Real Estate Prices Going Though the Roof!

[banana]

I am simply amazed. My neighbor next to me sold their house last November for $209,000 and I thought that was high. Now the neighbor behind me just listed their house for $279,000. It is a bit larger than the other one that sold in November but man it is nothing spectacular, basically your average ranch home with a basement in a decent neighborhood. If they get their asking price my house will be doubling in value since I purchased it almost 4 years ago.

I dont know how people are affording to purchase these homes. Boy am I glad we purchased our house when we did otherwise we would be renting forever!

[Early Bird]

Location ... location ... location.

In the Midwest, we had a wonderful house. We moved to the Southwest, an older, smaller house -- and we paid more than double the price that our Midwest house sold at!

For a house that was 3/4 the size of the one we sold...and which didn't have a LOT of the features of the Midwest house! Like a laundry room -- the Southwest house has a laundry closet. And no garage. (2-car garage in the Midwest house). I could go on and on. Sigh. But you follow the job -- and this job is MUCH more family-friendly.

[frugalfarmwife]

I'm in Ohio a mile outside a town of about 25,000, in the last few years land prices have gone through the roof and it's sad, they're running the small farmers out, no one can afford to farm with the land going at 5-10 thousand an acre. We bought our place at auction and were lucky to get it, there was a motocross next door that really drove the price down, then they closed the motocross, we bought the 36 acres in front of us that was going into bankruptcy and I've had several people trying to buy lots from us, we could just about name our price for them.

But we could never afford to buy another farm, not at these prices.

Scary isn't it?
kj

[guest32]

5-10K per acre would be cheap around here! Single acres (if you can find them) are over 100K. We are south of Boise city. Our house has gone up almost 200K in less than 4 years...because we have 1/2 acre and are in a good neighborhood (desirable area, small subdivison, large lots) Crazy.

[frugalfarmwife]

5-10K per acre would be cheap around here! Single acres (if you can find them) are over 100K. We are south of Boise city. Our house has gone up almost 200K in less than 4 years...because we have 1/2 acre and are in a good neighborhood (desirable area, small subdivison, large lots) Crazy.

Yes, it's cheap in some areas for housing, but this is farm land, and it's QUICKLY disappearing, many don't seem to think about it but this WILL have a huge impact on food prices at the rate it's going.

Many century old family farms are disappearing, those that produce GOOD beef, eggs, milk, produce, chickens, when they're gone thats it. We've had friends driven out of farming.

I know it seems cheap, but trust me, you'd never make a profit farming on it, let alone what the taxes are on it when the prices go up.

kj

[brenda67]

My DH and I probably will never be able to buy a house.... at least not here anyway..Houses that need fixin up are going for over $150.000 plus on less than an acre...It consumes me on a daily basis that we don't have enough room for my family..and that I will not have a decent size house w/a basement. Thats all I want is a house...I can't move to another area for several personal reasons...So were stuck.. No offense...but since 911 we have alot of City people buying our land and homes here.. ...therefore our homes and property has doubled in price...That really burns my butt!!!!!!! No local people can buy anything around here...Its sad that everything boils down to how much Money you have....JMHO

[Cele]

Prices in our SE city have skyrocketed as well. DH and I planned on building our dream home (by which I mean a home that was perfect for us...not a McMansion), but there's no way. Sure we'd make a fabulous profit on our current home...but we'd also pay through the nose for the new home. So, we've committed to another five years in this house, and we are working on customizing it as best we can.

It's just crazy...

[frugalnana]

They built the new schools for our area literally behind us (my back yard connects to the property). When they did that everyone was trying to buy a house in our neighborhood. A house that was $98,000 is now selling for about $170,000 or more. I can't believe it. The smaller houses are selling for around $126,000. My dh and I are wondering what this house will be worth when we go to sell. This is more a kid neighborhood. Its not in the city, its a sub divison in the country. But really nice. We want a house out further so our pets can run. Its going to be scary when we start to look. Nothing fancy, a fixer upper is fine, as long as it doesn't have major problems.
Brenda, my dh and I thought about moving to NY once the youngest graduates, we love the area up around Niagra and Buffalo, There are some other towns we like also. But after seeing the prices of homes, you are right, they are to exspensive for what we could have here. So we will just continue to visit.

[brenda67]

Around here Rents are going for over a $1200.00 or more a month ...(a mortgage payment)that doesn't include anything...It makes me sick! I'm afraid with the rising gas prices,cost of food along with the Bird Flu..people will become desperate and the crime rate will go beyond what I would like to think of as a bad dream.....

[momof42003]

We bought our home in 1998 for 98,900... The "twin" to our house behind us just sold for 189,000-no updates, paint, carpet, yucky garage, and a hideous yard.... I could not imagine what my house could sell for... We would not move though because we are about five houses from the school. I too think it is scary how things are changing in the world all at once. The house across the street from us is renting for 1000 a month and it is on a postage stamp with three bedrooms, and two baths, but the house is soooo tiny on just as tiny of a lot... I can't believe it.....

[brenda67]

Not sure of the prices in that area....You may find they are affordable.. I just know that I live in a very..very..small town and I would have to say more than a 1/4 (and growing) of my town is owned by city people...and it's their weekend home!!!! Another 1/4 is Farmers looking to sell for Big Money to the city people... One of those farmers is my family who is asking for 4.5 million for 200 acreas with 2 house on it.. (no they won't sell or give us any property..simply because they are greedy people)and the other half are old timers..

[brenda67]

Forgot to say that my family also has another 600 acreas on which they live on...

[Kimberlina]

I thought we were on the downside of the bubble.

Our house has gone up in value probably 75% since we bought it 5 years ago. Makes it really tempting to sell, but then we could never afford another one around here.

[Telephus44]

Wow, it is amazing to hear about housing prices elsewhere in the country. In the city I live in, $279,000 is current the median price for a house sold. You can't find any listings (besides condos) under $200,000.

My parents live in a small town 5 minutes away, and the average selling price for a house is their town is over $400,000.

Really kind of blows my mind - I know that I don't have that kind of money for a $400,000 house.

DH and I are hoping that the prices will come down a bit by this time next year, and we're looking to go little north and east of the city - where prices are a little cheaper.

[Sara Noel]

Living in MI, housing isn't increasing much at all. (well not around me in the past 5 yrs anyway) Most definitely not like some cities. I've seen much nicer homes in Texas and North Carolina for the price, but it's still great compared to some big cities. That's for sure. I couldn't afford to live in many cities.