NFR How's the housing market where you live?

Non-fishing related
We bought our house in Tacoma August 29. We just closed our refinance on Friday. With minimal upgrades, our valuation ame back 41% higher than our purchase price.

We are currently adding a second bath and remodelling the existing. We expect to be in the 50-55% increase when that's done.

We are incredibly lucky and privileged that we could buy when we did. Land is the best long term investment there is in my view. There will surely be a drop in prices as some point in the future, but the long term trend is always up.
 
I'm sure someone already mentioned lack of inventory across the nation and why - anyhow even Ohio/midwest went just as crazy if not more. We started with incredibly low RE prices to go with the dirt cheap cost of living out here (all part of my early retirement plan).

That said, there was a lot of room to go nuts and it has done just that. Like many, I'm glad we got in when we did. When I arrived in Cleveland in 2018 I told everyone houses were free in Ohio and they were when you came from Mill Creek/WW.

I know several, including family on Peg's side and also folks who work for me, who got bit plenty when buying first homes recently. You hate to see people doubling down or worse vs. a few months prior, especially early on in life. A $ qtr mil or so hit on your estate in younger years ain't cool.
 
Dr. Magill said:
As much as it pains me these examples are why many feel the immediate need to re-zone single family housing to high intensity housing.
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Unfortunately that looks like shit amongst single family dwellings and gets sold as affordable housing.
Here is what took place in my neighborhood.
They built an additional house plus two ADU units on one lot.
If I remember correctly, the original house sold for $1.4 million. Nice starting price when things are supposed to be affordable.
They built the 3,200 square foot house that I mentioned in a earlier post on a 800 sq foot lot and sold it for $1.8 million.
One of the ADU units is 992 square feet and sold for $795K. I don’t know what the other ADU sold for but it had to be more since it is 1,100 square feet.
They now have the original house that was purchased for $1.4 mil on the market for $1.655 mil. Affordable my ass and a real eye sore in my opinion.
The people living next door had their house listed. I can’t blame them. Who would want to live next to that?
The county loves that shit though because they now have four tax parcels instead of one. The zoning sucks ass as well.
SF

850F1784-CF75-4457-B3D5-A8E18D00D455.jpeg
 
it's great if you are a seller ,sucks big time if your buying. expect a bidding war
 
Stonedfish said:
Unfortunately that looks like shit amongst single family dwellings and gets sold as affordable housing.
Here is what took place in my neighborhood.
They built an additional house plus two ADU units on one lot.
If I remember correctly, the original house sold for $1.4 million. Nice starting price when things are supposed to be affordable.
They built the 3,200 square foot house that I mentioned in a earlier post on a 800 sq foot lot and sold it for $1.8 million.
One of the ADU units is 992 square feet and sold for $795K. I don’t know what the other ADU sold for but it had to be more since it is 1,100 square feet.
They now have the original house that was purchased for $1.4 mil on the market for $1.655 mil. Affordable my ass and a real eye sore in my opinion.
The people living next door had their house listed. I can’t blame them. Who would want to live next to that?
The county loves that shit though because they now have four tax parcels instead of one. The zoning sucks ass as well.
SF

View attachment 4287
Click to expand...
Embrace it
It ain’t going away
Maybe you’ll score on your place
 
Stonedfish said:
Unfortunately that looks like shit amongst single family dwellings and gets sold as affordable housing.
Here is what took place in my neighborhood.
They built an additional house plus two ADU units on one lot.
If I remember correctly, the original house sold for $1.4 million. Nice starting price when things are supposed to be affordable.
They built the 3,200 square foot house that I mentioned in a earlier post on a 800 sq foot lot and sold it for $1.8 million.
One of the ADU units is 992 square feet and sold for $795K. I don’t know what the other ADU sold for but it had to be more since it is 1,100 square feet.
They now have the original house that was purchased for $1.4 mil on the market for $1.655 mil. Affordable my ass and a real eye sore in my opinion.
The people living next door had their house listed. I can’t blame them. Who would want to live next to that?
The county loves that shit though because they now have four tax parcels instead of one. The zoning sucks ass as well.
SF

View attachment 4287
Click to expand...
The size of the "ADUs" are the size of some local houses. That's just crazy.
 
Only a fool would buy a house right now, even if everyone's doing it. Interest rates are about to start going up, and at current prices, that won't take long to price out all but the wealthiest buyers. First goes the competition. Next go the home values.

A massive adjustment is long overdue. If you doubt that, consider that the young folks here are already priced out, and some of the not-so-young are staring down the prospect of having property taxes chase them off their property. This is going to get ugly. Really ugly.

I'll buy if and when it finally crashes. If that never happens, I guess I'll be the fool, but oh, well.
 
It's crazy in SE Idaho right now. We sold our last house for a 110% increase since original purchase in 2014. Less than a year later, the buyers sold it again for an additional 15%. We luckily found our current home prior to it hitting the market. The appraisal came back 25% higher that the purchase price. Lots of east coasters moving in to the neighborhood along with the usual suspects - CA, TX, etc.
 
All tangible assets are in hyper appreciation, land, homes, cars, boats, rv's, you name it, it's not so much real things are worth more but that the buying power of the dollar is in free fall, all the money that's been borrowed in these United States of delusion/illusion ( you pick ), has to be paid back, with rising interest, bought a try-plex on Alki/ West Seattle in the 80's, interest on the loan was 11%, the herd wants real things in there hands vs imaginary digits in the cloud somewhere, or however they have, whatever monetary illusion engineered. At one point it will turn, it always does, and always goes down faster, than when it went up, "Will the Last Person Leaving SEATTLE- Turn Out the Lights...1287
 
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Worse comes to worst?

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Shad said:
Only a fool would buy a house right now, even if everyone's doing it. Interest rates are about to start going up, and at current prices, that won't take long to price out all but the wealthiest buyers. First goes the competition. Next go the home values.

A massive adjustment is long overdue. If you doubt that, consider that the young folks here are already priced out, and some of the not-so-young are staring down the prospect of having property taxes chase them off their property. This is going to get ugly. Really ugly.

I'll buy if and when it finally crashes. If that never happens, I guess I'll be the fool, but oh, well.
Click to expand...

With this whole high inflation situation, getting a house and mortgage can be one of the best things you can do. That is probably why people are continuing to buy at these insane prices. However, the window has probably closed on that now. The best time to buy was about a year ago, IMO.
 
If mixed-use middle density development can't fully be legalized, then I'd settle for its decriminalization.
 
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