Housing prices up almost 20% in a year

1075tech · Mar 18, 2022

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 · Mar 18, 2022

Sounds like 2008...

MothMan · Mar 18, 2022

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. :hookah:

zorro · Mar 18, 2022

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

maverick52 · Mar 20, 2022

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 · Mar 20, 2022

maverick52 said:
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 · Mar 20, 2022

1075tech said:
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 · Mar 20, 2022

maverick52 said:
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 · Mar 20, 2022

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

Uzi · Mar 20, 2022

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 · Mar 20, 2022

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 · Mar 20, 2022

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 · Mar 20, 2022

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 · Mar 20, 2022

1075tech said:
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 · Mar 20, 2022

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!

phatfarmerbob · Mar 20, 2022

masterswimmer said:
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 · Mar 20, 2022

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 · Mar 20, 2022

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

1075tech · Mar 20, 2022

zorro said:
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 · Mar 20, 2022

Cooolone said:
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 · Mar 20, 2022

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 · Mar 20, 2022

Saltwater60 said:
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 · Mar 20, 2022

Drinkthekoolaid said:
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 · Mar 20, 2022

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

Housing prices up almost 20% in a year

.950 JDJ

.338 Win Mag

.357 mag

.338 Win Mag

.950 JDJ

.950 JDJ

.357 mag

.950 JDJ

.223 Rem

.450/400 Nitro Ex

.338 Win Mag

.338 Win Mag

20×102mm Vulcan

.308 Win

6.5 Creedmoor

.338 Win Mag

.338 Win Mag

.338 Win Mag

.338 Win Mag

.950 JDJ

.223 Rem

20×102mm Vulcan

20×102mm Vulcan

.338 Win Mag

.475 A&M Magnum

.308 Win

.475 A&M Magnum

.308 Win

.308 Win

.950 JDJ