For those of you who know more about this sort of thing, what are the odds we're in another housing bubble at the moment? My wife and I decided to put our house on the market and move this year, but based on the housing prices we think we might be approaching something similar, if not as severe.
posted by justincredibleFor those of you who know more about this sort of thing, what are the odds we're in another housing bubble at the moment? My wife and I decided to put our house on the market and move this year, but based on the housing prices we think we might be approaching something similar, if not as severe.
The market where I am is ridiculous. Houses selling for a very inflated price. About 10% higher than normal. Wife and I are thinking about gobbling up some free equity while its good.
If I was smart (and I'm not), I'd sell my house that I've been in for almost 24 years and go to an apartment for awhile. Then, when real estate prices come back down to earth, I'd buy another place.
posted by wkfanIf I was smart (and I'm not), I'd sell my house that I've been in for almost 24 years and go to an apartment for awhile. Then, when real estate prices come back down to earth, I'd buy another place.
same
Our house in Raleigh we bought in 2015 for $287,000 (did get a steal due to price drop day before for double mortgage for them). Sold it in 2018 for $335,000. Sold again in 2019 for $353,000. Estimated now $367,000. It’s insane.
Ours is now valued at $20,000 more than our purchase. I'd really like to move, but I know it's not a buyer's market and I don't want to throw money away in rent. Plus, with a family of 5 total...it's not just that easy to plop anywhere.
Tried to buy a 2nd house today. We went $200k over asking and got beat by a full cash offer. Market is still lit. Our current house was appraised at a 35% appreciation, bought it in 2019.
We’re moving back from Dallas after 1 year. Paid 490 listing at 650 expecting atleast 680. What sucks is we have to try and find a house in Columbus next weekend
posted by justincredibleFor those of you who know more about this sort of thing, what are the odds we're in another housing bubble at the moment? My wife and I decided to put our house on the market and move this year, but based on the housing prices we think we might be approaching something similar, if not as severe.
We didn't end up selling and moving in 2020. We likely will sell this year. Based on current market conditions our house would likely list around $300k (paid $160k in 2017).
posted by sportchamppsWe’re moving back from Dallas after 1 year. Paid 490 listing at 650 expecting atleast 680. What sucks is we have to try and find a house in Columbus next weekend
This is why I don't like Mrs. Z watching those home buyer shows on HGTV. Puts unhealthy thoughts in her head.
Right now? I'd sell only if I already had a fallback home at a reasonable price, like from your parents who've passed away or something. No way I'm going to fight the market trying to buy another home. Renting during the interim is no bargain either. Apartments increasing $300 a month "just because". Same for renting a house.
Welcome to America, the land of opportunity. More and more average joe's and jane's are finally making money from those real estate investing infomercials of the last 30 years. Even if this bubble does burst, I don't see them or the landlord corporations slowing down. I dunno, maybe the Reddit gang will get involved and make things interesting.
If you're downsizing, then do it. Otherwise, not the best market to be going bigger.
On the other hand, unlike 2008 there is pretty significant housing SHORTAGE right now. So I don't think we are at crash levels, at all. Worst case is prices might plateau here, or they'll run-up another 50% in the next 5 years and then crash again.
Yeah wife got a job offer in Cleveland her current company countered made her a VP and told her she could work remote and fly in once a month. So we’re moving back to Columbus. We are hoping that having a healthy budget of 800k although ideally I wanna spend 700k will help us.
Worst Case we will build and live at her parents vacation house on Lake Cumberland. Only bad thing about that is there’s no job for me probably in Kentucky.
IFL.
Last I was looking at “fixer uppers” starting at 500k (Denver burbs). LOL.
I think I’ll just wait it out.
The housing market here in coastal SC is nuts. We would easily make over 50% more than what we paid in 2014. The problem is any other house we would want is $800k+ which we don’t want to do right now (daycare sucks). Even if the market crashes, if you have people wanting to come from elsewhere it won’t be hit as bad.
I bought my house for $460k in september of 2018. someone who is a client of the realtor that we used to buy our house offered us $650k for our house the other day because they have bid on and lost out on 3 houses on my street that have sold since august and they want to be in this neighborhood. My house is not on the market and they have never looked at it. I'm not sure that is a for sure indicator of a bubble, but it feels like it to me.
PS if i could find a good enough option to live in i'd sell this dump and take that money but i can't find anything we like for under 600k and i end up with net 0 equity at that point (since rates are up almost 2% from what we refinanced at, plus PA has a tansfer tax of 3.5% of a homes selling value that will kill most of the difference).
We're looking to build now.
We have outgrown our 1200 sq ft. house that we purchased when it was just my wife and I.
Now have 2 kids, no basement and a single car garage. We would buy something if it came available - but no luck so far. At this time we can get land in the area we want and build out exactly what we desire....Building costs are kind of crazy right now, but that's par for the course at this moment. Wish us luck.
posted by j_crazyI wonder how many other people have pondered the exact same thing.PS if i could find a good enough option to live in i'd sell this dump and take that money
We bought our house in 2017 for $222k. Just sold it for $389k.
Ended up buying a new construction cuz it was priced in line for 20-30 year old homes for sale.
For those of you who have HOA's, have the fees increased because of the market?
posted by ZunardoFor those of you who have HOA's, have the fees increased because of the market?
How sensitive they are to inflation depends on what is covered. Generally, the Board & Residents try to keep them lower, because obviously rising HOA fees hurt home values.
But as HOA's mature, you'll often see increases just due to unforeseen issues (like no one knew to reserve to clean out the ponds every 10 years, they only reserved enough to cover half a roof replacement, etc...).
There are virtually no good reasons to buy anything with an HOA. Most owners don't want to get involved, so you end-up with people who are either incompetent and/or lazy making very expensive decisions.
Built my house 10 years ago. We paid $191K in total and we could easily sell in less that 24 hours for $425K (maybe even more).
posted by gutHow sensitive they are to inflation depends on what is covered. Generally, the Board & Residents try to keep them lower, because obviously rising HOA fees hurt home values.
But as HOA's mature, you'll often see increases just due to unforeseen issues (like no one knew to reserve to clean out the ponds every 10 years, they only reserved enough to cover half a roof replacement, etc...).
There are virtually no good reasons to buy anything with an HOA. Most owners don't want to get involved, so you end-up with people who are either incompetent and/or lazy making very expensive decisions.
Ours are more expensive for this reasons. Ponds cost more than people realize.
I built a house in Birmingham, AL in 2018 for 472k. Sold it in December of 2021 for 655k to move back to Ohio. Bought a smaller house in Cleveland for 420k. We overpaid for our house here, but got way overpaid for the one we left behind. Got a nice rate for this mortgage and I’m now glad to be out of the market.
Well I think we managed to sell and buy again in one weekend. The housing market is absolutely insane. We looked at 20 houses over the weekend maybe 25. All but one sold. (What’s funny is the one that didn’t was our backup house).
I’m not sure how some of the houses we saw managed to sell. One was in a bad location (noisy, busy street, vacant house 3 doors away, and there was a murder 3 days before it was sold right outside).
It was an emotional roller coaster for my wife. The first day we saw 10-12 houses downtown, Grandview Heights, and Upper Arlington. Out of all of those we liked a house downtown but it had an attached wall but was four stories with great views of downtown and was very modern. The second day we saw nothing worth considering until the last house. It was a new build that was ready. They had 3 available. One sold while we were there looking. My wife feel in love with the model and they were willing to sell it to us . We also had the second one available as an option as well that would be a good backup. We needed to wait until our final offers in Dallas came thru to make ours. 20 mins after leaving the model we were told the next couple who came wanted it and was sending an offer. So we were down to one choice. When we landed our realtor called and said another couple wanted that one and was making an offer. We rushed an offer and went 5k over on the new build trying to get it. The other couple went 25k over asking and beat us. When we lost the lady called us and told us the couple who said they wanted the model still hadn’t made their offer. We went 5k over asking again but put a 2 hour deadline for them to accept our offer or lose it. They accepted and we ended up with my wife’s dream house. I wanted the one downtown but happy wife happy life. We will be about 7-8 minutes from the zoo in a nice neighborhood in Dublin schools.
Our house in Dallas went much easier. We got 5 offers took one for a little over 690k with a one month free leaseback for us. It’s crazy because we paid 490 11 months ago. We will close 367 days after buying.
We should be back in Columbus by Mid June.
Closed yesterday on a 5/2 in a great neighborhood. Had to offer 60 days of free rent-back, but I'm thrilled to be out of the market. Hopefully it'll be our home for a few decades. We somehow schmoozed the sellers into accepting our offer for 50k under the competing offer, and they then sold for 10k under our max to boot.
Will be renting out our first home, so I guess I'm a landlord now.