Considering homes in Keller/Ft Worth... (Irving, Grapevine: bank owned, short sales, real estate market)

[TXboomerang]

Me and my wife are looking at buying a home in the Keller area, most likely the area between I35W and 377, south of 170. It seems like there is A TON of inventory on the market there. We would be leaving Irving to live there. My wife is possibly getting a job in Westlake, but even if that doesn't pan out, the drive isn't too bad. I provide in home services, and the majority of my clients are in Westlake, Southlake, Grapevine, and Irving, so the driving would not be a big deal for me, especially since some potentially good business will be coming for me soon in the Keller/Colleyville/NRH area.

Can anyone comment on the LOADS of inventory in that area? Seems like tons of new construction and lots of REO's and foreclosures. Are prices likely to drop even further? Many of the listings have been reduced anywhere from $5k-$15k, and that is on homes under $200k. It looks like if we buy it would be around January, and it would be our first home.

Any info, suggestions, or comments are appreciated.

[loves2read]

I don't think there are tons of foreclosures in that area

get a good realtor who knows that specific area if that is what you want
a realtor can help even if you decide to buy builder-new home and certainly with homes that are on resale market

it is certainly possible that prices can drop--much depends on who is doing the selling of course--
educate yourself about the neighborhoods, taxes and schools--
which districts and cities are well run and which are having financial difficulties--

article about Keller ISD in todays FTW paper said that it is considering freezing salaries for teachers because of budget problems--that will make district less desireable to teach in and could be problem for years--even after the district starts paying incremental raises again...

[TXboomerang]

There were a lot of foreclosures on the Remax map listings in that area, specifically on between 377 and I35W. That being said, we are not interested in a foreclosure, but possibly REO's and there seemed to be quiet a few of those as well.

The only concern me and my wife have with schools is that we realize that will impact the long term value of the home. We do not have any kids now and have no intentions of having kids in the future.

I really don't know where to find a good buyers agent though, that is probably one of the first things we need to figure out.

[loves2read]

the area you are looking in is Keller ISD I think
Keller has decent reputation but is having financial problems--that could mean a tax hike in the future or other problems that might translate into reduced quality if they get worse
but currently many, many people have high opinion of the ISD

if you are interested in REO, my understanding is that involved a longer process time--that banks don't always make decisions about offers quickly and it is difficult to know when you might really be going to apply for the mortgage because that process has a shelf life and you might not get the ok from the bank within 30 days...
I guess more RE agents are familiar with them now but when we were looking, our RE agent thought they were a sack of snakes to deal with...

you can post and ask for recommendations of RE agents
the one we used is not that familiar with Keller or that price range--she usually works relo in Southlake, Colleyville areas and for homes more than 500K

[SafetyGuy]

The depending on the addition you are either looking at Keller ISD or NWISD. I live in the area you are referring to.
I think one of the reasons there are a lot of houses on the market now is because people wait until the end of the school year to put them on the market. There are a number of houses that have been on the market a while. Some people aren't realistic with the pricing that they think it's worth in this kind of market... Plus, you can get a brand new house built to your liking compared to buying a used home on the same street. It really depends on the buyer.

[loves2read]

he OP was referring to the # of foreclosures on the market I think--not just number of homes
I looked at that site and there were way more foreclosures listed than I thought there would be-
not sure how accurate the numbers are
think some people do take them off out of the process and dont follow thorugh with foreclosures

my take--
less expensive homes for the most part--some of them were bought originally as speculation--hoping to rent maybe and then sell because of expectations that the real estate market would continue to rise--
BINGO--it did not--
some people could not rent them out and cover the cash flow--maybe they themselves lost their jobs--
so foreclosure...
some of them were owned by people who fell into hard times--
hard times have come to TX and been here for several years--
TX did not escape the downside of the economy--it just maybe did not feel it like certain areas and it certainly did not go through the real estate upselling/over development/speculation like Phoenix, California, Las Vegas did
or the economic debacle of Detroit--

OP--you say you have friends who bought in the area--get recommendations from them for RE agents

[Squirl]

Originally Posted by loves2read

if you are interested in REO, my understanding is that involved a longer process time--that banks don't always make decisions about offers quickly and it is difficult to know when you might really be going to apply for the mortgage because that process has a shelf life and you might not get the ok from the bank within 30 day

Ummmm....my experience is REO's are like any other sale and typically get your offers responded to as fast as any other sale and they expect to close w/i 15-30 days. Loves2read is just wrong about REO's but in fact, short sales are still very long in processing.....

REO's, by the way ARE foreclosures. They are bank owned foreclosures.

[jcamber]

Originally Posted by loves2read

Keller has decent reputation but is having financial problems

Sorry if I'm hijacking the thread but is this related to the whole district or specific schools? this is sorta the last thing I want to hear when I'm paying 3.2% property tax.

Thanks

[loves2read]

Google up some info
there have been several stories in the FTW paper about Keller having some problems with balancing their budgets for the next fiscal year--
the district is not bankrupt--but the state laws make using the money they have difficult for some things in their budget and they can't raise a bond issue for things that are not capital improvements like salaries/health costs which are the two most expensive items in their budget usually...

AND that property tax rate goes to other agencies besides the school district--one of which is Tarrant county college district--which is pretty badly managed in and of itself...

and if I written "excellent" for reputation vs "good" would you have been as worried...
Keller has a good rep--plenty of kids getting scholarships and admitted to quality schools--has lots of extra curricular activities and for the most part is doing what it should to educate students...

[mudbelly]

LOTS of people did not get a raise in 2009 (including myself in the supposed "recession-proof" healthcare field), while the teachers of Keller ISD did. Like everyone affected by the economic downturn, teachers are also subject to the fact that funding is finite, and tax revenue is not enough to support a raise for them at this time - better than a pay cut or layoff. I doubt there will be an educator exodus from KISD for holding salaries steady for a single year when times are tough; the influx of teaching job seekers from much more depressed areas of the country has made a position in a good ISD with students willing to learn much more valuable with or without a raise this year...