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Old 03-26-2021, 09:04 AM   #1
oneisnone
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Default Collin County housing market

Well, we missed out on another house last night that we put an offer in on. It's crazy how fast they are selling. This makes house #4 that we wanted and the first that we got an offer in before they quit taking offers. If anyone is getting ready to list, or knows of an upcoming house on an acre or more in the Collin County area, we are cash buyers, ready to purchase.
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Old 03-26-2021, 09:06 AM   #2
BosqueTech
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HAHA! I am with you! We live in far north Dallas. Looking to move to Plano..NADA...
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Old 03-26-2021, 09:25 AM   #3
oneisnone
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HAHA! I am with you! We live in far north Dallas. Looking to move to Plano..NADA...
We're selling our house in the Mckinney subdivisions as soon as we close on a new one. Current comps are showing 4-7 days
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Old 03-26-2021, 09:29 AM   #4
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Wide open right now. I'm in the utility business and right now is the most residential development I have seen in 37 years of doing this.
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Old 03-26-2021, 09:30 AM   #5
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Itís a tough market to say the least. Are you only looking at resale? Lots of new home construction builders taking letters of interest then selling a few homes each month off of that list.
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Old 03-26-2021, 09:31 AM   #6
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Good luck and be prepared to pay over asking price!
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Old 03-26-2021, 09:34 AM   #7
oneisnone
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Itís a tough market to say the least. Are you only looking at resale? Lots of new home construction builders taking letters of interest then selling a few homes each month off of that list.
We really don't want new construction, the idea of living in a corn field for the next 3 years waiting on a tree to grow is no bueno LOL

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Good luck and be prepared to pay over asking price!
Yup, we're offering over and adding every incentive we can think of
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Old 03-26-2021, 09:37 AM   #8
Chief Big Toe
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Good luck to ya'll looking to move to Collin County,
personally would not live in Collin county if the house was given to me,, i drive 45 minutes to Mckinney daily, because of there Taxes, they are outrageous... only my opinion
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Old 03-26-2021, 09:39 AM   #9
Throwin Darts
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A coworker just sold his house in Collin County and got $100k over list price. He said most all the offers were around $20k over list and one guy said he was sick of losing houses to other contracts and was paying $100k over to get it. Crazy
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Old 03-26-2021, 09:39 AM   #10
oneisnone
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Good luck to ya'll looking to move to Collin County,
personally would not live in Collin county if the house was given to me,, i drive 45 minutes to Mckinney daily, because of there Taxes, they are outrageous... only my opinion
Ya, it's definitely on the high end here for sure. But as often as we're in Mckinney for church and jiu jitsu we can't do the 45 min commute
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Old 03-26-2021, 09:40 AM   #11
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You’re doing right by beating the streets - pretty sure that’s the only way these days. EVERYTHING is nuts. We are in Prosper, and it’s insane right now.

Have no idea what price points you’re looking at. There have been some lots come available in established older neighborhoods around downtown Celina and Prosper.
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Old 03-26-2021, 09:40 AM   #12
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Originally Posted by Throwin Darts View Post
A coworker just sold his house in Collin County and got $100k over list price. He said most all the offers were around $20k over list and one guy said he was sick of losing houses to other contracts and was paying $100k over to get it. Crazy
Im crossing my fingers that we find that guy when it gets time to sell ours
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Old 03-26-2021, 09:42 AM   #13
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Youíre doing right by beating the streets - pretty sure thatís the only way these days. EVERYTHING is nuts. We are in Prosper, and itís insane right now.

Have no idea what price points youíre looking at. There have been some lots come available in established older neighborhoods around downtown Celina and Prosper.
We tossed around the idea of building, but finding a rental right now is pretty much impossible with 2 kids and 3 dogs. We're offering on another place later today, no offers in 2 days on it, but I'm pretty sure us and everyone else was just waiting to miss the one from this morning before jumping on the next one
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Old 03-26-2021, 09:47 AM   #14
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I laugh at the people who sell because they can make so much money.

Keep in mind the cost to build is the highest its ever been, and this same sellers market makes it equally tough on the buyers market in terms of price/making money
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Old 03-26-2021, 09:55 AM   #15
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A coworker just sold his house in Collin County and got $100k over list price. He said most all the offers were around $20k over list and one guy said he was sick of losing houses to other contracts and was paying $100k over to get it. Crazy

My buddy bought a new build 3 years ago in Star Trail at $545k, listed this month at $725k and sold for $805k to an out of state buyer that had gotten tired of missing out on deals. Waived appraisal and gave them a free lease back on top of it. Outrageous!

OP Iím in the industry and live in Prosper. I will keep my eyes open for resale.
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Old 03-26-2021, 10:01 AM   #16
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I laugh at the people who sell because they can make so much money.

Keep in mind the cost to build is the highest its ever been, and this same sellers market makes it equally tough on the buyers market in terms of price/making money
Yes but for a single person principal residence capital gain is capped at $250K($500K married). It is better to sell and buy again at a higher cost and reset the capital gain than start paying 20% tax on gain.

Example

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My buddy bought a new build 3 years ago in Star Trail at $545k, listed this month at $725k and sold for $805k to an out of state buyer that had gotten tired of missing out on deals. Waived appraisal and gave them a free lease back on top of it. Outrageous!

OP I’m in the industry and live in Prosper. I will keep my eyes open for resale.

Last edited by BrianL; 03-26-2021 at 10:04 AM.
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Old 03-26-2021, 10:09 AM   #17
oneisnone
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My buddy bought a new build 3 years ago in Star Trail at $545k, listed this month at $725k and sold for $805k to an out of state buyer that had gotten tired of missing out on deals. Waived appraisal and gave them a free lease back on top of it. Outrageous!

OP Iím in the industry and live in Prosper. I will keep my eyes open for resale.
There is one we really wanted, but it was bought 10 months ago for $300k and they guy wouldn't budge from his $375k sale price. No way it appreciated that much, that fast, considering it was still an older home.

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Yes but for a single person principal residence capital gain is capped at $250K($500K married). It is better to sell and buy again at a higher cost and reset the capital gain than start paying 20% tax on gain.

Example
Excellent point. We bought at $300k and will sell around $350, unless we get an offer from one of those buyers with more cash than patience.
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Old 03-26-2021, 10:11 AM   #18
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Shameless plug, here is our current house that we hope to be listing by the end of May, depending on leaseback of our new house. If anyone is looking in the Mckinney area, feel free to PM me, would love to sell to a TBH'r without dealing with listings/showings

https://www.zillow.com/homedetails/4...83735693_zpid/
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Old 03-26-2021, 10:30 AM   #19
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Shameless plug, here is our current house that we hope to be listing by the end of May, depending on leaseback of our new house. If anyone is looking in the Mckinney area, feel free to PM me, would love to sell to a TBH'r without dealing with listings/showings

https://www.zillow.com/homedetails/4...83735693_zpid/
I this market your are might be better off with a realtor, than trying to go at it alone, or at least find a discount broker to list on MLS.
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Old 03-26-2021, 10:32 AM   #20
oneisnone
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I this market your are might be better off with a realtor, than trying to go at it alone, or at least find a discount broker to list on MLS.
We already have a realtor, just putting it out there for anyone that's looking to buy in the next 2 months
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Old 03-26-2021, 10:55 AM   #21
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Best of luck. We are in Melissa and I track local sales pretty closely just out of curiosity and most are selling within the week. Not aware of any 1 acre plus properties for sale in our area as people appear to be holding on to those.

Not sure how far north you can go, but might check Van Alstyne area, still 20 mins or less to McKinney and itís growing. More acreage up there and good schools, too.


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Old 03-26-2021, 10:57 AM   #22
oneisnone
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Originally Posted by whitetailtrail View Post
Best of luck. We are in Melissa and I track local sales pretty closely just out of curiosity and most are selling within the week. Not aware of any 1 acre plus properties for sale in our area as people appear to be holding on to those.

Not sure how far north you can go, but might check Van Alstyne area, still 20 mins or less to McKinney and itís growing. More acreage up there and good schools, too.


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Melissa/Anna area is our first choice, but we are looking all the way up to Van Alstyne, and East to Blue Ridge/Trenton
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Old 03-26-2021, 11:01 AM   #23
Throwin Darts
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Originally Posted by Agdog View Post
My buddy bought a new build 3 years ago in Star Trail at $545k, listed this month at $725k and sold for $805k to an out of state buyer that had gotten tired of missing out on deals. Waived appraisal and gave them a free lease back on top of it. Outrageous!

OP Iím in the industry and live in Prosper. I will keep my eyes open for resale.
My neighbor bought a year ago for $750k and put in a pool and just sold their house for $1.1 million. I never thought they'd get it but I was proven wrong.
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Old 03-26-2021, 11:15 AM   #24
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My neighbor bought a year ago for $750k and put in a pool and just sold their house for $1.1 million. I never thought they'd get it but I was proven wrong.

Yup. Makes me want to sell mine but obviously there wouldnít be anywhere for us to move to!
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Old 03-26-2021, 11:17 AM   #25
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Neighbors two houses down listed their house last year, and decided to stay another school year. That house sold in 2 days at a list price that was $60k more than it was listed last Summer.
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Old 03-26-2021, 11:24 AM   #26
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You should start watching for pre-foreclosure and distressed properties. Home prices continue to grow and inventory continues to dwindle so resale and new construction aren't likely to offer you much opportunity. However, economics are about to take hold of the over due and underperforming mortgagee. New year, new taxes and bills are due...no more moratorium.

ac
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Old 03-26-2021, 11:44 AM   #27
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All this talk of increasing prices only makes me cringe at the property tax appraisals that are getting ready to come out.
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Old 03-26-2021, 11:51 AM   #28
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I've got 30 acres, house, barns, 2 acre pond loaded with fish and wedding venue for $1.5 mil may need to go up in price
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Old 03-26-2021, 12:39 PM   #29
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I've got 30 acres, house, barns, 2 acre pond loaded with fish and wedding venue for $1.5 mil may need to go up in price
May I ask where?
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Old 03-26-2021, 12:44 PM   #30
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It’s all the Californians. Had the same thing happen to my aunt.
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Old 03-26-2021, 12:56 PM   #31
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I've got 30 acres, house, barns, 2 acre pond loaded with fish and wedding venue for $1.5 mil may need to go up in price

Only thing crazier than home prices is land prices. I have been thinking about selling and seeing land range from $5K-10K/ac in my area. I can't figure out what the value of the land would be.
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Old 03-26-2021, 01:18 PM   #32
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Only thing crazier than home prices is land prices. I have been thinking about selling and seeing land range from $5K-10K/ac in my area. I can't figure out what the value of the land would be.
At least $16k per acre now and that's bare ground.
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Old 03-26-2021, 01:19 PM   #33
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May I ask where?
Collinsville, popped off one day on this and better be ready to move folks don't bat an eye at it. Actually may be way under valued in my mind gonna have a trusted realtor come look
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Old 03-26-2021, 04:29 PM   #34
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Collinsville, popped off one day on this and better be ready to move folks don't bat an eye at it. Actually may be way under valued in my mind gonna have a trusted realtor come look
How's the housing market in Collinsville? How about raw land just outside city limits? This would be from the seller's perspective.
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Old 03-26-2021, 05:08 PM   #35
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Originally Posted by whitetailtrail View Post
Best of luck. We are in Melissa and I track local sales pretty closely just out of curiosity and most are selling within the week. Not aware of any 1 acre plus properties for sale in our area as people appear to be holding on to those.

Not sure how far north you can go, but might check Van Alstyne area, still 20 mins or less to McKinney and itís growing. More acreage up there and good schools, too.


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Where in Melissa do you live? I'm in North Creek.
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Old 03-26-2021, 09:01 PM   #36
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Where in Melissa do you live? I'm in North Creek.

The Villages, just down highway 5 from yíall. I think there is a few of us Melissa TBHírs I see from time to time on here.


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Old 03-26-2021, 09:52 PM   #37
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Makes me want to sell out, but we just built up in Denison. Of course I wouldn’t build again right now!

Last edited by eliteweldingco; 03-26-2021 at 09:55 PM.
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Old 03-26-2021, 11:13 PM   #38
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I had a buyer contact me a couple days ago that was so hard up to get the home in a multi-offer situation they went with 2 day option period and decided to waive the inspection on a 1mil home in Frisco to better their chances. They want to do the inspection after closing to see what needs to be fixed after they already own it. I think there is going to be a lot of buyer's remorse in the near future.
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Old 03-27-2021, 08:53 PM   #39
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Live in Frisco. Got three unsolicited calls and texts last week about buying my house. Not interested is selling.
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Old 03-27-2021, 11:17 PM   #40
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Got a house with a foundation issue?
Termites?
Plumbing problems?

Now is the time to find your sucker

Buying houses as is, with no inspection is a recipe for disaster.
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Old 03-28-2021, 12:21 AM   #41
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Got a house with a foundation issue?
Termites?
Plumbing problems?

Now is the time to find your sucker

Buying houses as is, with no inspection is a recipe for disaster.
Couldnít agree more - especially with the price to do any sort of construction right now.
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Old 03-28-2021, 09:46 AM   #42
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How's the housing market in Collinsville? How about raw land just outside city limits? This would be from the seller's perspective.
It's crazy !! I'm amazed bare ground now is around $20k per acre and houses going up everywhere. Place across from my buddies house just had a sign go up and solid traffic of lookers, I can't even find it on Zillow, realtor, etc....so no idea how the people found out so quick. I can't remember the realtors name.
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Old 03-28-2021, 10:52 AM   #43
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I don’t see how sellers getting offers well above market value gets around the appraisals
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Old 03-28-2021, 11:03 AM   #44
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I donít see how sellers getting offers well above market value gets around the appraisals
Just talked to a friend that bought recently, they put 40k cash on top of their financing offer
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Old 03-28-2021, 11:22 AM   #45
RR 314
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Just talked to a friend that bought recently, they put 40k cash on top of their financing offer
Yes sir. Cash is king. Prices are going up so fast in the west Austin area that appraisals lag a month or so behind actual pricing. If you need to finance a 3-5 million dollar house you are in a bind. A high percentage of sales are without financing and if you do finance you better have 20% down plus 500k on top of that. Have never seen anything like it.
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Old 03-28-2021, 01:00 PM   #46
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Yes sir. Cash is king. Prices are going up so fast in the west Austin area that appraisals lag a month or so behind actual pricing. If you need to finance a 3-5 million dollar house you are in a bind. A high percentage of sales are without financing and if you do finance you better have 20% down plus 500k on top of that. Have never seen anything like it.
It didnít help me. Iím putting 35% down & property still was flagged on appraisal due to a 38% increase in 2 years. My loan amount is well below appraisal value
Go figure
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Old 03-28-2021, 01:19 PM   #47
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I donít see how sellers getting offers well above market value gets around the appraisals

People have cash to spend over and above what their lender will lend based on an appraisal
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Old 03-28-2021, 01:21 PM   #48
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People have cash to spend over and above what their lender will lend based on an appraisal
Yeah so am I & it didnít matter per Fannie Mae appraisal protocol according to my lender. My appraisal was flagged as too much increase in 2 yr period even though Iím putting more than enough cash to be well below loan amount.
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Old 03-28-2021, 02:30 PM   #49
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My wife is a real estate agent, buyers are like sharks in a feeding frenzy right now. Comps and appraisals don’t mean anything, they just buy!
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Old 03-28-2021, 02:31 PM   #50
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My wife is a real estate agent, buyers are like sharks in a feeding frenzy right now. Comps and appraisals donít mean anything, they just buy!
I hope so...Ö.
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