Moving to DFW in 500k home range

[DFW_FTW]

Originally Posted by Leonard123

If it weren't for the 3-car garage, that would be an easy find in McKinney. Housing is very cheap here and not selling like everywhere else around, but there aren't too many 3-car garages.

Can you even afford to buy your own home with today's interest rate?

I don't think so.

[ThomasCrown]

Originally Posted by DFW_FTW

Can you even afford to buy your own home with today's interest rate?

I don't think so.

The first home I ever bought I had an interest rate of 9%. Homes purchased in the late 70's and 80's had much higher rates than that. People can still buy homes at current rates just fine, with the rise in rates, home prices are dropping to somewhat compensate.

[DFW_FTW]

Originally Posted by ThomasCrown

The first home I ever bought I had an interest rate of 9%. Homes purchased in the late 70's and 80's had much higher rates than that. People can still buy homes at current rates just fine, with the rise in rates, home prices are dropping to somewhat compensate.

Keep going. Talk about how much higher house prices are compared to 70's.

Talk about how rates are going to be adjusted up three more times this year.

lmfao

[Leonard123]

Originally Posted by DFW_FTW

Can you even afford to buy your own home with today's interest rate?

I don't think so.

I absolutely could, yes, especially given the 10-20 percent recent declines. Would I buy it? Never.


Mine has been probably more of a 20 percent decline since April on top of virtually no increase since April 2021. Most houses in Mckinney will never go up in value.

[ThomasCrown]

Originally Posted by DFW_FTW

Keep going. Talk about how much higher house prices are compared to 70's.

Talk about how rates are going to be adjusted up three more times this year.

lmfao

Prices are higher, anyone knows that. But what the current market environment is doing is decreasing values and eliminating the insane markups we were seeing in the area. My own home has probably lost 3-400k of value already since the peak in early 2022. If someone were to buy my home at a 6% rate vs 3%, they won't be financing an extra 3-400k, their monthly payment will be more but it also makes more people put 20% down or more to avoid higher interest.



There was a time when homes weren't purchased without 20% down, and in my opinion it was one of the biggest mistakes to allow people to purchase homes with only 5% or less down payment. That's the kind of thing that lead to the financial crisis in 2008, and why people can be underwater in a market downturn.


People who need to buy homes can still do so at 6% and it's foolish to think that it's suddenly become impossible to buy a home because of it, it isn't.

[DFW_FTW]

Originally Posted by ThomasCrown

Prices are higher, anyone knows that.

You can stop with the wall of text after your first sentence.

Prices are higher right now, that’s it. End of comparison to 40 years ago.

People these days man. So out of touch from reality.

Originally Posted by Leonard123

I absolutely could, yes, especially given the 10-20 percent recent declines. Would I buy it? Never.


Mine has been probably more of a 20 percent decline since April on top of virtually no increase since April 2021. Most houses in Mckinney will never go up in value.

Lmfao. Good thing you’re not in charge of assessing housing values. Completely out of touch from reality.

All the surrounding area will appreciate overtime but somehow this one city you pointed out will not.

Put down the pipe. It’s too early man.

If you’re not buying your house cheap ass house, then What dump will you live in?

You can’t afford to live anywhere but your own house right now with half the price and rate folks pay today.

[ILTXwhatnext]

Originally Posted by goodfella999

Looking to move to DFW this year. Budget is 500k or so for a home in a safe area. Where is the best city to get a 3 car garage, 3k+sqft aka most bang for my buck. I dont want to be in the middle of nowhere, but also dont want crazy traffic. I dont care about the school district and would rather pay less taxes because of it (I have no kids). I saw Saginaw, Sachse, little elm, had decent homes. Im coming to visit next month and ill go check out your recommendations. Thanks again

I did a search of Fort Worth, found these:

https://www.realtor.com/realestatean...ith_3cargarage

I liked Fort Worth better than Dallas, but it's so sprawling...

https://www.vectorstock.com/royalty-...ector-34009083

I did the same search but for Dallas, didn't find anything at 500K.

[Leonard123]

Originally Posted by DFW_FTW

You can stop with the wall of text after your first sentence.

Prices are higher right now, that’s it. End of comparison to 40 years ago.

People these days man. So out of touch from reality.



Lmfao. Good thing you’re not in charge of assessing housing values. Completely out of touch from reality.

All the surrounding area will appreciate overtime but somehow this one city you pointed out will not.

Put down the pipe. It’s too early man.

If you’re not buying your house cheap ass house, then What dump will you live in?

You can’t afford to live anywhere but your own house right now with half the price and rate folks pay today.

I'm just stating my observations and seeing the listings that come up. In 2021, McKinney was actually on the list of the ten worst cities in terms of home value appreciation. Prices are continuing to fall now, and there are a glut of listings on the market. Older and lower to mid-priced homes are faring far, far worse. Older homes in McKinney do not sell well at all. Stonebridge Ranch has not done well.



From the time Stonebridge Ranch was established until 2012, prices didn't go up or down at all. This seemed to be true across most of the metro area though. We seriously need a return to that kind of stability if you ask me, even at the expense of economic growth or other consequences.



You don't know what I can afford because you don't know my home equity, savings, or income.

[goodfella999]

A great thread lol. A realtor told me id probably fare decent in the Sachse, Wylie area. May have to spend a little more and thats fine