Get the hell outta here...

Chuckman

Chuckman

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Another real estate pricing rant.

My neighbor across the street put his house on the market on Monday, asking just under $500K (he bought it in 2017 for $275K).

Another house, a new build, about 500 yards away is going up for $1.3 million. Yes, you read that right.

I hope they get what they are asking so my house value is equitable, but damn I hate the thought of what'll happen to our taxes.
 
I bought in 2020. By 2023 when the county did their tax reassessment, it had 'gone up' in value nearly 50%. Our county reduced the tax RATE to keep pretty much revenue neutral.
 
Tim said:
I bought in 2020. By 2023 when the county did their tax reassessment, it had 'gone up' in value nearly 50%. Our county reduced the tax RATE to keep pretty much revenue neutral.
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I have two concerns: 1, the taxes; and 2, the valuation itself, which we all know if artificially inflated. But hey, if people are willing to pay it, is it artificial, or is it capitalism?

We bought our house almost 18 years ago for $209K. It's about 3,100 square feet. I imagine we could sell as-is: no paint, no upgrades (and it does need some upgrades), etc., and get $400K by Friday. It's nuts.
 
Tim said:
I bought in 2020. By 2023 when the county did their tax reassessment, it had 'gone up' in value nearly 50%. Our county reduced the tax RATE to keep pretty much revenue neutral.
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Meck did something similar a few years ago (2019). My value went up 69%, but the tax only (🙄) went up 24% due to decreases in the various rates and fees.

Value has gone up quite a bit since then, and the rates again went down to soften the blow.
 
Chuckman said:
We bought our house almost 18 years ago for $209K. It's about 3,100 square feet. I imagine we could sell as-is: no paint, no upgrades (and it does need some upgrades), etc., and get $400K by Friday. It's nuts
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That's ~8.2% return. That was a solid investment, but it's not nuts.
 
Catfish said:
That's ~8.2% return. That was a solid investment, but it's not nuts.
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Allow me to clarify: that I could sell my home as-is at almost double what we paid. To me, that's nuts. New roof, new paint, new master bath, we could sell for probably $550K-600K. But it's all academic, we're not moving.
 
I don’t know if this is adding salt or sugar to the wound but, I am thankful my zip code isn’t (and hopeful others are not) experiencing what others are, with regard to insurance rates sky-rocketing - or being cancelled outright …

… we’re down in SW FL - heaven on Earth for me as there is some kind of practical pistol / pcc league or clay target shooting going on SEVEN days a week - and I would be shopping for a 2 BR 2 bath winter-escape bungalow right now in anticipation of when interest rates begin going down - EXCEPT I found out what EVERYONE - all across FL - is paying for homeowners insurance!!!!!

It’s not even any areas near the water or storm surge prone zones - I’m talking to people who live in the areas where people are evacuated TO and their insurance rates are stratospheric … “spread the pain”

I can’t imagine being run over by both, increasing taxes AND insurance (or even a triple whammy for any with adjustable rate home loans!) 🤮


Chuckman said:
Allow me to clarify: that I could sell my home as-is at almost double what we paid. To me, that's nuts. New roof, new paint, new master bath, we could sell for probably $550K-600K. But it's all academic, we're not moving.
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Us either and here’s our conundrum; We KNOW we could sell our current lakefront house for more than double - closer to treble - what we paid in 2014; however; we are also aware we would be paying ridiculously inflated purchase prices for a house to move into.

(Unless we could find some area that is terribly depressed .., in most instances that is going to be in or surrounding locales decaying as a result of liberal and Leftist policies and we worked too hard to escape that to even ever so much as think about going back to that crap!)

No doubt about it, WE WILL BE downsizing drastically (which is okay because by the time we sell we will be looking for an aging-in-place small property and home)
 
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I don't see how there is still so many new houses getting built. Everyone building has to have tons of loans and debt for alot of them. With material cost being 3 to 4 times what it was few years back. Houses I see goin up that would have been couple hundred k few years ago are damn near million dollar homes today just to build them.
 
Bought our house in 1999. 1512 ft2. $133,500.

I know we could easily get 300K for it, probably more, judging by recently sold prices for comparable housing in our neighborhood.

I get at least 3 calls/week, from companies wanting to buy my property.
 
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Its priced first time Carolinans out of the market.
People coming from California, New York, DC can afford it.
People selling a house to get a new can afford it.

First time home buyers? Yeah, you screwed.
 
backwoodsshooter said:
which honestly isn’t a bad idea.

I already have plans to buy some land and put one of those rent to own sheds on it.
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It's a lot of paperwork and work I'm not really competent at (anything useful basically), but I don't need much. A bed sitting room, indoor shower and toilet, kitchen corner with a sink, small hob and my convection microwave is fine. It's just I then need a storage building for my messy hobbies and grinding on guns lol
 
pinkbunny said:
Its priced first time Carolinans out of the market.
People coming from California, New York, DC can afford it.
People selling a house to get a new can afford it.

First time home buyers? Yeah, you screwed.
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Even second time home buyers. My house will sell for more than double what I bought it for, and that still puts me several $100k shy of buying the home I want to have in NC, which would have been a piece of cake prior to the COVID market surge.
 
pinkbunny said:
It’s priced first time Carolinans out of the market.
People coming from California, New York, DC can afford it.
People selling a house to get a new can afford it.

First time home buyers? Yeah, you screwed.
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This is all true and disappointing.

A large percentage of the new hires we have are from New York. Some of them are great guys and I don’t begrudge them trying to improve their situation, but it’s disheartening to see them waltz in to the upper middle class neighborhoods without breaking a sweat.
 
Prices are crazy and taxes are all over the place
Paid $61,500 for my house in "84" value now $325k - $370k taxes are almost $3,200 now. Whats sad a few years back the Appraised value went down but the taxes went up, go figure. Neighbors house sold for $384k the taxes are almost $7k a year, and it ain't really nothing. We're talking Frederick, Merryland. Down here SC they aren't nothing near for what you get, but I'll be honest with all the building, homes, and all, I can see it coming. And yeah We're Northerners, Yankees is what they joke about calling us. But we are from the country, like we explain to some of the locals, why do you think we left? We had enough. Great people and a whole other world.

I can relate, up in Frederick, there "was farms" they are now gone, Condo's, "cracker boxes", Appt's, etc., then you got the people buying there, bringing their ways, attitudes, mentality, their stupidity, etc. and their money with them...its sad. And the locals up there can't afford it. Their just hanging on.

Oh BTW ...we ain't got no money.. and we have "met / run into" some people from DC, NY, VA, Connecticut down here and they stick out like a sore thumb, the other half and I ask " where are you from?" They tell us and then ask why, we say just asking, the other half and I say to ourselves "it figures'

-Snoopz
 
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NCLivingBrit said:
It's a lot of paperwork and work I'm not really competent at (anything useful basically), but I don't need much. A bed sitting room, indoor shower and toilet, kitchen corner with a sink, small hob and my convection microwave is fine. It's just I then need a storage building for my messy hobbies and grinding on guns lol
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them are fair points
 
My city were slobbering over the new valuations from the county. My taxes went up snd they used the new evaluation. 78% increase city, county not sure but valuation went up $219k. They may have adjusted the county rate but I have no newspaper article to find that out. Insurance now is $250 more also. Let’s not forget my increase in business taxes, car, and other property. My best guess is at least $7k per year. Near half of my mortage payment is taxes and insurance.

1/3 of all the houses on the street sold at crazy prices to people from the northeast states over a 3 year period. But selling is not so easy. To build a much smaller home is going to cost $220 sqft and I paid $110 sqft after remodeling most rooms.
 
Our neighborhood is in transition. Good? Bad? Well the homes here were built around 1951. Since it's close to the center city it's become "fashionable"

The trend now is tear down and build a 2 story McMansion on a 1/3 acre lot. Real estate speculators are doing this and the prices are extraordinary, which of course drives my property value up as well as my property tax.

It's good to have new, young blood in the neighborhood but it is changing the character of it too.

I bought my house for $75,000. Houses close by now are selling for $450,000 and up.
 
We have been here 30 years. Paid $42k. We have obviously made some Improvements, tax man just valued our place for $249k. House was built in 1865.

14 acres just sold across the street for $ 60k an acre and sold in a week or two.
 
Home prices in my area have doubled in the last 3 to 4 yrs. We are home shopping and sticker shock is really painful. Even if we get the benefit of the inflation, we'll have to pay double that to get what we (I mean I) want. It is unbelievable.
 
We’re sitting on $600-$700k of ‘equity’ in a 3400 sq ft house we don’t need now that the kids are both out. My wife wants to stay until the youngest finishes college. I told her we are morons if we don’t sell and move to a smaller house somewhere cheaper. She was not impressed. As near as I can tell her plan is to wait until the economy or housing markets crash and then move. 🤬
 
BigWaylon said:
Meck did something similar a few years ago (2019). My value went up 69%, but the tax only (🙄) went up 24% due to decreases in the various rates and fees.

Value has gone up quite a bit since then, and the rates again went down to soften the blow.
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69%? Giggidy.
 
We're passively looking for a 2300-2500 sf home with a first floor master suite. It kills me to think about spending $600k to get it, and worse I don't want a mortgage payment again. We want to keep our current house since it's paid off and would give us income going into retirement.
Of course, we could sell it and move right now, but that would derail the retirement income.
 
It's nuts, be built a house in Moncure 7 years ago and sold it months ago for 4.5 times what it cost.
I'm SO glad we cosigned on my three son's homes before covid chaos. They wouldn't have had an opportunity for a long time.
 
Timfoilhat said:
We're passively looking for a 2300-2500 sf home with a first floor master suite. It kills me to think about spending $600k to get it, and worse I don't want a mortgage payment again. We want to keep our current house since it's paid off and would give us income going into retirement.
Of course, we could sell it and move right now, but that would derail the retirement income.
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Consider selling and buying 2, one to rent. The most appreciation seems to happen below $500k anyway.

Just to chime in, when I bought my home in 2010 I also bought the vacant lot next door. That lot is now worth about half what I paid for the house. House has about doubled.
 
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