Home Prices, The Market Appreciation

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Eugene
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Home Prices, The Market Appreciation

Postby Eugene » Sat May 21, 2022 6:01 pm

Purchased a fixer upper house last August. Still working on it.

Yesterday, visiting with owner of house adjacent to the fixer upper as he and his son were removing the washer and dryer. Neighbor said he just sold the house for $75K, his asking price. Two weeks on the market, not advertised, word of mouth.

I walked thru that house when first offered for sale. 1960ish, needed the electrical wiring upgraded, plumbing repaired, hot water boiler heat, no air conditioning. Number of small rooms, needed to be opened up, modernized.

That fixer upper sold for 65% more than I paid for my adjacent fixer upper, nine months prior.
I have an excuse. CRS.

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Re: Home Prices, The Market Appreciation

Postby Greenthumbfarms » Sun May 22, 2022 6:42 pm

Eugene wrote:Purchased a fixer upper house last August. Still working on it.

Yesterday, visiting with owner of house adjacent to the fixer upper as he and his son were removing the washer and dryer. Neighbor said he just sold the house for $75K, his asking price. Two weeks on the market, not advertised, word of mouth.

I walked thru that house when first offered for sale. 1960ish, needed the electrical wiring upgraded, plumbing repaired, hot water boiler heat, no air conditioning. Number of small rooms, needed to be opened up, modernized.

That fixer upper sold for 65% more than I paid for my adjacent fixer upper, nine months prior.

I purchased a "live in fixer-upper" in August of 20 that I am told is worth somewhere in the area of $35K above what I paid, not accounting for the updates and repair work I have done already.
If I had someplace to go, I would consider selling before the market drops.
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Re: Home Prices, The Market Appreciation

Postby Peter Person » Sun May 22, 2022 8:33 pm

Back in 2019, people were baling out of Connecticut in droves for a variety of reasons. Covid comes, NY City empties out buying up everything and anything.
1,200 sqft Cape or Ranch on a 60' x 100' lot goes on the market for $189k, sells for $230k in less than a week. Over and over again.

I drive by this house everyday to and from work.
$259,900 :shock: 3 bedroom, 1 bath, 948sqft on .46 acre, built in 1957. Not a flat spot on the property.
https://www.realtor.com/realestateandhomes-detail/183-Gulf-Rd_Somers_CT_06071_M40297-93335?ex=2942690742

Young people don't stand a chance of owning their own home.
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Re: Home Prices, The Market Appreciation

Postby Eugene » Mon May 23, 2022 2:29 pm

Poured 3 yards concrete this morning. 35 minutes after the truck arrived, I was cleaning up the rough pour tools.
Anyway, about 25 years ago I paid $115- for two yards delivered one mile from concrete plant.

Todays price $376.10
Concrete $85.02 x 3 = $255.06
Transportation $28.00 x 3 = $84.00
Fuel surcharge $19.25 x 1 = $19.25
Tax $17.79

Note: Pour location was just short of 1 mile from concrete plant.
I have an excuse. CRS.

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Re: Home Prices, The Market Appreciation

Postby SamsFarm » Mon May 23, 2022 5:43 pm

I sure hope they crank those interest rates up!

I'd like to see my home value cut in half!

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Re: Home Prices, The Market Appreciation

Postby coppersmythe » Mon May 23, 2022 6:46 pm

1 acre lot sold for $80,000 last year . just three houses down from us . 30 years ago we bought our two acres for $6,000 , and 1 acre lot at the shop a block away for $ 3000 , and was told at the time by neighbors,we were "taken to the cleaners" .......coppersmythe..................A great client of mine bought 160 acres of "fields" back in the early '60s, his buddies chided him about buying a bunch of "cow patties" in the middle of nowhere . fast forward to today , that land is worth millions today , just down the road from the Country Club of Louisiana . After the 2016 flood ( 1000 year flood , for louisiana !!) , our house doubled in value , because it was high and dry .....................land , land , land . ( our property taxes are very low )

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Re: Home Prices, The Market Appreciation

Postby Eugene » Mon May 23, 2022 8:43 pm

SamsFarm wrote:I sure hope they crank those interest rates up!

I'd like to see my home value cut in half!
Zwillow's Realestate Forecast, 21 April 2022: Note the price inflation in past 18 months.

https://fortune.com/2022/04/21/zillow-c ... rch%202023.
I have an excuse. CRS.

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Re: Home Prices, The Market Appreciation

Postby lyle11 » Tue May 24, 2022 1:05 am

SamsFarm wrote:I sure hope they crank those interest rates up!

I'd like to see my home value cut in half!


Houses in my development have been selling in a couple days, frequently for above the asking price. People want to buy before the rates go up. These houses, including mine, are nothing special for around $300,000 but the median sale price in this city is $481,000 so these cheaper houses are going especially fast. I always aggressively paid my mortgage off early because I don’t like to owe money. The best interest rate I ever got was 8%. From what I read 30 year mortgage rates are projected to be 8% in late 2023. I’m old enough to remember mortgage rates over 15% in the early 80s.

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Re: Home Prices, The Market Appreciation

Postby SamsFarm » Tue May 24, 2022 8:01 am

Eugene wrote:
SamsFarm wrote:I sure hope they crank those interest rates up!

I'd like to see my home value cut in half!
Zwillow's Realestate Forecast, 21 April 2022: Note the price inflation in past 18 months.

https://fortune.com/2022/04/21/zillow-c ... rch%202023.


Link dont work

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53 Fertilizer
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Re: Home Prices, The Market Appreciation

Postby SamsFarm » Tue May 24, 2022 8:06 am

lyle11 wrote:
SamsFarm wrote:I sure hope they crank those interest rates up!

I'd like to see my home value cut in half!


Houses in my development have been selling in a couple days, frequently for above the asking price. People want to buy before the rates go up. These houses, including mine, are nothing special for around $300,000 but the median sale price in this city is $481,000 so these cheaper houses are going especially fast. I always aggressively paid my mortgage off early because I don’t like to owe money. The best interest rate I ever got was 8%. From what I read 30 year mortgage rates are projected to be 8% in late 2023. I’m old enough to remember mortgage rates over 15% in the early 80s.


I remember my Dad getting 14~15% interest on cds back then!

I'd smile ear to ear to see the basic savings account hit 5% interest!

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Re: Home Prices, The Market Appreciation

Postby lyle11 » Tue May 24, 2022 9:50 am

In the early 80s I had a 1 year term CD that paid 15.95%. I just got a 20 month CD at my bank that pays 2%, up from .6% early this year. I plan to do the CD ladder thing getting one relatively short term CD maturing every 3-6 months. Once it looks like they’re done raising the rates, I’ll lock in some money in a 5 year term. These years of low interest rates have been frustrating for a disciplined retired saver who can’t take a lot of risks with my money.

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Re: Home Prices, The Market Appreciation

Postby goxu1 » Tue Jun 14, 2022 7:04 pm

The median house price in Sydney in 1981 was $78,900, five times the national full-time average annual earnings of $15,800.
In 2021, the city’s median house price was $1.31 million, 14 times the average income.
What chances have my kids of owning a house in Sydney ?
Where has it all gone wrong ?
Cripes - I thought I'd never get one.

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Re: Home Prices, The Market Appreciation

Postby outdoors4evr » Wed Jun 15, 2022 5:01 am

When I bought my first house, (Year 2000) I stupidly paid points to reduce my interest rate down to 9.15%. Was refinanced less than 5 years later. Won't ever pay points on interest rates again. Increasing interest rates will cool off an economy as fast as raising gas prices.
Doing both at the same time? OOF. Sounds like 2001 all over again. Here comes another 5 years of no 401K growth.
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