Originally posted on Amdall Gallery, jonamdall.com. The posts on this Blogger site are condensed; check out the original website for the full write-up and images.
https://jonamdall.com/2017/09/26/is-it-worth-it-to-wait-analysis-of-home-prices-in-booming-markets-like-dallas/
https://jonamdall.com/2017/09/26/is-it-worth-it-to-wait-analysis-of-home-prices-in-booming-markets-like-dallas/ for the rest of the post.
https://jonamdall.com/2017/09/26/is-it-worth-it-to-wait-analysis-of-home-prices-in-booming-markets-like-dallas/
My wife and I have recently been exploring moving from Louisiana back to where we both grew up; Dallas, Texas. It’s home sweet home for us, but we haven’t lived there in quite a few years. Since we left, housing prices have apparently been booming…which is causing us some worry. There was some housing price parity between Alexandria, Louisiana and Dallas about 3-4 years ago, but since then Dallas has zoomed ahead with what I’ve read is around 7-8% annual home price growth. For a data nerd like me, this had my head spinning with questions that I knew Excel could answer. This data analysis specifically concerns Dallas, but I decided to write about this because there are many cities across the U.S. with brisk housing price growth (another bubble, anyone?), so maybe others will find this useful.
The big questions I had were these:
- How will housing prices in Dallas increase the longer we wait to get back to Dallas? What if we move in early 2018? How much worse will it be in late 2018?
- If we move to Dallas and stay with family for a while to save some more down payment cash, will home price growth outpace our ability to save? In other words, is it better to buy quickly or try to save up more up-front money?
- Can our home equity in Louisiana offset some of this? How does Louisiana home price growth compare to Dallas?
It turns out, most of these questions were relatively easy to answer using Excel.
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