First home in Prosper, TX
Is it good idea to buy home in Prosper, TX? Also, the homes I like in these areas are $750k-$800k. My first choice was Frisco but the prices are around $900k for homes I liked which is out of my budget. Some of my friends suggest to buy closer to city center than going too far. But the homes I like are available only in suburbs (in terms of budget & schools & amenities) but these suburb areas have good access to shopping. Is it a wise idea to invest hefty amount of $750k-$800k in suburbs like Prosper? Will prices go down further in Prosper in next few months? TC: 180k #dallas #housing #prosper #frisco
Prosper is nice! I grew up in Frisco
How big is your household lol Do you understand how expensive it’ll be to furnish and maintain a home that large
At 180k I would not spend 700-800k The issue with prosper and all of TX real estate is the underlying land has almost zero value. The value is the McMansion that GL, Lennar etc slapped on top. The problem with Lennar, GL is they are incentivized to go 5 miles down the road and build 500 more McMansions and Texas has plenty of very cheap land to build on. So the issue is this prosper, Frisco etc still have plenty of land to be developed plus the next prosper is already underway. If you are a buyer in two years why would you buy this old used McMansion when you can drive an extra 5-10 minutes and get a new GL, Lennar McMansion? So the short the long term value of a McMansion in an area where you can build tons of McMansions is probably ok at best look at Plano 2006-2020 - values were pretty static. But realistically buying said McMansion at the top of the market… terrible idea
10 minutes extra for everything is like 100 times 10 mins per week. Already, looking at 1000 times 52 mins per year…
Assuming an average household size of 4
If you know Texas you know these people are discussing a remote area already
That’s over half a million minutes per household per decade or 10,000 hours if you like to think in hours
seems expensive from here and I live in the PNW. do you really want that much home on your current salary? (a salary which could disappear at any moment) how much pricing power would you have if you needed to sell under duress? you might angle for something that’s priced no more than 3x your annual salary, and maybe even that’s too much.
I am exact scenario as you, decided to wait another 6-9Months or 1year. There is no way house prices will go up in next 1year, but there is a good chance it will decrease. Also Frisco has this huge project ‘The Fields’ which will have over 2000+ houses, with more inventory prices will reduce.
Left you a DM.
I am pretty much in the same situation. Have you looked into Mckinney? Is that an option? Also how many times a week do you go in to work?
McKinney sales were struggling prior to covid
Hm for a primarily residence with good school district would that matter? We are not in pre covid era. What are your thoughts?
I wouldn’t buy a house in NTX right now. I would rent for 12 months, see how things are then buy
What is NTX?
North Texas aka DFW
Check the interest rates in your area and what is the max preapproval you are getting from companies like better.com. Your housing cost - PITI should not be more than 25% your pre tax income for an average risk averse family guy