Homes are back to selling 10% to 15% over asking price in my area again

[1srelluc]

Could be just the time of year but damn, that was a short lull.

I also noticed that a couple older homes that had price reductions and sold were back on the market (I assume renovated a bit) for 150K over their sold price a few months back.

They put two townhomes on my mom's extra town lot, nothing really special about them at all. They both were sold for 340K a pop before they were listed.

 

[mudwhistle]

Could be just the time of year but damn, that was a short lull.

I also noticed that a couple older homes that had price reductions and sold were back on the market (I assume renovated a bit) for 150K over their sold price a few months back.

They put two townhomes on my mom's extra town lot, nothing really special about them at all. They both were sold for 340K a pop before they were listed.

I'm trying to buy a home right now and this really sucks.

The word is that people are tired of waiting for interest rates to go down.

So I'm going to have to wait till everything slows down before I buy because the prices are way too high, and everything I make an offer on gets taken from me because there's too many buyers right now.

 

[1srelluc]

Yeah, my daughter messed around trying to haggle on a place with acreage the next county over and a developer got it.

I tried to tell her that in this market if you snooze, you lose.

 

[Winco]

High Housing Prices:

Good or Bad?
Because this ^^^^ was always a complaint under biden.
What is different now?

 

[mudwhistle]

High Housing Prices:

Good or Bad?
Because this ^^^^ was always a complaint under biden.
What is different now?

Prices are too high.

Housing is becoming unaffordable.

Those who have homes are in a good spot.

Those who want to buy are pretty much fucked unless they want to shell out $50k above the price on a $400k home.

 

[odanny]

It makes no sense, even in ghetto neighborhoods where I live, homes have doubled and tripled, and this was told to me by someone who lives there. Now poor people, who used to buy cheap homes in need of repair, can not afford them.

I have no idea what is causing all this.

 

[1srelluc]

It makes no sense, even in ghetto neighborhoods where I live, homes have doubled and tripled, and this was told to me by someone who lives there. Now poor people, who used to buy cheap homes in need of repair, can not afford them.

I have no idea what is causing all this.

In my AO I suspect it's because people are willing to commute the 60-odd miles into DC/NOtVA. To be honest some drive all the way from WV every day.

That and the willingness of local "planners" to allow two townhomes on a .25 acre town lot.

They just cleared away around 50 acres of woods near me to put in a bunch of new homes. Of course they were supposed to be single family homes but now they want to "alter the deal" to allow townhomes and apartments in the name of "affordability".

Ever notice when they start talking that nonsense they say it's for policemen, nurses, firemen, and such but when the townhouses are done they sell for 325K+ or rent is near 2K a month. It's all a scam.

I-66 to I-81 was the worst thing that ever happened to my AO.

Blah, I'm sorta glad I'm in the "running out the clock" stage of life now.

 

[odanny]

Blah, I'm sorta glad I'm in the "running out the clock" stage of life now.

I think the older you get, the more knowledge one acquires, the less hopeful you become that any of this ever made any sense other than a small coterie of fantastically wealthy people are making all of us dance at their whim. Or at least trying to.

Those of us lucky enough to afford it can just opt out and spend our remaining time as far away from it all as possible.

 

[JLW]

From what I read it is these data centers that are causing huge spikes in real estate in northern Virginia. Data Centers are out bidding developers on tracts of property. Either way, if you live the great outdoors, you are a loser. In this area where I am, developers purchase hundreds or even thousands of acres and turn them into tract homes. Since the local county commission is bought and paid for by developers, few subdivisions are denied. Once beautiful and pristine areas are gone. I am not against development, but it must be smart.

https://www.wsj.com/real-estate/data-center-land-deals-housing-shortage-81ea6e09?mod=Searchresults&pos=1&page=2

 

[odanny]

Prices are too high.

Housing is becoming unaffordable.

Those who have homes are in a good spot.

Those who want to buy are pretty much fucked unless they want to shell out $50k above the price on a $400k home.

My neighbor had her home in St. Petersburg on the market, a bidding war ensued and it sold for about 20% over the asking price, and it was not cheap. The house was very charming, and was built from a Florida pine (now extinct due to over harvesting) that was perfect for withstanding hurricanes. Built in the 50's.

The dozers moved in the week after purchase and it was gone, replaced by a McMansion 3x the size.

 

[mudwhistle]

It makes no sense, even in ghetto neighborhoods where I live, homes have doubled and tripled, and this was told to me by someone who lives there. Now poor people, who used to buy cheap homes in need of repair, can not afford them.

I have no idea what is causing all this.

It started when Biden started raising the costs of building materials thru regulations.

Consumer prices were raised over 24% during the Biden Adm.

 

[1srelluc]

From what I read it is these data centers that are causing huge spikes in real estate in northern Virginia. Data Centers are out bidding developers on tracts of property. Either way, if you live the great outdoors, you are a loser. In this area where I am, developers purchase hundreds or even thousands of acres and turn them into tract homes. Since the local county commission is bought and paid for by developers, few subdivisions are denied. Once beautiful and pristine areas are gone. I am not against development, but it must be smart.

https://www.wsj.com/real-estate/data-center-land-deals-housing-shortage-81ea6e09?mod=Searchresults&pos=1&page=2

Yep, I have guy that keeps calling me about buying my river property. He's not a low-baller either. His last offer was about eight times what I paid for the place.

Thing is I'd no longer have a place to shoot, hunt, fish, or just go down and watch the Shenandoah River roll by without a bunch of people tramping by. That and it's only eight miles from my home.

 

[80zephyr]

It started when Biden started raising the costs of building materials thru regulations.

Consumer prices were raised over 24% during the Biden Adm.

View attachment 1238349

Some building material in my area is down. Way down.

 

[SweetSue92]

Prices are too high.

Housing is becoming unaffordable.

Those who have homes are in a good spot.

Those who want to buy are pretty much fucked unless they want to shell out $50k above the price on a $400k home.

It's actually so bad. I wish Trump would focus on this and not all the foreign affairs stuff. Republicans are about to lose the midterms over this. People are just not making it in this economy.

 

[mudwhistle]

Some building material in my area is down. Way down.

Most people won't know that because they're not buying building materials.

 

[80zephyr]

Most people won't know that because they're not buying building materials.

But, it should begin to have an effect elsewhere in the housing markets. I hope.