Housing market........prices going down?

[milkmoney]

Geezus.......... again?


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Calm down, gramps just asked a question...

[emoji39][emoji202]

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[Groper]

My wife is nuts?

Well to be fair this will be only our third house since we moved to Reno/Tahoe area because we sold ours in Vegas which would make it four in a little over seven years. So the first house was nice but too far from everything. It's value went up fast and we captured the equity and moved to a more convenient location for my wife to ride her bike every day. We love our current home, but it was built in 89. We did however do a full renovation on it, but some things you just can't change like hallway width, room sizes etc. Well you can, but there is a point where the home is just not worth putting that money in. It only has a 2.5 wide car garage and the lot would not allow more room to build a larger unit or add on. And again the home just isn't worth putting more money in to. The neighbor hood is in one of the best zip codes in Reno, but in general the home just wont go up a lot more in value until there is no more building to be had on the outskirts of the area. It will always go up, but not as fast as other areas.

On to the new home. It's in one of the best areas of town and going up quicker than most. Plus it's brand new so we are not continuously fixing and replacing things as you do with an older home. It does have a four car garage which is huge for me. I have always wanted a nice place for my crap and the biggest I have ever owned is a three car. It is just a good move for us in general and I hope that we are there at least five to seven years.

My wife and I live WAY below our means. I guess we decided it was time to step it up a little and get a really nice home.

Humm........ well the Banks, Realtors & Escrow Co's love you, I hope your receiving nice Cards & Christmas Baskets over the holidays.
I will disagree with you on the newer vs older home in some cases, I have both and they don't make things like they used to everything is crap, I have spend more time fixing/working on my newer homes than my older homes.

 

[2Driver]

We are still heading higher in Phoenix...last 30 days 1% higher ($4280)...rent value $2200.

From AZ MLS

 

[Classic Daycruiser]

From AZ MLS

View attachment 718204

That's comparing 2015 too 2017. We are in 2019.
Our area is still strong (Paradise Village area). Even obvious remodel projects are selling at a premium. We are in the $380-$850k slot, and only remodels are sitting for any period of time.
Northeast Phoenix is the new Scottsdale.

 

[LLGirl]

I live close by this house. I think its priced right for the area. The only issue I see if they have kids, its on the wrong side of Yorba Linda Blvd for kids to go to the newer YLHS. They would have to go to Esperanza HS. Homes for slae on the YLHS side advertise that they are in that schools boundary.

They wouldn’t HAVE to go to Esperanza. Lots of kids on the “wrong side” of YL Blvd transfer to YLHS and believe it or not...there are also kids on the “right side” of YL Blvd that transfer to EHS.

 

[Cray Paper]

Home prices have crested, no doubt about it. The crest happened in the Seattle market last summer. The market is going to correct itself, and it is needed. For me, after giving my 600,000.00 home to my ex in September in the divorce, I cant wait. I'll be flush with cash in a couple of years to cherry pick a nice home for me to retire in. The foreclosure market in Seattle has jumped in the past 4 months, but I feel it is no where near the bottom. Give it a couple of years and a total buyers market again.

I have been watching the home prices closely in our area for a year, asking prices are dropping 50-100K in the last two months. New home / apartment and condo builders are in the middle of developments and will be dumping units soon. Seattle has been one of the hottest markets so take that for what it's worth.

 

[Bobby V]

They wouldn’t HAVE to go to Esperanza. Lots of kids on the “wrong side” of YL Blvd transfer to YLHS and believe it or not...there are also kids on the “right side” of YL Blvd that transfer to EHS.

Well I stand corrected then. Didn't know the rules changed. I know at one time there was a big stink about the high school boundary line years ago and the RE agents still use it as a selling point. See link below for a old story and map.

https://www.ocregister.com/2010/09/13/judge-weighs-yorba-linda-high-boundaries/

 

[ductape1000]

EHS Class of ‘88. Are they still the Aztecs?? [emoji1744]‍[emoji3603]


Sent from a van down by the river. [emoji3577][emoji41]

 

[2Driver]

We are in the $380-$850k slot, and only remodels are sitting for any period of time.
Northeast Phoenix is the new Scottsdale.

When you say you’re in the slot, is that your house or the builds you do? Just curious if you are in the build/remodel market.

 

[Bobby V]

EHS Class of ‘88. Are they still the Aztecs?? [emoji1744]‍[emoji3603]


Sent from a van down by the river. [emoji3577][emoji41]

Yes still the Aztecs..EHS was a farily new school 30 years ago..Your old..

 

[BHC Vic]

Home prices have crested, no doubt about it. The crest happened in the Seattle market last summer. The market is going to correct itself, and it is needed. For me, after giving my 600,000.00 home to my ex in September in the divorce, I cant wait. I'll be flush with cash in a couple of years to cherry pick a nice home for me to retire in. The foreclosure market in Seattle has jumped in the past 4 months, but I feel it is no where near the bottom. Give it a couple of years and a total buyers market again.

I have been watching the home prices closely in our area for a year, asking prices are dropping 50-100K in the last two months. New home / apartment and condo builders are in the middle of developments and will be dumping units soon. Seattle has been one of the hottest markets so take that for what it's worth.

Same in the IE. We bought two months ago and like i said I literally watched it change before my own eyes in less than 2 weeks. It was wild. I know everyone told me to stay calm but I think I got us our forever home. To me that will always be a wild ride on that one

 

[Groper]

Well I stand corrected then. Didn't know the rules changed. I know at one time there was a big stink about the high school boundary line years ago and the RE agents still use it as a selling point. See link below for a old story and map.
https://www.ocregister.com/2010/09/13/judge-weighs-yorba-linda-high-boundaries/

Yes the rules have changed my daughter attends YLMS and at the end of 8th grade the kids get split up and attending El Dorado, EHS or YLHS depending on what the choose, one of my daughters attends YLHS and her friend lives down the street from YLHS but attends Esperanza and I have no idea why her friend chose Esperanza when she could have just walked to YLHS.

Yes still the Aztecs..EHS was a fairly new school 30 years ago..Your REAL old..

I drive by EHS all the time and it is a good school, all three are pretty much the same academically within a very few % points of each other.

 

[LowRiver2]

I sold my YL house 10 minths ago and it has taken at least a $30-40k hit since. I’d say $925-950k is a more priced to move level at this point.
Not everyone wants Eastlake HOA, and it appears to be split level, which a lot of YL homes were in the 90’s. The interest rates and time of year are both factors. Mine sat Tday till feb. when sun came out comps started selling, thus pushing buyers to asking price for me.
YL always does well, just the timing.

 

[LowRiver2]

And of course, the Asian buyers: My LHH neighbors just sold their home for 2.8 mil. Cash to a Chinese family that is the states only half the year.

 

[CarolynandBob]

A well staged home looks about a jillion times better than an empty shell.

But that Yorba Linda house needs $100K in modernizing. Everybody wants their house to look like Joanna Gaines renovated it.

https://www.hgtv.com/shows/fixer-upper

I am glad you said that. We just got back from getting our house ready to sell. Agent said we need to get it staged. 2400.00 later and it will be staged this Wednesday. Hopefully. it helps. Agent is a friend and has been an agent for 38 yrs and does well, so I am doing what she says.

 

[BHC Vic]

I am glad you said that. We just got back from getting our house ready to sell. Agent said we need to get it staged. 2400.00 later and it will be staged this Wednesday. Hopefully. it helps. Agent is a friend and has been an agent for 38 yrs and does well, so I am doing what she says.

I disagree with the staging. Unless I’m buying the furniture too. With the house we just bought I did buy some of the stuff from them. I also disagree with not being there for open houses and walk throughs. Sometimes houses have some weird things. In my opinion talking to the previous owners and asking them a million questions was priceless. I hate going the agents to ask questions. Was nice to just talk to them and go over everything

 

[Heylam]

I am glad you said that. We just got back from getting our house ready to sell. Agent said we need to get it staged. 2400.00 later and it will be staged this Wednesday. Hopefully. it helps. Agent is a friend and has been an agent for 38 yrs and does well, so I am doing what she says.

I don’t think you’ve spent 2400.00. I feel you’ve invested 2400.00, and your return will be greater. Staging helps sell houses, and get a better price.

 

[sintax]

So heres a follow up question...

I've been casually watching the Havasu market for trends. Oct / Nov were very hot, things that were a good deal (in the 300k - 400k range) moved quick, like 2-3 days quick. Dec you saw that traditional slowness, and now into Jan we're seeing a real slowness from what I can tell. Houses are kind of sitting around a little longer out there.

Did we see the tipping point out there? Historically in that 2008 crisis didnt how long did prices hold out there before things went down. Was it a year or two behind OC?

 

[D19]

I disagree with the staging. Unless I’m buying the furniture too. With the house we just bought I did buy some of the stuff from them. I also disagree with not being there for open houses and walk throughs. Sometimes houses have some weird things. In my opinion talking to the previous owners and asking them a million questions was priceless. I hate going the agents to ask questions. Was nice to just talk to them and go over everything

If staging was worthless, home builders like KB Homes would leave their model homes empty. The average consumer has a difficult time figuring out where to put a couch or table.

From a liability standpoint, it is not wise for a property owner to be present at walk through or inspection. Say the wrong thing and say hello to a lawsuit or you can kill your deal. Use your agent to your advantage, let them do the talking and advise you of what to say and not to say. If you can't trust them to relay simple information for you, then you probably don't have a good agent.

As far as the open house or showing goes, it's not wise for a seller to be present. It makes the seller look desperate and most buyers feel uncomfortable and rushed.

 

[BHC Vic]

If staging was worthless, home builders like KB Homes would leave their model homes empty. The average consumer has a difficult time figuring out where to put a couch or table.

From a liability standpoint, it is not wise for a property owner to be present at walk through or inspection. Say the wrong thing and say hello to a lawsuit or you can kill your deal. Use your agent to your advantage, let them do the talking and advise you of what to say and not to say. If you can't trust them to relay simple information for you, then you probably don't have a good agent.

As far as the open house or showing goes, it's not wise for a seller to be present. It makes the seller look desperate and most buyers feel uncomfortable and rushed.

Like I said all things my agent says but as someone who’s bought 4 houses and sold 3 in less than 10 years, for me personally I disagree. Sale was much smoother having the sellers there and same with selling. Buyers were much happier having us there


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[BHC Vic]

I was much happier looking at a blank canvas than someone else’s ideas. Again probably a personal thing. I’m younger than a lot of guys on here so maybe it’s an age thing I dunno

 

[D19]

There's currently 281 homes for sale in YL.
61 are in escrow.
34 have closed in the past 30 days.
Of that 34, 25 sold under list price. (See attachment)
56 have come off the market in the past 30 days unsold. These are expired and cancelled listings.

 

[lbhsbz]

I was much happier looking at a blank canvas than someone else’s ideas. Again probably a personal thing. I’m younger than a lot of guys on here so maybe it’s an age thing I dunno

My realtors convinced me to stage my old place that I was trying to sell...It looked great...way better than it ever did when I lived there. Had I thought to arrange things in the manner they did, I mighta not moved. Oh well, too late.

 

[Havasu blue label]

Staging is a waste of money unless your current furniture looks like crap, and as for over priced tracked homes with cheap materials they need to stage there selling that same home 100 times on the same block Havasu homes are over priced 100 thousand dollar home quick fix and put on the for 300 thousand

 

[Mandelon]

https://www.nar.realtor/research-and-statistics/research-reports/profile-of-home-staging

 

[Carlson-jet]

I remember looking at new houses in the early seventies with my parents. They were filled with this 3/4 size furniture.

 

[cuz_im_CR]

My wife and I bought our first home in October. We didn’t buy a house worrying about what the value will be like in the future. We bought our house because even if we lose equity at least we own vs rent.

In 5 years we paid $108k in rent. That’s just down right a bad investment.

Our only goal was buy a modest home (375k) in canyon lake. Put 20 percent down and have a low monthly mortgage. We put an extra $500 a month towards principle.

Regardless of what happens with the economy or jobs, we can afford our home. All our bills are covered with my wife’s income and my income is for doing things and buying upgrades for toys and misc stuff.


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[Havasu blue label]

Very smart enjoy your new home

 

[CarolynandBob]

Staging is a waste of money unless your current furniture looks like crap, and as for over priced tracked homes with cheap materials they need to stage there selling that same home 100 times on the same block Havasu homes are over priced 100 thousand dollar home quick fix and put on the for 300 thousand

Ours was rented the last 2 years. No furniture in the house.

Thanks for all the other peoples input.

 

[Deja_Vu]

Buy in the winter and sell in the summer.

 

[MohavValley]

I was much happier looking at a blank canvas than someone else’s ideas. Again probably a personal thing. I’m younger than a lot of guys on here so maybe it’s an age thing I dunno

What cross streets are you near, been looking there for over a year (but I'm very specific in what I'm looking for). Missed a couple that where over priced but I'm not finding a lot of what I'm looking for.

 

[Bigbore500r]

I was much happier looking at a blank canvas than someone else’s ideas. Again probably a personal thing. I’m younger than a lot of guys on here so maybe it’s an age thing I dunno

I think it's a case by case scenario. For instance, with my home, i would probably lean towards selling it completely empty as opposed to staged. It is an older home, small bedrooms (except the master). Everything looks way bigger when empty. Plus - if your not gonna stage it with nice new shit i think it looks better empty. I know when I look at houses for sale on realtor.com, i have a hard time seeing past grandma's old sofa, grandmas book shelves, grandmas pile of blankets, grandmas end tables.....etc etc. Fresh paint, fresh carpet / floors, and empty - ready to move in with no contingencies from seller.

 

[lbhsbz]

I think it's a case by case scenario. For instance, with my home, i would probably lean towards selling it completely empty as opposed to staged. It is an older home, small bedrooms (except the master). Everything looks way bigger when empty. Plus - if your not gonna stage it with nice new shit i think it looks better empty. I know when I look at houses for sale on realtor.com, i have a hard time seeing past grandma's old sofa, grandmas book shelves, grandmas pile of blankets, grandmas end tables.....etc etc. Fresh paint, fresh carpet / floors, and empty - ready to move in with no contingencies from seller.

Buyers should love all Grandma's stuff everywhere....brings the price down...had the embossed carpet and crushed velvet lamp shades not been in place here...I probably would have had to pay more

 

[BHC Vic]

What cross streets are you near, been looking there for over a year (but I'm very specific in what I'm looking for). Missed a couple that where over priced but I'm not finding a lot of what I'm looking for.

We are right where Shawnee runs into Bronco. So Corydon and Shawnee basically. We are happy. I’ve spent way more than I had ever planned but if the kids are happy I’ll get over it

 

[MohavValley]

Been looking right there. Nice neighborhood to the east off shawnee there but 800k which is to much imho.

Missed one off del Mar and Corydon last month.

 

[LC925]

You know @Mandelon, i keep trying to read this thread but find myself only starring at the Bikini Cat Walk at the bottom of your posts... So please keep on posting

 

[BHC Vic]

Been looking right there. Nice neighborhood to the east off shawnee there but 800k which is to much imho.

Missed one off del Mar and Corydon last month.

I know which one you are talking about. Those are a little newer but I’ve heard not built as well. Ours is a little older but it’s got great bones. There’s two on bronco for sale right now. Prices to high though. Mine is nicer than both and I paid less

 

[Flying_Lavey]

So just curious if anyone here in the real estate industry has any insight as to why all of a sudden the market in Burbank appears to have absolutely skyrocketed? I just saw a 2 bedroom house was just listed for just shy of a cool Mill! WTF is going on with the market in that city?

Great for my parents and grandparents since they own there....

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[throttle]

had the house in havasu appraised and found it to still be in the negative from the 2006 price I paid. even after all the work I have had put into it... argggggg.... how is that even possible!!! lame

 

[LargeOrangeFont]

had the house in havasu appraised and found it to still be in the negative from the 2006 price I paid. even after all the work I have had put into it... argggggg.... how is that even possible!!! lame

Well if it ever gets past the 2006 price, the world will end.. so there is that.

 

[jet496]

My wife and I bought our first home in October. We didn’t buy a house worrying about what the value will be like in the future. We bought our house because even if we lose equity at least we own vs rent.

In 5 years we paid $108k in rent. That’s just down right a bad investment.

Our only goal was buy a modest home (375k) in canyon lake. Put 20 percent down and have a low monthly mortgage. We put an extra $500 a month towards principle.

Regardless of what happens with the economy or jobs, we can afford our home. All our bills are covered with my wife’s income and my income is for doing things and buying upgrades for toys and misc stuff.


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You did good. Some people try timing the market & miss out on the house they would've loved. Let the market drop, it'll just go back up, guaranteed.

 

[throttle]

Well if it ever gets past the 2006 price, the world will end.. so there is that.

that's possible, because I always said I would sell it if I could break even.

 

[Boozer]

In addition to the other factors mentioned Baby Boomers are starting to unload real estate. Baby Boomers are expected to make the housing market interesting over the next 20 years.


https://www.google.com/amp/s/seekin...5191640-s-afraid-baby-boomer-real-estate-sell


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[mjc]

In addition to the other factors mentioned Baby Boomers are starting to unload real estate. Baby Boomers are expected to make the housing market interesting over the next 20 years.


https://www.google.com/amp/s/seekin...5191640-s-afraid-baby-boomer-real-estate-sell


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I can see that coming, I got rid of one of mine when I retired last year and didn't need another.

 

[jet496]

\\

In addition to the other factors mentioned Baby Boomers are starting to unload real estate. Baby Boomers are expected to make the housing market interesting over the next 20 years.


https://www.google.com/amp/s/seekin...5191640-s-afraid-baby-boomer-real-estate-sell


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Doubtful that this scenario ever happens. The population is growing exponentially & housing will always be in high demand. Prices will probably double in the next 20 years.

We bought our 1st house 25 years ago for $155k and bought at the peak. It has since tripled in value.

 

[Carlson-jet]

\\
Doubtful that this scenario ever happens. The population is growing exponentially & housing will always be in high demand. Prices will probably double in the next 20 years.

We bought our 1st house 25 years ago for $155k and bought at the peak. It has since tripled in value.

Exponential is a curve. U.S. population is currently in a slow decline. California population growth has been a fairly steady straight line since 1940. The same as the rest of the country I believe. The only way we have grown for a long time is through immigration. There is No plan for sustainability at any level if the population stops growing which is why we are in the situation we are now. More, more,more is the only plan unfortunately. Change my mind. Lol.

 

[arch stanton]

In addition to the other factors mentioned Baby Boomers are starting to unload real estate. Baby Boomers are expected to make the housing market interesting over the next 20 years.


https://www.google.com/amp/s/seekin...5191640-s-afraid-baby-boomer-real-estate-sell


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The guy that wrote that is assuming a zero sum game and has not thought out his conclusions well.
When a baby boomer dies or go into a retirement home they will in general have a huge equity position the selling price going down will allow the young generations to move out of apartments and condos and move up. The other thing that will happen with all that equity is their kids will be getting a big inheritance, never has so many billions of wealth been handed down to the next generation they will either move into their parents home or sell and split the all the wealth between the kids.
my situation is similar my potential inheritance at this time is over 3 million and if I die today my trust is worth over 1 million. There will be plenty of people wanting to move up and they will have a good down payment, prices may adjust downward but they are also going to adjust downward for interest rates that are going up to a more normal level. Im more worried about IA if robots can do all jobs who will want to hire a snowflake.

 

[HBCraig]

Prices are not going down in my area. They havent been increasing like the last 2 years it they are decreasing.

 

[DEEZNUTS]

Shit, some of you smoke drugs or are in denial about your equity, because sunshine dammit. Houses are sitting longer and longer on the market now. Selling prices are starting to reflect it. Selling prices are clearly decreasing in all CA areas, its just not a crash or bubble like the paranoid folks have speculated.

Cash out of your CA turds and move to a free state.

 

[Flying_Lavey]

Shit, some of you smoke drugs or are in denial about your equity, because sunshine dammit. Houses are sitting longer and longer on the market now. Selling prices are starting to reflect it. Selling prices are clearly decreasing in all CA areas, its just not a crash or bubble like the paranoid folks have speculated.

Cash out of your CA turds and move to a free state.

Um..... Not all. Like I said earlier in this thread, Burbank has skyrocketed in the last 3 months. A 2 bedroom 2 bath house is going for 1 million there. The market is starting to pick back up from it's usual winter lull. Even here in Heritage Ranch where it appeared to fall on it's face, it's starting to pick up.again.

But I do agree and am going to try myself to cash out this year and move to AZ as well.

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