Sanrith Descartes
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Home buying thread
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Large part of Intel deciding to build somewhere like that is lower cost of living meaning they don't have to pay the workers as much. They'll pay good salaries for the area, but not as much as they'd have to pay if it was on the West coast. I would expect some upward pressure on prices in the area from the plant opening, but not to increase that fast. Looking at a couple of the Portland suburbs close to where Intel has plants, prices there are in the 600-800 range, but the Intel plant workers in those areas likely make a bit more.
Sanrith Descartes
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Big Phoenix
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So hilarious update on the house opendoor bought near me for $440k.
They just listed it for $480k.
They just listed it for $480k.
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Fucker
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Is the market cooling off there in terms of transaction prices and inventory? Not a good play with the rate increase coming up soon. They could easily Zillow themselves and wind up with huge losses.
Where I live now, asks are coming down but transaction prices remain solid. There's far less inventory than demand so even the next rate increase won't take a lot of wind out of seller's sails. Houses still move quickly, although not exactly within hours of listing. I bought a McCheapo house here knowing I'd be out of it in a second when things got sane. Paid $340, worth $370 a few months ago. I negotiated a lower commision, so I will probably break even on it. That was the point! 9 months of free living is better than paying rent.
The places I am looking at are seeing drops in ask and selling price and there's actual inventory now. July rate increase will make it a much better buyer's market, and at fair prices. I'm seeing drops of $50k, and $75k not out of the picture for sure next month.
Soon, I will be out of here. Soon™.
Blazin
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Final walk through inspection with Township is today for my occupancy permit. Feels like exam day but you have to get a 100%. Really hoping it goes well, I’m only nervous about the electrical, it took me forever but there are so many rules.
One of my neighbors who had just built their house and have only lived there for six months put their house up for sale this weekend because he got a job offer in FL. It sold already so I get to roll the die again on a neighbor .
Was good to see how strong the market still is here even at the high end, despite interest rates.
couple weeks till settlement on the old house. Barn foundation is complete, will try to get some pics later.
One of my neighbors who had just built their house and have only lived there for six months put their house up for sale this weekend because he got a job offer in FL. It sold already so I get to roll the die again on a neighbor .
Was good to see how strong the market still is here even at the high end, despite interest rates.
couple weeks till settlement on the old house. Barn foundation is complete, will try to get some pics later.
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Sanrith Descartes
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Blazin
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Sadly no, I have been trying to get that neighbor to warm up to me . I have him waving at me now so I think that’s heading the right way .
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Sanrith Descartes
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Blazin
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Cutlery
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Decided to check my home's value on Zillow since I got some bullshit on my discover account about "unlocking 440k of value outta my home" or some nonsense.
Turns out, Zillow has me sitting at 471k for value. Which is hilarious, because I had trouble getting a fucking appraisal over 300k a year ago when I refinanced to get the ex off my loan. But I guess a similar sq ft house with 5bed/3bath (what mine has) sold for 460k last month a couple blocks up, and is on a smaller lot and isn't bordering a pond like mine is.
Shit's pretty whack.
Turns out, Zillow has me sitting at 471k for value. Which is hilarious, because I had trouble getting a fucking appraisal over 300k a year ago when I refinanced to get the ex off my loan. But I guess a similar sq ft house with 5bed/3bath (what mine has) sold for 460k last month a couple blocks up, and is on a smaller lot and isn't bordering a pond like mine is.
Shit's pretty whack.
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Burnem Wizfyre
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Prices are coming down in my area and sellers are starting to pull fuck fuck games to mask how long they’ve been trying to sell their house. Pulling their listing and switching realtor companies and re-listing and suddenly that house that’s been on the market for 3 months has only been there for 2 days while also lowering the asking price to avoid being a reduced price. Meanwhile somewhere between 30-40% of listings are reduced, inventory has nearly doubled. We’re transitioning from a sellers market to a buyers market.
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Tmac
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Which area?
I haven't seen any real change. Inventory is still low and any reduced pricing is like $10k to $20k on homes that are overpriced by $150k.
Burnem Wizfyre
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Corpus Christi, the houses are still over priced massively but the price reductions are happening even if they are 10-20k on houses way over priced. They are trying to mask even small reductions at the moment, it’s scared.jpg. It’s early but it’s happening things should really be good by January especially when the reports come in that we are officially in a recession.
Blazin
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Not seeing that at all in PA, homes still don’t last a day , with no reduction in pricing. We are still at record levels of low inventory at least in the north east it’s a severe lack of homes for sale that is the more out of whack factor than demand. Demand probably has cooled but that means nothing when there is virtually no supply .
areas where new housing starts are at decent levels are probably the places that will feel some pinch.
areas where new housing starts are at decent levels are probably the places that will feel some pinch.
Falstaff
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Everyone is scrambling to get their houses for sale that they sat on forever. 3 houses on my block alone had sat empty because old people died within the last two years and the kids sat on it. They all went up for sale within 2 weeks of each other. Maybe we'll see a lot more than this, maybe not. Real estate trends for the most part will be more localized as this get closer to reality and less like clown world.
fris
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How much of that is due to typical people put their homes up during the summer?
Tmac
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We're transitioning from a totally unreasonable market to a slightly less unreasonable market. $10k reductions on $150k increases aren't a transition.
I don't think we see a buyers market for another 2 years, bc lag.