Quote:
Originally Posted by MeLoveYouLongTime
I'm trying to buy a house in Dallas and I have no idea what I'm doing right now. All the houses I've seen are listed at at ~+8% of their value last year.
Are the values just going to plummet next year and it's a huge mistake to buy right now?
I found a great house that needs A LOT of work (about $20k+labor if the wiring is k). I tried to offer 8.5% under listing price and the listing agent told the realtor I'm working with not to waste his time because he has several offers over listing after it has only been on the market for 4days.
Someone please explain housing markets to me.
Should I rent for 12months and then try to buy?
The good thing about buying in Dallas is that it's one of the fastest growing metros in the US so even if housing markets were to crash the long term prognosis for Dallas looks good (ie population increases mitigate downside risk). If interest rates stay low then it's unlikely we'll see prices fall in the next year.
The housing market is extra crazy in Dallas right now because people are moving from states like California at a record pace due to Covid. It's going to be hard to find a "steal" at the moment but it will likely be difficult next year and the year after as well. That's not to say you can't find a house that will continue to go up in value, especially if you buy a home in a neighborhood that is "up and coming."