Community Chat

[Kalli]

There's a farm not far from me, about 80 acres, where the owners ran a business of raising livestock, butchering and selling the meat. They recently put their place up for sale.  I heard they got a nice offer but turned it down because they were hoping to sell to someone who would keep their business going. Since real estate is at a premium right now it appears sellers can afford to be choosy.

Now they've sold to a couple who promised to run the business.  I wonder if the buyers will keep their word.  Otherwise there are several places on that property that could be sold for housing lots, provided the land perks, of course. It could even be camping or summer lot rentals for camper trailers with a little work along the stream there.  

[SurferWife]

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@haddon9 wrote:

@Foxxee "There's much more to be concerned about than just Canada.  "

Yes indeed!  Some of these companies like BlackRock are so large and powerful it boggles the mind....many peope haven't heard of them yet they are more powerful than many countries.  I find this deeply concerning.

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Oh, yes, some of us have.

[Foxxee]

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@drizzellla wrote:

Not only Canada but China. June 15, 2021 - Department of Agriculture shows that foreign investors control nearly 30 million acres of U.S. farmland, roughly the size of Ohio. Texas has the second highest amount of foreign ownership with 3 million acres under foreign control. In Texas, the Federal Government has given the green light to allow a Chinese based energy company to purchase more than 180,000 acres of Texas land near the Rio Grande, just north of Laughlin Air Force Base.

The project includes a 30,000 square foot lodge and private runway, allowing the Chinese to move people and equipment free from Federal Government oversight. And the project will receive millions of dollars of American taxpayers subsidies.

@drizzellla 

Isn't that just infuriating!!!! 

What country allows its land to be sold to foreign countries?  An insane one.  

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[JamandBread]

Once again, the land deal in Texas for the wind farm happened in 2018. @drizzellla's post wording makes it sound like this happened in 2021. I'm assuming the state of Texas along with the federal government had to approve the deal. Again, in 2018.

[AuntG]

Some of the prices you've quoted for parts of the country are astronomical! Here in the upper Midwest people are paying up to $30,000 more than the asking price. Typically, a well maintained 3 bedroom ranch might have an asking price of $230,000 and we've seen buyers offer $260,000. It's these type of average homes that are in high demand. Those of you near Boston said &725,000 is the median range - it would be hard for a young couple with a child or two to afford a modest home. Glad ours is paid for and our area has modest taxes. What some people pay for one month's mortgage would cover our annual taxes.

[Duckncover]

Interest rates were just raised a quarter of one percent and the Fed says it will raise them 6 times by the end of the year. That should cool off the feeding frenzy a bit. Hate that two of our kids just bought multi-million dollar houses with no inspection done before signing the paperwork. They both said they were afraid their offers wouldn't be accepted if they took time to have an inspection done. Now my son has discovered major drainage problems and they have had standing water in the front yard twice since February. Now there is a wiring issue and the entire fuse box needs to be replaced. I do wonder if those buying homes at the wildly inflated prices won't find themselves underwater in a year or so when prices come back down to earth. I had no idea Canadian investors were the ones cashing in on this. Thanks for sharing this info. We paid off our house last month. We have been inundated with junk mail from potential cash-only buyers and other companies who want to buy our home sight- unseen. The one issue....they want to pay about a fourth of what it is worth....and we have no place to go. I love my home and plan on staying right here.

[Duckncover]

That is outrageous. Sooner or later the bubble will burst and a lot of people will be left with huge mortgages and a house worth half of what they paid for it.

[patbz]

Just for fun we now track the Zillow estimate on our wall calendar every time it changes. In the last 19 days its gone up over $10,000 at a rate of 3.4% monthly. Our home is paid off and we are in our 70s so we don't intend to move. We will leave it to our adult Son, who loves our community. I think in some areas raising interest rates from historic lows that may cause the market to slow or stop but I don't expect it to retreat markedly in our area. There are few places left to build and a buyer would probably need 10% down or $50,000 on a modest home. I think that we will see the mix of homes change loved time ( duplexes with th very little land or larger homes with larger common areas to accomodate like minded adults or extended family).

[Annabellethecat66]

This isn't about a house but same principle.

My daughter's brother in law lives in California.

She told me he called them and said his daughter will soon be driving.  He wants to get her a new Rav-4 I think it's called.  I know it's a Toyota.

He said he called a dealership not far from where he lives.

He was told that the Rav-4's were $40,000 above the sticker price.

I told her my friends and Ihave been getting offers from car dealerships asking to buy our cars.

My car is a 2016 Acura MDX.  It only has 26,000 miles on it.  I paid cash for it as did my friends on their cars.

The offers don't have prices on the offer, just that they'd like to buy the cars.

My daughter says dealers are selling cats without the "chips" with the promise the chip will be put in the cars as soon as they get them (a few years from now).

All of this is crazy!  She said the cars would still run good; it's just that the additional electronic stuff wouldn't work.

I told her no bank would be willing to give anyone the regular price of a car (say $40,000) plus another $40,000 to buy a car.

So many crazy things going on these days, nothing would surprise me anymore!

[liliblu]

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@drizzellla wrote:

My niece bought a townhouse 3 years ago. She had graduated from college and did not want to pay rent. Now she has some health issues and doesn't want to deal with a house so she put the townhouse on the market to sell on Monday.

The realtor said she should list the townhouse for $100,000 more than she paid for the house 3 years ago. There is currently a bidding war between 3 people. The price was $30,000 above the asking price as of yesterday. 

It is scary. 

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My realtor is also a family friend.  She told me recently that I could sell my home for at least 100,000 more than I purchased it for 3 years ago.  It's crazy.  I have no plans of selling.  I love where I am.  I'm literally next door to my parents.  My brother has moved in to save up to buy a home of his own.  It's been great being so close to family.