How is the housing market by you?

[JettaKnight]

What a wild time. I know something has to "give" eventually.

Rates will go up or demand will cool off, but when?

No time soon.

The won't raise rates for years, maybe.
And the cost of building supplies is outrageous now.

 

[JTScribe]

Now I'm honestly curious how much my house would sell for. Any way to get a market value estimate if stuff is going so high over appraised value?

 

[jkaetz]

Still crazy southeast of 465. We moved in '18 and set the $/SqFt in our old neighborhood at $165k/1500 SqFt in three days. New owners sold less than two years later in the $190k range. House we moved into seems to be on a similar value trajectory. When we were shopping we were told that everything <$350k was going within days. With mortgage rates as they are I expect that to continue for a while.

 

[drillsgt]

It's very good here in Greenfield. The neighborhood i'm in is still building but if a house goes up for sale it sells pretty quickly. If I wanted to sell i'd probably make 80-100k over what I owe.

 

[Tactically Fat]

Now I'm honestly curious how much my house would sell for. Any way to get a market value estimate if stuff is going so high over appraised value?

Easiest way would be to ask a Realtor.

Another quick and dirty way would be to look up listings in your area and do your own basic "comp" - price per sq ft. Then you apply that number to your home. Granted, this is all only based on asking prices not actual sales prices. But you can come close.

 

[smittygj]

There is quite a bit of flipping going on.

My 27yr old son is closing today on a house that I know for a fact is way overpriced, but he and his fiance don't want to listen to fatherly advice, and it has actually caused quite a rift in our family, and I've not even met his fiance yet.

He currently rents my home on west side of Bloomington, Indiana, at a much reduced rate as we were in the middle of a remodel when I got my job over here in Bahrain. I let him and his high school friend move in on condition they continue the remodel (that's a whole 'nother story, not going to get into that here.)

Anyway, son on Christmas day they tell us their offer on a house has been accepted and they will be closing on Feb 12. He sends me the link to the property and I take a look. Then I go Google ninja and start researching the property.

From eGIS I find that original dwelling was built in 1912. Detached two car garage was built in 1946. LONG time original owner. Picture in eGIS shows front porch falling in and much neglect from 2015. See photo of what it looked like back in 2015.

eGIS showed it was sold in 2014 for $10K (probably a tax sale)
Then shows sale in 2015 for $17K
3 years later, after $57K in improvements, it sells in 2018 for $103K
Now on market, and my son is buying it for somewhere near $160K

Danger will Robinson, danger, danger, danger.

I tried to reason with him, tried to have him talk to his uncle who is a Coldwell Banker real estate agent, but he is having no part of it, and they close today. House next door is only worth $68K according to tax records, and the one two doors down is only worth $35K. The second image is what it looks like now. Yes, pretty, but for $143K they could have bulldozed it and built an entire new house.

Someone took a pig and put lipstick and a dress on it, but in the end, it's still a pig.

No way that house is worth $160K in southern Indiana.

Ok, Dad rant off now.....

 

[breakingcontact]

No time soon.

The won't raise rates for years, maybe.
And the cost of building supplies is outrageous now.

Yeah I've read the feds are trying to spur some inflation instead of cutting rates.

I built a fence last year and was lucky enough to order all of the materials just before they became tight.

Considering finishing my basement but need to see what is actually available at Menards first.

 

[smokingman]

No time soon.

The won't raise rates for years, maybe.
And the cost of building supplies is outrageous now.

I talked to the owner of the local ace today. He pulled up a chart for me of his cost for various lumber and plywood graphed out over the last 5 years.

Prices for a 2x4 have doubled since March of 2020. 1/2 plywood has more than double in that time.
Some types of lumber that used to be common like poplar studs or birch plywood, He could get but at 10 times what he paid in early 2020.

He did get some nice cedar that is only double what he paid in early 2020.

 

[Route 45]

House next door is only worth $68K according to tax records, and the one two doors down is only worth $35K.

Assessed value for taxes really doesn't have a lot to do with actual market property values. My neighbor's house had an assessed value of $174,000 in 2019 and sold for $240,000.

 

[SgtFury]

Booming in southern Indiana

 

[dudley0]

Grant county is really hot as well, even tho housing prices are not like they are in Indy.

Finally finished the new place and wish I could get moved and start on the old one. It was dated when we bought it 21 years ago, and unfortunately I work on houses for a living so mine is ugly and unfinished.

Considered selling as is just to be done, but my realtor has pretty much talked me out of that. Lots to do, but as long as the market stays like it is I will make some decent money. Especially since I have 5 years to complete without paying capital gains.

The new house came in much higher on comps than I would have guessed, and I own it outright.

 

[JTScribe]

Easiest way would be to ask a Realtor.

Another quick and dirty way would be to look up listings in your area and do your own basic "comp" - price per sq ft. Then you apply that number to your home. Granted, this is all only based on asking prices not actual sales prices. But you can come close.

Hmm. There have not been a ton of sales in my area, that could be tricky.

 

[Route 45]

Now I'm honestly curious how much my house would sell for. Any way to get a market value estimate if stuff is going so high over appraised value?

This website will do comps in your area, giving you an approximation of current value.

Real Estate Auctions & Homes For Sale | Xome

From foreclosure and bank-owned auctions to traditional home listings, welcome to a simpler way to buy and sell real estate. Search, register, and bid today!

www.xome.com

 

[djeinpoco]

Houses in downtown Chesterton are going up over $1000 a month over the last three years.