what's the price trend in your area?

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I'm at Great Seattle area, House price is going up so fast.

What's your story?  Please include your city. 

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More like you should have gone to an ivy league law school or finished at the top of your class at other top law schools... (more)

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thank you for the info! Reason I ask is to decide if I should wait to buy a house

I feel like no hope to buy a house if price keep rising. in the file, the increase is 9.9% for Seattle area. Then I saw Rockford, IL is up 25%! Can't imagine it


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fiustudentable said:   I feel like no hope to buy a house if price keep rising. in the file, the increase is 9.9% for Seattle area. Then I saw Rockford, IL is up 25%! Can't imagine it
  I live and own a home in Rockford IL and my house has gone down about 10-15% in the last 3 years (According to zillow) so YMMV Also the home prices are CRAZY low here so its potentially 25% of a much smaller pie

Lots of data here, in a structured format:
https://www.zillow.com/research/data/

Way better than reading through comments made by FWFers.

As an aside, I wouldn't base a housing decision on FWF comments.

fiustudentable said:   I'm at Great Seattle area, House price is going up so fast.

 

  ...city will be paralyzed by traffic in no time. Our old dumpy house north of Seattle in a suburb (nice one though), jumped 120K in value over the last 3 years. 

fiustudentable said:   thank you for the info! Reason I ask is to decide if I should wait to buy a house
  
Don't forget the hidden price increase due to interest rates (if you are going to refinance). 1M house at 3% interest is a lot cheaper than 1M house at 4% interest.

I felt like you back in 2005. That I would never be able to buy a house, as entry houses in decent areas were around $600k. After the crash I bought one in 2011 for $330k. It is approaching $600k now and i don't see how it can sustain. I would assume a correction.at some time in next couple of years but you never know.

Island of Oahu, Hawaii.  I wouldn't buy here unless the market crashes or you plan on being here indefinitely.  If you buy at the bottom of the market, you'll be able to make big $$$$$$ once the market recovers as it always does here.  Everyone I know that bought at the bottom of the market in 2009-2010 is cashing out and nearly all of them 6 figure payouts.   I moved here last Spring and prices don't seem to have changed very much despite what these numbers indicate. 

Honolulu (Very few desirable areas outside of Waikiki and Diamond Head area.  People want $500k+ for shacks and small leasehold apartments.)
Current: $666,500
Monthly Change: 0.5%
Annual Change: 6.4%

Waipahu (Decent area.  Commute to downtown is bad, but not as bad as the next two)
Current: $618,800
Monthly Change: 0.6%
Annual Change: 5.1%

Ewa Beach (New mall, for what that's worth.  Horrendous commute to downtown.  Lots of ticky tack houses)
Current: $575,500
Monthly Change: 0.6%
Annual Change: 7.8%

Mililani (Nicer than Ewa but the commute downtown is just as bad as the Ewa Beach to downtown commute)
Current: $684,700
Monthly Change: 0.5%
Annual Change: 8.3%

Kailua (Old and overpriced.  Full of rich hippies.  Beach town)
Current: $973,100
Monthly Change: 1.1%
Annual Change: 6.2%

MrSamsung said:   Lots of data here, in a structured format:
https://www.zillow.com/research/data/

Way better than reading through comments made by FWFers.

As an aside, I wouldn't base a housing decision on FWF comments.

  
I pulled my numbers from Zillow as well.  The good thing about FW commenters is that we can provide some context to the numbers.

RailroadTrack said:   
MrSamsung said:   Lots of data here, in a structured format:
https://www.zillow.com/research/data/ 

Way better than reading through comments made by FWFers.

As an aside, I wouldn't base a housing decision on FWF comments.

  
I pulled my numbers from Zillow as well.  The good thing about FW commenters is that we can provide some context to the numbers.

  
Boston-area here and it is similarly crazy. Have been watching the market and checking out open houses. Have a friend that has put in three offers, all rejected. 2nd highest offers at best out of 7-9 offers. His latest offer was 20% above asking, and still was 2nd.

Lots of millennials in the home-buying phase, wanting to live near the city. Quite a few with $$$$ (parents or otherwise) in this area, with very low inventory. Multiple offers on anything decent looking. Bad combination for buyers IMO.

The San Francisco area is at an all time high but growth is slowing.

fiustudentable said:   I'm at Great Seattle area, House price is going up so fast.

What's your story?  Please include your city. 

I looked into buying an investment condo (and future retirement vacation home) in the Capitol Hill area of Seattle last year but couldn't put together the down payment fast enough.  The prices in that area have jumped about 15-20% since from what I've seen.  Real estate is local so you need to understand what's driving the demand and pricing in your area.  I've been following the Seattle area for over a year now.  Chinese money has moved out of Vancouver into Seattle so it's going to drive up prices.  Bloomberg article about Chinese buyers 

Up up and away!!!!

Price of house and everything else except for my income.

38060 Phoenix-Mesa-Scottsdale, AZ 198.5 216.4 232.7 221.0 223.1 234.7 235.3 235.6 6.6%

2008 all over again

anecdotal.....orlando prices up 15% atleast imho....

Oh Lets not even get started on the Bay Area.. Silicon Valley and SF prices are just INSANE and rentals are a total joke being a 2 bedroom Apt runs for about 3k a month, so a house would rent in a avg, not nice area for about 4to 5k, houses run about 1.1 to 1.3 in an avg area and a semi nice area about 1.9 to 2.5 mil, and a nice area in demand about 3 to 5mil

Dil

The Chinese corruption money is so harmful in any economic system. I hope the US gov is doing something about it. 

Dilbertic said:   Oh Lets not even get started on the Bay Area.. Silicon Valley and SF prices are just INSANE and rentals are a total joke being a 2 bedroom Apt runs for about 3k a month, so a house would rent in a avg, not nice area for about 4to 5k, houses run about 1.1 to 1.3 in an avg area and a semi nice area about 1.9 to 2.5 mil, and a nice area in demand about 3 to 5mil

Dil


The best things in life cost $$$$$$. Capitalism is never wrong.

payninja said:   
Dilbertic said:   Oh Lets not even get started on the Bay Area.. Silicon Valley and SF prices are just INSANE and rentals are a total joke being a 2 bedroom Apt runs for about 3k a month, so a house would rent in a avg, not nice area for about 4to 5k, houses run about 1.1 to 1.3 in an avg area and a semi nice area about 1.9 to 2.5 mil, and a nice area in demand about 3 to 5mil

Dil


The best things in life cost $$$$$$. Capitalism is never wrong.

  
ever heard about bubbles?

anecdotal.....orlando prices up 15% atleast imho....

I find the fluctuation in Zillow to be highly inaccurate. I live in a neighborhood of 100+ homes, with houses everywhere outside our development, and Zillow misses many of the sales. Further, the value assigned to my home each update has absurd fluctuations. The real issue is the value assigned is about 15% higher than the market.

Hard to say what will happen.  In our area, there are still a ton of homes on the market, but the nicer ones that are reasonably priced go fast.  

We purchased in 2012, when the prices and interest rates were still very low in our area.  I have watched the value of our house go up by 24% since then, but it still isn't as high as pre-2008.

TX is up and up and up. Migration to TX from other states has been steady to on the rise, so the demand for housing continues to outpace the supply.

Rubl said:   TX is up and up and up. Migration to TX from other states has been steady to on the rise, so the demand for housing continues to outpace the supply.
  Read an article that TX benefits more from NAFTA than just about any other state.  If the orange prez has his way and dismantles NAFTA, TX economy will plummet.  Be prepared for housing to follow to the gutter.

Dilbertic said:   Oh Lets not even get started on the Bay Area.. Silicon Valley and SF prices are just INSANE and rentals are a total joke being a 2 bedroom Apt runs for about 3k a month, so a house would rent in a avg, not nice area for about 4to 5k, houses run about 1.1 to 1.3 in an avg area and a semi nice area about 1.9 to 2.5 mil, and a nice area in demand about 3 to 5mil

Dil

  its not going up now....stagnating....but it is higher than the previous bubble.

I think this time it might be more localized bubbles not the national bubble we saw in 2008.  Per the site linked above my area is down about 1%. 

The data per the NAR site in my area is lumping too much of an area together. it says my areas is up 4.1%. Locally my area has definitely risen. Pockets have risen quickly and sold fast at much more than 4%. Other areas that aren't as good have not had that level of activity. I'm not sure if its a bubble or the new normal. We're still under peak pricing. If it jumps another 10% this year I definitely feels like thats bubble growth.

My assumption is that if the price increase and market pace on the more desirable areas keep up, the lesser areas will follow as people settle.

In my area (CT, suburb/exurb of NYC) prices are roughly what they were in 2003/2004 - no notable appreciation for the past 20 years!!

I don't quite know the economic rationale of an interesting price mismatch I have noticed. Locations at similar distance from NYC and with acceptable school districts - in NY State, Long Island or NJ sell for at least 50% more, AND have double or more taxes per year!!

The stagnation where I live makes sense - no wage growth for middle class for 20+ years would explain it. I don't understand what makes the houses in LI/upstate-NY/NJ worth so much more than they were 20 years ago.

vickh said:   38060 Phoenix-Mesa-Scottsdale, AZ 198.5 216.4 232.7 221.0 223.1 234.7 235.3 235.6 6.6%

2008 all over again

  Of course, we also have this:
"The Census Bureau says Arizona's Maricopa County has replaced Texas' Harris County as the county with the nation's highest annual population growth."

https://www.usnews.com/news/best-states/arizona/articles/2017-03-23/census-bureau-maricopa-county-sees-largest-population-gain
 

momoman said:   
fiustudentable said:   I'm at Great Seattle area, House price is going up so fast.

What's your story?  Please include your city. 

I looked into buying an investment condo (and future retirement vacation home) in the Capitol Hill area of Seattle last year but couldn't put together the down payment fast enough.  The prices in that area have jumped about 15-20% since from what I've seen.  Real estate is local so you need to understand what's driving the demand and pricing in your area.  I've been following the Seattle area for over a year now.  Chinese money has moved out of Vancouver into Seattle so it's going to drive up prices.  Bloomberg article about Chinese buyers

  
How many homes did the Chinese buy in Seattle last month, quarter or 12 month period?

Theres no actual data on the number of homes bought in that article.

Whenever I see these articles blaming foreigners or out of state buyers, theres very little if any actual data to back up the theory that the foreigners are really substantially driving up prices.    

Californians moving north  or increased hiring at Amazon could be having 10x the impact on the Seattle market as Chinese investment.
 

Boston area - close in suburbs with good schools have seen 5-10% appreciation per year over the last few years. Hot downtown neighborhoods are seeing similar appreciation. The (lack of) supply in many in-demand neighborhoods causes multiple bids above asking for many properties.

Buy now or you'll be priced out forever.
 i read this on fw just before the crash. Its was made in jest and it was exactly right.

Rubl said:   TX is up and up and up. Migration to TX from other states has been steady to on the rise, so the demand for housing continues to outpace the supply.
  
We bought during the bubble crash in a small town outside of the Dallas sprawling metroplex.  Fast forward 7yrs later and they're flattening every last parcel between me and the suburbs to build more houses.

Today, Zillow estimates our house at a price 55% higher than what we paid.  Even if Zillow is only half-right, it's a bit surprising.

 

I live in central PA. Prices are stagnant.

BostonOne said:   Boston area - close in suburbs with good schools have seen 5-10% appreciation per year over the last few years. Hot downtown neighborhoods are seeing similar appreciation. The (lack of) supply in many in-demand neighborhoods causes multiple bids above asking for many properties.

Me too... Most open houses have an offer deadline a couple days later and they all sell. There are 100+ year old dumps on Zillow that people are asking $400-$500k for. Anything decent sells over asking, almost 10% higher. I even went to an open house where the sellers already accepted an offer the day before. What's the point of open house then?

Up or down, but not necessarily in that order.

jerosen said:   
momoman said:   
fiustudentable said:   I'm at Great Seattle area, House price is going up so fast.

What's your story?  Please include your city. 

I looked into buying an investment condo (and future retirement vacation home) in the Capitol Hill area of Seattle last year but couldn't put together the down payment fast enough.  The prices in that area have jumped about 15-20% since from what I've seen.  Real estate is local so you need to understand what's driving the demand and pricing in your area.  I've been following the Seattle area for over a year now.  Chinese money has moved out of Vancouver into Seattle so it's going to drive up prices.  Bloomberg article about Chinese buyers

  
How many homes did the Chinese buy in Seattle last month, quarter or 12 month period?

Theres no actual data on the number of homes bought in that article.

Whenever I see these articles blaming foreigners or out of state buyers, theres very little if any actual data to back up the theory that the foreigners are really substantially driving up prices.    

Californians moving north  or increased hiring at Amazon could be having 10x the impact on the Seattle market as Chinese investment.

Seattle becomes No. 1 U.S. market for Chinese Homebuyers   "Overall, buyers from China bought about $1.6 billion in homes across Washington last year, according to the National Association of Realtors. The state drew 6 percent of the $27 billion that Chinese spent buying U.S. homes last year, putting Washington behind only California, New York and Texas.Still, the Seattle region is nowhere near catching up to the land rush experienced in British Columbia, which had about $760 million worth of home sales to Chinese buyers just in a one-month stretch earlier this year, according to news reports. Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington, the Realtors association says."

​The article attributes 55% of all home purchased by foreigners, not all purchases, but that's still a pretty significant number.  ​Here's an article that attributes 30-50% of the sales of luxury homes in the Seattle are to the Chinese:  link 
​I always seem to miss the boat trying to front-run the investors/speculators/homebuyers when looking for investment properties.  Years ago I looked into Portland and Austin, then turned my attention at Seattle. 

​My primary residence is in the western part of the SGV region in SoCal, one of the cities with top rated public schools.  There are still bidding wars and sales prices above asking because of a lack of inventory.  I still have a significant amount of equity in the house even after doing a 6-digit cash-out refinance early last year, but I was late trying to catch something reasonably priced in Seattle.

Skipping 35 Messages...
BostonOne said:   
scripta said:   FML. I should've gone to law school
  More like you should have gone to an ivy league law school or finished at the top of your class at other top law schools. That's how you land a job at the top firms.

yeah it's incredibly competitive. if you don't land at the top, then you make a fraction of what the BIGLAW grads make. unless you chase ambulances. 



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