The housing market

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  • lovemachine

    Grandmaster
    Rating - 100%
    17   0   0
    Dec 14, 2009
    15,601
    119
    Indiana
    My wife and I have been looking at houses. Nothing serious, just for fun. We’d like to find a larger house someday though. We have 2 baby boys now, and our 2 bedroom house is now feeling a little cramped.

    I have seen $100,000 houses go for $150,000, within a couple days of being listed. It’s so crazy right now. My aunt, who is a realtor, told me that there are 10 houses for sale and 50 people looking to buy. House prices are going thru the roof. And she has sold a couple of houses the same day she listed them.

    I have also been told that now isn’t a good time to buy anyway. The majority of the people that have bought recently will be under water because house prices will eventually drop. I dunno if that’s true, but surely this housing craze will end sometime, right?



    As for us, we’ll probably try to get someone to come out and give us a price to add on. Or just buy bunk beds. I’m also rather fond of my low mortgage payment.
     

    CHCRandy

    Master
    Rating - 100%
    5   0   0
    Feb 16, 2013
    3,699
    113
    Hendricks County
    My wife and I have been looking at houses. Nothing serious, just for fun. We’d like to find a larger house someday though. We have 2 baby boys now, and our 2 bedroom house is now feeling a little cramped.

    I have seen $100,000 houses go for $150,000, within a couple days of being listed. It’s so crazy right now. My aunt, who is a realtor, told me that there are 10 houses for sale and 50 people looking to buy. House prices are going thru the roof. And she has sold a couple of houses the same day she listed them.

    I have also been told that now isn’t a good time to buy anyway. The majority of the people that have bought recently will be under water because house prices will eventually drop. I dunno if that’s true, but surely this housing craze will end sometime, right?



    As for us, we’ll probably try to get someone to come out and give us a price to add on. Or just buy bunk beds. I’m also rather fond of my low mortgage payment.

    Yeah, I think we have short memories and don't learn from our mistakes. Next thing you know, they'll be giving loans at 150% of value and then have appraisers overinflating values......you know how that story ends! If you want a price on a room addition....let me know. I can atleast get you a good ballpark price on an addition.
     

    printcraft

    INGO Clown
    Site Supporter
    Rating - 100%
    16   0   0
    Feb 14, 2008
    38,987
    113
    Uranus
    My sister sold her house within a week of listing it and got her asking price. It's definitely stronger than a few years ago.
     

    churchmouse

    I still care....Really
    Emeritus
    Rating - 100%
    187   0   0
    Dec 7, 2011
    191,809
    152
    Speedway area
    My sister and hubby decided Florida for retirement was for them
    20 Acres south of Monrovia with a for real Log cabin.
    They listed it fairly for what they had with the new out building and the barn.
    They had offers within 24 hrs and a for real bidding war. They cleaned up. Loaded up and went south.
     

    Hoosierkav

    Expert
    Rating - 100%
    5   0   0
    Dec 1, 2012
    1,013
    22
    South of Indianapolis
    We would love to sell our 1/5 acre, 4 bedroom, 3 bath, full basement house and move into a "hundred acre forest", but unless we move to the great north, we'll pay through the nose for land, it seems.

    Though we could come out quite a bit ahead, we'd lose it all on the increased prices for land.
     

    breakingcontact

    Expert
    Site Supporter
    Rating - 75%
    3   1   0
    Mar 7, 2018
    1,379
    83
    Southern Indiana
    I'm considering buying around March/April next year after having sold my house in Texas and moving to Indiana.

    Things are ridiculously hot there, didn't realize it was similar here. Wow!

    I live in Greenfield and I see hardly anything for sale but also not much being built.
     

    churchmouse

    I still care....Really
    Emeritus
    Rating - 100%
    187   0   0
    Dec 7, 2011
    191,809
    152
    Speedway area
    I'm considering buying around March/April next year after having sold my house in Texas and moving to Indiana.

    Things are ridiculously hot there, didn't realize it was similar here. Wow!

    I live in Greenfield and I see hardly anything for sale but also not much being built.

    This is not a standard summer weather wise.
     

    Hoosier45

    Snowman
    Site Supporter
    Rating - 100%
    143   0   0
    Aug 13, 2009
    10,202
    113
    Eastbound and down
    We sold our house last year. Had 8 showings the first two days on the market, and had it sold for full asking by the end of day 2. For 20% more than we paid for it 14 years prior. Then we found a house that had been vacant for six months because the previous owner had to relocate out of state and sold the home to a relocation company. We bought that for 25% less than their original asking price.

    And I never want to move again.
     

    1911ly

    Grandmaster
    Site Supporter
    Rating - 100%
    6   0   0
    Dec 11, 2011
    13,419
    83
    South Bend
    I'm enjoying it and also looking forward to my first real winter in years.

    See how severe it is this year.

    That will change come the end of December. lol If it weren't for having a paid for house and relatives up here I would be in Texas or Arizona. The older I get the more I hate the cold.

    LM, If you like the neighbor good and can swing the $$ for a addition I would be tempted to do that. Especially if you have good neighbors.
     

    DocIndy

    Master
    Site Supporter
    Rating - 100%
    38   0   0
    Mar 30, 2010
    1,930
    149
    Franklin
    My house was listed on Friday two weeks ago. The wife decided we needed to move due to our backyard getting filled with 150 houses that were a corn field when we had the house built 8 years ago. My house didn’t last a week at full asking price. We found a new place close to where we are but with 4.5 acres. anything with land was usually gone within 24 hours of listing.
     

    Tactically Fat

    Grandmaster
    Site Supporter
    Rating - 100%
    22   0   0
    Oct 8, 2014
    8,270
    113
    Indiana
    My house was listed on Friday two weeks ago. The wife decided we needed to move due to our backyard getting filled with 150 houses that were a corn field when we had the house built 8 years ago. My house didn’t last a week at full asking price. We found a new place close to where we are but with 4.5 acres. anything with land was usually gone within 24 hours of listing.

    You know where I live. Houses in my 'hood are selling in a day or so for the "cheaper" ones. Above $250k or so and they're sitting a while. There's a house for sale now (4 BR, 2.5 BA, 4900 Sq Ft, basement, .44 Acre) at $299k. It had a "sold" sign on it not too long ago - but now the realtor sign is back up in the yard. Someone just put a brand new roof on it late last week, too. I wonder how long it'll take for it to sell for real. I also now know of 4 homes that have sold person-to-person without the houses ever being on the market at all.

    It is absolutely 100% a seller's market right now in the Indy area - and in certain spots.

    Yes - you (generic you) may list and sell your home within a day, but then what? Think you're gonna find a new place of your own unless you're gonna be in the $250k+ market where things are a BIT slower?
     

    IndyTom

    Expert
    Rating - 87.5%
    7   1   0
    Oct 3, 2013
    1,336
    63
    Fishers
    My neighbor had 30+ showings the first weekend his house was listed and 19 offers. (this was in the past few weeks)

    The realtors were lining up outside the house while I was mowing. I still didn't scare 'em off.
     

    eldirector

    Grandmaster
    Rating - 100%
    10   0   0
    Apr 29, 2009
    14,677
    113
    Brownsburg, IN
    I know it is hot hear locally. Some realtor friends have a hard time keeping any inventory. Houses that are any good get offers within 48 hours. Prices seem to be a good 20% higher than a year ago. We have had realtors drop by unsolicited, asking if we would sell. Not just "hey, you in the market?", but more "Hey, we have someone literally interested in your house, right now, cash in hand". It is nuts.

    Great time to sell, terrible time to buy.

    We've kicked the tires on a few places, too. A lot of homes are pretty pricey for their condition. I don't have the time or money to drop another $50K into a house that is already priced at the high end.
     

    EricG

    Sharpshooter
    Rating - 100%
    13   0   0
    Nov 19, 2013
    566
    28
    NWI
    I'm not sure what motivates people to buy in this market. A co-worker just bought a house and while everyone congratulated him, I kinda chuckled to myself.

    You're about 2 years behind the curve and paying inflated prices. To boot, it's in Crook County. The land of taxed to death.

    Sent from my VS810PP using Tapatalk
     

    jkaetz

    Master
    Rating - 100%
    3   0   0
    Jan 20, 2009
    1,953
    83
    Indianapolis
    If you plan to buy and sell, or sell and buy, the market conditions don't really matter. You will either sell for more and buy for more or you will sell for less and buy for less. We bought and sold earlier this year, had an over ask offer in less than a week. At the time I thought we were on the high side for the buy, but we also set the high price/square foot for our old neighborhood when we sold. Now the house we bought seems to be inline with others in the new neighborhood and will likely go up. There is an inventory shortage right now. When we were looking our mortgage contact said anything under $350k was on the market for less than a week usually with an over ask offer. She also said there were issues getting loans approved as the houses weren't appraising as high as the offers.

    All that said, it's hard to lose money on real estate unless you buy and sell quickly. We built our old house in 2006 and after 2008 I figured we'd be lucky to break even on the house. Fast forward 10 years later and the house had appreciated ~36% over the purchase price. Yes if you include interest on the mortgage the gain isn't that much but most of us will either pay interest on a mortgage or rent on an apartment so I consider that a wash. Our move was also spurred by the addition of two family members in December. We stretched a bit but also don't plan on moving again until the children are out of the house. In the mean time we have a really nice place to live too.
     
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