Housing market trash

Talking about Zillow earlier.... they sent me an email the other day saying that my home value had dropped by 5k since i bought it 5yrs ago.... Same company that, last year, said my house was worth 2x what i bought it for.
 
UTfball68 said:
How this isnā€™t listed for MOREā€¦Iā€™ll never know.

hashtagdoitfordale

www.trulia.com

5290 Green Valley Rd, Rock Hill, SC 29732 - See Est. Value, Schools & More

5290 Green Valley Rd, Rock Hill, SC 29732 is a 1,064 sqft, 2 bed, 2 bath home sold in 2022. See the estimate, review home details, and search for homes nearby.
www.trulia.com www.trulia.com
Click to expand...
Saw the outside pics with some Dalephenalia on the carport, didn't see what the big deal was. Then she took me inside šŸ˜

Surprised the price isn't $333,333.88
 
jeepinmatt said:
Obviously we didn't look at the same house. At a dollar per yeet, there's well north of a quarter million dollars in Intimidator collectibles, not counting the value of the land and trailer.
Click to expand...

I'm with you...I just don't take kindly to your kind skewing the market. (and for those not familiar with the meme)

1646952592238.png
 
drkelly said:
fortune.com

An economic shock just hit the housing market

Industry insiders tell Fortune this swift move up in mortgage rates amounts to an economic shock.
fortune.com fortune.com

At its latest reading, year-over-year home price growth was still increasing six times greater the rate of incomes.
Click to expand...
I get the article. But I also remember when mortgage rates was at 6 plus percent, with good credit. Pre 9 eleven markets where strong and housing was selling high at those rates. This article is all about panic it seems. Maybe if rates would reset and money wasn't so cheap we wouldn't see Jeff and Jenny stamp collectors buying million dollar homes with zero equity to start. The reset would be brutal. But healthy in the long run.

I think the same applies to autos as well. A slow steady increase will burn deep. The alternative is the mountain we keep building. It's a big cliff on the other side and that leap will leave everything splattered when it hits the floor.
 
On another note. I am also of another train of thought. "Affordable or cheap housing" doesn't exist. It shouldn't exist.

The other side to housing you can or cannot afford is either one of two things.
Work Camp or Prison. And I've said before all Prison or Jail time inmates should do labor. They should all be housed in for profit privately owned business tied directly to manually labor markets.

Want to be homeless by "choice or choices"? Want to break the law? Welcome to your new affordable housing.

Then let the rest of us work for what we have.
 
WARRIORWELDING said:
I get the article. But I also remember when mortgage rates was at 6 plus percent, with good credit. Pre 9 eleven markets where strong and housing was selling high at those rates. This article is all about panic it seems. Maybe if rates would reset and money wasn't so cheap we wouldn't see Jeff and Jenny stamp collectors buying million dollar homes with zero equity to start. The reset would be brutal. But healthy in the long run.

I think the same applies to autos as well. A slow steady increase will burn deep. The alternative is the mountain we keep building. It's a big cliff on the other side and that leap will leave everything splattered when it hits the floor.
Click to expand...
I don't think it is the rate itself, but how fast they are rising that has the author of the article concerned.
 
WARRIORWELDING said:
I get the article. But I also remember when mortgage rates was at 6 plus percent, with good credit. Pre 9 eleven markets where strong and housing was selling high at those rates. This article is all about panic it seems. Maybe if rates would reset and money wasn't so cheap we wouldn't see Jeff and Jenny stamp collectors buying million dollar homes with zero equity to start. The reset would be brutal. But healthy in the long run.

I think the same applies to autos as well. A slow steady increase will burn deep. The alternative is the mountain we keep building. It's a big cliff on the other side and that leap will leave everything splattered when it hits the floor.
Click to expand...

Also remember then bank savings accounts paid more than .1%
 
jeepinmatt said:
I feel like this goes here
www.theonion.com

New Zillow Feature Lets Users Track Happy Lives Of People Who Outbid Them For Dream House

SEATTLEā€”In an attempt to expand its customer base to those for whom home ownership remains out of reach, Zillow rolled out a new feature Friday that lets users track the happy lives of people who outbid them for their dream house. ā€œAll you have to do is enter your zip code, have an offer turned...
www.theonion.com www.theonion.com
Click to expand...

Took me an embarrassingly long time to figure out that was from the onion.
 
My father had always told us to NEVER under any circumstances buy a modular home. But after my mom died, he met another woman who convinced him to sell his lake house in Michigan and move to a double wide "modular" (straight up trailer) in Florida. For what it was, a couple years ago he bought it for $66,000. When he passed away in January of 2021, we figured his new wife would want to keep it since that was what he put in his will, that she could live there as long as she wanted, but if she chose to leave it, the trailer would revert back to the estate. Within a month or so, she moved out of it. My brother came down to look at it and fix a couple minor things to get it ready for the market. It took a couple months to get it market ready, but it was on the market for less than 3 days with a cash-only offer above asking price. We were blown away that it sold that quickly for $92k. The purchaser bought it sight unseen. According to the Zillow "Zestimate", it's supposedly worth $162,300.

www.zillow.com

29258 Heckleman St, Brooksville, FL 34602 | Zillow

29258 Heckleman St, Brooksville FL, is a Single Family home that contains 1152 sq ft and was built in 2002.It contains 3 bedrooms and 2 bathrooms.This home last sold for $147,935 in March 2024. The Zestimate for this Single Family is $153,100.The Rent Zestimate for this Single Family is...
www.zillow.com www.zillow.com

I don't know what unicorn's ass Zillow is pulling this magical number from, but I can't imagine it being real world numbers.
 
Last edited:
I thought this one was silly when I saw it listed the other day, but itā€™s twice the house and land as the one @ncpartsguy posted so it must be a deal.šŸ™„ Already pending after 4 days on the market.

www.coldwellbankerhomes.com

707 Beaver Creek Rd, Marion, NC 28752 - MLS 3842422 - Coldwell Banker

Sold - 707 Beaver Creek Rd, Marion, NC - $157,000. View details, map and photos of this single family property with 2 bedrooms and 1 total baths. MLS# 3842422.
www.coldwellbankerhomes.com www.coldwellbankerhomes.com
 
Last edited:
ncpartsguy said:
--------> $520/sq. ft <---------

View attachment 370010
Click to expand...
I assume you're basically paying for the land. Price / sq ft gets kind of meaningles swhen you get to teh small end.

Meanwhile I'm sitting here trying to wrap my head around a 384 sq ft house that isn't a specifically-made "tiny home". I'm guessing it is 16x24, smaller tham nost garages.
 
The market is wild. I just bought a rental house in good shape with a renter already in place for $108/ft last week in a college town in a popular neighborhood within walking distance to campus. Just $1500 in repairs needed.

Last month I was out bid by $50k on a rental that I offered 20% over ask and probably 30% over itā€™s really value. $155/ft is what I bid. Was in good shape but was small and only 2 bedroom. Same neighborhood as the one I just bought for $108/ft.

Reasonable properties are still out there.
 
I was reading a thread elsewhere of which the main topic was similar to this thread. The consensus was that once mortgage rates reach 6-7%, housing prices would begin to normalize and the market will cool. I am far from an expert however.

I also saw a chart where a 2.7% rate with a median 400k home was roughly equal to the same home at an 8% rate once that median price drops to 225k.

So, rising rates would actually not be all doom and gloom after things shake out I suppose. A guy who gets stuck with a flip will lose but a guy saving and wanting to buy a home will be possibly better off? Does this make sense?

People certainly bought homes in the early 80s.
 
ponykilr said:
I was reading a thread elsewhere of which the main topic was similar to this thread. The consensus was that once mortgage rates reach 6-7%, housing prices would begin to normalize and the market will cool. I am far from an expert however.

I also saw a chart where a 2.7% rate with a median 400k home was roughly equal to the same home at an 8% rate once that median price drops to 225k.

So, rising rates would actually not be all doom and gloom after things shake out I suppose. A guy who gets stuck with a flip will lose but a guy saving and wanting to buy a home will be possibly better off? Does this make sense?

People certainly bought homes in the early 80s.
Click to expand...
We're short 20mm+ houses.
 
Back
Top