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How's your housing market? (1 Viewer)
- Thread starter tommyGunZ
- Start date
Zow
Footballguy
Mrs. Rannous
Footballguy
Howdy, neighbor! I've been watching the local prices, and some are just mind-blowing. I sold my parents' one-storey house up by Compaq and bought one down here. They aren't that easy to find so they are a hot commodity. Our appraisal for this year didn't seem too different though.I am in 77478 and we bought our house 8 years ago for 250k. We have seen many similar sized houses in our neighborhood sell for 260-280 over for most of that time span, however in the last year prices shot up and now they are sold in days for 350-370.
There were 7 years with practically no house price appreciation and 1 year of ridiculous appreciation.
Property taxes are going to suck
:edit: In my neighborhood 90% of the houses are double story monster houses and we have one of the few single story reasonably sized houses. The monster houses have not seen as much growth in price.
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Insoxicated
You think whatever you want but that's absolutely not the case. The fun thing about DINK is generally disposable income isn't an issue 
I've spent plenty of time in the Bay Area and SD, and a couple weeks in LA, SLO, Fresno, Sac. SD is flat out the only area I would even consider keeping the house if I was given one. Otherwise, sell and buy 2 houses far away from there.
There's a reason California has more people fleeing it (over 200k negative net domestic migration from '18-19) than any other US state, and it Ain't just the COL.
Anyways, I'll quit hijacking, and kudos to those who enjoy living there.
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flapgreen
Footballguy
Also spent plenty of time in California. It's a beautiful place, outside of the cities, but no way I'd live there.
I've spent plenty of time in the Bay Area and SD, and a couple weeks in LA, SLO, Fresno, Sac. SD is flat out the only area I would even consider keeping the house if I was given one. Otherwise, sell and buy 2 houses far away from there.
There's a reason California has more people fleeing it (over 200k negative net domestic migration from '18-19) than any other US state, and it Ain't just the COL.
Anyways, I'll quit hijacking, and kudos to those who enjoy living there.
Zegras11
Footballguy
fruity pebbles
Footballguy
Angry Beavers
Footballguy
NE Ohio here -
we paid $200 (?) 12 years ago. - House goes up in a week - figuring 320 at a minimum. It was pretty flat for a while - last year, we thought - 265 would be nice. Then we thought 285 would be great - now we are like - $320 - sounds about right in this market........
we paid $200 (?) 12 years ago. - House goes up in a week - figuring 320 at a minimum. It was pretty flat for a while - last year, we thought - 265 would be nice. Then we thought 285 would be great - now we are like - $320 - sounds about right in this market........
Judge Smails
Footballguy
Thousand Oaks, CA. The Zillow estimate updates are pretty fun to get these days
DocHolliday
Footballguy
NE OH as well. Houses are selling as soon as they are listed for what seems to me to be inflated amounts considering the location. This is not SF or LA. Ranch homes are really tough to find in many locations.Angry Beavers said:
Angry Beavers
Footballguy
add to that a cul - de-sac with a 1st floor master and I have neighbors asking if their friends or family can see it before it hits the open market -
General Malaise
Footballguy
Some of California is beautiful but a lot of it is god awful. I don't think many of you have been to Modesto or the Salton Sea area.....that's where we should send our prisoners.flapgreen said:
DocHolliday
Footballguy
We just had a house similar to that in our small development go to market last Saturday. The house has a great floor plan with attached 4 car garage but the interior is dated. The house is about 15 years old and the kitchen and bathrooms look cheap and old today. It was sold during the open house for the asking price.add to that a cul - de-sac with a 1st floor master and I have neighbors asking if their friends or family can see it before it hits the open market -
Bob Sacamano
Footballguy
You couldn't pay me to live in AL.tommyGunZ said:
General Malaise
Footballguy
What in the wild wild world of sports are you talking about, Willis? You couldn't pay me enough to live in a Dakota or Iowa or really anywhere cold and it ain't because I can't afford it.tommyGunZ said:
General Malaise
Footballguy
Birmingham has some pretty parts with hills. I'd take that over another tour of duty in Jackson, MS.
Bob Sacamano
Footballguy
We've had the opportunity to move to CA before, and I told my wife then that I'd do it if we were making the decision for lifestyle reasons or for career advancement reasons. But no COLA can begin to make up for the financial hit you're going to take. There are lots of areas of CA that would be great to live, and I would love to do so. It makes no financial sense for me to choose to afford to live there.
Dinsy Ejotuz
Footballguy
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Bob Sacamano
Footballguy
The only reason I would have ever gone to Alabama isn't there anymore. MS would be high on that list, too. I haven't been to Tunica since 2004, but nearly every square mile that wasn't inside a casino was largely indistinguishable from Haiti. Memphis was fun, though.
Osaurus
Footballguy
I was offered a job there for an engineering firm circa 2004. The salary was $50k. I was told I could live like a king. No regrets.
General Malaise
Footballguy
General Malaise
Footballguy
I don't understand the Portland area housing market. I mean, I guess I do - lack of inventory, urban growth boundaries, people from CA flocking up here. But the city itself is a mess with homeless camps set up all over and garbage and feces piling up like poop ant hills. I like where I live in the cozy suburbs, but my house is getting to the price point where I almost feel compelled to consider an offer.
But then what? Where to I go, what do I do? Not a lot of hedge funds reaching out to hire near 50-year old slackers who put in maybe 5 hours a day....and if I did stay in this line of work, hard pass to Chicago, NYC or SFO. Can't afford those places and the thought of a lengthy commute gives me ulcers. I haven't put a resume together since 1998 and I don't really even have any skills.
If I didn't have 74 children, I'd consider selling and retiring in Costa Rica or Panama. Just me, a hammock some monkeys and a WiFi connection. That's all I really need.
But then what? Where to I go, what do I do? Not a lot of hedge funds reaching out to hire near 50-year old slackers who put in maybe 5 hours a day....and if I did stay in this line of work, hard pass to Chicago, NYC or SFO. Can't afford those places and the thought of a lengthy commute gives me ulcers. I haven't put a resume together since 1998 and I don't really even have any skills.
If I didn't have 74 children, I'd consider selling and retiring in Costa Rica or Panama. Just me, a hammock some monkeys and a WiFi connection. That's all I really need.
Rodrigo Duterte
Footballguy
So what? It's not like one has to live in those places. Cali is massive. What state doesn't have some wasteland? If I have to drive through some desert to get to Yosemite or a million other mountains and lakes, I'm fine by it. At least it's just a drive.
That's like complaining about too much ocean before you get to Hawaii.
General Malaise
Footballguy
So you agree with me that some of California is beautiful.
Glad we got that out of the way.
Navin R Johnson
Footballguy
Bob Sacamano
Footballguy
Same
But therein lies the problem. You have to live somewhere.
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General Malaise
Footballguy
I might try the Rick Majerus model and just live out of a hotel room.
Stupid wife and kids.
Rodrigo Duterte
Footballguy
Yep, we agree that it has the most of the best of it all (coastline, beaches, mountains, lakes, rivers, weather). Who goes to the Nevada and Arizona parts anyway? Well, I guess a ton go to the Palm Springs / Palm Desert area, escaping other climes everywhere. So yeah, even the wasteland areas have an oasis.So you agree with me that some of California is beautiful.
Glad we got that out of the way.
You couldn't pay me to have all that.
General Malaise
Footballguy
You seem to be taking the internet pretty seriously today, friend.
Yes, California is amazing. Going to explore the redwood forests in May and check out some of the northern coast line, which I've never done. Maybe if the kids are good, I'll treat them to a tour of Fresno.
Zegras11
Footballguy
Binky The Doormat
Footballguy
knocked the hell out of us shopping for another couple of rental houses ...just gonna wait it out for prices to drop.
new construction has gone up around 50% - and the existing homes haven't caught up - but they now seem to be averaging around 30% - 35% higher - but rent averages haven't.
new construction has gone up around 50% - and the existing homes haven't caught up - but they now seem to be averaging around 30% - 35% higher - but rent averages haven't.
FreeBaGeL
Footballguy
Is anyone getting their places appraised?
We are under contract on t a second home in the Disney area and our appraisal came in way low. The market in that neighborhood was way down during Covid since it's right by Disney, and now with things re-opening the market has blown up. We are under contract at $565k and the whole neighborhood is basically the same home. Two just sold for $590k and there are 10 more under contract between $590k and $620k.
Yet our appraiser came back in the low $500's citing a bunch of comps from months ago when the market was still depressed. There is literally nothing in the neighborhood you can buy for less than $590k right now but this guy is still appraising low $500's. Tried a reconsideration and they basically just sent back a list of the old comps.
So frustrating that these clowns get $600 a pop to understand the real estate market but all they do is put a few comps into an excel spreadsheet and run an average like any trained monkey could do.
I really don't want to have to back out because the seller could turn around and get this home back under contract for $600k with another buyer tomorrow and we won't find anything less than that but damn it's a lot of unexpected cash to dish out to cover the appraisal gap.
We are under contract on t a second home in the Disney area and our appraisal came in way low. The market in that neighborhood was way down during Covid since it's right by Disney, and now with things re-opening the market has blown up. We are under contract at $565k and the whole neighborhood is basically the same home. Two just sold for $590k and there are 10 more under contract between $590k and $620k.
Yet our appraiser came back in the low $500's citing a bunch of comps from months ago when the market was still depressed. There is literally nothing in the neighborhood you can buy for less than $590k right now but this guy is still appraising low $500's. Tried a reconsideration and they basically just sent back a list of the old comps.
So frustrating that these clowns get $600 a pop to understand the real estate market but all they do is put a few comps into an excel spreadsheet and run an average like any trained monkey could do.
I really don't want to have to back out because the seller could turn around and get this home back under contract for $600k with another buyer tomorrow and we won't find anything less than that but damn it's a lot of unexpected cash to dish out to cover the appraisal gap.
jamny
Footballguy
With all the talk of a tough NY market, we're having no problem selling our house in Queens. It went on to MLS on Friday and we have 8 offers already. We've been here 26 years and our house is great shape, completely move-in with no work needed. We've had houses on our block sitting for months and there are multiple signs up on every block so it is a buyers market. We feel pretty fortunate. Happy that all the work we've done over the years is paying off.
dkp993
Footballguy
As a life long Californian I can confidently say huge portions of the state are beautiful. And there are sections (Yosemite, Lake Tahoe, Big Sir coastline) that rival anywhere in the world for pure beauty. The cost of living wouldn’t be what it is if massive amounts of people didn’t want to live here.....So you agree with me that some of California is beautiful.
Glad we got that out of the way.
dkp993
Footballguy
Ran into this issue 2 months ago when talking to my loan guy about our house and a possible cash-out refi. He said the appraisal would come back to low vs what it would actually sell for. Made zero sense to me. Just talked to him this morning again and now he’s said he seeing a shift in the appraisals and they’ve gotten more closely aligned. I’m guessing as the have more comps to work with it’s changing.
Angry Beavers
Footballguy
Can you call the mortgage lender and explain to someone rationale how their appraiser is not doing their job and about to bost them business?
dkp993
Footballguy
My lender, whom I have a good relationship with, basically said it appraises for what it appraises. And with loan Regulations as tight as they are now it’s all about the numbers.
rcam
Footballguy
Buying new construction here and selling our home built in 2002. New home was appraised and didn't have the correct buyer (me) or correct description of the house. It appraised to the correct amount though so I just let everything but the name slide. Pretty sure these guys just cut and paste all day and fill in a number.
Zegras11
Footballguy
rcam
Footballguy
Current home - bought in 2008 for 450K. Closed on sale beginning of April for 835K + 2 months free rent to wait for new build to finish. Signed contract for new build late last summer while COVID was depressing the market. Since that time, builder has bumped up the base price of the home by 100K and dropped 70K of incentives. With COVID heating up the market we've probably gained 300K of equity since last summer.
Zegras11
Footballguy
#1 mistake sellers are making in this market is to think that condition does not matter and won't reflect in the amount of offers and the price. Homes in top condition are getting the stupid offers. Congrats GB!
tommyGunZ
Footballguy
Right - but how often are folks really explaining why they wouldn't want to live in North Dakota, Iowa, or Alabama? That phase is almost always used when someone is referring to a place that is widely viewed as desirable.
Probably an overgeneralization - but you get my drift.
Desert_Power
Footballguy
I think it's more of a comparison thing and not a definite "wouldn't want to live there" thing. For example, my wife's work has a lab out in California (we live in FL). A comparable house to what we have know is at least $500k more there plus all of the taxes. Yes, wages would be higher but it's still a losing situation financially and really comes down to quality of life and trade-offs.
Do I want the 4/3 house with a yard and no state income taxes in Sunny Florida or a smaller 1/1 in California with higher taxes? (not a perfect example but you get my drift).
Alex P Keaton
Footballguy
Bob Sacamano
Footballguy
Yeah, I don't know that the desirable prerequisite really exists.
You couldn't pay me to live in the Malaise household.
Sounds right to me.
You couldn't pay me to live in the Malaise household.
Sounds right to me.
STEADYMOBBIN 22
Footballguy
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