Would you wait for the market to cool down (if it does at all) instead of rush to buy a single-family home esp in north Dallas areas like Prosper, Celina?
Currently, observing homes at ~$250/sq ft in these areas?

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People said to wait 4 years ago and look what happened. The lack of construction in comparison to demand and the sheer volume of people moving here says that prices won’t slow and only continue to accelerate

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Correct.

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There’s lots of people on the sidelines already waiting for any signs of cooling. A small dip in prices will bring a flood of buyers who will just make prices rise again. I don’t foresee a dip of more than 5% for at least a few years

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Nope. These prices are here to stay, unless there’s a crash there will be no major dips. This is the new normal in Dallas :)

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Facts on Facts on Facts

I would stay away from new construction neighborhoods that are further out - if there’s a cooling, it’ll be out there. I like homes where the land is worth more than the home sitting on the land.

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Those days are long gone now, 250 in prosper does seems high but Frisco is regularly hitting those figures and higher now

When the market “cools down” the prices you see now will already be the new normal. The only change would be less bidding wars but prices won’t go down, no one will sell with negative equity. Whoever bought a house today for 250 sqft won’t sell for less than much more. Keep looking and make reasonable offers on houses you like. It will eventually work out, but don’t wait!

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I am waiting. Market will eventually cool and the premium you pay now will lead to negative equity. Devils advocate could say well when prices go down those rates will go up, true, but I am willing to bet that giving it some time with start to normalize the market. Prosper is f’n ridiculous

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Well this is depressing

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The people who keep on waiting keep on losing out. The market will continue going up. Inflation is here to stay, and real assets will be great investments.

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Best inflation hedge (30 year mortgage at 3% or lower)

Market isn’t ever cooling, this is just part of a larger demographic shift of people from the HCOL coastal cities now that fully remote is viable

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Correct

That’s what I thought 2 years ago when I bought. That it was a high point. 🤤🤤🤤

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The only way the market will cool is if interest rates go up. I don’t think prices would go down when interest rates increase, so you’ll just have a higher mortgage. Don’t try to time the market. Buy when you can afford and maybe buy something that needs some updating to get value out of it.

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Agreed with all the above. I don’t see the prices falling, but I see the rapid growth slowing

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Another wave of increase in property value is expected in the coming months. It’s unlikely that prices will ever go down. I’d buy ASAP.

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