User Panel
User Panel
User Panel
|
Posted: 5/4/2024 8:40:47 AM EDT
[#1]
We paid $360,000 16 years ago and have put at lease $100k into our home so I don’t feel the value is excessive. Roughly 3% a year before adding the improvements.
Given all the hype about rising housing, you’d think it would be double that. 1.7 acre lot in rural subdivision with a great school district and low taxes, relative to the city anyway.  Attached File |
|
|
|
|
Posted: 5/4/2024 8:50:07 AM EDT
[#2]
Quote HistoryOriginally Posted By Coffin-Nail: Mine doesn't have a "zestimate" not enough data. I guess that's one advantage to being in the country but neighborhoods are slowly creeping my way. The guy who bought the 55 acres across the road is a developer but they won't allow neighborhoods to be built on dirt roads. He will pave it like they do here and the houses will start sprouting soon after. There is a few places out by me that have a neighborhood convenients that state the last person buying the empty property paves the road. Five years ago none of those roads were paved, now all of them are because their has been such a building boom. |
|
|
|
VI, USA
|
Posted: 5/4/2024 8:51:33 AM EDT
[#3]
It's great if you bought your home, land etc pre Covid, it's even better if the property is paid off.
The big gotcha is the extreme increase in land and home prices are going to drive up tax rates and insurance rates. That will pinch alot of people that are getting crushed by Bidenomics. Even if you cash out with a big wad of cash you are going to have a tough time finding a replacement property. I feel sorry for the younger people, between vehicle and home prices the middle class is disappearing. |
|
|
|
Posted: 5/4/2024 9:19:53 AM EDT
[#4]
Quote HistoryOriginally Posted By Kachael: It's great if you bought your home, land etc pre Covid, it's even better if the property is paid off. The big gotcha is the extreme increase in land and home prices are going to drive up tax rates and insurance rates. That will pinch alot of people that are getting crushed by Bidenomics. Even if you cash out with a big wad of cash you are going to have a tough time finding a replacement property. I feel sorry for the younger people, between vehicle and home prices the middle class is disappearing. Yep. My house is worth a good bit more than it was when I bought it 18 years ago… but I have to laugh… I can’t afford to downsize right now. It costs more for less house. I now know what a gilded cage feels like.  at least I like the place and area. 
|
|
|
|
|
Posted: 5/4/2024 10:28:16 AM EDT
[#5]
Quote HistoryOriginally Posted By macman37: Yep. My house is worth a good bit more than it was when I bought it 18 years ago… but I have to laugh… I can’t afford to downsize right now. It costs more for less house. I now know what a gilded cage feels like. at least I like the place and area. Ha, that is so true. I never even thought of that. We talked about selling and moving out of state, but there is no where that isn't affected by this. |
|
|
|
IN, USA
|
Posted: 5/4/2024 10:41:17 AM EDT
[#6]
I paid $215k for my house in 2017....Zillow's estimate is $350k. I refinanced during Covid for 2.25% for 15 years.
I'd like to move to get more property but it's just not feasible right now. |
|
|
MT, USA
|
Posted: 5/4/2024 11:10:08 AM EDT
[#7]
Its only value is what someone is willing to pay. I’ve looked at alot of houses lately and laughed at the shit condition with a $475k price tag.
|
|
|
|
Posted: 5/4/2024 11:21:57 AM EDT
[#8]
Yeah I know the place didn’t cost near what Ziller says it’s worth now. Quiet and dark at night and a nice view in the morning with the sun lighting it up.
First home was a shitty townhouse in aurora CO. 62k and I thought I was cutting a fat hog when I sold it for 82k. Market is insane now .  Attached File |
|
|
|
|
Posted: 5/4/2024 11:51:05 AM EDT
[#9]
Wow, haven't looked in a while. Paid $200k in 2020, Zillow says$483k now!? Whatever, we're here till we die.
|
|
|
|
|
Posted: 5/4/2024 11:58:06 AM EDT
[#10]
Says $459,200. I wouldn't sell it for 5 times that amount.
|
|
|
|
AZ, USA
|
Posted: 5/4/2024 12:11:44 PM EDT
[#11]
Quote HistoryOriginally Posted By Obo2: They aren't that far off. Pretty easy to look at recent sales near you or revise your comps in zillow. Quote HistoryOriginally Posted By Obo2: Originally Posted By Racer_X: One of my thoughts at the beginning of this thread was, "How accurate is Zillow in comparison to a real comp done by a realtor?" They aren't that far off. Pretty easy to look at recent sales near you or revise your comps in zillow. Zillow has mine for $700k+, other sites show about 425. A couple of houses in my immediate neighborhood are sitting unsold at the 500 mark |
|
|
|
Posted: 5/4/2024 12:14:04 PM EDT
[#12]
I paid $116k in 2018 for 6 acres, 3 barns and 2400sqft. We got a deal obviously.
Zillow says $250 now. But we’ve put another $120k into it since we bought it. Seeing what else is out there, I wouldn’t sell for less than $450k. |
|
|
|
HI, USA
|
Posted: 5/4/2024 12:46:57 PM EDT
[#13]
One of the most amusing aspects of this bubble is the complete cognitive dissonance people have in that they see no problem with commercial RE in a depression while residential RE enjoy sky high valuations. Makes about as much sense as paying 70k for an imaginary coin
|
|
|
|
Posted: 5/4/2024 1:45:56 PM EDT
[#14]
Quote HistoryOriginally Posted By Cataly5t: One of the most amusing aspects of this bubble is the complete cognitive dissonance people have in that they see no problem with commercial RE in a depression while residential RE enjoy sky high valuations. Makes about as much sense as paying 70k for an imaginary coin There’s a lot that doesn’t add up. Like how can the bank compel you to buy ever increasing insurance for an amount far more than your debt to them? That cost when unaffordable to the borrower is allowing them to foreclose. Are they just allowed to keep all that equity? It’s conceivable if not probable that will happen to lots of people with inflation as it is and it’s being done on purpose. |
|
|
|
OH, USA
|
Posted: 5/4/2024 2:05:05 PM EDT
[#15]
Bought 9 acres for $25,000 and had the house built 6 years ago for $182,000. Zillow says $385,000. Not bad but I couldn’t come close to replacing what we have for that.
|
|
|
GA, USA
|
Posted: 5/4/2024 2:38:21 PM EDT
[#16]
Zillow doesn't know shit.
One house I own is listed @ 100K less than it appraised at a year ago. Also states gas heat and a fireplace, neither is true. |
|
|
|
Posted: 5/4/2024 2:42:16 PM EDT
[Last Edit: juan223]
[#17]
Just hope the property tax man and your home insurance ain't looking at zillow
|
|
|
|
PA, USA
|
Posted: 5/4/2024 2:51:20 PM EDT
[#18]
Zestymate is 90k more than we payed 2.5years ago.
Does not include my improvements as zillow doesnt know that. One house in the neighbarhood that is smaller but with a garage is currently for sale for another 50 more. At 7 instead of 3% thats more than double the monthly payment we have. Absolute insanity |
|
|
|
Posted: 5/6/2024 9:36:37 AM EDT
[Last Edit: towerofpower94]
[#19]
Quote HistoryOriginally Posted By Alacrity: If significantly more than the $250k/$500k single/married exclusion, prolly makes sense to hire someone with knowledge of Sec 121, 1031 - there's strategies. But 0% rate extends to almost $100k AGI filing married, tho 15% most will pay on non-excluded is kinda rapish. Quote HistoryOriginally Posted By Alacrity: Originally Posted By st0newall: if you bought your house a while ago and the price has increased a bunch... you sell, you get raped on capital gains, then you find a house at the 'new' higher prices, your mortgage, taxes and insurance go up. If significantly more than the $250k/$500k single/married exclusion, prolly makes sense to hire someone with knowledge of Sec 121, 1031 - there's strategies. But 0% rate extends to almost $100k AGI filing married, tho 15% most will pay on non-excluded is kinda rapish. We're hoping to end up with 250-350k profit on our place, but we've kept receipts for the HVAC (11k) and hardscape (25k) upgrades we had done in the last 5+ years along with a few other four figure improvements and I believe those can reduce your potential capital gains number, right? |
|
|
|
|
Posted: 5/6/2024 9:43:11 AM EDT
[#20]
Quote HistoryOriginally Posted By FDrifting: Wife and I sold our townhome we bought in 2012 for ($70k) for 270k in December. Was able to afford to build a house I never would've dreamed of being able to own. not happy with the interest rate (7%) but it'll all come down soon enough and we will refinance. Our build loan is at 6.6%, but I'm not banking on that going much lower except for when we go back to a VA product once we finish the build, move in, and sell our current house. |
|
|
|
|
Posted: 5/6/2024 9:52:35 AM EDT
[#21]
Ours appraised in 2020 for $340k. The zestimate is $560k. Seems right considering the house next door sold for $650k and one down the street sold for $770k. We have a shortage of 14k houses in this area and that will not be solved anytime soon so the prices continue to soar.
|
|
|
|
NY, USA
|
Posted: 5/6/2024 9:54:20 AM EDT
[#22]
Quote HistoryOriginally Posted By Wammel: I saw something saying that with house market increases, additional taxes, and interest rates the cost for buying your first home has doubled since FJB took office. I'd feel sorry for the younger generation, but I'm out of F's to give and statistically they voted for it. 81 zillion votes. |
|
|
|
Posted: 5/6/2024 10:02:05 AM EDT
[#23]
Bought my house 10+ years ago for 438k and it’s showing 538k which is about what I think I can get for it. I told my wife realistically we can only get about 550k for the home bc everyone is broke down here, taxes are high, insurance is insane, and our HOA’s is high.
|
|
|
|
NC, USA
|
Posted: 5/6/2024 10:07:51 AM EDT
[#24]
$263k to $700K here.
|
|
|
|
Posted: 5/6/2024 10:10:56 AM EDT
[#25]
My home value is way low and shows a picture of the house that is at least 3 years old based on what is parked in the driveway.
It has since been almost totally destroyed in a fire, rebuilt, changes made to the floor plan, and their numbers for the amount owed on the mortgage is wrong because it’s paid off… Not sure I would take what is on Zillow to the bank. |
|
|
|
AL, USA
|
Posted: 5/6/2024 10:11:30 AM EDT
[Last Edit: GDaawg]
[#26]
Bought my home 19 year ago for 90k. Now worth around 320k.
|
|
|
OR, USA
|
Posted: 5/6/2024 10:18:42 AM EDT
[#27]
Quote HistoryOriginally Posted By TheOtherDave: My home value is way low and shows a picture of the house that is at least 3 years old based on what is parked in the driveway. It has since been almost totally destroyed in a fire, rebuilt, changes made to the floor plan, and their numbers for the amount owed on the mortgage is wrong because it’s paid off… Not sure I would take what is on Zillow to the bank. None of those things have anything to do with how Zillow operates. They take down all the photos except one exterior from the last listing. Some other sites don’t, giving thieves a nice road map straight to the master bedroom closet. How would a real estate company know you tore down and rebuilt, fire or not? They aren’t out appraising properties, it’s tracking known data and comps. The mortgage is based on an expected down payment and 30 year terms at an assumed interest rate. They don’t have access to your bank info. |
|
|
UT, USA
|
Posted: 5/6/2024 10:22:06 AM EDT
[#28]
Bought mine in 2016 for 369k, current estimate is 664k.
|
|
|
|
Posted: 5/6/2024 10:22:36 AM EDT
[#29]
Quote HistoryOriginally Posted By maslin02: None of those things have anything to do with how Zillow operates. They take down all the photos except one exterior from the last listing. Some other sites don’t, giving thieves a nice road map straight to the master bedroom closet. How would a real estate company know you tore down and rebuilt, fire or not? They aren’t out appraising properties, it’s tracking known data and comps. The mortgage is based on an expected down payment and 30 year terms at an assumed interest rate. They don’t have access to your bank info. They wouldn’t know it….. which is why you shouldn’t put too much confidence in what they tell you the house is worth. That site’s value is in generating leads for mortgage companies and realtors. Once again, if you aren’t paying for the service, you are the Product and not the Customer. |
|
|
|
|
Posted: 5/6/2024 10:23:21 AM EDT
[#30]
We're in North GA also. Bought our 2100 sf house in 2017 for $179.9. We've added a few things (pool, etc.) and it's now estimated to be just under $400. We have no plans to sell so we just get to enjoy the rapidly rising property taxes!
|
|
|
|
|
Posted: 5/6/2024 10:29:13 AM EDT
[#31]
My place in West Virginia has almost doubled in that four year time period, one in California is up about 30% and Wyoming about 30%, but I think that’s low looking at comps.
|
|
|
|
|
Posted: 5/6/2024 10:41:13 AM EDT
[#32]
Quote HistoryOriginally Posted By The_Like_Button: We went from 280k for around 12 acres and a 2k house that needed work to 575k. If it ever hit 800k I’m selling and moving to the Keys. Are you going to live on a Dinghy? Because if 800k buys your house in "wherever", it ain't gonna buy anything in the keys. It actually really sucks. I'd like to buy property, but at this point the 3k I pay in shop rent doesn't seem too bad for the area/clientele it brings. |
|
|
|
TN, USA
|
Posted: 5/6/2024 11:24:32 AM EDT
[Last Edit: LawVol]
[#33]
I bought my house in 2015 for $300,000. It was bank owned, so I got a good price. If I listed it now, it would be at $800,000.
The family next to us sold their house last June; they didn't even have the sign up in the yard yet. A family from San Diego bought it sight unseen for $50K over asking. It's actually pretty said. My city used to be affordable. Now, people who grew up here cannot afford to buy because of the people moving from the coasts and others looking for investments. |
|
|
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
