Is Texas real estate slowing down?

[Ruffdaddy]

Thanks everyonr for responding, theres a lot of good answers in here.

It looks like there are a lot of factors that have impacted the market, and that while not all areas are slowing down...some are. The reasons being:

-Prices finally caught up to demand in the 250-350 range

-new build inventory is finally catching up

-foreign investment MAY be slowing

I see a few saying that they plan to sell next year when toyota and other places arrive, hopefully your plans pan out.

Ive been worried about a recession coming soon and a correction to the housing situation. The fed no longer has the ability to drop rates to stimulate sales since theyre already rock bottom low. 2016 and 2017 will be some interesting/weird years.

Also...i think we will see a surge in theft/robberies when the housing market crashes because of the now unemployed workforce.

[CWO]

I feel like next summer will be a good time to sell if you are in the Frisco/McKinney/Colony area. I'm trying to get all of my finances in order to be ready to sell our small house in Frisco for something a little bigger, but still small, further out.

This summer was crazy for selling houses, but with the big companies moving out here, my house (~$220k) will be a hot commodity. That's the feeling I get anyway.

[Sean88gt]

That's everywhere... I lost money on every vehicle I've owned in last ten years. I could give two shits if my house drops ten percent a year three years in a row, I still like it and I'm not any poorer if im living in it. I am a little insulated as I had to put down 20% because I made use of some things and showed a loss on a business drawing my bottom line income down. If everyone put down 20 nothing to sweat. I think 3% down is silly.

A house isn't a car though. Houses are sold as investments and shouldn't (ideally) diminish in value. Car are a pimped as investments, but everyone knows they are anchors tossed into water.

And I don't disagree with you, but what I saw in Mckinney was a fairly transient population. People would move in for a few years, get transfered, and bounce. Along with this ever present desire to have bigger and better. People were trading houses like they do cars, and with the prices skyrocketing, that is going to snag a few people in a trap they can't get out of.

I can't believe some of the money they are getting for these McMansions. If I pay some serious coin for a place, there better be room for me to not see a fucker from any direction. These 1/4 acre pie slices are just glorified apartments.

I've been saying the same since I moved to TX. They jam these houses in and the value of distance doesn't exist. As I'm finishing school, thinking about work, where I want to live, etc., I'm starting to look further out to avoid the headaches. In a complete opposite alternative, I'm also looking closer in, at older houses, with larger lots for similar reasons. I'm just spent on the suburbs.

[32vfromhell]

I can't believe some of the money they are getting for these McMansions. If I pay some serious coin for a place, there better be room for me to not see a fucker from any direction. These 1/4 acre pie slices are just glorified apartments.

Thats the thing which sucks. None of the houses have windows on the sides, because all you will see is your neighbors own blank-ass wall 10-15 feet away.

[Tremor14]

this sold at $210k within the first 3 or 4 days. It's across the street from mine. I think the pool helped a lot.

http://www.zillow.com/homes/2001-linda-ln-richardson_rb/

I assure, and as was mentioned by BJ, the foreign money is buying up a lot of these houses. I am neighbored up on 3 sides by jijab wearing muslims. a lot of ya'll would shit your pants!

[32vfromhell]

Grapevine is pretty nuts. There is no new housing going up in grapevine as its pretty much tapped out. KHovanian just started one of the last developments a year and a half back, marketed at 350k and up. Now they are listing at "from the 600s" for the same houses. Man, i would be PISSED if i found out my neighbor just got the same house for damn near half the price. But, they keep building em in the neighborhood.

I cant wait till it maxes out this neighborhood. Only new builds will be done by buying out the holdouts with good land and crappy run down houses, like they did in Southlake. I'm by the lake, and there is a huge area of land owned by a single family with a bunch of double-wides on it, that will get snapped up in an instant and it will be glorious.

Houses in my neighborhood won't last more than a few days, but one was priced really weirdly and it took a bit longer. Hard to tell, because the realtors sometimes will just leave up the "for sale" sign until you see a moving truck and new people moving in 30 days later.

[svauto-erotic855]

Yes and I can name five that have been on the market for over 90 days. Another that was listed at $550K, reduced to $530K, pulled then relisted at $499K where it has sat again for 60 days. There is another that sat for four months at $510K and then was pulled permanently.

I do not doubt what you are saying. What I have seen is just anecdotal and by no means reflects the market.

[dblack1]

Once it cools, or levels off, there are some people that are going to be long time fucked.

That's everywhere... I lost money on every vehicle I've owned in last ten years. I could give two shits if my house drops ten percent a year three years in a row, I still like it and I'm not any poorer if im living in it. I am a little insulated as I had to put down 20% because I made use of some things and showed a loss on a business drawing my bottom line income down. If everyone put down 20 nothing to sweat. I think 3% down is silly.

[mustang1200]

We sold our home about 2 months ago for 315K (117per foot) in Mckinney in 9 days with a 30 day close.

As other people stated though the sweet spot is $175K to $250K. Those houses are getting sold in less than a week on average in the Mckinney area.

[Gasser64]

In my neighborhood (the only thing I bother to pay attention to) they seem to sit for about 2 months. But I'm in cleburne, nothing to see here.

[Swamp Donkey]

Van Alstyne seems to be growing, wish everyone would stay away.

Same with Caddo Mills...

[Broncojohnny]

Frisco is still doing "ok" from the houses for sale that I've seen. I think too many are greedy and are asking way too much for their houses, hence the stagnant sales. If it's priced right, it goes fairly quickly.

As much as it pains me to agree with Rodney, realtors have told me the same thing when I was thinking of selling and cashing out for a bit.... Wait until the Plano companies relo + Jerryville, and you can add other 20% to your price when 50k+ people all want to move here at once.

My only problem with that idea is the amount of empty land on the north and east sides of Frisco. Also on Plano parkway going out towards The Colony. Much of that can be rezoned as residential. I am thinking that much of that price increase is already baked in because new houses will act as a cap and keep the market from going higher.

[Tremor14]

It hurts so good, dont it!

[Roscoe]

Frisco is still doing "ok" from the houses for sale that I've seen. I think too many are greedy and are asking way too much for their houses, hence the stagnant sales. If it's priced right, it goes fairly quickly.

As much as it pains me to agree with Rodney, realtors have told me the same thing when I was thinking of selling and cashing out for a bit.... Wait until the Plano companies relo + Jerryville, and you can add other 20% to your price when 50k+ people all want to move here at once.

[Broncojohnny]

A huge amount of this activity is driven by foreign money. It will be interesting when the money flows the opposite direction.