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Old 05-06-2013, 10:48 AM   Topic Starter
El Jefe El Jefe is offline
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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?
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Old 05-06-2013, 10:53 AM   #2
AndChiefs AndChiefs is offline
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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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Old 05-06-2013, 10:54 AM   #3
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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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Old 05-06-2013, 10:55 AM   #4
Earthling Earthling is offline
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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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Old 05-06-2013, 10:58 AM   #5
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Originally Posted by Earthling View Post
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.
The prices of 2006-7 are never coming back.

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.
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Old 05-06-2013, 11:03 AM   #6
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Originally Posted by BigRedChief View Post
The prices of 2006-7 are never coming back.

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.
It is going to happen again.
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Old 05-06-2013, 11:04 AM   #7
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It is going to happen again.
Sadly, you are probably right. I was underestimating the greed of us humans.
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Old 05-06-2013, 11:14 AM   #8
El Jefe El Jefe is offline
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It is going to happen again.
Wont happen for at least a decade. Banks have strapped loans down tighter than Dick's hat band.
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Old 05-06-2013, 11:18 AM   #9
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Wont happen for at least a decade. Banks have strapped loans down tighter than Dick's hat band.
I have good credit and I still had to jump through financial paperwork hoops. It took about triple the paperwork and 10X the financial proof to close the loan. I'm told that's normal these days even with borrowers with good credit.
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Old 05-06-2013, 11:04 AM   #10
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Originally Posted by BigRedChief View Post
The prices of 2006-7 are never coming back.

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 $60K in household income buying $300K houses with 5% down is a recipe for a bubble that did burst.
Yep. I totally agree. The Western slope of CO, where I am, has tons of oil-shale rock. I personally think within 10 years it will be viable for industries to get that oil, whereas it has been cost prohibitive before. This area will be a boom town if/when that happens.
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Old 05-06-2013, 11:24 AM   #11
Dave Lane Dave Lane is offline
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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.
This is completely untrue.
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Old 05-06-2013, 10:56 AM   #12
BigRedChief BigRedChief is offline
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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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Old 05-06-2013, 11:00 AM   #13
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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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Old 05-06-2013, 11:00 AM   #14
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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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Old 05-06-2013, 11:06 AM   #15
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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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