This area is bananas.Hot diggity! Good job!
Right now the property we bought up north could sell for $200k more than what we bought it for last August.
This area is bananas.Hot diggity! Good job!
We are hoping for a reversal and a buyers market like Jim mentioned above.This area is bananas.
Right now the property we bought up north could sell for $200k more than what we bought it for last August.
We are hoping for a reversal and a buyers market like Jim mentioned above.
Yeah I don't know where people get all this money. Everyone is house poor.We are hoping for a reversal and a buyers market like Jim mentioned above.
Interest rates already going up.
"EXACTLY" the reason to be buying "NOW". Sell in three or five years.
Bingo.I don't believe the prices will stay where they are for three years. Buy land now and in two years it might be worth half what you paid for it.
The U.S. experienced a major housing bubble in the 2000s caused by inflows of money into housing markets, loose lending conditions, and government policy to promote home-ownership. A housing bubble, as with any other bubble, is a temporary event and has the potential to happen at any time market conditions allow it. ...
At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices—and the bubble bursts.
Houses in my neighborhood are modest - maybe 2000 square feet - on a quarter to half acre of land. Standard 'burb. None of these would command over $200k last year. Today, several houses are for sale near me (Irondequoit) and they're all asking over $200k. They'll easily sell for that. I guarantee we'll be reassessed soon and our taxes will go up.Real estate prices got crazy, now assessments are going up. In the local news this week, Penfield/ Monroe County has raises from 10-70 percent on homes that have not been on the market to equalize with those that recently sold for crazy amounts.
The 300 acre family farm in Ontario county just went up 25%. Taxes did not go up. Yet.
We have so much to be thankful for, so many blessings, but less government and it’s interference sure would be nice.
I checked the site and for this area they are quoting about $160/sq foot, but housing in this area is reporting sales of close to $250/sq ft. Yep, I would say things are getting out of control.Real estate here runs in the $125-$150 per square foot range. I am not sure about acreage. If you want to compare cost of living between areas this website isn't bad.
https://www.numbeo.com/cost-of-living/
The future "Buyers Market" will be in suburban or urban and big city anywhere.
Back in the 1970's we were buying land and selling it for double what we paid with-in weeks or two months. Was the combination of the High Inflation of the 70's and the massive BOOM of building the Trans-Alaska Oil Pipeline.
We don’t want to buy simply to buy something. We want a place to stay out the rest of our years (rather like Slade mentions). We are seeing homes in towns for sale more than those with property. Many of those with the size property we are looking for have a monstrous “party pad” on them which we have no interest in. If they took their 8k sf 5 bath “home” with them, we would be far more interested.I've purchased cheaper houses. more expensive houses.
Bigger houses and smaller houses.
I only care how much it cost and what the taxes are.
I never sold a house so their value is what they mean to me and not what the masses would pay for it.
Yep. That's part of what we are after - making a cash offer We don't like debt so will avoid it like the plague.I have been telling young folks to get out of debt and save for awhile longer. There will be allot of empty houses soon.
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