The Housing Market

[FL SAAC]

The New Housing Market

First I am not a real estate guy, but a guy that looks at things and tries to figure out how it or they work.

Today's topic the current housing boom the influx of outsiders coming in to our state

Urbanites looked to leave crowded cities like New York and San Francisco for cheaper cities or for more space in the suburbs.

Buyers enticed to the market by historically low interest rates

I know of a few that started with a set budget of $600,000, but ended up spending $850,000 as they where getting out bid and terror struck that they would loose that four-bedroom home.

Oh but don't worry interest rates are low we can still afford the "payments"

That is exactly the problem "payments"

Most real estate agents really don't break down or analyze the true costs of living once you have made the purchase.

We have three new neighbors in our cul de sac all moved in around 2020.

These same neighbors in direct conversations with us have expressed the following:

When they first bought their insurance was 1,200 to 1,500 per year.

Now it's 8,000 to 9,000 per year

Why?

Because it was based on the prior value of the home,  now that you purchased it for X it is based on your purchase price and of others around you

My real estate taxes went from 3,000 to 4,000 per year to 8,000 to 10,000

Because it was based on the prior value of the home,  now that you purchased it for X it is based on your purchase price and of others around you

My utilities have gone up significantly.  My groceries and fuels have also gone up also

Well that's because of a series of world unfortunate events.

Bottom line is a few years ago we had a housing bust  and just maybe it's going to happen once again......wait for it, wait for it, wait for it.....

[deathsled]

History is cyclical.  Busts follow booms with great inevitability.  The key is to predict when it will happen.

[trotrof1]

There is a lot of foreign real estate investment going on in Florida. A sellers' market for sure until it isn't.

[crossboss]

My story: Sold my LA, Ca home in 2015. Moved to Houston, Tx. Paid cash from the California money. Wrong choice. Huh, you say? I did know the property taxes are high in Tx. What I did not know (and total sticker shock), the home, and auto insurance rates are out right criminal. Property taxes in Tx are also based on the current sales around your area. NOT the price you paid. Every year you have to 'protest' it. Joke. Sorry, fellow Texans, your schools are not 'world quality' that demand such high taxes for them. Same for flood insurance--all based on FEMA reports (of course by the government--they are never wrong-- LOL). Humidity, bugs, and the rain it was not worth it. Sold the Houston house for a break even, (two years later) and got the hell out of there. On to Vegas, where I should have been all along. Best choice I ever made. Low taxes, great weather, nice people, beautiful women, a huge car culture, and all the great things to do eg: Mt Charleston, and Lake Mead. Not just casinos. I'm here to stay.
Btw, Vegas is in a hotbed of a boom these days.

[deathsled]

Viva Las Vegas! I liked Red Rock when I was there.

[shelbydoug]

The New Housing Market

First I am not a real estate guy, but a guy that looks at things and tries to figure out how it or they work.

Today's topic the current housing boom the influx of outsiders coming in to our state

Urbanites looked to leave crowded cities like New York and San Francisco for cheaper cities or for more space in the suburbs.

Buyers enticed to the market by historically low interest rates

I know of a few that started with a set budget of $600,000, but ended up spending $850,000 as they where getting out bid and terror struck that they would loose that four-bedroom home.

Oh but don't worry interest rates are low we can still afford the "payments"

That is exactly the problem "payments"

Most real estate agents really don't break down or analyze the true costs of living once you have made the purchase.

We have three new neighbors in our cul de sac all moved in around 2020.

These same neighbors in direct conversations with us have expressed the following:

When they first bought their insurance was 1,200 to 1,500 per year.

Now it's 8,000 to 9,000 per year

Why?

Because it was based on the prior value of the home,  now that you purchased it for X it is based on your purchase price and of others around you

My real estate taxes went from 3,000 to 4,000 per year to 8,000 to 10,000

Because it was based on the prior value of the home,  now that you purchased it for X it is based on your purchase price and of others around you

My utilities have gone up significantly.  My groceries and fuels have also gone up also

Well that's because of a series of world unfortunate events.

Bottom line is a few years ago we had a housing bust  and just maybe it's going to happen once again......wait for it, wait for it, wait for it.....

Don't forget the frozen lizards falling out of the trees, 'gators eating kids a Disney, sink holes swallowing Corvettes and palmadoes dragging away your dog and cat.

Can you build your pool on the sink hole and save on the excavation?

[trotrof1]

When you drive your Classic down to the beach for a day of sun, waves, bikini girls, cocktails, the other issues are forgiven.

[Don Johnston]

When you drive your Classic down to the beach for a day of sun, waves, bikini girls, cocktails, the other issues are forgiven.

That works for me out in the Pacific as well.  Housing prices? Um, limited land area when you are on an island, out of State investment from Asia and many mainland states, every commodity has to be shipped in from at least 2400 miles away, taxes, etc. make those runs by the beach are mandatory, traffic be damned.

[crossboss]

Oh, and more bad news for all you Californians: when the Donkey Party eliminates Prop 13 (and they have been trying for years), your 1,000 (or less) property taxes will skyrocket to 8K, 10K, 12K or more. Seniors on limited income who have been in their homes for over 30-40 years won't be able to afford it anymore. Forced to sell, and move. You WILL see a mass exit out of the state. The only residents will be the ultra rich celebs, illegals and criminals.

[67 GT350]

Please do not come to Tennessee. We don't need the voting habits that got CA and NY in trouble. Move to DE.

[crossboss]

Please do not come to Tennessee. We don't need the voting habits that got CA and NY in trouble. Move to DE.

+1. OR to Nevada!

[FL SAAC]

History is cyclical.  Busts follow booms with great inevitability.  The key is to predict when it will happen.

Give it about 5 years

[FL SAAC]

There is a lot of foreign real estate investment going on in Florida. A sellers' market for sure until it isn't.

Not just Florida, all the other states also are being sold, sold, sold

[FL SAAC]

My story: Sold my LA, Ca home in 2015. Moved to Houston, Tx. Paid cash from the California money. Wrong choice. Huh, you say? I did know the property taxes are high in Tx. What I did not know (and total sticker shock), the home, and auto insurance rates are out right criminal. Property taxes in Tx are also based on the current sales around your area. NOT the price you paid. Every year you have to 'protest' it. Joke. Sorry, fellow Texans, your schools are not 'world quality' that demand such high taxes for them. Same for flood insurance--all based on FEMA reports (of course by the government--they are never wrong-- LOL). Humidity, bugs, and the rain it was not worth it. Sold the Houston house for a break even, (two years later) and got the hell out of there. On to Vegas, where I should have been all along. Best choice I ever made. Low taxes, great weather, nice people, beautiful women, a huge car culture, and all the great things to do eg: Mt Charleston, and Lake Mead. Not just casinos. I'm here to stay.
Btw, Vegas is in a hotbed of a boom these days.

+ 1

[FL SAAC]

Don't forget the frozen lizards falling out of the trees, 'gators eating kids a Disney, sink holes swallowing Corvettes and palmadoes dragging away your dog and cat.

Can you build your pool on the sink hole and save on the excavation?

frozen lizards
gators eating kids a Disney
Palmadoes dragging away your dog and cat.

All these no issues,  I can BBQ including the kids

Can you build your pool on the sink hole and save on the excavation?

I would have to check with the permit department but nothing a couple of greenbacks can't resolve....