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Updated about 3 years ago on . Most recent reply

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Kenny Riley
  • Rowlett, TX
0
Votes |
3
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Selling House in New Construction Development?

Kenny Riley
  • Rowlett, TX
Posted

Hi all, I'm new here.. and new to real estate in general. I built a house in Dallas, TX in a new development neighborhood and have been living here for about 6 months now. I got in early and purchased my lot during the pre-sale period so I got a great deal on my house. For what it's worth, it's a 2200sq ft, 4 bedroom, 3 bath, gameroom, 2 story house. With the few upgrades I purchased, the house came out to be 321k. The builder is now selling my same house for $423,990 (https://www.landonhomes.com/ho...) I'm not sure how inflated this is but it seems as though I already have about $100k in equity into the house, which is crazy..

The neighborhood is about 80% finished but still under development and they are starting phase 2. 

I've decided I'm not a fan of the area, as with any new development area it's kind of out in the sticks and would rather be closer into the city. I'm thinking about selling but not sure if it's a smart idea or not considering the neighborhood is still in development. I feel like the housing market here in Dallas is incredibly hot and a sellers market at the moment and don't want to waste an opportunity if I really have this much equity in my house this fast.. 

Just for the hell of it, I had a call with opendoor.com just to see if these numbers are even accurate and have a preliminary offer of $430k on my house.. waiting on the final offer.

I guess my question here is.. is selling a house in a new development area like this advisable? With this much equity, I could buy two houses.. one for myself, and another as an investment property so that I could start my real estate investment endeavors. Are these numbers even realistic? 

Thanks for your help.

Most Popular Reply

User Stats

206
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David Ginn
  • Real Estate Consultant
  • Houston, TX
944
Votes |
206
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David Ginn
  • Real Estate Consultant
  • Houston, TX
Replied

So for you @Kenny Riley is, sell it quickly, don't sell it to open door. list it on the market and get your highest dollar, flip it and make your money be out on the other side. That's what you do, sell your house now. you're in a bubble at the top of the market, pull to a cash position, and then flip or land as the market goes down.
That's my advice to you.
Make it a great day!

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