Hold onto those large appliance boxes. I know it's all the rage now to upsize to a piano box but they don't have the same corner support as those appliance boxes do. You can run with the herd and it may work out for now, but down the road you'll want those reinforced corners.
Crazy Housing Market
- Thread starter 812scottj
- Start date
Blackrock (mainly) and other investors are purchasing every bit of real estate they can get their hands on. They're paying cash. That's why they're just skipping the inspection because it isn't required with a cash deal. It's also why there won't be foreclosures either, because it's a cash deal.
This is an incredibly dangerous artificial alteration to natural market forces. It isn't natural to continually bid well above asking price for anything and everything on the market. Combined with inflation and rise in building costs, it will be literally impossible to buy a home unless you're a top earner.
Congress and/or the ags office needs to investigate this immediately. They can't just allow a giant investment company to buy up much of America. At bare minimum, they need to see exactly what the motive is and who are the investors in this fund that's holding the properties. Of course they can't be bothered to do something actually important so they continue to be on talk shows and have grandstanding hearings about nothing
There are virtually no consumer protections anymore. You "Government is the problem" lunatics have a full blown Corporatocracy on your hands now where Government exists as the primary enabler of corporate thieves fleecing the powerless rubying populace unabated and unchecked. They will do as they will with you and all you possess.
We sold one of our Condos in Fort Myers last month for 10 thousand more than the asking price. Listed it Friday afternoon, had six offers by Saturday night. At our home in the Blue ridge mountains, my neighbor built his place for right around 500 thousand four years ago. Put it on the market yesterday asking 800 grand, and he’ll probably get it.
Yep. That's how I feel. I'm in a situation where it'd make sense to downsize, but to get what I want in an area I want, I'd be looking at paying as much or more for maybe half of the house that I currently own. Only advantage would be rolling all that equity and profit from the sale into new mortgage, giving me significant reduction in monthly payment. Which is certainly awesome, but it's nice having a big house and yard to yourself even if you don't need it. And in this market I feel like you're pretty much guaranteed to have to make some serious concessions and accept a lot of stuff that won't be to your liking just to secure a new house
If you own a home right now and don’t need to move I see no reason why you would even consider moving with all the uncertainty and volatility at the moment. We’re about to start building because we’re outgrowing our home and it’s been very slow going and stressful with regards to trying to establish a price. Would much prefer to have a super low interest rate refinanced home I’m chilling in while everyone is scrambling around me.
I bought a house in 1981 and was happy to assume the owner's loan at 10%. The market rate was 12% at the time.
No doubt. This seems like it would be a great time if you had an extra house to sell and then sit on the cash and wait for the crash.
I would say that’s not a particularly ringing endorsement about the quality of the area you live in.
Son just sold their house near cincinnati for $46k above asking price to an indian from chicago. the following week their next door neighbors house sold their house for $23k over asking price—-to the brother of the indian who bought my son’s house. weird
One of our son's lives in northern Ky and says the market is crazy up there in the Cincinnati area
Well, next time you are in town to see a UK football game, come by my house and I will let you be the judge and then we can walk over together
We don't love our house and my wife is itching to sell it but then what would we do? Rent an apartment? That would be more than our mortgage.
One of my best friends is building his family's dream home right now, so I'm sure he feels your pain. It has caused him incredible stress.
Thankfully, in my own case logic prevailed and we refinanced to a 15 year note at 2.375% a few months ago. Now if I can get her to get some religion on paying extra on the principle, I'll be in high cotton...
Bought my house in ‘78, locked in my rate at 9 1/8% when i applied for the loan. that same week the rate went to 9.5% and kept going up, to as much as 17-18% in some places.
Really feel awful for you guys paying 10% on your $50,000 3 bedroom 2 bath houses in the 80’s.
You’re moving from Evansville, correct? What part of town do (did) you live in? I live on the West Side near USI.
You might have mentioned it earlier in the thread but what was your original purchase price?
My parents were talking to me the other day about their home loan of 11% in 1991, kinda crazy how high interest was back then.
High end/vacation market is being driven up because of the 2 rounds of ppp money and rich people having loads free/fake cash sitting around.
lower end market driven up by stimulus checks, lack of building starts right after pandemic started and lack of “new” supply. Also a glut of movers now that they feel safe.
when the free Govt money for the high and low end dries up the market will level off quickly.
This isn’t anything like 08/09. That was an oversupply of inventory and most demand was driven by speculation.
right now demand is being driven up because it was pent up and the supply is low because there was a quarter where new startups collapsed. And now startups aren’t meeting demand due to fear of the cost of materials.
lower end market driven up by stimulus checks, lack of building starts right after pandemic started and lack of “new” supply. Also a glut of movers now that they feel safe.
when the free Govt money for the high and low end dries up the market will level off quickly.
This isn’t anything like 08/09. That was an oversupply of inventory and most demand was driven by speculation.
right now demand is being driven up because it was pent up and the supply is low because there was a quarter where new startups collapsed. And now startups aren’t meeting demand due to fear of the cost of materials.
Indeed. $15 an hour was a high-paying job then, not a de facto minimum wage as it is now.
I’m on the west side of Evansville in Waterstone subdivision (off of Ford Road). I originally paid $360k
A couple from Washington state just paid almost $800k for a house in my buddies neighborhood in Richmond, they did so sight unseen and their criteria for the move was going to a more conservative state and the wife likes horses so KY fit the bill. A lot of crazy out there.
Wife and I married in 1998. She had locked in a 9.5% rate in 1984. We re-financed in 2002 at 4.6%. At the time, I told loan officer we felt like we'd won the lottery. Paid off early in 2010.
Gotcha. I think there’s a guy I go to church with who lives there. Best wishes at your new job / location.
My parents live in a fairly low cost of living area compared to the national average and a house selling at $126K or less around here is going to be a ******** that needs to be razed. Their house is valued at $175K on Zillow and it’s nothing particularly special.
Some are so bad the realtors don’t even attempt to the bare minimum cleaning for pictures. Like there is literally trash on the floors with broken doors and windows and rotting wood on either the actual house or the porch/deck. One of these houses even had a condemned sign.
The only ones that looked decent and/or not in ******** neighborhoods are tiny, like barely over 800 sq. ft., if even that much.
Thanks, brother!! I’ll miss the area, but a new start sounds nice too.
The average home price in 1981 was 47,000. The average home price today is 286,000. Kinda crazy. Me and my brother were talking about how we don’t really even understand how people live today unless they’re rich. If you make 100k a year, which people used to act was a big deal, and following the rule that you shouldn’t spend more than 2 and 1/2 your salary on a home a person making six figures today couldn’t afford to buy an average priced house.
Really only works once you can add a second income.
But the trade-off is that you're then married lol.
By that rule, I couldn’t afford to buy a house just about anywhere unless I get like one of those abandoned slums in Detroit. But I’m also single so only have the one income.
I’ll just settle for renting then inherit the house I grew up in when my parents die.
We upgraded home/neighborhood in Nashville area in December 2019 and feel so fortunate we got our house when we did, because it has been super crazy since then (no house in our neighborhood actually has any showings; it is sold before it ever officially goes on the market.
Our old house was great (neighborhood just okay). We lived there 13 years, and sold the house for 130k more than we bought it. According to estimates and comps, our new house has already gone up in value 130k in 18 months.
Our old house was great (neighborhood just okay). We lived there 13 years, and sold the house for 130k more than we bought it. According to estimates and comps, our new house has already gone up in value 130k in 18 months.