[72projectbird]

The houses around here are selling on day 1, and sometimes even before they hit the market.

The house down the street was slated to have an open house on Sunday, but sold Saturday for 853k. Iirc it was listed at 815k.

Another down the street was listed at 945k, sold for 1.05m

The housing market is bananas now

[Half-Inch Stud]

Bought for $20k 4 years ago, sold Yesterday for $72k.

Bowling teamate is a Realtor. Says our present home would sell for about 1.7x what we paid. Not For Sale.

[padgett]

"Pay off all debt, your home if possible"

I disagree. a 2-3% fixed mortgage is a great hedge against inflation.

[1965gp]

Spend whatever you want right now, inflation will take care of the rest.

We bought for 192k in 2009 (North Houston) and now Zillow says $380k without my shop. Our realtor friend said it’s more like 420-450 and will sell within days.

If you had a house that had issues and couldn’t pass inspection now is the time to sell. So many people not requiring inspections- I don’t get it.

[poncho-mike]

I totally agree. My father-in-law bought his house in the early to mid-1960s with a mortgage somewhere around 3.5% . Inflation went crazy in the mid 70s, with mortgage rates getting close to 20% in the early 1980s. I started dating my wife in the late 1970s, and his mortgage lender was doing their best to convince him to tap the equity in his home with a cash-out refinance, or pay off his home early. I remember telling him he was making money with interest rates being in the teens, and him only having a 3.5% rate. Luckily he did nothing.

Interest rates went down for almost 40 years, and they have nowhere to go but up. I don't think investors will want to keep funding this country's excess at such low interest rates, so I think higher interest rates are in our future. I plan to downsize my current home and will finance my next home, taking the cash and investing it.

Originally Posted by padgett

"Pay off all debt, your home if possible"

I disagree. a 2-3% fixed mortgage is a great hedge against inflation.

[Drag Star Le Mans]

There's no such thing as a starter home anymore. Well not unless you want to live in meth country?

[Formulabruce]

Home Depot plywood 15/32" ( just under 1/2" for those in Rio Linda ) was $ 78.86 a sheet today, and they have plenty in stock. OSB same size about 10 dollars less.
The Trex decking ( 5.5 inches wide) is LESS money than the 5/4" Standard 6" wide PT decking.. ..
3 months ago Diesel was Less than Gas...
Inflation will stop the building/ buying craze.
I now pick up any new 2x6, 2x8, 2x10, and 2x12 sections over 2 ft long at the Landfill and hang on to them, and there are plenty.

[ssj71]

Originally Posted by padgett

Florida is same. Zillow has my house at 4X what I paid and don't think it knows about the garages.

Where in Florida are you?

[OZZIEVILLE 67 2 door]

Same downunder with RE.
Homes in Sydney have sold for millions above reserve at auction

Sent from my SM-A426B using Tapatalk

[Don Keefe]

We have been looking for a house in the Tampa area for several months and it could not be a worse time to buy. A lot of people in NY are selling their houses, freeing up several hundred thousand dollars of profit and buying sight unseen, paying $80,000+ over asking and paying cash. We aren't even going to try to compete with that.

We will likely have to stay where we are for another year or so. The correction is coming but not soon enough for us.

[Mr_GTO]

Originally Posted by Don Keefe

We have been looking for a house in the Tampa area for several months and it could not be a worse time to buy. A lot of people in NY are selling their houses, freeing up several hundred thousand dollars of profit and buying sight unseen, paying $80,000+ over asking and paying cash. We aren't even going to try to compete with that.

We will likely have to stay where we are for another year or so. The correction is coming but not soon enough for us.

Need a realtor? Just saying.

Yea, it's not much better here in Sarasota. It was a neutral market when we moved 2.5yrs ago. It's certainly a sellers market. Few things contributing to that.
1. Interest rates are still low.
2. People are fleeing high tax states such as everyone on in New England and the Tri-State area, California as well.
3. New home construction is down and it's really increased in price due to demand and material cost.

NAR (National Association of Realtors) predicts this is the trend for at least the next 18 months or so.

[Don Keefe]

Personally, I don't think it will last 18 months. The economy is showing signs of tanking long before that. Inflation is going to do its magic and it's going to get ugly. I just hope that the prime doesn't go nuts.

[padgett]

"Where in Florida are you?" - in my .sig, been here for 35 years & got here by moving north.

(Hi Don) I'd look to the central Florida highlands,. Many fresh water lakes if that is your thang.

Essentially start on US 27 at Lake Okechobee & go north to rt 19 a little after 27 crosses the turnpike then 19 north to Palatka. Suspect something is available along that 250 mile stretch of rust free country. Alternately start in Orlando and go west on rt 50. Yer takes yer pick.

The Villiages are north of that and personally prefer to avoid.

Can PM for more information.

[Steve Barcak]

Originally Posted by bird72

House across the street listed yesterday. There was a non stop stream of people from 8am to 7pm. Some realtors came alone giving phone video tours. 1500sq ft on city lot. 1925 house. Nice, but what I used to call blue collar (yes I live in one). It was a circus and a frenzy all day. Sold as of listing this morning. 340K list. I am hearing 50K over list is common now, up to even 100 I heard in one instance. It is literally an auction. In my life never seen anything like it. In a way I was sad seeing young mothers with babies in arms. There were a few. This is Kalispell MT btw.

The only ones benefitting are- 1 realtors commissions ( and they are not really even needed with the market so hot ).
and of course- the government as it all equates to more property taxes.

I've been done with real estate for many years and so glad for that. Own 2 acreages, both paid off and super low taxes.

[padgett]

Agree it is best to get lots while you are young.

[NeighborsComplaint]

Originally Posted by The Champ

Lumber pricing is down 40% since May.

https://www.ajc.com/news/lumber-pric...COIQM2ST2RSU4/

We're meeting with a builder next week for 2022 construction of our retirement home.

Builders are now using sliding scale price much like truckers did with the fuel surcharge. You sign a contract for $X + a price escalator for material price increases.

[johnta1]

The Villiages are north of that and personally prefer to avoid

You got that right!

[tigergto]

I was told by a realtor the other day, sell now, but not buy. Foreclosures are going to start amping up and a crash is coming. Wait and buy when the **** hits the fan.

[Mr_GTO]

Originally Posted by tigergto

I was told by a realtor the other day, sell now, but not buy. Foreclosures are going to start amping up and a crash is coming. Wait and buy when the **** hits the fan.

It won't be like last time. They aren't giving $500K mortgages to people making $30K this time around. There will be some but it won't be anything like 2008-2011

[David Jones]

Around Birmingham, if you don't go to a house viewing ready to write a check, and for over asking, you'll miss out. There's gonna be a bust shortly......