NFR How's the housing market where you live?

Non-fishing related
Most folks who are outdoorsy and adventuresome would probably hate living in a condo community. I bought my condo directly from the owner In 1992 and paid $77,000 . Over a year later my then boyfriend/now husband moved in to save us both money in what we thought would be temporary cohabiting while he got his Masters degree and i got myself used to owning my own place after a divorce. We have remodeled it from top to bottom including our patio. It does have a double car garage there is a pool. (Good thing and a bad thing at times.)

He wasn’t crazy about moving into a condo community since he grew up in a fishing and hunting family in Eastern Washington with a home on an acre away from suburbia. But he later adapted, especially when he got back into music and belonged to different bands cause he has more time to do what he wants. No yard work, call someone if the roof leaks, our place is painted by maintenance , etc. So yeah 30 years later we still live here. (Though we didn’t get married until ten years after living together.)

But the best thing is community. Living here was a godsend during the worst of Covid. We have made many friends here and we look out for one another. During Phase One we would often check in with each other, seeing if anyone needed something from the store. Sometimes I would knock on their door just to say hi, pour a glass of wine for them and go back home and they would do the same. (None of us got Covid, not even our older friends.)

We also had block parties with wine and social distancing and fires with outdoor propane firepits and a Solo stove quite a few times during the worst of it. Any time we go somewhere i have at least five different people i can call on to take our garbage in and out, pick up our newspaper and mail, and water my plants. I can walk to the library, grocery store, two local pubs that we like, a very nice park and the fire station is across the street. And the circle is 1/3 a mile around and very safe to walk even at night if you need exercise. I feel like we can live here until we are really old. It’s almost like assisted living, (especially since it’s one level). I love where we live.

The worst thing about living here can be the condo association. But my husband ran for it last March and won along with a couple of other good people. If you want to keep things positive you have to step up. And he did.

These places were being sold during the housing crisis in 2009 for only $150,000 and that was a three bedroom then. The most recent one that sold was 960 square feet and two bedroom (a bit smaller than ours and still needs more remodeling) sold for $365,000. Which seems insane to me.

I feel so sorry for any young people who are trying to buy a home. How can they even compete and afford the 20% down, much less a full cash payment?
 
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Daughter and husband are selling the 3/2 west hills rancher he owned when they got together, he paid 150K for it 20 years ago, the RE agent is listing it at 600K in two weeks, and says to expect multiple offers.
Between rising interest rates and a recession that looks to have legs, going to be interesting times over the next two years...we've all seen this dance before...and away we go.
 
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We moved to a new place in Seattle about 1/4 mile from the Burien boundary line this last August. Our home has already increased in value 18%.
My ex-wife still lives in the house we raised our children in (Queen Anne Hill in Seattle) and compared to last year, the value has increased from $900,000 to now $1,185,000.
We purchased it 26 years ago for $182,500.
 
We're actually thinking of cashing in from here (Bend, OR) - we bought at the bottom of the crash in 2012, and moving to a "less" desirable area.

Cheers

... Apparently only warm here in Bend now. We put the house up on the market 9 days ago, multiple offers, accepted a cash offer at 99.06% of what we asked, which was 3x (OK, 2.9722222x) what we paid 10 years ago. Stay tuned ....

cheers
 
... Apparently only warm here in Bend now. We put the house up on the market 9 days ago, multiple offers, accepted a cash offer at 99.06% of what we asked, which was 3x (OK, 2.9722222x) what we paid 10 years ago. Stay tuned ....

cheers
With any financial good luck at all you may soon be able to rock some awesome new shorts. Can't wait to see them. ;);)
 
... Apparently only warm here in Bend now. We put the house up on the market 9 days ago, multiple offers, accepted a cash offer at 99.06% of what we asked, which was 3x (OK, 2.9722222x) what we paid 10 years ago. Stay tuned ....

cheers
Houses in Spokane were selling before realtors could put up signs. Now I'm starting to see signs in yards which are most likely the result of inflated prices along with the hike in interest rates.
My heart goes out to first time homebuyers if there's even such a thing anymore. :unsure:

Where to now?
 
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I looked at zillow.... bad idea. I bought a house in Portland in 2010 for 180k, sold it in 2017 for 350k to get the funds to buy a business. Was renting till we could save a down payment on another house, got kicked out of the rental cause the owners wanted to sell and double the rent. Moved the family in with my parents/in law apartment, separate levels(kinda nice). Was open 1 year till covid hit. Now inflation/gas is hammering us hard, we are completely fucked, we will never get a house if things stay the same. Cookie cutter starter homes are 500k+ around here and you need 20% down if they take a down payment if there's no 100% cash offers. I hear everything's gonna come crashing down though, too bad I won't have any money to take advantage when it does. The house I had in Portland is estimated at 575k now... and it's not in a good area :LOL:
 
... Apparently only warm here in Bend now. We put the house up on the market 9 days ago, multiple offers, accepted a cash offer at 99.06% of what we asked, which was 3x (OK, 2.9722222x) what we paid 10 years ago. Stay tuned ....

cheers
Congrats. We closed on the sale of our home in Bend on the 20th, we built it in 04. We've had some winners and duds over the years with housing, the timing on this one was obviously good on both the front end and back side. Moving back up to PS, Bainbridge and excited to be back in the drizzle, and chasing SRC off the beaches. The primary motivators for us were capitalizing on the completely unhinged market in Bend and getting out of the endless wildfire smoke that has become the norm for this area. I feel like we got the best of Bend, arriving at the transition out of the "Poverty with a view phase" following the mill closures and exiting as it's becoming overrun. I will miss the Lower D and especially the Outback to the East/South East, but will hopefully make some trips back skipping Bend entirely.
 
Just a heads up for for any who may not know about them but several lenders now have programs that allow regular Joes to kinda compete with cash offers. We applied for, but ended up not using, the "buyer accepted" program through New American Funding. Yeah, they charge you a percentage (2-3%) but you can roll it into the loan. It's a great way for the banks to make extra money (sarcasm) but it might just be the difference between winning and losing. We had one offer almost accepted and the seller did mention that they liked the idea of the home going to a resident and not an investment group. Small things, but they can make a difference. Our loan is still with the underwriters and it's making me nervous...
 
I live in SE Pennsylvania, but I have a very good friend who lives in Washington and my wife and I have spent many summers in SW Montana, so I’m interested in all of your comments about the housing market in your areas.

As many of the housing costs in the northwest seem to be approaching the million dollar mark (or higher), I thought you might be interested in contrasting what a million dollars (more or less) would get you where I live.

For some background, I live in Lancaster County, PA which is about 60 miles northwest of Philadelphia in a relatively populated part of the state. However, my area also has a lot of small farms, most of which are owned by Amish and Mennonite families. Our crime rates are very low, and our taxes and utility costs are quite reasonable. There is some fairly good put and take trout fishing nearby me, and plenty more trout fishing opportunities a couple hours farther north that rival the best wild trout fisheries anywhere.

So, I just looked on Trulia and Zillow for homes for sale close by me. Here’s one that caught my eye. It’s located in a wonderful neighborhood, has a nearby spring creek with trout fishing maintained by Trout Unlimited, and is situated on more than 1 1/2 acres:

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The primary motivators for us were capitalizing on the completely unhinged market in Bend and getting out of the endless wildfire smoke that has become the norm for this area. I feel like we got the best of Bend,
good job, we're just waiting for inventory at/near the coast to improve, ready to pounce...over the smoke...cannot wait to get back to coastal chromer Kings and surfing with my friends..

As to 'crash' speculations...perhaps a sag at best due to rising interest rates...the last RE crash was brought on by a perfect economic storm of a diving stock market paired with the sub-prime mortgage debacle. The current economy is strong, unemployment is low, wages are up, money is plentiful, and it will be years perhaps decades before housing starts catch up to demand.

Timing the real estate market is no different than the stock market...dangerous game predicting feeding frenzies and deep dives...if not currently in the mix, best to wait on the sidelines, cash on hand, ready to pounce...my real estate broker retired to Portugal, pics of his new pad are drool worthy...white stucco villa overlooking a beach, infinity pool, half hour from everything...for less than the average Seattle home
 
The current economy is strong, unemployment is low, wages are up, money is plentiful, and it will be years perhaps decades before housing starts catch up to demand.

Well, except the economy contracted in the first quarter 1.5% and we are on the brink of a recession. Add to that real wages are getting crushed right now due to inflation.

But yeah, other than that, things are great.
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Well, except the economy contracted in the first quarter 1.5% and we are on the brink of a recession. Add to that real wages are getting crushed right now due to inflation.

But yeah, other than that, things are great.
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only we're talking about home prices, right?

seriously, Swimmy, how can you enjoy life with such a pessimistic attitude? Next thing you'll be one of those climate believers, worrying aboutr the fate of our planet...
 
Yeah, not trying to start a pissing match. Maybe you meant economic conditions specific to housing?

I'm an optimist and believe we'll get through this. But to Billy's point the other day, there are a lot of people struggling right now and we need to be empathetic.
 
Yeah, not trying to start a pissing match. Maybe you meant economic conditions specific to housing?

I'm an optimist and believe we'll get through this. But to Billy's point the other day, there are a lot of people struggling right now and we need to be empathetic.
I haven't been able to pay myself yet this year. Its been a horrible May sales-wise, hired 50% less staff this year, and cut almost all over the winter. I don't know what good 15$/hr is gonna do if you only get 6 or 8 hours a week instead of 20 or 30... But that's just the opinion of one small business owner that can't get a house 🙄
 
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