The housing market is BONKERS

[markal]

Just found out that a house in my neighborhood sold for double what we paid three years ago. It’s a little bigger, but sold for exactly double. Zillow says our house has gone up 7% in the last 30 days. What?!!? We have no intention of selling so we won’t find out what it’s really worth.

But it’s just nuts. I’m mean, N U T S. I know it’s like this all over the country. We’re in the Denver area and it’s really gotten out of control here. We need to build more houses! I feel bad for people trying to get into their first house right now.

 

[Killing Floor]

Got a new county assessment Tuesday. They value my house 3 1/2 times what I paid 12 years ago. Is that sustainable? It’s nuts. I could sell it but then where would I go? It’s out of control.

 

[markal]

Got a new county assessment Tuesday. They value my house 3 1/2 times what I paid 12 years ago. Is that sustainable? It’s nuts. I could sell it but then where would I go? It’s out of control.

Ugh that’s crazy. Yeah, no point selling unless you want to and can move to a cheaper market.

 

[stxrus]

We bought around 21 years ago when the market was in the dumps. Our rate was moderately high but in the lower third of the notional average. We refinanced 6 years later and dropped a lot off the mortgage.
A friend was offered more than twice the appraised value of their house. A quick check found that they couldn’t get into a comparable place for the money they could profit from the sale of their home.

Yes, the market is BONKERS. Until the cost of money finds a nice place the housing market will be difficult for most folks

 

[Milspec]

I have come to the conclusion that my Grandfather was correct when he gave me some house advice back in 1984. He said that you should never buy a house unless you desire the house lifestyle. You have to enjoy mowing the lawn, painting, making repairs, worrying about storm damage, etc. or else you were better off renting.

A real estate company has been going door-to-door buying up houses along my street. Most have sold and for far greater money than those houses should ever be worth. I mean some still have dirt floor basements yet sold for $170,000. Around here, those homes were only around $65,000 just 10 years ago.

I declined the offer to buy my home simply because I don't want to get into a new mortgage that was far greater than the house is really worth. Another housing bubble is coming and those peple are going to be screwed. Now, if I wanted to just rent a place, selling for the big bucks would make some sense, but I value the space found in a house.

 

[TeleTex82]

Yeah, it's crazy. When we bought our current house 3 years ago we were at the top end of houses sold. Now, houses are selling for $300K more on average.

 

[boneyguy]

Just as crazy here in Canada. Our house is probably worth a million now and it's not anything special. That's double what we paid 9 years ago. I don't know how people are doing it. Houses are selling for $100,000 over asking price and with no conditions!! It's insanity. And I don't know how people can afford the rental market either these days. I'm especially concerned for single parents who rent. I was one of those one time and it wasn't easy and that's when things weren't insane. I don't know how people are surviving!!

 

[telestratosonic]

Just found out that a house in my neighborhood sold for double what we paid three years ago. It’s a little bigger, but sold for exactly double. Zillow says our house has gone up 7% in the last 30 days. What?!!? We have no intention of selling so we won’t find out what it’s really worth.

But it’s just nuts. I’m mean, N U T S. I know it’s like this all over the country. We’re in the Denver area and it’s really gotten out of control here. We need to build more houses! I feel bad for people trying to get into their first house right now.

Not just in the US. Same thing up here. Crazy.

 

[Jupiter]

well it ain't happening over HERE I can tell ya

 

[Geoff738]

Yeah, not much other than small one bedroom condos south of a million here. Who can afford that?

Cheers,
Geoff

 

[Nogoodnamesleft]

My condo has dropped in value to the point I have negative equity. I didn’t think buying a drum set would make the area THAT undesirable…

Everything else seems to be up in value. I think there’s a glut of condos here at the moment. But BC, Ontario, and now Nova Scotia - blind bidding and what appears to be real estate agents pitting bidders against each other to make higher offers. One guy in Toronto sold his house for more than $100K over what the highest offer was as of the morning of closing day. People are just blindly throwing money at it up the the last minute hoping to win. It’s insanity.

 

[Telekarster]

Now, if I wanted to just rent a place, selling for the big bucks would make some sense,

Just an FYI but a buddy of mine did this, and he's married with a 3 year old. They sold the house to take advantage of the market, about 10 months ago, and they pocketed about 50K net. Sold the home, as-is, cash, in 2 days! At the time we were really happy for em, and we even considered doing the same! Well.... they've been renting but now they're in sort of a pickle. So... just like the real estate market, the rent market is going up as well. He's paying about 1600 per month (which is actually a deal) and the landlord just told em that he's increasing the rent considerably when their lease is up. Basically what's happening is he's seeing that 50K dwindle, cause he can't find another house to buy that he can afford, cause the market has climbed so high since he sold It is NUTS man... "just stay put" is the philosophy we're takin', but I'm kinda worried about him and his family. They can afford to stay in the apartment (for now) but man, it's a far cry from where they were living and that 50K would've really helped em out, with the fam and all...

 

[Cadillac_Mike]

Wish I could've bought lake land in 1947 for $120 by saving a little money from my factory job and passed it onto generations of spoiled kids that will inherit it at the value of $1 million from doing nothing to earn it but do enjoy getting drunk in the hot tub that your parents put in 1982....

 

[Telekarster]

Wish I could've bought lake land in 1947 for $120 by saving a little money from my factory job and passed it onto generations of spoiled kids that will inherit it at the value of $1 million from doing nothing to earn it but do enjoy getting drunk in the hot tub that your parents put in 1982....

My Dad told me once that he could've bought 1 acre of oceanfront property on the east coast, when he was in the Navy, for 500 bucks about 1951. He couldn't afford it and no one really wanted it anyway. One acre... oceanfront... yeah I think I'd like to have inherited that

 

[Cadillac_Mike]

My Dad told me once that he could've bought 1 acre of oceanfront property on the east coast, when he was in the Navy, for 500 bucks about 1951. He couldn't afford it and no one really wanted it anyway. One acre... oceanfront... yeah I think I'd like to have inherited that

Probably in The Hamptons, too lol. Less people, less competition, not everything was developed like later 70's to today...

 

[Telekarster]

Probably in The Hamptons, too lol. Less people, less competition, not everything was developed like later 70's to today...

Actually.... now that you mention it.... I think it was!!!

 

[bgmacaw]

We need to build more houses!

Karen and Chad say, "Not in my backyard!"

 

[Cyberi4n]

The harder it is to buy, the more people will rent. By 2030 you’ll own nothing and you’ll be happy….. looks like it’s all going according to plan.

Supply vs demand. Isn’t it a thing now that in the states entire blocks of houses are being hoovered up by corporations in order to drive a rental market?

 

[bgmacaw]

Buy your REITs now, up 46% on average in dividends and appreciation in 2021 and poised to do even better in 2022.

 

[aging_rocker]

It's a global issue. Our current house has more than doubled in value in 6 years. It's still the cheapest house on the street though.
Rentals are stupid expensive here too.