I was looking to purchase a home but these prices had me likeand it's not even the good neighborhoods. Broward county was never this expensive like Miami. A house in Lauderhill and pompano are like 300 ks.
sounds about right
Is there a housing bubble?
- Thread starter fishfry600
- Start date
sounds about right
BLAZO da GAWD
Superstar
Where you live at?Thanks. Only problem is now I need to find a house with a 4th bedroom preferably in the same area as we've outgrown my current house. Prices for 4 bedrooms are. If it was up to me we'd take that money and relocate to a state that is much cheaper and put away some of that money.
Same thing happened to me and my wife. Bought a $71k foreclosure during the crash in 09, Zillow says our house (without knowing anything about its upgrades) is worth $172 and we could probably sell right now for $180k or higher here in Houston. We only have $30k left to pay though so we are going to buy it out then rent it for forever income.
God damn, that’s over a half a million lick you hit. Congrats brehBought my house in 2012 for 380K. Putting it on the market in a little over a week for 889K and expecting to get at least 15% over asking.
The value of homes have gone up a ton but the flipside is the price of all other homes have gone up to so the only plus is you can use the equity to put towards a new home but you aren't cashing out like you might think. My sister made a big come up on the value of her house and sold it but all that money went to the new one so while she upgraded in size all her old house really allowed her to do was not have to put a downpayment on a new house. I'm gonna stay in mine until it's paid off, I got 11 years left then maybe I can sell and get something ridiculous by paying half or more of it off. I just decided to play the long game. I Bought my house for 228k in 2012 and it appraised for 396k this past year.
I plan to do the same thing I'm buying my first house right now and I should have closed in July or August I'm probably just going to pay it off as fast as possible and forever have a place to live
Sbp
Superstar
I been waitin since last summer to take advantage of a COVID-induced housing crash.
However the govt has done a few things from what i understand:
This equates to less foreclosures and less people needing to sell their houses... while at the same time the price of buying a home goes up $15,000 (all the new first time buyers with free money) in addition to a shorter supply of homes available (bc of less foreclosures/less need for ppl to sell their houses).
- allowing people to live rent free
- will (soon) allow refinancing to lower mortgage rates (can refinance to 40 years).
- will give a $15,000 first time home buyer check for people
In other words, (low) supply and (high) demand.
Man you got info about this shyt ????
I dunno know, I feel since houses are so much in demand, it might be a while before the prices dip. We just brought one in and closed in Feb, according to Zillow the value went up $15k since and they are building some luxury buildings with some commercial space in the area, so when those are done we are expecting the value to raise more.
I am in the middle of selling my apartment and once that is done, we'll prolly put 50% towards the house mortgage and the other half will go to kids and savings. Realtor had us price the apt at about $100k more than we bought it in 2015, so we'll see what happens.
Very happy with house purchase. Working from home and low mortgage rate just made sense.
I am in the middle of selling my apartment and once that is done, we'll prolly put 50% towards the house mortgage and the other half will go to kids and savings. Realtor had us price the apt at about $100k more than we bought it in 2015, so we'll see what happens.
Very happy with house purchase. Working from home and low mortgage rate just made sense.
Smart move
I really thought about selling last year but It's just me and my girl and she has a townhouse now that her sister is staying in and I already have more space than I need even if and when I have children and the only thing I'd be doing is adding more space I don't need.
ReggieFlare
Superstar
Yeah...I had the opportunity to buy last year but I wanted to wait out the pandemic before doing so. Terrible decision in hindsight as everything has jumped dramatically.
House I'm getting now is a new construction but I'm a little worried after reading this thread as I most definitely think it's going to be one of those situations where my house is one of the more expensive ones on the block which I'd imagine will make it harder to sell. Worst comes to worst I might just play the long game and try to have this hoe payed off in 15 years.
House I'm getting now is a new construction but I'm a little worried after reading this thread as I most definitely think it's going to be one of those situations where my house is one of the more expensive ones on the block which I'd imagine will make it harder to sell. Worst comes to worst I might just play the long game and try to have this hoe payed off in 15 years.
feelosofer
#ninergang
Yes there's a bubble right now there are shortage of available homes and people are still looking to move, I'm contemplating putting my house on the market now.
A sudden, major stock market correction could easily correct the housing market. A lot of buyers are willing to spend more because they feel wealthier (401Ks), but the wealth is on paper. Also, a major stock market correction could lead to homeowners that want to sell rushing to the door fearing an imminent housing price correction (especially near-future retirees) while suddenly potential buyers don't feel like taking that risk. Job security is also highly correlated with stock prices.