The current housing market

justincredible Honorable Admin
37,969 posts 233 reps Joined Nov 2009
Tue, Jan 28, 2020 12:48 PM

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.


Spock Senior Member
5,271 posts 9 reps Joined Jul 2013
Tue, Jan 28, 2020 6:02 PM
posted by justincredible

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.

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.

wkfan Senior Member
1,850 posts 13 reps Joined Nov 2009
Wed, Jan 29, 2020 10:56 AM

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.

 

Spock Senior Member
5,271 posts 9 reps Joined Jul 2013
Wed, Jan 29, 2020 11:06 AM
posted by wkfan

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.

 

same

33,369 posts 125 reps Joined Nov 2009
Wed, Jan 29, 2020 12:01 PM

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. 

OSH Kosh B'Gosh
4,424 posts 18 reps Joined Nov 2009
Wed, Jan 29, 2020 4:18 PM

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.

GOONx19 An exceptional poster.
7,413 posts 94 reps Joined Nov 2009
Sat, Apr 2, 2022 10:08 PM

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. 

sportchampps Senior Member
7,527 posts 34 reps Joined Nov 2009
Sat, Apr 2, 2022 11:11 PM

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

justincredible Honorable Admin
37,969 posts 233 reps Joined Nov 2009
Sat, Apr 2, 2022 11:19 PM
posted by justincredible

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.

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).

friendfromlowry Senior Member
7,778 posts 80 reps Joined Nov 2009
Sun, Apr 3, 2022 12:39 AM
posted by sportchampps

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

 

 


Zunardo Senior Member
815 posts 15 reps Joined Nov 2010
Sun, Apr 3, 2022 9:36 AM

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.


gut Senior Member
18,369 posts 108 reps Joined Nov 2009
Sun, Apr 3, 2022 11:27 AM

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.

sportchampps Senior Member
7,527 posts 34 reps Joined Nov 2009
Sun, Apr 3, 2022 11:56 AM

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.

Automatik Senior Member
15,737 posts 96 reps Joined Nov 2009
Sun, Apr 3, 2022 1:15 PM

IFL.

Last I was looking at “fixer uppers” starting at 500k (Denver burbs). LOL. 

I think I’ll just wait it out. 

iclfan2 Reppin' the 330/216/843
9,465 posts 93 reps Joined Nov 2009
Sun, Apr 3, 2022 1:27 PM

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. 

j_crazy 7 gram rocks. how i roll.
8,623 posts 29 reps Joined Nov 2009
Wed, Apr 6, 2022 10:15 AM

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).

birddog23 Senior Member
1,173 posts 7 reps Joined Aug 2010
Wed, Apr 6, 2022 10:29 AM

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.

friendfromlowry Senior Member
7,778 posts 80 reps Joined Nov 2009
Wed, Apr 6, 2022 2:14 PM
posted by j_crazy

PS if i could find a good enough option to live in i'd sell this dump and take that money 

I wonder how many other people have pondered the exact same thing.
kizer permanente Senior Member
1,309 posts 16 reps Joined Aug 2017
Wed, Apr 6, 2022 8:41 PM

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. 

Zunardo Senior Member
815 posts 15 reps Joined Nov 2010
Fri, Apr 8, 2022 4:52 PM

For those of you who have HOA's, have the fees increased because of the market?

gut Senior Member
18,369 posts 108 reps Joined Nov 2009
Fri, Apr 8, 2022 7:37 PM
posted by Zunardo

For 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.

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