NFR How's the housing market where you live?

[Rob Allen]

Pueblo colorado is insane but still has some affordable properties in the bad parts of town.

Lots of crappy home builders here too, including the one that built our home. 3 years old and we have major flooring issues but that's beside the point.

We purchased this home for 307,000 zillow says it's value is between 450000 and 480000.

However a recent study says that pueblo reservoir can sustain a maximum of 500 more homes. The county is starting a new acquaint system to provide drinking water to 50,000 more homes in communities further downstream.

I'm no Math wiz as you guys well know but. That just don't add up.

 

[Kyle Smith]

She's gonna crash. I'll keep renting until that happens.

 

[brownheron]

Funny/sad story...

In 2006, I bought a house on the edge of Bridal Trails in Kirkland. Technically we were across the street from Bridal Trails/Bellevue and in South Rose Hill/Kirkland but close enough.

In 2012, I got divorced and begged my ex to work with me on figuring out a way to keep the house - 'loan' me her share and I'd buy her out in 2-3 years plus an agreed upon effective interest rate. No dice. She wanted the cash for security. We sold the house for basically the same thing we paid for it after closing costs.

When we were looking at houses last year, I looked at the house I used to own, and it was way outside my price range despite my own income going up and having my (new) wife's income too.

Nutz and really the only bad feelings that I still have about the divorce.

 

[Bugmeister]

House in our area just made the news last week for being on market less than a day then selling at almost a million over asking price, so....in short the market is still pretty crazy at least in this region.

 

[_WW_]

I am pretty sure that I will be taxed out of the home I built for us 20 years ago with my own sweat and blood before I die.

 

[Nick Clayton]

Prior to us getting together my wife bought the property we live on in Hansville. It originally had a little 500 Sq ft cabin on it which she lived in for several years while saving up money. She eventually had it torn down and built the place we currently live in.

Places are being bought up out here moments after hitting the market. Place across the street just sold for around 600k if I remember what my wife told me correctly. It was insane how quickly it sold.

Our house is just 2 bedroom 1 bath with a car port on a little under .5 acres. Nothing too impressive. Its cramped, and we lack storage, but no way we are moving. We definitely couldn't afford to buy another place out here.

 

[jasmillo]

I am pretty sure that I will be taxed out of the home I built for us 20 years ago with my own sweat and blood before I die.

There has to be a viable solution so folks like yourself don’t have to worry about this. What about a set tax/income threshold that if you go over allows you to defer some tax until the sale of the property at least. Something so folks don’t have to worry about having to leave their homes over tax bills because of increased property values or decreasing income.

 

[Salmo_g]

Same story here in Oly area. I built my house just before the recession kicked in, so I lost a for real $125,000, not just on paper. When the house was ready to move into I thought for a moment that the smart economic choice would be to drive to the bank and just hand them the key. Eleven years later and appraisals say that I've "recovered" my loss and then some. If my house were for sale for what the county and Zillow say it's worth, I wouldn't be able to afford to buy it.

 

[mems]

Hawaii median price single family Oahu 1 million

 

[Dennisoft]

I've recently been looking at jobs and houses in mid-sized (100k to 500k population) all across the southeast, southwest, west, and PNW. We gave up on trying to buy for the time being. I'm sure we could buy somewhere, and we sure considered it, but we don't want to be over-leveraging ourselves for a house when the alternative is living in apartments with better walkability, more recreation options, and that generally better fit our current lifestyles. No lawn maintenance either.

I'll start looking again if construction on middle density condos and townhouses ever picks up. Never thought we'd be priced out with decent income, zero debt besides $1k on a car loan, and excellent credit scores, but here we are.

My partner and I are in nearly the same situation in Seattle. After giving up the housing search, we've really come to appreciate the walkable neighborhood and amenities and spare time to get out on the water.

 

[_WW_]

Now that the wife and I are both retired, we're going to look into senior relief. There is something I'm just not sure if we'll qualify.

 

[RCF]

There has to be a viable solution so folks like yourself don’t have to worry about this. What about a set tax/income threshold that if you go over allows you to defer some tax until the sale of the property at least. Something so folks don’t have to worry about having to leave their homes over tax bills because of increased property values or decreasing income.

Some locales allow a household to lock in the property tax due at the current amount when they turn a certain age e.g. 65 so that they do not have to sell their house due to property tax increases.

Other locales allow low income households to lock in their property tax due at the current amount.

For the rest on us, especially on fixed income, we are SOL.

 

[Stonedfish]

Just make sure you save every receipt that is related to your home.
You’ll be glad you did if you sell out with a ton of equity and start looking at capital gains.
SF

 

[Robert Engleheart]

There has to be a viable solution so folks like yourself don’t have to worry about this. What about a set tax/income threshold that if you go over allows you to defer some tax until the sale of the property at least. Something so folks don’t have to worry about having to leave their homes over tax bills because of increased property values or decreasing income.

California has Proposition 65 which basically locks your taxes in at price you bought it for. Nice for seniors and long time owners. They get you in other ways though. My 4 year old Tundra still costs $500/year for tags. what‘s the old saying about death and taxes.…..

 

[Gyrfalcon22]

I live rural coastal and an easy commute about 45 minutes west of Olympia, heading towards the ocean . I have no neighbors for a mile and won't for the time being as this is a floodplain. BUT, like Lewis County did in Chehalis, at some point this county will realize that filling in pasture land and planting a Walmart and Home Depots..and a strip mall, heck, even a trailer court will be possible huge tax revenue increases over the small taxes they pull in for farmland.

The pasture next to my old grade school in town where we used to get our kickballs stuck on the barbed wire fence that housed the milker Holsteins is now about a 40 house-and growing, housing plot. I cannot even imagine how much the tax revenue now versus there is? Taxes for the 40 acres as pasture is maybe $3k, while 40 houses taxed on valuation on $10 million plus ?

 

[cody-]

Step 1. Replace property taxes with a tax on the unimproved value of land (land value tax, LVT)
Step 2. Decriminalize housing other than single family homes

By taxing the unimproved value of land landowners are no longer penalized for making renovations that improve the property. Instead taxes are paid on the land, the supply of which is finite and constant. While the taxes due would still increase under the LVT where land is in higher demand, landowners could offset this tax by building additional dwelling units to rent out, thus increasing the housing supply and helping to cover the LVT bill. Good for the housing market, good for the landowner.

More reading:

“The Perfect Tax”: Land Value Taxation and the Housing Crisis - Brown Political Review

Staff writer Akhil Saxena '22 explains how a land value tax—which has been hailed by numerous economists as "the perfect tax"—could address the housing affordability crisis by promoting increased housing supply.

brownpoliticalreview.org

 

[Vandelay Industries]

For those residents of King County, your new property tax totals for 2022 are posted on the Assessor's website on 2/14.

Happy Valentine's day.

 

[mooseknuckles]

Totally normal @swimmy

Idaho cities top list of most overvalued real estate markets - Axios

 

[troutpocket]

Never thought I’d see Pocatello ID on a list of overvalued real estate….although I did have a good Malibu Chicken sandwich there once

 

[Gadabout_Trout]

I saw an article about a house in Bridal Trails in Bellevue that I used to drive past. They did a remodel about 12 years ago. It sold for a million over asking for somewhere close to $3.7 million dollars.