Million Dollar Question - Buy or Wait? 2022 Edition (Houston, Dallas: sale, real estate market)

[Wittgenstein's Ghost]

Originally Posted by san11

Homestead exemption for current owner limit the Property tax raise by max 10% annually.
So, appraisal district can not raise property tax more than 10 % annually for current homeowner , even if the house currently may be worth 10 times.

But, let say a person bought a new house, appraisal district in most cases will appraise it to current market and will support the new appraisal with other houses sold recently or can ask you to show proof that you bought the house for less.
So, in that case you will end up paying the property tax on new property for current evaluations.
Homestead exemption can be applied but only after initial appraisal set by city.

Dear lord, I said exactly this in the post of mine you quoted. Are you people quoting and responding to posts you didn't read?

From the quote that you copied and pasted before responding:

And that's a pretty significant effect on the property taxes. I didn't realize property taxes could only go up by 10% annually. Theoretically, the appraisal district is supposed to be hiking valuations at all times, not just after sales. But I'm sure that in practice you can probably fly under the radar with a house didn't just buy.

And low inventory is happening everywhere, including places with very, very low property taxes.

[Wile E. Coyote]

Originally Posted by Wittgenstein's Ghost

1. 90% of this is just my post that you quoted, rephrased.

2. "Steep tax bill" is vague. I didn't know what you meant. Not sure why you are getting snarky.

3. TC80 lives in a house that is worth about 3x the average DFW house.

4. You're missing the forest for the trees here. The only question we are discussing is whether there will be some people who suddenly feel comfortable selling because they think they can buy again. Some people might do the calculations on their property taxes and realize it's not worth it. Plenty of people won't anticipate that sort of tax hike, and even if they do, they might be fine with it. You're debating a point here that seems obvious. Are people more likely to sell their house if they think they can buy another one? Yeah, I think so.

Most people that would have to sell in order to buy will be giving up a lower interest rate for a higher interest rate. I do not see that happening unless they are downsizing all cash or they are being moved by their company or otherwise forced by life's circumstances to move. Interest rates are going to keep climbing.

[Wittgenstein's Ghost]

Originally Posted by Wile E. Coyote

Most people that would have to sell in order to buy will be giving up a lower interest rate for a higher interest rate. I do not see that happening unless they are downsizing all cash or they are being moved by their company or otherwise forced by life's circumstances to move. Interest rates are going to keep climbing.

Some people likely would. And that was my entire point.

[astropathtobe]

we bought a year and half ago...soooo glad we didn't wait!

[Wile E. Coyote]

Originally Posted by Wittgenstein's Ghost

Some people likely would. And that was my entire point.

Well, I agree some people will. Some people have enough money to make mistakes multiple times.

I'm sorry I misread your post. My point was that people that have Sub 3.5 fixed mortgages are likely very fond of those... There is just very little trading up going on in the market I live in (the last five or so years). A neighbor just moved to Austin Texas and they are going to rent their house out here (a sign of the times not wanting to give up the mortgage).

[Leonard123]

Originally Posted by Wile E. Coyote

Most people that would have to sell in order to buy will be giving up a lower interest rate for a higher interest rate. I do not see that happening unless they are downsizing all cash or they are being moved by their company or otherwise forced by life's circumstances to move. Interest rates are going to keep climbing.

True, but if it weren't for the interest rates, it's possible higher housing price increases would compensate and make it a wash.

When people are falling over themselves for million dollar houses, the worst that would happen is that the same demand would shift to a lower price range. People who can afford that much and more can probably afford anything.

Given the lengths people are going to, one would think they were living on the streets or in a life-threatening situation.

It's panic buying.

[Wile E. Coyote]

Originally Posted by Leonard123

True, but if it weren't for the interest rates, it's possible higher housing price increases would compensate and make it a wash.

When people are falling over themselves for million dollar houses, the worst that would happen is that the same demand would shift to a lower price range. People who can afford that much and more can probably afford anything.

Given the lengths people are going to, one would think they were living on the streets or in a life-threatening situation.

It's panic buying.

A big chunk might be panic investing.

[TeamLynn]

You can wait for your rent to go up.
You can wait for interest rates to go up.
You can wait for inflation to go up (best to hold real estate with low interest rates and pay back with inflation adjusted $)
You can wait for sales prices to increase during inflationary periods.
You can wait for building material costs to increase.

Quit watching youtube vidoes.....unless they are from billionaire Kyle Bass who was one of the few to accurately pick the last crash....everyone else is just a hack.

Of course if we start a nuclear war, then all bets are off.

[Wile E. Coyote]

Every realtor states buy now, sell now buy and sell often. It's always the right time to buy or sell a house. Self serving much?

[tmtex]

People are still moving here because they think its the answer to all their problems. I dont think prices will go down anytime soon.