Home Values WTF

[Brandon]

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.

 

Bump your budget to $315k and buy my house - 2 acres, 1 acre fenced in for dogs, 2300 sq ft - all new kitchen deck blah blah blah. I already have the permit ready drawings to add on a 3 car garage in addition to the two car garage! Right by Glenn Ross Golf course.

 

But in all seriousness the markets inventory is low, and causing this "inflation"along with cheaper money to borrow.

 

Rates will rise slightly and slowly and this will slow the price increases as borrowers cant afford quite as much. You will not see home prices change much soon though. However you also will not see home values increase as rapidly as they have over the last 12-24 months. Many areas have see 7-12 percent back to back year increases, you will see the correction to traditional 1-3% appreciation soon. I believe the market is just finally seeing the correction from the last housing slump and we are back to realizing real home values. The prices over the last few years have been incredibly cheap, historically so; the market was bound to correct this and it is doing so.

 

We are building a home currently, as mentioned above $/sq ft is a similar ratio to used home sales (cheaper for us and what we want), and I believe if you build in the right area in town you can gain even further appreciation, location location location. Predict the next Powell / NA / Ect. My .02, Galena, Northstar, Sunbury, Plain City, all good areas right now but just my .02.

 

I say buy something you can put some equity into (sweat and money) and borrow while the rates are cheap still, pay the extra principle on the loan to cut the amortization and deduce your tax burden with the interest deduction. You still will be in a better net wealth position, IMO then if you are renting even if it is not your dream home. Finally the only fear of buying high is not being able to "hold" the home to ride a slump out. The surroundings of the current housing market are pretty solid. Buy now, tight deal!

[Geeesammy]

Get in touch with a realtor and have them sign you up for MLS notifications. Zillow and the like are trash for actually finding a home.

As i said, im not looking to buy yet. Just window shopping

[cruizin01]

We moved into the area 2 years ago (this coming spring) and had a tough time finding anything as well. We sold ours in a week and needed a place so we didn't get a huge amount of time but I had been looking for a year before hand an there wasn't a lot available.

 

We bought a 1300sqft range on 2 acres with a 2car attached and 1 car detached for under what you're looking to spend. But it was built in 58 and the woman hadn't updated anything inside in years. It did have newer windows and roof though. We are happy here but I definitely feel like we paid a lot for what we have. Especially since Ive been dumping money into it to update it.

[LJ]

As builders get ramped back up you will see the prices level off in the suburbs. The supply dropped so bad because builders didn't have the manpower to crank out houses like they did in the past.

 

http://www.reuters.com/article/us-usa-housing-labor-idUSKCN11C0F7

[RC K9]

Not just Cbus. Been a sellers market here in DFW for the last few years...big time.

[Diamonds]

We have been house hunting for a year and have seen prices climb steadily. It saddens me that I will have to spend 100-150k more than I intended to get the kind of home I thought I could. But, that means that my home has gone up too. So it's not that bad..

[Aaron]

 

But in all seriousness the markets inventory is low, and causing this "inflation"along with cheaper money to borrow.

 

You will not see home prices change much soon though. However you also will not see home values increase as rapidly as they have over the last 12-24 months. Many areas have see 7-12 percent back to back year increases, you will see the correction to traditional 1-3% appreciation soon. I believe the market is just finally seeing the correction from the last housing slump and we are back to realizing real home values. The prices over the last few years have been incredibly cheap, historically so; the market was bound to correct this and it is doing so.

 

Agree.

 

As builders get ramped back up you will see the prices level off in the suburbs.

 

The keys to note are bolded, as the market isn't showing signs of a drop out like before, more of a correction to normal, or a leveling off. I wouldn't expect houses to be cheaper in 5 years.

[Versluis]

I became a first time home owner this past August. It was a crazy process, found where I wanted to be, lost two houses, third came on the market at 7am and we were in contract at 5pm the same day. I came up to Delaware because I like the area but also it was more affordable then NW side of Columbus.

 

If I didn't have a good realtor I would not of got this house.

[Zx2guy19]

As a real estate investor, I hate this shit. I used to pick up houses like pennies on the street. No one wanted them. Now every cock smack in the city wants to rehab a house like they're on Flip or Flop.

 

Fun fact: I just cashed out over 200k in equity on some of my properties I picked up back in 2012/2013 and bought 2 more from Sheriff sale. Downside is you have to pay cash and it's sight unseed. Upside is I got potato prices (I'm 79k into a house fully rehabbed that will appraise for 120k. In this market, that's crazy).

 

I am really considering selling my personal house. I owe about 110k on my house in Hilliard that would sell for 190-200k in a day. I can take that equity and buy a condo or something closer to work. Now that I'm divorced, my house is just too much house.

[Rustlestiltskin]

As a real estate investor, I hate this shit. I used to pick up houses like pennies on the street. No one wanted them. Now every cock smack in the city wants to rehab a house like they're on Flip or Flop.

 

Fun fact: I just cashed out over 200k in equity on some of my properties I picked up back in 2012/2013 and bought 2 more from Sheriff sale. Downside is you have to pay cash and it's sight unseed. Upside is I got potato prices (I'm 79k into a house fully rehabbed that will appraise for 120k. In this market, that's crazy).

 

I am really considering selling my personal house. I owe about 110k on my house in Hilliard that would sell for 190-200k in a day. I can take that equity and buy a condo or something closer to work. Now that I'm divorced, my house is just too much house.

 

Cool story flipper

[Geeesammy]

I think my problem is/will be that most listings I see now are either freshly renovated OR they are COMPLETE piles of shit that need everything under the sun replaced. I would love to find something habitable but just needing some renovating as most except electrical I am able to do myself. But I feel like every last homebuyer now has that mindset of "Well I can find something needing a good amount of work for 10-15% less" which make them impossible to find.

[Richard Cranium]

I've been thinking about moving further out into the country. We have no kids, so the schools don't matter that much. These days I'd rather build than buy. Just saw a 2+ acre lot up around Milford Center in the Fairbanks district going for $35,000. I might be able sell my place for around 250 to 300k. Build a pole barn house with attached 3 or 4 car garage and mega shop for the trailer and everything else. I assume I could make that work. My wife would love to be back out in the country, or so she says.

[Supplicium]

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.

 

what builder do you work at?

[Zx2guy19]

Cool story flipper

 

I don't flip. I'm surprised you didn't call me a cuckold

[Supplicium]

As builders get ramped back up you will see the prices level off in the suburbs. The supply dropped so bad because builders didn't have the manpower to crank out houses like they did in the past.

 

http://www.reuters.com/article/us-usa-housing-labor-idUSKCN11C0F7

 

They also dont have the land to develop, between that and the labor they will be building fewer houses yoy with demand rising, rates rising, inflation rising, materials getting more expensive, I dont see house prices going down any time soon let alone in 2 years.

[Lauren]

As a real estate investor, I hate this shit. I used to pick up houses like pennies on the street. No one wanted them. Now every cock smack in the city wants to rehab a house like they're on Flip or Flop.

 

Fun fact: I just cashed out over 200k in equity on some of my properties I picked up back in 2012/2013 and bought 2 more from Sheriff sale. Downside is you have to pay cash and it's sight unseed. Upside is I got potato prices (I'm 79k into a house fully rehabbed that will appraise for 120k. In this market, that's crazy).

 

I am really considering selling my personal house. I owe about 110k on my house in Hilliard that would sell for 190-200k in a day. I can take that equity and buy a condo or something closer to work. Now that I'm divorced, my house is just too much house.

 

To bad your car purchasing isn't as successful

[Geeesammy]

To bad your car purchasing isn't as successful

 

:dumb:

 

Of all people to say that lol

[zeitgeist57]

Not to be a Debbie Downer, but there will be a correction coming in the next year or so. It won't be a crash, but the market will soften in major metropolitan areas. If you go to an outlier area 30-60minutes away from the city, home prices are more reasonable from a per-square-foot calculation...sounds like a given, but you tend to have blinders on when you're focused on suburbs where the housing market has done nothing but gone up.

[BStowers023]

I've been looking to buy my first home. I'm sick of renting to help someone pay of their mortgage. I've been looking a lot in the Hilliard area. I want to stay close to Downtown for work but anywhere near Downtown that's not in the hood is out of my range for anything nice (Grandview, Victorian Village, Upper Arlington, German Village). I have seen a lot of places that I've been keeping an eye on disappear, so I would say it definitely seems like a sellers market right now.

[zeitgeist57]

I've been looking to buy my first home. I'm sick of renting to help someone pay of their mortgage. I've been looking a lot in the Hilliard area. I want to stay close to Downtown for work but anywhere near Downtown that's not in the hood is out of my range for anything nice (Grandview, Victorian Village, Upper Arlington, German Village). I have seen a lot of places that I've been keeping an eye on disappear, so I would say it definitely seems like a sellers market right now.

 

Have you looked at some areas between Kenny Rd. and Olentangy River? Also look at the Winterset Rd area north of Henderson and south of Bethel. There are some great single-family neighborhoods that aren't UA schools but safe neighborhoods with great access to all the things.

 

Friend of mine got a divorce a couple of years ago...wife is in a UA house so their kids go to UA schools but he bought a $130k 3/2.5 with a large two-car attached off of Winterset that was nicely reno'd a few years back. Mid-Century ranch with a big basement...he did some work, added a bar in the basement, just a nice place to be for an easily-financed home and he's still able to do dad-things while sill getting around the city well.

 

Quick Google Maps search - Knolls, Knolls West, Olentangy Commons, Northwest Columbus.

[Zx2guy19]

To bad your car purchasing isn't as successful

 

I'm not sure what you're referencing? Between 2015/2016, I've owned 4 new cars for a net loss value of 2k. I'll pay that any day to have fun.

[BStowers023]

Have you looked at some areas between Kenny Rd. and Olentangy River? Also look at the Winterset Rd area north of Henderson and south of Bethel. There are some great single-family neighborhoods that aren't UA schools but safe neighborhoods with great access to all the things.

 

Friend of mine got a divorce a couple of years ago...wife is in a UA house so their kids go to UA schools but he bought a $130k 3/2.5 with a large two-car attached off of Winterset that was nicely reno'd a few years back. Mid-Century ranch with a big basement...he did some work, added a bar in the basement, just a nice place to be for an easily-financed home and he's still able to do dad-things while sill getting around the city well.

 

Quick Google Maps search - Knolls, Knolls West, Olentangy Commons, Northwest Columbus.

 

Yeah I live kinda in that area now (corner of Riverside and Hayden Run). It's not a bad area so I would definitely consider looking around there, thanks!

 

Anyone have realtor suggestions or should I just search on my own? How exactly does that work? Does the realtor get a percentage of the home value fixed in with my mortgage? Pros and cons to using a realtor versus doing my own search?

[Zx2guy19]

Yeah I live kinda in that area now (corner of Riverside and Hayden Run). It's not a bad area so I would definitely consider looking around there, thanks!

 

Anyone have realtor suggestions or should I just search on my own? How exactly does that work? Does the realtor get a percentage of the home value fixed in with my mortgage? Pros and cons to using a realtor versus doing my own search?

 

I work with a really good agent. As a buyer, you pay nothing to be represented by them.

 

I'll PM you his number.

[jeffro]

As i said, im not looking to buy yet. Just window shopping

 

Doesnt really matter. I was in the same position as you about 2 years ago. Contacted a realtor, told her we were just intereted in seeing what was out there, but not really in a position to buy yet. She hooked us up and didn't bother us until we contacted her to let her know we saw something we liked. We were in the house the next day.

 

The benefit of the MLS over sites like zillow and realtor is that MLS listings are in real time. Youll see them before the rest of the world does. Often by the time zillow has things posted the house is already in contract.

 

Just my experience.

[Fiji ST]

Yeah I live kinda in that area now (corner of Riverside and Hayden Run). It's not a bad area so I would definitely consider looking around there, thanks!

 

Anyone have realtor suggestions or should I just search on my own? How exactly does that work? Does the realtor get a percentage of the home value fixed in with my mortgage? Pros and cons to using a realtor versus doing my own search?

 

Don't forget to look across the river off of Hayden Run as well. There's a strip of neighborhoods over there that are Columbus taxes but Hilliard schools (good for resale). I've lived there for over five years now. It's a great area and prices have only slowly increased since we moved in as opposed to the skyrocketing happen elsewhere.