Dallas home bidding wars 2021 (Arlington, Plano: 2013, foreclosure, rental)

[Rakin]

Originally Posted by ChristieP

County tax appraisal does not equal market value. County tax strictly goes by square footage, age and location. They don't care if you have granite or formica countertops, hardwood or linoleum flooring, etc. The only time you get a break on county tax value is if there are problems with the house, such as foundation issues. Their "market value" also lags by over a year. True market value is found by looking at comps, or having a certified appraisal done.

Yep. Tax Appraisal District numbers have nothing to do with the detailed numbers Appraisers come up with for Lenders / Buyers when they buy the house. Tax District numbers can easily be 20-40% off high and low.

The Tax District does not do the 32 some odd page full blown appraisal a lender would require to make a loan.

OP has no idea what he's talking about.

[kmann1]

My fiance and I have been monitoring the Dallas market since August 2020. We will be first time home buyers during this year (hopefully). Definitely wanting and waiting for the prices to come down.



Why are the actual selling prices rarely available? It is very frustrating and difficult to actually know what a fair price offer would be if you can't find the actual sold price of other homes. When we engage a realtor, will he/she be able to see the actual sold prices and tell us? We prefer to do our own research and will be wanting this information for a lot of different homes (not just 3-5 market comps provided by the brokerage's computer software program) before we actually make an offer.



For those realtors on this forum - when do you expect the price of homes to come back down? I'm talking about a 2500+ sq ft updated home with a pool in a good elementary school zone - Lakewood or Lake Highlands Richardson ISD, etc. Thank you.

[ChristieP]

Originally Posted by kmann1

Why are the actual selling prices rarely available? It is very frustrating and difficult to actually know what a fair price offer would be if you can't find the actual sold price of other homes. When we engage a realtor, will he/she be able to see the actual sold prices and tell us? We prefer to do our own research and will be wanting this information for a lot of different homes (not just 3-5 market comps provided by the brokerage's computer software program) before we actually make an offer.

Texas is a non-disclosure state. Sales prices are confidential information.

[JTC Mom]

[quote=kmann1;60280476]... When we engage a realtor, will he/she be able to see the actual sold prices and tell us? We prefer to do our own research and will be wanting this information for a lot of different homes (not just 3-5 market comps provided by the brokerage's computer software program) before we actually make an offer.


YES - when you engage a realtor he/she will be able to see actual sold prices of most properties and should tell you. The last few homes I have bought and sold, the realtor has provided us an online link with comps, including sales prices or recent sales. It's an automated search so the number of comps that show up in this feed depends on the parameters the realtor put into the search. In some cases there were only a few comps, and in other cases we got a couple of dozen.

[place]

Originally Posted by ChristieP

County tax appraisal does not equal market value. County tax strictly goes by square footage, age and location. They don't care if you have granite or formica countertops, hardwood or linoleum flooring, etc. The only time you get a break on county tax value is if there are problems with the house, such as foundation issues. Their "market value" also lags by over a year. True market value is found by looking at comps, or having a certified appraisal done.

Is your property tax constant. No. Why County keeps adjusting its appraised value to market value.
or county perceived intrinsic value of home.

I feel county appraised value is an approximate starting point for home intrinsic value. I also agree if a home gets listed at 15k-50k based on the condition of home or recent upgrades.


Why homes are getting listed at 100 - 125K more than appraised value. Are these because of upgrades. No its because of Market cost - Supply demand mismatch.

Home appraised by county at 315K listed at 365K Selling at 425K.

At the end what.. Bank is not appraising the value of home at 425K. They may appraise it between 375k-400K.

So buyers who ended up trying to buy home due to less rates come back with appraisal shortage

[place]

Originally Posted by Rakin

Yep. Tax Appraisal District numbers have nothing to do with the detailed numbers Appraisers come up with for Lenders / Buyers when they buy the house. Tax District numbers can easily be 20-40% off high and low.

The Tax District does not do the 32 some odd page full blown appraisal a lender would require to make a loan.

OP has no idea what he's talking about.

I dont agree that lenders appraisal always goes by intrinsic value.. Most of the time when appraisal goes down by intrinsic value they try to jack up by comps

[Rakin]

Originally Posted by kmann1

My fiance and I have been monitoring the Dallas market since August 2020. We will be first time home buyers during this year (hopefully). Definitely wanting and waiting for the prices to come down.



Why are the actual selling prices rarely available? It is very frustrating and difficult to actually know what a fair price offer would be if you can't find the actual sold price of other homes. When we engage a realtor, will he/she be able to see the actual sold prices and tell us? We prefer to do our own research and will be wanting this information for a lot of different homes (not just 3-5 market comps provided by the brokerage's computer software program) before we actually make an offer.



For those realtors on this forum - when do you expect the price of homes to come back down? I'm talking about a 2500+ sq ft updated home with a pool in a good elementary school zone - Lakewood or Lake Highlands Richardson ISD, etc. Thank you.

No prices will not be coming down any time soon. In my 40 years I've seen 3 down cycles that lasted about 3 years each and then it was back to the races. There are just too many people from the coasts moving here with money.

Sale prices are not published in Texas. A Realtor can pull you all the Sold Prices of homes that you desire if they are in the MLS. Much new Construction is not in the MLS.

Amazing that people think they have a right to private information. If I build a new home, no one not even the Tax District has a right to know how much I paid for that home.

[NoClueWho]

Originally Posted by kmann1

My fiance and I have been monitoring the Dallas market since August 2020. We will be first time home buyers during this year (hopefully). Definitely wanting and waiting for the prices to come down.

The longer you wait, the harder and more expensive it will be to buy a home in DFW. DFW housing prices always go up and will never come down again, at this point. Waiting just prices you out of the DFW housing market. If you think you can buy now, then buy NOW.

[PACman2521]

I don't get why people think prices will magically go down. Not w/ interest rates so low. First, rate of increase will slow, then maybe stagnate, before seeing any significant price drops.

[citidata18]

Historically, home prices have never gone down. They've always gone up (granted, quite slowly in some years). The real estate price collapse during the Great Recession was an aberration due to a combination of very unique circumstances, and that won't be repeated any time soon.

If you're frustrated about housing prices, you should be lobbying your elected officials to incentivize builders to drastically increase supply, because that's the root of the problem. The number of new home permits today are still well below the long-term average prior to the Great Recession.