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

[flying]

Originally Posted by corkycalvin

As Alan Greenspan said, “irrational exuberance”. This can’t last forever and most will get hurt entering this housing market.

Haven’t we learned from history?

Is everyone thinking there’s no home availability and I need to get in before it’s too late?

Exactly ^^^
Saw the same 2007-2011
I was a general contractor everyone & their brother was buying homes thinking they would flip them make a quick 100k etc
(they even had TV shows called flip this house or something like that)

I remember asking my foreman...What is going to happen when all these folks buying these pumped up priced homes realize they are suddenly worth less than the mortgage?

I guess the answer was "jingle mail" as so many defaulted & started walking out on mortgages & mailing back the keys to the banks.

All the smaller finance & loan type banks folded and we bailed out the too big too fail BS crowd

But yes pretty short memories when greed is involved

[KarlC]

Is it news or hype ??

Five metros with the biggest home-price increases according to Redfin

https://www.foxbusiness.com/real-est...creases-redfin

Phoenix, Las Vegas, Sacramento, Austin and Miami were ranked the five cities with the biggest home-price increases as an influx of high-earning home buyers continue to flood the market, according to data from Redfin. ..............

Austin saw home price sales jump 42.4% year-over-year in May to $470,000, the biggest increase of the 88 largest cities in the U.S., according to Redfin data. Phoenix saw a 33.3% increase to $400,000 with the second-largest increase in home price annually in the U.S.

In Las Vegas, home prices were up 18.4% to $355,000, while Miami, a haven for tech-titans who fled Silicon Valley during the height of the pandemic, saw a 24.3% increase to $409,000 year-over-year. .......................



Top builder says the housing boom isn't over just yet

https://www.cnn.com/2021/06/17/inves...ers/index.html

Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren't over just yet.......................

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[KarlC]

Originally Posted by Tickdoc

We go live next week with our listing. (fingers crossed) it's 100degrees here everyday and I'm hoping the fact that we have a pool helps make an easy sale.

I'll take any hype I can get at this point.

Originally Posted by gbcoupe

We list ours end of next week. Very curious to see how it goes. It'll be a good profit even if it sells slightly below asking.

Pre-pandemic prices were usually at or above asking in our neighborhood. The house shows very well and won't be a stupid high (shooting for the moon!) listing.

We are just about done making changes to our new home and plan to list our San Diego home in July or Aug, we hope the hype stays high and the rates stay low.

.

[Ken Robb]

Originally Posted by KarlC

We are just about done making changes to our new home and plan to list our San Diego home in July or Aug, we hope the hype stays high and the rates stay low.

.

Please remind us where you are moving to from San Diego.

[Clean39T]

Originally Posted by KarlC

Is it news or hype ??

Five metros with the biggest home-price increases according to Redfin

https://www.foxbusiness.com/real-est...creases-redfin

Phoenix, Las Vegas, Sacramento, Austin and Miami were ranked the five cities with the biggest home-price increases as an influx of high-earning home buyers continue to flood the market, according to data from Redfin. ..............

Austin saw home price sales jump 42.4% year-over-year in May to $470,000, the biggest increase of the 88 largest cities in the U.S., according to Redfin data. Phoenix saw a 33.3% increase to $400,000 with the second-largest increase in home price annually in the U.S.

In Las Vegas, home prices were up 18.4% to $355,000, while Miami, a haven for tech-titans who fled Silicon Valley during the height of the pandemic, saw a 24.3% increase to $409,000 year-over-year. .......................



Top builder says the housing boom isn't over just yet

https://www.cnn.com/2021/06/17/inves...ers/index.html

Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren't over just yet.......................

.

The hype is real.

But I hope Blackrock overpays all Paceliners w houses to sell…..and that the market crashes shortly thereafter so the rest of us waiting to buy can have our chance..


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[Clean39T]

Originally Posted by prototoast

Nationally, rent is going up by about 2% annually, but it had been going up by about 3.5% annually pre-pandemic.

In hot markets it is waaaay higher than that. IME, 30%+.. what was $2500 is $3500+ and good luck if you have a pet.


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[KarlC]

Originally Posted by Ken Robb

Please remind us where you are moving to from San Diego.

We are moving to the Temecula Wine County, I posted a bit about it, (see below) a few pages back.....

Originally Posted by KarlC

Seeing what homes have been selling for in our neighborhood, list price + $100K - $200K more in a matter of days, made us decided to put our San Diego Home on the market soon.

So the 1st step was to decide where to move to ?

We like So Ca and did not really want to move out, and we wanted to land some place where we could spend a good chunk less and still get a nice home, so after looking A LOT we bought a property in the Temecula Wine Country, with amazing views.

While looking we came across several homes that sold for way over asking and way more then we though they were worth so each time we backed away. For example ......

https://www.redfin.com/CA/Temecula/4...0/home/6195329

Listed for $975,000
Sold for $1,242,500

https://www.redfin.com/CA/Temecula/4...home/108307037

Listed for $1,295,000
Sold for $1,425,000 ..... For a TRACK home mind you.

In the end we got real lucky, we called on a property listed as Coming Soon pretty much the minuet it was listed. We went straight to the listing Agent, knowing she would want us to be the buyer so she could double end the deal and it worked.

The seller did not want to play games, their price was below market and they wanted a quick close. So we got to be the 1st on only ones to see it, we made an offer and it went into escrow the same day.

The listing Agents phone was blowing up during the walk thru and deal, she ended up having to cancel several other showing that where set up to see it after us.

We have been working day and night on it for the past several weeks, my wife likes to get these project done quick, then we get our San Diego home ready for sale, its been pretty crazy these past several weeks.


I say we bought a view and they gave us the house, we woke up the 1st day (Demo Day) to the below view of the neighbors home, then watch the sunset after day 1 of MANY long hard days, sorry for the crap cell phone pix ......

[AngryScientist]

Originally Posted by KarlC

Phoenix, Las Vegas, Sacramento, Austin and Miami were ranked the five cities with the biggest home-price increases as an influx of high-earning home buyers continue to flood the market, according to data from Redfin.

.

That's a really interesting list. Not even close to what i would have guessed were the top five!

[gbcoupe]

[QUOTE=Clean39T;2943598]The hype is real.

But I hope Blackrock overpays all Paceliners w houses to sell…..and that the market crashes shortly thereafter so the rest of us waiting to buy can have our chance..

Our situation kinda fell in our lap. My FIL died last year, and my wife wanted to be closer to family. She has stayed in Ohio mostly because of me. Time to return the favor.

Already have property in Maryland.

Wife checked in on a practice where she used to work, asking if they knew if anyone was hiring in the area. Turns out they were and were very interested in having her back.

I get to retire early and take care of 4-5 acres and 2.5 houses. Will probably be doing some part time maintenance as well. How could I say no?

Timing couldn't have worked out better for everything... except for buyers. They will get a very nice house though. It needs nothing other than their personal touches.

[KarlC]

Originally Posted by KarlC

Here are some examples in our area ......

SOLD - 3/2021 for $1,300,000
PENDING - 5/2021 for $1,895,000 +++ ???

https://www.redfin.com/CA/San-Diego/...m_content=link

.

This one SOLD 6/2021 for $1,955,000 so ONLY $655,000 more that it sold for 3 months ago right ?

https://www.redfin.com/CA/San-Diego/...m_content=link


Here is the latest in the same neighborhood, just crazy .......

Listed 6/18/21 - $1,995,000

PENDING 6/21/21 - $2,200,000

https://www.zillow.com/homedetails/5...16912792_zpid/

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[uva0224]

Originally Posted by slowpoke

Price-per-square-foot is a pretty reliable estimator. Redfin says Berkeley's selling at $936/sqft and the house in question was 2400 square feet, so $2.3 million shouldn't be a surprise at all.

Seems like they purposely priced the house low knowing there'd be a bidding war.

Yep, I think they started too low for sure. Maybe a marketing trick.

[corkycalvin]

Originally Posted by uva0224

Yep, I think they started too low for sure. Maybe a marketing trick.

Who can afford spending that much? That’s crazy!

[azrider]

Originally Posted by KarlC

Five metros with the biggest home-price increases according to Redfin

https://www.foxbusiness.com/real-est...creases-redfin

Phoenix, Las Vegas, Sacramento, Austin and Miami were ranked the five cities with the biggest home-price increases as an influx of high-earning home buyers continue to flood the market, according to data from Redfin. ..............

.

Same markets that were hit the hardest during the Financial Crisis back in 07-09......really can't help but think history is repeating itself here.

We've been in our house since '16 and are laughing at what houses are going for in our neighborhood.

"Cashing in" and renting for a year has been a hot topic at our house

[robertbb]

Big call. And dangerous.

Ask all the people who (closer to home for me) in Sydney thought the market was a bubble in 2012-2013 or so. I know people who sold thinking they'd rent a while then snap up bigger/better places when it all came crashing down. They've since been priced out forever and prices have steamed ahead ever since.

If you like your neighbours (this, particularly this), you have faith in your local council (and police) and are comfortable then stay put!

[Ozz]

Originally Posted by KarlC

This one SOLD 6/2021 for $1,955,000 so ONLY $655,000 more that it sold for 3 months ago right ?

https://www.redfin.com/CA/San-Diego/...m_content=link


Here is the latest in the same neighborhood, just crazy .......

Listed 6/18/21 - $1,995,000

PENDING 6/21/21 - $2,200,000

https://www.zillow.com/homedetails/5...16912792_zpid/

.

At least those have views and are livable houses...that second one actually looks pretty nice.

This one in my neighborhood just sold (pending) and is a teardown: $1,600,000 - 5 bd 4 ba 2,460 sqft

My neighbor knows the seller, and it was listed at $1.6MM and the sale is for $1.8MM. It was on the market for 1 weekend.

I expect it to be leveled and a 5000-6000sq ft monster house put up.....for probably in the $3.5MM to $5MM range.......