& here comes the bubble bursting. How long did it take before it burst the last time?
The housing market
- Thread starter Never_Enough
- Start date
Not sure but I’d expect a hefty increase before everything comes crashing down again
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Jeez, a 6 year old car cost that much!? Love those wagons, but f me if I’d pay that much for registration....
If you bring a used car in from out of state they tax used cars based off what they sold for new. Had I bought the car in state they would have taxed the car based on the devalued price. I was losing my shit at the DMV and argued with the manager for over an hour. We weren't prepared to pay that. Last year it finally dropped under $1k. I think I paid $900 last year.
I have a tentative agreement to buy my parents house. They bought for 200 in 1991 and put a 1k sq ft addition on in 2000 we agreed on 600. There’s 4 lots next door to them currently being developed and the houses will go for 1-1.5mm when complete. The markets nuts.
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I've been looking at land. There's 30 acres on the fringe of town near me under contract and several parcels slightly smaller that were all listed at 100K to 180K per acre. Homebuilders/developers are buying it all up. It's nuts.
We bought when the market was at it’s lowest and have increased our value $100k in under 7 years. That does not take into account the remodeling we have done. We plan to sell in three years or so and move. I figure that even if the bubble bursts we are going to come out ahead a bit due to location. I would not mind a drop in prices before we buy the next one.
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I'm about to start building but I plan to be in this house at least up until retirement, maybe further, so I can ride out any market bobbles.
Another one I wanted to see just sold immediately. I'm out.
That isn't why it burst last time. Lenders were forced to give a percentage of loans to minorities and poor people that wouldn't qualify under traditional requirements. It was government regulations that caused the last crash.
Pretty much. Thank Barny frank and the dems forcing banks to lend to sub prime borrowers. Then there’s the fraud taken place by big banks chopping the mortgages up and selling them off as a safe bet. Meanwhile the big banks betting against them and making piles of money when they default. Watch front line. They had a great doc about it.
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Never said it was. Just curious as to how long people think before this one goes.
They broke ground on a kalhari resort that will be built across from us. I expect to see our property values go up again. Lot of folks complaining about it but the water park is inside and the outdoor part will close at dusk. I think it will be cool to have in the neighborhood
Kalhari is a great resort, but will generate a ton of traffic.
Still roaring out in the community I bought a new construction home in last year. Some neighbors are listing their 1 year old homes and those are going in contract in less than 2 weeks. There are still 100-200 homes still waiting to be built and this is going on.
I tried to buy some property near Oroville Dam but prices jumped big time since the dam was repaired.
My wife and I found 1 acre of land covered in giant trees with 2/2 modular house 2 car garage for $129k. It's near 4-5 decent lakes and close enough to visit once a month if we wanted. It needs a lot of TLC but that is to be expected and we already set plans for the kitchen and floors to be done before moving in. Comps with less giant trees were listed at 200-270.
Her folks are going to rent it from us since they are on a fixed income and keep getting priced out.
Told her I get a super duty next year after this, lol.
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I tried to buy some property near Oroville Dam but prices jumped big time since the dam was repaired.
My wife and I found 1 acre of land covered in giant trees with 2/2 modular house 2 car garage for $129k. It's near 4-5 decent lakes and close enough to visit once a month if we wanted. It needs a lot of TLC but that is to be expected and we already set plans for the kitchen and floors to be done before moving in. Comps with less giant trees were listed at 200-270.
Her folks are going to rent it from us since they are on a fixed income and keep getting priced out.
Told her I get a super duty next year after this, lol.
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I think a crash is still 2-3 years out. There has to be a ceiling somewhere around the $300k starter house, and much of the country is approaching that number. My reasoning is that the interest rate is 4.5 and rising, then add in pmi, insurance, and taxes, and you have $2000 a month for a starter house. You need around $8k of income to comfortable afford a starter home. If gas prices keep rising, then that will speed up the next housing crash.
For new construction, we're at or over the $300k in my area with just a couple new developments below that, but they are out in bum **** where most people can't go without making their commute hell.
New construction in Colorado Springs is $300k+ for a home. They are complete shit boxes. Denver is $400k+ for a new 900 sqft condo
Insane
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