Yesterday said:

---

Thought I bought at the top of the market in October 2020. Boy was I wrong.

---

Ha. I thought same thing in November when I signed. Only way I could have been luckier was if I had stayed in my house while building and then sold when new house is ready. In rental now while we wait.

bump...

bubble hasn't popped (quite) yet. what say yee about the North Dallas market or DFW Market in general now in 2022?

Idiots. There's no bubble. At least that's what all my realtor facebook friends keep posting.

Housing market is popping. Tax values still rising.

FTAco07 said:

---

Nothing is "popping", things are just slowing down back to what normal should feel like. Prices shouldn't be going up double digit percentages per year and homes should take longer than a week on the market to sell. Seller's should have to negotiate price, leasebacks, repairs, etc. All of that is normal and it feels to me like there's a return to that which is a good thing, but if you're expecting major price drops across the market (especially in the northern suburbs, Park cities, Lakewood) you're going to be disappointed IMO.

---

So in your opinion these elevated prices are just going to be the new baseline?

Pretty much yes, although that's certainly an over generalization. Just like inflation, when prices stop going up then inflation goes to zero, but prices aren't going back to where they were two years ago. New normal.

Yesterday said:

---

Thought I bought at the top of the market in October 2020. Boy was I wrong.

---

I thought the same in summer '18.

Texker said:

---

Yesterday said:

---

Thought I bought at the top of the market in October 2020. Boy was I wrong.

---

I thought the same in summer '18.

---

yep, count me in for same in June 1997. Zillow shows my house at 4.5x what we paid for it back in the stone age...

My stone age is 3 years older.

In Lakewood I've started to call all these builders who knock down homes when the homes are nearly complete. I'm requesting a quote to tear down the current home that is almost nearing complete and build a new one, but I need them to plant the new trees first, then cut those down as well.

They gave me a perplexed kind of response. I just figure one can't buy a home in Lakewood right now unless you knock it down, regardless of condition. Oh and bonus points if you cut down a 50 yo tree or more.

They quickly hang up.

Only takes 5 minutes. I don't mind the new builds but let's not turn a well established neighborhood into Plano.

What really got me pissed is when they tore down a 80-100 yo red oak down the street to just make sure they had a place to park the dumpster.

The market has definitely cooled down, you're not really getting too many of the multiple offer craziness and you better price your home right. Homes are sitting a little longer today in general.

Perfect example of someone getting greedy is a listing I just comped in McKinney. They went out at $248/SF because a comp traded earlier this year that was an exact match in terms of floor plan, yet the rest of the comp set averaged in the $198/SF range. When you look at the details it was a multiple offer situation and the buyer was taking no chances to lock this one down (without reason which seemed how the market was operating the past year). Even if you include that comp and the rest that followed they averaged $210/SF. Also all these comps are pretty much identical to each other as they are all new builds.

Since listing last week, they ended up knocking it down 5% but still sitting and way off what it should be listed at.

Give it a day or two. Can top it.

Red Pear Jack said:

---

The market has definitely cooled down, you're not really getting too many of the multiple offer craziness and you better price your home right. Homes are sitting a little longer today in general.

Perfect example of someone getting greedy is a listing I just comped in McKinney. They went out at $248/SF because a comp traded earlier this year that was an exact match in terms of floor plan, yet the rest of the comp set averaged in the $198/SF range. When you look at the details it was a multiple offer situation and the buyer was taking no chances to lock this one down (without reason which seemed how the market was operating the past year). Even if you include that comp and the rest that followed they averaged $210/SF. Also all these comps are pretty much identical to each other as they are all new builds.

Since listing last week, they ended up knocking it down 5% but still sitting and way off what it should be listed at.

---

thanks Red Pear--sounds like you are in real estate? In our neighborhood (North Frisco) we have a number of properties that are either torn down or signficantly rebuilt before the new owner comes in. does it make more sense to do the comp on total yard size--we are all approx 1 acre or higher here. Some can handle bigger houses than others. even seeing some massive houses with massive car barns out back, so makes our acre lots into zero lot line community at the end of the day...

I am, both on the commercial and residential sides.

I help out Red Pear with the DFW market and we offer a different kind of experience than your traditional brokerage, mainly commission rebates.

As with anything in real estate, it depends, however, you are on the right track. If its truly a teardown (structural issues/too expensive to rehab) then you are just really valuing the lot. Ideally, you would find other teardown comps with similar size lots. You have to do a little work to make sure the building regulations are the same and you can generally build the same size house. A less functional lot will sit a discount to one that has less restrictive setbacks and functional layout.

Hope this helps, if you have any questions or need any help feel free to reach out. Email is in my profile.

We are listing soon so I'll let everyone knows how it goes. My realtor is telling us everything Red Pear is. Market is basically back to a normal market when it comes to negotiations and time on market.

And to price it right; IOW don't get greedy and try to recreate 2020-2021 madness.

Where are you going if you don't mind me asking? Bc we've talked about this as well.

But if we do we are out of Dallas all together.

riverrataggie said:

---

Where are you going if you don't mind me asking? Bc we've talked about this as well.

But if we do we are out of Dallas all together.

---

Headed to Texas coast.

Assuming we sell and world doesn't end, of course.

Things are about to get interesting as a result of the Fed declaring war on the housing market. This Bloomberg article details it perfectly.

• Housing Paralysis Engulfs US Buyers With Prices Starting to Fall
• "The Fed is signaling more rate hikes ahead after its third straight 75-basis-point increase Wednesday, and Chair Jerome Powell warned of a housing correction. Goldman Sachs Group Inc. expects home prices to flatten next year. Zandi is more bearish: He predicts prices nationally will fall 5% to 10% from peak levels without a recession and as much as 15% in a mild recession. Values could crash by 25% in some of the most overheated areas, he said."
• "Both buyers and sellers are trapped in place. Listings are lingering longer because demand has collapsed. But less supply is coming into the market, with a report this week from Zillow Group Inc. showing that new listings slid almost 23% in August from a year earlier. That's because homeowners who don't have to move don't want to trade cheap rates for higher ones,"
• "Marry the house,"Date the rate."

Check the Real Estate board for the full North Texas August update.