OT: February home prices see the biggest gain in 15 years

[KarlC]

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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[Coffee Rider]

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.

[Clean39T]

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..

[Matt92037]

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.

[AngryScientist]

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.

[AngryScientist]

Originally Posted by Matt92037

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.

careful, you may just miss the market!

[Matt92037]

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.

Originally Posted by Clean39T

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..

[AngryScientist]

Originally Posted by Matt92037

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.

suddenly city life aint so grand.

[Matt92037]

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.

Originally Posted by AngryScientist

careful, you may just miss the market!

[KarlC]

Originally Posted by Matt92037

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.

Matt where are you in La Jolla? We must live close by.


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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[bigbill]

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.

[eddief]

It's really wacky there.

[fiamme red]

Meanwhile, in NYC: https://streeteasy.com/blog/nyc-rents-hit-record-lows/.

Asking rents in New York City have been consistently dropping throughout the pandemic. The market reached a new milestone in the first quarter of 2021, as NYC rents hit record lows. The StreetEasy Rent Index dropped by 16.8% year-over-year in Manhattan, and rents fell to a new low of $2,700 a month. That’s the cheapest on StreetEasy record, dating back to 2010. During the first quarter of 2020, right before the pandemic hit, the median asking rent in Manhattan was more than $700 higher at $3,417.

Manhattan wasn’t the only borough with a significant decline in rents during Q1 2021. In Brooklyn, the median asking rent was $2,390, the lowest since 2011. And in Queens, the median asking rent was $1,999, dropping below $2,000 for the first time in eight years...

[tuxbailey]

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.

[pdonk]

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.