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Home Values WTF


Geeesammy

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So for the last 2 years I've casually been looking for a house, haven't gotten in contact with a realtor or anything, but just "keeping tabs" on the market and seeing what to expect when I am ready to buy.

 

Today I've spent a solid 2 hours looking on Zillow around Cbus and most (90%ish) of the houses I've clicked on have been followed by a "How in the hell?" response. I know it's a sellers market right now, but some of the prices I've seen just seem insanely high. Is this just a Columbus thing or is it the new normal for awhile? I'm scared to buy anything other than a crackhead deal because I'm sure as soon as I do buy the market will tank.

 

Am I the only one who feels this way? Or is this just normal first time home buyer stuff?

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We started looking last January. Gave up in May. Low supply of houses in Columbus isn't good.

 

We will resume the search this march. I'm hoeing prices and supply are a bit more in line.

 

Last year we walked through two homes we loved. Both had been on the market for 180 days. Both went into contract before we left the front door of each showing.

 

Hooded are in contract hours after being listed.

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My hangup is renting is dumb too.

 

yes/no. In the end over the course of just 1-2 years the only real thing you're missing out on is the tax break. If you have a mortgage you're still "renting it" as most all the money you pay per month is interest anyway.

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Well if you buy now I think it's a safe bet values will only drop or stay about the same, so that's kinda like pissing away money too? The original owner of my house sold it to me for $60k less than what he bought it for 8 years prior. You don't want to be that guy.

 

Also what Tim said. The bank fucks you by making like the first 10 years of payments go almost solely towards the interest on your house. For example, only about $150 of my payments goes towards the actual principle right now.

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yes/no. In the end over the course of just 1-2 years the only real thing you're missing out on is the tax break. If you have a mortgage you're still "renting it" as most all the money you pay per month is interest anyway.

Save

 

Very true.

 

Renting for me now makes the most sense. Too many variables with school and switching careers after that, or even before. The next year to three is a big question mark and the sale of a home only complicates issues further.

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I moved to Nashville a few months ago. The markets are almost the same in regards to how fast things sell. I had to offer full cash, just shy of asking price, which they took immediately. I didn't want to go into a bidding war with 20 other jackasses.

 

interestingly enough, I just did a cash out refi and the house appraised for $60k more than what I paid 2 months ago. If I didn't have the option to do it in cash, I wouldn't do it at all right now. Prices are silly.

 

This market is not sustainable, wait until the bottom falls out in 2 years and jump on whatever house you want.

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Here in Fort Mill, SC is the same thing. Median housing price is 365K and they go into contract within 4-8hrs of hitting the market unless theres something wrong. Then they end up selling for 10-15K more than asking due to bidding.

 

I'm expecting real estate to correct if not crash again in a few years. People haven't learned to live within their means yet.

 

The wife and I are going the opposite direction and looking at a house as a place to live, not a McMansion and are using money for much more interesting ways.

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Talked to a realtor last night. She says she doesn't even have to list houses a lot of times right now. People/buyers just come to her looking for places.

 

She sold a 1400sq/ft here in Grandview for $402k, it was listed at $384k

 

 

Sent from my iPhone using Tapatalk

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Probably why we are decently busy building new homes. Why pay a premium for a used one when you can spend the same $/SF (as when the market was slower) and build new. Rates have been very favorable so I think it makes the decision easy for a lot of people who want to live in a new neighborhood....maybe.... we have seen more teardowns lately in Upper Arlington, ect where they throw a new build on the lot.
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I just want 1+ acres with garage space galore and a fenced in yard for puppies under $250k around the North/Northeast side of Columbus. My least favorite thing in the world is having to open my car's door 30% and squeaking out so I don't bang the other car. I can't find anything worth buying.
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I just want 1+ acres with garage space galore and a fenced in yard for puppies under $250k around the North/Northeast side of Columbus. My least favorite thing in the world is having to open my car's door 30% and squeaking out so I don't bang the other car. I can't find anything worth buying.

We're in a similar boat right now. Looking at anything 3+ bdrm, over an acre with decent garage or building, but on the east/ northeast.

We're way ahead on our current house (like +75% over purchase price, according to comps), but that only matters if you can find something worth moving to.

 

Sent from my XT1585 using Tapatalk

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I moved to Nashville a few months ago. The markets are almost the same in regards to how fast things sell. I had to offer full cash, just shy of asking price, which they took immediately. I didn't want to go into a bidding war with 20 other jackasses.

 

interestingly enough, I just did a cash out refi and the house appraised for $60k more than what I paid 2 months ago. If I didn't have the option to do it in cash, I wouldn't do it at all right now. Prices are silly.

 

This market is not sustainable, wait until the bottom falls out in 2 years and jump on whatever house you want.

 

Where in Nashville did ou end up? We are spending a good amount of time in the area now. We strongly considered making it a permanent move

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Where in Nashville did ou end up? We are spending a good amount of time in the area now. We strongly considered making it a permanent move

 

We bought a house in Brentwood. I work from home and didn't want to be in the city. Plus I like being able to walk around in a neighborhood and not have to worry about getting stabbed to death for my iPhone.

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