Real estate going crazy.

[james357]

I am in a 62 house subdivision. Most homes are on an an acre. There are 5 Ranch homes like mine on full basement.
The home across the street is the same style as mine and sold for 226,000 2020.
I was offered 278,000 from a company and 284000 from Zillow last July. I turned then m down.
Now I just saw this week a ranch style home is 387,000 for sale by open door. The company that offered 278,000 now e mailed 334000 and have called everyday asking if I got the e mail or the letter with the increased offer.
We are looking up in Chattanooga and Blueridge. Evey home we see at the same price as ours that we like is under contract or crap. Homes I see that are in my price range don't appeal to me.
I realize that the fed is going to increase rates and home loan rates are going to go up. I see rates are a little over 3%. When they go up to 7% or more home values I expect will fall.
I hope they will but it may take a while for prices to settle.

 

[basstracker89]

Yes it is a crazy market. And just like before we'll hit a bubble and everything will explode.....History does repeat itself...

 

[41mag]

Yep….we paid ours off a couple of years ago. Have been looking for more property, with smaller house.
The only problem is everything is so expensive. It takes a buttload to get anything close to what you are wanting.

 

[dhal22]

I'm banking cash while waiting on the market to cool (investment property). No plans to move from current home for at least 5 years so very fortunate to wait this one out.

 

[fattboyzz]

Yes it is a crazy market. And just like before we'll hit a bubble and everything will explode.....History does repeat itself...

this ^^^^^^^^

 

[rumrunner55]

Interest rates won’t fix it, people are cashing out their 401k and paying cash on the majority of sales

 

[CAMSDADDY]

A lot of folks are selling homes and making a lot of money and then realizing they cant afford or find another home. A lady here at work did this with a car. Lady sold her car and "made a lot of money" didnt realize that the car she bought would also be jacked up price wise.

 

[mrauditor]

A lot of folks are selling homes and making a lot of money and then realizing they cant afford or find another home. A lady here at work did this with a car. Lady sold her car and "made a lot of money" didnt realize that the car she bought would also be jacked up price wise.

Most assuredly true. Thanks.

 

[BillsCamino]

We get daily offers on buying this Cobb Co 4 bed-2.5 bath house in a great school zone. The two of us really don't need this much house but where to move ???

 

[spistols]

Endless cycle. We moved out of Gwinnett to get away from the creeping cesspool of South Gwinnett, and there are people who bought in our old neighborhood who wanted to get out of the Atlanta Cesspool.

Sell high, buy high- that's how it was in the winter/spring 2021, and I am pretty sure it is the same now.