topic Re: Prices going up fast in Mortgage Loans

Prices going up fast

tooleman694 — Fri, 01 Feb 2013 15:30:32 GMT

Iv been watching the prices in the area on new homes and they are climbing fast. Can't believe what im seeing.

At this point, the house we are buying we could not afford at the current prices. Its about an 100k price increase over one year. Whats going on in your area.

We are in DFW Texas.

Re: Prices going up fast

DFWsahd — Fri, 01 Feb 2013 15:34:17 GMT

I am also in the DFW area. We've been monitoring prices in the Flower Mound,Grapevine,Lewisville areas for over a year and the prices have not gone up at all of the houses we have been looking at.

Re: Prices going up fast

Anonymous — Fri, 01 Feb 2013 15:39:12 GMT

Same thing in Colorado...prices are going up as well here. Builder says part of it is due to supply shortage as they can't keep up with the demand for new homes. I don't know what our home would be priced at now. Probably only a little bit higher as we have only been on Contract since 1/5. Wow! $100,000!!! That is quite a significant difference, tooleman! I know you are glad you started when you did!

Re: Prices going up fast

tooleman694 — Fri, 01 Feb 2013 15:39:29 GMT

Maybe its a Frisco Prosper thing then.

Re: Prices going up fast

DFWsahd — Fri, 01 Feb 2013 15:42:09 GMT

Could be. I have noticed a much smaller inventory in the areas we are looking at but I'm guessing once spring time and summer hit there will be alot more houses for sale.

Re: Prices going up fast

tooleman694 — Fri, 01 Feb 2013 15:57:44 GMT

We were looking in Lantana about a year ago, that is close to Grapevine. I see their prices have gone up a bit too.

Re: Prices going up fast

Anonymous — Fri, 01 Feb 2013 16:02:35 GMT

There is a shortage of homes for sale in DFW, supply and demand type deal.

Re: Prices going up fast

Anonymous — Fri, 01 Feb 2013 16:04:22 GMT

I am in the suburbs of Chicago and where I bought prices have also been going up like crazy. I would not be in the home I am in today if I would have waited a few months like I was originally planning. The house next door sold last year for $90k, I paid $125k for mine in Dec, and now the house down the street is going for about $180k. The houses that come on the market in desirable neighborhoods all turn into bidding wars and this has been driving the prices up.

Re: Prices going up fast

Anonymous — Fri, 01 Feb 2013 20:17:37 GMT

I am in DFW also and looking to buy in Sachse in a couple of months. I'm worried too that if I delay any longer I may be priced out of the market. I am already priced out of most of Plano. Working like crazy to get my scores up and save as much as I can, as fast as I can.

Re: Prices going up fast

Anonymous — Fri, 01 Feb 2013 20:30:47 GMT

The home we've purchased has gone up 3% in the past 3 months, not very much but if it continues, a 12% increase over a one year period would be very good in my book. By the time our house is ready in June, it should be up approx. 9%, or about +$27,000.

Re: Prices going up fast

jadeite788 — Fri, 01 Feb 2013 20:51:10 GMT

not in houston, pick of the litter. Prices still low. but they going up slowly.

Re: Prices going up fast

tooleman694 — Fri, 01 Feb 2013 20:58:51 GMT

My builder is in the Houston. I see they have one of models they build in my hood over in the woodlands and its over 50k more there.

Re: Prices going up fast

getmycreditright — Sat, 02 Feb 2013 14:02:45 GMT

My Wife and I are moving to Roanoke,TX (5 minutes past Southlake) and after we signed our purchase contract on December 8th, we've seen new home prices rise $12k. It's pretty crazy how much the prices are going up. Im glad we're locked in on a good price. To Blake's point though, there really isn't a lot of homes on the market out here.

Re: Prices going up fast

Repo-ed — Sat, 02 Feb 2013 14:04:21 GMT

Supply is low for NEW homes.

Supply is PLENTIFUL for foreclosures, but banks are trying everything to keep them from flooding the market.

Re: Prices going up fast

Anonymous — Sat, 02 Feb 2013 15:29:43 GMT

+1, if you have the time and patience, there are so many beautiful foreclosures and especially short sales in my area to choose from. But I don't have the time to wait. There also weren't any existing homes for sale that we liked. There was a ranch home we liked that had a gigantic great room downstairs in the finished walkout basement but storage space was limited and we need a storage area. We ended up going with a new construction that we got because several other couples were extremely interested in the property but didn't put an offer in yet. After our offer was in, those interested parties began to call back to put an offer in but we nabbed it so it was too late. The builder told us, if we waited a little longer, it would have been too late. We put our offer in on January 2nd, right after the holidays when people begin or resume their search, so we were the first in line. There were 6 quick move in homes available at the beginning of Jan...now there is only one!

Re: Prices going up fast

Anonymous — Sun, 03 Feb 2013 09:47:19 GMT

In The Woodlands north of Houston prices are climbing with Exxon Mobil moving their headquarters there and a huge office opening 2014. I contracted on Jan 7th and there were 4 lots left in the section I was looking at and 1 other inventory home all are sold now. Got a great deal on the inventory home I selected since they wanted to sell out the section and move to the next. Just have to get through the final approval at UW.

Re: Prices going up fast

Mama-j — Mon, 04 Feb 2013 19:48:47 GMT

I hope it's not increasing too much in my area. I can't apply till March because my lease does not end till July. Crossing my fingers I can still get a decent house come March.

Re: Prices going up fast

jadeite788 — Mon, 04 Feb 2013 19:53:16 GMT

@Repo-ed wrote:
Supply is low for NEW homes.

Supply is PLENTIFUL for foreclosures, but banks are trying everything to keep them from flooding the market.

I've noticed on foreclosures and HUD homes. It's ridiculous out here in Houston. Saw a bangin 3100 sq ft house for $59.9K 4 bed/3 bath. beautiful master bathroom and beautiful kitchen. As soon as it was put up it was bought the next day. Been watching like crazy each day. Me I don't want no cookie cutter. You be surprised what you find.

Re: Prices going up fast

cclee — Mon, 04 Feb 2013 21:14:30 GMT

I live in Peoria, Az. I've been watching the area where I live for years (am I the only one with this weird habit?), prices have gone up quite a bit and new builders are going up faster than i've seen in a long time, it is a desirable area though. There were not as many foreclosures or short sales as there were before, a lot more owner resales this past year.

Re: Prices going up fast

Anonymous — Mon, 04 Feb 2013 21:30:23 GMT

Still foreclosures but banks dont want to flood the market.

I agree many builders are taking advantage and building. Many folks prefer brand new compared to buying some one else's home especially since the prices are comparable.