Housing market trash

[justjeepin86]

Housing affordability is at the lowest level in over a decade | Fox Business

Americans' ability to buy a house is at the lowest level since 2006 because of high mortgage rates and steep home prices, according to Atlanta Fed data.

www.foxbusiness.com

I bet! It's because the people selling think they can still sell for the same price as when the market was at 2.5 to 3%. It's hard to swallow the part about selling a year ago. I'm getting ready to see it first hand with a house coming in my neighborhood. I'm really curious how it goes.

That being said, there's a really cool house with a really nice shop being overpriced in my hood soon, if anyone is looking, lol

 

[jcramsey]

Things are still looking pretty stupid around here.....1500 sq ft on .18 acre for $575,000

138 Westerman St #B, Old Fort, NC 28762 | MLS #3924220 | Zillow

Update to this post. Sold for $115k less than they were asking.....which is still a stupid price.

138 Westerman St #B, Old Fort, NC 28762 | Zillow

138 Westerman St #B, Old Fort NC, is a Single Family home that contains 1565 sq ft and was built in 2022.It contains 2 bedrooms and 2 bathrooms.This home last sold for $460,000 in February 2023. The Zestimate for this Single Family is $478,000, which has decreased by $14,453 in the last 30...

www.zillow.com

 

[justjeepin86]

Holy crap, it's worse than I thought!

577 Ridgeway Ln, Lexington, NC 27295 | Zillow

577 Ridgeway Ln, Lexington NC, is a Single Family home that contains 3638 sq ft and was built in 1991.It contains 3 bedrooms and 3 bathrooms.This home last sold for $525,000 in September 2023. The Zestimate for this Single Family is $558,500, which has decreased by $3,067 in the last 30...

www.zillow.com

 

[drkelly]

The house behind mine through the woods went up for sale late last summer. They recently gave up and took it off the market.

 

[benXJ]

Update to this post. Sold for $115k less than they were asking.....which is still a stupid price.

138 Westerman St #B, Old Fort, NC 28762 | Zillow

138 Westerman St #B, Old Fort NC, is a Single Family home that contains 1565 sq ft and was built in 2022.It contains 2 bedrooms and 2 bathrooms.This home last sold for $460,000 in February 2023. The Zestimate for this Single Family is $478,000, which has decreased by $14,453 in the last 30...

www.zillow.com

Who are these crazy buyers and why do they insist on continuing to overpay?

 

[Loganwayne]

a property just went up for sale near us. had two houses both are in bad shape but i was going to fix them and use them as rentals but they want 400,000 for them thats just stupid money for what they are.

 

[jeepinmatt]

Holy crap, it's worse than I thought!

577 Ridgeway Ln, Lexington, NC 27295 | Zillow

577 Ridgeway Ln, Lexington NC, is a Single Family home that contains 3638 sq ft and was built in 1991.It contains 3 bedrooms and 3 bathrooms.This home last sold for $525,000 in September 2023. The Zestimate for this Single Family is $558,500, which has decreased by $3,067 in the last 30...

www.zillow.com

Near Charlotte or Raleigh, that would probably be north of $800k.

 

[UTfball68]

Holy crap, it's worse than I thought!

577 Ridgeway Ln, Lexington, NC 27295 | Zillow

577 Ridgeway Ln, Lexington NC, is a Single Family home that contains 3638 sq ft and was built in 1991.It contains 3 bedrooms and 3 bathrooms.This home last sold for $525,000 in September 2023. The Zestimate for this Single Family is $558,500, which has decreased by $3,067 in the last 30...

www.zillow.com

Dated as hell...but $158sq/ft really doesn't 'feel' that bad...especially over 1.5acres and 6 car garage(s). I feel that woulda been $110-120sq/ft house even 5 years ago. In a world of $250sq/ft homes all over, I guess I've been desensitized.

 

[RatLabGuy]

Dated as hell...but $158sq/ft really doesn't 'feel' that bad...especially over 1.5acres and 6 car garage(s). I feel that woulda been $110-120sq/ft house even 5 years ago. In a world of $250sq/ft homes all over, I guess I've been desensitized.

40%+ of that sq footage must be the basement, which is 90% sub terrain. The footprint of that house isn't that big. And if you look closely a big chunk of it isn't finished (the 2nd lower garage?).
At least there's a lot of room for cars.

 

[UTfball68]

40%+ of that sq footage must be the basement, which is 90% sub terrain. The footprint of that house isn't that big. And if you look closely a big chunk of it isn't finished (the 2nd lower garage?).
At least there's a lot of room for cars.

Agreed...but again, I guess I'm desensitized. As a guy passively looking for 3500+ sq/ft on a decent lot (or bigger, 10-20acres), I wouldn't have been surprised if it was listed for $750k.

 

[jeepinmatt]

The footprint of that house isn't that big.

 

[justjeepin86]

View attachment 393336

Yeah, but 1/3 is an attached garage. It's only a 2400 sf main level with the rest basement. The one beside is true 2 story with a full basement too.

 

[jcramsey]

Not exactly housing market…but tax appraisals are also trash right now. Just got the most recent county assessment and it’s $200k more than last years….and my house isn’t even finished yet.

 

[drkelly]

Update to this post. Sold for $115k less than they were asking.....which is still a stupid price.

138 Westerman St #B, Old Fort, NC 28762 | Zillow

138 Westerman St #B, Old Fort NC, is a Single Family home that contains 1565 sq ft and was built in 2022.It contains 2 bedrooms and 2 bathrooms.This home last sold for $460,000 in February 2023. The Zestimate for this Single Family is $478,000, which has decreased by $14,453 in the last 30...

www.zillow.com

That makes ZERO sense to me. There must be an oil well or gold mine on the property.

 

[jeepinmatt]

That makes ZERO sense to me. There must be an oil well or gold mine on the property.

That Swannanoa river...

 

[UTfball68]

Not exactly housing market…but tax appraisals are also trash right now. Just got the most recent county assessment and it’s $200k more than last years….and my house isn’t even finished yet.

Yeah…hot topic in my county…

Delivery of property revaluations prompts flood of calls to Rowan County Tax Assessor

Delivery of property revaluations prompts flood of calls to Rowan County Tax Assessor

www.wbtv.com

Odd thing though, I saw my tax bill increase about $3500 for 2022, and my tax bill will DEcrease by $1200 this year. Not sure how that happened for something that should be assessed every 4 years.

 

[RatLabGuy]

Yeah, but 1/3 is an attached garage. It's only a 2400 sf main level with the rest basement. The one beside is true 2 story with a full basement too.

exactly. I'm not sure that top level is even that big.
And I love how the listing says its a 4br house, but the drawings very clearly highlight three bedrooms in blue... the 4th room must be the classic "not a bedroom" in the far corner of the basement that is missing egress so can't legally be called as such.

But again, all I see is covered parking space for 5 cars and a big ass shed, so it could almost house my fleet of junk.

 

[benXJ]

Not exactly housing market…but tax appraisals are also trash right now. Just got the most recent county assessment and it’s $200k more than last years….and my house isn’t even finished yet.

How voters put up with these arbitrary tax values and property tax bills every year is mind baffling.

 

[RatLabGuy]

How voters put up with these arbitrary tax values and property tax bills every year is mind baffling.

equally baffling is that you think voters have anything to do with it.

 

[benXJ]

equally baffling is that you think voters have anything to do with it.

well, I see your point, but the tax rules didn't just appear from God. Elected reps came up with them and enacted them. The idiot masses are too preoccupied with Super Douche Tate and Soul-less Whore Kardashian to know what is really going on. Its like its planned?!

If 10,000 people showed up at a wake county commissioner meeting shouting and protesting to change the corrupt and broken system, something might get done. Maybe.

 

[RatLabGuy]

well, I see your point, but the tax rules didn't just appear from God. Elected reps came up with them and enacted them. The idiot masses are too preoccupied with Super Douche Tate and Soul-less Whore Kardashian to know what is really going on. Its like its planned?!

If 10,000 people showed up at a wake county commissioner meeting shouting and protesting to change the corrupt and broken system, something might get done. Maybe.

You really should spend some time watching how local government actually works, especially in a big city. Most tax rules, and more importantly how they are actually carried out, are not executed by elected officials. You are ascribing way too much power and faith in the people that are elected. The mayor or commissioners can like or dislike it all he wants, he's not the guy doing evaluations, nor does he have much power to change who is.

 

[benXJ]

You really should spend some time watching how local government actually works, especially in a big city. Most tax rules, and more importantly how they are actually carried out, are not executed by elected officials. You are ascribing way too much power and faith in the people that are elected. The mayor or commissioners can like or dislike it all he wants, he's not the guy doing evaluations, nor does he have much power to change who is.

Who has the power to eliminate (or completely overhaul) the county/city property tax system?

 

[RatLabGuy]

Who has the power to eliminate (or completely overhaul) the county/city property tax system?

Nobody. They need money to operate. Stop fooling yourself and wasting time with these pie in the sky notions that taxes can go away. I mean yes a mayor or town council can change laws and tax rates but it's unrealistic to expect it to happen in any real way because they are cutting themselves off at the knees to actually do at for the community, which is their job.

But your changing topics. There's a huge difference between tax rate policy, and how that policy is carried out. The apparent arbitrariness of your assessment value has nothing to do with the rate set by the law. It has to do with the procedure by which they determine value, which is carried out by some guy in the assessment office on thousands of homes at once. If it sucks it's bc that guys method sucks.

Note... For all the other faults of Democrats... Most Dem heavy states also have state laws in effect setting a cap on how much a municipality can raise taxes. E.g. a check on local increases.

 

[benXJ]

Nobody. They need money to operate. Stop fooling yourself and wasting time with these pie in the sky notions that taxes can go away. I mean yes a mayor or town council can change laws and tax rates but it's unrealistic to expect it to happen in any real way because they are cutting themselves off at the knees to actually do at for the community, which is their job.

But your changing topics. There's a huge difference between tax rate policy, and how that policy is carried out. The apparent arbitrariness of your assessment value has nothing to do with the rate set by the law. It has to do with the procedure by which they determine value, which is carried out by some guy in the assessment office on thousands of homes at once. If it sucks it's bc that guys method sucks.

Note... For all the other faults of Democrats... Most Dem heavy states also have state laws in effect setting a cap on how much a municipality can raise taxes. E.g. a check on local increases.

nobody? no 'group'? was the ability to tax me every year on some non-realized, arbitrary 'value' on my house carried down the mountain by Moses? and if I don't pay or don't agree, they can take my paid for house. madness.
'needing' money to operate is not the same as 'no one can change or enact tax laws and procedures'

never ONCE have I said we should pay no taxes or that taxes aren't needed.

who told the guy in the tax office what to do?

Sounds like the mayor/council;/commissioners (all elected officials) have the power.

 

[VortecJeep]

Don’t forget, you can appeal your property value.