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This housing market
10-May-22 8:57am
#1
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.

I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.

This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.

This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
10-May-22 9:14am
#2
Scott
GameTZ Subscriber 250 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally Has Written 2 Reviews This user is on the site NOW (10 minutes ago)

We wanted to move last summer but weren't able to. There just weren't many houses going on the market at all, and when one did, the competition was insane. I've heard of so many houses selling for 10, 20, 30+ thousand over asking price, it's crazy. The interest rates were better at least, but the market was still crazy. We were hoping to try again this summer, but I just don't know with these rates. We do want to move eventually, but we'd be fine sticking it out a couple more years at our current home if not for our annoying neighbor that moved in almost a year after us. We're just so sick of living next to this guy.
10-May-22 9:15am
#3
SublimeFan
300 Trade Quintuple Gold Good Trader

My wife is a realtor - things are insane now. There won't be a crash, but things absolutely will have to come down - people are pricing themselves out of their range during their searches.

Things are already slowing down a bit with the interest rates skyrocketing, but they will inevitably also come down - slower than it went up.
10-May-22 9:17am
#4
shadyfozzie
Triple Gold Good Trader

According to Zillow, the value of my house went up $120K since I bought it 3 years ago.
10-May-22 9:32am
#5
loztdogs
GameTZ Subscriber 250 Trade Quintuple Gold Good Trader This user is on the site NOW (4 minutes ago)

I just sold my house in California. Received 7 offers following our open house. All offers way above my asking price. I'm not thrilled about interest rates and feel a bit dumb for even considering it... but it is what it is. I will fall back on my VA to get a competitive rate all things considered.

10-May-22 9:33am
#6
Lunar
GameTZ Subscriber 950 Trade Quintuple Gold Good Trader Gold Global Trader (8)

Just pay landscapers smile

We closed on our house late 2020, when interest rate was at its lowest. So we lucked out I guess. But yea the market is crazy and with interest rate so high, buyers are reluctant or just completely shut out.

10-May-22 10:13am
#7
Miranda
Gold Good Trader Global Trader - willing to trade internationally Has Written 1 Review

My friend lost her partner in December. They paid $150 for their home in 2000. She listed the home last month for $300. A sale for $370. was pended 12 days later. People are out of their damn minds. Their house is nice, the lot is nice and in a nice area on a dead end road, but $370 for their home crazy.

The prices $ rates will come down eventually. They always do.


"Millennials feel screwed by the housing market after a series of economic disasters--82% of them have major regrets over their new homes"

https://fortune.com/...
10-May-22 10:14am
#8
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

Lunar wrote:
Just pay landscapers smile
haha, if we buy this, we won't be able to afford landscapers!
10-May-22 10:21am
#9
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

My sister-in-law is a realtor around here, and she's constantly getting ~$25-$50k+ bids above ask, just ... bonkers, when they're already over valued.

My gut says crap will calm down because this isn't sustainable, especially with everything else going on in the world (fudge you stock market!). Yet, there's such a rush of people moving away from big cities because they can work remotely and Northeast Ohio is honestly an amazing spot for some kickass homes/lands.

Ugh, this sucks, I need out of this damn house. My kids have no land to play, we can't put in a pool, our driveway is tiny and on a hill. I clearly have my wants/needs, but I want a place where my kids and go outside and have fun. Having woods/water is key ...
10-May-22 10:21am
#10
sa330206
500 Trade Quintuple Gold Good Trader This user is on the site NOW (3 minutes ago)

What is the reason for your move? Do you just need more space?

That property is beautiful but at nearly 5.5k sq feet, its pretty huge. Unless you really need that much space, maybe you could find something a bit smaller/cheaper. I'd be hesitant to drop that kind of cash on a house given how high prices are right now. You may spend 625k and then the bubble pops and it's only worth 550k and then you're in the hole equity wise. However with that said, if the area is good it doesn't seem THAT crazy of a price given the size and how nice the house/property looks.
10-May-22 10:31am
#11
SwiftJAB
GameTZ Subscriber Triple Gold Good Trader

Bought my place early 2019 and one of the more recent sales in the neighborhood went for more than $300k what we paid. It's nuts.

That's a beautiful property @MrBean. That would go for about $2mil+ in San Diego.

10-May-22 10:52am
#12
Porksta
GameTZ Subscriber 400 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally

Bought in June 2020, right before the boom. House was vacant for over a month, and I got it below asking. Already appreciated over 25%.

Looking to move to Tennessee some time soon, work is just insanely busy. We have stopped lending to all states west of the Mississippi, jacked up our rates, and suspended programs. The applications keep coming. Getting a storage unit in the next month or so to store all my stuff so I can start the selling process. Homes tend to only stay listed a few days before they are sold. Boeing moving nearby will definitely help.

I work from home, no need to live in such an expensive area. The yard sales and thrift stores are nice, and the area is nice, but I would rather not pay income tax, have a nicer house, and a lower cost of living.

10-May-22 11:09am
#13
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

sa330206 wrote:
What is the reason for your move? Do you just need more space? That property is beautiful but at nearly 5.5k sq feet, its pretty huge. Unless you really need that much space, maybe you could find something a bit smaller/cheaper. I'd be hesitant to drop that kind of cash on a house given how high prices are right now. You may spend 625k and then the bubble pops and it's only worth 550k and then you're in the hole equity wise. However with that said, if the area is good it doesn't seem THAT crazy of a price given the size and how nice the house/property looks.
We definitely need a lot more space both in house, and outside. 2.5 and 5 year told that have nowhere good to play. My kids can't even easily ride their bike outside, no water/pool, small yard. I want to give them much more. That and we have a lot of 'stuff', my house is feeling too cramped (2500 sq ft + 1000 sq ft basement). I want to be at least at 4000sq ft going forward.

Crazy enough, that price, is pretty spot on for the house regardless of the market. There's so many houses surrounding and nearby, with less land, and less house, that are more expensive. If that land was tip top shape, fully finished basement, and the deck didn't need some help ... this should be selling for ~$800k compared to so many others. My sister-in-law feels confident that this is actually under priced (yet, still on market after a year --- because of the upkeep required on the yard more than likely). So the price is actually quite good for what it is.

Still, I'm in that same boat of the bubble popping and being in the hole.

YET ... if you use Zillow, look at the Zestimate (which is usually pretty damn spot on), look at the past 10 years. It doesn't look like it's spiking because of the market, vs. natural appreciation.
10-May-22 11:14am
#14
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

Porksta wrote:
Bought in June 2020, right before the boom. House was vacant for over a month, and I got it below asking. Already appreciated over 25%. Looking to move to Tennessee some time soon, work is just insanely busy. We have stopped lending to all states west of the Mississippi, jacked up our rates, and suspended programs. The applications keep coming. Getting a storage unit in the next month or so to store all my stuff so I can start the selling process. Homes tend to only stay listed a few days before they are sold. Boeing moving nearby will definitely help. I work from home, no need to live in such an expensive area. The yard sales and thrift stores are nice, and the area is nice, but I would rather not pay income tax, have a nicer house, and a lower cost of living.
Yeah, we debate about packing up and picking up an appt. Just so hard with the two kids ... but, it's truly the smart move. Contingent bidding right now, is very difficult.
10-May-22 11:26am
#15
Scott
GameTZ Subscriber 250 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally Has Written 2 Reviews This user is on the site NOW (10 minutes ago)

MrBean wrote:
We definitely need a lot more space both in house, and outside. 2.5 and 5 year told that have nowhere good to play. My kids can't even easily ride their bike outside, no water/pool, small yard. I want to give them much more. That and we have a lot of 'stuff', my house is feeling too cramped (2500 sq ft + 1000 sq ft basement). I want to be at least at 4000sq ft going forward.
I definitely feel you on the outdoor space. For both of our houses we've bought since we had kids, it was important to me to have a big (and flat!) yard with lots of room for playing and sports. Your indoor needs are insane though! We're also a family of 4, with about 2000 sq ft, and we're only starting to feel slightly cramped as the kids are approaching their teens. That was the main reason for us wanting to move within a few years anyway, but our annoying neighbor has expedited it. Anyway, I don't know how you're feeling cramped with 3500 sq ft! Maybe some downsizing/de-cluttering is in order smile It would certainly make moving easier.
10-May-22 11:31am
#16
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

@Scott Well ... we definitely have too much clutter. We haven't fully committed to a 3rd kid or not, and we have a TON (legit way too much) "stuff" that we're hanging on to because we haven't decided. I think we're definitely more in the camp of not having a 3rd, more so because we're getting too old. My wife will be 39 this year and that's possibly danger zone for challenges. Not to mention, I'm hitting 40 in two weeks and don't really want to go through baby phase again .... yet, I really would love to have another kid If I'm being honest.

Still, I like big open spaces. My video game crap in itself is a massive problem, consuming far too much space.

If we had better storage areas, and could drop a lot of the old kid stuff, we'd definitely be better with ~3,000sq ft. Yet, I'll always go for more as I'd like to (in time) get fun stuff like pinball, pool table, air hockey, etc. etc. I'd love to have a massive basement with a big open floor plan.
10-May-22 11:34am
#17
SublimeFan
300 Trade Quintuple Gold Good Trader

I just looked at the house you posted vs general thoughts before - unless you're stuck in the past it's very out of date...there's a ton of money to be put into that home, it's dripping with the previous owner's touches.

The property is huge though, I know you mentioned the maintenance - which seems like a nightmare unless you're super into lawn/garden and have lots of time.

If this is at the top of your budget - I'd suggest you look elsewhere unless you absolutely love everything about it and have no concerns with anything going wrong with the house (for extra cost).
10-May-22 11:52am
#18
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

SublimeFan wrote:
I just looked at the house you posted vs general thoughts before - unless you're stuck in the past it's very out of date...there's a ton of money to be put into that home, it's dripping with the previous owner's touches. The property is huge though, I know you mentioned the maintenance - which seems like a nightmare unless you're super into lawn/garden and have lots of time. If this is at the top of your budget - I'd suggest you look elsewhere unless you absolutely love everything about it and have no concerns with anything going wrong with the house (for extra cost).
Yeah, my wife says the same ... I'm largely fine with it as-is, but she's already calling out lots of updates. Still, the two expansions, were done in high quality, the interior/exterior, all very nice, better than most modern homes.

ha, I hate cutting my 1/4 acre now! This would be a massive change, but honestly, I feel like I want it. More outdoor time, more physical work, and may actually for the first time in my life, get/sustain some color in my skin! The grass isn't all that bad, it's the INSANE amount of beds, and the perimeter ... tons of work to be done (way more than you can see in the pictures, it's pretty ridiculous to be honest).

The dog of it is, ~$600k, nothing even remotely this big (both house and outside). Reality is, there's a lot of money to be spent here. That deck is gonna need replaced, we'd need to do some massive landscapping, put up a fence, etc. etc.

We'll probably end up walking away, and waiting. Just really loved it when everything else we looked at, not even close in comparison (for size and all the outside has to offer).

I really liked this, wife did not: https://www.zillow.c...
This house we both loved, but the yard is tiny, and all hill ... https://www.realtor....
10-May-22 11:53am
#19
sa330206
500 Trade Quintuple Gold Good Trader This user is on the site NOW (3 minutes ago)

SublimeFan wrote:
I just looked at the house you posted vs general thoughts before - unless you're stuck in the past it's very out of date...there's a ton of money to be put into that home, it's dripping with the previous owner's touches. The property is huge though, I know you mentioned the maintenance - which seems like a nightmare unless you're super into lawn/garden and have lots of time. If this is at the top of your budget - I'd suggest you look elsewhere unless you absolutely love everything about it and have no concerns with anything going wrong with the house (for extra cost).
I must just be out of touch, it doesn't look bad to me. The interior reminds me of a fancy home from the 90's. I guess it's out of date a bit but it certainly looks livable to me. I don't love the basement 80's/90's wood look but if it's dry then I could easily live with that. The porch/patio is amazing and it looks like a well built home. I'm surprised it hasn't sold at that price, maybe there is something wrong with it not indicated in the listing.
10-May-22 12:04pm
#20
SublimeFan
300 Trade Quintuple Gold Good Trader

Those other two houses look wonderful (IMO, throughout of course). Minimal work you need to do for either - also, I know nothing about the OH market in particular so comparisons would be rough.

I know you mentioned having young kids, but do these neighborhoods have parks? You talked about having enough space for them - and even the yard on the smaller lot seems like it's a good enough size to play in (BUT you also mentioned it's all hill, that's a killer. It makes our backyard nearly useless aside from our deck / one landing with a trampoline on the entire thing). Parks make things way easier and can save you money on building your own :)
10-May-22 12:07pm
#21
MrBean
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Gold Global Trader (7) Has Written 1 Review

There's nothing in the disclosure. I've been there twice. I can't find really anything wrong sans typical wear and tear (largely outside - the deck and the pavers). The basement is very dry. The carpet needs some help ... but legit doesn't feel like anything wrong with it at all. There are some older elements of the look, and that electric stove sucks (seriously, who 'likes' electric?), but so many other cool little things like the wine cooler, a master bathroom with a washer dryer + fridge (odd), the water fountains, dual fire pits, electric run through multiple parts of the yard. They were clearly entertainers at some point.

What's not pictured is the massive 4 car garage, and massive walk in attic above the garage (not finished), and a nearly finished basement bathroom, a gigantic walk-in master closet, and a whole separate work bench area with the utilities.

This housing market