Texas Real Estate Market

[CTR0022]

How did the market get so bad?

Seriously this is ridiculous, how do you buy a house in this market? Just offered $90k over list price and was still not enough to get the house. 18 offers with 6 being $90k+ over list per the sellers agent. Seller wouldn't tell us what it would take to get the house. Not that it mattered b/c we where pretty much done after offering to pay all closing cost and allowing the seller to live rent free for 3 months.

Houses are going for $200+ a square foot in DFW, which is great b/c I paid $104 a square foot when I bought my current house 10 years ago.

Do yall think wages will catch up to home prices in Texas? How long will it take?

Will the market continue to sky rocket or flatten out? Will we see a bubble burst soon?

[Pedernal]

I recently discussed this topic with a realtor. He feels like the house prices are here to stay… he thinks it will just take longer to sell a house but that prices will not go down much…

This is a tiny market compared to DFW.

[Mitchell8]

Buddy just sold his 1600sqft house for 420k

[Double R 2]

I am seeing some of the same thing however it is not near as hot of a market as it was last summer. It seemed to of cooled off a little bit in the winter. Still too early to tell what this spring/summer will be like. We are just at the front edge of when it typically starts to pick up momentum and seems to peak in the summer.

[brokeno]

It won't stay up forever hold off and the prices will take a downward turn.

[Huntindad]

I'm in the Austin area on 5 acres. thinking about selling this spring or waiting till next year.

[hully1029]

I love building equity in my house.. heck, I'm nearly 100k in equity from purchasing 3 years ago. But, it would be hard to say no to 100k in equity and 90k over asking.. that's life changing money.

I've got several close friends in the real estate space and they all say the market is here to stay (at least in the N Texas area). It may fluctuate a little with national ebbs and flows, but it will absolutely be here for a while.

It reminds me of cryptocurrency. It's as solid as it's going to get, in its naturally fragile state. When it decides to tank, it's over.

Sent from my SM-G955U using Tapatalk

[CTR0022]

Buddy just sold his 1600sqft house for 420k

I believe, I am hearing reports like this from several people.

[HogHunter34]

Makes you wonder how folks get around the appraisal part but maybe it’s starting to react to the market
We purchased our current place in April of 2021 & I put about 35% down but because the house appraised quite a bit more in just 2 years my lender was ultra critical on qualifying at current market interest rates
It was a ridiculous process

[Rubberdown]

I recently started preliminary looking around. Why is it so rare to find a custom built 2000 +\- square foot house on a couple acres somewhere around Tomball. Like they don’t don’t exist. It’s bullcrap.

[CTR0022]

The only reason I question if it will continue to go up is bc texas wages have historically been low and I'm not sure if companies will make the jump in wages necessary to continue to support these mortgage payments.

And my second reason is property taxes, it goes with wages, but who really wants to be paying $1k a month in property taxes for an average 1600 sqft home that just cost $400-$500k

[txoutdoorsman24]

Because most people that are buying are out of staters. They are selling a 1500-2000sq ft house for multi millions, coming to Texas and offering way over in cash. I know this first hand because I have a close personal friend sell her 1600sqft 3x2 house in NYC for 3.6 million in less than one hour. She actually had multiple offers on it.
I have had clients buy houses sight unseen for 100k over list from California and the east coast. Unfortunately people that are trying to upgrade are not doing so bc they don’t have the money to compete. It’s a sellers market thru and thru!!!!
Prices are here for several more years unfortunately I believe. Best advice I can give you is pull heart strings with the sellers and agents and fight for what you want. Go knock on their door after hours one day and talk to them. You’ll be surprised. A “regular” offer is nearly a thing of the past nowadays. Shorter closing periods is a huge plus right now! When you make an offer, try to do No option periods or offer a high option fee, or waive inspections or appraisal even. (Appraisals are dependent to some lenders or loan types). That’s how I have been somewhat successful with clients. If we lose out, it’s because the money was so high it didn’t matter

Best of luck in this market!!! It’s frustrating as helll I know

[wes122984]

I’m closing on my new construction this week. Took 13-14 months. Builder said it’s about to get way worse as material is getting harder to get. That would drive demand up for existing housing even more.

[Rubberdown]

Man I would have thought price dictated the house being a “starter” home.

[txoutdoorsman24]

I'm in the Austin area on 5 acres. thinking about selling this spring or waiting till next year.

Austin is a hot market. One of the hottest in America right now. Inventory is insanely low and people are offering double asking prices right now. My broker just sold a house with a past client. They bout it in 2019 for just under 380k and sold it for 960k in January. Lived there just about 3 years and didn’t absolutely nothing to the house, inside or out, and made out like bandits!