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Granddaughter Considering Purchasing First House...needs advice.

2,301 Views | 19 Replies | Last: 8 mo ago by StockHorseAg
buzzardb267
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My granddaughter is a recent Aggie graduate and teaches in the Prosper ISD. Her and her spouse want to explore purchasing a home. I found a mortgage broker on here to help her Mom purchase her home nearby years ago, and it worked out very well. I haven't bought a home in over four decades, so I'm no help at all. As a matter of fact, I was shocked when the realtor asked my daughter if she wanted to offer over asking!

I'm sure they don't have a lot of money saved up, so it's not going to be an expensive home.
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Red Pear Realty
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I wrote a book to help first time homebuyers:

https://www.amazon.com/Buying-Your-First-Home-Texas-ebook/dp/B0CRJ2NHYV/ref=mp_s_a_1_1
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Matsui
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Call Cody Robinson. Lives in prosper. Will guide you. Sponsor on this board. I've used him. Highly recommended and others will confirm
buzzardb267
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Matsui said:

Call Cody Robinson. Lives in prosper. Will guide you. Sponsor on this board. I've used him. Highly recommended and others will confirm
I forgot about Cody. I think he helped my daughter with her purchase.
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buzzardb267
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Red Pear Realty said:

I wrote a book to help first time homebuyers:

https://www.amazon.com/Buying-Your-First-Home-Texas-ebook/dp/B0CRJ2NHYV/ref=mp_s_a_1_1
Thanks. I sent her the link to the book. It has been 48 years since I bought my first house and I still recall the apprehension and nerves of that process. And, that was before the internet!
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Absolute
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Good houses are starting to see multiple offers and over asking. Market is undersupplied still. If rate take a drop, it could get vrazy again, as there is pent up demand. Might consider new construction entry level. Things are not likely to drop in price up there.

Cody is a very good realtor and knows thaw t area well.

Red Pear Felipe
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I don't know what Cody does but Red Pear Realty will give your granddaughter a buyer's rebate that can be applied at closing. The rebate is usually 1.5% of the purchase price. I had a deal close recently where my client earned a rebate of $13,500 towards their closing costs. No special loan program was needed. It's just an incentive we offer to all our clients.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear RealtyAustin Monthly
ChoppinDs40
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If she's straight out of school and teaching in prosper, they need to think hard about their budget, future, and where they want to be.

Median home price in Prosper is now over $700k.

Use a realtor familiar with the area - Cody is great.
buzzardb267
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Not sure who she has been talking to, but she, tongue in cheek, hopefully, asked if I was loaning money! I told her she had a masters degree, she should understand "starter home". I told her Prosper is a place a LOT of people want to live and want their kids to go to school. That equals high property values! I guess there are still things they don't teach kids.

I spent most of my life in Denton County, but I rarely went out toward Prosper. When she said she took a job with Prosper ISD, I looked into it and was floored by how much that area had grown.

Oh, and she was very complementary of the person that was working with her.
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ChoppinDs40
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buzzardb267 said:

Not sure who she has been talking to, but she, tongue in cheek, hopefully, asked if I was loaning money! I told her she had a masters degree, she should understand "starter home". I told her Prosper is a place a LOT of people want to live and want their kids to go to school. That equals high property values! I guess there are still things they don't teach kids.

I spent most of my life in Denton County, but I rarely went out toward Prosper. When she said she took a job with Prosper ISD, I looked into it and was floored by how much that area had grown.

Oh, and she was very complementary of the person that was working with her
OG Prosper person here. Graduated with 80 kids and we had just turned 3A.

The 4th 6A school is now under construction. There are more kids in one of the high schools than the city limits' population when I was growing up.
buzzardb267
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ChoppinDs40 said:

buzzardb267 said:

Not sure who she has been talking to, but she, tongue in cheek, hopefully, asked if I was loaning money! I told her she had a masters degree, she should understand "starter home". I told her Prosper is a place a LOT of people want to live and want their kids to go to school. That equals high property values! I guess there are still things they don't teach kids.

I spent most of my life in Denton County, but I rarely went out toward Prosper. When she said she took a job with Prosper ISD, I looked into it and was floored by how much that area had grown.

Oh, and she was very complementary of the person that was working with her
OG Prosper person here. Graduated with 80 kids and we had just turned 3A.

The 4th 6A school is now under construction. There are more kids in one of the high schools than the city limits' population when I was growing up.
I told her that should be a good place to work. With that growth rate, there should be plenty of chances for advancement. That is amazing they have 4 6-A schools.
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ChoppinDs40
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Great district with lots of opportunity.

What school is she at?

Depending on her SO's job, affordable homes can be found up in Celina, Gunter, Aubrey, Anna, etc but becomes rural pretty quick.

More affordable items into parts of Frisco and McKinney. Just make sure she isn't looking in the Mumbai parts.
buzzardb267
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She's at Boyer and teaches 5th grade. That's some good info. I've had kids live in Aubrey and some of those other towns along 377. She might wind up there in her "starter home".
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jja79
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Do they really need to buy a house at this point?
Absolute
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There are some decent starter home neighborhoods just west of Prosper in Aubrey or little elm. I have inspected a bunch there. Might be her best best and is pretty close.
ChoppinDs40
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My only pause with Aubrey and 377 corridor is the 380 daily commute.

The section of 380 from the DNT to Denton is some of the most congested piece of highway in the entire DFW area. There's an endless sea of high density housing for 10+ miles with 1 way in and 1 way out.

Again, depending on commute for others in the house and the type of living they want, I'd probably go straight north than west. Celina will be 3-4x the size of prosper once built out. New homes, apartments, etc going up everywhere.

Hopefully her man makes good money, because a teacher can barely afford to live in a 1br apt up here nowadays. Sad coming from a family of teachers myself.
buzzardb267
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jja79 said:

Do they really need to buy a house at this point?
I think they have discovered the reality of home ownership. Especially in a growth corridor like the 380 area. I recall reading an article many years ago that pointed out investors/developers purchasing farms and large tracts of land in that area. And like pointed out, it is going to get worse before it gets better for prices, growth, traffic congestion, etc.
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jja79
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As renters they know the maximum housing expense. As a home owner they know the minimum. Nothing wrong with saving up some money.
Diggity
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You're not wrong Jed.

Cost of renting vs owning in a lot of areas is ~30% lower right now. Flexibility is a big plus too.

Won't always be that way, but I wouldn't be in a huge rush to own in this market.
StockHorseAg
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I grew up in Aubrey and know the 377/380 corridor well. My buddies and I used to coyote hunt on the land that the PGA headquarters is built on along with lots of the land around 1385/428.

Tioga might be a good choice for her. It's a 35min commute but houses are pretty affordable there for a teachers budget.
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