How's your housing market? (2 Viewers)

[TripItUp]

LA and San Diego have better beaches, but they do not have the same overwhelming density of high paying jobs. Bay area beaches are quite cold, but it is not like Santa Cruz or other beaches are that far away. It is more a confluence of factors of jobs + things to do, not that every aspect is the best you can find. 

A lot of those high paying jobs are remote now.  But yes, if you need to find a job SF is better than SD...especially now with people fleeing pandemic stricken SF.

I meet way more people that have moved from SF to SD, than moved from SD to SF(when I lived in SF).  Here in North County SD the locals actually complain about the number of SF migrants.

 

[⚡DEADHEAD⚡]

A lot of those high paying jobs are remote now.  But yes, if you need to find a job SF is better than SD...especially now with people fleeing pandemic stricken SF.

I meet way more people that have moved from SF to SD, than moved from SD to SF(when I lived in SF).  Here in North County SD the locals actually complain about the number of SF migrants.

This may be true, but non-SD Californians seek to move to San Diego, whereas Americans, Germans, Japanese, Brits, Chinese, French, Indians, Canadians, etc. seek to move to the Bay Area. People around the world want to live here, and are still moving here.

People are leaving San Francisco, many are relocating elsewhere in the Bay Area. People don't want to be in condos, need houses with yards and extra rooms. I live in the Oakland hills (best weather in U.S.). There's not much inventory. Homes are selling for $1,000/sf. 

Realtors went to transparent pricing soon after COVID hit. That lasted a few weeks. Then the transparent pricing became the price that buyers had to exceed to have a chance at the house.

I'd say it's crazy, but it's not. It's been like this for two decades with the 2008-2010 blip being the anomaly. 

 

[joey]

Am I in some kind of alternate universe where people wonder what the draw is of the Bay Area? It’s freakin amazing here. Yes, expensive. But amazing. Did I mention the perfect sleeping weather? 

 

[Charlie Harper]

Am I in some kind of alternate universe where people wonder what the draw is of the Bay Area? It’s freakin amazing here. Yes, expensive. But amazing. Did I mention the perfect sleeping weather? 

It's been pretty miserable the past few days.

 

[joey]

It's been pretty miserable the past few days.

And the other 360 days?

 

[huthut]

The only problem is that unless you bought a house yesterday, you need a catalyst in order to afford one in the more desirable locations (aka solid 6 figure stock payout or similar). Both sides of my family has been in the bay area for generations. My grandparents bought houses for about $9 a sqft, my parents bought a house for about $45 a sqft, I ended up paying about $650 a sqft, and now all of those houses are ~$900-$1100 a sqft. It is pretty rare to run into anyone younger than 40 who has bought a house, with the most common scenario being two above average salaries and buying before prices fully recovered from the financial crash pre-2014-2015. I can definitely see the temptation for moving though, right now we feel super space constrained yet we can browse zillow or redfin and see a 3500 sqft mansion with 5 acres and a pool with a waterfall somewhere else for less than a down payment would be on a 3 bed 2 bath. 

 

[BassNBrew]

Newport, Johnson City - all those places on the edge of the Smokies are  .

Johnson City is like stepping back in time.  The Trump yard signs in front of decaying single wides is hilarious.  If you happen to see someone wearing a mask in a gas station, run for the exit...a hold up is about to occur.

 

[flapgreen]

Johnson City is like stepping back in time.  The Trump yard signs in front of decaying single wides is hilarious.  If you happen to see someone wearing a mask in a gas station, run for the exit...a hold up is about to occur.

It's awesome. Stay away. We don't like your kind! 

 

[MAC_32]

I have been through there a while back.  Didn't seem that bad.  I would have said Pigeon Forge, but that is a tourist trap.  I do like that side of the Smokies/Appalachians.  And TN is pretty good for taxation.

Just don't suggest Knoxville.  There are some places sane folk shouldn't go.

Pigeon Forge itself is ridiculous in not good ways, but that surrounding area is heavenly. No clue what it'd be like living there though. An investigation for another decade. 

 

[flapgreen]

I have been through there a while back.  Didn't seem that bad.  I would have said Pigeon Forge, but that is a tourist trap.  I do like that side of the Smokies/Appalachians.  And TN is pretty good for taxation.

Just don't suggest Knoxville.  There are some places sane folk shouldn't go.

It's not that bad. Lol.  Folks are friendly. It's affordable and slow pace.  The overly political folks can only see things through that lens. The truth is most people don't give a damn about that sort of thing and are just trying to provide for their families.  It's a foreign concept to some people from the big cities. They think it just has to be a bunch of crazed racists with Trump signs and rebel flags roaming the countryside for minorities.  Couldn't be further from the truth. 

Pigeon Forge is terrible, though. I hate going through there. It feels like an infomercial. 

 

[flapgreen]

Pigeon Forge itself is ridiculous in not good ways, but that surrounding area is heavenly. No clue what it'd be like living there though. An investigation for another decade. 

Pigeon Forge has always been terrible. Just a massive tourist trap. Surrounding area is amazing but I doubt there are many jobs to be had. Would need some type of job to work from home. I prefer the middle part of the state. 

 

[Cjw_55106]

Twin Cities home sales surged 10% in July; median price hits $312,500.

 

[SoBeDad]

Twin Cities home sales surged 10% in July; median price hits $312,500.

If interest rates go up, would it create a housing bubble, or housing stagflation?

 

[huthut]

If interest rates go up, would it create a housing bubble, or housing stagflation?

Not a finance person, but wouldn't higher interest rates mean people cannot spend as much on a house, lowering the price? 

 

[Zegras11]

If interest rates go up, would it create a housing bubble, or housing stagflation?

no. supply is too low.  

Not to rail on you, but a "bubble" is irrational buying at a top.

 

[SoBeDad]

Not a finance person, but wouldn't higher interest rates mean people cannot spend as much on a house, lowering the price? 

That's what I meant to say, low rates could be causing a bubble that future higher rates will burst. It's could  become irrational if there are bidding wars. But yea, supply is low in many places 

 

[sbonomo]

LA and San Diego have better beaches, but they do not have the same overwhelming density of high paying jobs. Bay area beaches are quite cold, but it is not like Santa Cruz or other beaches are that far away. It is more a confluence of factors of jobs + things to do, not that every aspect is the best you can find. 

I live in SF for three years and have come to the conclusion that it is a great place to visit but a hard place to live.  Coming from LA, it is way more expensive.  I never thought i would say that about anywhere other than NY.   Also, the weather is awful.  No way people go there for beaches.  I lived in N. Bay commuting to the Financial District taking the ferry every AM to work.  That is a beautiful way to get to work.  

LA Housing market - I just received an appraisal on my house that i bought last year for a pending refinance that shows a 9.1% gain in value.  I was actually surprised by the appreciation!  Go Team!  

 

[dkp993]

LA and San Diego have better beaches, but they do not have the same overwhelming density of high paying jobs. Bay area beaches are quite cold, but it is not like Santa Cruz or other beaches are that far away. It is more a confluence of factors of jobs + things to do, not that every aspect is the best you can find. 

I live in SF for three years and have come to the conclusion that it is a great place to visit but a hard place to live.  Coming from LA, it is way more expensive.  I never thought i would say that about anywhere other than NY.   Also, the weather is awful.  No way people go there for beaches.  I lived in N. Bay commuting to the Financial District taking the ferry every AM to work.  That is a beautiful way to get to work.  

LA Housing market - I just received an appraisal on my house that i bought last year for a pending refinance that shows a 9.1% gain in value.  I was actually surprised by the appreciation!  Go Team!  

Yeah I was born and raised in SD (live here now too) but went to college in Santa Cruz.  While I liked it there the beaches do not compare at all.  Can count how many time I went to the beach in SC on one hand.  

 

[joey]

Yeah I was born and raised in SD (live here now too) but went to college in Santa Cruz.  While I liked it there the beaches do not compare at all.  Can count how many time I went to the beach in SC on one hand.  

If you’re coming to NorCal for the beaches, you’re in the wrong place.  
NorCal has beautiful, mild weather. Its "winter" is just a rainy season. its abundance of trails, hills, lakes, outdoor activities, closeness to Tahoe, redwoods, sailing, etc are the reason to be here. If you want beach life, NorCal ain’t the place.

for me, LA and SoCal are not of interest with the really hot weather most of the year. AC on all the time. 
San Diego, though, seems like a nice compromise between LA and SF weather wise, at least. 

the main thing I DO like in LA over SF is the food. Maybe it's my NYC roots, but I can definitely get more of the foods I love in LA than I can in SF. More NY transplants in LA I assume. 

 

[Rodrigo Duterte]

AC "on all the time" in SoCal is just not true.  I think you mean Arizona.

 

[Zegras11]

Ada County (Boise) up 24% last 12 months.   
Canyon County (Nampa) up 33% last 12 months.

About 90 homes for sale in each county.  That's about 90% less then normal levels.

 

[Ministry of Pain]

Palm Beach

Was done a couple months ago but there simply is no slow down here, in fact the Covid has done nothing to slow the market, if anything it has made Florida even more of a hot spot for folks from the North and MidWest, they love it here especially if they have left areas with extreme lockdown rules in place. 

 

[TripItUp]

AC "on all the time" in SoCal is just not true.  I think you mean Arizona.

I live in SD and AC is only on a few months tops if you live close to the coast.  Agree with inland SoCal...might as well live in AZ 

 

[Rodrigo Duterte]

What do you guys think about mortgage rates?

 

[BassNBrew]

What do you guys think about mortgage rates?

 

[flapgreen]

I live in SD and AC is only on a few months tops if you live close to the coast.  Agree with inland SoCal...might as well live in AZ 

I love the desert! 

 

[Alex P Keaton]

What do you guys think about mortgage rates?

I'm a FBG.  We just pay cash for fun.

 

[[icon]]

Am I in some kind of alternate universe where people wonder what the draw is of the Bay Area? It’s freakin amazing here. Yes, expensive. But amazing. Did I mention the perfect sleeping weather? 

Air Conditioning = Perfect sleeping weather anywhere  

 

[Zow]

I live in SD and AC is only on a few months tops if you live close to the coast.  Agree with inland SoCal...might as well live in AZ 

Most of them are doing the bold. And skyrocketing housing prices as a result. 

 

[Zow]

AC "on all the time" in SoCal is just not true.  I think you mean Arizona.

Barstow, Needles, Ridgecrest, Victorville, Palm Springs, etc. all don't require AC on all the time?

 

[TripItUp]

Barstow, Needles, Ridgecrest, Victorville, Palm Springs, etc. all don't require AC on all the time?

I was pointing out it's an over-generalization.  Many coastal cities don't use much AC.

 

[joey]

Air Conditioning = Perfect sleeping weather anywhere  

Sounds like you live somewhere uncomfortably hot. That’s ok.  

 

[Zow]

I was pointing out it's an over-generalization.  Many coastal cities don't use much AC.

I know I was just giving you ####. I lived in the AZ desert (and used AC all year round) for ten years and the CA cities I listed seemed just as bad/hot.* 

 

[beer 30]

Talk to me about selling a home via probate in CA. Don't want to get into details but lets assume I have a $600k home in Southern CA that has to go that route. What am I in for?

 

[Zegras11]

What do you guys think about the granite market these days?

 

[The General]

Seattle market irrationally stupid again. Mediocre stuff selling at ridiculous prices. 

 

[STEADYMOBBIN 22]

Seattle market irrationally stupid again. Mediocre stuff selling at ridiculous prices. 

I just noticed that we’re all old enough to say things like this. We’ve seen this happen already and we all know the end result. 

 

[Mrs. Rannous]

The Houston market is hot, too.  People are moving here in droves, and there's only so much housing inside the Loop.

 

[The General]

I just noticed that we’re all old enough to say things like this. We’ve seen this happen already and we all know the end result. 

Yup. Goes down and then back up again

 

[dkp993]

Housing market is pure fire here in So-Cal.  Homes in my neighborhood and the surrounding are selling for 50/60k over list, within 48hrs of listing.  Home are even appraising for what they are selling for so people are having to come up with cash for the over.   It's mania honestly

 

[Alex P Keaton]

@tommyGunZthis is still my favorite all-time thread.  (other than that thread with the dude going camping and his friend Steve hooking up with his girlfriend...or was it his wife??)   

 

[Rodrigo Duterte]

Barstow, Needles, Ridgecrest, Victorville, Palm Springs, etc. all don't require AC on all the time?

None of those desert towns are considered Southern Cal.  And not what the poster was referring to as such. 

I'll give you Palm Springs. 

But Barstow?    And Needles!  That's the best one.  Near the Nevada border and a lot closer to Vegas than LA/SD.

Wait, no Ridgecrest is even better.  LOFL, it's actually north of Bakersfield.  Might as well throw San Luis Obispo (south of Ridgecrest) in there while you're at it.

Where did you come up with these???

 

[Ilov80s]

Same here in SE Michigan. Family friends bought a minor fixer upper home for $180,000 2.5 years ago, just sold for $390,000 cash. 

 

[[icon]]

Sounds like you live somewhere uncomfortably hot. That’s ok.  

Naw just couldn't pay me enough to live in the Bay Area. Fun place to visit but if you GAVE me a house there, I'd sell it and buy in SD if I HAD to live in Cali.  I don't mind swinging by for a long weekend every couple years tho!  

Beach house in Guanacaste Province of Costa Rica would be a significant upgrade for 1/3 the price though.  
 

 

[MTskibum]

The Houston market is hot, too.  People are moving here in droves, and there's only so much housing inside the Loop.

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.

 

[Zow]

None of those desert towns are considered Southern Cal.  And not what the poster was referring to as such. 

I'll give you Palm Springs. 

But Barstow?    And Needles!  That's the best one.  Near the Nevada border and a lot closer to Vegas than LA/SD.

Wait, no Ridgecrest is even better.  LOFL, it's actually north of Bakersfield.  Might as well throw San Luis Obispo (south of Ridgecrest) in there while you're at it.

Where did you come up with these???

Are't they in Southern CA?  

 

[FBG26]

Are't they in Southern CA?  

Depends on the definition of "Southern", counselor. Per wiki:

Southern California is not a formal geographic designation and definitions of what constitutes southern California vary. Geographically, California's north–south midway point lies at exactly 37° 9' 58.23" latitude, around 11 miles (18 km) south of San Jose; however, this does not coincide with the popular use of the term. When the state is divided into two areas (northern and southern California), the term southern California usually refers to the 10 southernmost counties of the state. This definition coincides neatly with the county lines at 35° 47′ 28″ North latitude, which form the northern borders of San Luis Obispo, Kern, and San Bernardino counties. That closely matches the lower one-third of California's span of latitude. Another definition for southern California uses Point Conception and the Tehachapi Mountains as geographical landmarks for the northern boundary.

ETA: i'm too lazy to see if the cities mentioned are actually in the 10 counties listed. But also wanted to say that I've got relatives in CA and those relatives only consider something to be southern CA if its more or less coastal. Sample size is like 2, so take that for what its worth. 

 

[tommyGunZ]

Naw just couldn't pay me enough to live in the Bay Area. Fun place to visit but if you GAVE me a house there, I'd sell it and buy in SD if I HAD to live in Cali.  I don't mind swinging by for a long weekend every couple years tho!  

Beach house in Guanacaste Province of Costa Rica would be a significant upgrade for 1/3 the price though.  
 

100 times out of 100 when someone says “you couldn’t pay me to live there”, it’s a place they can’t afford.  

 

[Rodrigo Duterte]

Are't they in Southern CA?  

If you wanna get cute and draw a line through the middle of Cali and call it two parts and be lawyer guy, go for it.

Otherwise, the point you were trying to make was way off.  Like, as far off as thinking a town north of Bakersfield and SLO is in SoCal.

 

[flapgreen]

None of those desert towns are considered Southern Cal.  And not what the poster was referring to as such. 

I'll give you Palm Springs. 

But Barstow?    And Needles!  That's the best one.  Near the Nevada border and a lot closer to Vegas than LA/SD.

Wait, no Ridgecrest is even better.  LOFL, it's actually north of Bakersfield.  Might as well throw San Luis Obispo (south of Ridgecrest) in there while you're at it.

Where did you come up with these???

Will be in Ridgecrest this fall. Wife's hometown!