Housing market trash

The house across from mine cost 2.1M to build, sold for 650k after the divorce, the guy got the business and the wife thought she made out like a bandit with the house, but it is eclectic. Still worth double what was paid.

And yes, it has an indoor hot tub made from the boiler of a steam locomotive

www.zillow.com

120 39th Avenue Dr NW, Hickory, NC 28601 | Zillow

120 39th Avenue Dr NW, Hickory NC, is a Single Family home that contains 5664 sq ft and was built in 2011.It contains 4 bedrooms and 6 bathrooms.This home last sold for $850,000 in October 2018. The Zestimate for this Single Family is $1,319,500, which has decreased by $18,000 in the last 30...
www.zillow.com www.zillow.com
 
We have been under contract for a few weeks on a small place near the farm. Guy was asking an absurd price for the acreage + the house/shop hoping the yuppie resort that owns property on 3 sides would bite. We ended up sub dividing out the house and 1 ac with option to lease the rest and he came back to planet earth on the house/shop by itself. I wouldn't gauge cooling off over rural SW VA, but people seem more willing to deal. If anyone wants a house in the next 3 months in Creedmoor, I'll be very unreasonable and ask a fortune so we can get going on our Barndo sooner. :laughing:
 
drkelly said:
My wife looks regularly for fun (we are not moving) and she has told me that she has seen lots of houses with price cuts lately.

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Definitely dire....

There are about 5.5 engaged home shoppers — people who have saved or shared a for-sale listing on Zillow — for every home on the market nationwide. The ratio is greater than 10-to-1 in four Northeast markets: Buffalo, Hartford, Providence and Boston. In each of these metro areas, the typical home sells within 10 days and more than half of homes are selling above list price, indicating a bidding war with multiple offers.

Other competitive markets with a lot of engaged home shoppers per listing are Richmond (9.1 engaged home shoppers per listing), Raleigh (8.9), San Francisco (8.4), Portland (8.3) and Sacramento (8.3).
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They have been trying to sell this house for 1.5 years. It is sort of near me. I ride my bicycle past it often. It is only 20 yrs old, but it needs some work.

www.zillow.com

7593 Trebbiano Dr, Stokesdale, NC 27357 | Zillow

7593 Trebbiano Dr, Stokesdale NC.This home last sold for $494,000 in June 2016. The Rent Zestimate for this property is $3,334/mo, which has increased by $3,334/mo in the last 30 days.
www.zillow.com www.zillow.com
 
I’ll be selling my primary house in the next 18 months or so. Locally, houses like mine and properties I’m looking at, seem to be lasting long enough to at least go look at, and I’m starting to see $10k-$50k reductions. I figure by the time I sell, I’ll probably lose 30% of my equity on paper, but still be up over 50% what I paid for it. The problem I’m having is going from that 2.49% interest rate to something over 5%.
 
UTfball68 said:
I’ll be selling my primary house in the next 18 months or so. Locally, houses like mine and properties I’m looking at, seem to be lasting long enough to at least go look at, and I’m starting to see $10k-$50k reductions. I figure by the time I sell, I’ll probably lose 30% of my equity on paper, but still be up over 50% what I paid for it. The problem I’m having is going from that 2.49% interest rate to something over 5%.
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We financed the same principal when we moved, got 5.7% from under 3% prior and it’s like an $800 a month difference. But we cs. Afford childcare and have a yard/ shop building now
 
Shreddinlettuce said:
The house across from mine cost 2.1M to build, sold for 650k after the divorce, the guy got the business and the wife thought she made out like a bandit with the house, but it is eclectic. Still worth double what was paid.

And yes, it has an indoor hot tub made from the boiler of a steam locomotive

www.zillow.com

120 39th Avenue Dr NW, Hickory, NC 28601 | Zillow

120 39th Avenue Dr NW, Hickory NC, is a Single Family home that contains 5664 sq ft and was built in 2011.It contains 4 bedrooms and 6 bathrooms.This home last sold for $850,000 in October 2018. The Zestimate for this Single Family is $1,319,500, which has decreased by $18,000 in the last 30...
www.zillow.com www.zillow.com
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I really like that house. I love all the stone and wood.
 
drkelly said:
They have been trying to sell this house for 1.5 years. It is sort of near me. I ride my bicycle past it often. It is only 20 yrs old, but it needs some work.

www.zillow.com

7593 Trebbiano Dr, Stokesdale, NC 27357 | Zillow

7593 Trebbiano Dr, Stokesdale NC.This home last sold for $494,000 in June 2016. The Rent Zestimate for this property is $3,334/mo, which has increased by $3,334/mo in the last 30 days.
www.zillow.com www.zillow.com
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$600k looks like a deal for that when they’ve got houses like this listed for $400k up here. :shaking:


281 Glenwood Dr, Marion, NC 28752 | MLS #4252545 | Zillow

IMG_6342.jpeg
 
drkelly said:
I really like that house. I love all the stone and wood.
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Me too, especially the locomotive spa the 7 garage and the grotto, the lady that had it built didn’t understand that she would have to pay property tax snd how much the electric bill etc for such a house would be and had to sell in a hurry, the husband got a warehouse they owned that he rents as event space. I think he got the better deal.

Also, It’s right next to a group of duplexes and a few 30-50s homes that are survivors, so it kind of looks out of place.

I have yet to meet this neighbor as they both leave at like 6am and drive straight into a garage when they get home
 
It is interesting though that aside from the weird bump after Covid, the overall demand has been trending downward since 2016.
I'd definitely prefer to see the preceding decade
 
I was reading a thread elsewhere in which this topic is being discussed. Lots of RE folks from agents to developers are bracing for a “correction” of RE.

Will it be 2008 level? I am certainly not an economist, I feel prices are probably close to double any sort of realistic level.
 
Are they saying why? The USA population is steady growing, unemployment is low, and people need a place to live. A giant jump in interest rates would have to happen for a noticable drop in demand. Is anyone predicting that?
 
benXJ said:
Are they saying why? The USA population is steady growing, unemployment is low, and people need a place to live. A giant jump in interest rates would have to happen for a noticable drop in demand. Is anyone predicting that?
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The population is rate is almost flat now. Its only not shrinking bc immigration rates have been increasing... but thats going to be changing thanks to the current admin.
Probability is that within a year or two there will be fewer people in the country, and unless policy changes thats likely to continue.
 
benXJ said:
won't that be amazing!
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As much as that makes me smile the sad fact it also means an aging population combined with less capable work force. Unless the average American changes its point of view toward labor and blue collar we will have a very large shortfall of qualified employees. Great for those who want too. Less great for everyone else because supply and demand is gonna makes trades cost go through the stratosphere.
 
we have decades to get ready.
so much room for efficiency in every trade, job, career path
not to mention we have millions (just in the USA) that are straight leeches, just that fact alone means that we can get by just fine with millions less people
 
WARRIORWELDING said:
As much as that makes me smile the sad fact it also means an aging population combined with less capable work force. Unless the average American changes its point of view toward labor and blue collar we will have a very large shortfall of qualified employees. Great for those who want too. Less great for everyone else because supply and demand is gonna makes trades cost go through the stratosphere.
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I was watching a clip from Mike Rowe that stated shortages in trades over 700k from just the different groups reaching out to his school/program.
 
I don't think the policies of the current administration will really change the long term result much.

 
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