Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-19-2021, 04:12 PM
 
Location: New Caney, TX
672 posts, read 842,150 times
Reputation: 736

Advertisements

Hey everyone, I live down in the Houston area and am being relocated up to the DFW area in early June '21 (office is in Las Colinas).

My question is, with this crazy market, I'm going to be able to sell my 6 yr old house here for a whole lot more than I expected and will walk away with well over 120K, when all is said and done, which will to put towards another home in DFW (currently looking in the Flower Mound/Grapevine area).

Now the market up there is just as mad, if not madder than the market here in the Houston area. So when we do make the move north, do I just rent a home/apartment up there in the town where we want buy, just pocket the money, put it in a CD for a year, and then start the home search process next year in the hopes that the market madness has ended? Do I start building/look for a home now because the market up there is always fast-moving and the prices could actually be higher next year?

Your input is appreciated, thank you.
Reply With Quote Quick reply to this message

 
Old 03-19-2021, 05:43 PM
 
Location: Kaufman County, Texas
11,820 posts, read 26,736,591 times
Reputation: 10541
Honestly, no one knows what will happen next year. It’s probably safe to say that real estate prices will be even higher next year. Demand for homes far exceeds the supply right now.
Reply With Quote Quick reply to this message
 
Old 03-19-2021, 06:24 PM
 
13,194 posts, read 28,184,740 times
Reputation: 13135
Prices are likely to be higher next year because barring any major financial catastrophe, prices have been headed north here for the last 30 years.

The big question mark is, how long will the extremely low inventory last? That’s what is driving the housing market craziness here right now. Between people not wanting to list their homes due to Covid (don’t want to show it), construction delays due to Covid or raw materials shortages, the winter storm damage that took hundreds of homes off the market because they now need repairs....most of the metroplex seems to be operating on a month or less inventory. So you might not even like what’s available right now, or win a bidding war to actually buy something you do like.

Will inventory be higher next year? Probably, assuming the pandemic ends. I would safely plan to pay at least 5% more next year if you wait.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 05:03 AM
 
Location: DFW
40,930 posts, read 48,965,742 times
Reputation: 54926
You might wait till summer when the market usually slows. Hopefully by then we will not be in crazy bidding wars.

But we may be still.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 05:41 AM
 
899 posts, read 660,677 times
Reputation: 2415
Quote:
Originally Posted by Rakin View Post
You might wait till summer when the market usually slows. Hopefully by then we will not be in crazy bidding wars.

But we may be still.
We're not ready to sell but maybe in a year or so....

I realize some have the money to buy a property outright, but I wonder how this compares to the subprime fiasco of years past. Are the banks limiting what they'll loan so people won't find themselves upside down when the market becomes more normal again? Or is this the new normal, a rising tide that lifts all boats? Without a corresponding spike in wages, is it sustainable?
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 05:59 AM
 
Location: DFW
40,930 posts, read 48,965,742 times
Reputation: 54926
Quote:
Originally Posted by ILTXwhatnext View Post
We're not ready to sell but maybe in a year or so....

I realize some have the money to buy a property outright, but I wonder how this compares to the subprime fiasco of years past. Are the banks limiting what they'll loan so people won't find themselves upside down when the market becomes more normal again? Or is this the new normal, a rising tide that lifts all boats? Without a corresponding spike in wages, is it sustainable?
Look at prices of homes in places like Seattle, CA, Denver ect and yes it could continue. Those West Coast people are moving here with a lot of cash.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 05:59 AM
 
3,754 posts, read 4,195,950 times
Reputation: 7773
Quote:
Originally Posted by ILTXwhatnext View Post
We're not ready to sell but maybe in a year or so....

I realize some have the money to buy a property outright, but I wonder how this compares to the subprime fiasco of years past. Are the banks limiting what they'll loan so people won't find themselves upside down when the market becomes more normal again? Or is this the new normal, a rising tide that lifts all boats? Without a corresponding spike in wages, is it sustainable?

For now, it's sustainable. The focus on this board is primarily the northern suburbs of Dallas, where income skews much higher than average. But the median home price for a lot of DFW is still around $250k. (It wasn't that long ago that the median was just a bit above $200k though.)


But I do think something of a cap has been reached for now... Most of the new development I see going up in Prosper, McKinney, etc, in sought after areas, the prices are around $750k. That seems to be about the sweet spot where a $200k HHI and some previous home equity rolled over meet to determine a housing budget. There aren't many people with incomes higher than that, and developers can't rely on transplants from the coasts to buy up million dollar plus homes forever, there has to be local support for them too.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 10:56 AM
 
588 posts, read 478,006 times
Reputation: 741
If you find a home you love, buy it. No one can predict future. If you aren’t finding anything you can settle for, rent for now and try luck when market takes a turn.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 11:55 AM
 
26 posts, read 31,813 times
Reputation: 56
Once the pandemic ends, the coastal transplants will dry up.

That will have a big impact on the housing market.

Wait it out for sure.
Reply With Quote Quick reply to this message
 
Old 03-20-2021, 12:25 PM
 
18 posts, read 17,820 times
Reputation: 44
I think that 20Hope20 makes a good point: you could start looking and then make a purchase based on when you find the right home. Finding a home that fits your priorities of wants and needs may take time, and when you find such a home, it would make sense to offer what you think it is worth based on the market at that time. If that ends up being in the future, then it is likely that the price point will be higher than now, but no one really can say with certainty. It seems likely that we will see more inventory hit the market sometime in 2021, which could end or slow the price appreciation. On the other hand, the whole Grapevine and Flower Mound area is highly desirable overall (especially near Lake Grapevine), and is likely to remain in demand.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top