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Is that the light at the end of the tunnel? (O.T. Thread)


zelbell

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The real estate market is crazy right now. I sold my condo in less than 2 days for 50% more than I paid for it. Granted I’ve done a lot of work to it and updated everything. Buying has been a pain. Everything decent is getting snatched up. I just don’t understand how we can be in a pandemic during a supposed economic crisis yet the housing market is insane. Maybe it’s because Cleveland has so many essential workers who didn’t get laid off. Is the market this good elsewhere?

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1 minute ago, sdrawkcab321 said:

The real estate market is crazy right now. I sold my condo in less than 2 days for 50% more than I paid for it. Granted I’ve done a lot of work to it and updated everything. Buying has been a pain. Everything decent is getting snatched up. I just don’t understand how we can be in a pandemic during a supposed economic crisis yet the housing market is insane. Maybe it’s because Cleveland has so many essential workers who didn’t get laid off. Is the market this good elsewhere?

I live in SW Ohio, and as @LETSGOBROWNIES and I can confirm, as well as @NateDawg coming from Columbus, it's SUPER HOT here. It's weird to think about, because I bought 2 acres for $35,000 a 18 months ago, and a 2 acre plot in my town just went for over $60,000. We just got done building our home in late April, and our house is already worth a lot more than what we spent on our loan to have it built.

Throw in the 2.625% interest rate that I got on it at 15 years, and that's about as good as I could have hoped/asked for.

The downside to selling is trying to find a reasonably priced home that you aren't "overspending" on, which is one of the reasons we decided to build, but if you're able to get a little pickier and put in an aggressive bid on your "perfect house", then it's worth it in this market.

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12 minutes ago, MWil23 said:

I live in SW Ohio, and as @LETSGOBROWNIES and I can confirm, as well as @NateDawg coming from Columbus, it's SUPER HOT here. It's weird to think about, because I bought 2 acres for $35,000 a 18 months ago, and a 2 acre plot in my town just went for over $60,000. We just got done building our home in late April, and our house is already worth a lot more than what we spent on our loan to have it built.

Throw in the 2.625% interest rate that I got on it at 15 years, and that's about as good as I could have hoped/asked for.

The downside to selling is trying to find a reasonably priced home that you aren't "overspending" on, which is one of the reasons we decided to build, but if you're able to get a little pickier and put in an aggressive bid on your "perfect house", then it's worth it in this market.

Luckily we were able to move into my in-laws house as an in between they live like 5 minutes from where we were so we have the luxury of being picky and waiting it out. There’s a few houses we’ve seen that we liked but we can’t put an offer in until the paper work is all done from our condo sale. I just can’t imagine how hard it would be for someone who didn’t have the in between. Gotta live in a motel or month to month apartment I guess. Building is an option but I don’t think I want to wait a year or so and there’s no land available where I’m at. So I’d have to completely renovate or tear it down. I think the current 30 year rate is around 2.89 so I wanna buy something fairly quick before that goes up. 

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22 minutes ago, sdrawkcab321 said:

The real estate market is crazy right now. I sold my condo in less than 2 days for 50% more than I paid for it. Granted I’ve done a lot of work to it and updated everything. Buying has been a pain. Everything decent is getting snatched up. I just don’t understand how we can be in a pandemic during a supposed economic crisis yet the housing market is insane. Maybe it’s because Cleveland has so many essential workers who didn’t get laid off. Is the market this good elsewhere?

Well I know interest rates are lower, so it’s a great time to buy and sell. Good for you that your condo sold quick. It took a few months to get our condo sold. We also regret going with the person to sell it. They were kinda clueless even tho they sold other condos in the exact same area

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51 minutes ago, sdrawkcab321 said:

The real estate market is crazy right now. I sold my condo in less than 2 days for 50% more than I paid for it. Granted I’ve done a lot of work to it and updated everything. Buying has been a pain. Everything decent is getting snatched up. I just don’t understand how we can be in a pandemic during a supposed economic crisis yet the housing market is insane. Maybe it’s because Cleveland has so many essential workers who didn’t get laid off. Is the market this good elsewhere?

Interest rates will never be this low again, barring a catastrophe. People are also trying to get out of cities for the burbs.

 

There’s also the reality that this is another bubble.

Edited by candyman93
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9 minutes ago, candyman93 said:

Interest rates will never be this low again, barring a catastrophe. People are also trying to get out of cities for the burbs.

 

There’s also the reality that this is another bubble.

Wholeheartedly agree with this. That's why I locked in at the current interest rate, especially considering the future economic projection(s) based upon the last 6 months. I'm not sure WHEN the bubble will burst, but I'd imagine that it will. Not to sound like a jerk, but I'm going to be in a position to take advantage of that, unlike 2007-2012 in college/coming out of college and getting screwed over.

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39 minutes ago, candyman93 said:

Interest rates will never be this low again, barring a catastrophe. People are also trying to get out of cities for the burbs.

 

There’s also the reality that this is another bubble.

This is 100% a bubble. Especially the stock market. All time highs during a pandemic is sketchy AF. The government is pumping money into it. 

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Well, I paid $20,000 less for the house I bought then the one I just sold. The big reason is because it’s 45 minutes outside of Columbus. With 2 acres, even though it’s a bit of a fixer-upper, current house would probably have cost $100k more if you put it in some congested Columbus area development. So far we have a new roof, painted the exterior/interior, re-done the deck, re-did the interior stairs, fixed some windows and screens, added some shelving, added a concrete slab in front of the porch, added a totally new air and heat pump with new duct work, and added new upstairs carpeting. We have spruced some things up also, the landscaping was a nightmare when I first moved in and has taken a lot of work. Wife of course has added her touch to plenty of areas. All I can say is that with what we have put into it already, the value better have gone up a lot. Walls coming down this winter and kitchen re-model is happening. That was the deal we made in the trade-off is that I get my pole barn later on.

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13 minutes ago, NateDawg said:

Walls coming down this winter and kitchen re-model is happening. That was the deal we made in the trade-off is that I get my pole barn later on.

Hopefully your wife has a good memory "later on" when "you get your pole barn". LOL

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