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angie_nrs

angie_nrs

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I am wondering what property values are doing across the country. In my little mostly rural neck of the woods, things are going for crazy high prices right now. I saw a parcel just go up for 4 times the assessed value. It has only been on the market for a week and I think the owner already has an offer. It's only a very small parcel (about an acre) wedged between two other homes that will be difficult (although not impossible) to put a driveway in. It seems like people are coming out of the woodwork buying up all the rural property they can find at ridiculously high prices. In addition, with the increased cost of builing materials and shortage of workers, how the heck are these folks planning on builing on this overpriced property?

I'm hoping this crazy bubble bursts quickly! I'm wondering if folks with money are just buying up the property and homes b/c they think their money won't be worth anything with the inevitable inflation coming? Or, are all of the folks who now work from home deciding that getting out of the city and moving to a rural area is a good idea. Good Lord, I hope not!

How's it looking in your neck of the woods?
 
This is a "small" factor in my painful decision to sell my piece of paradise. There are other much bigger and more pressing factors, but if I want out, this is an opportunity.
 
Houses around here have multiple offers soon as they hit the market. Guy down the road put his up had cash money the next week. Relator told him he could bid it up at least another 50k. He took cash instead of waiting on a mortgage. He got 900k for a 3500sqft house small barn and 5 acres.
I'd bet we could get 350-400k from our 1450 sqft with 5 acres and a 24x40 shop.
 
It sounds like now is a good time to be a realtor.

Personally, if I had something to sell, I think I'd list it 'for sale by owner' and let the title company do the paperwork.

I wouldn't sell my home and property now even if I was offered 10 times what it's worth. I love my home and I ain't goin' nowhere! A pile of money wouldn't do me any good if I didn't have a cozy and safe place to lay my head at night.
 
We just sold our place up the mountain that we were no longer living in. 10 days got asking price minus closing costs. Hubby kinda wanted to wait for a bidding war. I didn't want to get greedy. Maybe if we wanted to wait. . . I was very tired of maintaining 2 places an hour apart. I am grateful to have it sold.
And yes, crazy prices around here.
 
It's been decades since the last housing bubble 'burst'.
Time for the next generation to learn a hard lesson :(.
Just like last time they will find out that many of the buyers paying insane prices are actually, "speculators'. Everybody gets on fire and wants in the game when prices skyrocket.(this is the worst time to buy)
But they have watched episodes of "Flip This House" and like any good pyramid scheme, heard people they know, talk about the bundle of money they made (and of course immediately reinvested).
Then it becomes a giant game of musical chairs.
Except when the music stops, nobody has a place to sit.
:blow up:
I knew many that lost their entire life savings or went bankrupt, trying to pay for property they could never sell and could not afford to keep.:mad:
 
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I'm a builder my wife is a real-estate agent and I'll be the first to tell you this is craziness! A lot of folks are going to take a bath the first blip in the market. I was building and selling starter homes in 2015 in the 130s those same homes are selling at 275 and up. I see those folks loosing at least a 100k on these homes. Batten down the hatches!
 
hashbrown said:
I'm a builder my wife is a real-estate agent and I'll be the first to tell you this is craziness! A lot of folks are going to take a bath the first blip in the market. I was building and selling starter homes in 2015 in the 130s those same homes are selling at 275 and up. I see those folks loosing at least a 100k on these homes. Batten down the hatches!
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I purchased an older home in a neighborhood where people questioned why I was buying here. Because that was what I could afford, after looking for months. Neighborhood keeps getting better and better with gentrification. Home across the alley went from 165k to over a million in that time.
 
Weedygarden said:
I purchased an older home in a neighborhood where people questioned why I was buying here. Because that was what I could afford, after looking for months. Neighborhood keeps getting better and better with gentrification. Home across the alley went from 165k to over a million in that time.
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I just looked. I was wrong. 182,000 to over a million. Even so, that is a lot. One couple owned the home and sold it after 3 years. They made 1,000 a week for owning the home.
 
In and around Rochester, houses are selling very quickly. Average time on the market is under a week. Offers are above asking price. A house across the street from me went for almost double what they were asking, which was higher than its assessed value.
 
I'd estimate ours is at 3x what we paid. If we had property where we'd like to retire at, I would consider selling now. But for next 4 to 5 years where we are is convenient to work, and we've mostly got it set up where we could retire here. So no reason to sell now.
And yes this current bubble will pop. My guess is sometime in 2022. Many folks will lose their shirts just like last time. I'd bet that will be a contributor to our economy seriously tanking, if it waits that long. Question is, which happens first to kick the other off.
 
Both of the houses across the street from me sold within a week after they were put on the market; one very recently, and one within the past year or so. Both are smaller than mine. Both have been flooded as their property ends at a creek. They are nice houses, and originally my wife wanted one of those lots. One of the few arguments I have won in my married life. It took 25 years, but I ended up being right. They did get flooded. They still got substantial offers well above the asking price. I was very pleasantly surprised at the price for which they were sold.
 
Bacpacker said:
I'd estimate ours is at 3x what we paid.

And yes this current bubble will pop. My guess is sometime in 2022. Many folks will lose their shirts just like last time.
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It's kind of a good feeling knowing we're sitting on a pile of cash if we wanted it. I'd consider our homestead rare since we have a fairly large chunk of land compared to others in the area along with a nice sized barn. The house is average, but we like it. It boggles the mind what it would be worth in today's market, but it's all just numbers in the air since we're not going anywhere. God meant for me to be here and we love it here, so money will never motivate us to move.

I'll be waiting when that bubble pops, with funds to buy buy buy. Hubs said the same thing as you Bacpacker. There are some purchases we want to make but we'll wait for the bargains to show up later. He thinks there's going to be lots of bargains, including ATV's, boats, trailers, vehicles, etc. All the stuff that's flying out the door of dealerships now will soon show up on CraigsList when the buyers can't afford the next payment, maintenance, or storage. I wonder how many people are going into debt up to their eyeballs in order to get into the market right now?
 
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.
 
Most recent land sale here was (2) Two acres, SOLD for $176,000.00 and nothing on it but a few trees. There is simply NEAR ZERO property here. There is a tiny bit of private property in the center of seven & half MILLION acre "Chugach National Forest".
 
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