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Old 03-01-2021, 01:19 AM   #4426
hooziewhatsit
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I had to look up our place

Bought it for 80k at a foreclosure auction in 2011. 8 acres of "farm" and a house that is definitely livable, but could use replaced over remodeling. Zillow's estimate is $375k right now

Madness
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Old 03-01-2021, 03:28 AM   #4427
jargon
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/\ where is that located?

I thought my getaway home was expensive but I think it has turned out to be a decent deal. East Texas, 85 acres with a 3000 sq ft house and a pond, fenced all the way around, 1/2 woods and 1/2 pasture. A little less than $600k.

https://imgur.com/gallery/HHbQrQA
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Old 03-01-2021, 06:56 AM   #4428
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Originally Posted by jargon View Post
/\ where is that located?

I thought my getaway home was expensive but I think it has turned out to be a decent deal. East Texas, 85 acres with a 3000 sq ft house and a pond, fenced all the way around, 1/2 woods and 1/2 pasture. A little less than $600k.

https://imgur.com/gallery/HHbQrQA
That's crazy, what do you do with that much land if you don't farm? Legitimate question. Or is it just another form of investment that the land value will go up in the future?

As for general housing prices, I still think they are unsustainably high and we'll see them dip. A lot of people reluctantly overpaying from FOMO, but at some point the music stops and someone's left without a chair....temporarily though.
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Old 03-01-2021, 07:02 AM   #4429
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Hunting is big. You can even rent it out to hunters for profit.
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Old 03-01-2021, 07:56 AM   #4430
The Motel Fella
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Originally Posted by jargon View Post
/\ where is that located?

I thought my getaway home was expensive but I think it has turned out to be a decent deal. East Texas, 85 acres with a 3000 sq ft house and a pond, fenced all the way around, 1/2 woods and 1/2 pasture. A little less than $600k.

https://imgur.com/gallery/HHbQrQA
So you own that? As long as you aren't in an area that sees flooding (east Texas could be a lot of places), that's magnificent. I'd love enough land to shoot, fish, 4 wheel, etc. The wife and I have bandied the idea of having a 2nd home, but the romance is more appealing than the reality. I hate owning our primary house.
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Old 03-01-2021, 09:08 AM   #4431
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Originally Posted by jargon View Post
/\ where is that located?

I thought my getaway home was expensive but I think it has turned out to be a decent deal. East Texas, 85 acres with a 3000 sq ft house and a pond, fenced all the way around, 1/2 woods and 1/2 pasture. A little less than $600k.

https://imgur.com/gallery/HHbQrQA
Very nice!
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Old 03-01-2021, 09:43 AM   #4432
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That's crazy, what do you do with that much land if you don't farm? Legitimate question. Or is it just another form of investment that the land value will go up in the future?
anything that you would farm in the swamp of east Texas can be done cheaper pretty much everywhere else in the world.

mosquito breeder could be a thing though.
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Old 03-01-2021, 10:38 AM   #4433
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So next door neighbors house is officially on the market and we're able to see pics of the inside and see their pricing.

They have it for roughly 15k more than we paid for ours, they are roughly the same size.

Their listing is at $115/sq ft and it's fairly updated inside. Kitchen is nice and updated.

Neighbor across the street's house that sold earlier was at $116/sq ft. In general this house was updated as well.

Other neighbor across the street that's contingent is listed at $108/sq ft, original owners and looks like nothing was updated, hence the lower price.

Ours sold for $113/sq ft.

We're hoping this helps increase value in the neighborhood over the next few years so we can refi to a 15 yr loan in the near future.
Neighbor closed on their house last week Friday. The lady that lived there is a substitute teacher and apparently also has her Real Estate license, so she was the listing agent for her own house. I had talked her late Dec/early Jan, she told me that she listed on a Sunday and had 5 offers by Wednesday.

She ended up getting her list, which was 15k over what we paid 9 months ago. She also mentioned that her kitchen stove was a 10k list, but she didn't pay 10k for it. She said that she thinks the kitchen is what sold the house. Not sure what her husband did, he was never really outside all summer last year, but I know they were older and she said they were moving to Arizona.

We just got new appliances recently. I'm still of the thought that if the market continues to go up like it has been, next summer we should list and get out while the prices are up, miss that capital gains tax and upgrade yet again! But that's just a dream.

My wife works with the husband of our realtor that we bought/sold with last year. She said that inventory in the area is crazy, people are getting ask within 2 days, that she can't find replacement homes for anyone.

Based on the few other sales in our neighborhood, Zillow is saying we've already gained close to 30k in value, but who knows how accurate that is.
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Old 03-01-2021, 10:50 AM   #4434
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I just fixed the dishwasher.
That alone should be a 10k increase in price






Zillow puts my house, which I bought in June last year, 30k above what I paid.
Its really crazy.
I was telling the gf that by the time we retire, the polar caps will be melted and my location will be prime spot, worth in the millions.
Im thinking that might actually come true.
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Old 03-01-2021, 10:54 AM   #4435
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bought for $320,000 in July 2017. Zillow estimates $420,000
Granted we did put solar on the roof but it definetly was not $100,000

It doesnt matter since we have no plans to sell but this is crazy town.
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Old 03-01-2021, 11:16 AM   #4436
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Yeah the market is insane and it seems like that is the case everywhere or at least all urban markets. I really question how this can be sustained.

We bought our current place in May 2014 for 565k, Zillow has current Zestimate at $1,011,074. Crazy. That doesn't even account for some significant changes we've made such as finishing the 1200sqft basement and adding a new deck, two pergolas and two stamped patios.

We would like to change homes too but are waiting for the goldilocks home and so far nothing has been right, close but not perfect. I suppose there is parity in buying at this peak right now if we also sell current home for a peak price, but it's just a damn weird time to buy a place.
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Old 03-01-2021, 12:51 PM   #4437
jargon
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Originally Posted by LostAndFound View Post
That's crazy, what do you do with that much land if you don't farm? Legitimate question. Or is it just another form of investment that the land value will go up in the future?
Eh, we don't really do much on it at the moment other than lease it out to a local "rancher." You can get about $20/acre per year in this area for this purpose, which is negligible and essentially just pays the tax bill. Land has been going up like crazy (avg cost is about $6k/acre at the moment), so it's about half diversification move, half getaway place. The place is located near an old college buddy of mine, so we hang out with them a lot when we're there. Our primary residence is less than 1500 sq.ft, so it's nice to get away and stretch our legs once in a while.


Quote:
Originally Posted by orndog View Post
Hunting is big. You can even rent it out to hunters for profit.
You could probably do some bird hunting on it. Deer hunting would be pushing it. My dad has about 600 acres in West TX that they do some deer hunting on...that's probably the minimum you would need to do any real large game hunting.


Quote:
Originally Posted by The Motel Fella View Post
So you own that? As long as you aren't in an area that sees flooding (east Texas could be a lot of places), that's magnificent. I'd love enough land to shoot, fish, 4 wheel, etc. The wife and I have bandied the idea of having a 2nd home, but the romance is more appealing than the reality. I hate owning our primary house.
Quote:
Originally Posted by the_saintusa View Post
Very nice!
Yeah, it's not in a flood area

If your primary residence has most of what you need, particularly space, the value of having a second home diminishes. Ultimately I'd like for our kids to spend some time there in the country if nothing else than to get away from the city.

Quote:
Originally Posted by samagon View Post
anything that you would farm in the swamp of east Texas can be done cheaper pretty much everywhere else in the world.

mosquito breeder could be a thing though.
We're mostly heat farmers, but I could consider mosquito breeding if the price was right.
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Old 03-01-2021, 01:05 PM   #4438
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Sell your car/anything you have of value and buy an old civic, then buy a solid fixer upper and spend the next 2 years painting and doing cheap/free diy updates and sell for more. Rinse and repeat.

Not sure what your mtg rules are where you live and what sort of dp you have saved but the difference between a dp for 300k and 400k house is effectively miniscule so just dive in a buy basically anything that is structurally sound and you can add value for very little.
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Originally Posted by shikataganai View Post
$20k is not a negligible lump of cash.
Quote:
Originally Posted by 4S-TURBO View Post
It's irrelevant. Fixers on up are going to highest cash offer with no contingencies. Bidding war for cash buyers. Next level.
What they said. Also I'm using the term "fixer" very loosely. I'm fine buying a place with ****ty appliances that needs cabinets and paint - I'm happy to do that since I'm handy and like tinkering with stuff, in fact! But I'm not so much stoked on paying 300k for a 700 square foot shack with boarded-up windows and bulletholes in the walls.

It's fine! It will all work out, what's important is that I continue to save until the market does cool off - because it sounds like everyone who lives in the real world knows that double-digit growth every year with massive unemployment and wage stagnation is not sustainable.
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Old 03-01-2021, 02:55 PM   #4439
hkerekes
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xan, it sucks and you probably dont want to hear this but a lot of the time in order to buy a home you need to move to a cheaper area.

We had this same exact problem in NJ, ****ing dumps were $300,000 and up. It took moving to NC for us to be able to afford a nice home.
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Old 03-01-2021, 03:01 PM   #4440
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Oh yeah, I'm not even looking in Portland proper anymore. That's even worse!
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Old 03-01-2021, 06:15 PM   #4441
jargon
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xan, it sucks and you probably dont want to hear this but a lot of the time in order to buy a home you need to move to a cheaper area.

We had this same exact problem in NJ, ****ing dumps were $300,000 and up. It took moving to NC for us to be able to afford a nice home.
I made a similar comment to someone on reddit one time and got downvoted to oblivion. There was a lady living somewhere around San Francisco I think who was complaining on and on about how she couldn't afford housing, blah blah blah. The reality was the area was convenient for her because her family lived nearby, but she would rather complain about the entire housing market being against her rather than realize her own predicament has a solution: suck it up and move to a lower cost area.

Not saying this is Xan's deal, but a lot of people don't want to hear that.

I've made sacrifices and moved all around the world (including living in the Middle East for 3 years) to get ahead of the game and ultimately better myself and my family's situation. Life is hard, but a lot of people don't want to do anything about it.

I've lived in North Carolina for a few years as well. Man, that's a beautiful place. I would like to have a wooded place there with some land, but unfortunately it's probably not in the cards for me.
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Old 03-01-2021, 07:20 PM   #4442
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Yeah, if homeownership were that big of a priority for me I'd absolutely move to a cheaper area. As it stands, I have a good job with a lot of room to grow at a company that's only on the west coast, an established, popular band in the local scene, a matched savings account for home purchases that's only good for homes bought in Oregon, and my whole family lives here. So, a lot of factors that I place a higher value on than homeownership are keeping me here.

Every so often I get a wild hair about moving to Montreal, though, since housing is cheap, je parle un peu de francais, and my mom has dual citizenship US/Canada that I could probably piggyback off of.

I'd probably feel different if I lived somewhere as bat**** ****ing crazy as San Francisco, though.
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Old 03-01-2021, 07:46 PM   #4443
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It's all good dude there are plenty of us buying homes in PNW. It's tough, but doable and worth it once you're in.

Just don't go looking at what your money could buy somewhere else
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Old 03-01-2021, 09:15 PM   #4444
vapore0n
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I remember that depressing feeling.
Looking up online, only to find crappy houses for extremely high prices.
Reminded me of online dating
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Old 03-01-2021, 10:18 PM   #4445
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My brother is in the process of moving here from Kansas City. Do you know what $300,000 buys you in Kansas City!?
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Old 03-01-2021, 10:33 PM   #4446
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A hell of a lot more than LA or Phoenix?
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Old 03-02-2021, 12:43 AM   #4447
blurred
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Originally Posted by vapore0n View Post
I remember that depressing feeling.
Looking up online, only to find crappy houses for extremely high prices.
Reminded me of online dating
You mean like this?

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Old 03-02-2021, 06:51 AM   #4448
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Originally Posted by jargon View Post
I made a similar comment to someone on reddit one time and got downvoted to oblivion. There was a lady living somewhere around San Francisco I think who was complaining on and on about how she couldn't afford housing, blah blah blah. The reality was the area was convenient for her because her family lived nearby, but she would rather complain about the entire housing market being against her rather than realize her own predicament has a solution: suck it up and move to a lower cost area.

Not saying this is Xan's deal, but a lot of people don't want to hear that.
.
Amen. I hate that site sometimes, seems like an echo chamber of screeching (whatever you want to call them). I've said similar things but many there seem to have a strong stance that A) housing should be magically be cheap and/or gov't run B)landlords shouldn't exist and are leeches C) their city in particular should be cheap and the laws of supply/demand go out the window D) Ignore the ideas of fixer uppers or moving to a cheaper area.

I think they live in this bubble of seeing things expensive now, but for years prior people moved to where and buy what they could afford, and areas developed and values went up. And for every millenial making a low salary, there's one making a stupid high salary - it blows my mind sometimes.

That said, I think we need ways to make those non coastal cities more desirable to open up the value of that land/cheap housing. Remote work makes that possible, and it would be nice to bring back SOME manufacturing which some people say it's impossible but I disagree.
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Old 03-02-2021, 07:55 AM   #4449
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Has Garage!

*Goes to check out house and garage is so small I cant even fit my car*
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Old 03-02-2021, 08:00 AM   #4450
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Has Garage!

*Goes to check out house and garage is so small I cant even fit my car*
Ummm, that's the garage (and the severed lot of the house it used to belong to) for sale.
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