Inflated home prices (Dallas, Plano, Bryan: 2014, rent, condo)

[hereticiam]

Originally Posted by camom_ptn

I have 2 kids in middle school, I was looking for good schools.Heard Frisco, Plano, Coppell have good schools. Coppell seems to have very low inventory
Looking at Frisco and Plano. Frisco being a newer community, i was inclined towards it.

I am in the same situation as you. I have a kid in middle school and one will go to middle school in 2023.
Housing prices in Frisco have gone up. Housing prices in many of the cities like Coppell, Flower Mound, Prosper, and many other suburbs or DFW have gone up quite a bit. I am seeing 30-40 appreciation in housing prices in the past 3 years. We were considering moving in 2023. Now debating if we should move in 2022 if the prices will keep on going up.

My current home in MN was purchased in 2006 which was peak of the housing market. I fear I am doing the same when we move to Dallas. Texas has a much stronger economy so I don't expect a massive drop in housing prices but the housing market has got to slow down eventually.

[texstout]

Originally Posted by camom_ptn

I have 2 kids in middle school, I was looking for good schools.Heard Frisco, Plano, Coppell have good schools. Coppell seems to have very low inventory
Looking at Frisco and Plano. Frisco being a newer community, i was inclined towards it.

Honestly, there are good schools all over the place. All of these Collin County suburbs are interchangeable with slight differences based upon HS model. I wouldn't pick Frisco over any other one - for some reason it has a lot of good press/marketing, but its not really any different than the other ones. (Except some neighborhoods in Frisco have a majority of South Asian families).

[Leonard123]

There are parts of McKinney and Little Elm zoned to Frisco and Prosper schools if that's all, and most of those west McKinney schools are just as well rated from what I can tell. Those houses regardless of school zone are considerably cheaper, and they are significantly closer than Prosper. As mentioned, it's nothing more than media and marketing. Yet people all over fall for it. Frisco does not have the headquarters and corporate relocations. Those are all going to Plano, and I don't think Frisco will ever have as much to offer as Plano. I have heard that schools change over time. One that's good one year may not be so much the next, and when you have as many as Frisco or Plano or McKinney, you can't look at the district level. Regardless, school district does not make nearly the difference in price as city and neighborhood. Current pricing shows that people care far more what zip code they are in.

[camom_ptn]

Originally Posted by Leonard123

There are parts of McKinney and Little Elm zoned to Frisco and Prosper schools if that's all, and most of those west McKinney schools are just as well rated from what I can tell. Those houses regardless of school zone are considerably cheaper, and they are significantly closer than Prosper. As mentioned, it's nothing more than media and marketing. Yet people all over fall for it. Frisco does not have the headquarters and corporate relocations. Those are all going to Plano, and I don't think Frisco will ever have as much to offer as Plano. I have heard that schools change over time. One that's good one year may not be so much the next, and when you have as many as Frisco or Plano or McKinney, you can't look at the district level. Regardless, school district does not make nearly the difference in price as city and neighborhood. Current pricing shows that people care far more what zip code they are in.

Thanks for your response.Can you suggest me the area in Mckinney or Prosper where schools are good and school names too please.

[camom_ptn]

Originally Posted by hereticiam

I am in the same situation as you. I have a kid in middle school and one will go to middle school in 2023.
Housing prices in Frisco have gone up. Housing prices in many of the cities like Coppell, Flower Mound, Prosper, and many other suburbs or DFW have gone up quite a bit. I am seeing 30-40 appreciation in housing prices in the past 3 years. We were considering moving in 2023. Now debating if we should move in 2022 if the prices will keep on going up.

My current home in MN was purchased in 2006 which was peak of the housing market. I fear I am doing the same when we move to Dallas. Texas has a much stronger economy so I don't expect a massive drop in housing prices but the housing market has got to slow down eventually.

Oh man, we did the same in 2006 and has been scared of real estate since then, now again looking for homes in Dallas in surging market.

[TX Rover]

Originally Posted by camom_ptn

Thanks for your response.Can you suggest me the area in Mckinney or Prosper where schools are good and school names too please.

Almost all of them. What else besides a school are you looking for?

[75214Dad]

Originally Posted by TurtleCreek80

Now, no one has a crystal ball as to the future but I would say barring any major global macroeconomic calamities, Frisco prices will continue to be on the upper end of the price increase range for DFW.

My crystal ball says that people who say “used houses” are necessary to sustain Frisco’s level of appreciation and that Frisco will experience a tapering of demand in the next 18 months.

[TX Rover]

Originally Posted by 75214Dad

My crystal ball says that people who say “used houses” are necessary to sustain Frisco’s level of appreciation and that Frisco will experience a tapering of demand in the next 18 months.

It’ll be longer than 18 months. There’s still a lot of land and it takes time to build. Probably 2-3 years out it’ll be Prosper next. If anything, demand from that demo is going to surge in the near term as capacity begins to be met.

[Angie682]

As long as people keep moving here from out of state prices will keep climbing and so will the property taxes.

I've seen this several times before, when the Californians arrive the prices never go down...lol. The same thing happened in the Intermountain West (Utah, Colorado, Idaho). A starter house in my old home town is 600k now. My parents house cost 40k in 1980.

My property taxes have tripled in the last 14 years in Tarrant County and are only going to keep increasing. My income has not tripled. At some point this will become unsustainable for lots of Texans.

[Leonard123]

Originally Posted by 75214Dad

My crystal ball says that people who say “used houses” are necessary to sustain Frisco’s level of appreciation and that Frisco will experience a tapering of demand in the next 18 months.

I'm not sure about a tapering of demand, but Frisco is very close to residential build out at this point. Most of the remaining land is zoned for commercial use. Evidently though, these "used" houses in Frisco zip codes are keeping up with those new construction price increases. Not so in other cities.

I'm not sure how much impact people from the coasts have. I have been told in many neighborhoods, that really isn't much of a factor. What's more, demand is just as high in those coastal areas, so I think that effect may be overstated.

I can't help but wonder what impact Indian immigration is having on demand. However, I would not think that has suddenly gone up more over the last year or two.