Home prices

[Tenacious E]

There are national articles but I am curious what you are seeing locally, at least, anecdotally. We are not looking to move but I like to check out zillow once a week or so to see what homes are selling for, and if by chance, some dream property came up which we would want to consider. There are homes around Ankeny that I would consider low end relative to most properties in Ankeny, and they are starting at 250, but really almost sitting at 300. Who knows what they actually get for those houses but I would have thought they would be listed for 50 less, especially given interest rates. Or is the game now that since rates have gone up, the "starter" type homes have become more expensive to allow people equity to facilitate trading up to nicer homes? Just curious what other people are seeing.

 

[ICWestfan]

You should check out North Liberty. Housing prices seem crazy inflated to me.

 

[Here_4_a_Day]

The biden housing collapse--much like 0boma's--is on the horizon!

 

[millah_22]

There are national articles but I am curious what you are seeing locally, at least, anecdotally. We are not looking to move but I like to check out zillow once a week or so to see what homes are selling for, and if by chance, some dream property came up which we would want to consider. There are homes around Ankeny that I would consider low end relative to most properties in Ankeny, and they are starting at 250, but really almost sitting at 300. Who knows what they actually get for those houses but I would have thought they would be listed for 50 less, especially given interest rates. Or is the game now that since rates have gone up, the "starter" type homes have become more expensive to allow people equity to facilitate trading up to nicer homes? Just curious what other people are seeing.

Location matters. Isn't Ankeny typically a desirable area to live? House-by-house case what does Zillow say they are valued at now vs 2 years ago?

 

[hydro2.0]

I’ve been in the market to buy another rental but with housing prices still relatively high coupled with interest rates it’s tough to pull the trigger

 

[ping72]

My neighbor who has the smallest house in the neighborhood and is not on a lake like most of us bought their house in 2020 for $325.

They listed their house last week at $425 and it sold the next day for above asking.

 

[Kinnick.At.Night]

Home prices are obviously quite high across the board right now, but Zillow’s Zestimate numbers still seem to be inflated above the market most of the time.

 

[jasonrann]

They're pretty crazy here in KC. We live in a mid-century modern with three bedrooms, two bathrooms in one of the older Kansas neighborhoods. It's a little over 1,500 square feet, but pretty open. We bought in late 2015 for $275k, could sell tomorrow for $450-$500k.

Downtown KC is starting to REALLY get nuts. There are neighborhoods that five years ago, you would have been worried about catching the deads. I looked at a place online today just east of 23rd and Prospect, 2,000 square feet, newly built, three bedrooms, two bathrooms for $800k. Prospect used to be the street you never went near. If the new Royals stadium ends up at 15th and Grand as they are proposing, it's going to get even more crazy.

The concept of "starter home" is turning into a pretty big joke here. If you want to spend less than $250k for something about 1,000 square feet, you better be prepared for a MASSIVE fixer upper and/or live in an "up and coming" neighborhood, aka the Hood.

 

[ICWestfan]

My neighbor who has the smallest house in the neighborhood and is not on a lake like most of us bought their house in 2020 for $325.

They listed their house last week at $425 and it sold the next day for above asking.

Where are you at? I've not seen that here in North Liberty, at least recently. Neighbors have had their house listed since right before the snowstorms and it remains unsold. Maybe they are asking too much? When the market was on fire that house wouldn't have lasted the day.

 

[Sharky1203]

The biden housing collapse--much like 0boma's--is on the horizon!

It didn't collapse under Obama. It was horrible policies during the late 90's and Bush sitting on his hands when it was known that it was becoming a problem. Both parties are responsible for the 2007-08 collapse. How Obama got us out of it can be debated, but he didn't cause it.

Biden has put us in the situation again, now how we get out are the keys to the debate. Denying that it isn't a problem, like Bush did, isn't the answer.

 

[Tenacious E]

Location matters. Isn't Ankeny typically a desirable area to live? House-by-house case what does Zillow say they are valued at now vs 2 years ago?

I don't see that data, but for one of them, it was sold for 219 just last year, but looking at the photos, it is clearly a flip where they dressed up the inside, and are now asking 298. Another one is going for 275, and it sold in 2018 for 185, and it is clearly not a flip.

 

[millah_22]

I don't see that data, but for one of them, it was sold for 219 just last year, but looking at the photos, it is clearly a flip where they dressed up the inside, and are now asking 298. Another one is going for 275, and it sold in 2018 for 185, and it is clearly not a flip.

Most Zillow listings will have a market value section

For example, I chose a house that is prob similar in value to the ones your'e searching

It should look like this:

2 years ago it was valued about 35k less, but they're selling it for less than it was valued by zillow 8-12 months ago.

 

[millah_22]

We bought in April of 2021. We got a good price on a hidden gem. I will say some of the places around us are selling for about 40k more today than they were 2 years ago. We're in prob a mid to nice neighborhood. Not super nice, but not the hood.

 

[Tenacious E]

Most Zillow listings will have a market value section

For example, I chose a house that is prob similar in value to the ones your'e searching

It should look like this:

2 years ago it was valued about 35k less, but they're selling it for less than it was valued by zillow 8-12 months ago.

Here's the flip I was talking about:

401 NW 9th St, Ankeny, IA 50023 | Zillow

This 1338 square feet Single Family home has 4 bedrooms and 3 bathrooms. It is located at 401 NW 9th St, Ankeny, IA.

www.zillow.com

 

[artradley]

We have always been extremely lucky with our timing, and our latest home was no exception. Bought it in 2018 and it really skyrocketed in value from 2019 - 2022. Prices look to have somewhat stabilized since mortgage rates went up, but we have gained quite a bit of market value.

(btw, where we've lived Zillow has always been pretty close)

 

[IAFB2021Champs]

Prices still seem high to me and any time anything remotely desirable comes along it is sold in no time. Either at or above the Zillow estimate as well.
I’d love to have a little more land and a little bit more remote than what I am right now buts it’s never going to happen.
Not unless I can start chumming it up with some old people looking to move in a few years and they feel sorry for me and sell it for less than what they could easily get.

 

[millah_22]

Here's the flip I was talking about:

401 NW 9th St, Ankeny, IA 50023 | Zillow

This 1338 square feet Single Family home has 4 bedrooms and 3 bathrooms. It is located at 401 NW 9th St, Ankeny, IA.

www.zillow.com

Wow, 298 for 1300 sq feet? I wonder if they didn't consider the basement ABV grade? They must be leaning hard on the neighborhood raising the sale price.

49 days on the market and dropping the price... looks to me like they're overvaluing their home. Some nearby homes are "estimated as much" but haven't solded in 6 or 7 years. I wonder what info their realtor is pulling from that values it that high.

A nearby similar sq ft sold for 245 8 months ago, maybe bc the similar size one on 9th sold for 280 in november of 2022.

 

[millah_22]

Prices still seem high to me and any time anything remotely desirable comes along it is sold in no time. Either at or above the Zillow estimate as well.
I’d love to have a little more land and a little bit more remote than what I am right now buts it’s never going to happen.
Not unless I can start chumming it up with some old people looking to move in a few years and they feel sorry for me and sell it for less than what they could easily get.

Still a lot more buyers than homes. Something like 20 million people looking to buy right now and only about 5 million homes sell per year.

 

[beanerhawk]

Live in Marion and it's been pretty crazy. Bought our house in 2020 and the value is up 20%. I didn't believe it until my neighbor sold their house last summer and it went for well above what I thought it would and it is smaller then ours with less upgrades.

The shitty thing is our property taxes have also gone up over $600 in those 4 years.

 

[millah_22]

Live in Marion and it's been pretty crazy. Bought our house in 2020 and the value is up 20%. I didn't believe it until my neighbor sold their house last summer and it went for well above what I thought it would and it is smaller then ours with less upgrades.

The shitty thing is our property taxes have also gone up over $600 in those 4 years.

Ya it's pretty weird seeing houses in my area half the size of mine selling for as much as mine did when I bought in 2021.

Makes me feel good about selling in the future, but taxes right now are just 🥵

 

[jasonrann]

Here's the flip I was talking about:

401 NW 9th St, Ankeny, IA 50023 | Zillow

This 1338 square feet Single Family home has 4 bedrooms and 3 bathrooms. It is located at 401 NW 9th St, Ankeny, IA.

www.zillow.com

Wow. That would be $400-$450k in my neighborhood, easily.

 

[goldmom]

They're pretty crazy here in KC. We live in a mid-century modern with three bedrooms, two bathrooms in one of the older Kansas neighborhoods. It's a little over 1,500 square feet, but pretty open. We bought in late 2015 for $275k, could sell tomorrow for $450-$500k.

Downtown KC is starting to REALLY get nuts. There are neighborhoods that five years ago, you would have been worried about catching the deads. I looked at a place online today just east of 23rd and Prospect, 2,000 square feet, newly built, three bedrooms, two bathrooms for $800k. Prospect used to be the street you never went near. If the new Royals stadium ends up at 15th and Grand as they are proposing, it's going to get even more crazy.

The concept of "starter home" is turning into a pretty big joke here. If you want to spend less than $250k for something about 1,000 square feet, you better be prepared for a MASSIVE fixer upper and/or live in an "up and coming" neighborhood, aka the Hood.

KC is getting interest right now because of the Chiefs and because KC is known as a pretty nice place to live.
Our friends moved there from Dallas in the 90’s because he got a great job offer. She had been a successful realtor in Dallas and practically cried all the way to KC but after a year there they wouldn’t have left there for anything. Both raved about it being a great place to live. I imagine the housing prices are going nutso there like everywhere else.

I am a regular House Hunters viewer on HGTV and the place that amazes me with more for your money is still anywhere in Iowa though. Nice houses and suburbs with no cornfields in sight. 🤔

 

[IAFB2021Champs]

Live in Marion and it's been pretty crazy. Bought our house in 2020 and the value is up 20%. I didn't believe it until my neighbor sold their house last summer and it went for well above what I thought it would and it is smaller then ours with less upgrades.

The shitty thing is our property taxes have also gone up over $600 in those 4 years.

The other shitty thing is that if you sell your house you still have to find a new one to move into that’s going to have gone up in price as well.

It would be a great time to sell if you had multiple properties, but if that were the case, we wouldn’t be on here complaining about house prices.

 

[dekhawk]

Still hot in Nashville, but prices not increasing as they had.

 

[jasonrann]

The other shitty thing is that if you sell your house you still have to find a new one to move into that’s going to have gone up in price as well.

It would be a great time to sell if you had multiple properties, but if that were the case, we wouldn’t be on here complaining about house prices.

Spot on.

We are not even thinking about moving anytime soon. Wifey (no pic) thinks we need that 4th bedroom. BS. Just another room to store more sh!t we don't need. We aren't moving 30 minutes south or west to the boonies to have more storage.

 

[BlIIlken2]

Realtor friend of mine in Florida said houses aren’t necessarily overpriced it’s just the new normal. They might dip a little but these inflated prices are here to stay. If mortgage rates ever catch up…

 

[Tenacious E]

Wow. That would be $400-$450k in my neighborhood, easily.

Yeah, that one is a lot nicer than the others listed 250 to 275. Like this one:

810 SE 4th St, Ankeny, IA 50021 | MLS #687609 | Zillow

This 904 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 810 SE 4th St, Ankeny, IA.

www.zillow.com

 

[Aardvark86]

Here in Arlington, right now it seems to vary by the type of house.

New construction of Nouveau Reichstag/Bauhaus 5-6BR places is listing at around $2.6-$2.9mm in Arlington. They don't seem to be moving quickly in the last 6 months, but eventually they seem to move at a little less than list. There does seem to be a de facto ceiling out there.

Old construction of 3-4BR colonials is in the $1-1.2 range, and they are moving very quickly.

1BR condos are in the $200-500k range, and movement is highly variable by location.

I just got a contract on my house this past weekend, a 2005 5-6BR Craftsman, in one day, at $2.2m.

Interestingly, the county's most recent 'missing middle' initiative is to allow SFH zoning to permit from duplex to hexaplex development by right. The early experience is essentially that this is not creating 'missing middle' housing stock, but rather is creating $1.5m duplex units.

 

[goldmom]

One of the places I’m seeing falling prices in Florida is the condo market in Destin. The market is flooded and price reductions are happening every day. One of the reasons is the enormous increase in monthly dues because the condo association’s insurance premiums have skyrocketed and the state’s mandate last year (after that condo collapse in Miami Beach)
about requiring a reserve account for maintenance which is expensive in a salt water environment.

My taxes and insurance created an escrow shortfall from last year and I had to write a check this week to cover it - plus my monthly payment is going up about $120 for 2024. I’m not in a condo either but between insurance and the jump in my assessed value it’s just getting more expensive.

 

[B1GDeal]

Prices may come down a little, but not a lot more… especially in good areas. This is where the bar has been set at. Only way they would come down a lot is another housing crash which is very unlikely to happen.

 

[DogBoyRy]

There are national articles but I am curious what you are seeing locally, at least, anecdotally. We are not looking to move but I like to check out zillow once a week or so to see what homes are selling for, and if by chance, some dream property came up which we would want to consider. There are homes around Ankeny that I would consider low end relative to most properties in Ankeny, and they are starting at 250, but really almost sitting at 300. Who knows what they actually get for those houses but I would have thought they would be listed for 50 less, especially given interest rates. Or is the game now that since rates have gone up, the "starter" type homes have become more expensive to allow people equity to facilitate trading up to nicer homes? Just curious what other people are seeing.

Palm Beach and neighboring counties are really starting to see a slide. Waterfront condos really tanking due to hoa/insurance costs.

 

[Aardvark86]

One of the places I’m seeing falling prices in Florida is the condo market in Destin. The market is flooded and price reductions are happening every day. One of the reasons is the enormous increase in monthly dues because the condo association’s insurance premiums have skyrocketed and the state’s mandate last year (after that condo collapse in Miami Beach)
about requiring a reserve account for maintenance which is expensive in a salt water environment.

My taxes and insurance created an escrow shortfall from last year and I had to write a check this week to cover it - plus my monthly payment is going up about $120 for 2024. I’m not in a condo either but between insurance and the jump in my assessed value it’s just getting more expensive.

not only that, but the condo game (from the building perspective) is to basically gobble up appreciation value in higher condo fees

 

[bhawk24bob]

They're still rising on the east coast

 

[millah_22]

Prices may come down a little, but not a lot more… especially in good areas. This is where the bar has been set at. Only way they would come down a lot is another housing crash which is very unlikely to happen.

One of my coworkers is apartment hunting right now, and rent is insane, her rent is like $200 more than my mortgage. I suggested she look at buying, as it will typically lock her into a lower inflation rise than rent costs. Her response was "Nah, im not into that repair and homeowner life.. I'd rather let someone else shovel my walks" ... 🤯🤯🤯

 

[jasonrann]

This is another popular trend in my area. This house is about five blocks from mine. There are others within a couple blocks. $275-$350k houses that haven't been fixed up are being bought and bulldozed. This is what goes up. Click on the street view and look at what's around it. Not sure I would want to be in a house just under $1.2 million when the house right next to me and across the street might fetch $450k.

https://www.redfin.com/KS/Prairie-Village/5224-W-70th-St-66208/home/83294237?utm_source=myredfin&utm_medium=email&utm_campaign=recommendations_update&riftinfo=ZXY9ZW1haWwmbD0xNjk0MzcwNSZwPWxpc3RpbmdfdXBkYXRlc19yZWNvbW1lbmRhdGlvbnMmYT1jbGljayZzPXJlY29tbWVuZGF0aW9ucyZ0PWltYWdlJmVtYWlsX2lkPTE2OTQzNzA1XzE3MDg0NTYxMjZfNiZsaWxyX3Njb3JlPTAuMDA2MTcxMDc2NTU4NTMwMzMxJmxpc3RpbmdfaWQ9MTc4NTc2MzQ5JnBvc2l0aW9uPTMmcHJvcGVydHlfaWQ9ODMyOTQyMzcmdXBkYXRlX3R5cGU9OSZ6PTA=

 

[goldmom]

The other shitty thing is that if you sell your house you still have to find a new one to move into that’s going to have gone up in price as well.

It would be a great time to sell if you had multiple properties, but if that were the case, we wouldn’t be on here complaining about house prices.

That’s what is creating the shortage of available homes for sale.
I have a 3/2.5 2000 sq ft SFH and I could sell it in a week but I have nowhere to go where I could downsize to a decent replacement before I am forced into assisted living at the end of the road. This is a common problem among boomers who occupy a huge amount of housing in this country. It’s also becoming a problem for 40 somethings who bought a 1200/1300 sf starter and now have two kids and two dogs and can move - but where to?

 

[millah_22]

Spot on.

We are not even thinking about moving anytime soon. Wifey (no pic) thinks we need that 4th bedroom. BS. Just another room to store more sh!t we don't need. We aren't moving 30 minutes south or west to the boonies to have more storage.

Saw an article the other day titled "Are millennials killing the guest bedroom?" lol

 

[jasonrann]

One of my coworkers is apartment hunting right now, and rent is insane, her rent is like $200 more than my mortgage. I suggested she look at buying, as it will typically lock her into a lower inflation rise than rent costs. Her response was "Nah, im not into that repair and homeowner life.. I'd rather let someone else shovel my walks" ... 🤯🤯🤯

One bed, one bath apartments in the Power and Light District in downtown KC are renting for $2,400. I can't wait to see what the prices are after the new Royals stadium is finished.

 

[goldmom]

Saw an article the other day titled "Are millennials killing the guest bedroom?" lol

Get a sleeper sofa and be done with it. Or install a Murphy bed in the 3rd Bedroom and use that as a den or office. 😉

 

[beanerhawk]

The other shitty thing is that if you sell your house you still have to find a new one to move into that’s going to have gone up in price as well.

It would be a great time to sell if you had multiple properties, but if that were the case, we wouldn’t be on here complaining about house prices.

Yeah, tried to talk the wife into selling the house and getting me an RV. She can work from anywhere and I could quit my job! (not getting very far with that though.. )