Is It A Buyers Or Sellers Market Where You Live ?
- Thread starter Warstud
- Start date
I read the statement above about how people who are having babies and raising families need more space.
Yeah, probably more than a 1-bedroom apartment.
One of the issues today with the younger people is they expect a 3200 sf, 5br/3ba home for their 3-4 person family. They "need" a kitchen 3x the size of the normal kitchen in 1978 because they have an air fryer and $1800 coffee machine. Don't forget the pantry that is larger than the main bath of the house in 1978. They also need space for 2 dog crates for their two prized $3000 dogs they are so proud of.....when they are out and about..... not so much at home.
Younger people aren't willing to buy a fixer-upper or a smaller house. Yes, I know, smaller houses haven't been built in 35 years. Right now, I see a market for 1800 sf, 3br/2ba homes that can sell for $310k new. The problem is that the developer needed to secure the land to build 60 of these on for less than $8k/acre before infrastructure development and have little to no development fees or hoops to jump through. And when the HVAC for a new 1800 sf home is $20,000 today, plumbing system and fixtures are $17,000, electrical and lighting is $18,000.... those are major components of that $310k and not much left for fancy trims, countertops, 10' ceilings, lots of concrete, landscaping and home automation. Better be lucky you have a roof that don't leak and decent flooring for your feet.
There's a lot of complication and components to the situation we are in right now with housing, cost of housing, interest rates, etc. The only wholesale "fix" will be repeating 2008-2012.
Yeah, probably more than a 1-bedroom apartment.
One of the issues today with the younger people is they expect a 3200 sf, 5br/3ba home for their 3-4 person family. They "need" a kitchen 3x the size of the normal kitchen in 1978 because they have an air fryer and $1800 coffee machine. Don't forget the pantry that is larger than the main bath of the house in 1978. They also need space for 2 dog crates for their two prized $3000 dogs they are so proud of.....when they are out and about..... not so much at home.
Younger people aren't willing to buy a fixer-upper or a smaller house. Yes, I know, smaller houses haven't been built in 35 years. Right now, I see a market for 1800 sf, 3br/2ba homes that can sell for $310k new. The problem is that the developer needed to secure the land to build 60 of these on for less than $8k/acre before infrastructure development and have little to no development fees or hoops to jump through. And when the HVAC for a new 1800 sf home is $20,000 today, plumbing system and fixtures are $17,000, electrical and lighting is $18,000.... those are major components of that $310k and not much left for fancy trims, countertops, 10' ceilings, lots of concrete, landscaping and home automation. Better be lucky you have a roof that don't leak and decent flooring for your feet.
There's a lot of complication and components to the situation we are in right now with housing, cost of housing, interest rates, etc. The only wholesale "fix" will be repeating 2008-2012.
Maybe if the only young folks you talk to grew up with a silver spoon. Everyone I know that's looking for a house can't even find a 1300sqft starter house for under $300k in a half-decent area. All the ones that are under 300k are either a 1-1/2+ hour drive from a job hub or in a violent area.
There are a few sub-$300k 1500sqft or less houses near me that's right on the border of the good and bad neighborhoods. The market has stabilized around me but still largely a seller's market because I live very close to where there's the only land to build out, $400k for a 2000sqft, 4/3. Two to three years ago the same house was $320k.
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It is by far a sellers market and will be for quite some time due to supply and demand here. Supply has been terrible since way before Covid. I live in one of the most rapidly growing areas of the country.
It's horrible here. I side gig real estate and no longer bother as it's just ludicrous. Here's why (see clips below). I would give half a kidney for it to reverse so I can make some more cash. We have a zillion real estate agents and almost no homes to go around. As Patsy said in the Soprano's, "it's over for the little guy"
It's horrible here. I side gig real estate and no longer bother as it's just ludicrous. Here's why (see clips below). I would give half a kidney for it to reverse so I can make some more cash. We have a zillion real estate agents and almost no homes to go around. As Patsy said in the Soprano's, "it's over for the little guy"
Houses are abundant where there is land to build and prices are very reasonable. Coastal areas of the Carolinas is one such area.
Open land? More new home builders.
Cant afford to buy where you are, open your mind to relocating. Buy a new home, no repairs needed, no expensive repairs for 12 to 10 years, everything new.
Nothing has changed, interest rates are in the normal range for mortgages and the homeownership rate is the same for the last 60 years.
What messed things up a little was covid and government intervention forcing low unrealistic interest rates for 15 years. Game over back to reality and actually at some point within the next 15 years you are going to pay dearly for it, so the market today looks easy and it is easy.
Open land? More new home builders.
Cant afford to buy where you are, open your mind to relocating. Buy a new home, no repairs needed, no expensive repairs for 12 to 10 years, everything new.
Nothing has changed, interest rates are in the normal range for mortgages and the homeownership rate is the same for the last 60 years.
What messed things up a little was covid and government intervention forcing low unrealistic interest rates for 15 years. Game over back to reality and actually at some point within the next 15 years you are going to pay dearly for it, so the market today looks easy and it is easy.
OVERKILL
$100 Site Donor 2021
You can buy a literal castle in France for less than a shack in Toronto. It's definitely a sellers market here.
They are advertising this one (the little guy in the middle) for just shy of $1.7 million as a tear-down because you can build something larger on the lot!
This is another beauty, the lot is 17 feet wide!!!!!
They are advertising this one (the little guy in the middle) for just shy of $1.7 million as a tear-down because you can build something larger on the lot!
This is another beauty, the lot is 17 feet wide!!!!!
Between the lack of new home construction on spec and having seen bloodsucking private equity investors buy up a large proportion of the available modestly priced existing single family stock, it remains very much a seller's market.
There is hope in the widespread redevelopment of inner ring residential areas as well as redevelopment of urban cores to include conversions of unused office buildings to apartments and condos.
Depending upon a prospective buyer's commute tolerance, there are often areas not too far outside of urban sprawls that offer more modest housing prices, although the houses themselves are often quite small and quite old.
There is hope in the widespread redevelopment of inner ring residential areas as well as redevelopment of urban cores to include conversions of unused office buildings to apartments and condos.
Depending upon a prospective buyer's commute tolerance, there are often areas not too far outside of urban sprawls that offer more modest housing prices, although the houses themselves are often quite small and quite old.
Where ya gonna live?
Even the price of land is ridiculous. 0.85 acres for $1.1M in my town.
Scott
https://www.realtor.com/realestatea...eton_CA_93465_M15707-64326?from=srp-list-card
Scott
https://www.realtor.com/realestatea...eton_CA_93465_M15707-64326?from=srp-list-card
I just had a hand in 2 purchases: a 2/1 home in a 55+ community in Watsonville ($520K in Oct, now est $551K) and a 2/1 condo in Soquel ($650K 2 weeks ago).
I have a house right now. Just saying I wouldn’t want to be in the market now.
Gotta pay for that sunshine, Scott. As you know...
Depends on which end of the deal you are on...
But like you, I am staying put.
But check out the monster garage on the back of it!You can buy a literal castle in France for less than a shack in Toronto. It's definitely a sellers market here.
View attachment 215765
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They are advertising this one (the little guy in the middle) for just shy of $1.7 million as a tear-down because you can build something larger on the lot!
View attachment 215767
This is another beauty, the lot is 17 feet wide!!!!!
View attachment 215769
where i am. the greater Seattle area, the market is kinda flat. houses are selling ,but not at the break neck pace of a few years ago. when the median house price is over a million dollars , many folks can't afford to buy a home anymore
in the real world, the only ones making a killing are the cities and counties. the higher the value the more taxes it brings in. you don't realize the value of you home till you sell it , but you keep on paying for it in higher taxes .
in the real world, the only ones making a killing are the cities and counties. the higher the value the more taxes it brings in. you don't realize the value of you home till you sell it , but you keep on paying for it in higher taxes .
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