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Hi Tom,
I paid for a monthly account to the propstream website. Its freaking amazing. I can see the sales price information on it, length of ownership, mortgage balance remaining. With that being said, is it worth my time to track houses for sale (and wait up to 60 days) to see what they eventually sell for to establish market value, or can I bypass that by going straight to propstream and pull up comps within the last 30 days in the area. That will let me leap-frog getting my market assessment.
Second, I have noticed that zillow does NOT show final sales prices in Dallas county where my house is. I am bird dogging Arlington because it is a 200-300k area, which is much more affordable and can sell faster and I can scrape up a down payment if I really need to by using a bank with 20% down on an investment loan. Where my house is, is a 300-700k area. For some reason, final sales prices in Arlington ARE on zillow. I confirmed the sales prices on zillow with propstream and they match. I thought if a STATE was a non-disclosure state, it would be true both where I live AND in Arlington. But it seems to depend on the COUNTY. That’s super weird to me – have you seen this before???
Third, I have noticed that houses in my neighborhood are suffering right now. Lots of 20k price drops and long times on the market at 350k. But in Arlington, they seem to be moving faster with smaller drops. I have noticed that my area where I live was cooling down a little when I bought it (and that cool down was accelerated by covid). BUT, and its a big but, they are building new houses left and right around my historic home, and I fully expect the area to ramp up hard in the next year or two as it is being HEAVILY gentrified. Do you think the 200-250k price ranges will be immune to covid because of the low price range? I saw on propstream there are a ton of cash sales going on in Arlington. I think outside investors are buying the 200k houses in all cash.
I want to start letter writing soon, but I want to make sure I have a sound basis for value, and that I don’t buy and then the market tanks 20% because of covid. Dallas just extended its stay at home orders and most people in that 200k home price range are the people likely getting hammered with no income. Should I wait for the wave of foreclosures and sit tight? Ive been putting my money in the stock market while I get my ducks in a row in learning about the housing market.
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