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 10-04-2009, 10:37 AM
 
5 posts, read 9,963 times
Reputation: 13

Advertisements

Moving to DFW area of Texas over Christmas break...(one way or the other) for work and need some help. We own a home with appraisal of $900k, currently for sale for $699k (on mkt for 2 months) and have heloc balance of $250k. Clearly we have some equity but really don't want the move to be any more stressful than it has to be.

Does anyone know of relo products for this situation? Probably need to spend $650k on new house and cringe at the thought of pulling from equity.
Hopefully someone out there sees this every day and can steer me straight. Thanks in advance.

4kids2dogs
Reply With Quote Quick reply to this message

 
Old 10-04-2009, 11:16 AM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,007 posts, read 15,425,311 times
Reputation: 2463
$650K is a monster house in D/FW. At least 4000 SF, maybe more.

I would take a moment and look at real estate listings and re-evaluate whether you need to spend that much. Keep in mind, $650K will also mean at least a $12K tax bill, probably more, plus enormous electric bills in the summer.
Reply With Quote Quick reply to this message
 
Old 10-04-2009, 11:20 AM
 
Location: Kaufman County, Texas
11,857 posts, read 26,881,949 times
Reputation: 10608
Agree. There are also only a few parts of town with houses in that price range, so you will limit yourself by going so high! For even $300k, you can get HUGE houses here. Check some of the online real estate sites and you'll see what we mean.
Reply With Quote Quick reply to this message
 
Old 10-04-2009, 11:39 AM
 
13,194 posts, read 28,302,971 times
Reputation: 13142
Where will you be working (downtown Dallas, Plano, Fort Worth,...)? DFW is a huge area, so there's not "one size fits all" housing advice.

What size home do you want? # of bedrooms, baths, total square footage?

Old house or new construction?

What kind of commute can you tolerate?

I just gave someone advice on another thread for a home in East Dallas. The area I recommended for their situation was a sub-$300k 2,000sf home- 3 bed/ 2 bath on a 100x161 lot. I found listings in the $240-270k range. So heck no, you don't HAVE to spend $650k to get into the housing market in Dallas.

not knowing your situation at all, it seems like with a HELOC the size of yours (in a declining market- if your home were really worth the appraised $900k, it would have sold in 10 days at your listing price), you should look to buy something way under $650k!!
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 08:18 AM
 
37,315 posts, read 59,878,910 times
Reputation: 25341
law says that you have one time "tax free" chance to pull equity out of your primary residence...
you need to consider how buying a home to move into will affect that house out of state when you sell it--how much profit are you looking to make if it sells close to what you are asking?
how will that affect your tax situation--maybe it could be counted as capital gains not just income

you do need to consider where you are working/commute time and schools--if you have 4 children I would assume schools are important factor in where you buy...

there are lot of people in your situation--moving with home on market in old town and not selling--
lease homes in higher price ranges are starting to make an appearance on the RE market because people can't sell what they have but they need money flow if they have moved out...
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 12:16 PM
 
5 posts, read 9,963 times
Reputation: 13
Default thanks all....

Thanks to everyone for the responses. I don't want to spend $650k but I am going to be working in Southlake and figured with my bedroom needs (see 4 kids) I would have to spend that much.

Its a lot to consider. I probably just need to lease until my house sells. Does anyone here know if there is a source for for rent by owner information...for Southlake in particular?
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 12:35 PM
 
Location: DFW
40,951 posts, read 49,198,692 times
Reputation: 55008
There will probably be very few rentals in Southlake but there might be in Keller & Trophy Club and other areas surrounding SL.

A good real estate agent can email you rentals from our MLS system.
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 02:28 PM
 
Location: southwest michigan
1,061 posts, read 3,583,804 times
Reputation: 503
Quote:
Originally Posted by 4kids2dogs View Post
Thanks to everyone for the responses. I don't want to spend $650k but I am going to be working in Southlake and figured with my bedroom needs (see 4 kids) I would have to spend that much.

Its a lot to consider. I probably just need to lease until my house sells. Does anyone here know if there is a source for for rent by owner information...for Southlake in particular?
You could still maintain a very short commute and spend less than that for a home by looking in surrounding cities as well, such as Keller, Grapevine, and Colleyville.

As for rental homes and lease-to-purchase options, here are some sites that I've found helpful:
Home
We Buy North Texas Homes
Welcome to www.jogipmanagement.com dallas property management company dallas home leasing professional property manager dallas home leasing and apartment management dallas, texas property manager RENTAL PROPERTY DFW
Residential Leasing & Management Corp (http://www.residentialleasing.net/index.php - broken link)
Efurd Properties - single family homes, townhomes, condos, apartments rent, lease, management PM Website by HomeRentals.net
Rentals.com - Homes for Rent, Apartments, Houses for Rent, Vacation Rental Homes
and of course, the rental option of Real Estate Listings, Homes for Sale and Rental Property Listings – REALTOR.com®

Good luck!
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 09:19 PM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,007 posts, read 15,425,311 times
Reputation: 2463
Quote:
Originally Posted by 4kids2dogs View Post
Thanks to everyone for the responses. I don't want to spend $650k but I am going to be working in Southlake and figured with my bedroom needs (see 4 kids) I would have to spend that much.

Its a lot to consider. I probably just need to lease until my house sells. Does anyone here know if there is a source for for rent by owner information...for Southlake in particular?

You can live in Flower Mound, put your kids in an excellent school system, have a 15 minute commute to work, and spend $350K on a great house.
Reply With Quote Quick reply to this message
 
Old 10-05-2009, 10:03 PM
JS1
 
1,896 posts, read 6,768,937 times
Reputation: 1622
Quote:
Originally Posted by 4kids2dogs View Post
Thanks to everyone for the responses. I don't want to spend $650k but I am going to be working in Southlake and figured with my bedroom needs (see 4 kids) I would have to spend that much.

Its a lot to consider. I probably just need to lease until my house sells. Does anyone here know if there is a source for for rent by owner information...for Southlake in particular?
Are you from California?

Having 4 kids, you would need a three bedroom house at a minimum. For $650,000 you can buy a four bedroom house and have $400,000 left over.
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
Similar Threads

All times are GMT -6. The time now is 09:38 AM.

© 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