home inflation

[AussiePerth]

what do you people think of the boom and bust with home prices? how bad has it affected your area? I've seen some homes
in crappy neighborhoods spike up two to three times in value about a year or so ago...

[SCpoloRicker]

Homes in my area have been holding steady for around a year or so, but we had very strong growth for the previous two years.

I think that the most important factor in future market performance is, duh, location. Several markets have had huge growth from speculation, and don't have the benefit of quality location. I'm looking at you, Vegas.

[rkjunior303]

The housing market has been nuts here in Boston. The cost of living/Property here has always been high but dayum..

[billybob_81067]

Not bad here in good ol' Rocky Ford, Colorado! We are currently in the process of buying a 4 bedroom, 3 bathroom, two story, attached 2 car garage, pool table included house for a whopping 160K.

[SpecialBlend2786]

Our house is worth 4x what we paid for 9 years ago.

[PyRo]

Our house is worth 4x what we paid for 9 years ago.

In 20 years the value has gone from 75k (what we paid for it) now it's worth about 750k. If we put about 125k into renovating the place it would be worth right around a million, possibly a bit more right now. Similar houses go for a bit less. What people are willing to pay for is that it's a legal three family house which is very rare for a house of this size around here. Rentals are a huge plus with any realestate around here.

Houses are still going up too. My father sold a house a year ago for 520k and it was just resold for 620k. The growth is slowing but it's still going up. You can't touch anything within 50 miles of here for less than 350k and that's a real wreck of a house. Anyone suprised why half the population of NY has migrated to North Carolina? To buy a house and live comfortably around here you have to be making over 100k a year now. Figure half that salery or better is going towards a mortage. I'm thinking about packing up and getting out of this area along with everyone else.

[Recon by Fire]

Mine has only appreciated about $15K in the last 3 years, but we live in a new community and they are still adding new homes and new sections.



Just be glad we don't have the Carter Economy, remember the days of 20+% mortgage rates?