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I hope everyone is staying safe and indoors in these unprecedented times. Here is the latest ‘shelter in place’ order from the Dallas County for your reference/information. Stay safe y’all.
https://www.dallascounty.org/Assets/uploads/docs/hhs/2019-nCoV/Updated%20Amended%20Order%20March%2023%20(002).pdf
Any thoughts on buying a house in Denton?
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The housing market in Dallas is not going down. There are so many more buyers than sellers. The economy could be crashing, but houses will stay the same, especially in areas worth living. Get a house while interest rates are low.
I’m in the same boat. I think the economy will definitely get worse.
However, if you look at case Schiller, home prices don’t always decline in a recession.
So I’d think about looking for a place in September / October after the spring summer rush where you’ll have more desperate sellers out there who are willing to deal and likely paying for two mortgages
The best you can do is try to find a good deal given current market conditions. If you want to think of your primary home as an investment (which is questionable in my opinion) then treat it as such - assess whether you’re getting a good deal NOW, and be careful about assessing whether you made a good decision using future data
Personally I’m waiting until next year
BCG1 is going down the right path IMO. The difference with DFW is the number of major companies with HQs here. DFW was barely impacted by the GFC and I don’t see this being any different. It’s a unique market that isn’t the end of the supply chain. A lot of the companies around here are organising for the resurgence, but are consolidating non local ops. My bet is Dallas will continue at a slow and steady pace.
Being from an economics background though... I have to admit it’s all speculation. If anyone says they know where the market is going they are lying.
You should not expect the value of your home to significantly increase tbh. House prices here are already very inflated, and in the recent past the value increase has been a lot slower compared to a few years ago.
Nothing is likely to exponentially grow in the next few years. We are at the top of a bubble. Stalwart core neighborhoods, like the Park cities, will hold their land value pretty well. Everything else is headed down once mortgage relief expires.
Based on?
I would be looking now and be ready to make an offer if you find what you like. We live in Las Colinas/Irving area. Love the area, 15/20 minutes from both airports. Access to all major highways, really almost any where I want to go in the DFW area is a very reasonable drive.
Houses in my area do not stay on the market long. We bought 8 years ago and our house has doubled in price. In part due to all of the Corp headquarters moving to the area.
Good luck in your search!
We live in LasCo but will be moving to buy a home. Hopefully, we can return when we make more money! Lol.
I bought in Dallas proper since I was born and raised here. Prices have gone up substantially in the past few years. It’s a trade off. You’re getting an older house in an established neighborhood vs brand new construction further out. DFW is so big, you are bound to find a good deal whenever you’re looking!
There are more buyers then sellers in this market. I believe you’re pegging your schedule to the wrong idea. You should wait until supply is abundant, not as it currently is right now.
Looking to buy brand new in haslet
Considering the same OP....riddled with indecision right now
Also in the same situation. We are not attempting to time any market. Ideally, we can make an offer and close on a house we love by October.
Any recommendations for FHA lenders? Also a first time home buyer. We're pretty open to any area within 30 mins of DFW.
Don’t expect the housing market to look like it did in 2008, waiting until next year isn’t going to get you a house at half price. Market right now is fairly stable in Dallas. Nothing is likely going to exponentially grow but look at neighborhood zoned for good schools, they will always hold value better or increase. Frisco and Southlake come to mind if you don’t mind the distance.
The Dallas new home market is struggling. Buyers can get great deals in the city of Dallas. I don’t know what the situation is for the suburbs. It is still a seller’s market for existing homes.
You can find good value in lake highlands / Lakewood area in Dallas but specific neighborhood is important. Find a decent, but up and coming school district (i.e., new construction or remodels nearby), and the home should appreciate as schools get better.
I purchased my first investment home recently in the Knox Henderson / Lower Greenville are around your price point. Area is flooded with bars and restaurants and plenty of which are new construction and there’s plenty of vacant lots to grow. If you d can find a townhome in that area with no/little hoa I think it’s a a good move
How much was the investment if you don’t mind me asking?