Real estate going crazy.

[41mag]

Ok lets try this again.................

things will get better when

Rates go up (lower demand)
new houses get built (increase supply)
when people out west quit selling for 1.5 million and move here (demand)
People with a starter home wanting to upgrade (supply/demand issues)

The people moving in to our area, I think is increasing prices if you sell for 1-2 million you can easily afford a 500k house. Or if you sell for 800k you might be buying 300-400k. So your buying in cash (sellers like that) and still have money left over, while people in this area, wanting to upgrade are stuck, cause all the housing is gone to these primary 3 reasons.

Seems legit -
I told the boss that we could sell, buy a good chunk of property and plop a double-wide down while we build a fort we wanted.
I bet the “pre-made matchboxes“ are friggin way more than they are worth too, though.
I would rather have property than a big expensive house. Don’t misunderstand me, you need someplace that is nice and you want something set up the way you want….but if i can find 100-200 acres, set up something to live in for a couple of years (or something livable already there) and wait for things to level out then build what u want.

 

[Control for Smilers]

I think there is more going on here beyond the surface..
private equity groups are buying up real-estate like its going out of style.
and in our area we are seeing apartments go up where you would have never thought they would..

100%

 

[james357]

I agree, my home cost $365,000 in 2007, now it's over $568,00. and this is cheap in Suwanee. How are up and coming families going to afford these crazy prices?

I agree, my home cost $365,000 in 2007, now it's over $568,00. and this is cheap in Suwanee. How are up and coming families going to afford these crazy prices?

My first house was 3300 sf. 3 level 3 bedroom top 3 br bottom. 74k 1986. 10.5 intrest rate. When I graduated college 1980 I looked at homes 1982 rates were 15% and realtors were saying buy now rates are going up.
I sold my home 2003 and put 40% down. Rates were 7.5 %. The person that bought my home asked me to increase the price 5k and put new carpet and redo the gutters. He got a loan with zero down. 5 years later he walked away from the home. 2008 we saw what happened. Banks making loans with zero down and 10% to 12% loans.

 

[coolformula]

Does the majority of people think we are going to have huge pullback?

The bank don't do a lot zero down loans now do they?

If housing keeps going up 2-3% of the year the people graduating college trying to find homes to start a family are going to be in a bad situation.

it is a little easier if you have a home and you can transfer that equity into to an upgrade or downgrade.

but these young people I have no idea what their going to do, pay high rents?

 

[baxterday]

No more starter homes here in Gilmer/Ellijay. Price of admission for a mobile home on an acre is in the 200k range. I am seeing pretty much everything going for asking plus prices. Some things are selling for 50-100k over asking price and on homes under 500k. It is crazy, but we are where everyone wants to be.

 

[NWSharpshooter]

Does the majority of people think we are going to have huge pullback?

The bank don't do a lot zero down loans now do they?

If housing keeps going up 2-3% of the year the people graduating college trying to find homes to start a family are going to be in a bad situation.

it is a little easier if you have a home and you can transfer that equity into to an upgrade or downgrade.

but these young people I have no idea what their going to do, pay high rents?

It’s delusional to think people should be able to buy a house when just starting out. I was 31 years old before I ever had my first mortgage. Took years of saving and planning to get into my first home ownership experience.

Why does everyone expect it to be so much easier for young people today?

 

[Realstudent368]

It’s delusional to think people should be able to buy a house when just starting out. I was 31 years old before I ever had my first mortgage. Took years of saving and planning to get into my first home ownership experience.

Why does everyone expect it to be so much easier for young people today?

Cause that got participation trophys.. that's why...

 

[Ex313]

I'm looking for a place around Gainesville. My kids are no longer in school so I don't need to live around here any more. My Daughter wants to go to North Georgia Uni. So I'm looking for a house near there to buy instead of rent.
I'm only in the "Let's see what kind of VA mortgage I can get" stage.
I bought a house in Detroit for $138k. Then the sub-prime mortgage thing happened and everyone's property values dropped.
So I'm a little wary. My upper limit I'm willing to borrow is $250k and it better include an acre or more of land.
I keep hoping to wake up and find out that the bottom dropped out of the market. I don't think that's going to happen any time soon.

 

[superprime]

We bought our house 5.5 years ago for 150,000, financed 120,000 of it. Almost same exact house just sold 10 houses down for 273,000 which was above asking. I would sell, but there isn't anywhere to go. If we didn't have kids we would just buy a fifth wheel trade my truck in for a 3/4 ton and sell the wifes car and just travel around. I'm tired of my neighbors.

 

[Kman]

It’s delusional to think people should be able to buy a house when just starting out. I was 31 years old before I ever had my first mortgage. Took years of saving and planning to get into my first home ownership experience.

Why does everyone expect it to be so much easier for young people today?

Same here and I had just gotten married.