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Out of curiosity I've been checking local home values on Zillow and Redfin. They're increasing unbelievably! How accurate are these ratings? Hard to believe some of them...
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Home Values
- Thread starter Mickey Richaud
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Unless they are closed sales, it means only that people have heard that prices are going up crazily, so they price their offerings crazily.
Bob
Bob
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Zillow and Redfin, etc., use algorithms - so the ratings are "informed conjecture" rather than actual market values.
Nevertheless, there are bazillions of flippers who snatch up properties without even seeing them in person, without a home inspection, and without mortgages - paying cash (gasp). The lower and middle income folks are priced out of the market, and the flippers increase their fortunes while the algorithms say "home prices are rising!". People with piles of cash have it made - the rest of us, not so much.
I bought my home in December 2020 with a humongous mortgage. Last month I had a real estate appraiser give me a new market value - it's up 38% in one year. One year.
yeesh
Nevertheless, there are bazillions of flippers who snatch up properties without even seeing them in person, without a home inspection, and without mortgages - paying cash (gasp). The lower and middle income folks are priced out of the market, and the flippers increase their fortunes while the algorithms say "home prices are rising!". People with piles of cash have it made - the rest of us, not so much.
I bought my home in December 2020 with a humongous mortgage. Last month I had a real estate appraiser give me a new market value - it's up 38% in one year. One year.
yeesh
OP
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Yeah - that's what I'm referring to. Just wondering when the bubble will burst...
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I look at:
corporatefinanceinstitute.com
and:
(note when the market index goes up, but the advance/decline doesn't ...)
Recession
Recession is used to signify a slowdown in general economic activity. They are are officially recognized after two consecutive quarters of negative GDP growth rates.
corporatefinanceinstitute.com
and:
(note when the market index goes up, but the advance/decline doesn't ...)
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It’s possible that in 4-5 years many will default on their high mortgage payments. Could be a flood of homes back on the market.
OP
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I realize it's cyclical - just seems off the charts of late.My wife spent over 28 years in real estate, half of that as a broker and retired years ago. This happening is nothing new in the business, it's happened before and will happen again, it's a sell or buy waiting game.
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Irrational exuberance, tulips, and shades of 2008?
mikephillips
Yoda
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We sold the near 60yo home my parents built when I was a kid in February. It is located in a small Ohio farm town, an hour from the nearest large cities. Needed some rehab work although the structure is solid. Was on the market about a week and for the location got quite a bit more than I expected. And I get stuff in the mail every week for sight unseen cash in the $200+ range for a 3br ranch. Course, if I sold, where would I go??...
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Our house in St Louis sold during the open house as we were in The Villages closing on a home we had bought a month earlier. It sold 30K over list price, the same list price we had 3 years ago that did now sell even though the price was dropped 25K over a 2 month period. I had lived in it since 1966 and couldn't believe what we got for it (although I took it with a giant smile on my face).
It is also the last time I will ever go though the process of selling/buying/packing up 56 years of stuff and moving it to ½ the square footage!
).It is also the last time I will ever go though the process of selling/buying/packing up 56 years of stuff and moving it to ½ the square footage!
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One of the Joys (he said sarcastically) of 24 years in the military was the fun of packing up everything you own every 3 or 4 years and moving; then having the fun of unpacking at your new “quarters” and filing all the claims paperwork for everything that got lost damaged in the move. When we bought our first post-retirement home we decided it was going to be the last.
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With you on that sentiment, Boss. Fixing to go down to one home ourselves. On the Clydesdale doodoo of the current market, we bought our last Dade county home in 1985 for 85k (really old but with generous land) and sold it in 2005 for 690k. Four or 5 years later, it was foreclosed and worth about half what we got for it. Has two McMansions on it now (about 2 million now).
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Property values are going up here too.We live in a nice neighborhood,
about a block from a high school.We could probably make a fair profit on it,
but would end up paying more for another house.
What surprises me is that many of the houses around here don't have
garages.I couldn't handle that!
about a block from a high school.We could probably make a fair profit on it,
but would end up paying more for another house.
What surprises me is that many of the houses around here don't have
garages.I couldn't handle that!
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Just to update myself, this was in my inbox today:
With housing prices across the country increasing by 62% between Jan 2020 to Feb 2022 Canadians are calling on all levels of government to cool the red hot real estate market. Ontario has seen some of the largest increases in pricing in areas like London, Windsor-Essex and Niagara where prices have all exceeded 80% growth in the past two years.
A couple I know lived in Kingston (small city 3 hours east of Toronto) had 60 viewings, 23 offers and sold for 170k over asking!
(in Kingston!!)
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It's crazy - at this point my kids have no chance - and my daughter is very well paid in her job