Money & Economics
- Thread starter bigredfish
- Start date
I just took a look in our old neighborhood. Summer is always the hottest market. I have been looking at our area for 2 years now. We sold our house last year, end of summer. Huge inventory of homes then and now I see. I don't see hardly any change. I remember hearing lack of inventory from MSM these last 2 years. Not so in Houston. Not in our area. It is still a Buyers Market, plenty to chose from. We averaged 3 showings a week. Our house was on the market for 76 days before we excepted a contract. We were hoping sooner but we were getting some ridiculous low offers. Again, way too many house s for Buyers to chose from. Out of the 9 for sale, which normally it is less than 5, only one has a price drop $4k. Oldest listing is 60 days. I do see one relisted from last year.
So actually looking again and more closely at houses being sold within +/- 100 sq. ft size of our old house, the prices have went up since last summer, $10-20k more...we are ok with what we got but...oh well...dang though
We were in a good place, we did not have to sell, we already had our new home, no contingency. As Dave explains above, I witnessed several people drop their prices for this reason. They needed to sell to buy their new house. People panic.
So, looking at our old area, the drop in prices I saw earlier this year is no longer there. House prices are pretty much where they were last year this time. Again in our area/neighborhood.
Is a crash coming? Oh I am sure of it, When? Guess we will see....one thing history has proven, house prices do not go down long term. Never have, never will...sure we have seen bubbles burst. I have seen a couple in my lifetime. Will we get back to prices prior to Covid?
I am sure ya'll remember the balloon payment scam in the housing market? Low monthly payments, over inflate the cost of the house, people trying to make a quick buck and sell before the balloon payment hit them. Well many lost on that deal.
So actually looking again and more closely at houses being sold within +/- 100 sq. ft size of our old house, the prices have went up since last summer, $10-20k more...we are ok with what we got but...oh well...dang though
We were in a good place, we did not have to sell, we already had our new home, no contingency. As Dave explains above, I witnessed several people drop their prices for this reason. They needed to sell to buy their new house. People panic.
So, looking at our old area, the drop in prices I saw earlier this year is no longer there. House prices are pretty much where they were last year this time. Again in our area/neighborhood.
Is a crash coming? Oh I am sure of it, When? Guess we will see....one thing history has proven, house prices do not go down long term. Never have, never will...sure we have seen bubbles burst. I have seen a couple in my lifetime. Will we get back to prices prior to Covid?
I am sure ya'll remember the balloon payment scam in the housing market? Low monthly payments, over inflate the cost of the house, people trying to make a quick buck and sell before the balloon payment hit them. Well many lost on that deal.
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Dang, I should not of looked again this morning, bummer. 
But we removed the Homestead and 65+ exemptions from the old house when we bought our new home so taxes doubled at our old house. Add that up over 2 years and it would of eaten up the extra profit for the higher sell price plus add utilities which was low except when we had the house listed, I kept the thermostat at a very comfortable level during the listing. Not good to walk into a stagnant house as a buyer. Also, never add/burn incense, buyers know you are trying to cover up smells. Learned alot on this last Sell.
One thing I will also add is having an empty home was actually a plus for us. We ended up having 13 Open Houses, Realtors love an empty home for this reason, it is actually how we sold our house, the buyer came to two Open Houses. The convince of showing your house on the weekends bring in much more traffic. We had Virtual furniture pictures online which is much, much easier than staging and looks much better too, IMO
Oh forgot, add another year of Home Owners Ins. cost too which on an empty house cost more than an occupied house. Yes, crazy huh, Agent said because we are not living there, there is a greater risk of something going wrong and a possible longer damage period. Ex. water leak.
So I fee better now
But we removed the Homestead and 65+ exemptions from the old house when we bought our new home so taxes doubled at our old house. Add that up over 2 years and it would of eaten up the extra profit for the higher sell price plus add utilities which was low except when we had the house listed, I kept the thermostat at a very comfortable level during the listing. Not good to walk into a stagnant house as a buyer. Also, never add/burn incense, buyers know you are trying to cover up smells. Learned alot on this last Sell.One thing I will also add is having an empty home was actually a plus for us. We ended up having 13 Open Houses, Realtors love an empty home for this reason, it is actually how we sold our house, the buyer came to two Open Houses. The convince of showing your house on the weekends bring in much more traffic. We had Virtual furniture pictures online which is much, much easier than staging and looks much better too, IMO
Oh forgot, add another year of Home Owners Ins. cost too which on an empty house cost more than an occupied house. Yes, crazy huh, Agent said because we are not living there, there is a greater risk of something going wrong and a possible longer damage period. Ex. water leak.
So I fee better now
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mat200
IPCT Contributor
- Jan 17, 2017
- 16,578
- 27,866
@David L
Imagine the taxes on this one
So the current owner(s) looks like they bought it in 2020 for $600k, and property tax is currently at nearly $10k, so if sells for 2x I would expect 2x on the property tax, or about $20k
( crazy, I would hope it would be much lower than that )
Yep seeing that here
Sold our house in 2022 with $2000 p/yr taxes.
4 for sale on that street now with taxes between $6000-$10,000
Sold our house in 2022 with $2000 p/yr taxes.
4 for sale on that street now with taxes between $6000-$10,000
The wife showed me land being raffled off, 76 acres at $6.40 in the Hill Country of Texas. That all sounds great but what about the taxes? If Ag exempt then no problem, if not and I assume there is at least one building on the land then unless you do something with the land it will just be a tax burden.
Sybertiger
Known around here
I had 12 acres of land in Central Florida until I sold it in 2019. The taxes were $8K+ if you just sat on it and just enjoyed it for your pleasure but $100 if you had an ag exemption. It's very sad that you really don't own your house or land; you are simply a custodian of it and the County is kind enough to let to live on it if you pay them their fees or work it the way they want you to in order to get a lower tax bill. It can become a burden and a chore just to own a few acres thanks to the gubermint.