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Do you think the housing market is going to cool off soon?


Johny Utah
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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.

 

Not really, people were gonna get in the market regardless, the low rates are just pushing the price higher to compensate along with supply/demand. There's a ton of reasons this is crazy and trouble. Think about it, if rates are 7% your gonna buy a 170k house if there 2.5% your gonna get something more like 300k. Maybe people shouldn't but they do. Then the shutdowns forced materials up so yeah.

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I sold my house and made a pretty penny for sure. However I am retiring in 6 years and moving. I have been renting, country hose, since my house sold. My plan was to buy another house and sell but at this point I am just going to continue renting.
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Rent is starting to get bad too. My landlord upped my rent $75 this year then 1 month later told me he was selling. 1.5 acres in Morrow County (very poor county with few amenities), 1008 sqft modular ranch built in early 70's, poor condition (holes in walls, random paint on walls, missing trim, unfinished drywall, plexiglass windows), detached 2 car garage (back wall off foundation where someone pulled in to far), 2 sheds, and an unfinished barn. Realtor told him it was an easy sell with a bidding war at $250k?! Market is INSANE.
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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.

except new houses are just as stupid if not more

 

 

 

 

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.

Lewis center is building like crazy expensive homes

 

one notable neighborhood is Evans farm

https://www.evansfarmoh.com/

 

 

 

 

 

 

 

 

 

 

Im in the market this summer for a house and land out in morrow county, Marango area, prices arent stupid crazy yet but im hoping no praying prices stay the same or drop by july when im ready.

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Someone we know paid 800K to build at Evans,so pretty spendy?

 

I can see small yard a kitchen social on site and a railway crossing being a minus though.

 

700-1.3mill being built its nuts, looks like the first phase is close to the tracks. But that whole areas gonna be huge. So muxhland being used.

 

My old house is the next street over and it was 1/2 mile from the tracks and you could barely hear it.

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except new houses are just as stupid if not more

 

 

 

 

Lewis center is building like crazy expensive homes

 

one notable neighborhood is Evans farm

https://www.evansfarmoh.com/

 

 

Im in the market this summer for a house and land out in morrow county, Marango area, prices arent stupid crazy yet but im hoping no praying prices stay the same or drop by july when im ready.

 

ive looked at those - seems really expensive for shotgun houses.

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700-1.3mill being built its nuts, looks like the first phase is close to the tracks. But that whole areas gonna be huge. So muxhland being used.

 

My old house is the next street over and it was 1/2 mile from the tracks and you could barely hear it.

 

About the same for me. I grew up on Shanahan rd about 1/4 mile from the tracks. Honestly you get used to the trains and don't notice them.

 

On another note I bought my house last June. Last time I checked Zillow estimated it to be worth double what I paid (I know they are inaccurate, houses around me are selling for more than Zillow estimates though). If we can find something, I have been considering selling for something bigger.

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About the same for me. I grew up on Shanahan rd about 1/4 mile from the tracks. Honestly you get used to the trains and don't notice them.

 

On another note I bought my house last June. Last time I checked Zillow estimated it to be worth double what I paid (I know they are inaccurate, houses around me are selling for more than Zillow estimates though). If we can find something, I have been considering selling for something bigger.

 

Wait it out , if you sell now without a exchange you will get hit hard on capitol gains

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Wait it out , if you sell now without a exchange you will get hit hard on capitol gains

 

That's not true for primary residence right?

 

https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp

 

Green Bastard, you should finally consult your realtor and/or a tax professional.

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It has to be your primary residence for 2 of the past 5 years for the profits to be tax exempt.

Also, some people misunderstand and think that if you buy for say 100 put 30 in and sell for 200 that you'd only be taxed on the 70 but renovations don't count (with only a few exceptions) so you are taxed on the 100k gross.

 

Sent from my SM-G928V using Tapatalk

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Do you mean I should wait until I buy another home before selling this one? That is my plan currently.

 

If you don’t want to get clubbed in the head with taxes yes

 

Each situation is different but must be your primary residence for 2 of the last 5 years

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It's tough to ignore the potential profit, but as has been stated, it only makes sense if you want to move anyway. You'll just be paying the increase in something else locally.

We got very lucky on our last house as we bought a bank owned in 2012 with the intention of selling it when our kids were school age. We obviously had no idea the market would do what it has done, selling in 2019. We really like where we are right now, the house, a pond, two acres, but after the way 2020 went, if our house hits $650k then we are going to sell and move slightly further out with more land.

Decent land just outside of Columbus is getting ridiculous as well.

 

Sent from my Pixel 3 XL using Tapatalk

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Im in the market this summer for a house and land out in morrow county, Marango area, prices arent stupid crazy yet but im hoping no praying prices stay the same or drop by july when im ready.

 

This is exactly where I am currently buying. Prices seem stupid crazy to me. One of the guys on our department got $100k for 5 acres with a driveway, septic, well and electric line run.

 

House across the street sold in 48 hours for $20k over asking. I was looking at one on 229 next door to Dollar General. It sold for $155k 9/19 and $275k 10/20.

 

Not uncommon to see $15k/acre undeveloped. It is getting pretty crazy. Even looking at what sold 6 months ago vs the last 90 days is wild. I hope they come down soon.

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It just seems if you buy now you will be stuck for awhile in that house. It feels like a huge risk buying when prices are out of control like they are now.

What percent of the people can actually afford to buy a house right now?

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