Housing costs

originally posted by: mblahnikluver
a reply to: OccamsRazor04

ALL I know it before when I looked at homes for sale they were reasonable but NOW they are at least $100k MORE than previously! I am in Florida and I can't stand the housing here. It is SO OVERPRICED!

I purchased my home in dec 2018 for 175k. It was at the time on the very high end of the neighborhood - avg around 150k. A bit over 3 yrs later and everything around me is selling for around 300k.

This is in the sarasota, fl area.

I have family who work in the real estate field as well and homes are routinely getting 20+ bids and going for 20%+ plus. There is a major issue with the housing market right now and I honestly feel bad for people buying at today's prices. This market will have a major correction soon and people will see 40% to 60% reductions. This wont matter to the large investors or firms that buy it all cash and set high rental costs. It will however kill the ability for single owners to flip and utilize equity.

If that doesnt occur then the country is doomed. They will have succeeded in making it impossible to purchase a property unless you are sitting on huge amount of cash.

The housing market has indeed been experiencing significant changes, and your observations about the Sarasota area reflect some of the broader trends reported. As of February 2024, Sarasota home prices were down 5.6% compared to the previous year, with a median price of $463K. The market is described as somewhat competitive, with homes selling for about 4% below list price. Regarding the future of the housing market, experts have varying opinions. Some predict that the market will come back into balance without a crash, while others suggest that a correction could lead to more reasonable valuations. Mortgage rates are expected to play a significant role in determining the decline in home values.

a reply to: OccamsRazor04

I sold my house in CT in 2012. Bought it for $265K in 1997. Sold it for $525k

I sold my parents old house in NY which I inherited after they passed away in 2016. They bought it in 1974 for $45K. I sold it for $410K and I sold it "cheap" because I wanted to sell it quickly. I listed it at $375k but there was a bidding war and it went for $35K over my asking price.

It's actually ridiculous in many ways. But as Will Rogers said, "Buy real estate whenever you can. They're not making any more of it".