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Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

gbg3 said:
I'm noticing a very slight slowdown so far. But it could certainly turn into a much more noticeable slowdown.
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Ah, such polite restraint! ;)
 
Chomsky said:
Ah, such polite restraint! ;)
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Lol, I didn't mean it to show restraint on my part. The housing market has been so hot and it's just hard for me to envision more than a slight pullback rather than a crash. But it might crash with interest rates escalating quickly and to high levels.
 
Chomsky said:
www.cnbc.com

Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

Home prices continued to surge higher in February, but rising mortgage rates may make that kind of growth unsustainable in the months ahead.
www.cnbc.com www.cnbc.com






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But hey, "a slowdown may be coming"! Right?

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20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
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Renting housing is (generally) still more costly than buying it. Most rent because they can’t get financing. When my youngest brother bought the house he was renting in Porter, TX his monthly mortgage payment was lower than what he was previously paying in rent.
 
Chomsky said:
Fixed mortgage, 15 year if possible, otherwise do your darndest to pay it at the 15 year rate. Get rid of PMI ASAP!

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BTW - I place location at pretty above all else, given the property is livable for you and has no glaring deal-breaking faults. You can always add a room or remodel your place down-the-road, but you can't add or remodel the neighborhood!

You're not just buying wood & bricks, you're buying a piece of the neighborhood! I bought concurrent with the old adage, "Buy the cheapest house in the best neighborhood". My lot was worth more than my structure when I bought. And now, even with some improvements later, it's still a close call as to what's worth more - the lot or the structure?

But you know what? Now, many years later when I drive down my street coming home, I still fall in love all over again with the place I live. I've got some great neighbors that live quietly, civilly, respectfully, and take beautiful care of their properties. Even though my place is perfectly fine, when my spouse and I conjecture, "What if we won the lotto?, we both agree we'd knock the place down & rebuild rather than move! How many can say that?

Good luck!

(My advice is free, you get what you pay for!)
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You frequently give this advice. I think it's irresponsible.
 
Chomsky said:
www.cnbc.com

Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

Home prices continued to surge higher in February, but rising mortgage rates may make that kind of growth unsustainable in the months ahead.
www.cnbc.com www.cnbc.com






--

But hey, "a slowdown may be coming"! Right?

--

20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
Click to expand...
I'm in phx and someone bought house across the
Street for a ridiculous price. They got taken.
 
Chomsky said:
www.cnbc.com

Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

Home prices continued to surge higher in February, but rising mortgage rates may make that kind of growth unsustainable in the months ahead.
www.cnbc.com www.cnbc.com






--

But hey, "a slowdown may be coming"! Right?

--

20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
Click to expand...
Those are rookie numbers compared to Canada. We have had more growth than that every year for the past decade. Some cities in Ontario are seeing home prices almost double year over year. And yet a lot people seem to think the housing crisis is overblown, usually people who already own a home, usually bought years ago or with their parents money.
 
Chomsky said:
You get used to a little land & space, and you may find it hard to give up!
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Tell em about it. I like distance between houses but this was a neighborhood my wife really wanted so I made some sacrifices. It has a wonderful front yard though. The back yard needs some work but nothing outrageous I think.just grading and seeds.
A tree has to come down as well because it's ripping up the driveway, but over all it's mostly turn key.
 
Chomsky said:
This is what Ohio is running in other states, as we discuss this!

(I think they're well done)





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I mean they aren't totally wrong. I LOVE mowing my lawn even though it's a swamp. It's peaceful
Gets me away from the crap of the real world for an hour.
 
Carjosse said:
Those are rookie numbers compared to Canada. We have had more growth than that every year for the past decade. Some cities in Ontario are seeing home prices almost double year over year. And yet a lot people seem to think the housing crisis is overblown, usually people who already own a home, usually bought years ago or with their parents money.
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Meh.. here in Ohio I'm seeing almost a 30 to 50% increase in some places. Like a house that sold in 2016 for 130 is now 270k and so forth.
 
Chomsky said:
www.cnbc.com

Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

Home prices continued to surge higher in February, but rising mortgage rates may make that kind of growth unsustainable in the months ahead.
www.cnbc.com www.cnbc.com






--

But hey, "a slowdown may be coming"! Right?

--

20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
Click to expand...
We're seeing similar numbers here in San Diego. The market's gone mad. Flipping is getting so bad politicians are talking about controlling it by establishing minimum holding periods, adding a "flipping tax" - politicians love taxing stuff. I had three "wanna sell your house" solicitations in my mailbox this morning and two tax messages as well.
 
Plasmaball said:
Meh.. here in Ohio I'm seeing almost a 30 to 50% increase in some places. Like a house that sold in 2016 for 130 is now 270k and so forth.
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Even worse in my hometown, houses that would be worth CAD$150K a few years ago are now selling for almost $1 million. It is a rural area, no jobs, bad infrastructure.
 
Chomsky said:
www.cnbc.com

Home prices jumped nearly 20% in February, but slowdown may be coming, S&P Case-Shiller says

Home prices continued to surge higher in February, but rising mortgage rates may make that kind of growth unsustainable in the months ahead.
www.cnbc.com www.cnbc.com






--

But hey, "a slowdown may be coming"! Right?

--

20%! Hard to believe. And 30% in Phoenix, Tampa, Florida, Miami, etc.

Who would have the guts to buy in this market?
Click to expand...
It’s been a wild ride. I bought in October 2020 and my house would now sell for $100,000 more than I paid for it.
 
Bullseye said:
We're seeing similar numbers here in San Diego. The market's gone mad. Flipping is getting so bad politicians are talking about controlling it by establishing minimum holding periods, adding a "flipping tax" - politicians love taxing stuff. I had three "wanna sell your house" solicitations in my mailbox this morning and two tax messages as well.
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Yeah but some of these flips are really really bad.
If you don't know and look you can get taken
 
Bullseye said:
We're seeing similar numbers here in San Diego. The market's gone mad. Flipping is getting so bad politicians are talking about controlling it by establishing minimum holding periods, adding a "flipping tax" - politicians love taxing stuff. I had three "wanna sell your house" solicitations in my mailbox this morning and two tax messages as well.
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What is wrong with a flipping tax? The holding minimum I can very easily see some scummy finance company selling property futures.
 
Carjosse said:
Even worse in my hometown, houses that would be worth CAD$150K a few years ago are now selling for almost $1 million. It is a rural area, no jobs, bad infrastructure.
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That's stupid
 
Carjosse said:
Those are rookie numbers compared to Canada. We have had more growth than that every year for the past decade. Some cities in Ontario are seeing home prices almost double year over year. And yet a lot people seem to think the housing crisis is overblown, usually people who already own a home, usually bought years ago or with their parents money.
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Agreed. It is nuts what housing prices have done here. Just plain nuts .

Our primary residence is a lake property we bout almost 30 years ago for 105K....we thought we were nuts! We did do a substantial renovation on it 18 years ago transforming it from a cabin to a modest home. Never have had it appraised.

However, the cottage next door to us which is literally a cottage on cinder block pillars, no furnace , 4 bedrooms and one very tiny bathroom just sold for 1.2 Million dollars

Like I said just plain nuts.....we will all pay for this
..
 
Plasmaball said:
That's stupid
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It is but people are dumb, people will buy literally anything, sight unseen. The worst part is the houses are tiny, the yard is maybe a few metres squared at most and they are barely wider than a single car driveway. My balcony for my apartment in downtown Montreal is larger than their yards.
 
Callen said:
Agreed. It is nuts what housing prices have done here. Just plain nuts .

Our primary residence is a lake property we bout almost 30 years ago for 105K....we thought we were nuts! We did do a substantial renovation on it 18 years ago transforming it from a cabin to a modest home. Never have had it appraised.

However, the cottage next door to us which is literally a cottage on cinder block pillars, no furnace , 4 bedrooms and one very tiny bathroom just sold for 1.2 Million dollars

Like I said just plain nuts.....we will all pay for this
..
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We will have to see what happens as the BoC continues to hike rates, that will cool anything more than any government can do right now. Next step is to get rid of the NIMBYism with densification.
 
Carjosse said:
It is but people are dumb, people will buy literally anything, sight unseen. The worst part is the houses are tiny, the yard is maybe a few metres squared at most and they are barely wider than a single car driveway. My balcony for my apartment in downtown Montreal is larger than their yards.
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Yeah I don't get that
 
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