Johny Utah Posted February 24, 2021 Report Share Posted February 24, 2021 Will houses come back down to reasonable prices again? Quote Link to comment Share on other sites More sharing options...
Gergwheel1647545492 Posted February 24, 2021 Report Share Posted February 24, 2021 Dear god I hope so, but I don't think it will happen unless the economy takes a serious nose dive. Quote Link to comment Share on other sites More sharing options...
Exodus Posted February 24, 2021 Report Share Posted February 24, 2021 https://money.yahoo.com/expert-fomo-is-fueling-homebuying-surge-200414554.html Quote Link to comment Share on other sites More sharing options...
BuckeyeROC Posted February 24, 2021 Report Share Posted February 24, 2021 In the suburban Columbus area for the foreseeable future? Barring an actual catastrophe, I doubt prices ever come down, just a matter how how quickly or slowly they rise. Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted February 24, 2021 Author Report Share Posted February 24, 2021 It just seems crazy to buy a house right now. The prices on some condos and houses have almost doubled from what they sold for around 2015-2016. I’m surprised they keep going up with what happened with covid. I thought people would not really be able to buy since there was such a high Unaployment rate and uncertainty for some jobs to keep going. Quote Link to comment Share on other sites More sharing options...
BuckeyeROC Posted February 24, 2021 Report Share Posted February 24, 2021 It just seems crazy to buy a house right now. The prices on some condos and houses have almost doubled from what they sold for around 2015-2016. I’m surprised they keep going up with what happened with covid. I thought people would not really be able to buy since there was such a high Unaployment rate and uncertainty for some jobs to keep going. Low interest rates help price increases. But even before that, the market here was better/crazier than most. Now if we have major inflation, interest rates rise A LOT, or some other crazy situation, all bets are off. Quote Link to comment Share on other sites More sharing options...
Not Brian Posted February 24, 2021 Report Share Posted February 24, 2021 Why would they? Demand is exponentially exceeding supply. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted February 24, 2021 Report Share Posted February 24, 2021 Not for a while. Maybe once people feel more free to blow their money on vacations and stuff again. We (homebuilder) are totally slammed right now. Nearly double the business of last year. I'm not complaining, but a little break would be sort of nice. Why pay a premium on used, when you can put it towards new I guess is the thought....though with the increase in material prices a lot of them have also doubled, like lumber and steel. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted February 24, 2021 Report Share Posted February 24, 2021 What's not been mentioned is the cost and availability of building materials. Cost is up and availability it challenging. This is putting people outside of their budget and making buying a new build more difficult. Deals can still be had from the typical neighborhood builders, but individual land and homes being built are seeing these issues. Quote Link to comment Share on other sites More sharing options...
Mace1647545504 Posted February 24, 2021 Report Share Posted February 24, 2021 I keep waiting for the bubble to burst. I told the wife I'd like to sell and move into an apartment for a year or 2 just to see what happens. I'm wondering if the prices will come down even then. We looked at downsizing as we are now empty nesters but prices are stupid Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted February 24, 2021 Author Report Share Posted February 24, 2021 I wonder also how people are affording these higher prices on homes. Wages have not gone up as fast as home prices have. And also property taxes have gone up. Will there be lots of foreclosures again in the near future like there were around 2007-2010 ish? People getting in over their head on mortgage payments. Quote Link to comment Share on other sites More sharing options...
wagner Posted February 24, 2021 Report Share Posted February 24, 2021 The COVID crash is coming, just wait. Quote Link to comment Share on other sites More sharing options...
Exodus Posted February 24, 2021 Report Share Posted February 24, 2021 What will happen to the landlords that are not being paid rent right now? Will they get back rent in the future? Will they need bailed out if their renters cannot afford back rent or even future rent? Quote Link to comment Share on other sites More sharing options...
BuckeyeROC Posted February 24, 2021 Report Share Posted February 24, 2021 What will happen to the landlords that are not being paid rent right now? Will they get back rent in the future? Will they need bailed out if their renters cannot afford back rent or even future rent? Good questions. And as someone that has consulted quite a bit in the public housing industry for over 20 years now throughout the country, that system is NOT something to aspire to. We do our best to bring low cost and efficient solutions to that industry, but anyone suggesting that we make all housing in the US like the public housing industry is insane and I have to question how much experience they have living or working in that environment. Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 24, 2021 Report Share Posted February 24, 2021 I wonder also how people are affording these higher prices on homes. Wages have not gone up as fast as home prices have. And also property taxes have gone up. Will there be lots of foreclosures again in the near future like there were around 2007-2010 ish? People getting in over their head on mortgage payments. Rates are very low and banks are back into the practice of giving anyone a loan. My wife is a bank manager and she basically tells people her rate and it's a no brainer to refi right now and she's so busy it's crazy. I do expect a cooldown through. There's no way prices can continue to no matter what the Realtors like to think. No one who's making money hand over first wants to think negative. Gamestop was supposed to go to the moon as well, it's the nature of markets. I'm thinking something will happen in the next 2 years. They're are multiple factors going on right now which are driving things and many of them will end at some point in the next year such as all the loans in forbearance. I work with a bankruptcy attorney and he's not getting a lot of business right now because no one's struggling. At some point in people don't realize this that forbearance is considered a loan modification which is going to destroy their ability to get a loan for several years. My wife confirmed this and is running into it right now as people are trying to change things up and hitting that wall. Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted February 24, 2021 Report Share Posted February 24, 2021 I wonder also how people are affording these higher prices on homes. Wages have not gone up as fast as home prices have. And also property taxes have gone up. Will there be lots of foreclosures again in the near future like there were around 2007-2010 ish? People getting in over their head on mortgage payments. Yup. Banks are pulling the same shit they did 15 years ago. The COVID crash is coming, just wait. Yup. Quote Link to comment Share on other sites More sharing options...
Crossle Posted February 24, 2021 Report Share Posted February 24, 2021 Disclaimer: if you are trying to enter the housing market for the first time, I feel for you. I don't get why people can't see how the city is growing. People are moving here at a fairly rapid rate, we keep building these stupid poorly constructed apartments when the demand for single family households are high. Inside 270 is essentially land locked as far as home construction goes. Why is it surprising that prices are going up? Our house right by Riverside Hospital is going on the market Friday morning. Nervous, but also excited to see what will happen. Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted February 24, 2021 Report Share Posted February 24, 2021 It’s the same way here in Charlotte. Months before any Covid news, I started planning on listing my home and starting a custom home build. When it was time to list, Covid happened and the stock market crashed. I was having 08 flashbacks. My realtor had a ton of rentals on Air BnB which grounded to a halt. Listed my home, sold within days. Made money, and only paid 2% in commissions. People were panicking. I was happy. Fast forwarded months later, and pricing has jumped even higher. Homes are selling same day, over asking, and buyers paying closing. It’s madness. Used car prices are through the roof, and selling as soon as they are listed. I don’t see this slowing down anytime soon, unless the whole market tumbles. Quote Link to comment Share on other sites More sharing options...
oh8sti Posted February 24, 2021 Report Share Posted February 24, 2021 I will update my situation as it solidifies, but I'm moving back to Columbus from Nashville for a variety of reasons. One being friends and family. I have a kid now and I can work from anywhere. I want her to grow up with my friends kids etc. Im not going to have a problem selling my house, I will have a problem buying a house in Columbus haha. My current next door neighbor sold for OVER her ask of $1.1m in 2 days.... I suspect the same will happen with my house since its much nicer and better layout. My issue is im basically throwing everything at a wall in Columbus and not seeing much. Could be a timing issue and just need to wait it out for movie inventory as it gets warmer, which is fine. Looking for anything from $400k-$1m in the Westerville, lewis center galena area in a neighborhood. Quote Link to comment Share on other sites More sharing options...
Exodus Posted February 24, 2021 Report Share Posted February 24, 2021 Rates are very low and banks are back into the practice of giving anyone a loan. To be fair it's probably not just the banks right? It's also the low rates that are driving people to refi and get into the housing market whereas they may not have at higher rates. So at least in part the current hot market is a reflection of the lower rates and may not have gotten as hot if the rates were not dropped to drive people into the market. Quote Link to comment Share on other sites More sharing options...
Fiji ST Posted February 24, 2021 Report Share Posted February 24, 2021 It's nuts out there right now. Anything under $300-325k is gone within hours. My brother-in-law is looking for a house after selling his condo for way over asking price late last year and he can't find anything without it being a bid-and-pray or a total re-hab (structural issues, etc.). He's lost 3 houses already in the past 45 days. Only positive in all of this is I am sitting really, REALLY good in my house value-wise. Why has housing been so nuts in Columbus? Is it a big influx of out of town people moving it? Everyone renting now wants to own? Quote Link to comment Share on other sites More sharing options...
BuckeyeROC Posted February 24, 2021 Report Share Posted February 24, 2021 It's nuts out there right now. Anything under $300-325k is gone within hours. My brother-in-law is looking for a house after selling his condo for way over asking price late last year and he can't find anything without it being a bid-and-pray or a total re-hab (structural issues, etc.). He's lost 3 houses already in the past 45 days. Only positive in all of this is I am sitting really, REALLY good in my house value-wise. Why has housing been so nuts in Columbus? Is it a big influx of out of town people moving it? Everyone renting now wants to own? Just my opinion, but Cbus has been a growing market for decades now. That combined with low rates and covid cash in some people's pockets leads to buying that house or car they want. Not to mention spending less going out, dining, spending less money on gas for months, etc. Quote Link to comment Share on other sites More sharing options...
wagner Posted February 24, 2021 Report Share Posted February 24, 2021 What will happen to the landlords that are not being paid rent right now? Will they get back rent in the future? Will they need bailed out if their renters cannot afford back rent or even future rent? They're screwed and the commercial real estate market is next in line for the gang bang. Companies are realizing they don't need tons of office space and people can in fact work from home. All of these wanna-be real estate moguls holding tons of rental properties are fuct Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted February 24, 2021 Report Share Posted February 24, 2021 Around 2016-17 IIRC I read an article showing that Cbus was the #1 fastest growing city in the nation and projected to stay that way for a long time. Shortly after Cbus passed Indianapolis as the 14th largest in the nation. It appears, from a quick google, to still be hovering around there and still growing. The market here is great, entertainment and restaurants (barring COVID restrictions) thrive, and there is a big focus on amenities for families. Cbus did it right years ago upgrading downtown and seeking young professionals and young families. Now the outliers are seeing the boom (or have been for the last 5-10 years) as well. Polaris use to be barren, Hilliard and Grove City were moderately busy, Dublin was half farmland, Sunbury was unheard of. Now? These places are getting so large that the entire infrastructure of recently "small" towns has to be adjusted in a hurry to accommodate the commuters to and from Cbus. I don't see the market here dying down much or suffering even with all the COVID crap. Hell, Old Town East and a lot of similar places were straight hood not all that long ago at all and now look at them. They're only moderately hood. A buddy bought a house in Polaris about 10 years ago. Lived there for maybe 4-5 Put $3k into it during his time there on minor things like flooring in the kitchen, a fixture here or there, etc. Sold it about 5 years ago or so. Made, like, $90k IIRC. They took that, paid a lot of things off including vehicles, and paid cash for a ranch in Westerville not far from Uptown. Knocked out a wall to open the floor plan, put in maybe $5k, and just sold it and made about $80k on that one. They just got a place in Lewis Center and totally revamped it. All new lighting, doors, floors, windows, etc, and could prob sell it tomorrow and make bank. He's hit the right deals at the right times. The market has been growing quickly and steadily for years now. Best of luck to anyone trying to buy around here. Quote Link to comment Share on other sites More sharing options...
Miller Posted February 24, 2021 Report Share Posted February 24, 2021 I will update my situation as it solidifies, but I'm moving back to Columbus from Nashville for a variety of reasons. One being friends and family. I have a kid now and I can work from anywhere. I want her to grow up with my friends kids etc. Im not going to have a problem selling my house, I will have a problem buying a house in Columbus haha. My current next door neighbor sold for OVER her ask of $1.1m in 2 days.... I suspect the same will happen with my house since its much nicer and better layout. My issue is im basically throwing everything at a wall in Columbus and not seeing much. Could be a timing issue and just need to wait it out for movie inventory as it gets warmer, which is fine. Looking for anything from $400k-$1m in the Westerville, lewis center galena area in a neighborhood. weird flex Quote Link to comment Share on other sites More sharing options...
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