House vent | Imamother

amother

Carnation

Mon, Jun 21 2021, 9:48 pm

amother [ Wallflower ] wrote:

Depending how upgraded your house is I would say closer to 250,000.
The problem with selling is- where would you live!

BH that is still a doable price even though higher than it was 2 years ago
I know the houses are small but I still think basement people are better off in a small house that is theirs as opposed to paying rent for a basement.
You have a small yard, two bedrooms and bathroom upstairs.... I would do it if I would be in a basement and wished I could own a house. Just for a few years.... then the process of buying a big house will be much easier.

Amarante

Mon, Jun 21 2021, 10:25 pm

GLUE wrote:

You also forgot about the law of supply and demand

The amount of houses that are available is not enough to meat the demand there has not bean enough building new houses that people want to live in-that is why there is a shortage

Also the replacement costs of building a new home are extremely high.

And demand for homes in suburban areas is really high because of COVID because people decided they wanted to not live in the city and also because many companies eased up on allowing people to work remotely.

I don't think not having foreclosures has much impact on housing prices because for the most part professional people with good incomes did well during COVID as most of them were able to keep their jobs - with certain exceptions. It is people who were in certain fields that were impacted more and I think that in many places it is the eviction moratorium that is more relevant as these people were living on the economic edge and won't have money to catch up on rent when it is lifted.

I don't doubt that some people with mortgages were impacted by COVID but there are obviously enough people bidding up houses who aren't and I think that reflects the economic fortunes of the relatively affluent.

amother

Royalblue

Thu, Jun 24 2021, 9:09 pm

amother [ Lightcyan ] wrote:

Yes, we live in Hampshire Hills (bought in the 500s) and let me tell you, no one here is happy that the prices have almost doubled! We would all like neighbors like us and not necessarily someone who wouldnt blink at a million dollar house...
I hope something happens soon, I know so many people in your position!

Well guess what you did it to yourselves. We were also looking to buy in Hampshire hills but instead of everyone getting together with some agreement not to go over x amount, everyone outbids each other’s you think I want to spend and extra 400k?! I don’t. You think I want to work my *£* off to pay for this home? I don’t. But thanks to everyone who paid 10, 20, 100, 150k over asking price, the owners see they can get away with it. Don’t complain now that you don’t want rich ppl. Should have thought of that before you outbid me.

amother

Hyssop

Thu, Jun 24 2021, 9:14 pm

amother [ Royalblue ] wrote:

Calm down. The people who paid 500 didn’t outbid you. They bought before you were looking there.

amother

Royalblue

Thu, Jun 24 2021, 9:20 pm

amother [ Hyssop ] wrote:

Calm down. The people who paid 500 didn’t outbid you. They bought before you were looking there.

Nope. I was looking there years ago. Have placed bids on multiple homes. Bh in contract now but WOW are we overpaying. Nice to hear they my neighbors won’t like me

amother

Seashell

Thu, Jun 24 2021, 10:12 pm

amother [ Royalblue ] wrote:

The owners aren't "getting away with anything". They are following normal procedures in real estate which is to sell to the highest bidder. Fair market value is the price that two parties agree to in a transaction.

No one decides to give away money to strangers when they sell a house by not trying to get the most they can from a house.

Unfair are techniques like block busting in which scare techniques are used to get homeowners to sell BELOW fair market value. This was used very often in Northern cities which led to white flight and the decline of real estate values in neighborhoods as people sold in a panic because they were afraid the housing prices would drop even further.

small bean

Thu, Jun 24 2021, 10:34 pm

If you want a good deal in a good neighborhood don't use an agent. Find houses and use the sellers agent. Best way to get a good deal.

I just helped someone buy like that, 5 bedroom house in an established neighborhood for 400k. Move in.

These deals are there, you just need to work outside the box.

amother

Oleander

Thu, Jun 24 2021, 11:26 pm

amother [ Seashell ] wrote:

It’s actually funny because communities are terrified of frum ppl moving in and fighting it.
But house prices are soaring at the same time.

amother

Lilac

Thu, Jun 24 2021, 11:44 pm

amother [ Royalblue ] wrote:

Nope. I was looking there years ago. Have placed bids on multiple homes. Bh in contract now but WOW are we overpaying. Nice to hear they my neighbors won’t like me

My sister lives in Hampshire hills and she counts all the houses that are now frum and is very happy that frum people are buying them. She is just surprised that the house prices keep going up.

From what I hear from her the neighborhood is going to be very happy you moved in.

There will always be some sour grapes in any neighborhood. Hope they don't live right next door.

amother

Royalblue

Fri, Jun 25 2021, 12:49 am

amother [ Lilac ] wrote:

From what I hear from her the neighborhood is going to be very happy you moved in.

There will always be some sour grapes in any neighborhood. Hope they don't live right next door.

Thank you for this! Sorry op for hijacking...

Amarante

Fri, Jun 25 2021, 2:15 am

amother [ Royalblue ] wrote:

Nope. I was looking there years ago. Have placed bids on multiple homes. Bh in contract now but WOW are we overpaying. Nice to hear they my neighbors won’t like me

Most rational homeowners are thrilled when houses around them sell for higher prices because it means the comps for their house also rises and most people’s largest asset is their home. A price increase generally means a concomitant increase in the value of one’s equity.

I have never heard anyone complain because the value of homes in their neighborhood is increasing. They generally feel lucky because they might not be able to afford to buy their home at current prices. Some people of course are sympathetic to younger especially if they have children but thst doesn’t mean they are going to sell for less than fair market value. They can always take their equity and help their kids if they are so inclined.

I don’t know if it is true but I have read that the Syrian community in Brooklyn is so tight that the community feels it in their interest to help young people purchase homes so the community remains cohesive and United in the neighborhood.

GLUE

Fri, Jun 25 2021, 9:58 am

Amarante wrote:

I guess I am not rational I hate that the price of homes are rising in my neighborhood.
What does it mean for me? HIGHER TAXES

It is "nice" that equity is rising but, how does it help me? I am not selling-can't afford to move anywhere else. I don't want to take on more dept so more equity is not helping me.

You are not part of my circle of friends and family who sit and complain on how with the rising prices they are having a hard time affording the taxes.

People on a fixed income in my town are now having to sell there houses and they don't want to because they can't afford the higher taxes.

amother

Snapdragon

Fri, Jun 25 2021, 10:05 am

small bean wrote:

I moved a few years ago and used the seller's agent. I still can't understand the conscience of a frum person lying to a buyer, in an effort to hike up the price. She pressured me and tried to get me to believe that others would outbid me but she has my best interest at heart, and I better offer a higher price or I'll lose the home...it was all lies. I'm glad that I (mostly) stood my ground.