Has anyone else paid attention to Housing prices? Wow

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Dartswinger70 said:
Live up in Oley but grew up in Pottstown. Know Sanatoga real well or at least I did, don't get down that way much any more . I know what you mean I know folks in NY who sold and relocated to North Carolina. They bought a mansion for what an 1100 sq foot house costs here. well lets say twice as much house anyway :)
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Sanatoga has been built up over the years. She went to Pottsgrove high school. Did you attend Pottstown high?
 
We literally just now signed the counter offer paperwork for a house we're buying. A brick walkout on two acres across the street from a 50 acre lake. House has three car garage attached with a 40x30 brick detached. House was a private sell and we did very well with the price. Our house, the neighborhood is selling in one day, and usually 10-15% more than asking price. We bought our current house 31 years ago for 95k, and relator said we'll ask 275k, and will sell in a day or two with multiple offers. The market is hot, available houses for sale is low.
Now the house we just bought we could pay for it, but with money so cheap why would we. Plus for the first time in years we can get a tax refund instead of paying...win win!!
 
I don't understand, at all, what is driving it. Here we are the "closed covid" economy, many people are in trouble from that and are or had been out of work or reduced work or at least greatly increased expenses related to. and yet housing goes up. Part of it I guess is that maybe construction was slowed for awhile
 
The price of your house (or anything else for that matter) did NOT go up. What happened is the value of your money went DOWN. It’s the hidden tax of inflation. If your dollar was still worth a dollar (like it was in most every year before 1913...and at times a dollar was worth more than a dollar) your house prices would be in the 30-40k range. Probably less if it was actually scaled.

Right now, the Federal Reserve Notes claimed to be “dollars” have an actual value of less than two cents. It might be less than two cents now. I have not checked lately.

The untold TRILLIONS of dollars dumped into the system have not yet even begun to do their work of inflation. Pretty soon, you’ll need a wheel barrow full of dollars to buy a loaf of bread. If we are lucky.
 
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WE have so many people that are NOT out of work, and those are the ones making big salaries with stable jobs. Those are the buyers. Interest is SO low, people will ask NOT what that home is worth, but what are the mo.payment!
 
I dunno It feels like 07-08 to me, it can crash overnight. People lose jobs then the house is shortly after. I don't trust it it doesn't seem real.
 
As I mentioned earlier, the rich will get richer because they can afford a "temporary loss " whereas the middle class cannot and go belly up. While the rich vultures are circling to strip the carcass. Amazon?? Think hes suffered? EVERYONE promotes buy local....but is it happening?
Me and Lori are middle class at best, but my job is 100% secure thankfully.
barbee6043 said:
WE have so many people that are NOT out of work, and those are the ones making big salaries with stable jobs. Those are the buyers. Interest is SO low, people will ask NOT what that home is worth, but what are the mo.payment!
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I am not sure if the subject correlates to the home prices, but due to the economy and the potential for downturn, Bill Gates dumped so much money into farm land that he is now the largest owner of farm land. That seems to me to indicate the direction of home & land prices are the safe bet right now for those with wealth.

Do you guys think that property taxes will go increase in response?
 
Corporate rental properties.

We bought a fixer upper for a rental in 2015 for 77K

Zillow says the average value in that neighborhood is now 177K.

There is one currently listed for 233K

In 2015, there were 5 other sales, 2 to flippers, 3 to huge leasing conglomerates.

These are 1100 sf block houses on less than .25 acre.
 
mopowers said:
We're in a similar boat - albeit on the opposite side of the country. We're looking to get out of the suburbs and buy a place with room to build a shop and get away from neighbors. The good thing is our current house would sell in a week and bring good money. The bad news is any place we would want to buy would cost even more (we're looking at a 50% increase). At least rates are still low, I guess. At some point, we stopped worrying about a 'bubble' knowing that we'll be at whatever house we buy for a loooong time.

How old are you, anyway? The fiance and I are both 38.
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50 years young. My move is based on a situation out of my control... I am pretty neutral about when,if, and how....If the government wants to continue stroking checks I see no end in sight. Let the tits run dry for people and then maybe the crash. I was just wondering if it's me that thinks they are all nuts right now lol.....

JW
 
We planned on helping my son in Denver get a house. They have risen dramatically and we evenhelping cannot make it happen. Even a house 3/2 is at400k
 
Interest rates are already starting to creep up.
Pricing of homes is going up due to two reasons, in my opinion.
Labor is very difficult to find.
Material costs have increased by 40-100%.

Just those two factors are driving the prices of homes up. I know there are other factors but those are the two biggest items.

This lock down has caused the material increase. The companies that make the products had their labor force's cut in half or even worse and they can't keep up with demand. so instead of keeping up with demand, they raise the prices so that less people buy the products but the corporation still makes the same profits, or close to them anyway.

Where I am at there are no extra homes. We have not had an influx that caused an excess of homes. Literally every nook and cranny has a person in it already.

I sold a spec home in june 2020. It is being purchased by another party already. The price has increased and the folks that purchased from me are selling the home for more in less than a year.

I believe this bubble will pop. However I hope I am wrong.
 
OTOH, I noticed for the first time in a few years that a nearby house for sale in our neighborhood actually sold for less than the initial asking price.

Granted it was priced way over, but they had to come down almost 50K to get an offer.

From 330K to 282K.

The next previous sale was 165K in 2013.
 
Where are rich people going to safely put their money? Stock Market? What a joke with Democrats in power, inflation will be ridiculous. Economy will go down the tubes. Business's going bust. Why do land and gold costs skyrocket every time those crooks get in power? They are stupid about money, or worse. Inflation is just a way to steal from the industrious and rich, can you say "redistribution"?
 
If you bought a home back when prices were "sane" and you are ready to sell and move on, maybe it's best to keep that house and rent it. Where else could you put your cash and earn a good return anyway?!......stock market, banks? I see nothing that tempts me, with either meager returns or straight-up scary crazy high valuations (stock market). I see NOTHING appealing to invest in now.
 
401K

That’s where I have been dumping all of my paychecks

However I can’t afford another 2008 at my age

I do want to buy the acre of land that just went up for sale next to my existing house / acre of land

But she decided to go with a realtor instead of taking my cash offers the last 15 years

She couldn’t make up her damn mind back then and now of course the realtor made up her mind for her by overpricing it by $20,000
 
bee1971 said:
401K

That’s where I have been dumping all of my paychecks

However I can’t afford another 2008 at my age

I do want to buy the acre of land that just went up for sale next to my existing house / acre of land

But she decided to go with a realtor instead of taking my cash offers the last 15 years

She couldn’t make up her damn mind back then and now of course the realtor made up her mind for her by overpricing it by $20,000
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that sucks

i got a story like that


the house to the south of me has a nice polebarn on it
but, it is on on their south side as well

so there is one house in between me and the barn

because of local regulations, you can not have a barn on a plot of land without a domicile, unless you own the adjacent plot of land and have a domicile on there

as i result, i could not buy the barn, and what is even worse, it got sold to some people from illinois who are not the kind of people you want as neighbors


im kinda hoping that in time, i might be able to buy the house of the old lady across the street
it has a detached three stall garage, but comes with a whole nother can of worms

if i understand it correctly, she is part of on of the 5 richest families in town but she is not on speaking terms with most of them
they do send one of their employees from the marina to clean her driveway when it snows, but that seems to be about it

long story short, her house is registered to a trust, so i dont even know if she could sell it to me, even if she wanted
 
cudavert said:
If you bought a home back when prices were "sane" and you are ready to sell and move on, maybe it's best to keep that house and rent it. Where else could you put your cash and earn a good return anyway?!......stock market, banks? I see nothing that tempts me, with either meager returns or straight-up scary crazy high valuations (stock market). I see NOTHING appealing to invest in now.
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I agree. I sold property in Mo. 2 yrs ago and I have not the guts to put it in any investment at age 73. So it sits.
 
My experience with people and R/E is they will always want to price it over (orway over) the market.... afraid to not get every friggin $ it might bring.
 
barbee6043 said:
My experience with people and R/E is they will always want to price it over (orway over) the market.... afraid to not get every friggin $ it might bring.
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If you are selling, don’t you want to get the most you can too?

I sure as hell do!

I’m not a charity, I want to get what it is worth...every penny.
 
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