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Honored Contributor
Posts: 8,736
Registered: ‎02-19-2014

Re: Real Estate/Price of Homes Dropping?

 


@RetRN wrote:

People definitely looking to move to states like Florida, N. Carolina, S. Carolina, Tennessee, and Texas. 

People definitely want to flee states like New York and California. 

Don't ask me to provide statistics because they are out there all over. 

Will never understand why facts are so difficult for some here to understand.

Denial solves nothing. 

 


 

Because those are cheap states to live in. Standard of living is low. Cost of living is low as well. Sometimes the simplest answer is the right one.

 

Cheap places to live are just as subject to eventual gentrification and rising home prices as anywhere else.

 

I live in TN and think my governor's policies are trash. We also have zero personal income tax, which is nice. On the other hand we have 10% sales tax on pretty much everything. Houses here cost a lot less than in Manhattan. And what?

 

Many neighborhoods in TN have no sidewalks. No bike lanes. Almost no public transportation. Very few playgrounds or parks. (I found the lack of sidewalks and parks shocking when I first moved here. I took them for granted in the midwest.)

 

Schools with minimal extracurriculars and with trailers as schoolrooms. No recycling. Poorly maintained major roads with potholes. Horrendous rush hour traffic getting into Nashville. There are some towns in TN I don't visit as often as I would otherwise like because I don't like to drive there after dark. Because there are no street lights. And with how twisty the roads are in that area, it's a death trap.

 

Those things cost money and TN chooses to opt out. Life's cheap here.

 

Yet I like my neighbors and my community. You can find great people anywhere. Therefore, you shouldn't degrade a state just because you choose to consume in a lot of political news that is biased against it for political reasons.

 

If I didn't live here, I could easily degrade TN because I would be an outsider who didn't personally know any of the great people who inhabit this place. I could stereotype them as all being a particular way that I find disgusting and abhorrent. But they/we are not. We're all just folks. We're all pretty much the same at heart as Americans.

 

So it's best to not stereotype. And it's best to avoid nasty talking heads on tv that want you to hate and degrade an entire state. I mean, what's in it for them to get you to feel that way?

When you’re accustomed to privilege, equality feels like oppression.
"Power without love is reckless and abusive, and love without power is sentimental and anemic." - Dr. Martin Luther King Jr
Honored Contributor
Posts: 10,430
Registered: ‎05-15-2016

Re: Real Estate/Price of Homes Dropping?

Yes, thankfully, especially since interest rates are going up. 
(NC)

Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@homedecor1 wrote:

@gertrudecloset wrote:

@homedecor1 wrote:

 


@gertrudecloset wrote:

@homedecor1 wrote:

Not here the houses sell so fast they don't even get the realtors sign on the yard.

 

If I was in the position to do so I'd sell in a minute and move into the new over 55 villas they've built near us.  They are beautiful and offer the nicest amenities - no golf course but I don't golf so that would be ok for me.

 

The houses are being sold sometimes $20-30,000 over asking -- I just scratch my head!

 


@homedecor1I've looked into some of these in another state and the ones that I looked at have an "entrance fee."  You do own the home, but I'm not sure about these 55+ communities.  Read and research very carefully unless you already know someone who does it and can explain it to you. 

 

Sounds like you put your down payment + a fee to "come in."  Check it out.


I live in over 55 there are no fees to move into our Community.  The fees are I think called a CDD (bond) which can be quite expensive there are several new communities built near me and yes they have fees.

 

The villas I'm referring to are either own or lease situations with no "move in" fees.  They are not manufactured or mobile homes and as I do now -- we own the land.  Here in FL there are so many new places to buy you're right one must do their research🙂


Very good @homedecor1 !  I'm happy that you're up on it and won't be taken aback by some of these fees.  I'm still confused by them.  I will stay myself where I am for now, but at one point stopped considering picking up roots for an active 55+ community in another state because of those fees. 

 

I read they could be as much as your mortgage, but you get the money back after you die or something.  What can you do with the money after you die, except leave it in a will?

 

I guess I could have looked for residences w/o those fees, but I felt the sense of community for those of similar age would be ideal for me.

 

Enjoy!!!!!


@gertrudecloset 

 

I think your referring to a "buy in fee" they have this provision in independent living communities, which are providing care if you need to use assisted living then hospital care -- all combined into 1 in these communities.  You also get your meals, activities,  doctors, etc. for a monthly fee. 

If you die you only get a minimal % back to your estate.

 

I know a lot about these facilities because I've attended many seminars at different places with a few friends.  Many where I live are much older and this community demographic is average age 78 up.   Many don't want the upkeep of a house or are in deterioting health & have moved into independent facilities.

 

A over 55 is completely different than a "independent  living facility" (I don't know the correct term but there prominent here in FL).  Just look for a "gated over 55 deeded community" and one where you own the land, if you prefer.

 

good luck🙂

 

 


OK, that might be what I was looking at, but that's not what I wanted. Glad I stepped away because it was so confusing.   I'm going to have to familiarize myself with the various types of purchases and what they entail when and if I ever consider it again.  I want no maintenance, some amenities and that sort of thing.  No kids, either.  These planned communities are usually run by large firms. 

 

I'm wondering if a NORC is more suitable for me?  But then again they are almost like places where you get some kind of care.  Not sure how to find one that appeals to me unless I do some investigating.  Thanks @homedecor1 





A Negative Mind ~ Will give you a Negative Life
Honored Contributor
Posts: 9,745
Registered: ‎03-09-2010

Re: Real Estate/Price of Homes Dropping?


@gertrudecloset wrote:

@BoopOMatic wrote:

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

 


Nope.  It's just the opposite.  Prices are high and rents are even higher where I live.  It's hard out here for a pimp!  LOL


@gertrudecloset 

Yes.  Prices are dropping.  Interest is rising.  That always accompanies one another.  Our house dropped by thousands.

Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@Porcelain wrote:

 


@RetRN wrote:

People definitely looking to move to states like Florida, N. Carolina, S. Carolina, Tennessee, and Texas. 

People definitely want to flee states like New York and California. 

Don't ask me to provide statistics because they are out there all over. 

Will never understand why facts are so difficult for some here to understand.

Denial solves nothing. 

 


 

Because those are cheap states to live in. Standard of living is low. Cost of living is low as well. Sometimes the simplest answer is the right one.

 

Cheap places to live are just as subject to eventual gentrification and rising home prices as anywhere else.

 

I live in TN and think my governor's policies are trash. We also have zero personal income tax, which is nice. On the other hand we have 10% sales tax on pretty much everything. Houses here cost a lot less than in Manhattan. And what?

 

Many neighborhoods in TN have no sidewalks. No bike lanes. Almost no public transportation. Very few playgrounds or parks. (I found the lack of sidewalks and parks shocking when I first moved here. I took them for granted in the midwest.)

 

Schools with minimal extracurriculars and with trailers as schoolrooms. No recycling. Poorly maintained major roads with potholes. Horrendous rush hour traffic getting into Nashville. There are some towns in TN I don't visit as often as I would otherwise like because I don't like to drive there after dark. Because there are no street lights. And with how twisty the roads are in that area, it's a death trap.

 

Those things cost money and TN chooses to opt out. Life's cheap here.

 

Yet I like my neighbors and my community. You can find great people anywhere. Therefore, you shouldn't degrade a state just because you choose to consume in a lot of political news that is biased against it for political reasons.

 

If I didn't live here, I could easily degrade TN because I would be an outsider who didn't personally know any of the great people who inhabit this place. I could stereotype them as all being a particular way that I find disgusting and abhorrent. But they/we are not. We're all just folks. We're all pretty much the same at heart as Americans.

 

So it's best to not stereotype. And it's best to avoid nasty talking heads on tv that want you to hate and degrade an entire state. I mean, what's in it for them to get you to feel that way?


Here's another interesting part of this all @Porcelain :  many who are "supposedly" fleeing the high falut'n big city states are bringing their high falut'n attitudes with them to those small red states.  What a gas.  They are just relocating, their ideologies will remain in tact.

 

Let them brag.....





A Negative Mind ~ Will give you a Negative Life
Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@Nonametoday wrote:

@gertrudecloset wrote:

@BoopOMatic wrote:

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

 


Nope.  It's just the opposite.  Prices are high and rents are even higher where I live.  It's hard out here for a pimp!  LOL


@gertrudecloset 

Yes.  Prices are dropping.  Interest is rising.  That always accompanies one another.  Our house dropped by thousands.


No, not where I live @Nonametoday .  That's why I said what I said.  Where I live, NYC is always high.  It just is and has always been.





A Negative Mind ~ Will give you a Negative Life
Trusted Contributor
Posts: 1,837
Registered: ‎06-08-2021

Re: Real Estate/Price of Homes Dropping?


@gertrudecloset wrote:

@BoopOMatic wrote:

@phoenixbrd  Thank you! Yes, we've been monitoring the websites like realtor dot com and zillow and I always check the property history and needless to say, I've seen several surprises! I hope other people will do the same or they'll be out a lot of extra $$$.

 

 


In what areas are you looking?  The housing market can be confusing.  Buyer's market vs. seller's market and so on.  Since the rates have gone up (to slow inflation) people won't be able to afford to buy what they thought they could have unless they get a big fat raise.


@gertrudecloset  Discretion forbids my being specific, however I will disclose it's *east of the continental divide.*

 

sign0020.gif

Esteemed Contributor
Posts: 7,776
Registered: ‎02-13-2021

Re: Real Estate/Price of Homes Dropping?


@BoopOMatic wrote:

@gertrudecloset wrote:

@BoopOMatic wrote:

@phoenixbrd  Thank you! Yes, we've been monitoring the websites like realtor dot com and zillow and I always check the property history and needless to say, I've seen several surprises! I hope other people will do the same or they'll be out a lot of extra $$$.

 

 


In what areas are you looking?  The housing market can be confusing.  Buyer's market vs. seller's market and so on.  Since the rates have gone up (to slow inflation) people won't be able to afford to buy what they thought they could have unless they get a big fat raise.


@gertrudecloset  Discretion forbids my being specific, however I will disclose it's *east of the continental divide.*

 

sign0020.gif


I get it.  I don't know why I asked.....I don't expect you to state....good luck with it all though @BoopOMatic 





A Negative Mind ~ Will give you a Negative Life
Esteemed Contributor
Posts: 5,291
Registered: ‎06-15-2015

Re: Real Estate/Price of Homes Dropping?


@BoopOMatic wrote:

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

 

 

 

@BoopOMatic 

 

In our rural unique area, 1 home about a month ago sold in 3 days. A more recent listing, of the very few homes in our area, has been on the market for 5 weeks now.

 

I am guessing it is once again because of the uncertainty of the Real Estate Market, might just end up as another worst in history. Why? I know why, but will follow the Community Standards Rules.

 

I unfortunately got caught in the Real Estate debacle in the 1979-1980 crisis. I was having a home built, while still living in my other townhome. 

 

My real estate agent, my sister, got me locked into a 90 day interest rate of 9% for a 30 year fixed loan. A week or so later mortgage rates were on the way up. They kept going up and during my 90 secured interest rate, 30 year fixed loans went up to over 19%. 

 

Needless to say, my For Sale Townhome, saw little interest from buyers. Some that had enough $$$$ for the down payment, did not qualify for the monthly mortgage payments. Others just the opposite, could qualify for the monthly payments, but could not meet the % amount of the down payment.

 

I was stuck with 2 mortgage payments for over 18 months. Ended up selling my original townhome for $20,000 less than I paid for it in 1978. Was the worst time for everyone involved in the real estate business.

 

Builders went out of business/many ended up like myself, unable to sell their homes because of the high mortgage rates. It took many years to recover from this real estate disaster, and what I see today?

 

Exactly what I saw happening in 1979. Current interest rates seem to be around 8.5 to 9% on a 30 year fixed loan, and I see them as continuing to rise, as they did, in comparison to the 1979-1980 rates of 19%?

 

Our homes value for selling has dropped, however our homes value for property taxe purposes? No surprise, those for some "known reason" always go up. Need more money for the school system, which operates, for some reason, with a no limit budget.

 

hckynut  🇺🇸

hckynut(john)
Trusted Contributor
Posts: 1,837
Registered: ‎06-08-2021

Re: Real Estate/Price of Homes Dropping?

Thank you @gertrudecloset ......we're prepared to wait it out, if need be.