I had forgotten how much house hunting sucks.

[gregkl]

It has to. Nothing rolls this hard forever. It just can’t.

Especially when these huge increases are not the result of any value added to the home. It's because we have a shortage of inventory. The old supply and demand economics.

Hopefully we will reach more of a balance, then a sharp decline. Time will tell.

 

[Sigblaster]

Ok, enough about realtors, how about crazy house design stuff.

One thing I really hate, and is hard to avoid in many older houses, is additions. Just tacked on rooms for the sake of adding square footage. You didn't consider roof lines or angles or drainage, you didn't blend the exterior siding to the rest of the house. Then there are the ones that have had so many additions over the years that they have become geometric oddities. Like some sort of modern art disasters. Just confusing, confounding assemblages of rooms to a house that may have been properly designed at some point, even if small.

Another thing that is an immediate rejection is when your driveway runs up directly to the point where your garage has been converted to a family room or den or whatever, and you have no garage. Where the heck are we supposed to park our vehicles under cover on this property? Let them sit out and be exposed to to the weather? Just to have a den?

Why does it always have to be fronted with T-111? Why is anything sheathed in T-111? If your addition is sheathed in T-111, that's bad enough, but a full T-111 exterior? No. No,no,no,no,no,no,no. Price your house like I'm looking at a complete exterior remodel.

 

[rockhopper46038]

I’ve been thinking of selling mine. I best get it on the market I think. Not many in Fishers have a bit of land and a 25 yard range. (But I don’t know if that’s a selling point up in Fishers...)

 

[Bugzilla]

The flight from lovely Illinois is another reason the market in Indiana is crazy.

 

[Sigblaster]

It has to. Nothing rolls this hard forever. It just can’t.

Churchmouse, I don't think this is a bubble, I think it's a new baseline. If we're still friends and both still here, please call me out on this in a year or two. Or 5 years even.

That offer is open to everyone, but I'm asking churchmouse specifically, because I've met him. Please call me out on this if I'm wrong. I kinda hope I am, but I think I'm not.

 

[Sigblaster]

I’ve been thinking of selling mine. I best get it on the market I think. Not many in Fishers have a bit of land and a 25 yard range. (But I don’t know if that’s a selling point up in Fishers...)

How many square feet, how many bathrooms, how many bedrooms, HOA?

 

[churchmouse]

Churchmouse, I don't think this is a bubble, I think it's a new baseline. If we're still friends and both still here, please call me out on this in a year or two. Or 5 years even.

That offer is open to everyone, but I'm asking churchmouse specifically, because I've met him. Please call me out on this if I'm wrong. I kinda hope I am, but I think I'm not.

Not worthy of calling you out as I kind of hope the values stay up. We are not sure what we will be doing in a few years with the compound.
No reason not to be friends.....

 

[Super Bee]

We plan to have our house listed within the next 6 to 8 weeks.

We are talking about just renting a place for the time being. I got a great deal on our house several years ago and can more than double my money. We just refuse to pay these crazy prices at the moment. It may take a year, maybe a bit longer, but prices will drop.

 

[wcd]

Anyone have an idea what the average increase in Indiana is? I know around here homestead type properties are off the chart, and flying off the market.

 

[gregkl]

Ok, enough about realtors, how about crazy house design stuff.

One thing I really hate, and is hard to avoid in many older houses, is additions. Just tacked on rooms for the sake of adding square footage. You didn't consider roof lines or angles or drainage, you didn't blend the exterior siding to the rest of the house. Then there are the ones that have had so many additions over the years that they have become geometric oddities. Like some sort of modern art disasters. Just confusing, confounding assemblages of rooms to a house that may have been properly designed at some point, even if small.

Another thing that is an immediate rejection is when your driveway runs up directly to the point where your garage has been converted to a family room or den or whatever, and you have no garage. Where the heck are we supposed to park our vehicles under cover on this property? Let them sit out and be exposed to to the weather? Just to have a den?

Why does it always have to be fronted with T-111? Why is anything sheathed in T-111? If your addition is sheathed in T-111, that's bad enough, but a full T-111 exterior? No. No,no,no,no,no,no,no. Price your house like I'm looking at a complete exterior remodel.

HGTV has ruined so many homes!

 

[gregkl]

Churchmouse, I don't think this is a bubble, I think it's a new baseline. If we're still friends and both still here, please call me out on this in a year or two. Or 5 years even.

That offer is open to everyone, but I'm asking churchmouse specifically, because I've met him. Please call me out on this if I'm wrong. I kinda hope I am, but I think I'm not.

I'm hoping you are correct! I want my home to continue to increase in value. I've done a LOT of work but it's worth double what I paid for it six years ago.

 

[phylodog]

Anyone have an idea what the average increase in Indiana is? I know around here homestead type properties are off the chart, and flying off the market.

I'm up 20% minimum in 30 months of ownership.

 

[snorko]

I am on a Risk Management panel discussion tomorrow and have been pulling together some numbers. Evansville market comparing the same April-May period of 2020 vs 2021. The most telling changes are average/median days on market have gone from 48/16 to 15/2. that's right, median days on market is 2. Avg./median price for a defined "typical" home are up 13%/10% which is double the rate for a normal good year.

 

[WebSnyper]

Ok, enough about realtors, how about crazy house design stuff.

One thing I really hate, and is hard to avoid in many older houses, is additions. Just tacked on rooms for the sake of adding square footage. You didn't consider roof lines or angles or drainage, you didn't blend the exterior siding to the rest of the house. Then there are the ones that have had so many additions over the years that they have become geometric oddities. Like some sort of modern art disasters. Just confusing, confounding assemblages of rooms to a house that may have been properly designed at some point, even if small.

Another thing that is an immediate rejection is when your driveway runs up directly to the point where your garage has been converted to a family room or den or whatever, and you have no garage. Where the heck are we supposed to park our vehicles under cover on this property? Let them sit out and be exposed to to the weather? Just to have a den?

Why does it always have to be fronted with T-111? Why is anything sheathed in T-111? If your addition is sheathed in T-111, that's bad enough, but a full T-111 exterior? No. No,no,no,no,no,no,no. Price your house like I'm looking at a complete exterior remodel.

It's like the gun market. Everyone is rolling out the one they could not get rid of before, because buyers are accepting things that would not fly in what was considered a normal market.

 

[CHCRandy]

I think we are gonna go thru a 2006-2008 again myself, and this time on steroids. Everything is inflated so bad right now. And people buying homes that are 2-3-$400K. The last bubble, lenders were loaning people 150-200% the value of the home, well they fixed that so it can never happen again, add purple. Now instead of lending 200% of the value of the home, they just appraise it for twice what it is worth. Same result, different route. Imagine building a new home right now in a fancy lil neighborhood...say the house was $200,000 last Spring and this year it is $350,000, because of demand and lumber costs. Now say you go ahead and build that home for 350K and in 2-3 years lumber prices come back down, demand slows....well now you have a 3 year old house that you owe $100,000 more for than the identical brand new home next door being built. That can't be healthy for home values.

This is not the first time lumber has spiked. We have dealt with $30-40 a sheet OSB many times before.....when everyone gets back to work and off the government tit, supply and demand will equalize.....and then we will see where it stands.

I hope I am wrong as well...but I know one thing, nothing goes up forever and usually the harder they go up the harder they come down.

 

[flatlander]

The last offer we put in was $30K over asking.... Cash. They wanted a letter about how much we liked our cats! They sold it to the other couple " because they reminded me of my parents" !
I you not !!!

 

[MCgrease08]

I’ve been thinking of selling mine. I best get it on the market I think. Not many in Fishers have a bit of land and a 25 yard range. (But I don’t know if that’s a selling point up in Fishers...)

It sure is for me. Probably out of my price range though.

 

[kickbacked]

With the recent lumber prices, id probably get more parting out my house.

 

[Ingomike]

gregkl, Hoosierdood, and Denny347, thanks for your input. I've been rolling the idea of a buyer's agent around in my head, and there are pros and cons of it. I'll roll it around some more and discuss it with my wife.

Could you explain the cons? They work for you, listing broker compensates them...

 

[Ingomike]

We plan to have our house listed within the next 6 to 8 weeks.

We are talking about just renting a place for the time being. I got a great deal on our house several years ago and can more than double my money. We just refuse to pay these crazy prices at the moment. It may take a year, maybe a bit longer, but prices will drop.

Have you really looked at the rental market? Most homes rent for 150-200% what their payment would be..