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re: Let’s discuss the housing market
Posted on 4/28/21 at 10:55 pm to GeorgeTheGreek
Posted on 4/28/21 at 10:55 pm to GeorgeTheGreek
quote:
which means few new builds/inventory
I've had 3 houses within a mile go up. I bet two of them are over 400k and one close to a mil. Like I said, I bought mine just 5 years ago for 144. Of course mine is 20 years older, but damn!!
This roof guy was working the other night at 9 w head lamp, so took a pic next day.
2
Posted on 4/28/21 at 10:59 pm to PorkSammich
Bout to list my house for 575k and see if it sells. 
Posted on 4/28/21 at 11:00 pm to momentoftruth87
Recently moved to Idaho. I lost track but I think we lost 16 offers in a 3 month span of bidding on houses. Majority we lost to were cash offers. Few others they bid $25K + over asking. Was crazy.
Finally found one in March that took our offer and I know it took forever to get an appraiser out.
Finally found one in March that took our offer and I know it took forever to get an appraiser out.
Posted on 4/28/21 at 11:02 pm to olemc999
Definitely a bubble.
Don't forget to factor in people not selling because they don't see value in selling, and buying local. Yeah it's a good deal for migrants from CA, etc, but not really for people wanting to stay nearby. Unless willing to put stuff in storage, rent, and wait for the bubble to bust.
Don't forget to factor in people not selling because they don't see value in selling, and buying local. Yeah it's a good deal for migrants from CA, etc, but not really for people wanting to stay nearby. Unless willing to put stuff in storage, rent, and wait for the bubble to bust.
Posted on 4/28/21 at 11:08 pm to TerryDawg03
I heard a real estate guy say that 1/5 of all single family home sales are not residents aka family offices, PE etc are buying in big volume. Come to think of it I'll check our volumes to see if it's anywhere near that.
This post was edited on 4/28/21 at 11:09 pm
Posted on 4/28/21 at 11:08 pm to olemc999
Just sold my folks house. It was on the market for 5 and a half hours. Built in 1962 with 1721 living area. Had 3 offers and we sold it for 11K over the asking price. Couldn't believe it. Unreal how expensive the old houses are but more so on how expensive it is to build an new one!
Posted on 4/28/21 at 11:24 pm to goldenturbo
quote:
That sounds like a little slice of heaven
Would have been perfect, but the house was gonna be unlivable soon. They didn't ventilate the crawl space well enough and ground moisture destroyed it.
Posted on 4/28/21 at 11:25 pm to ItalianTiger
I'm living in my parents house built in 1977, 1900 Sq ft. Cost $45k then, appraised at $325k free & clear. No HOA in my neighborhood and everyone keeps houses maintained. I like Sugar Land and probably will renovate instead of selling and sell when I get too old to live by myself and let the proceeds take care of me. The house across the street is going up for sale so I'm watching closely in case I change my mind.
This post was edited on 4/28/21 at 11:26 pm
Posted on 4/28/21 at 11:31 pm to TerryDawg03
quote:
-price of lumber on the cost side
-insanely low interest rates boosting demand
-insufficient inventory due to slow permitting for new construction in the years following the financial crisis
-pent up demand from previously unqualified or cautious buyers after the financial crisis
-some fear of rates going up
This pretty much covers it. It's not a bubble in the sense that the pre-great-financial crisis housing bubble was a bubble. Just look at rents - if you want to rent a house, it's the same or even more expensive than making the mortgage payments if you own it.
There really is a shortage - the pandemic has changed the view of many citizens on their residential situation. They are opting to live further out from cities, to upsize and to invest in amenities.
Even if rates went up a full point, they would still be vastly historically cheap. I wouldn't waste any time trying to call the top here - this could go on for quite some time. And there really isn't any fundamental reason prices have to go lower - which wasn't the case in 2006.
Posted on 4/28/21 at 11:34 pm to wutangfinancial
quote:That's on the lower end of the market, though, and it sounds high.
I heard a real estate guy say that 1/5 of all single family home sales are not residents aka family offices, PE etc are buying in big volume. Come to think of it I'll check our volumes to see if it's anywhere near that.
Posted on 4/28/21 at 11:40 pm to auggie
quote:This is a reason to get an inspection. I was talking about yankee basement homes. But even then a good inspector is needed.
If you are willing to crawl around under the house and check everything out, then you can save some money. I had an inspector save my arse a few years ago, and the 500 bucks I paid him was well spent. I had found this beautiful cabin on a big chunk of land near Cornersville Tn. up near the top of a little mountain, some nice pasture with new fencing, a newish barn, I was set on buying it, and the deal was coming together great, but I got the inspector in there, and he found rot all up under the floors.
I was more talking about getting a home in this market almost requires you to gamble more and do your own inspection.
Posted on 4/28/21 at 11:46 pm to 18handicap
I would watch the neighbor. You may not get that kind of money again. Sell & use cash and buy a livable fixer upper to live in. Or a rural home with acreage they are very reasonable.
This post was edited on 4/28/21 at 11:47 pm
Posted on 4/28/21 at 11:49 pm to olemc999
quote:
What is going on?
Building a home is too expensive right now
A house with my floor plan in my neighborhood with no updates in 20 years just sold a couple weeks ago for 40% more than I paid for my home 3 years ago. I’ve seen houses that were built for $200-250k in the 90s going for $100k over listing price in the $800k range. The current market just isn’t sustainable. Sure, it’s a great market to sell, but where exactly are you supposed to find a new home to buy if you sell? Our neighbors who just had an unexpected kid (they already had 4) can’t find a home anywhere. They keep getting outbid. It’s insane.
This post was edited on 4/28/21 at 11:55 pm
Posted on 4/28/21 at 11:56 pm to momentoftruth87
Few =\= none.
Posted on 4/29/21 at 12:42 am to lsufball19
[quote]The current market just isn’t sustainable.
That’s what they were saying about $150k west coast homes 40 years ago.that are now a million plus.
That’s what they were saying about $150k west coast homes 40 years ago.that are now a million plus.
Posted on 4/29/21 at 12:45 am to EA6B
quote:
That’s what they were saying about $150k west coast homes 40 years ago.that are now a million plus.
I don’t live in Silicon Valley. The housing market is nuts everywhere right now. Everywhere isn’t having an economic boom like the west coast did.
Posted on 4/29/21 at 5:28 am to olemc999
Low interest rates plus multiple stimulus payments.
Posted on 4/29/21 at 5:50 am to olemc999
quote:
by olemc999
Yeah I know that’s part of it. I know a guy that said that some people are having houses framed in steel because it’s cheaper than lumber. That’s absolutely amazing to me.
And now steel is going up too
Posted on 4/29/21 at 6:05 am to JCdawg
quote:
People fleeing New York and California.
Prices are way up there, too
Posted on 4/29/21 at 6:20 am to olemc999
we bought a house and close next week
when we were looking, not a thing anywhere that we wanted. out realtor even said she was practically knocking on doors to see if people wanted to sell their house. I thought she was kidding.
but I will say, the past few weeks I have noticed tons more for sale signs around town.
the next couple months could be interesting
when we were looking, not a thing anywhere that we wanted. out realtor even said she was practically knocking on doors to see if people wanted to sell their house. I thought she was kidding.
but I will say, the past few weeks I have noticed tons more for sale signs around town.
the next couple months could be interesting
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