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State of housing costs in the US. Where does it end?
- Thread starter dntsdad
- Start date
FleshEater
Ordinary Average Guy
Last few posts make me feel good about $1,068 escrowed for 3,000 sq. ft. house on 20 acres. 
when we vacationed in Vancouver back in 2016, they were saying the Chinese were buying up everything, then moving their families over and the canadians just let as many chinese in as they wanted. Said it was really unaffordable back then, i cant imagine 8 years later.
Are a lot of you still seeing homes selling at stupid high prices? Low inventory?
I live in an anomalous shit hole so my view of the markets are very skewed. We’re seeing houses sit for months. Taking big price drops. But inventory is still low because people aren’t getting out of their low interest loans which is what I would do if I had one still.
I live in an anomalous shit hole so my view of the markets are very skewed. We’re seeing houses sit for months. Taking big price drops. But inventory is still low because people aren’t getting out of their low interest loans which is what I would do if I had one still.
Motorcharge
Unregistered User
Patton was adamant that we fought the wrong people in WWII and that the Soviets were going to be our real enemy. He planned on going to Congress and the press about it after he go back to the States but was killed before that ever happened. The world would probably look awfully different today had we listened to him after Berlin fell and gone after the Russians.
FleshEater
Ordinary Average Guy
Inventory is low and I’m seeing super nice houses just sit for weeks now.
We have a couple homes in our school district listed for $1.1 million to $2.5 million. But they’re all on 150+ acres.
Wheelerfreak
Stunningly Average
One of my neighbors died last month and his wife put up their house for sale a couple of weeks ago, its already got an offer pending inspection. So imo it sold pretty damn quick. This is in northern NM.
I’ve seen several bare properties in the area sell pretty quick for prices that I feel are too high, like 7-10k an acre
Not really. Stuff at "reasonable" prices are still selling. The guys who bought all the townhouses in 2022 to flip after 2 years are having a bad time.
There are still million dollar houses selling because it would cost $2 mil to build the same house today.
In 2019, a townhouse was $200kish. 2021-22, same house was $350k+, Now its breaking down below $300k. With that being said, We didn't have a wild swing in housing values over 2008. Things generally stayed the same.
FleshEater
Ordinary Average Guy
This market is currently making the value of houses and property really hard to gauge. Like are we getting to a reasonable point or will desirability take precedence as always?
We bought our home in 2015 for $214,900. 15.685 acres for $54,000. Currently Realtor.com says my house is worth about $468,000. That is still an unheard of mark up over 10 years.
I’m still in the market for a house so I’m on email lists for realtors I was dealing with. Everything that was in my price range gets emailed to me including price drops on stuff I passed when I was looking. I’m getting listings of homes and land on their fifth price drop now.
One comment I've heard frequently is that in many markets, it's higher end houses that are selling, while the lower end of the market is stalled. This makes the average selling price seem higher than it really is, showing a phantom real estate price increase.
Its all location depending. We've got a college, Hospital, good industry, old family farms, and good recreational stuff close by. Our land will never go down. My house has almost doubled in "value" since I bought it.
Just know that 2 ghost threads got bumped by 2 different bots for a reason. I think certain prices aren't going down anytime soon. Hopefully you find something soon.
Motorcharge
Unregistered User
Zillow/Redfin/Realtor.com estimates are all fairly bullshit. They all just take nearby sale pricing and apply it to your property based on sq footage and room count without any other consideration. They're all designed to inflate the price of real estate. Those estimates are just a marketing scam, generally speaking.
Thumping
Well-known member
- Joined
- May 19, 2020
- Member Number
- 255
- Messages
- 1,467
Odd...that's exactly how our property accessor determines "values" of property. Let someone put a stupid price up and an idiot buys it, suddenly your property is worth 2 to 3 times more.
Motorcharge
Unregistered User
I mean that's not surprising either. Why do a real assessment when you can just pull a number from a website with no effort?
Ummduh
Red Skull Member
We recently had our house appraised with a bank and it was pretty much spot-on with Zillow.
And why fight the easy increase to the amount of money you can tax your base?
Thumping
Well-known member
- Joined
- May 19, 2020
- Member Number
- 255
- Messages
- 1,467
And double people's property tax....a win for the county.
You guys with your unrealized gains gotta stay cautiously optimistic.
I’m off the market for now being the guy that bitch Pocahontas is talking about. I am pretty well vested in a collapse of the market. I hear the arguments from the “it’s never going to happen again” guys. I think they’re wrong. If y’all are right, I’m happy for you for making better choices than I did.
FleshEater
Ordinary Average Guy
That’s exactly how appraisals are done, too. So they’re not that far off base. The condition of the house factors in a little bit, but I’ve been seeing old run down dumps on 100 acres or so selling for stupid prices.
[486]
ugh, that guy again?
their calling it unrealized gains is kinda silly when the only reason the number is up is because the currency was inflated
through multiple channels yes, but all those channels lead back to inflation
I don't see long time preference being rewarded ATM
1. I stole my house. Sold a lot of stuff I regret now, but long term it was the best option.
2. I won't sell this house, probably ever. It's small and I like the location.
3. BRING IT ON.
I want another crash to rein in consumer spending, but I'm still thinking we are just going into 2 Great 2 Depression. Everything is just going up.The problem is that there is still money floating around, like yourself. People say they won't spend X on a house, until a nice house for X pops up. If something with a nice shop and more land pops up for sale for the sale price as my house, I and every other mechanic would buy it, regardless of interest rates.
[486]
ugh, that guy again?
but that funny money dries up eventually
Nah, they can just print more.
Projectjunkie
Whatever
I'm seeing some price cuts, longer on market
I'm also in an area that booms then busts when there's a national trend. Farmland gets sold and developers build 1k houses to give the market what they want.
If I'm near those sites on a Saturday I make it a point to look out the window to see if the builders are paying overtime. They aren't, that hit a wall last summer with the interest rate increases. There was Sunday work before that as well
In 2010ish it wasn't uncommon to hit a moving sale/ garage sale of someone trying to unload a 3 year old 300k house for the balance due, or short sale, and the builder was literally building the exact same house 8 doors down for 250k. The people facing foreclosure were pretty vocal about that
I don't know what to tell you, keep stacking down payment money? Maybe look for a fixer upper in your price range? Bonus points for having a decent shop. That alone is something that might be unaffordable to build in the future, but can be used today, so if you buy a house that drops 10k in value, but shop building costs could climb 10k in that same period of time, you're still ahead because you're using it.
A guy that did pretty well in real estate told me, regarding investment property, that on a downward trend, you don't try to buy at the very bottom, you watch the little chart line, and when prices start coming up, you buy
My white privilege is getting excluded from receiving a portion of the printed stream. I just get to pay for the inflation that comes from it.Nah, they can just print more.
Same, Best I can do is offer you a deal on my hi10.
IDK what kind of shop you are building, but the cheapest 30x50 I saw priced was $22k pre-covid. I want something as big as my 50x50, just at my house.
How to do well in real estate or any other thing. Have money when others do not.
Projectjunkie
Whatever
Depending on the outcome of this election, I may feel bold enough to finally express some race and gender issues I've been suppressing
Projectjunkie
Whatever
How to do well in real estate or any other thing. Have money when others do not.
I'm fuckin trying
Main thing i learned from the last time around, is to have buying power/ credit in a bust. I've been getting that inline
Jeffh555
Red Skull Member
Same.
House prices are high here, largely because there's no inventory, especially if you want a decent sized lot. The few new homes that are built are either townhouses, or pretty high density single family homes. People aren't leaving California as fast as the news would lead you to believe. About half the town commutes to Silicon Valley (~45 min), both white collar and blue collar, so there's plenty of demand. If you work in silicon valley and go into the office ~3 days a week, I think this is the ideal place to live.
The house 4 houses down just sold for $1.6M. It is much nicer than my house, but still just a 1700sq ft 3/2 on 8000sq ft lot.