It's official, homes are like ammo

[Muhammad]

Don’t forget the stock market impact.

Fortunes have been made by simply investing in the S&P 500. If you were into tech stocks it’s a fortune x 2.

And you didn’t even need to be smart. My kids, when in teens, HAD to have Apple stuff. Anything with an Apple logo was gold. Not only my kids, but all their friends.

So, I buy Apple stock.

10 years later —-

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I did zero to earn that money. Zero.

MoKelly

When you divorce work from earnings you get a bubble.

 

[old and tired]

Around here, those 200k houses are more like 400k and they tear them down!!! All on 1/4 acre lots...

 

[Muhammad]

Knock off two of those zeros and you have my neighborhood.

Nice! Then I would have money for a power trac or two.

 

[MossRoad]

Nice! Then I would have money for a power trac or two.

Maybe a PT180.

 

[Sigarms]

Those prices are just the down payment, right? This is from my neighborhood... just in case you wanted to feel better about the prices where you are.

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If you can telecommute, you need to change neighborhoods

15 minutes down the road in the next county where taxes are higher LOL

Honestly, not certain why people need such larger homes, but this one does come with 35 acres.

Until my dad came to live with us, even 3,500 square ft seemed to big for us. When the boys graduate and move out, and my dad is no longer around, we're shooting for no more than 1,200 sq ft with a single level only with no stairs!

Now, you want to spend the big bucks?

 

[MossRoad]

Seriously, a house down the block from us was for sale for $12K. No one would busy it because the septic would have to be replaced, which entailed removing the entire back yard 6' deep into dump trucks. Having it all hauled off. New septic. Then new back yard dirt. Estimates around. $12-15K. Then repairs to the house. So for less than around $45K you could have a nice little 2 bd 1 bath house that wouldn't need any more work for 25-30 years, and could be sold for $70K all day long.

I see someone is slowly buying up all the little abandoned houses like that in our neighborhood and flipping them. It's nice to see them come back to life.

 

[MossRoad]

If you can telecommute, you need to change neighborhoods

15 minutes down the road in the next county where taxes are higher LOL

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Honestly, not certain why people need such larger homes, but this one does come with 35 acres.

Until my dad came to live with us, even 3,500 square ft seemed to big for us. When the boys graduate and move out, and my dad is no longer around, we're shooting for no more than 1,200 sq ft with a single level only with no stairs!

I grew up in a 2700 sq' ranch. It was silly huge to us. 5 bedrooms, 2 baths, 24x16 living room, 24x16 family room, huge kitchen, dining room, sewing room, office with separate entrance, study, half basement on the dormitory end, bomb shelter under the kitchen.

When we got married, our first house was 720 sq'. That was just a bit tight for two plus a baby. Our current house is about 1300 sq'. 3 bd, living room, dining room, 1.5 butt kitchen, full unfinished basement. But it's only got 1 bath. If it had a 2nd full bath, it would be perfect size.

 

[Sigarms]

I grew up in a 2700 sq' ranch. It was silly huge to us. 5 bedrooms, 2 baths, 24x16 living room, 24x16 family room, huge kitchen, dining room, sewing room, office with separate entrance, study, half basement on the dormitory end, bomb shelter under the kitchen.

I've only lived in two houses that I consider my "own".

Family house dad bought back around 1978 when he got out of the service. 1,200 sq ft (less the finished attic, and when he put up that cheesey wood paneling up in the attic brought it to 1,600 sq ft! 1 small bathroom on the first floor, and a miltiary toilet in the unfinished basement, but for the 3 of us, it was perfect.

Bought my only home in my early 40's, and even though it was larger than what we needed for only the two of us (at the time), we bought it basically because of the land and it had, and a furnished basement for my dad to move into when he wanted to (ironcially it wasn't until 16 or so years later until he hurt his back working on his lawn mower until he moved in).

Funny, when I'd go back home to visit dad when he was still up th, in Pa, the same "family" home felt so small (particularly my bedroom LOL), but back then, as mentioned, felt perfect. Never had AC as well up in Pa. Can't do that in NC LOL

 

[coobie]

Last year I couldn't believe someone paid 200k for a 70's built 1,200 square foot "pretty plain jane" little white home with 9 acres and a couple of detached garages for 200k. At this point, I'm not scratching my head over the price and thinking it was a pretty good buy.

Reality is we're still not certain what the MIL wants to do after my FIL passed away in January living an hour south of us. Still looking at possibly building on our property as I talked to the one guy who has done work for me and talked with a pretty good builder IMO who've I've worked indirectly with for HVAC systems in the past, but until I know exactly what my MIL wants to do, kind in limbo per layout and size (small 2 bedroom 2 bath no more than 1,200 sq ft single level with little to no stairs is her preference at this point, which is doable on our property).

Been looking however at the possibility of finding a home for her in some areas around us she's mentioned about (something to be said for a small condo for a woman in her 70's with nothing to worry about), added she's up in the air if she wants to tie us up with our own property after the boys move out and our possibility of downsizing in both home and land size which my wife and I had talked about.

Thing is, this past weekend, I went driving around locally and looked at about 10 homes (to see how misleading the pictures can be online LOL) and looking online for condos about 30 minutes away from us.

Last night, EVERY single home I've looked at and drove by is now either listed as either "contingent" or under contract. I mean EVERY one. I swear, couple weeks ago on the drive to a small town about 20 mintues away (4 days in a row drove down this street), I saw a for sale sign go up the next day, and litterally 2 days later it was under contract. I mean I'm talking about even double wide modulars with 1-2 acres for 200k gone like that.

My wife can only suspect it's because of people having to go through this virus mess who are tired of renting and having no space to deal with. Personally, I have no clue but he reasoning sounds feasible.

On the plus side, my wifes parents got what we thought was a good deal on a two story granite stone built house an hour south of us about 6 years ago, and the realator they dealt with buying the house said of course she will get top dollar for it as well as will probably go quick with a couple acres with the home, but still need a plan when she decides to sell.

Why are homes now like ammo? I've never ever seen a sellers market like this for homes.

An idea of local to me no more than 5-10 minute drive

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Covid 19 stuff and folks will start to work from home in the future so they are moving to rural locations out of the big city.I can see big corporations rid themselves of they're buildings no taxes, insurance, lawn mowing, snow removal and no upkeep.I live in a rural location houses for sale around here are GONE in 1 week.

 

[grsthegreat]

the idiot developers are destroying our area. houses going up all over the place. where there used to be 1 house per 10 to 20 acres now there trying to force 4 houses per acre. schools, fire dept, police are getting squeezed. the developers push cost of new infrastructure onto existing homeowners while they take the money and run.

seen it happen too many times. this too will crash and take alot of people down with it. my friends neighbor just bought a $220,000 house. the kid is 21 YO, gets $12 per hour. has no savings. his bank actually gave him a second on the house just so he can make payments. tell me this is going to end good.

the 10 acres i bought accross the street from me 5 years ago is now worth 4 times what i paid for it. its crazy.