people will wait and wait for prices to go down until they are completely priced out of the neighborhoods they would prefer to live in, while missing out on years of equity in the process. Again, 'timing the housing market' for buying a primary residence is rarely reliable or worth it in a larger city like this.
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