Real Estate Market

[trophy8]

No but this time it took people paying $100k over asking price if not more on pretty much every single property that was purchased in the past few years. Alot of people made some stupid decisions on property and significantly over paid. That will catch up to them if the economy continues to falter.

Yeah but lots of those had to be paid with large down payments to cover the extra over appraisal. Lots of homes were paid for with cash. And big down payments. Different ballgame than 2008 altogether.

[friscopaint]

Still seeing homes in our area sell decent but prices have dropped. Im in Grayson Co and with TI bringing their corporate HQ to Sherman/Denison, the population in Sherman is set to double in 5 years. Demand will still be here though prices may not be the 2020/2021 variety anymore. I went full blown Dave Ramsey for 5 years with the wife and paid off my student debt from vet school. We were living in a 1400 sq ft 112 year old victorian that I had no desire to work on anymore. Told my wife we needed to start focusing on investment. Told her we could have land or the stock market. She chose land. We bought 15 acres and a 50 year old 2800 sq ft ranch style home with a view in southern Grayson. At that time acreage around us was selling for $28K/acre. Even in the current decreasing market I'm seeing it move for $65K-$$85K per acre. So we're still up for our area, problem our realtor is having with our place is that there are no comps. Tracks of land with a home like ours just don't exist. Only question that remains is where the heck do you go lol. I bought a vacant lot in 2018 and I'm currently working to move it. Probably still double our money but it won't be the triple we were hoping for. I've got 4 acres commercial well located on a major thoroughfare (was going to build a vet clinic but not at these construction prices I won't) and I've now put it on the market. Probably won't see a great return there but we'll see something.

Markets definitely correcting but I'm starting to see information that supports a mortgage rate decrease in January so things may start to fire up again. I wouldn't mind seeing prices drop a little more, I'd like to pick up a few rentals.

Like anything else, just gotta ride the waves. I doubt we ever see anything like 2020/2021 again.

That and tollway coming hard and fast. I'm in Collinsville and haven't seen any slowing down. We are gonna list in spring and go to Florida if we sell

[unclefish]

Remember, even during the 2008 crash, home prices didn't just fall over night. On average the market was only down 1-1.5% per month. Not much when you look at it month to month, but give it 12-18 months and you have considerable reductions. I think this time next year will be very telling.

I could be wrong. But I don't see any considerable reduction in rates anytime soon.

Also, the fed has said numerous times they want to see a 20% correction in the real estate market.

Yep....we still have a recession coming. Layoffs are coming on strong. Also the pending rail strike could set things off in a downward spiral even more. Maybe next summer we might see rates coming down....maybe.

[91cavgt]

Yep....we still have a recession coming. Layoffs are coming on strong. Also the pending rail strike could set things off in a downward spiral even more. Maybe next summer we might see rates coming down....maybe.

We are already in a recession, and a very strong one at that. 2 negative quarters of GDP growth happened in the first half of this year. However, those in the current administration didn’t like that so they changed the definition of a recession. Technically speaking, we are VERY close to being in a depression, but I expect that definition to be changed as well, once they finally admit to the current recession.

[tpack]

Here`s an example of a very nice new construction home that has been reduced to 190 sq. ft. from 232 sq. ft.( $42 per sq. ft. less) and still hasn`t sold in an area with lots of growth and inventory. I`ve seen several new construction homes reduced 100 grand and still not selling. Going to get worse before it gets better. Several on here were saying a while back to go ahead and build now with high interest rates and refinance later when they come back down. It may be hard to refinance later if your house comps for 100-150 thousand less after a correction. I also think that builders are going to be forced to lower the prices of their inventory which will lower the comps and banks won`t loan as much money on said house. Going to be interesting how it turns out.

https://www.zillow.com/homedetails/4706-W-Wedgefield-Rd-Granbury-TX-76049/216288962_zpid/?

[Bill M]

Here`s an example of a very nice new construction home that has been reduced to 190 sq. ft. from 232 sq. ft.( $42 per sq. ft. less) and still hasn`t sold in an area with lots of growth and inventory. I`ve seen several new construction homes reduced 100 grand and still not selling. Going to get worse before it gets better. Several on here were saying a while back to go ahead and build now with high interest rates and refinance later when they come back down. It may be hard to refinance later if your house comps for 100-150 thousand less after a correction. I also think that builders are going to be forced to lower the prices of their inventory which will lower the comps and banks won`t loan as much money on said house. Going to be interesting how it turns out.

https://www.zillow.com/homedetails/4...6288962_zpid/?

My wife is a realtor in BCS and surrounding area. She is checking listings everyday. Builder homes were at approximately 50% of total inventory there which is unheard of. Not many resales but no one on the new side put the brakes on so they are forced to lower prices. Banks cut many builders off even though profitable back in 2008-2009 but didn't do that this time. It will be interesting. We are building now but not having to finance thank goodness.

[WItoTX]

Our bank called to confirm the price we got on our house this past month. Said what we are paying vs what they considered the house to be worth so significantly different that no appraisal was needed. They also said congrats, they hadn't seen prices that good in a long time.

There are deals to be had. Just go find them, and don't be afraid to throw out what a "reasonable" offer (i.e. 2019 timeframe), and don't get attached to a property.

[91cavgt]

I just called a realtor company to inquire about a new property in the area I’m looking in, but this new property is not listed online anywhere. The property has a very small house/cabin that appears as though hasn’t been inhabited in quit a while(lots of overgrowth against the house, outside of the house appears to be in disrepair, driveway is completely overgrown). It is 6 acres, and there is one of those super tall telecommunications towers on the property. They are asking $400k for the place!! That’s ridiculous!! I’ll keep looking…….

[tpack]

[ame="https://www.youtube.com/watch?v=AnlGhj71-rQ"]ZILLOW: BREAKING, New Home Sales SURGE! - YouTube[/ame]

[kyle1974]

It’s crashing. Like a lot of people said was going to happen.

Except realtors…. You know, “real estate pros” because they took a 2 month course.

[MikeyG]

I'm ready for the subs to get knocked off of their high horse and start competing for work again. Hopefully this will help improve the shotty quality that's been the norm, too.

[Rubberdown]

I am ready to have some people want to work again. I called three different people about replacing exterior doors out there in the ranch house and they wouldn’t even come give me an estimate. Buncha horse manure.

[W E H]

I'm ready for the subs to get knocked off of their high horse and start competing for work again. Hopefully this will help improve the shotty quality that's been the norm, too.

i'm with you!

i'm still struggling with the $200 a day cost for unskilled labor. i just can't make myself pay that. i'm just saying give me a bid.

[Txhunter3000]

I'm afraid it's here to stay. Maybe if interest rates stay 5-7% then it might go down. From what i see everyone still has a lot of money saved up and spending hasn't slowed much. If you're a reputable trade, I see you having a lot of work to choose from at your price. There's no one wanting to learn a skill.

[dgilbert]

Hope those realtors put some in savings, kinda like the oilfield market.