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The price of housing is going up
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(self-titled) semi-posting lurker
Minor Deity
Picture of ShiroKuro
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quote:
https://www.fool.com/millionac...-best-practice-tips/


Eeker

Ok now I’m really glad we bought our house in spring 2019 as opposed to spring 2021


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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

 
Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
Has Achieved Nirvana
Picture of Steve Miller
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quote:
Originally posted by pianojuggler:
We are looking at houses. Prices are eye-watering and have been shooting up this year. Like doubling over this time last year.

We were in Richland, Washington (near Hanford, the home of the Manhattan Project). A house I would think as a $100K - 200K was listed for $350K and the realtor expected there to be a bidding war.

We looked at one house that was built in 1943 as part of the Manhattan raze-and-build. It was originally a 2 or 3 (small) bedroom house. It had been added on to, but the work was a bit shoddy. It had a tangle of the original electrical system and some rework (no grounded outlets). There was a spot of rot in the roof. All the windows were original single-pane metal frame windows. No garage. The yard had been nice at one time, but it looked like several years of no maintenance. So, really, it was a shell and needed a complete gut and remodel. It was listed for $330K. Jeebus.

Closer to home, a house four blocks from me, a teardown (the listing euphemistically says "value is in the land"), a slightly larger lot than mine, right on the main arterial... just listed for $1.86M. For a teardown.


I don’t know what all you’re considering, but before making any decisions you may want to look at your capital gains situation if you decide to sell.

The cap gains rate got cut in the Spanky tax cut but I can’t imagine it staying this low for much longer.


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Life is short. Play with your dog.

 
Posts: 34827 | Location: Hooterville, OH | Registered: 23 April 2005Reply With QuoteReport This Post
"I've got morons on my team."

Mitt Romney
Minor Deity
Picture of Piano*Dad
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According to that be-all-and-end-all of real estate (Zillow), our Santa Fe home is about 30% more valuable than when we bought it in the summer of 2018. Considering what we put down on the home, that's an astonishing rate of return.
 
Posts: 12495 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
Does This Avatar Make My Butt Look Big?

Minor Deity
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MS is looking to buy a place in Charlotte. I swear, prices have gone up 10 percent since she started looking. She should be able to get 3 br, 2 ba for $375,000, but that is more than she wants to pay.

Still, that budget won’t buy you a storage shed in suburban dc.
 
Posts: 19756 | Location: A cluttered house in Metro D.C. | Registered: 20 April 2005Reply With QuoteReport This Post
czarina
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Duh.

It's sickening.

If I'd waited 6 more mos to sell my house I'd be $100k richer.

If only I'd known how impossible it would become to find a house, I wouldn't have sold at all. Also could have doubled the rent (but would not have--renters are really suffering!)

We had a simple idea--sell a house we don't want to move back into and end the risks of renting it out--which are considerable with an eviction moratorium--and use the proceeds to buy our forever home in the town we still consider to be our home.

Not so simple.

Right now I am practicing gratitude almost fiercely, and learning to love and appreciate where I am. And certainly deeply grateful that we still own a home that works for us (the Missoula house never did). But it's looking like if we want to move back, it would have been smarter to hang on and remodel. Except our realtor is warning us that nobody can get building supplies, so don't plan to do any construction.

What a clusterfuck.

Maybe I can afford to buy a place in NYC now?

Anyone have a crystal ball 9n hand? This seems unprecedented.

PJ, once you sell your place, won't you have more than enough funds to buy just about anything that suits you? Or are you worried this trend will reverse and you'll have paid too much?

I have an allergy to joining in the hysterical bidding wars. It's just too crazy for me. So ever since we lost the house we wanted, the minute I find out a house is allowing only two days to put in an offer so they can get over asking, I just say "fvck it."

If interest rates go up, will it put a stop to this?


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fear is the thief of dreams

 
Posts: 21302 | Registered: 18 May 2005Reply With QuoteReport This Post
"I've got morons on my team."

Mitt Romney
Minor Deity
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quote:
If interest rates go up, will it put a stop to this?


Depends. Depends on why interest rates start to rise. And how much. And how quickly.

If the demand for credit rises, in part because people are flooding into the housing market, the interest rates could go up WHILE housing prices continue to rise. If interest rates rise because the fed jerks them up for macroeconomic reasons unrelated to the housing market, or perhaps because they WANT to tamp down borrowing, then that would likely put a downer on home price increases. About now I'm sure you're wishing for a one-handed economist ... Big Grin

I suspect much of the frenzy will abate. I think there is some evening out of pricing as people take equity on homes in high-priced areas and use it to acquire property in lower priced, but desirable areas. This has been going on forever. Take a small $1m home in Connecticut and retire to a mansion in Williamsburg, for instance. Right now, this may also be related to larger numbers of people working remotely who like it that way. But I'm not thinking this is necessarily permanent ... cities still have many advantages. Nor do I think it will necessarily be an accelerating trend. I actually expect some reversion once the economy fully rebounds.

The difficulty in finding building materials is almost surely a supply bottleneck problem, and that will go away.
 
Posts: 12495 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
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Geez.

This house (not far from me) went up for sale this morning. I've never seen the "will review offers on X date" except on HGTV shows.

https://www.realtor.com/reales...L_60004_M83061-41820

quote:
Stunning mid-century contemporary beauty! Located in one of Arlington Heights finest tree-lined streets with top schools within walking distance. This bi-level has been lovingly renovated from architectural roof to double pane windows to all new solid wood doors, recessed lighting, sparkling light fixtures and much, much more. The sellers have painstakenly worked on the details to express their unique style; this home has an elegant feel the moment you set foot; you will feel at peace with the clean lined interior and expressions its modern attributes. The three-bedroom, three-bathroom show-stopper invites you in with a paver block walk to the main entrance which is tucked between the garage and the house. Step inside the sleek home and there you will see how the rooms seamlessly flow into each other. The inviting well-lit sunny living room is open to the dining room that faces the designer chef's kitchen. With 6-burner Thermador range & dishwasher and slimline Subzero, custom stainless steel Vent-a-Hood and hidden microwave it appeals to novice as well as expert cooks. Kitchen also features mission style cabinets, quartz countertop, Kohler farmhouse sink, Milano glass tile and more. Don't miss the three full bathrooms that have been totally updated with modern finishes including quartz, marble, and all Kohler. Family room includes custom cabinetry and updated wood fireplace. The home also includes a finished gym/utility room and plenty of closets. You can step outside from lower level and find yourself in a gated backyard retreat complete with Chicago paver block patio, stone sitting wall, and flagstone sitting area for relaxing and taking in the professional landscaped expansive yard with assorted trees and plants. Most of the renovations occurred in 2014. New high efficiency furnace and AC in 2020. Seller will review all offers on Sunday March 14 at 6pm.


I walked by the house a little while ago and there must have been eight cars parked on the street. People were in the house, in the backyard, and standing on the driveway. It's a 60s split level, fer cryin' out loud.

Unbelievable.


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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training



 
Posts: 37749 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
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Does the price include the piano? Asking for a friend.
Leaving


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Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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BTW, sure it's a 1960s house (I never liked those windows, that's one of the things I love about our house, full-sized windows and lots of them!)

But they've done really nice things with all the upgrades/updates. I really like the kitchen, bathrooms and exercise space. And although it all looks very up to date, it doesn't have that gray theme that is so hard to get away from right now.

I would buy it If it weren't twice as expensive as our house and a little bit too far away to commute to campus down here.

WhoMe


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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

 
Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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quote:
Originally posted by wtg:
Geez.

This house (not far from me) went up for sale this morning. I've never seen the "will review offers on X date" except on HGTV shows.


That's how we had to make offers on apartments in Mesa. I had never seen it before.


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Life is short. Play with your dog.

 
Posts: 34827 | Location: Hooterville, OH | Registered: 23 April 2005Reply With QuoteReport This Post
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quote:
Originally posted by ShiroKuro:
BTW, sure it's a 1960s house (I never liked those windows, that's one of the things I love about our house, full-sized windows and lots of them!)

But they've done really nice things with all the upgrades/updates. I really like the kitchen, bathrooms and exercise space. And although it all looks very up to date, it doesn't have that gray theme that is so hard to get away from right now.

I would buy it If it weren't twice as expensive as our house and a little bit too far away to commute to campus down here.

WhoMe


Big Grin

The windows are actually new; they replaced the originals a few years back. I kind of like them.

And I also prefer the beige/brown color palette. Never been a gray person and as you say, pretty much everybody is doing gray these days.

All in all, they did a very nice job on the house. I chatted with one of the owners after the yard was re-landscaped some years ago and complimented him on how nice the house looked (I only saw the outside).

It's biggest problem for me is that it's a split level. I grew up in one and I'm not a fan of that style, especially as we're getting older. Seems like you're always having to climb up or down stairs to do anything.


--------------------------------
We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training



 
Posts: 37749 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
(self-titled) semi-posting lurker
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The windows are actually new


The windows themselves are fine. It's just the size/height....

Wait now I need to go look again...


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Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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Wait now I need to go look again...


Ok, so it's only the windows in the bedrooms I guess, those short-profile windows are like half the length of what I think of as a regular window.

The big picture window in the piano room is beautiful. I'm mainly thinking of the windows like the ones you see in photos 11, 12, 13. But maybe that's the lower level?? Yeah, I see the stairs now. I wasn't really picking up on the split-level details. I'd have to see it in person to have an opinion about that detail.

But yes, as you said the beige/brown color palette is really nice! And I like the tiling in the kitchen and that range hood!

Also, it's not open concept!

Yep, we'll take it!

ROTFLMAO


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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

 
Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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Originally posted by wtg:
Geez.

This house (not far from me) went up for sale this morning. I've never seen the "will review offers on X date" except on HGTV shows.



I was involved in a couple of those in San Francisco, and then encountered one when I was buying a house in Massachusetts. In Mass, it was a Sunday; open house from 12-2, offers accepted at 4. Decision made by 6.
 
Posts: 45723 | Registered: 20 April 2005Reply With QuoteReport This Post
(self-titled) semi-posting lurker
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open house from 12-2, offers accepted at 4. Decision made by 6.


During our first time house hunting, I just couldn't do that. I might be able to decide more quickly now, that we've had the experience here.

I'm sure I've mentioned the house we lost out on, we were literally the first to go see it (it had been listed for like a nanosecond and I found it), and told our agent we would call her after talked about it a little bit. Well, the couple who went after we did made an offer on the spot, and they now live there.

In the end, I'm glad we're in this house (for one, it's bigger and has a better piano room!) but we visited this house like a gazillion times before deciding!


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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

 
Posts: 18310 | Location: not in Japan any more | Registered: 20 April 2005Reply With QuoteReport This Post
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