Is Texas real estate slowing down?

[Rick Modena]

Sold my house in 4 days. Got a couple of pissed off neighbors who are also trying to sell theirs. Found another house we really wanted, so I needed out of my current one. Listed it pretty competitively, got a bidding war. They’re mad I’m ruining their market on selling a $350k for $425k.

I've been looking in Lucas/Parker for a home on an acre, prices have come down, but they need to come down more before I buy at this interest rate. One person has a nice home but its 4 yrs old for the same price as a new home on a acre. They need to come down $50k before I make an offer.

I'm in no hurry, they can keep paying that mortgage every month until it hurts, the new ones have come down $100k and have been sitting for a year and the local comps have a couple of homes at 2 months with no offers...

[Ruffdaddy]

Everyone is just sitting around watching the fan waiting for the shit to hit it. Developers can still lease space and sell houses. Until that stops they will keep on trucking with all property types and that means land sales. We’ve been selling them as fast as we can complete them for five years now. I am selling deals where all we have done is grate the site and started building up pads.

This is exactly why I have been holding off on what I think are good deals the past few years. I keep expecting the slowdown to hit hard enough to actually force developers to shed land.

All of the shit around is being sold for developments but the new builds are sitting unsold much longer...its gotta break at some point

[bcoop]

land prices dont seem to be falling. 9 miles from me a 16 acre pasture is listed for 320k but that seems a little insane to me . 11,500 an acre is becoming the norm . tough to figure when the only comps are 10 to 20 miles away .

I know where a 16 acre place is sitting, right on top of a hill, with beautiful views. But the guy wants $28,500 per acre (Gunter).


My plan is to wait until the stock market shits the bed, and we find ourselves back in 2008 again. Going to be a lot of people without jobs, lots of short sales, foreclosures, etc. You'll have to stomach the high interest rate for +/- 5 years until things come back, but the deals should be abundant.

[Broncojohnny]

This is exactly why I have been holding off on what I think are good deals the past few years. I keep expecting the slowdown to hit hard enough to actually force developers to shed land.

All of the shit around is being sold for developments but the new builds are sitting unsold much longer...its gotta break at some point

A huge part of this is tolerance for pain. That is determined by interest rates and depth of pockets. Even now there are properties that won’t lease because of poor specs or incompetent owners. They are bought by other more capable owners in short order. Once the leasing goes away though, these challenged sites will stack up. And the land buying goes away shortly thereafter.

[David]

Our new place sat on the market 7 months and they just kept dropping the price to where I was finally interested and even then I walked after they rejected my first offer. But they’re stuck on a new build that won’t extend their contract agreements for the 4th time and either had to walk on that or move the current house. Seems like there’s a crunch easing it’s way into markets.

[Ruffdaddy]

We need a dfwmustangs land grab purchase so we can take advantage of a lower price per acre and then parcel it based on smaller ranchettes (10-50 acres each).

Kinda like that time we bought a DFWS fuel tanker.

[Broncojohnny]

Don’t buy land on Tuesday. We’ll show the bastards.

[Ruffdaddy]

For the first time in 10 years...my property taxes went down! Gotta be a sign for sure...hopefully it hits the acreage hard.

[Broncojohnny]

I closed last Monday. Dave Ramsey would be pissed at my 100% financing.

[Rick Modena]

I closed last Monday. Dave Ramsey would be pissed at my 100% financing.

Kick-ass!

Those three homes that I mentioned above came down $50k'ish each, now we're getting somewhere.

[Broncojohnny]

I got my appraisal notice from Collin CAD today and burst out laughing. Those dipshits increased the value of my house almost exactly 10% and have it at $363K. I'm going to list it in the next three months and was thinking I need to sell it at $340K to get any decent sort of action. Obviously these clowns have gotten lazy.

[dcs13]

Obviously these clowns have gotten GREEDY.

Fixed that for you. I caught those bastards counting my cows. They wanted to pull my AG exemption. Luckily I held them off another year. We left last July, Fuck Collin county..

[Big A]

Kick-ass!

Those three homes that I mentioned above came down $50k'ish each, now we're getting somewhere.

This edit makes a helluva lot more sense, I was thinkin to myself "how in the world does $5k move the needle on a likely $800k+ property."

We were looking to move out that way in the relatively near future, but the office now being in Las Colinas changes that. Sucks too, because comparable properties in Southlake are older and more expensive per sqft in many cases, though I do like the older growth landscaping (trees).

[Ruffdaddy]

I got my appraisal notice from Collin CAD today and burst out laughing. Those dipshits increased the value of my house almost exactly 10% and have it at $363K. I'm going to list it in the next three months and was thinking I need to sell it at $340K to get any decent sort of action. Obviously these clowns have gotten lazy.

This was exactly what I expected here in McKinney, but I guess this neighborhood was over valued last year.

This edit makes a helluva lot more sense, I was thinkin to myself "how in the world does $5k move the needle on a likely $800k+ property."

We were looking to move out that way in the relatively near future, but the office now being in Las Colinas changes that. Sucks too, because comparable properties in Southlake are older and more expensive per sqft in many cases, though I do like the older growth landscaping (trees).

Same here...i thought the 5K comment was sarcastic.

May be too far, but have you checked out some of the larger(ish) properties in double oak, flower mound and even parts of grapevine?

[Big A]

May be too far, but have you checked out some of the larger(ish) properties in double oak, flower mound and even parts of grapevine?

I have been looking at anything that might fit the bill, but that list of wants has gotten longer, simply because we're in no rush to move now. School district is still at the top, though I'm not leading the search with it, if that makes sense. Just like when we bought our current place, I'll have looked at every single possibility within 30 minutes of GB/635 multiple times, and likely repeat the process over the next couple years. Part hobby, part picky, one set of parents is in Mansfield and Mom's in Plano, with work being in the middle, so that's been the compass, as this commute gets old, and I don't think getting rid of the Mustang will change that.

It will be interesting to see what the market does over that time, I'll gladly take another "$5k" drop when it comes time to submit an offer.