Real estate going crazy.

[Bushwick100]

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?

 

[geezer]

We bought our current place 6 years ago…sold the house we were living in last year for over twice what we paid for it, moved in here and payed it off. Now this one estimates at about 10 times what we paid, and we have no intentions of moving. Taxes are a little rough, but we will soon lose the school part of that…just by luck, we made good solid financial decisions…just dumb luck…

 

[DinkyDau]

I stole my property about 22 years ago and built my home shortly after..I don't pay school tax anymore, which was about 1,600 per year..I have no idea what it is worth now.

 

[Bagman]

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.

Greed makes people do stupid things...

 

[bilgerat]

I bought My current home in 1986 for 52k, its a 3 br 2 bath 1500sf ranch across the street from lake lanier with lake access , I was offered 365k for it from a realeatate investor company last month, I turned them down.

 

[rbstern]

This is all unsustainable and it will crash.

Your best bets are: Paying off debt wherever possible. Keeping your overhead as low as possible. Having a ready supply of liquidity (not necessarily cash) to handle unforseen circumstances.

You might get lucky chasing a big capital gain on a house right now, but it's musical chairs. And the music will stop.

 

[Control for Smilers]

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?

they won't be able to.

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.

I bought a used 2014 mazda3 6 speed a year ago...for 12k. Roswell mazda offered me 15k a cpl weeks ago...wtf would I replace it with?

 

[Realstudent368]

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..

 

[coolformula]

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.

 

[C'mon man!]

I bought my first house, Cobb county, as a foreclosure in 2012 for $90k, sold it in 2019 for $257k, today it's worth $350k. Not sure we'll see the bubble burst that good again though.

Ironically, the bank I was using to buy the house appraised it at $35k, lol. Thankfully I was able to quickly go through a different bank that didn't use a moron for their appraisals.