Housing market

[Geo]

The gold/silver measure doesn't work for me really because metals are manipulated in value.

Correct, but they can't manipulate it forever.

The USA is only a small percentage of global use.

 

[Floyd Eye]

Just last Saturday, wife and I drove by our neighbors and saw the sign in their front lawn, listed their house.

When they purchased a few years back (2020?) they paid $239,000 and I couldn't believe it!
Could not believe the house would bring so much.
I used to sell my chicken eggs to the woman who had owned it previously, I was in the house a bit.

Been inside since the new owners had purchased as my youngest is friends with their two kids.
They've done nothing to it.

They listed at $465,000.
And I bet they get it.

Seriously has me thinking...

I have two houses on adjoining properties with a 6’ privacy fence around the front and sides and bounded by a river in the back. I could sell the whole property for about 5 times what I paid for it. But then I’d have to find something else and pay entirely too much for it. Fuck that.

 

[Geo]

Home prices will only go up. As they have over the last 40 years.

Land to build on is harder to come by... unless you can live in West-BF-Wyoming and don't need to work, need to have electricity or public sewage.

Rents in my AOR are up... way up... and have been increasing steadily over the past 15 years.

Cost of building materials and labor is up... and will only go up. Not down... never down.

More people are poor and uneducated than ever before... and need to rely on the gub-ment to sustain them. Look at the test scores of 2025 high school "graduates"... especially in math and science. Go to school (university or trade) get educated, learn a skill and work hard. Not hard really.

Unless the gobernment defaults.

 

[dcburn]

I have two houses on adjoining properties with a 6’ privacy fence around the front and sides and bounded by a river in the back. I could sell the whole property for about 5 times what I paid for it. But then I’d have to find something else and pay entirely too much for it. Fuck that.

You aren't wrong.
Whole reason I wouldn't sell.
My profits would go into the next property, and I have zero neighbors as it is.
Just the way I like it.

 

[rsm]

I've been here over 10 years; good mortgage rate; my house was up as high as +3.2x what I paid for it; now it's around +1.3x - not adjusted for inflation.

I'm in no hurry to pay off my mortgage because the balance and interest rate vs my rate of return on investments doesn't make sense, and they deal with county for taxes and the two insurance companies. Also get a small income tax break on the mortgage interest I pay.

I need two policies, regular homeowners, and a wind and water policy because I'm in a hurricane area / designated Special Flood Hazard Area (SFHA) Zone VE = High-risk coastal areas subject to inundation by the base flood, with additional hazards from storm-induced velocity wave action (waves 3 feet or higher).

 

[Kordoba]

I have two houses on adjoining properties with a 6’ privacy fence around the front and sides and bounded by a river in the back. I could sell the whole property for about 5 times what I paid for it. But then I’d have to find something else and pay entirely too much for it. Fuck that.

I bought my house 15 years ago, and the current estimated market value is more than twice what I paid for it. But after paying the realtors commission and fixing whatever was found wrong with it during the home inspection, i'm better off staying put and paying off the balance of my mortgage.

 

[rsm]

I bought my house 15 years ago, and the current estimated market value is more than twice what I paid for it. But after paying the realtors commission and fixing whatever was found wrong with it during the home inspection, i'm better off staying put and paying off the balance of my mortgage.

I plan to stay put too; at least while my kids in college at a state school. I'll probably be too old to move when school's done lol.

that said I found a few places I'd like to live, right on the Atlantic ocean or (in) the Gulf of America...like this:

...I'd have to keep most of my music gear and motorcycles in storage inland though

 

[Kordoba]

I plan to stay put too; at least while my kids in college at a state school. I'll probably be too old to move when school's done lol.

that said I found a few places I'd like to live, right on the Atlantic ocean or (in) the Gulf of America...like this:

...I'd have to keep most of my music gear and motorcycles in storage inland though

View attachment 417259

Speaking of too old, I'm already too old to take on another 30 year mortgage, or even a 15 year. On a 7 year plan to pay off my current mortgage. I'm also losing interest in my classic car hobby with each passing year. I could pay off my mortgage right now if I sold my Challenger, but not quite ready to go that far.

 

[rsm]

Speaking of too old, I'm already too old to take on another 30 year mortgage, or even a 15 year. On a 7 year plan to pay off my current mortgage. I'm also losing interest in my classic car hobby with each passing year. I could pay off my mortgage right now if I sold my Challenger, but not quite ready to go that far.

Before retirement I was getting all my toys; I got an older Porsche Boxster; a Big Dog Ridgeback hardtail chopper, and a custom hardtail motorcycle which is going into the shop for some work this weekend.

the thought of packing and moving all my things is daunting.


If I sell this place to get another house, I'll be sure to pay cash because most banks won't agree to a 30 year mortgage for a retired person 60 or older.

 

[rsm]

... also I'm about 1/3 of a mile west of the Atlantic Ocean now...which is close, but not like the Gulf house I posted before

 

[Geo]

Within a year, you will be able to buy a house with one 1oz Gold Coin.

 

[japetus]

Within a year, you will be able to buy a house with one 1oz Gold Coin.

I predict a 20-25% devaluation after big boys cash out. Everyone thinks it's crazy. Did they think it's crazy their $150k house is worth $278k in a 4 year span?

 

[BABMusic]

Home prices will only go up. As they have over the last 40 years.

Well, since 2013, this has been true. They've continued to go up and up in dollars. They did go down a lot from 2008-2012. I think there's a high probability we will see something like that again, but when exactly, I don't know. Historically, homes were pretty consistently priced from the 1940s to the late 1990s. All you had to do was adjust for inflation, and prices were very consistent. It wasn't until the housing bubble of 1997-2006 that prices became way higher.

This thread was mostly in regards to the US housing, but some places like Canada are even more screwed up. Canada didn't even have much of a decline in 2009-12.

 

[Wizard of Ozz]

Well, since 2013, this has been true. They've continued to go up and up in dollars. They did go down a lot from 2008-2012. I think there's a high probability we will see something like that again, but when exactly, I don't know. Historically, homes were pretty consistently priced from the 1940s to the late 1990s. All you had to do was adjust for inflation, and prices were very consistent. It wasn't until the housing bubble of 1997-2006 that prices became way higher.

This thread was mostly in regards to the US housing, but some places like Canada are even more screwed up. Canada didn't even have much of a decline in 2009-12.

https://fred.stlouisfed.org/series/ASPUS

Almost a near linear increase.

 

[BABMusic]

Well, you can see in that chart that home prices were very steady until just before and after the year 2000. The tech boom in the Bay Area was the main place where home prices rose and then, we all know what happened from 2003-2006. However, there comes a point where there's too many people invested in residential rental homes and there's just not enough real jobs to support it. It's not actually a sign of a good economy when asset prices rise to these levels -- we had a much stronger economy in the 1990s vs today.

 

[Wizard of Ozz]

Well, you can see in that chart that home prices were very steady until just before and after the year 2000. The tech boom in the Bay Area was the main place where home prices rose and then, we all know what happened from 2003-2006. However, there comes a point where there's too many people invested in residential rental homes and there's just not enough real jobs to support it. It's not actually a sign of a good economy when asset prices rise to these levels -- we had a much stronger economy in the 1990s vs today.

Also don't forget private equity firms like Blackstone, KKR, Brookfield that own billions in residential real estate:

These guys are not helping. They will pay builders to build... even if there is no need/demand right now... just to buy it... keep it on the books... let it sit vacant until the prices goes up high enough for them to sell for a profit. And in the meanwhile, take the tax deduction due to a depreciating asset.