Lots of interesting news today

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jeepinmatt said:
Article itself was pretty uninteresting
I'm a financial planner, and there are 2 home-buying mistakes I've seen during the pandemic

But i was extremely intrigued by this tidbit:

"Purchases of both new and previously-owned homes recorded their strongest pace since December 2006 (which was the peak before the housing crisis). "

@Ron i hear echoes of our conversation this afternoon o_O
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Mistake #2 is what I’m curious about. Not so much that people are over buying, as much as, I expect the bubble to burst and there will be some hurt feelings when it does. Houses that were in the $90-100Sq/ft range 3-4 years ago are pulling $130+ now.
 
UTfball68 said:
Mistake #2 is what I’m curious about. Not so much that people are over buying, as much as, I expect the bubble to burst and there will be some hurt feelings when it does. Houses that were in the $90-100Sq/ft range 3-4 years ago are pulling $130+ now.
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This is why i have been waiting to move, i would like to find a little bigger house with a garage and a couple more acres. You will get a premium selling your house but.. also pay a premium for the next one. Also they sell in a day around here.
 
83oldyoda4x4 said:
This is why i have been waiting to move, i would like to find a little bigger house with a garage and a couple more acres. You will get a premium selling your house but.. also pay a premium for the next one. Also they sell in a day around here.
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My brother, best friend and wife’s cousin all sold homes in the last month. All 3 had accepted offers within 24hrs. 2 of the 3 were full asking, the 3rd was above asking. They all sold homes that were previously in that $90-100sq/ft range 3-4 years ago...all of them sold for $60-80k more than they paid. Similarly to you, they were worried about prices on what they were going to buy next, but one bought a house at the beach, one bought a 26acre farm and the other bought in my neighborhood...from that small subset of data, it seems the more ‘premium’ homes haven’t increased too much, and the largest increases have been in that $150-250k home range. So if you were looking to ‘upgrade’...may not be too terrible of a time to do so. But there are folks way more versed in real estate around here than I am.
 
UTfball68 said:
My brother, best friend and wife’s cousin all sold homes in the last month. All 3 had accepted offers within 24hrs. 2 of the 3 were full asking, the 3rd was above asking. They all sold homes that were previously in that $90-100sq/ft range 3-4 years ago...all of them sold for $60-80k more than they paid. Similarly to you, they were worried about prices on what they were going to buy next, but one bought a house at the beach, one bought a 26acre farm and the other bought in my neighborhood...from that small subset of data, it seems the more ‘premium’ homes haven’t increased too much, and the largest increases have been in that $150-250k home range. So if you were looking to ‘upgrade’...may not be too terrible of a time to do so. But there are folks way more versed in real estate around here than I am.
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Unfortunately for what id like to find id still fall in that premium group 225 to 260, I like a deal if its going to need work lol , i cant see spending top dollar on an outdated home. I have noticed 300 plus seem to be unchanged price wise.
 
UTfball68 said:
Mistake #2 is what I’m curious about. Not so much that people are over buying, as much as, I expect the bubble to burst and there will be some hurt feelings when it does. Houses that were in the $90-100Sq/ft range 3-4 years ago are pulling $130+ now.
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I have a house that I would like to take advantage of the market, and sell. Cant seem to find the right way to kick out the MIL without loosing all that extra money in a divorce at the same time.
 
UTfball68 said:
My brother, best friend and wife’s cousin all sold homes in the last month. All 3 had accepted offers within 24hrs. 2 of the 3 were full asking, the 3rd was above asking. They all sold homes that were previously in that $90-100sq/ft range 3-4 years ago...all of them sold for $60-80k more than they paid. Similarly to you, they were worried about prices on what they were going to buy next, but one bought a house at the beach, one bought a 26acre farm and the other bought in my neighborhood...from that small subset of data, it seems the more ‘premium’ homes haven’t increased too much, and the largest increases have been in that $150-250k home range. So if you were looking to ‘upgrade’...may not be too terrible of a time to do so. But there are folks way more versed in real estate around here than I am.
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This was two years ago but we sold ours for $70k over original. Granted you can't take Zillow estimates to heart but since those people bought it it's gone up another $30k.
 
rodney eppes said:
My refinancing company sent out an appraiser on my house. He came in 25% higher than my tax, & insurance values! Rather a Good surprise I guess, unless the tax office sees it.
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My tax value is waaaaaaaay less than my appraised value. That’s normal.
 
87TPIYJ said:
My tax value is waaaaaaaay less than my appraised value. That’s normal.
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Around here, in a normal market, that isnt normal. There are some houses that go for higher than tax value, but it tends to be the baseline, good or bad.

Right now, things are going for 25-100% more than tax value.
 
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