Housing prices up almost 20% in a year

[Saltwater60]

This is completely unsustainable.

Home prices skyrocketed last year. Two regions saw the biggest increases

Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data.

amp.cnn.com

 

[1075tech]

I read an article the other day that predicted another 10% this year.

I'm looking but it's tough. I'm going to end up spending more for what I can get and I won't get what I want

 

[WillyK]

Sounds like 2008...

 

[MothMan]

Real glad we are staying in our home of 40 years it's energy efficient, comfortable as only a well lived in home can be and mortage free.

 

[Saltwater60]

Sounds like 2008...

This is way worse. We had no where near that price increase in 2008 at least not in this area.

 

[Saltwater60]

An

I read an article the other day that predicted another 10% this year.

I'm looking but it's tough. I'm going to end up spending more for what I can get and I won't get what I want

And interest rates are on the rise. Great combo.

 

[zorro]

Prices have gone insane

I closed on a property in Sarasota in June 2021 - the base price we paid was $385000 (excluding lot and upgrades to the home)

The LOT was $55000 and upgrades around $85000

A total of around $525000




The EXACT SAME PROPERTY is now listed for $565000…….again, before lot and upgrades

The lot now goes for $150000 and the upgrades around $150000

A new total of around $865000

Totally insane - we could not have afforded it if purchasing today

 

[Saltwater60]

Prices have gone insane

I closed on a property in Sarasota in June 2021 - the base price we paid was $385000 (excluding lot and upgrades to the home)

The LOT was $55000 and upgrades around $85000

A total of around $525000




The EXACT SAME PROPERTY is now listed for $565000…….again, before lot and upgrades

The lot now goes for $150000 and the upgrades around $150000

A new total of around $865000

Totally insane - we could not have afforded it if purchasing today

Neither can anyone else. Now just wait when the dumbfuck that bought houses they can’t afford because their student loans were in deferment and they have to start paying back their loans.
My wife consolidated because she maybe able to get hers forgiven off the 10 year state worker clause and she’s trying to pay them, but she can’t, they won’t allow her to do so. She’s likely a few payments short so I want to just pay them to get to the 120 qualifying payments and get them gone.

 

[maverick52]

As someone who works in the business I can tell you that this will continue for a while. More buyers than sellers. If your thinking of selling…never been a better time.

 

[masterswimmer]

As someone who works in the business I can tell you that this will continue for a while. More buyers than sellers. If your thinking of selling…never been a better time.

Great time to downsize if you're at retirement stage.

Selling just to sell and having to re-buy another home isn't the best strategy. Lateral move.

 

[Cooolone]

I read an article the other day that predicted another 10% this year.

I'm looking but it's tough. I'm going to end up spending more for what I can get and I won't get what I want

Yeah... Fuck you BRANDON!

just got back from NC & SC... And there's some beautiful homes! All +20-30% from same time one year ago!!! You look at places and know what they "SHOULD" go for, then you have to add that fucking Brandon factor... One home I was watching was listed, then removed and added back a month later at +$50k... Insane shit! But they got you too because everywhere we went and people we spoke to all acknowledged north easterners are moving south in droves!


All in all, it is what it is... I'm going and really although it's a bitter pill to swallow, it's not going to stop me from relocating. Maybe I have to carry a note on the home that I really didn't want to. But the same is happening here as well, so I'll get some crazy $$$ for my home I'm leaving as well.

I'll be saving probably 12%+ on my post retirement income taxes alone. Add to that cheaper home tax rates, cheaper insurance and a few other typical monthly expenses. Good, gas and a few others are the same. But it will definitely result in more disposable income in my pocket!

And you know what... The roadways are all CLEAN, everywhere is clean and nice, people are cordial, say hello, hold doors and have manners. Masks and no masks, but no big deal, it's all good! Anyways...

Fuck NY!

 

[dwa12479]

As someone who works in the business I can tell you that this will continue for a while. More buyers than sellers. If your thinking of selling…never been a better time.

But then massively overpay on wherever you go. We've been wanting to move to a somewhat larger place for our family of 5. I can make crazy money selling my current house, but I'll just dump that into the next overly-inflated place. It's infuriating.

 

[livingston]

Taxes on these places will also rise in kind ...

 

[Uzi]

I'm going to be RICH!

Looking at private islands and Lambo's as we speak, But I just need to find another house to buy too after I sell this one for my $500,000 profit. Hopefully I don't have any competiton or get into a bidding war with the billionaires before the bubble pops.

 

[Mk44]

It's a great time to sell, but it may be a challenge to find another place w/o paying above their norm.
Prices of homes are up all across the country.
(I'm glad I have land down south.)

 

[Cooolone]

Just cash out and transfer that to your new abode! Don't wait for that discount that just isn't coming! And quite frankly, leaving NY and the snow, is certainly a valid trade off for a screened Lanai and Outdoor barbeque kitchen, all new home that has at least a decade or two before needing any intervention! A beautiful open floor plan and plenty of space for guests. Average winter temps above needing any winter clothing, etc. And far, far away from the Liberal Progressive bullshit that permeates the air here!

 

[1075tech]

Land prices are easily double or more what they were a year ago.

New construction - expect at least $100 per foot more than last year's price.

As for comparing it to 2008, I know a guy who bought at the height of the bubble then. It was only a couple of years before his family outgrew the house. He couldn't sell, he couldn't refinance. He ended up renting it out for less than the mortgage payment. He finally sold it last year for what he paid for it then

 

[dwa12479]

Land prices are easily double or more what they were a year ago.

New construction - expect at least $100 per foot more than last year's price.

As for comparing it to 2008, I know a guy who bought at the height of the bubble then. It was only a couple of years before his family outgrew the house. He couldn't sell, he couldn't refinance. He ended up renting it out for less than the mortgage payment. He finally sold it last year for what he paid for it then

And he ain't the only one. At least he made it through without total financial ruin like so many others.

 

[repete]

I'm not going into debt for another house, guess I stay here. At least I have a 3 car garage and a gun room and my wife has a sewing room, we also have a 30 year collection of shit in those rooms!

 

[Saltwater60]

This is a complete disaster. I was just talking to two families who are just completely clueless and looking to buy a home now. The one guy was the high bidder and couldn’t imagine why his bid wasn’t accepted. I said are you contingent? And he replied yes. I said there’s your answer and he said well the other people didn’t want a a home inspection either.
The other couple said they liked the house and it had everything they wanted and were putting an offer in at the end of the week. I said you already lost the house don’t even bother since 10 others already did that.
I told them both to wait because the bubble will burst again. Another friend just told the price will never drop. I said oh no people can’t afford them now so they will drop. This can’t keep going. These people are clueless and 2008 wasn’t that long ago. What did they learn? These are 40-50 year olds I was talking to.

 

[phatfarmerbob]

Selling just to sell and having to re-buy another home isn't the best strategy. Lateral move.

Have friends with 3 kids, had a really nice house and cashed in last year. Big payday. Been living in an apartment ever since cause can’t afford the houses they want. That rent is gonna eat up all that profit real fast… bad move imho

 

[livingston]

There is no way we will not have an economic downturn folks. The price of gas, new and used cars, home heating oil . food. taxes, property and income taxes all are hitting record levels. Talked to my accountant and he said Target is paying $24/hr to stock shelves .. At some point these businesses cannot and will not keep the doors open. . 6 months wait to have a new kitchen appliances installed. , Last fall a 3 week weight for concrete to be delivered . according to a friend in construction. Sister was paying $2000. for an 850 sq ft apartment in Florida last year. .. No cars on car lots for sale.. Car parts not found for repairs. .. Where are we setting a year from now folks ?

 

[livingston]

As I said above $2000/mo for an 850 sq ft apartment in Sarasota ...Waiting lists for this to boot...

 

[1075tech]

Prices have gone insane

I closed on a property in Sarasota in June 2021 - the base price we paid was $385000 (excluding lot and upgrades to the home)

The LOT was $55000 and upgrades around $85000

A total of around $525000




The EXACT SAME PROPERTY is now listed for $565000…….again, before lot and upgrades

The lot now goes for $150000 and the upgrades around $150000

A new total of around $865000

Totally insane - we could not have afforded it if purchasing today

Talked to a building inspector yesterday. He said to plan on $200-$250 a foot for new construction this year. That puts a 2000ft² house in 500k range.

 

[Drinkthekoolaid]

Yeah... Fuck you BRANDON!

just got back from NC & SC... And there's some beautiful homes! All +20-30% from same time one year ago!!! You look at places and know what they "SHOULD" go for, then you have to add that fucking Brandon factor... One home I was watching was listed, then removed and added back a month later at +$50k... Insane shit! But they got you too because everywhere we went and people we spoke to all acknowledged north easterners are moving south in droves!


All in all, it is what it is... I'm going and really although it's a bitter pill to swallow, it's not going to stop me from relocating. Maybe I have to carry a note on the home that I really didn't want to. But the same is happening here as well, so I'll get some crazy $$$ for my home I'm leaving as well.

I'll be saving probably 12%+ on my post retirement income taxes alone. Add to that cheaper home tax rates, cheaper insurance and a few other typical monthly expenses. Good, gas and a few others are the same. But it will definitely result in more disposable income in my pocket!

And you know what... The roadways are all CLEAN, everywhere is clean and nice, people are cordial, say hello, hold doors and have manners. Masks and no masks, but no big deal, it's all good! Anyways...

Fuck NY!

What parts of NC and SC did you visit? What were your impressions?

 

[96coal449]

What a blow job.

Glad I already planted my feet.
As much as I feel like I'd like to leave these shitty politics behind, I couldn't afford to move. Not without selling off a bunch of stuff, but then I'd be stuck with paying these high prices. My feet are finally rooted. Guess I'm staying put. It is nice being in the country and surrounded by good ole boys.

 

[Drinkthekoolaid]

This is a complete disaster. I was just talking to two families who are just completely clueless and looking to buy a home now. The one guy was the high bidder and couldn’t imagine why his bid wasn’t accepted. I said are you contingent? And he replied yes. I said there’s your answer and he said well the other people didn’t want a a home inspection either.
The other couple said they liked the house and it had everything they wanted and were putting an offer in at the end of the week. I said you already lost the house don’t even bother since 10 others already did that.
I told them both to wait because the bubble will burst again. Another friend just told the price will never drop. I said oh no people can’t afford them now so they will drop. This can’t keep going. These people are clueless and 2008 wasn’t that long ago. What did they learn? These are 40-50 year olds I was talking to.

I really don't know.

I wonder if part of the crazy prices is a reflection of inflation too. These prices might sadly be around for some time. The cost of everything is up like crazy.

I'm not sure if this is the new normal, part of the great reset or what.

We'll see once interest rates start to rise what that does to prices.

I just feel like there are so many things wrong right now.

 

[96coal449]

I'm not sure if this is the new normal, part of the great reset or what.

Ding, ding, ding ......

The great reset is worse. This is just the beginning. The transfer of wealth to the globalists and "elites."
We will own nothing, have nothing and be happy with the measly pickings they leave for us to lease.

 

[C3D]

Thanks to Biden, you can’t heat (or buy, or rent) a home

Many renters are getting hit hard by inflation. Rents are up about 16% nationwide since January 2021, with hikes above 25% in some areas.

nypost.com

 

[Saltwater60]

Thanks to Biden, you can’t heat (or buy, or rent) a home

Many renters are getting hit hard by inflation. Rents are up about 16% nationwide since January 2021, with hikes above 25% in some areas.

nypost.com

More good news. Wait until they run out of neon to make computer chips. Then we fucked.