Rentals in Richardson>Question Details

Mayflowers, Other/Just Looking in Richardson, TX

Is it taking longer than usual for homes to rent and sell in Richardson / Beckinridge area?

Asked by Mayflowers, Richardson, TX Tue Apr 10, 2012

It seems like those selling need to do 'something' with their property and since they aren't selling they are giving them for rent? We're moving into the area and are trying to make the best decision to buy/rent. Since we can't commit to longer than 3 years, we're thinking of renting. The market seems slow. Can anyone shed some light on these questions and advise how we'd be best to proceed. Thanks!

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5
GREAT myth homes are not selling , and leasing is all time high . 12,010 SOLD in DFW Jan- March . Majority of homes on market for lease typically 5 - 10 days

http://www.lynn911.com/Web/AR287090/CustomContent/index/5177301
1 vote Thank Flag Link Wed Apr 11, 2012
Thank you all for your help.
0 votes Thank Flag Link Wed Apr 25, 2012
I would recommend renting right now if you can't plan on being in the area for more than 3 years. The last thing you want to have is a mortgage looming over your head when you have to pay to move to another city.

I can only speculate what the average days on market will be for a home for sell when you would need to sell 3 years from now, but I anticipate it will be different from what is going on now.

The problem with people selling is that they can't just take any offer, these houses have mortgages. Several people are afraid of short sells because it effects the credit. Now don't misunderstand the situaiton a lot of people selling don't necessarily need to move, most people end up right sizing their homes for the situation that they are currently in but a lot of them will stay until the market makes a turn if they don't sell.

I figure once the foreclosures burn off the market listings from individual sellers will dominate the market again and you will see the market rate for homes selling go up and average days will be shorter for the more expensive homes again, but that is more of a macro picture. The situation could very for each neighborhood.

Good Luck on your move.

Regards,

Chris Hutchinson
REALTOR
Chris Hutchinson Real Estate
The Michael Group
http://www.chrishutchinsonrealestate.com
972.809.0607
0 votes Thank Flag Link Tue Apr 10, 2012
We can work through the decision with you.
Rent is high now and rentals few.
We cannot predict the future, but typically now for buyers, I like to hear more like 3-5 years as their expected time in the home with 5 being better.
If you're only going to be here 3 for sure, may be better to rent.

Remember you'll pay closing costs somewhere around 3% when you buy for the loan, inspections, etc and another 8-9% when you sell, so if you are here 3 years you will need appreciation somewhere between 3-4%/year just to break even on your costs. If you get a 30yrs loan, the 1st three years most costs go to interest and not equity, so you subject yourself to fairly large market risk on that kind of investment if you buy.

Just something to think about. There are also rent vs buy calculators on the internet with a google search.
0 votes Thank Flag Link Tue Apr 10, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hello:

The market is currently quite the opposite of slow. We are seeing multiple offer situations on newly listed homes as well as homes that were listed over the holidays and haven't sold yet. Homes that aren't moving can fall into one of the three reasons; priced too high, are in less than favorable market condition, or location. The Richardson area is a hot market right now and you can most likely purchase for about the same cost of renting. Also, the resale ability in Richardson is above par. If you'd like to discuss further please contact me at any time.

Chelsey Moore
214.516.5923
chelseymoore@ebby.com
0 votes Thank Flag Link Tue Apr 10, 2012
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