Real Estate prices are going way up!!

WOW !!!


If someone offered you 80 % ABOVE full assessed Valuation for your home, as is and WITHOUT AN INSIDE INSPECTION; would you take that offer ???


Crazy, some of the offers I have seen..

Yea we just bought a house

Tell me about it. But no i wouldn't take it because id have to buy something else also at an inflated present market value.

I would not unless I had another place to live until the market corrects

I suspect there is a lot of unscrupulous folks unloading termites, foundation and all other kinds of issues that would normally prevent sale on unsuspecting buyers in this market

Of course if you buy at an inflated price and waive inspection you have no one to blame but yourself

But you still need a place to live. The new house will cost me a lot more. I'm not selling.

We are trying to sell our house right now. We are hoping to move to NB. We have a conditional offer on a house there.

No, just wait till it goes up to 180% above assessment.

80% above.....in a heart beat. It will be somebody else's headache

Coworker just sold one 15k above asking price in 2 days, all cash offer, sight unseen- just pics on the web.

Until the interest rates get back to where they should be, the price of property will keep going up. Not that having a low mortgage interest rate isnt nice but my thought is this is why automobiles, personal property value will keep climbing.

Yup and that’s about what I expect to get in the next month or so.
Gonna become an air conditioned gypsy. North in the summer south in the winter.

Does anyone else think this housing market will result in another huge crash? Housing prices are insane. Those building seem even more at risk, how can you afford to build a house right now. I have heard upwards of $ 400 a square foot on building estimates. At those rates the house your building can't be sold for that in most markets.

The dollar is rapidly losing value because of the machinations of the democrats. Putting your money in real property makes sense. It will help hedge against losses of wealth due to inflation.

Keith

A cousin just had back out. He and his wife have been in the process of buying/ building for awhile now. The builder said with costs like this the increase on building now is nearly double. So 400k initially is around 700k now. Slab hadn't been poured yet because of permits engineers etc... the rough-in's and footings were trenched just before they got the news of the increase.

Sell it and go move to a nice quiet cabin in the bush on a river or lake.

Question, around here houses are selling really fast and for more than there value. So you buy a house at these prices and in a few years things get back to normal, and interest rates go up , you want to sell but your house isn't worth what you gave for it because you overpaid. Will people sell at a discount?

Tax man is happy!

They will sell at a discount if they have to chase work

My property taxes went up 23.5% over last year's property taxes.

Keith

Another way to bleed you for tax money. In this case it is property taxes. Hold onto your ankles. I think Joe lied.

Not unless I had some affordable options lined up already. Getting more than it is worth is not worth much if other alternatives are not affordable.

Bryce

Buddy moved to MO said even a house trailer was tough to find.

We moved and bought a house outside of Nashville 2 and a half years ago. The assessment came in a few weeks ago for 80k more than when we bought. We could probably sell for about 150k more than we paid. Even single wide trailers are renting for $1,400 a month just a mile away. It was cheaper to buy than rent when we bought.

Boco had a point. It may make sense if you plan to downsize, otherwise not. If prices are up say 30%, you will pay 30% more for the smaller house, so what was a 100K house will cost you 130K. If you sell what was a 200K house for 260K you put an extra 30K in your pocket. If you are upsizing you may be setting yourself up for a beating.

I think part of the price increase is driven by artifically low interest rates. Given the current inflation rate the Fed would normally be increasing interest rates but they are not. That would mean the gov't is creating this housing bubble. The gov't created the last housing bubble by forcing lenders to lend money to borrowers that could not qualify previously. That created a bubble and bubbles expand until they burst. It will likely happen again.

I'm getting close to finishing up my cabin. It's less than ten miles away from my home in town but it's like being in the middle of nowhere. The only thing you hear out there is the occasional coyote. I'll keep the house in town for the running water and warm showers and spend some nights in the cabin in the winter so long as the snowdrifts don't keep me at bay.

I'm in what has traditionally been a really depressed real estate market but I'm told things are selling fast nowadays. There seem to be a lot of folks fleeing the cities.

Companies like Blackrock are buying a lot of houses often for double the asking price sight unseen driving the price up

Sell high and re buy high, crazy but people are doing it here.
But yeah they tax accessed our houses out of these world.
Hate it taxes are going up , up , and away.

Plus getting invaded by people that don't belong here.
Kinda funny I got to hear a couple the other day crying about
Ranchers herding there cattle across a highway for about 3/4 mile.
And wow they could believe all the poop lol.
I laughed and said "Montana Rush hour traffic".

I just sold into this inflated market which was good for me, the issue was I had to buy into it as well...uffda.

Guy I work with just sold his house he bought less than a year ago in 3 days making just under 50,000 profit in 3 days. Said he will rent tell the market corrects then swoop in and buy in on the foreclosures.

Honestly a good plan for a single guy.

It'll be good for the old folks who have to move into the old age penetentiary.

Well stock market up last 6 months, pay is up and plenty of jobs not all bad! lack of riots is kind of boring though.

I read this month that the market may be coming down a little. Maybe it topped out in June.

Prices are completely crazy here. We bought in 2012, could triple our money now. Don’t know where I want to go yet.

Here in northern NY, houses and small 5-10 acre bug out, snowmobile, ATV and hunting cabin lots are selling like hot cakes. But, large parcels 100 acres or more, unless they are heavily forested with mature timber or have frontage so they can be sub-divided into smaller lots, are stagnant.

been there in 2004 found out when I sold my house for 1 1/2 times what I paid for it 4 years earlier I couldn't afford anything for 50 miles

so only if I knew where I was moving and had it all lined up

Had a gal here. Two bedroom one bathroom house. I think she bought it for about 80k. She listed it herself (I told her in this market why pay a realtor when they're selling like hotcakes). She had a sprinkler line bust in her yard. Water actively seeping into the basement. She sold it for 140k cash on the first day. With an active foundation leak. It's insane. If I had anywhere to go I'd sell mine in a second.

I am staying put.

Our home is 70 years old and 3 bedroom, 1 bath and was affordable when we bought in 1976 and is not worth a whole lot now due to size, layout etc. I do like the 1 acre lot and it is alright by me having a house that is under valued in the area when the time comes to sell it will be easy to move and I am not worrying about a huge percentage of our assets tied up with no return unless sold and more is spent.

Bryce

Down here in SWMO we are having a ton of people from California move in. Hope they left their Libtard stuff there. Seeing a lot of their post on Facebook has me worried. One couldn't believe that day laborers weren't available at Home Depot. Not good.

Joe has never told the truth.

Oh its all bad. Super inflation is coming and there will be pain and a lot of suffering.

To answer your question CB, NO unless it was a cash deal...People are starting to run into problems offering too much above the assessed value and then being turned down for a mortgage...Banks are still looking at appraised values, as they should...

Yep, starting to hear that around here also.

No need to worry Rockfarmer! They brought their politics with them and you will soon have "day laborers" available outside Home Depot. They ruined California and now they will ruin the heartland. Ignorance is curable, stupidity is not.

I stopped trying to guess what is going to happen or listen to the bobble heads on TV what happens, happens I just deal with it and live my life the best I can. Perfect storm for selling houses low interest rates and a lot of baby boomers retiring and wanting to leave the rat race.

for sure!