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Message
This crazy real estate market
Posted on 1/13/22 at 7:04 pm
Posted on 1/13/22 at 7:04 pm
Before I could get house listed in ATL suburbs had an offer at asking price and no closing costs after a 20 minute walk through. Asking price was 60% above appraisal 2 years ago and 110% above 10 years ago.
First time homeowner/buyer getting a loan at 3.1% for 30 years on 420k with 10% down.
Moving back to my hometown (more rural area) and wanted to downsize or rent for a while. Not a single home on market under $250k (that isn’t under contract).
Some point..this has to crack.
First time homeowner/buyer getting a loan at 3.1% for 30 years on 420k with 10% down.
Moving back to my hometown (more rural area) and wanted to downsize or rent for a while. Not a single home on market under $250k (that isn’t under contract).
Some point..this has to crack.
26
Posted on 1/13/22 at 7:06 pm to RealDawg
quote:
Some point..this has to crack.
Not when the guberment keeps printing money. The dollar ain’t worth shite nowadays. It will be like the peso soon.
Posted on 1/13/22 at 7:06 pm to RealDawg
quote:
Some point..this has to crack.
It will at some point, but we've been hearing this for quite a long while now.
Interest rates will rise, and it will eventually cool down.
Posted on 1/13/22 at 7:10 pm to notiger1997
quote:
Interest rates will rise, and it will eventually cool down.
Remember bank pushing me to refinance 12 years ago saying rates gonna go crazy…never happened. At the time had a rate tied to Libor. Would have saved close to $70k had I not moved.
Posted on 1/13/22 at 7:13 pm to RealDawg
quote:
Some point..this has to crack.
this board has been saying real state would crash since 2016, ignore everything you hear here
Posted on 1/13/22 at 7:15 pm to RealDawg
Just sold our rental house. 100k more than what it was purchased for in 2018. 20k over asking price.
Had 9 offers the day we listed it as coming soon.
Had 9 offers the day we listed it as coming soon.
Posted on 1/13/22 at 7:19 pm to BoogaBear
quote:
Just sold our rental house. 100k more than what it was purchased for in 2018. 20k over asking price.
This kills me. We sold our rental in 2018 and broke even. We considered it a win because we had been nailed by the 2008 housing crisis (the year we bought the house).
I know Zillow isn’t the best for estimates, but it used to say $175k for that house when I owned it. Now Zillow says $310k.
We almost held onto it thinking if we held it for five more years, we could sell for a little profit. Didn’t want to risk the maintenance costs eating at our savings.
Posted on 1/13/22 at 7:22 pm to StringedInstruments
quote:
This kills me. We sold our rental in 2018 and broke even. We considered it a win because we had been nailed by the 2008 housing crisis (the year we bought the house).
Are you really "nailed" if you didn't sell it till later. Isn't that like talking about unrealized capital gains or unrealized losses in the stock market?
Posted on 1/13/22 at 7:23 pm to RealDawg
Zillow has our house at 30% over what we bought it for last year. I thought that was BS until my neighbor just sold her house. Our house is bigger and more up to date but without a pool. Based on her sale price I think the 30% may be a little low.
This post was edited on 1/13/22 at 7:24 pm
Posted on 1/13/22 at 7:26 pm to RealDawg
A market acting predictably during a period of high demand isn’t ‘crazy’.
Our dumbed down society only knows how to describe things as ‘crazy!’ or ‘insane!’
Our dumbed down society only knows how to describe things as ‘crazy!’ or ‘insane!’
This post was edited on 1/13/22 at 7:30 pm
Posted on 1/13/22 at 7:27 pm to BearsFan
quote:
Are you really "nailed" if you didn't sell it till later. Isn't that like talking about unrealized capital gains or unrealized losses in the stock market?
Sort of. I mean, when I say “broke even,” I mean we bought in 2008 for $179k and sold in 2018 for $179k. Sure we had some equity in the home, but we replaced two A/C units, a garage door opener, a section of gutters, water heater, dishwasher. Some other things I can’t remember. I can’t say we really had a profit.
And by nailed, I mean the drop in home value limited our life decisions. We wanted to move three years later, and our house was getting offers for $150k at the most. Realtors said that was the reality of the market at the time. So we gave up some opportunities because we didn’t want to write a check to sell our house.
Posted on 1/13/22 at 7:33 pm to RealDawg
When it does fail we will hear the whining from the banks who are going to be holding the notes in these overpriced properties.
Too big to fail all over again.
Too big to fail all over again.
Posted on 1/13/22 at 7:34 pm to StringedInstruments
Moved into our house in January of 2020. Could list it right now for 60 thousand more than we paid and have it sold within a week.
Posted on 1/13/22 at 7:34 pm to rocket31
quote:
this board has been saying real state would crash since 2016, ignore everything you hear here
This board also predicted the 2008 crash years ahead of time. Saved me a lot of pain.
Posted on 1/13/22 at 7:39 pm to SlowFlowPro
quote:
This board also predicted the 2008 crash years ahead of time. Saved me a lot of pain.
And most folks had probably been predicting the crash for four years in a row before 2008.
Posted on 1/13/22 at 7:40 pm to weagle99
quote:
A market acting predictably during a period of high demand isn’t ‘crazy’. Our dumbed down society only knows how to describe things as ‘crazy!’ or ‘insane!’
Predictably? Find me where it was forecast that said housing prices will double in two years.
I get the economic and supply factors involved but this level of short term increase hasn’t happened in 30 years of indexing.
Posted on 1/13/22 at 7:42 pm to BoogaBear
How much was spent on property tax and maintenance in that time frame?
Posted on 1/13/22 at 7:43 pm to notiger1997
quote:
And most folks had probably been predicting the crash for four years in a row before 2008.
Think there was around 13 years of steady increase prior to that. In retrospect that decline recovered quite fast.
Gonna pocket my cash and sit tight for a while. Wish I had held a small house I sold a while back.
This post was edited on 1/13/22 at 7:52 pm
Posted on 1/13/22 at 7:50 pm to RealDawg
quote:
Some point..this has to crack.
The market can stay irrational longer than you can stay solvent. Especially when being pumped with trillions of fake money.
Posted on 1/13/22 at 7:52 pm to notiger1997
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