the cost of housing, a continuation
varian
Member Posts: 2,258 ✭✭✭✭
after lamenting about the extremely high cost of housing in Huntsville Al that my son is experiencing; an update. he finally found a house and came out the high bidder. too much money but it checks almost all the requirement blocks. now to sell the current house. i told him to put a high price on it and then add some more and he did that. it went on sale last friday with an open house scheduled for sat. had two bids friday evening both higher than asking and both cash. by sunday he had it narrowed to two bidders. he picked one and told them if they added 1k he would sell to them, they did. turns out they we also speculators, told him they had bought 20 houses in the last couple of months. and that my friends is the current cost of housing.
Comments
This too shall pass. It's always bad to buy anything when it is a seller's market. Having said that, sometimes you just have to bite the bullet and pay the price. I just saw where someone paid $100,000.00 for a Toyota Rav 4 that listed for $50,000.00. I think that's crazy but it's not my money. If they try to trade it in in three years and are probably offered $25,000.00, I hope they will understand. I hear adds all day long on the radio trying to get people to buy gold at almost $1900.00 an once. Again, I think that's just plain crazy, but someone must be buying it.
I'm gonna be a speculator and speculate that if the speculators don't sell, and sell soon, they're gonna be livin' in refrigerator boxes.
Interest rates went up .50 yesterday. The housing bubble will eventually burst again.
2007 again? Also until cash in hand lots of things can go the other way.
I feel sorry for young ones that are trying to find "The American Dream."
Home ownership for anyone just starting out has become out of reach. That, and the rents are also going sky high as well. I see a trend in my area of several of those "tiny" houses going in on small parcels of land along the route I travel into the town 10 miles away.
So you were upset when he was on the receiving end of the equation but it was fine for him to do the gouging as well. Got it.
upset, no. amazed at whats happening, yes.
I'm just gonna spectate! 😁
We’re looking for a rental near our new duty station in GA. The pickings are very slim, and the housing allowance for the region is way behind this bubble. I can’t imagine how some of the junior personnel with families are finding adequate housing.
Some of my peers are buying, with little thought towards what happens later when it’s time to move again in 2-3 years and they take a bath on the house. I’ve seen this happen to co-workers before, and I want no part of it.
One other challenge we are running into on the rental side, as someone else mentioned, is the speculators…. the big publicly-traded corporations who have sucked up all the housing. Maybe 70% of the listings in the area seem to be from these companies. According to reviews, they are TERRIBLE to tenants. They can pretty much treat you however they please, as it’s hard to have any recourse against a big company with an entire legal department. The white collar version of slum-lords, I suppose.
In the end, we will find something that works. Just takes patience. Maybe I’ll just do like all the west coast hippies……pick the nicest park in town, declare it mine, and put up a tent city. I think I could get pretty comfy in one of those Cabelas style outfitter tents! 😁
our house is 5bed, 3bath,full finished basement, 2600 sq ft, 1/3 acre lot. Bought 8 yrs ago 220k
House across the street- 5bed 2 bath 2012sq ft split level, just went on market 600 K !!!!!!!
" extremely high cost of housing in Huntsville Al that my son is experiencing; an update. He finally found a house and came out the high bidder."
North Alabama huh? Did he buy that house from a Deputy named Vicki White?
North Alabama huh? Did he buy that house from a Deputy named Vicki White?
not sure, but that is a possibility.😀
If he bought Vicki's house, then he has been having some talks with the FBI this week.
Buy it?? Why would you do that. Just move in and start mail delivery there. She won't be needing that house for years and years.