[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.

[71GP76TA]

I was up in Whitefish a couple weeks ago. I was amazed at all the builing going on in the area.... and blown away by the prices. What is driving the boom there??? I remember going up there when I was a kid.. late 1970's..early 1980's. Was really disappointed the area has been yuppyized with all the artsy fartsy crap and all the new construction. Reminded of California..

[bird72]

Originally Posted by 71GP76TA

I was up in Whitefish a couple weeks ago. I was amazed at all the builing going on in the area.... and blown away by the prices. What is driving the boom there??? I remember going up there when I was a kid.. late 1970's..early 1980's. Was really disappointed the area has been yuppyized with all the artsy fartsy crap and all the new construction. Reminded of California..

The new Vail type thing. The ruining of the previously undiscovered. We have become the escape from everywhere USA to move (remote working) , and the discovered place to buy a second home for the wealthy. Big California and Texas money people (say billionaires) have moved in and are investing / building. I have 10 acres half hour south of here in the Salish range and now 10 more in SW New Mexico. My escape from this will be small cabins on both. I'm done with the nutso town stuff. It'll take a year or two to pull off.

As an aside, I would not sell a house I lived in before buying at least the land for the new one. You could get priced out even with cash in hand and wind up in a tiny dump.

The house on the corner sold a month ago. A woman with no furniture from Maryland is there in this big 1910 house and tall grass now. It is a weird world.

[padgett]

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

[padgett]

"Pay off all debt, your home if possible"

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

[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.

[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?

[padgett]

That's their COST and not their PRICE.

[1969400HO]

thats why follow has a buy your house program to get unsuspecting ppl to sell and their superior knowledge will resell keeping the difference

[Stuart]

The taxable value on my house went up $45K from last year. A couple houses on my block sold this spring, they were only on the market for a couple days and got multiple bids over asking price.

[einstein]

Our son and wife bought a home in central Florida a month ago. They missed about ten houses as they were selling faster than one could get an offer in. The one they got to buy had lookers scheduled every half hour all day, seller got to choose who would be the buyers. He was wearing a Gators cap and the owner and he chatted a bit and they were "chosen".

[Chris65LeMans]

It’s really crazy out here. What bought you 3,000 sf in a really nice area 10 years ago now gets you 1,200 sf 3 bedroom in an “ok” area.

[Jim Moshier]

Yes real estate is crazy right now and $50,000-$100,000 over list. Homes selling in hours not days buyers waiving Apprasial of the home and building supplies going through the roof! My daughter and son-in-law just got a home in Orange County Ca! First time home buyers 1300sqft 3 bed 2 bath built in 1956 over $650,000. My first home $93,000 how do kids get a start with prices like that!! And if you’re selling…… where are you moving to, buying full price paying cash driving that state/ county prices up.
Craziness

[Lemans64]

Same up here in Canada, house close to me are selling at 100-150G over listed price. Just crazy.
was thinking about selling but, where do you go?? People are listing for stupid prices and getting it. 400-500G over tax assessments.

[padgett]

Exactly, just an interesting blip since have no desire to sell. Then family wanted sidewalks and good schools. I just wanted room to work. Now have empty nest but 2,000 sq ft of house (room for cats to stampede) and 2,000 sq ft of garage space. Plus pads. HOA approved. Close to attractions but still in county (low taxes). Be near impossible to replace.

[the-rookie]

Same in the Silicon Valley, not much under 1 million right now. Seems there is no end in site . Lots of house flipping going on. I have a new neighbor next door, paid 1.87m for a complete rebuild. Some guy paid 900k , gutted it left 1 or 2 walls. Probably made 500k profit on the venture.

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[vertigto]

Houses in our neighborhood are now going for $200+/sq ft. We bought ours 5 years ago new for $110 sq ft. Almost makes me want to sell and find a plot out in the country and build a big garage.

[Lemans64]

The way lumber prices are right now I would be scared to build anything. Over double in just lumber costs.

[The Champ]

Originally Posted by Lemans64

The way lumber prices are right now I would be scared to build anything. Over double in just lumber costs.

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.

[Skidmark]

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.

I wish someone would tell Home Depot lumber prices are down. I don't think they got the word.