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| The price of housing is going up | Login/Join |
| (self-titled) semi-posting lurker Minor Deity  |
 Ok now I’m really glad we bought our house in spring 2019 as opposed to spring 2021
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Has Achieved Nirvana |
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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| "I've got morons on my team." Mitt Romney Minor Deity  |
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. | |||
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| Does This Avatar Make My Butt Look Big? Minor Deity  |
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. | |||
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| czarina Has Achieved Nirvana  |
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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| "I've got morons on my team." Mitt Romney Minor Deity |
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 ...  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. | |||
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Has Achieved Nirvana |
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
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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| (self-titled) semi-posting lurker Minor Deity |
Does the price include the piano? Asking for a friend. 
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| (self-titled) semi-posting lurker Minor Deity |
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 
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| Has Achieved Nirvana |
That's how we had to make offers on apartments in Mesa. I had never seen it before.
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| Has Achieved Nirvana |
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.
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| (self-titled) semi-posting lurker Minor Deity |
The windows themselves are fine. It's just the size/height.... Wait now I need to go look again...
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| (self-titled) semi-posting lurker Minor Deity |
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! 
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Has Achieved Nirvana |
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. | |||
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| (self-titled) semi-posting lurker Minor Deity |
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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