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The real estate market here.

rolling_Thunder said:
Well I got an offer on our house I am renting back in MD --- we bought it for $275K back in 2017 and it is a nothing special house. We just refinanced to 2.25% and our monthly is $1534 (we put $0 down) and we are renting it for $2400 a month... We just got an offer of $390K for the house... it's not even listed for sale -- times are crazy but I also believe things will crash --- I am just glad we bought when we did as at this point it would be very difficult to do so.
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$1,534.00 per month is a cheap monthly payment today. Our first mortgage in 1987 was at 11 1/4%. After having several mortgages for different properties over the decades, I'm glad that everything is fully paid off.
 
rolling_Thunder said:
Well I got an offer on our house I am renting back in MD --- we bought it for $275K back in 2017 and it is a nothing special house. We just refinanced to 2.25% and our monthly is $1534 (we put $0 down) and we are renting it for $2400 a month... We just got an offer of $390K for the house... it's not even listed for sale -- times are crazy but I also believe things will crash --- I am just glad we bought when we did as at this point it would be very difficult to do so.
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If that $1534 is PITI then do not sell, that's a good income
 
Clearing a grand a month before taxes is pretty good.

Ours are in that neighborhood, income wise.
 
The market here is starting to cool off.

Three in my neighborhood have sat over a week, one over 3 weeks.

The 3 week plus one is trying to make 100K over what they paid 3 years ago.
Probably not gonna happen.
 
YY1 said:
The market here is starting to cool off.

Three in my neighborhood have sat over a week, one over 3 weeks.

The 3 week plus one is trying to make 100K over what they paid 3 years ago.
Probably not gonna happen.
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Too bad the state is now overpopulated..... Gridlock wherever you go in Florida...
 
We live in a nice condo in South Orange County a very nice upper middle class area. We were building a home in Idaho to get the hell out of this corrupt state. I got an unsolicited offer for our place for walk away $750k - after all expenses.it was even inspected and came out pristine. I was astonished knowing the last years comps. I only turned it down because I only wanted to move once - from old to new. Tings fell thru in ID because I didn’t feel the builder was acting on the up and up so I bailed. Well now a mere 6 months later someone in my complex has their unit up for $1,050,000. I don’t know if they’ll get it but mind blowing to say the least. I’m now certain I could get $850k for our place - if not more. Maybe $900k. It’s the same unit - so I hope they get it. For us I’m just scouring the Western US for a place that I can live out my retirement in peace w/o politics. There are certain Requirements that have to be met - cost of the home is not a big issue - taxes across the board are as well as the natural and cultural amenities. The entire West coast has been decimated by you know who so I look back to the mountain states.
 
In May houses down here were pending before our agent could line up a virtual walk through. And we were anxious to get out of Jersey quickly. Literally hours in some cases. Now we see price cuts on Zillow, 10K here, 15K there. Listed time on market is 30,60,90 days. It's cooling off, except rentals, in our area anyway. With the bass fishing tournaments growing every year, they are building another hotel. There are only a handful of houses for rent. Literally.
 
Anyone should be smart enough to realize that what goes up, must come down, when it's all over inflated prices due to frantic buyers. Everything has gone crazy. My house in California would be 1.5 million, here in Missouri, in a very nice area, just over a half million and even here prices are higher than they should be. Interest rates are going up, that will slow things down and burn a lot of people when reality comes back to town.
 
Calif estimates continuing to rise thru 2023, it isn't going down anytime soon in Calif
 
MIKESPOLARA said:
Calif estimates continuing to rise thru 2023, it isn't going down anytime soon in Calif
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History show's that even if the prices in California go down, they will not go down as much as other states....
That how your able to invade other states....
 
MIKESPOLARA said:
Calif estimates continuing to rise thru 2023, it isn't going down anytime soon in Calif
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Let me guess.. You work in Real Estate..... Things may not be falling yet... But they have certainly plateaued..... Houses are actually sitting on the market rather then selling in the first day or week.... I do see some house prices reduced cause the people want to sell not advertise...
 
When interest rates go up, prices will come down. Sellers will be competing for buyers. California is not a true litmus test, nothing in California is normal. The days of people by the thousands running to get to California are over. If I were living there I'd be looking to sell high right now and move.
 
It's the same story with used cars. I was offered 3 thousand over what I paid for my car in the fall of 2019. I get discounts from being a retired employee, but please, it may only have 12 thousand miles on it, but give me a break. When these chips start flowing again anyone who has bought an overpriced used car will be backwards on it as the prices start to drop and they will.
 
Price of lumber will not fall till the housing boom/shoratge falls. Lumber is still stupid high.
Inflation. Too much demand and too little supply. We havn't seen anything yet.
 
1 Wild R/T said:
Let me guess.. You work in Real Estate..... Things may not be falling yet... But they have certainly plateaued..... Houses are actually sitting on the market rather then selling in the first day or week.... I do see some house prices reduced cause the people want to sell not advertise...
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I don't work in real estate, YOU GUESSED WRONG. I do watch the market out of fascination. Interest rates going up will slow things, low interest is what started this whole thing.
1 Wild R/T said:
Let me guess.. You work in Real Estate..... Things may not be falling yet... But they have certainly plateaued..... Houses are actually sitting on the market rather then selling in the first day or week.... I do see some house prices reduced cause the people want to sell not advertise...
Click to expand...


No, I do not work in real estate, you guessed wrong, but watch it out of fascination. Calif housing is predicted to rise through 2023. Not my prediction I just watch what is being reported. Obviously rising interest rates will slow market, low interest is what started this whole thing. When I scan the multiple listings in Calif most anything listed is under contract, in a very short time. The higher the initial asking price the slower it moves, but it moves. I'm amazed at lot of the NorCal prices, worst then SoCal. I was scanning the Sacramento area for fun, looking for reasonably priced homes and found an area that still had listings for decent 3bed 2 bath homes for around $450k. I was kind of surprised to find this (Yuba City) But then noticed almost every single one was pending within a week or two. Then I move over towards the coastal area(NOT BAY AREA) where prices are much higher and there were definitely more "available" listings, so higher price did last a little longer, these are homes in the 1 mil range.
Last year I was taken back a bit by the same situation across the nation, to me this had to be due to low interest rates.
I am still amazed at where all these people are getting the money to pay these prices plus bid up the price.
In my mind one of the biggest problems with this market is the tax base you have to pay with these prices, after the value of these homes decreases the taxes don't.
 
Last edited:
Housing shortage in Houston, Justin, Dallas. Why? People moving out of Ca., or., Wa. They buy the good homes.
The 100,000 per month illegals end up in the bad homes. Would be worse , but Biden flies many to other states.
Tx most booming business? RV parks. Yep. Buy a RV and park it there, cheaper by far than any rent. Plus you be a home owner!
 
Here in North Texas, houses are getting $25,000-$30,000 over asking price. They are also selling for way over appraised value. Out of state buyers are able to pay cash. My neighbor's sold for over $100,000 of what it should have sold for. I've been looking. I owe the ex a house. I should have bought when we struck the deal.....but cancer and covid made me too compassionate for my own good. I let her stay with me until she won her battle. I'm not saying that I would do it differently now, but it will prove to be a very expensive gesture
 
Phoenix housing has gone up too. Selling over appraised and asking prices. My houses are up like 40% in the last year alone. And so many California plates during my commute.
 
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