Dallas home bidding wars 2021 (Austin, Plano: houses, neighborhood, buyers)

[Taub201]

mikestrong, where is your community? It sounds like a lot of new properties with rational availability to keep prices ticking up and a measured approach.

I checked out Fate. Given that it's mostly Rockwall schools, it's a very desirable area and it was 84% white in latest demographics. It seems closer to Dallas jobs as Prosper or Frisco without the tolls.

Does anyone know how the market is in Park Cities and Preston Hollow? It doesn't seem too crazy but high price points.

Relatives of mine bought a new home in Austin Waters in Carrollton off Plano Parkway about three years ago and prices have already gone up probably 10% at least (maybe 15%). The community is fully built out now and more new construction is occurring along the Parkway towards Nebraska Furniture Mart.

[Sunbather]

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.

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.

[TurtleCreek80]

Originally Posted by Taub201

Does anyone know how the market is in Park Cities and Preston Hollow? It doesn't seem too crazy but high price points.

It’s quite brisk. I don’t know about multiple offer situations but everything is selling. I think I just read we’re down to a 3 month supply in Preston Hollow. That had been sitting around 6-7 months pre-COVID. Almost everything new & old has sold in our little pocket of Preston Hollow. At one point this year we had 6 homes either under construction or being remodeled just on our one block. People are investing in their homes.

Even big ticket listings are moving - a $22M Volk Estates that was only in MLS for 3 months (though I believe was a hip pocket before that) just closed this month.

[mikestrong]

Originally Posted by Taub201

mikestrong, where is your community? It sounds like a lot of new properties with rational availability to keep prices ticking up and a measured approach.

I checked out Fate. Given that it's mostly Rockwall schools, it's a very desirable area and it was 84% white in latest demographics. It seems closer to Dallas jobs as Prosper or Frisco without the tolls.

Does anyone know how the market is in Park Cities and Preston Hollow? It doesn't seem too crazy but high price points.

Relatives of mine bought a new home in Austin Waters in Carrollton off Plano Parkway about three years ago and prices have already gone up probably 10% at least (maybe 15%). The community is fully built out now and more new construction is occurring along the Parkway towards Nebraska Furniture Mart.

I would rather not say, but its north of Dallas.

[citidata18]

The below article from this past Thursday says DFW is down to only having 1.3 months of inventory available.

A normal market would have 6 months of inventory available.

https://www.nbcdfw.com/news/local/lo...arket/2536212/

[Rakin]

Saw today that Lumber demand is up 300% with pricing up 130%. The mills reduced production anticipating slow sales due to Covid.

Concrete demand is up 40%.

[citidata18]

Originally Posted by Rakin

Saw today that Lumber demand is up 300% with pricing up 130%. The mills reduced production anticipating slow sales due to Covid.


Concrete demand is up 40%.

The California Wildfires have also been blamed.

[Taub201]

I can't get contractors to come out and give a quote on a couple thousand dollars of work.

In the Park Cities, 2007-08 seemed a lot nuttier and then the crash came. Despite low inventory levels, there doesn't appear to be much spec building but builders are snapping up some lots and waiting for buyers.

[Leonard123]

There is nothing in the history of the market that can help predict what will happen moving forward because this is an unprecedented situation. However, common sense dictates that if people "wait for prices to go down," they will create a situation that ensures it never happens. That's circular reasoning.

My expectation would be that prices will only go down if and when people's incomes go down or when prices rise to levels that exceed the incomes of people who want to move here. They may at least stabilize if and when people stop itching to move here.

It's going to be hard to compare prices on new construction to existing homes simply because there is so little land available, and most existing subdivisions lack the comps that new subdivisions have.

[LocalPlanner]

Originally Posted by citidata18

The California Wildfires have also been blamed.

I think it was Pacific NW wildfires more so than California fires that impacted the lumber supply, but yes I have heard fires generally had an impact.