Housing Prices - Changes From Last Year

SuperGrover

SuperGrover

jack of all trades
wonder how long it will keep at that % increase. at that rate, houses will really be unaffordable within 2-3 years (>$300K) for a single income family (that's college educated, has a great job, etc., it's already unaffordable for quite a few people)
 
sleuth

sleuth

Livin' Like Thanksgivin'
Originally posted by SuperGrover
wonder how long it will keep at that % increase. at that rate, houses will really be unaffordable within 2-3 years (>$300K) for a single income family (that's college educated, has a great job, etc., it's already unaffordable for quite a few people)
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That's why I bought last year... ASAP... even though I couldn't comfortably afford it...
 
Vince

Vince

......
Are they kidding with this?:yikes: I'll bet the lot size is only a 1/4 or 1/3 acre too! They must think there's gold on the property.
 
J

JimJoMac

New Member
We bought our waterfront in 1995 for 200,000. Last year, our new neighbors bought the house 2 doors down for 425,000 and were THRILLED at the bargain they got! The house is about the same size as ours, better built, but not as attactive a property (view is relatively limited). If I lost money in the stock market, looks like I'm getting it back in real estate.
 
S

StillCrazy

Member
Originally posted by Vince
Are they kidding with this?:yikes: I'll bet the lot size is only a 1/4 or 1/3 acre too! They must think there's gold on the property.
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Unfortunately, for the prospective buyers, the old formula of supply and demand remains heavily on the seller's side. So, yes, there is gold on that property.

In Feb 2003, I tried to sell a 30 yr old, 4 bedroom, 3 bath fixer-upper for $125k. It didn't sell. I spent the summer and $7k fixing it up and got $179k for it during the late summer when the market was hot. This first looker bought it, I'm guessing it could have been priced higher.

Originally posted by JimJoMac
Last year, our new neighbors bought the house 2 doors down for 425,000 and were THRILLED at the bargain they got!
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Check the state tax records for property sales. You'll find waterfront selling for $550 - 650 range now.

high demand + low supply + low cost of borrowed money = happy home sellers.
 
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Kizzy

Guest
Well this is the thing about the housing market. Currently the interest rates are low, so property values are going to be high. Once those interest rates rise, it is possible that housing prices could fall, we hit that slump in the early 90’s. Now, interest rates could go up, housing prices stay the same and income levels go up, but if I was betting kind of person, I’d venture to say that housing prices are going to fall (hopefully only slightly) and interest rates will go up.
 
W

Warron

Member
Originally posted by JimJoMac
We bought our waterfront in 1995 for 200,000. Last year, our new neighbors bought the house 2 doors down for 425,000 and were THRILLED at the bargain they got! The house is about the same size as ours, better built, but not as attactive a property (view is relatively limited). If I lost money in the stock market, looks like I'm getting it back in real estate.
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Wait till the county reassesses your property and your paying taxes on a 500k property. If things keep going as they are, you will see allot of sales simply because people can't afford the property taxes on the "cheap" property they bought 10 years ago.
 
meme

meme

The Smart Hooker
I just moved from ST. Mary's County to St. Augustine FL. I just happend to check out www.homesdatabase.com just to compare home prices in Calvert and St. Mary's. We bought a house a year before we left (last year) and turned around and sold it and made a nice profit on it. I can't believe prices of houses back in St. Mary's (and other surrounding counties.)

We are having a house built here in Florida. The land alone has already increase tremendously. But still, for the size house we are building it's way less cheaper then building/buying a house back home.

Hmmmm....I think I'm in the wrong business. Maybe I should get into real estate! :cussing:
 
Angel

Angel

~*~*~
I am hoping to move back at the end of the year and I was looking to buy, but!!!!!!!!!!!!!!! I couldn't believe the prices! I am devastated!!!! Even to rent is over $900.00 a month!
 
Angel

Angel

~*~*~
Originally posted by Danzig
$1200 to $1600 a month apartments being built in Wildwood
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:barf: it's sickening..... and all due to the base.... good on one hand, yet bad on the other.....
 
S

spinner

Member
My neighbor just told me they are selling their property, it has a barn and several fenced acres, and a house too in a nice area...it went on the market today and they had people looking at it already. I'll bet they have a contract in a couple of days.
 
C

Cabbage

New Member
We bought a spec home in 12/03

In Saint Leonard. It is 2400 sq feet modified 1 & a half story cape cod with an unfinished (but roughed-in) walk out basement. We scoured the area looking for a nice place and this was the best we could find that was under 300K (we paid 290K).

We had an asphalt driveway put in ($2.5K), and window treatments (about $2K) and landscaping ($3+K).

Since it was a corporate move our closing costs, etc were paid by the employer (thank God).

So we had about 298K in it give or take ...

A realtor came down our street last week. Looking for sellers.

Said we could ask $345K and it would never hit the listing. That she had 30+ qualified buyers lined up looking for places under $400K in Central Calvert.

It's crazy.
 
C

Cabbage

New Member
Originally posted by spinner
My neighbor just told me they are selling their property, it has a barn and several fenced acres, and a house too in a nice area...it went on the market today and they had people looking at it already. I'll bet they have a contract in a couple of days.
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If your neighbor is allowed to have horses in the barn, it'll sell super fast. There is a high demand for places where horse owners can keep their own close by instead of boarding.
 
C

Cabbage

New Member
Originally posted by Angel
:barf: it's sickening..... and all due to the base.... good on one hand, yet bad on the other.....
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Lockheed will be trickling in over the next 3+_ years over 2000 additional employees. They will need housing. The market should stay strong for a while.
 
C

Cabbage

New Member
Originally posted by Danzig
$1200 to $1600 a month apartments being built in Wildwood
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We didn't even want a mortgage over $1400!... There are people with 2000-3000 mortgages out there...

Rentals are just as high. Our neighbor did a smart thing. He rented a 4000 sq foot newer home for $1700 per month but he signed a 3 year lease while the owner was overseas working on a 3 year assignment.

Otherwise, he would've paid $2000 a month. Ouch.
 
C

Cabbage

New Member
Originally posted by meme
[

We are having a house built here in Florida. The land alone has already increase tremendously. But still, for the size house we are building it's way less cheaper then building/buying a house back home.
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We relocated from the FL panhandle. We had a 2400 sq foot home with a view of the gulf and the intracoastal and a boat slip that sold for $239K.

Yes, you can get MUCH MORE for your money in FL, but I actually enjoy living here more.
 
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