How's the housing market

In your area?

Here houses are flying off the market. I must have seen a dz this week and by the time I got home the houses were pending. Mind you, these were listed the night before

Similar around here. My wife and I sold our house in the "city" of Green Bay to move out into the country. Looked for a new house for a couple months and had to up our budget a bit to find something in the school district we wanted, but it took a month or so to sell ours. I have seen houses get an accepted offer within 24 hours around here though.

Sell high....you have to buy high

Houses sell very quick around here, often there are several bids the first day they are listed.

Keith

I’m just south of the city of Ottawa by about 80km, they get into bidding wars there, often paying 20% over asking. Where I live, a simple bungalow on a 1acre lot is around 350,000. Farm land that is cleared / tile drained is 15,000 per acre

Median home price here , $462,000.00


Stupid

Are you near Bend or Redmond?

5 years ago. A 2400 sq. foot brick home in town, was 160000. For the same house is over 325000. Crazy. But, it’s slowing down now. We also have a lot of home less. The rent went up too!

A house that I owned 12 years ago just sold for 280K, it's a one bedroom 800 sqaure foot house built in 1942, about 30 miles south of Seattle. It is probably the least expensive hosue that sold in King County in the past several months. I'm sure the median house price in the County is now in the high six figures. Seattle proper is probabl close to a million.

House prices have tripled here in the last 10 years...the Toronto people have figured out that they can live here much more cheaply and they're running prices up. Of course, people here are using the opportunity to treat their house like an ATM and remortgaging right to the hilt... people have already forgotten 2008

Unreal
1988 We bought our first house for $16,900.00

Most of the houses in the metro area (3 counties) here are over 225k and that's maybe 1200 sq ft and 0.10 acres.
You can find houses under 200k but even in very rough shape they are flying. Saw one that needed at least 75k worth of work it was pending that afternoon.

Last month my neighbor listed on a Thursday less than 24 hrs & 6 offers later they accepted for over listed price.

Yes , both

Market is strong, but selective. Average price in our area is about $170 K. Older starter homes are the hardest to sell as even most young couples don't want to own those, they will rent instead. We have lots of 2-3 bedroom rentals that cost far more than many older smaller homes. We are also seeing a lot of older boomers buying condos and selling their homes they have had for 30 or so years.

Bryce

Housing prices around here are hot, probably too hot. My supposed market value has increased 21% in 9 years. The Soo Foo metro pretty much survived 2008 without much fuss, although the building ans selling in this neighborhood slowed around a bunch. The "Phase II" of my subdivision are houses almost all priced noticeably higher than ours. I'm sort of shell shocked but then did the math quick, and yeah, on paper, 2 full-time RNs could get into one of these new houses with only about 30+% of their take-home tied up. But, one better not lose their job, or get sick for an extended time, or try to sell when the bubble breaks. It might not be so rosy!. I figure by the time I leave this house and try to downsize, I'll own about 25% of a local school teacher. We'll see...

bought ours in 97 for 90.000 government says its now worth 324.000. no way, its 1500 square foot one car garage. its all about the taxes!! its been payed off for a good while but still.........

1990 for me and paid 12,500.
the family farm with 2 houses,its outbuildings,and 50 acres was just jaw droppingly appraised for insurance purposes.still just the family farm to me.

Inflated prices and loans being given out like candy. Hang on, this probably won't end well for many.

the communists are insisting, again, that banks should loan money to people with inadequate income and poor or no payment history, no down payment money.

im thinking bail out #2 in about ten years. If trump wins re-election we will likely give the communists a turn again when his second term is up. would be a good time to sell then wait for the crash to buy Im thinking. If you sell now you will have to wait to long. I dont think forcing banks to loan is going to happen any time soon.

FWIW I think if Trump loses in Nov. the stock market will plummet as soon as it is announced.

Of course existing homes are up, anyone priced a new one. $200 a square foot is nothing fancy from what I hear.

Booming

The difference now in giving loans out is there is still restrictions on who can have loans. The Clinton disaster was he took away restrictions and was wide open to loan money to people that couldn't afford a pop cycle. Big difference today then when slick willie era.

And I thought our price was Good pcr!!! What a steal you got!!

put 10 in it,raised my kids in it and resold it twenty five yrs later for a little more than i had in it.

Danny and Cameron, exactly.
If it crashes like in 08 would interest rates sky rocket? I got excellent credit and am either getting 3.62 or 3.26% on this loan.

200 sq ft will get you fancy here. New homes 1500 sq ft at low 200's too bad I qualify for just under 200.

House market in Vegas has jumped to where it needs to be in some areas. I deal with a lot of real estate with my line of work. I got lucky and bought my first house in 2015. Prices had almost doubled from the tank but where still low. The neighborhood I purchased in was gated, and HOA included all front landscaping. Back yards were almost nonexistent and it had 3 community pools. Rent was higher than my mortgage. Once the economy picked up, people from out of state started looking for winter getaway property. Something low maintenance. My property value shot up more than most of the valley. I sold last summer at almost double what I paid and quickly put that equity into a new house. Big tip for newbies DON"T PLAY WITH INVESTMENT MONEY UNTIL YOU ARE RETIRED. Since my particular neighborhood went up in value more than a lot of the valley, we look for a house in an area that didn't have the same increase in prices. We were able to get a lot bigger and nicer house, with a very good sized yard for this area and not changing my monthly expenses much. The house market has leveled off since with just a slow increase like it should. Now that equity we made on the first house has rolled over into this house, and keeps on growing. A boat would have been nice, but when I retire I'll be happy I didn't use that money.

In Vegas right now, its a good time to buy long term property but a horrible time to buy short term investment property. I have one friend who said he's renting till the market collapses again because it shot up so quick, that it has to drop. Thats not going to happen for a couple reasons.

1) Banks learned a lesson in 2007-2008. They aren't throwing interest only loans. And although they have gotten a little less strict with requirements, they still aren't just handing out loans to everyone.
2) Properties prices are actually back to where they should be. On average (before the house bubble), property increases in value about 3% every year. If the bubble never happened, a 3% increase would put property at about the same price it is now. Its very deceiving since prices got so high, then got so low.

And yes, you almost pay for a house twice when you account for interest, but rent money goes to absolutely nothing from an investment stand put. You can pay $375k for a $200k home over 30 years and own something of value or pay rent for 30 years and have absolutely nothing and still have to pay rent. Owning your house is the first step in retirement. Removing a mortgage from your monthly budget frees you up a lot financially.

Booming here, building and selling

I work as the Processing Manger for a Big AMC (appraisal management company).

In regards to NY and other states; I can tell you that now is time to sell if your thinking about it. As far a buying..I'd be careful. There are many biding wars and people are paying too much. I've seen borrowers buy a house for $280k then go to refinance a year later (To remove PMI) and the value dropped to $232k. Don't over buy. FYI Lenders have also rolled back requirements for lending. Banks and Mortgage lenders are starting to lend to anybody (Sub-par consumers) again. Freddie Mac and Fannie Mae are also rolling out Evals. Their goal is to have the lenders decide to lend using either a eval or appraisal. Appraisals are more accurate and done to higher standards. They are advocating for Evals to be completed by the listing agent/ office (huge conflict of interest). This will make sure "deal" gets made! Consumers will be overpaying and won't even know it. I don't think the market will crash however, I do believe there will be a drop eventually. Many of those that bought high will be in for a rude awakening down the line.

Then other states like CA simply don't have enough homes available. Buy land they aren't making more of it!

Appears to be a sellers market in. Alaska. Not quite a get rich quick deal tho. My 335k house in 2012 might sell for 350k but it all needs to be in good shape. For sale inventories around Fairbanks are about 1.5-2 months which is lower than normal. Obviously varies per price range.
mt

Exactly what I have been hearing.

X2

That's awesome cat trapper

TT, good to know. Yup I'm not trying to over buy. i Know there's great values to be had. One house here I was really interested in, just went for over 20k of listing but the comps are still in the range. That house was insane within 12 hours of listing at least 2dz showings before I got there on Thursday. They opened bids last night.

Hopefully I can make an offer on a decent house this week. 2 offers last week feel through. 1 mentioned above and another was a foreclosure. I got the inspection report from the bank, this 15 year old house needed at least 40k of work.

Saw 2 today.
While we were house 1 the selling agent called they accepted an offer.
Saw house 2 go to submit bid gone.

Both hit the market last night

I haven't kept up with selling market much but I know new houses and buildings are being built at a fast pace.I work for Acme brick and three years ago the plant I work at was told to push the brick kiln to full rate. We have been averageing around 90 million brick a year shipped out! Trucks lined up all day and we ship by train also

Terrible where I'm at but it has always been that way. I bought this house ten years ago and recently had two realtors tell me I couldn't put it on the market and get what I paid for it. They weren't interested in listing it for ten thousand dollars less than I paid.

The sellers didn't disclose some major issues and I'm on the hook for what will probably be thirty-five thousand dollars in repairs. The home inspector didn't pick up on it due to the inspection being done in the winter and the problems weren't visible or evident until spring. My brother-in-law is a pretty decent lawyer and he tells me I have no recourse in the state of Maine as far as attacking the sellers goes. I probably could have sued the inspection company. Let the buyer beware.

Wire-cut or waterstruck?

I'm not sure what waterstruck is but if you are talking about the way the brick are cut, they are cut by wire