Housing market is too far gone.

[Menger]

Now that house prices have crashed, are those who were complaining about prices able to buy houses now?

Prices have dropped by widely varying degrees depending on how overheated the local market was. Maybe 3%-5% here tops. Closer to zero.

 

[Boing]

My house is probably down about $400k.

Sucks, but I am for it if it will help others afford housing.

Problem is, the people who complained the loudest about not being able to afford a home, still can’t afford a home

shame about those finance rates

 

[dgr81]

shame about those finance rates

There’s always a reason.

What sucks is that house prices are crashing and in those same markets, rent is going up considerably. Lose-lose for everyone.

 

[dgr81]

Prices have dropped by widely varying degrees depending on how overheated the local market was. Maybe 3%-5% here tops. Closer to zero.

Lucky

 

[fuqxyu]

My house is probably down about $400k.

Sucks, but I am for it if it will help others afford housing.

Problem is, the people who complained the loudest about not being able to afford a home, still can’t afford a home

Just took a look at peak $2M and now around $1.6M

Looking to sell and move closer to my parents soon too. At least $1.6M range gets me a nicer place 2hrs away. No more private school $$ either.

 

[Remy Bressant]

My house is probably down about $400k.

Sucks, but I am for it if it will help others afford housing.

Problem is, the people who complained the loudest about not being able to afford a home, still can’t afford a home

Stopped climbing in SoCal but hasn’t dropped anywhere that matters.

 

[Boudreaux]

Starting to drop in central DFW, but rates still fucking us.

 

[Divine]

Here in Charlotte things are still going fast - new and existing

Looked at new construction this weekend and multiple lots that we looked at this weekend are already sold. Probably timing too with many people getting their bonuses.

 

[aloe]

Starting to drop in central DFW, but rates still fucking us.

Because no one wants to live in Arlington with the riff raff

 

[Boudreaux]

Because no one wants to live in Arlington with the riff raff

Good.

 

[stevezissou]

Because no one wants to live in Arlington with the riff raff

JERRY WORLD!
SIX FLAGS!
HURRICANE HARBOR!
TWO RANGERS STADIUMS!!

 

[aloe]

Good.

That’s actually not good at all if you’re buying there.

 

[aloe]

JERRY WORLD
SIX FLAGS
TWO RANGERS STADIUMS!!

Love me some drunken nights @ Texas Live

 

[stevezissou]

Love me some drunken nights @ Texas Live

@aloe drunk at Texas Live

 

[intro_vert13]

 

[Remy Bressant]

Sounds like home values are being artificially propped up by institutional money

 

[Mejnoon]

Sounds like home values are being artificially propped up by institutional money

Ehhh not exactly. Home values are high because we under built housing for a decade and haven’t caught up.



The stats above are slightly misleading; if you look at unit count for-profit entities account for ~45% of the rental supply nationally, but that is made up primarily of 25+ unit multifamily. Institutional landlords still account for a relatively small percentage of the sfr supply.

 

[AndyP]

Prices have dropped by widely varying degrees depending on how overheated the local market was. Maybe 3%-5% here tops. Closer to zero.

Our prices are still going up

In SC where I live, a 3 br 1500sq foot house just went for $675k

 

[Sp33dealer]

@stevezissou yesterday driving home from work I was behind an MBZ C300 with a big “R” realtor association decal on the rear window

 

[The Grand Inquisitor]

I dunno if pipelining works for lead pipes, but my buddy is making a fortune redoing cast iron pipes in Florida and its a really easy job with not a lot of destruction. Worth looking into if you really like the house.

newer plumbing tech is amazing.. even simple stuff

i had a couple (!) major clogs/roots in my main shitpipe, back in the day would have probably needed to dig up and replace

instead a dude came with a high pressure water blaster/cutter and cleared all the shit up including roots/etc.

(I was also lucky to have a friend with a similar experience who told me to find a plumber with that specific machine instead of wasting time with regular plumbers)

 

[ZeroDeeFeX]

Our prices are still going up

In SC where I live, a 3 br 1500sq foot house just went for $675k

South Carolina? That’s a $1.4MM home in Boulder which is cheap compared to when we were in the Bay Area. It’s ridiculous.

 

[amalgamas]

Our prices are still going up

In SC where I live, a 3 br 1500sq foot house just went for $675k

It's the same here in AZ thanks to even more tech sector development, shipping, and warehousing going in practically every other week.

Also thanks to the shortage in affordable housing which is most definitely being artificially generated by builders who would rather create neighborhood after neighborhood of rental houses (not town homes, not duplexs, full size houses always meant to be rentals), than build more dense apartment structures.

Not to say we're not getting apartments, we are getting those, but they're all in downtown Phoenix, well away from where all of the big new job centers are going to be located.

 

[AndyP]

South Carolina? That’s a $1.4MM home in Boulder which is cheap compared to when we were in the Bay Area. It’s ridiculous.

Yeah. South Carolina.

For context in 2019 I bought a pretty awesome 4br/4.5 bath that is more than double their sq ft for ~$720k in 2019. Neighbor sold their similar home (to mine) for $1.3m last year, and it’s smaller/older than mine.

 

[amalgamas]

Yeah. South Carolina.

For context in 2019 I bought a pretty awesome 4br/4.5 bath that is more than double their sq ft for ~$720k in 2019. Neighbor sold their similar home (to mine) for $1.3m last year, and it’s smaller/older than mine.

The annoying thing right now in my area is that yeah my house did appraise for $480k a couple months ago, and yeah I could probably sell it for that, but finding a buyer would be the hard part.

It's not like late-2020 to early-2022 where houses were literally contracting within hours of going up.

So even though the prices are still going up, and you as a seller can still tell hagglers to fuck off (if you don't have to sell immediately), finding a buyer can take a few weeks/months now.

It's the weirdest fucking thing, the house two over from me listed in October for $390k, but then dumped a stack into landscape improvements and sold in December for $415k. Normally when a house is listing that long you start seeing them drop prices at sale time.

 

[10dementianal]

This is the house. Had everything we wanted:

Older
Hardwood Floors
Not an open floor plan
Upstairs
Sunroom
Big back yard (fence bonus)
Basement that can be finished
Garage
Fireplace (brick in kitchen was sweet)
Added bonus close to Fox River

404 Kane Ave, Elgin, IL 60123 | MLS #11721470 | Zillow

This 1452 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 404 Kane Ave, Elgin, IL.

www.zillow.com

son of bitch, still stings

Chicago homes are always so interesting. I saw a nice little acreage for sale in Minooka if you want me to grab a phone number before I hop on a plane.