Housing market is down? LOL, yeah right.
All the realtors in our area keep saying its a buyers market right now, no freakin way. Looking at some houses/land in a couple different areas, bear in mind that these areas aren't the best areas. They are selling 2 acre plots for $75k, not bad huh, deed restriction madates the house must be 2500 square feet w/o the basement. The average cost of the houses going up by my grandpas house is 450k-500k. Who in the midwest can afford a 500k dollar house? Let alone a development of them.
So, if you go out into the country a little bit, acres are selling for 18-21k right now (undeveloped land), sweet sassy mollassy! Hows the market in your area? |
Selling like hot cakes. I've had a couple friends put their homes on the market recently...multiple offers within days and both sold above list price.
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My old house, ex still lives in is appraising for 20k less than the loan balance. East Independence. Sucks!
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Just to compare, I just sold a half acre lot for 45K. (Western Colorado) It is admittedly in a very nice area and would have gotten at least 65k not that many years back.
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No way around here. The Florida market crashed as hard as any place in the USA. Anything thats priced at current market value is gone in a couple of days within 2-3% of asking price.
Prices are up 20% in the last 6 - 9 months. |
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They were inflated by the demand of people who shouldn't have been given a loan in the first place because they can't afford the house. People making $40K - $50K in household income buying $300K houses with 3% - 5% down is a recipe for a bubble that did burst. |
Prices here are definitely moving up. We just had a house on our street go for just a little less than what we paid for ours back in 2008 (same model).
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One of my wife's friends was trying to buy a house in our subdivision recently. Apparently they got in a 3 way bidding war and lost. My wife said she was pretty bummed because they haven't been able to find much else that they have liked in the past few months.
n=1, of course, but the story really surprised me. I was under the impression it was still a strong buyer's market. |
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I tried to sell my house last summer for what I paid for it 10 years ago. Mind you I bought in 2003 which still was before the major bubble of 05-06 and the KC area wasn't exactly over-heated to begin with. Couldn't get a single offer on a 4-bedroom home in the suburbs. So i don't really believe the housing market is ok.
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j/k :thumb: |
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