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Thread: Not mentioning my zip code.....(real estate related)

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    Senior Member gimmethesimplelife's Avatar
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    Not mentioning my zip code.....(real estate related)

    Something that I consider unthinkable has happened in my neighborhood. There are actual listings of houses for 1/2 million not far from me. Now it's true that these houses are in great shape, and are large and modernized. But 1/2 million? When just ten years ago they were housing market crash priced at 90K or so?

    This is unsustainable in my book - what's your take? Rob

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    Senior Member iris lilies's Avatar
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    Real estate prices will go back down. How much, don’t know.

    Since we inevitably buy high and sell low, you can expect real estate prices to drop about fall of 2022. That’s probably when we will be ready to sell our house.

    You all are welcome.

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    If people didn't buy the houses for that much, they wouldn't list for that much. But as long as there is someone out there willing to pay it and as long as the seller can find that person, I guess it is between them. The sad part is - at least as witnessed in my area the last 5-10 years - the number of abandoned houses that ended up reverting back to bank ownership and literally falling into decay. The house next door and the one across the street finally have families in them! But they each stood empty for well over 7 years (can't remember exactly) and the restoration costs huge.

    I am really beginning to question the whole idea of home-ownership at this point in my life. When younger and with a family, it worked. Right now - definitely questioning the whole thing.
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    Senior Member bae's Avatar
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    I wonder who is buying them, and how they can afford them?

    In my zip code, real estate prices are well beyond what most anyone working here can afford.

    (And of course the low low interest rates seem to be contributing.)

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    Senior Member JaneV2.0's Avatar
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    I have rented in the past, but now--after forty-some years' ownership--I can't imagine living in someone else's property, at their whim. Too bad, because I see a lot of attractive rentals (at eye-popping prices) out there.

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    Senior Member Tradd's Avatar
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    Quote Originally Posted by gimmethesimplelife View Post
    Something that I consider unthinkable has happened in my neighborhood. There are actual listings of houses for 1/2 million not far from me. Now it's true that these houses are in great shape, and are large and modernized. But 1/2 million? When just ten years ago they were housing market crash priced at 90K or so?

    This is unsustainable in my book - what's your take? Rob
    Prices have gone up pretty much everywhere. Are you dismayed because a higher class of folks will be moving in that won’t mesh well with the current working class and Hispanic residents? Are the houses large or do they just have a lot of amenities/large lots?

    Rents have really gone up. I’m staying where I am. I pay several hundred below market because I’ve been here for more than 12 years. I’ll likely never buy. Too expensive here and I don’t want the responsibility.

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    There hasnít been much construction of new housing stock in the past year, the price of a lot of building materials is none the less up. I think Bae is right, Mortgage rates seem awfully low to me right now. I would also think as we come out from under the Covid restrictions, pent-up demand is being released.

    It would be surprising if we didnít see at least a small housing boom.

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    Quote Originally Posted by bae View Post
    I wonder who is buying them, and how they can afford them?
    Low interest rates are responsible for much of it. Our inventory is so low nothing under $750k stays on the market even 4 hours.

    My monthly payment on 60k back in 1983 would now buy 260k (not that anything here is that low but wages are up significantly from then as well except for minimum of course).

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    Senior Member Teacher Terry's Avatar
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    We sold our 1950’s 1400 sq ft ranch for 400k. Prices here just keep going up. The thing that seems different than the last time this happened is that we have a huge shortage of houses and we now have tech companies that pay bigger wages than other local employers. Plus besides retirees moving here many from the Bay Area can now work remotely so it is also driving prices up. Some people think we are in a bubble that will burst.

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    Quote Originally Posted by bae View Post
    I wonder who is buying them, and how they can afford them?

    In my zip code, real estate prices are well beyond what most anyone working here can afford.
    Perhaps the same as is/has been happening in California for a while now... people from off-shore, All Cash offers. An offer that canít be refused.

    Then the home sits empty, as they really had no intention of living here, they are just ďinvesting.Ē

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