Not a single house for sale in my town

originally posted by: Gothmog

originally posted by: JinMI

originally posted by: Gothmog
Is another 2008 bubble butt bust co0ming down the pipes ?

Worse IMO.

The leverages are higher IIRC.

With the added inflation and current interest rates..

Yikes is all I'm going to say.

Yep .
Wait till their full interest payments start in a couple of years.

And the home values go below their principal, as you already eluded to above.

originally posted by: KTemplar
Supply and demand in Mass is becoming a problem in this sanctuary state.

Yup. Let millions of immigrants in, and wonder why housing is getting more and more expensive.

What’s the population of your town? Average property value?


reply to: JAGStorm

originally posted by: Xcalibur254
Maybe you just live in a cold area. We have four or five houses on the market just in our neighborhood alone. In fact, a house on our street just sold last week for about $100,000 over what they originally paid.

I have family in Nashville area who their property values are triple what they paid for it just 20 years ago. Double if you bought it in the last ten. The TV reality fixup shows are showing places I used to live near when I lived in Nashville. It is cool to see but the prices are unbelievable for me who grew up in a house that cost maybe 10K that is now worth 200K. We sold it for maybe 20K 30 years ago. Dad bought another house in Nashville and it was the same situation. He is sitting on a gold mine. My Mom is planning on selling one day and moving them into a condo in a senior community of some kind with the profits.

Houses selling for $600,000 here, two families in a flood zone.
And they're selling quick.
Rents are $2,500 for a 2 bedroom that actually has some closet space.
I don't know how anyone can pay $30,000 per year to rent, plus utilities, cable, phones, internet, car insurance, etc.
In the better part of town, houses are going for $1 million.

originally posted by: starviego

originally posted by: KTemplar
Supply and demand in Mass is becoming a problem in this sanctuary state.

Yup. Let millions of immigrants in, and wonder why housing is getting more and more expensive.

That's exactly it - and why we are having such trouble finding anything that is reasonable, and out of a flood zone.
Yet they are shipping more and more of them up here every day -
And more next week - on May 11 the borders are wide open.
We will never be able to stop working, who is going to support the masses.

Haven't seen a decrease in available homes in my area but I have noticed what others have been seeing. Houses that were 100k 20 years ago selling quickly now for triple or quadruple that price. I just feel lucky that I got in when I did otherwise I would probably be homeless since both owning a home or renting anywhere, even apartments in my area would be far out of reach for my income. At the time I bought, rental prices were similar to a monthly mortgage if you could scratch up a large enough down payment, which fortuitously I had and that is probably still true, just the amount of money you need up front is higher.

Even single wide mobile homes in mobile home parks where you own the mobile home but still pay lot rent are going for 100k plus in my area.

a reply to: JAGStorm

Maybe we are entering the bit before the biggest scare in human history so far that will facilitate already weak minds and souls to accept ANYTHING.

"RESET"

You can no longer "insert coin". You have none.

"GAME OVER".

But you don't need coins to play any more......

"Hello Packman".

Alaska interior is tough to judge, the only houses on the market right now are military pcs moves, locals will be putting houses on the market in the coming weeks as nobody wants to move when its -40F.

Prices are stupid until you figure the cost of bringing materials here then it seems more reasonable.

I still have my hosue in GA, not gonna get rid of it interest rate is to low, not much available aroud that area and there are always people from the base looking to rent. 30 yr 2.7% interest I will never see again, property manager has it pegged at 1250 a month for rent and its in the sticks, it was 1100 when it first rented then got bumped to 1250 with no questions from the renters.

Yea the market is so screwed.

a reply to: JAGStorm

That is insane!!
My zip code alone, there are 600 new builds under construction right now and they will be sold. My neighborhood alone, 200 new houses going up as we speak.
Actually, it may be more insane that here in TX people dont seem to care about the interest rates....unless they are just buying down the rates - which must be what they are doing.
I feel very very very lucky, I bought my house last year just before the interest rates spiked and am below 2.5. I actually want to move again, but ummmmm guess I am stuck for awhile.

Prices are definitely up in Las Vegas but I am still seeing plenty on the market. The price range I was looking at was between 350-450k and while 10 years ago they probably costed 250-350k its not the 3-4x increase others are reporting. Rents can be harsh around here depending on your area...I still only pay 1.5k a month for an 800sq ft 1 bedroom apt with a bonus room that is bedroom sized...most places are at 1600+ and not nearly as nice or as big.

Sadly I am expecting a massive price hike on my place as they just built a brand new casino right across the street.

One of the best feelings is when you pay off your home. I paid mine off last year.

Im in the valley in California between SF and Sacramento. My home never went on the market. It belonged to an elderly couple that asked us to move in when they left for Arizona.

My house has 3 levels and is on .26 of an acre. It has a theme yard with a large Koi Pond/ waterfalls, an orchard in the far back, a redwood tree deck 12' up in a giant mulberry, a giant ancient olive tree with a vast beautiful base, a giant beautiful oak tree in the back and two in the front. about 12 large, raised vegetable gardens filled with rich soil and compost on top, that produce organic food year-round. An 8'x8' redwood fenced organic compost area. An area where 2 trees form an arch,(perfect for weddings) and multiple giant fruit and nut trees. There have been multiple weddings at this place.

My neighbor's jaws drop when I tell them how much I paid for this place. The old folks gave it to me for 90K in 1987. Its probably worth 400K plus. I get phone calls and letters asking me if I would consider selling sometimes several times a week. It is the largest lot in this residential area for miles.

I haven't seen too many houses for sale in the area. There is one down the street. A 98-year-old woman died, and her place is now available.

originally posted by: JAGStorm
I know some people that switched jobs to become a realtor during covid and I just shook my head.

During the 2009-2010 bust, some of the largest foreclosures in our area were real estate agents; many were newcomers to the business who thought the big commissions would keep rolling forever.

Would NOT want to have my income based on real estate "churn" right now.

a reply to: JAGStorm

I’m seeing a lot of high dollar toys for sale, ie classic cars, high end airplanes. People are selling out for liquidity.

Housing IMO isn’t over just yet. Interest rates are still somewhat affordable.

It’s when it hits double digits is when housing becomes dicey. Especially from wage and hourly earners. IMO

originally posted by: Xcalibur254
Maybe you just live in a cold area. We have four or five houses on the market just in our neighborhood alone. In fact, a house on our street just sold last week for about $100,000 over what they originally paid.

Same here. I had 4 houses in my immediate area sell for well over a 100k over what they should in the last few months. I'm thinking of selling and moving too. The area is hot and the several hundred houses on the market now are not nearly enough for all the people moving into the city.

I think people forget just how huge the US really is. What's affecting one state or town may not at all be affecting another. We're as large as the European Union. Sure, Germany and Spain are kinda connected but they have their own markets and issues.

It's the same thing here. One state is so different from another, it's not really reasonable to generalize.

My wife and I bought our current home in 2002. Not only were we able to afford it but also had two brand new car payments and two small children while I was also paying child support for another.

At that time I think we made about 50% less gross than we do now.

At this moment making that much more money, there is no way we could afford what I mentioned above now. And we are vastly more responsible than we were then.

I feel so sorry for any young people trying to start a family these days. Prices are ridiculous and it seems none of our current leadership (DNC and some of the RNC) care more about .01 percent of the population and their sexual organs than they do having a funtioning society.

originally posted by: Irishhaf
Alaska interior is tough to judge, the only houses on the market right now are military pcs moves, locals will be putting houses on the market in the coming weeks as nobody wants to move when its -40F.

Prices are stupid until you figure the cost of bringing materials here then it seems more reasonable.

I still have my hosue in GA, not gonna get rid of it interest rate is to low, not much available aroud that area and there are always people from the base looking to rent. 30 yr 2.7% interest I will never see again, property manager has it pegged at 1250 a month for rent and its in the sticks, it was 1100 when it first rented then got bumped to 1250 with no questions from the renters.

Yea the market is so screwed.

I’ve seen nice places up there on the illiamna side and and Kenai side, I could cash buy. The issue is talking the wife into moving to a long dreary winter is the issue. I’ll stick with the south west for now.

Elections have consequences, you can blame anyone that voted democrat and Biden for this circus. If it doesn’t make sense…..you can guarantee it was a democrat and their policies.

a reply to: greendust

Well...if your goal was to reduce population significantly you'd have to go at it from many angles...making it unaffordable to start a family I believe is one of those angles.

originally posted by: 38181
a reply to: JAGStorm

I’m seeing a lot of high dollar toys for sale, ie classic cars, high end airplanes. People are selling out for liquidity.

Ive been watching that too. Very closely! I wish inflation wasnt so high. It may be time for a new toy soon.