House Prices are Crazy

[3 men & a boat]

I’m expecting a lot of houses to come up some time in the next 18-36 months. Basically whenever this COVID mess ends, and banks can begin evictions, then 12-18 months later their will be an abundance of houses. People are riding out the idea that they can’t be thrown out, while others are overspending their unemployment bonuses, but both of those will end.


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[FLT]

Paying more for a house than it would cost to build a new one is a mistake.

 

[MarkS]

House next door to my place sold in a couple of weeks after it was put on the market for the asking price
One about a half mile down the road so for $340,000 and it was a spec home
There’s been over a dozen built within a mile of my place in the last few years. Thirty years ago I didn’t have neighbors just woods and fields


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[Duckyou]

Paying more for a house than it would cost to build a new one is a mistake.

Building a new home is not cheap or easy. Material costs are up, and it is difficult to find a good contractor.

My in-laws are building a small 3/2 and it cost them $215,000 including the property - nothing fancy.

 

[SAWMAN]

In my area,W of Pine Forrest Rd,all the way out W of Beulah,housing subdivisions are going in like crazy.
Especially off of 97 and 297. Within 2 square miles of me they are building about 250 new homes.
Some are patio homes but 90% are offered for between $250K and $375K. Most being sold before completion of building.
Of course quite a bit of this is due to Navy Federal and its 10,000+ employee's.
The company that my wife works for is wholesale and retail. She works with quite a few contractors in Escambia and Santa Rosa counties. They are all busy. Over in Milton/Pace,one contractor has over 70 homes going all at once. Others are frantically buying up chunks of land for more housing developements. Some of these blocks of homes are in the $500-$700K selling range. AND THEY ARE SELLING . . . FAST !!! ---- SAWMAN

 

[FrommerStop]

In my area,W of Pine Forrest Rd,all the way out W of Beulah,housing subdivisions are going in like crazy.
Especially off of 97 and 297. Within 2 square miles of me they are building about 250 new homes.
Some are patio homes but 90% are offered for between $250K and $375K. Most being sold before completion of building.
Of course quite a bit of this is due to Navy Federal and its 10,000+ employee's.
The company that my wife works for is wholesale and retail. She works with quite a few contractors in Escambia and Santa Rosa counties. They are all busy. Over in Milton/Pace,one contractor has over 70 homes going all at once. Others are frantically buying up chunks of land for more housing developements. Some of these blocks of homes are in the $500-$700K selling range. AND THEY ARE SELLING . . . FAST !!! ---- SAWMAN

The same over here in pace. But the roads and schools are not keeping up with the projected population increases.

 

[Longtooth]

Well, they took an offer over list. Its hard to do a walkthrough when Im working 50 hours a week and you realistically only get one day to walk through and make an offer.

Hopefully the next offer goes better for us.

 

[FLT]

Don’t let yourself get caught up in the hype , buying a house isn’t a competition. The guy that paid more than it’s worth will be crying in his beer when the bubble burst.

 

[Longtooth]

Don’t let yourself get caught up in the hype , buying a house isn’t a competition. The guy that paid more than it’s worth will be crying in his beer when the bubble burst.

For sure. I refused to go above the list price because it was a bit over average for the comps, and Im not going to stretch myself if I can avoid it.
I dont mind paying a fair price, but Im trying to avoid getting taken advantage of. The rush to see a house and offer on it is what makes this all seem a little crazy. Especially a rush to offer over asking.

 

[John B.]

Reminds me I need to call you. What is your schedule like next week?

Probably pretty slammed but I'm sure I can work you in. PM sent.

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[skyydiver]

For sure. I refused to go above the list price because it was a bit over average for the comps, and Im not going to stretch myself if I can avoid it.
I dont mind paying a fair price, but Im trying to avoid getting taken advantage of. The rush to see a house and offer on it is what makes this all seem a little crazy. Especially a rush to offer over asking.

I'm kind of an old fart, so just ignore this if it doesn't work for you. I think there's a better than 50% chance that if you can hold off and rent for 1 more year, you'll come out FAR ahead and find all the houses for sale you could ask for. Of course, I've been wrong before, and I do understand cost isn't the only factor when you want a stable place for the fam ASAP. Good luck with finding something either way!

 

[Duckyou]

I'm kind of an old fart, so just ignore this if it doesn't work for you. I think there's a better than 50% chance that if you can hold off and rent for 1 more year, you'll come out FAR ahead and find all the houses for sale you could ask for. Of course, I've been wrong before, and I do understand cost isn't the only factor when you want a stable place for the fam ASAP. Good luck with finding something either way!

I have been watching the market for 4 years.

Unless there is a major hurricane then prices will go up another 15% for the next year.

Once Navy Fed starts hiring again - they will add another 3-4K good paying jobs then those people will be looking for homes.

Do not stretch yourself, but buy as soon as possible. As long as you like the home and plan to live there for 10 years then you will not lose money UNLESS you are forced to sel for some reason.

 

[skyydiver]

I have been watching the market for 4 years.

Unless there is a major hurricane then prices will go up another 15% for the next year.

Once Navy Fed starts hiring again - they will add another 3-4K good paying jobs then those people will be looking for homes.

Do not stretch yourself, but buy as soon as possible. As long as you like the home and plan to live there for 10 years then you will not lose money UNLESS you are forced to sel for some reason.

This could also be correct. It's all dependent on whether we come out of 2020 with an economy and job market that looks like the last 4 years, or something vastly different; and that is a crap shoot IMHO. My opinion is more likely the latter, but it isn't any more informed than Duck's.

 

[Bay Ranger]

Moved here from the coast of MS about 12 years ago. A friend from there wants to move here. Every time his realtor informs him of a house that fits his needs before he can get over here to look at the house it has a contract on it. Occasionally, here have been multiple offers above the asking price. Personally, I have been getting text messages and cards in the mail asking me whether I want to sell my house. Can't believe what's going on with the market around here.

 

[John B.]

Unless a Democrat wins in November, I don't see the housing market slowing down for several years. There's lots of factors, and I'm no expert... just my opinion.

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[FLT]

But, if a democratic president is elected, we all will get a free house ! And a living wage whether or not we work for it ————————— Well, that’s what aoc said she do isn’t it ?

 

[capt.joe]

I've got 2 I'm about ready to sell. Glad to hear its a sellers market

 

[FrommerStop]

The future economy will depend a lot on how the predicted second round of covid goes. They are getting closer to releasing a vaccine.

I am not sure what the real odds are. I found this on the internet, but it could be fake also. Apparently larger negative numbers are good odds and so Biden is supposed to be doing well.

2024 US Presidential Election Odds: Trump Leads Biden As Betting Favorite

Former POTUS Donald Trump has leapfrogged ahead of President Joe Biden in the 2024 presidential markets that are featured across multiple top European sports betting platforms. Let's take a look at the Presidential odds.

bookies.com

 

[FLT]

According to those same folks Hillary won by a landslide in 2016.

 

[LowRiderRed]

According to those same folks Hillary won by a landslide in 2016.

In the popular vote, which is what those polls predicted, she won by about 3 million votes. The Electoral College is where the other guy won.