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The Housing Market - Boomers need to understand that they've waited too long
Posted on 5/31/25 at 9:13 am
Posted on 5/31/25 at 9:13 am
This is anecdotal observation in Ellick.
Tons of houses with fantastic curb appeal that haven't been updated since 1970. Owners are in their 70s/80s/dead and themselves or the estate are trying to get upwards of $300k in an area with a dead job market, rising crime, and brain drain. To add on, in some cases they bought the house for less than 100k a few decades prior. These houses can sit for 6-12 months before they are eventually dropped to what they are worth.
A few examples:
LINK
LINK
LINK
Obviously you can find some homes with updated layouts and reasonable pricing, but they sell pretty quick.
Is anyone else noticing this in their area?
Tons of houses with fantastic curb appeal that haven't been updated since 1970. Owners are in their 70s/80s/dead and themselves or the estate are trying to get upwards of $300k in an area with a dead job market, rising crime, and brain drain. To add on, in some cases they bought the house for less than 100k a few decades prior. These houses can sit for 6-12 months before they are eventually dropped to what they are worth.
A few examples:
LINK
LINK
LINK
Obviously you can find some homes with updated layouts and reasonable pricing, but they sell pretty quick.
Is anyone else noticing this in their area?
29
Posted on 5/31/25 at 9:18 am to Odysseus32
Average age of a baby boomer is 70. Average life span is 78.
Real estate is going to get wild in about eight years.
Real estate is going to get wild in about eight years.
Posted on 5/31/25 at 9:20 am to Odysseus32
OK that second one is a joke, right? The price per sqft is low but you would think they would get the picture after 431 days on the market.
This post was edited on 5/31/25 at 9:25 am
Posted on 5/31/25 at 9:21 am to Odysseus32
The ones you linked are $122, $85, $96 /sf. That's dirt cheap where I'm from.
Posted on 5/31/25 at 9:21 am to Tigerlaff
We thought so too.
We were flabbergasted so we did some digging, and I'm not going to doxx anyone on here, but you can have quite a laugh if you dig into this property history/family etc.
We were flabbergasted so we did some digging, and I'm not going to doxx anyone on here, but you can have quite a laugh if you dig into this property history/family etc.
Posted on 5/31/25 at 9:21 am to Odysseus32
Two of these homes are enormous. $85/ft isn't exactly being stingy. The second one would be very cool with a full-home remodel. Call HGTV lol
This post was edited on 5/31/25 at 9:23 am
Posted on 5/31/25 at 9:22 am to MRTigerFan
quote:
The ones you linked are $122, $85, $96 /sf. That's dirt cheap where I'm from.
Okay?
It's not dirt cheap for Ellick.
Posted on 5/31/25 at 9:22 am to Odysseus32
quote:
This is anecdotal observation in Ellick.
Your anecdote is likely more an issue of real estate in places where nobody really wants to live anymore than anything else.
Posted on 5/31/25 at 9:23 am to HouseMom
quote:
Two of these homes are enormous. $85/ft isn't exactly being stingy. The first one would be awesome with a full-home remodel. Call HGTV lol
But it's not $85/square foot when you take into account updates. You have to go in to some of these houses tacking another $50k onto the total price.
Posted on 5/31/25 at 9:24 am to Odysseus32
quote:
You have to go in to some of these houses tacking another $50k onto the total price.
So you will only update the kitchen?
$50K isnt remodeling a 2500+ sq ft house.
Posted on 5/31/25 at 9:24 am to Odysseus32
Housing market in Ohio is still booming. They are selling high, above asking, and within a day or 2
Posted on 5/31/25 at 9:24 am to Odysseus32
Am I the only one who thinks the whole identifying people by their generation is annoying?
And most people don't even know the age range for the generation, There are people who still call Gen Z "millennials".
And most people don't even know the age range for the generation, There are people who still call Gen Z "millennials".
Posted on 5/31/25 at 9:24 am to stout
Even more reason to laugh these prices in the face.
Posted on 5/31/25 at 9:25 am to OweO
quote:
Am I the only one who thinks the whole identifying people by their generation is annoying?
Yes. You're the only one.
Posted on 5/31/25 at 9:26 am to Odysseus32
quote:
Okay?
It's not dirt cheap for Ellick.
Are the examples you posted overpriced or is this after they've sat on the market and dropped? What do you consider a reasonable price per SF in Alexandria, LA?
Posted on 5/31/25 at 9:27 am to Odysseus32
quote:
Yes. You're the only one.
I figured I was the only smart person around here
Posted on 5/31/25 at 9:27 am to Odysseus32
quote:
You have to go in to some of these houses tacking another $50k onto the total price.
50k in updates? Maybe triple that and you might get somewhere
Posted on 5/31/25 at 9:30 am to Odysseus32
The way to fix everything in this country is for Boomers to die off. Housing fixed, old workforce hanging on and no upward growth for the next generation, only generation still watching and voting based on fake news.
Amazing that we went from the greatest generation to the shittiest in a few years.
Amazing that we went from the greatest generation to the shittiest in a few years.
Posted on 5/31/25 at 9:31 am to MRTigerFan
quote:
Are the examples you posted overpriced or is this after they've sat on the market and dropped? What do you consider a reasonable price per SF in Alexandria, LA?
They've sat on the market and dropped and they're still overpriced.
I consider ~$105/sq foot to be reasonable in Alexandria. The issue is that for one of these homes sitting at 485, needing another 100-150 in upgrades rise quickly to way above that #. Same for the 450. Add on 200 and you're out of your mind. That is an okay area, though, and likely will be for the foreseeable future.
Especially when, if you know that area, you know there is creep right across Heyman Lane.
This post was edited on 5/31/25 at 9:34 am
Posted on 5/31/25 at 9:37 am to Odysseus32
It’s probably people dying and their money grubbing relatives have to get their hands on money instead of keeping family land or family houses.
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