The housing market

[jpro]

Vegas is like that too. It sucks for many here because Vegas is mostly a blue collar town. They can't afford a home so they rent a two bedroom apartment and move in a family of 5 or more.

I think the market is going to adjust...it has to. Prices are out of control. We bought a house in Wisconsin three years ago and sold it a few months ago for $5k over our asking price. We made out like bandits after only 3 years. Did I mention it was on the market for 1 day? And it was around the holidays too! In a cold climate!

Now we are in Vegas and are locked into a rental home in Green Valley/Henderson until January of next year. I'm thinking of renting instead of buying here. Craftsmanship is garbage, houses are close together, etc. I'm taking a "wait and see" approach. We're not blue collar though, so we have that advantage. We don't have to move a family of 4 into a 1 bedroom apt. (thank God).

 

[04MysticCobra]

I who does 8yr notes? I want a supercab 800a Raptor and that would put it in my range of affordability. Seriously

Many places do 84 month loans including Pen Fed where I just did a 72. I was looking at a new Raptor that had an MSRP of 77K. I only paid 69K for my house back in 1983.....lol. Its just crazy with the Raptor prices.

 

[Mpoitrast87]

Well I bought a house that brought 198k in 2008 for 239k. This is what Zillow says about my area..

The median list price per square foot in Charleston is $193, which is higher than the Charleston Metroaverage of $158. The median price of homes currently listed in Charleston is $383,000 while the median price of homes that sold is $284,400. The median rent price in Charleston is $1,850, which is higher than the Charleston Metro median of $1,550.

I have about 2k square feet, 2 stall garage, county (less taxes) etc. House is already valued around 260k in less then a year of owning it. For it's size/location, it's a 275k-300k house all day with some upgrades and area improvements. So yea.. I feel your pain. Took us a while to even find a house under 250k.

Only reason Id want to go to southern states in a cheaper housing market. If you can find a house under 250k (which is almost impossible) up north itll be under 1000 sq ft and need updates and be on 1/4 acre of land.

 

[jeffh81]

Many places do 84 month loans including Pen Fed where I just did a 72. I was looking at a new Raptor that had an MSRP of 77K. I only paid 69K for my house back in 1983.....lol. Its just crazy with the Raptor prices.

I just want a base supercab and i think they go for 50k which is ridiculous, but the resale on it make it damn near free whenever i got tired of it

 

[Voltwings]

Only reason Id want to go to southern states in a cheaper housing market. If you can find a house under 250k (which is almost impossible) up north itll be under 1000 sq ft and need updates and be on 1/4 acre of land.

Southern states > Everything else. My job moved my wife and me to Oklahoma and we have a 3 car garage, 1850 sqft house in the nicest suburb of OKC (not that that says much haha) and the house was $212k. We're looking to move back to Houston and finding a 3000 sqft home with a 3 car garage for $250k or so is not exactly hard.

I have my own opinions on what needs to happen (or what will happen) to the housing market, but i believe the new tax law capping property tax deductions will be what does it. If i'm not mistaken, in parts of California your payment every month doesnt even touch the principle, it only covers the interest. The thought there being that your home will appreciate faster than the interest ... that cant go on forever.

 

[04MysticCobra]

I just want a base supercab and i think they go for 50k which is ridiculous, but the resale on it make it damn near free whenever i got tired of it

Would love a Raptor too but just can't do it right now. Looking at the Supercrew F150's that are 35-40K with some options I like. Trading up hopefully soon with my Edge.

 

[jeffh81]

Would love a Raptor too but just can't do it right now. Looking at the Supercrew F150's that are 35-40K with some options I like. Trading up hopefully soon with my Edge.

Im hoping to hop into a home by next year and make the move on to a f150 afterwards

 

[tistan]

Everyone in real estate was predicting a slow down this year, but with the economy going like it is and jobs paying more, I can't imagine there will be a slow down. It isn't just homes that are outrageous, raw land is ridiculously expensive now.

 

[Mpoitrast87]

Southern states > Everything else. My job moved my wife and me to Oklahoma and we have a 3 car garage, 1850 sqft house in the nicest suburb of OKC (not that that says much haha) and the house was $212k. We're looking to move back to Houston and finding a 3000 sqft home with a 3 car garage for $250k or so is not exactly hard.

I have my own opinions on what needs to happen (or what will happen) to the housing market, but i believe the new tax law capping property tax deductions will be what does it. If i'm not mistaken, in parts of California your payment every month doesnt even touch the principle, it only covers the interest. The thought there being that your home will appreciate faster than the interest ... that cant go on forever.

Id freakin love that. 3000sq ft and 3 car would easily be $600k where I live.

 

[Troponin]

I haven’t been paying attention to the rest of the country because my area seems to be in a bubble. I live in College Station, which is not far from Houston. Houston has been exploding in population and success since about 2012. As the houses started flying off the market, demand went up. Builders starting building houses so fast and they started quoting some insane numbers about a year ago, like $300/sq ft!! (That was 4,000sq ft and up). Houses in the 2,000sq ft range got up to about $180+/sq ft range, and 3,000-3500sq ft houses were in the $220/sq ft range

Regardless, it’s interesting that the rest of the country is seeing a similar trend. I think the economy having a big boost, employers starting to hire more, bigger bonuses etc, the housing market just naturally picked up too.

Oddly enough, my wife and I are selling our house and we are taking the crazy profit and downsizing to minimize loss. I dont even care anymore. Shit is expensive as hell to fix and there are a LOT of things to fix and take care of. We will be dropping by about 1500sq ft or more. I just want a big shop for our cars and toys, a nice property to shoot guns, and a pool for the wife and kids. Give me a cozy 2500sq ft house that we can make really nice and I’m good from here on.

 

[tones_RS3]

Prices have been going up.
A couple of houses around me are selling well over their value. One 2 doors down sold for about 500k not too long ago.
I would say the area that I am in, the average is about 365K-400k. Maybe a little more.

 

[AustinSN]

Glad you remember what I was just talking about.

My wife is a real estate agent with Redfin and daily deals with the crazy market. She had a client recently who was in a multiple offer situation and lost the bid. She asked the listing agent how much the winning bid was. $40,000 over asking price.

Colorado has been like that for a while now. It does seem to be slowing down though, because of my job I see asking vs sales price on a lot of new properties and it's almost always around $10k over now as opposed to $30k over.

I had a buddy who got out of the military. He put in offers on 13 different houses all way above asking, one even as high as $75,000 over asking and was still outbid.

It's people with huge money that are coming in and buying too. Places around me are pretty much all being rented and the owners paid cash for everything. A large correction in the housing market here would absolutely demolish a lot of those people.

 

[Weather Man]

Zoning/permitting and not enough construction workers.

 

[RDJ]

this kind of thing makes me glad my house is paid for. we probably won't have a crash like the last one because there is little to no subprime mortgages being done anymore. but there will be a correction at some point

 

[CV355]

It's gonna pop soon. It has to.

I'm seeing toothpick-built 1/6 acre mini-McMansions going for $250k where 6 years ago they were $120k. Guess what? They're still $120k houses and yuppies are paying out more than double to squeeze themselves into suburbia.

Outside of the insane levels of bad luck / goetia curses / angry gods / whatever it is I have had lately, I'm really glad we bought our current house in '16. If the housing market crashes, we're fine. If it keeps going up, I'll sell on the upward swing and invest in an insulated shed. When there are cookie-cutter 3bd/2.5bth/1c houses on 1/6 acre going for $250k, and I'm sitting on 5 acres, a pond, 4bd/4bth/3.5c house with 2x6 construction and 50yr shingles...

 

[Troponin]

Zoning/permitting and not enough construction workers.

In our town, there is a building bubble. It’s about to pop and put a LOT of construction guys and builders out of business. Then again, about 1/4 of them or more weren’t in business before the market took off, so its not as big of a hit as it seems. These new builders will all be gone and the well established ones will continue doing business.

 

[tones_RS3]

That's a good point. We have 8 year car loans now so why not?

Glad you remember what I was just talking about.

I who does 8yr notes? I want a supercab 800a Raptor and that would put it in my range of affordability. Seriously

Actually,.......maybe 10 years would be better?!?!? lol

 

[CobraKid04]

Purchased my house on the north side of columbus Ohio in March of 2015 for 375k 3.65 30yr loan. Got it appraised last summer by my realtor to sell at 475k. 100k in 2.5 years is insane.

Unfortunately, any profit made would be put into paying a premium for a new house. So I'll just enjoy the positive equity.

 

[Recon]

Wow, those prices are ridiculous where you guys live.


Pick your poison.

 

[jeffh81]

I haven’t been paying attention to the rest of the country because my area seems to be in a bubble. I live in College Station, which is not far from Houston. Houston has been exploding in population and success since about 2012. As the houses started flying off the market, demand went up. Builders starting building houses so fast and they started quoting some insane numbers about a year ago, like $300/sq ft!! (That was 4,000sq ft and up). Houses in the 2,000sq ft range got up to about $180+/sq ft range, and 3,000-3500sq ft houses were in the $220/sq ft range

Regardless, it’s interesting that the rest of the country is seeing a similar trend. I think the economy having a big boost, employers starting to hire more, bigger bonuses etc, the housing market just naturally picked up too.

Oddly enough, my wife and I are selling our house and we are taking the crazy profit and downsizing to minimize loss. I dont even care anymore. Shit is expensive as hell to fix and there are a LOT of things to fix and take care of. We will be dropping by about 1500sq ft or more. I just want a big shop for our cars and toys, a nice property to shoot guns, and a pool for the wife and kids. Give me a cozy 2500sq ft house that we can make really nice and I’m good from here on.

I used to spend all my time over there. I went to Blinn also. Do y’all still have Post Oak Mall over there?