#1
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OT: February home prices see the biggest gain in 15 years
Its pretty crazy here in San Diego, with no end in sight .....
https://www.cnbc.com/amp/2021/04/27/...ller-says.html The cities with the largest gains continue to be Phoenix, San Diego and Seattle. Prices in Phoenix gained 17.4% year over year, followed by San Diego with a 17% increase and Seattle with a 15.4% increase. .
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C64 SR12 EPS SPEEDVAGEN Integrated Road Intense Tazer MX |
#2
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This is all great unless you are looking to rent or buy. It helped me with a good LTV on a refinance, but the increased valuation is not real money unless I sell and move elsewhere. Even with an unlimited supply of money, I wouldn't be leaving this area, though I'd probably need to live somewhere with a gate if I had said unlimited supply.
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#3
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Same in Bend. A casual perusing of RedFin uncovers many examples of 40%+ increases in selling prices over 2018-20 sales of the same property. Even crazier is that the average time-on-market is four days. Average. And that's for the listings that actually make it to market..
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#4
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Love it. My wife and I have been planning on leaving San Diego for 5 years or so. If everything goes well my house will be for sale Q4 2021 - Q1 2022.
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#5
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bonkers in the NYC burbs too. homes that would be considered "starter homes" routinely selling for 100k over asking price on bidding wars.
good time to sell, bad time to need to buy.
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http://less-than-epic.blogspot.com/ |
#6
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careful, you may just miss the market!
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http://less-than-epic.blogspot.com/ |
#7
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I have watched the housing market in Bend for 5+ years as it used to be #1 on my "move to" list. Things really seemed to blow up when Covid hit.
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#8
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Quote:
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http://less-than-epic.blogspot.com/ |
#9
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I know! That is a huge concern of mine.
I look at it this way though, if the market goes down, I hope is that my house value goes down proportionate to where I will buy my next home. |
#10
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Quote:
We have been thinking the same lately, its crazy as I would not have thought of leaving San Diego in the past. I think we will stay in Ca, but we may leave San Diego. .
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C64 SR12 EPS SPEEDVAGEN Integrated Road Intense Tazer MX Last edited by KarlC; 04-27-2021 at 12:52 PM. |
#11
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What happens when builders are able to get sufficient materials and labor? Supply will catch up and exceed demand. Where I live, there is a waiting list to have a house built. My neighborhood has more than a dozen foundations poured just waiting on materials. I bought a house last September after renting in the area for two years. I bought right before the market really took off. It's no longer a cheap place to live, the lowest income folks are paying the price.
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#12
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ask Dave Kirk what's going on in Bozeman
It's really wacky there.
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Crust Malocchio, Turbo Creo |
#13
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Meanwhile, in NYC: https://streeteasy.com/blog/nyc-rents-hit-record-lows/.
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It don't mean a thing, if it ain't got that certain je ne sais quoi. --Peter Schickele |
#14
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My neighbor who lives at the end of our shared driveway sold their house 2 days after listing, at a price that myself and others thought was not realistic.
But unless we are ready to retire, not much we can do but pay more property taxes.
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Dean El Diente BH Lynx 4.829 Jamis Ventura (Kickr) |
#15
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Here in Toronto we have seen 15% y/y increase in home prices, inventory is high, (up 50% y/y) but demand is higher so up go the prices.
Product in the ground related new construction market place is even crazier. Between land constraints, Development Charges, materials, labour and FOMO prices are increasing 10% a week in most projects - if they don't sell out the first day. We decided to spend a large chunk of money on doing an addition as we literally could just barely afford to buy the house we live in. |
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