House listed for $1.2M sells for $2.5M
- Thread starter rick64
- Start date
I would love to sell my house right now but the thought of having to go buy (or rent) something else is horrifying.
This is one reason we are headed for a recession house/auto prices have skyrocketed above wage increases to an insane extent
That too - just like you have 12 people bidding on your house if you move likely at least half those people will also bid on the house you are looking for
I'm near Nashville, TN and have same dilemma. Some rich CA prick will cash buy my house for like 80 to 100k more than I paid 1.5 years ago but then where do we move?
The funny thing is there are new houses on the FL panhandle way cheaper than anything within 1 hour of nashville in TN. I'd rather live in FL than here but family is all here and wife won't approve a move. I work 100% remote so it's doable.
My father is rolling over in his grave at the idea of anyone paying more than asking price.
I'm confident that we could sell our house for 50% more than we paid in September 2020, but we like the house and neighborhood and the thought of finding a house and moving again have zero appeal.
I'm confident that we could sell our house for 50% more than we paid in September 2020, but we like the house and neighborhood and the thought of finding a house and moving again have zero appeal.
If it’s doable, cash out and move. Convince the wife the profit is worth it. Women like money.
Prices will continue to soar until legislation gets massive investment companies out of the practice of buying up thousands of homes.
If you listened to Elizabeth Warren, speaking of companies like Blackrock, that’s their goal: they want a nation of renters, that are dependent
I’m selling my house in West Tennessee soon. Couldn’t believe what my realtor said it will fetch. I’m actually gonna drop 70K into it first and redo a few things. It’s a prime neighborhood for this area so I’m just like wow.
We’re actually moving to south Mississippi at the Gulf, housing prices are way better there that I’ve seen. Sometimes things work out, on this it absolutely is.
Its almost like builders didn't know we were expanding the population for the last 20 yrs...
Bought my duplex 3 years ago for $150k. And it's estimated at $220k right now. The "owner" unit is remarkable as far as apartments go. I'm pretty confident I could get $300k for this place.
This is 2006 all over again.. or maybe worse.. 2004 or 2005. Where we still have room to grow the bubble.
This is 2006 all over again.. or maybe worse.. 2004 or 2005. Where we still have room to grow the bubble.
Other than expensive home prices can you compare the similarities and differences?
I mean, people buying homes they can't afford. If a true recession were to hit, where jobs are lost.. there will be a lot of folks defaulting on their loans.
Speaking specifically for 2020 and beyond.. This just ins't sustainable.. IDK how anyone thinks it is. Wages haven't gone up like this spike in home prices. I'm pretty confident that spike is going to have to either drop or level off for quite some time.. But I'm not expert either, so who knows.
Where are you getting that info? And not trying to be argumentative, just generally curious. In 2006 they were actually giving loans out to people who couldn’t afford it, but I haven’t seen anything about that this time around. Overpaying? Yes, I would agree. But about to default because they can’t afford it? Haven’t seen anything on that. I’ve seen reduced inventory, low interest rates, large corporations buying houses, people having money due to not spending on other things over the last 2 years, but I haven’t read anything on banks giving out bad loans.
Speaking from experience, our hurricane,flood, insurance has tripled in the last three years. They have even differentiated flood surge vs flooding so you have to get both a nice little double dip for them on that one and trust me, we have shopped the hell out of insurance companies for relief. Remember these are separate policies written into your homeowners insurance. I’m embarrassed to tell you how much we pay for it all
I might just go ahead, call Tom Selleck, reverse mortgage my house and leave everyone with nothing. Not one damn cent. In fact, I'll probably run up a bunch of debt that i know full well I'll never pay back before I die. It's not like they can come after my spouse or kids. I mean, they can try, but it won't work.
Admittedly, it's just my feelings on it. But what we do know, from the graph above, is that the home prices have sky rocketed, with percentage increases we've never seen (and numbers that dwarf 2007). Just doesn't seem sustainable. Wages haven't gone up, we're teetering on another full on recession. Something has to give. People can't realistically afford these homes.
As for low interest rates.. those are gone. And people having money due to not spending.. not sure about that either. Well, that is to say, they got some (saving, stim checks) but I'm not sure it was a huge difference maker.
Me stop reading after Warren -- paleface Karen speak with forked tongue
I fully expect a “leveling out”, and interest rates going higher by the week will help considerably with that. But a bubble implies things will pop and a 500k home today will be worth 350k next week. There is nothing to indicate that at all. There are lots of unique factors that played into the massive spike, much different than 2006. A house that would sell for 550k now might sell for 535k or just stay at 550k - that’s my prediction - not a bubble that I’m seeing. And, quite frankly, these corporations buying houses for cash as-is is a completely new variable that just might keep prices rising.
Speaking from experience, our hurricane,flood, insurance has tripled in the last three years. They have even differentiated flood surge vs flooding so you have to get both a nice little double dip for them on that one and trust me, we have shopped the hell out of insurance companies for relief. Remember these are separate policies written into your homeowners insurance. I’m embarrassed to tell you how much we pay for it all
Gotcha. I’ve been quoted a few and it didn’t seem too insane but then again, who knows until you know. I think we’re gonna set up in an apartment for the first year just to be able to breathe for a second.
Where about do you live if you don’t mind me asking?
This is what I think as well. Well I’m beginning to anyway, still a little early to tell. But like you said it just doesn’t seem like the 2006 bubble. You’ve got corporations popping up all over the place wanting these cash deals. For what they’re offering - they don’t seem to think this is going away.
A nation of dependent renters has always been the goal. While everyone fights within the two party system, an oligarchy or sorts is what they both want and they’ve have been laying the groundwork for it over the last 40 years.
Wedge issues have always been a red herring. And my father said the dual degree / political science would never pay off. Look at me now.
Housing inventory has been decreasing while at historic lows for 5 years and even before then it was already lower than average. Even with the interest rates going up its not going to slow prices a great deal until both inflation and the supply problems are fixed. I mean we are just now getting back to Clinton-era production (nowhere near the highs of the early 2000s) of new homes after 15 years of below average production. I know the hedge fund buying plays well in the media and on message boards but I doubt it is the driver towards some collapse or grand scheme. More likely its a really safe investment for them given prices aren't likely to slow anytime soon and there is a really stable rental market out there. Hell, home ownership rates have actually been increasing as of late.
We bought a condo in 2015 here in Fort Myers for 88 thousand. Sold it last week. Was asking 325 thousand, got 350 thousand cash. Sold it in one day
We still have our home at Lake Charles LA but we have been wiped off the map the past few years and is a beachfront home. A lot of people didn’t come back after being displaced a few times and we’ve had tremendous population loss because of it. Maybe costal Mississippi isn’t as bad as SW Louisiana and hope it’s not for you for sure
We still have our home at Lake Charles LA but we have been wiped off the map the past few years and is a beachfront home. A lot of people didn’t come back after being displaced a few times and we’ve had tremendous population loss because of it. Maybe costal Mississippi isn’t as bad as SW Louisiana and hope it’s not for you for sure
They’ve definitely had population drops, but with tourism through Biloxi and Gulfport / Gulf shores area I’ve been told it’s definitely better especially since Katrina.
T
Most likely bought by wealthy Chinese real estate investors. The BLM usually sticks to ranch land in Wyoming.
Wait til the bubble breaks and buy these overpriced houses dimes on the dollar. Start watching the foreclosures. If wages don’t go higher than these prices and the economy tanks 1000 won’t be able to pay a home loan and now that interest rates are going up, the devil is on the way.
Interest rates set to go up up 75 basis points and the worst day for the S&P since 2020 (?).. we'll see. But building starts are some of the highest theve been in 20 years. Houses ARE being built and supply chains appear to be healthy again post-covid.
One thing I read that was interesting.. part of the reason for the demand being so high is that millennials are finally having enough money to buy homes. If you're 40 and under, you've already gone through two major recessions and the affects of covid. A lot of our generation is just NOW.. finally.. able to buy a house.
One thing I read that was interesting.. part of the reason for the demand being so high is that millennials are finally having enough money to buy homes. If you're 40 and under, you've already gone through two major recessions and the affects of covid. A lot of our generation is just NOW.. finally.. able to buy a house.
I saw a new Hyundai Palisade listed on AutoTrader.com the other day with a MSRP of $49,000 and the dealerships price was $59,000. Who would have thought a year ago that an automobile would be 10 grand over MSRP?