Housing market trash

I checked out the Zillow report on the home we sold in Raleigh late last year. The buyer apparently smeared lipstick all over that pig and flipped it for more than double what they paid. The market in Raleigh is no where near cool or slowing down.

It's fine with me....they had to do a bunch of illegal stuff to flip that house (I can see code violations in almost every picture). I wasn't willing to invest in the house or illegally side step inspections...it funded the down payment for our new home, and that is all that matters to me.
 
shelby27604 said:
I checked out the Zillow report on the home we sold in Raleigh late last year. The buyer apparently smeared lipstick all over that pig and flipped it for more than double what they paid. The market in Raleigh is no where near cool or slowing down.

It's fine with me....they had to do a bunch of illegal stuff to flip that house (I can see code violations in almost every picture). I wasn't willing to invest in the house or illegally side step inspections...it funded the down payment for our new home, and that is all that matters to me.
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What baffles me is people getting "no inspection" purchases. Aside from that being just a terrible idea, when the market is crazy hot and people are flipping for quick cash is when you need it the most.
 
House just closed in my hood this week. Another for sale as of 2 days ago. Priced 40% higher than we paid for similar property 3 years ago. Still moving along here it seems.
 
Last house we bought at $170k in 2014, sold in 2019 for $220k.

Checked Zillow today. Bought our current house at $290k in 2019 and worth around $440k now.

It's nuts. But as long as it remains in my favor, I'm okay with nuts.
 
Still seeing the same thing around my hood. Sign pops up in the front yard. 1-2 wks later 'Under Contract' sign added.
 
Atla said:
Last house we bought at $170k in 2014, sold in 2019 for $220k.

Checked Zillow today. Bought our current house at $290k in 2019 and worth around $440k now.

It's nuts. But as long as it remains in my favor, I'm okay with nuts.
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It is not really in your favor if you want to move somewhere. If everything is priced high as hell, then you really gained nothing.
Maybe if you want to move somewhere in the midwest to some small town and their prices haven't shot up, but anywhere around NC has this issue now it seems.
 
DSM Turbos said:
It is not really in your favor if you want to move somewhere. If everything is priced high as hell, then you really gained nothing.
Maybe if you want to move somewhere in the midwest to some small town and their prices haven't shot up, but anywhere around NC has this issue now it seems.
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Or if I downsize. :)

We bought our current home with the intent of my MIL living with us long term... unfortunately she was only here a year before we had to put her in a skilled nursing facility. So we've got a bit much. But no plans on selling anytime soon.
 
Am i out of touch... Property i was interested in near my parents went up for sale. 30+ acres already clear cut last year.... 7,900 an acre with almost no road frontage.
 
83oldyoda4x4 said:
Am i out of touch... Property i was interested in near my parents went up for sale. 30+ acres already clear cut last year.... 7,900 an acre with almost no road frontage.
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That's a good price around here now unfortunately. A developer would snap it up in a minute.
 
83oldyoda4x4 said:
Am i out of touch... Property i was interested in near my parents went up for sale. 30+ acres already clear cut last year.... 7,900 an acre with almost no road frontage.
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What @awheelterd said. There are tracts we are interested in but are priced out of the market because “ag value” is far different than development or rich mother fucker value. Hard to justify $4000/ac let alone almost 2x that just for livestock. Doesn’t help that the county is one of the few without an ag rate on property taxes either.
 
StretchASU said:
What @awheelterd said. There are tracts we are interested in but are priced out of the market because “ag value” is far different than development or rich mother fucker value. Hard to justify $4000/ac let alone almost 2x that just for livestock. Doesn’t help that the county is one of the few without an ag rate on property taxes either.
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This isn't exactly prime land or location, I could see the value if it had hardwoods or was pasture land. But showeee... that would take a small fortune and years to make decent pastures. Luckily we are a farm/forestry exempt county for property tax.
 
I bought my place about a year ago. 3000 square feet built in 2011 on 11 acres for $380k. It was a back pocket deal. I knew they wanted to sell and it fit what we were wanting to buy. They named their price and we made the deal. It would've went for a lot more on the open market but with the COVID situation they were working from home and their kid was doing distance learning and they just didn't want to deal with showings. Having had just sold our house in CO and dealt with that I fully understand.

The next door neighbor just sold his property for $1.3M. Significantly older, lesser house but on 70 acres though about a third of that is in a conservation easement.
 
Ron said:
Interesting data on the macro level.
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I think it was spring of '22 that I was getting preliminary offers on my house for 75% more than I paid for it 4 years ago. Last couple of weeks it has dropped to 25% over what I paid...hopefully I get to put something in the bank, but definitely looks like I missed the bubble!
 
benXJ said:
Never understood how open door and mark spain and all the others were taken seriously. Their business model is based on an ever increasing home value market, which has never happened.
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Well, it always happens for a little while. Maybe we should started antithesis companies called ClosedDoor and Marks Pain :laughing:
 
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