The housing market

[My94GT]

425k isn’t getting much here in some parts of MD. 500+ for a 2500sq ft house on a .4 acres lot is about the norm pending on area.

We got lucky and found a lot with 2 acres and no HOA but still had to drop our pants to have a 2700sq ft house built on it

 

[Dusten]

It reminds me of a Star Trek episode where the Borg were taking over.

Your ass will be laminated.

I'm mostly pissed about the traffic. I have to drive passed it.

 

[OETKB]

I'm mostly pissed about the traffic. I have to drive passed it.

All the folks moving to my zip code don't speak... or drive... in English. Hindi and Mandarin, I think.

 

[LEXiiON]

425k isn’t getting much here in some parts of MD. 500+ for a 2500sq ft house on a .4 acres lot is about the norm pending on area.

We got lucky and found a lot with 2 acres and no HOA but still had to drop our pants to have a 2700sq ft house built on it

$425k doesn't buy you much here, either. I just got my new construction 1776sq ft Ranch on a 6500 sq ft lot with HOA for $427k in Dacono. Seriously??
At least oversized Garage. But then, it is crazy. Nothing decent here under $500k unless you want to be close to Kansas.
I'm not planning on selling anytime soon, if I die in there, I'm ok with that. At least by the time I retire it will be paid off.
I had to buy 3 houses in the last 4 years, I am so done with it. At least I don't have a crazy (now Ex) wife anymore.

LEXiiON

 

[Gravik]

Same boat here.

Median home price in my area has jumped to ~$300,000. Meanwhile the county over is ~$200,000.

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[nickf2005]

Same boat here.

Median home price in my area has jumped to ~$300,000. Meanwhile the county over is ~$200,000.

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This got me interested and started looking up my area on Zillow.

Marion County (Indy) as a whole is at $120,000 (Zillow Home Value Index). The "Rich" suburb of Carmel is at $321,000. The town/suburb near us where our kids will go to school is $200,000. All very reasonable when you compare it to some of the areas you guys are talking about. Which, in a way I knew, and that's why we continued our roots in Indiana. We built A LOT of house for a lot less than smaller homes in much of the country.

 

[Dusten]

This got me interested and started looking up my area on Zillow.

Marion County (Indy) as a whole is at $120,000 (Zillow Home Value Index). The "Rich" suburb of Carmel is at $321,000. The town/suburb near us where our kids will go to school is $200,000. All very reasonable when you compare it to some of the areas you guys are talking about. Which, in a way I knew, and that's why we continued our roots in Indiana. We built A LOT of house for a lot less than smaller homes in much of the country.

I didn't know that existed.

Looked it up for my county

 

[nickf2005]

I didn't know that existed.

Looked it up for my county

View attachment 1475071

That's ridiculous. I'm sitting on 7 acres of woods and a 3,600 sq. ft. (+ full basement) house for less than that. Only 20 minutes from downtown Indy to boot.

 

[OETKB]

Beware of Zillow values. They can be hit or miss, and they are forever changing and updating the algorithms. It will not only change your current "Zestimate" but it will change what they say it was worth in the past as well, and on a fairly arbitrary basis.

For cookie cutter houses where there are lots of comps it's probably much closer to accurate, but for that you can look at your own county's tax/real estate records. For more unique properties, which is often the case with properties over 30 years old, your own personal knowledge of the neighborhood and local market, or that of a decent realtor will be more accurate.

 

[Never_Enough]

https://www.zillow.com/research/congressional-district-housing-cost-19026/

 

[VRYALT3R3D]

The housing market here is insane. For a decent detached 2-car garage house, I am looking at around 900-1.1m. It is definitely due for a correction and I will buy once the prices go down.

 

[ZEN357]

I live in WV just 45 minutes from Pittsburgh. Growing up houses were relatively cheap here and so were apartments. You get get a nice house here for easily $85000 or a nice apartment for $500 but since the 2012 fracking boom everyone got greedy and now apartments are $1500 a month and an $85000 is now like $180000. Is nuts. I wish the frackers would leave. they are making a mess of our area.

 

[nickf2005]

Beware of Zillow values. They can be hit or miss, and they are forever changing and updating the algorithms. It will not only change your current "Zestimate" but it will change what they say it was worth in the past as well, and on a fairly arbitrary basis.

For cookie cutter houses where there are lots of comps it's probably much closer to accurate, but for that you can look at your own county's tax/real estate records. For more unique properties, which is often the case with properties over 30 years old, your own personal knowledge of the neighborhood and local market, or that of a decent realtor will be more accurate.

This may not be value, but it's asking price. So, final selling price would probably be a little lower, but it follows a very similar trend/value as what Zillow is estimating.

https://www.realtor.com/local/Indianapolis_IN

https://www.realtor.com/local/Carmel_IN

https://www.realtor.com/local/New-Palestine_IN

 

[Dusten]

There's some good variances here. This is all within a normal commute from me

 

[RDJ]

.

 

[tistan]

.

For anyone who needs to cheat zillow because their zestimate is low, you can bump up the sqft of your home and bs the finishes. Since Zillow claims their zestimate shouldn't be used for pricing and courts have agreed, then I don't see how you can get in trouble for false advertising. As long as your MLS listing is accurate, most people will only look at the zestimate and not notice the sqft is wrong. You have to change your sqft a month before you put it on market. Zillow takes 2-4 weeks to update the zestimate.

 

[RDJ]

yeah zillow is crap and usually wrong in my experience

For anyone who needs to cheat zillow because their zestimate is low, you can bump up the sqft of your home and bs the finishes. Since Zillow claims their zestimate shouldn't be used for pricing and courts have agreed, then I don't see how you can get in trouble for false advertising. As long as your MLS listing is accurate, most people will only look at the zestimate and not notice the sqft is wrong. You have to change your sqft a month before you put it on market. Zillow takes 2-4 weeks to update the zestimate.

 

[DriftwoodSVT]

yeah zillow is crap and usually wrong in my experience

Yep, Zillow is pure garbage.

 

[Dusten]

For anyone who needs to cheat zillow because their zestimate is low, you can bump up the sqft of your home and bs the finishes. Since Zillow claims their zestimate shouldn't be used for pricing and courts have agreed, then I don't see how you can get in trouble for false advertising. As long as your MLS listing is accurate, most people will only look at the zestimate and not notice the sqft is wrong. You have to change your sqft a month before you put it on market. Zillow takes 2-4 weeks to update the zestimate.

With all the resources that exist, why go through the effort?

I've bounced redfin realtor and zillow to get an idea. But in the end I trust my agent.

 

[Serpent]

I hear Seattle is a traffic nightmare (roommate moved there, visits us 2-3 times a year). Worse than any where in the SF Bay Area.
That and constant rain, no thanks.