The Current Real Estate Market

[Milkfisher]

I sold a house last month. Listed at 549 and sold for 598. I’m listing my rental at the end of July. I’m gonna put that money into a place I can shoot a deer on.

[Phorizt]

My sister sold her house in Steiner Ranch(Austin) in the last month. They bought it for approximately $700k a few year ago so it was a nice place. Listed it for $1.1 million, had a ton of offers and accepted a $1.37 million cash offer on it within the first week of listing. Absolutely insane. They work from home so now they just have to decide where they want to move to.

[HogHunter34]

Our first home we bought was a small 3/2 with detached 2 car garage. Right at 1325 sq ft
We bought it in 2001 for 78k & sold it in 2012 for 97k
It just hit the market for 195k

[hully1029]

It makes me wonder what I could get for mine.. but makes me worry how difficult it would be to find another.

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[Hunteraudit]

We sold last October and buying this month. Horrible timing but that’s the way life worked out. Had my equity invested for that time so it wasn’t as bad as it could’ve been.

Don’t know if it’s a bubble or a new norm and don’t really care as we intend to live in this house a long time.

[texasdeerhunter]

We tried to sell while the market is high and build...didn’t realize covid would make material prices skyrocket. So we are living in our rent house waiting on material prices to normalize somewhat so that we can build on our lot. I’m hoping in another 3 months we can start. It’s insane out there right now. We bought the house next door to our rent house and are renovating it. We already have renters lined up for when we move into the house next door.

[Johnny Dangerr]

I just did the math and we could barely make a 15 year note for this house if we bought it at todays price. {double what we paid}
My kids and grandkids could not.

[highspeed]

No we have been marching in this direction a long time. My twin brothers best friends hung with the Clintons for the last 40 years. All of this was planned a long time ago..............

George Clinton???

[Johnny Dangerr]

George Clinton???

No Bill & Hillary in London and New York

My twin was a International Baccalaureate professor. He new a bunch of confused people....................

[BlackoutRam2500]

had a ton of offers and accepted a $1.37 million cash offer on it within the first week of listing. Absolutely insane.

Some of it is migration and investors but remember the Dow was 8,000 in 2009 and the Nasdaq was 2,000. Right now Dow is 34k and Nasdaq is 14k. That's 4 fold and 7 fold increases for those that were invested and kept investing the entire time. Even more for those who bought Facebook at $18 a share or Tesla or Amazon.

There have been some pullbacks here and there but if a person followed an aggressive plan of investing, was job hopping for better opportunities and more money, and then buying and selling their houses for profit 2-3 times over the last 10-12 years things should be looking quite good right now in their portfolio.



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[Treeshark]

If you sell your house you sure better have a good plan for a place to go. A dude could wind up homeless!

[Fordnandez]

I cant imagine this being sustainable. The prices in Austin have already made it unaffordable for a large group of people and that number will continue to grow. Once demand goes down because the group of people can afford the houses is so small is when we will see the prices go down........... or god forbid the dow drops 50%.

[Patton]

The median home price in Austin/Round Rock for May 2021 was $465k. We have a massive migration of East and West Coast people coming to town where their median home price is over $1m; sometimes $1.3m depending on which market you look at. And that $1m median home in San Fran is not as nice as the $500k home here in Austin. Many real estate experts have said for years that Austin is undervalued and this correction was due.

Of the 56 headquarters that have left California this year alone, half of them are coming to Texas; and half the ones coming to Texas are coming to Austin.

One good sign for buyers is the past two months has been the lowest number of mortgage applications since pre-Covid; I’m definitely seeing buyer fatigue set in and homes that had 20-30 offers in April are now seeing 5-10 offers.

I think we will see the market level off (not decline) in the next 6 months or so. Which for Austin, a normal market is a Seller’s market. I’m curious what next spring/summer will be like. Is there going to be another big wave/push in the market.

In the meantime, somebody come purchase the 1 acre lot listing I have on Lake Austin I’ll cut you a deal. 3963Westlake.com

[day0082]

Is insane. Just insane.

I’m selling a lower-middle class home an hour north of Austin, nothing real fancy. Out of state buyers offering $30k-Over asking price CASH offers is commonplace now.

1. Lower-middle class families are now priced out of the current market.
2. Lower-middle class families that already own a home will have their property taxes skyrocket, edging them more into lower class.
3. Skyrocketing property (“values”) taxes will get passed from Landlords through to Tenants and Renters, driving families to less disposable income or moving to cheaper areas that aren’t experiencing the insanity.

Is this the new norm? Or will it settle out?

X2

But I believe the market will re-set, and some or most will loose money in the long run..

[DFWPI]

X2

But I believe the market will re-set, and some or most will loose money in the long run..

What they going to "loose" and where are you getting your info?

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