Housing market

[I-stateTheTruth]

East Coast suburbs are insane right now. Houses around us have had 7 cash offers in 24-48 hours. We hoped to start to look for something near the Atlantic and houses there have added $100k to $300k in a year.

It's the old conundrum - we could sell high but then we'd have to buy somewhere. If this were a few years from now, I might think about selling and downsizing but have to get 2 kids through high school first.

 

[Cyclonefan710]

750?

Yeah I could see 750. There’s no way in hell someone’s requiring 850.

 

[DurangoCy]

My condo is up in value by about 22% over the last 12 months, so that's nice.

 

[CloneGuy8]

I would not want to be a buyer right now. Bought my place in the metro a few years ago at 180; stuff in our neighborhood is going for 240-250 right now.

 

[ianoconnor]

I’ve heard some crazy rental stories too around here, had a friend of the wife say many places requiring 850 credit score. Eviction moratorium I imagine

No way rentals are requiring 850 scores.

 

[Cydaddy]

Prices are just nuts right now. We are in a rural subdivision between CR and IC where most homes are 10 - 15 years old. Two recently went on the market $150k over assessed value and sold in the mid $500's in a matter of days. A house up the street just went on the market $200k over assessed value at $625k. Not sure how they can expect them to appraise. Down side is the county assessor will take note and up go our taxes.

 

[simply1]

Prices are just nuts right now. We are in a rural subdivision between CR and IC where most homes are 10 - 15 years old. Two recently went on the market $150k over assessed value and sold in the mid $500's in a matter of days. A house up the street just went on the market $200k over assessed value at $625k. Not sure how they can expect them to appraise. Down side is the county assessor will take note and up go our taxes.

Yeah I bet they had to offer gap funds on the appraisal difference.

 

[BCClone]

Prices are just nuts right now. We are in a rural subdivision between CR and IC where most homes are 10 - 15 years old. Two recently went on the market $150k over assessed value and sold in the mid $500's in a matter of days. A house up the street just went on the market $200k over assessed value at $625k. Not sure how they can expect them to appraise. Down side is the county assessor will take note and up go our taxes.

Assessed values aren’t very solid if the house hasn’t sold in over ten years, especially when you get 15-20 years out.

 

[Cydaddy]

Assessed values aren’t very solid if the house hasn’t sold in over ten years, especially when you get 15-20 years out.

Agree, but it was only several years ago that a few sold right at or below assessed value. The market was totally different.

 

[CloneinWDSM]

I occasionally look for houses in the WDSM/DSM and it seems like anything that is decent, 1-2 days after the listing gets posted it already has a pending offer

 

[DBQR4CY]

The current housing stuff is why I really consider adding onto our home and making it a forever type home with a $70k-$80k investment vs trying to go "not subject to sale" and trying to qualify for a home loan in the $325k to $375k range. Then there's the property taxes which are stupid high in Polk County. $6000-$7500 a year in property taxes can kill a mortgage payment really quick. Family in Dubuque are paying half that in terms of property tax.

 

[MeanDean]

Bought a condo (half a duplex?)(townhouse?)(semi-detached?) last fall in a small town near a metro area. About 15 years old. Did get it for a little under asking but I thought it was overpriced. There's a brand new one a bit nicer than this one or two streets over they're asking 50% more than I paid. But it's not selling yet either.

Condo in my building in FL just sold for $629k. It's an end unit which is a premium but 10 years ago it could have been had for way less than half that. Heck, even two years ago half that would have seemed extreme. NY, NJ people getting out is all I keep hearing.

 

[BDAL23]

We live just outside of Phoenix, AZ. We have lived in our home 7 years. Our home value has nearly gone up 3X what we paid for it. The home that backs up to us in a cul de sac was just placed on the market for 3X what it sold for in 2019( nearly 6X what we paid for our house)

Our realtor sent us a text and told us the market in the Phoenix area has gone crazy. He asked us what it would take for us to sell our home. He then said add a couple hundred thousand to that number. He said it wouldn’t even need to be listed he has buyers lined up begging to get into our area.
We love our house and there is nothing for sale or rent in the area. I’m willing to sell and move into a mobile home. Retire and start my new career as the town drunk. The wife is not having it. Guess we are keeping the house.

 

[BCClone]

The current housing stuff is why I really consider adding onto our home and making it a forever type home with a $70k-$80k investment vs trying to go "not subject to sale" and trying to qualify for a home loan in the $325k to $375k range. Then there's the property taxes which are stupid high in Polk County. $6000-$7500 a year in property taxes can kill a mortgage payment really quick. Family in Dubuque are paying half that in terms of property tax.

I live in a small town in NC Iowa and my house would sell in that 250k area and my property taxes are in that 6k area. Smaller town that needs money so they have started jacking up taxes. Ready to move honestly.

 

[Dr.bannedman]

We bought our first house in the spring of 2019. nice little fixer in a neighborhood that is coming back (lincoln, ne). We paid 120k. houses are now listing for 170- 200k in my neighborhood. selling within a week.

 

[Dr.bannedman]

I am glad we are not looking now..... i dont think we'd find a house in our price range

 

[throwittoblythe]

We sold in MN last fall and moved to central IA. We had originally wanted to wait until spring 2021 to see what happened with COVID. But boy, I’m glad we moved when we did. Our place in MN sold in 2 days with multiple offers over asking. Place in IA had sat on the market for a few months and we were the only ones offering so we didn’t have to compete. I know we wouldn’t be so lucky right now.

 

[Pope]

My wife is a mortgage loan originator in central Iowa. Between all the refinances and the purchases, she is absolutely overwhelmed. It's so bad, they've had to limit the number of refinances they can do.

 

[FallOf81]

Change thread to ... Hosing Market

 

[2forISU]

Bexley's pretty landlocked in terms of space. Upper Arlington?

Bexley has fallen. Too much crime surrounding it

If you want to be close to the city it;s Grandview, UA or Clintonville, but the Cbus as a whole is blowing up. 60 people a day move to Cbus based off the last census and is the fastest growing Midwest city and it's not even close.