Community Chat

[millieshops]

I really can't tell.  This is not a great season for new listings around here, but I have been expecting some stabilization close to me because prices rose so far so fast since 2021 began.   I think the prices rose so much because the new inventory was so sparse and in my exact neighborhood, several of the homes that came up for sale had quite recently undergone some expensive upgrades buyers were willing to pay for.

only one new listing in the last several weeks.  That price is a bit less, but I am syspicious because there are no indoor pictures posted.  That's seldom a sign the property is in excellent condition.

[Nomore]

Colorado Front Range, still rising.

My son in UT just signed a new lease yesterday, apt. went up $145 monthly so now it's close to what my mortgage is. His friends have smaller, worse apts and they have an increase of $400-$500 dollars monthly, so those are within a couple dollars of what my son pays. My son feels lucky.

Managers are saying that is what the market will bear at this time. Not possible to even think about buying houses there.

[tansy]

There are not enough homes on the market so prices are still rising in my area near Seattle.

[drizzellla]

The  house next door to my house sold within hours of going on the market.

As soon as the owner went through settlement, the guy turned around and listed the house for $50,000 more than he paid. And it sold right away.

When the newest owner moved in, we talked to him about the other owner. He said he knew all about what happened. He said he was slow to make an offer. And he was happy to pay the additional money. 

It is crazy. And it is not slowing down. 

[songbird]

Not in the market, but dirty shacks that happen to be a "good" area are going for millions.  In our state, houses are still very, very high.  Average Joe house for 35-40 years old parents, & 3 kids in tiny bedrooms average $550,000.00 and still moving up.  And the houses are on postage size lots, & are 3 stories high and about 6 feet apart.  It's the land those houses are sitting on.  Land is true wealth and they are very pricey at the moment.  The reason the bedrooms are tiny is to compensate for huge closets that pack fast fashion to the ceiling for mom.. 

[Annabellethecat66]

Nope!  Here in the Va area where I live people are experiencing a bidding war.

They are getting (on average) as much as 

$200,000 more than the asking price.  That means these people (stupid people) have to come up with additional $200,000.

The odds of them ever getting that amount back are slim to none.

I get on the average of 2 postcards or letters a week of people asking if they can buy my house. They go through the records and see that I own the house.

My friend and I both have gotten postcards with a picture of our houses on them asking if they can buy it.

My house is almost totally all brick, sits on 1 acre, tree'd lot.  

I'm never going to sell it.  I have amazing neighbors that help me.  It has a lot of things that you don't see in houses these days.  It was completely updated in 2001.

Right now I think there are 3 houses for sale in my small development.  I was told by a realtor friend that one reason people want my house is because the children will go to a state of the art high school.  Some people research an area for the school.  My daughter did that.

My late husband always said if something happened to him, I'd probably sell the house because it's very large for 1 person.

The only way I'd sell it is if I couldn't get up and down the steps.  It's a split foyer.

I think people are hot to sell but it's as if they don't realize that; unless they move out of state, the houses are going to cost more.  

I live near Fairfax, Va.  It is one of the most expensive places in the US to live.  People retire from here and go south (North or South Carolina) to live.

Just about everyone I know either works for the government or does business with the government.

Sooner or later all of the people who haven't been paying rent or mortgage payments will have to come up with a lot of money to pay back what they didn't pay.

I told my youngest daughter when that happens, she'll be able to get a nice house at a good price because the bank will need to 'unload' them.

[icezeus]

@Annabellethecat66 

Exactly. If you are leaving California and moving to another state to retire (depending upon the state) then it might work out for you to do a money grab while the market is hot, and come out ahead. If you are staying in the state then you are going to end up paying more for what you purchase.

I don't get it. 

[Annabellethecat66]

@icezeus  I agree, I don't understand why more people don't realize it.

My youngest daughter lives in Denver.  Her boyfriend bought a house right outside of Denver.

He paid OVER $500,000 for the house.  It is 1/2 the size of mine (mine is 3,000 square feet with a 2 car garage).

I never would have expected that area to cost that much.  And THAT was about 1 year before all of the COVID stuff!

I told my daughter at that rate even if I gave her $100,000 down payment, the mortgage payments would still be VERY high!.

Here's a walk down memory lane.  Our first house was 3 levels and cost $115,000.  It sat on 1/2 acre and was in Virginia, near Springfield.  We had one heck of a time getting a loan.

The banks wouldn't take my salary because I was in my 20's and as they put it "I could have a baby and loose my salary".  My late husband worked for the Navy department as a civilian.

We finally got a loan from the Navy Credit Union.  We sold it for way more than we paid for it.  It was so small.  So, I recently googled that house.  They added 1 bathroom (so that made 2), with 2 bedrooms and an attic that was finished off.  That dinky house is now worth over $400,000.  That's because of the area of where it is located.  It's walking distance to the metro and bus stops.  It's right off of major highways.

We used to own several houses and rented them out.  My husband would never raise the rent.  There were constantly things that went wrong (renters don't take care of things).

I finally talked him into selling them.  I remember one had an inground swimming pool.  We'd often (all 5 of us, my 3 girls, husband and I) go over and do a lot of the repairs ourselves...(one more reason to sell) Ha!

So the house with the in ground pool wasn't in bad shape but the pool was a mess.  The water was gross, really gross.

So, my husband put chemicals (shocked it) and that gross water turned clean and crystal clear.

My husband says to our girls, "Come on guys.  You can swim in it now".

Before they could voice their "Gross, nasty, etc", I said, "There is no way I'm going to let them get into that water after just seeing it so nasty."

Another time he had to dig up the septic tank and replace it.  

Now can you see why I wanted them sold?  People just don't take care of things.

So, one of the houses in the neighborhood my friend said when you walk in smells just like nicotine from cigarettes.  It stayed on the market for about 2 or 3 weeks, but of course, it did sell.

The house behind me (in another development) is huge.  I call it a mini-mansion.  I've never been in it, but I was over there one day.  (I walked through the woods to it).

I was curious what he paid for it.  I know he lives in it with his adult daughter.  He paid a little over 1 million dollars for it.

I can't imagine what his morgage payments are every month!  I always say, how can they fit that amount on a check!

[Drythe]

Here in NC prices have been driven up by retirees for the past 20 years, now they are ridiculous.

Cards, and emails flooding us as we have land.  They want the land, or the house, but mostly both.  Wish they would stop.  If we wanted to sell wouldn’t we call them?

[Snowpuppy]

Here in Northern MI prices have stabilized and started to drop a bit.....meaning crazy overbidding has cooled. Still, average time on market is 1-3 days.

@Annabellethecat66  is right, anything that is grossly overbid is falling on the buyer to cover with their own cash. The banks are not lending over appraised value like 06-07