Real Estate Market

[miket]

In 1983 I signed a contract on a new house, and the interest rate started at 9.5 percent. Within 4 years it would have been set at 13.5 percent. That was the going rate during just before the end of the oil boom. I ended up cancelling the contract before moving in. I then assumed someone's mortgage at 5.5 percent.

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If I remember right I was approved for $125k @ 8% in 1999. Just couldnt accept that kind of debt. Was insane to me. Thats why I bought my land and built the house myself. At this point if I sold I would have gotten PAID $1400/mo for living here the last 22yrs.

I think I made the right decision

[Pope]

Just finished paying for the house nearly a year ago. Bought a 1527sq/ft home for $99K. Worth $250-65K now. Raised/raising two kids there(one is still in middle school and other in A&M). Living within means means a lot. I teach biology at a high school, so I must play my hand well.
I could have never done that at 7% interest. Young teachers at my school can only rent and more and more are leaving because of it. Scares me for my students who need competent, professional instructors.


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[rtp]

We sold at the end of July. Just in time. Living in a small cabin and about to start a home build. Good times and bad I guess. But life is short.

Team Little Debbie Pro Staff

Well done Mr Chew. I believe you timed it darn near perfectly. How many days left until retirement? I know it has to be really close now.

[Chew]

Well done Mr Chew. I believe you timed it darn near perfectly. How many days left until retirement? I know it has to be really close now.

Thanks Richard. I would say it's on the near horizon. [emoji16]

Team Little Debbie Pro Staff

[tpack]

The Granbury area already has some builder that are building 1100-1700 sq. ft. spec homes. Have been seeing the trend for a while now. None being built that small 5 years ago. Going to be hard to refinance when rates do come down if homes are worth 10-20 % less.

https://www.zillow.com/granbury-tx/4_p/?searchQueryState=%7B%22pagination%22%3A%7B%22currentPage%22%3A4%7D%2C%22savedSearchEnrollmentId%22%3A%22X1-SSwxzgudrsf7jr1000000000_211ju%22%2C%22mapBounds%22%3A%7B%22west%22%3A-98.04410468457031%2C%22east%22%3A-97.50440131542969%2C%22south%22%3A32.24037293472377%2C%22north%22%3A32.61130807399231%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A11664%2C%22regionType%22%3A6%7D%5D%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22price%22%3A%7B%22min%22%3A121000%2C%22max%22%3A805000%7D%2C%22beds%22%3A%7B%22min%22%3A2%7D%2C%22sort%22%3A%7B%22value%22%3A%22mostrecentchange%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A11%7D

[Redlegwar]

I just finished and listed 3 homes in Trenton, Tx a few weeks ago. Each home is on 2 acre lots.

Feel free to share.
I’ll even discount for supporting TBH member’s!


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[Bucknaked]

From what I’ve seen around me land started sitting still about 3 months ago. There are still properties that were listed around that time frame that have not sold! Before that, as soon as one was listed there were 5-6 people in a bidding war and contracted out within 3-4 days. IMHO this crazy market is going to drop back down to the true values.

[friscopaint]

People can’t live in 1600square ft without killing each other. My gf and I are in the market for something different but we are going to watch and see how far can things slide down hill and hope we find someone in a bind that needs to sell.

New house on 14 acres just a bit over 1600 square ft just sold for $925,000 next to me. Collinsville. Houses here seem to be selling fast this one went on market and closed within 60 days. Another 1 mile away sold immediately on 4 acres not sure what he priced it at but gonna ask when I see him. 100 acres across from me on market for $37,500 per acre now that is insane if he gets it

[91cavgt]

I’m south east of San Antonio. Been in the market looking for a home for a little over a year now, but haven’t found anything at a price I want to pay yet. Prices around here are SLOWLY coming down, but they are still high. $70k for an acre lot is still the going rate. $200k for an old home that needs major work is still the norm. $300k+ is still the going rate for a brand new basic home that was poorly constructed and still has issues.



For the guy that said you need 1600+ square feet to not be down each other’s throats, either you aren’t in a good relationship or you are spoiled. My family and I have been living for the past year in just over 300 square feet. 3 of us, plus a dog, and a cat, and a hamster! When you live in a truly tiny place, you realize what your true needs are, and what are actually just wants. We used to think we needed 2000+ square feet. Now our favorite house floor plan is just 1,300 square feet and paying substantially more for that 2000+ square feet house now just looks like a waste of money.

[Spiderpig1776]

I’m south east of San Antonio. Been in the market looking for a home for a little over a year now, but haven’t found anything at a price I want to pay yet. Prices around here are SLOWLY coming down, but they are still high. $70k for an acre lot is still the going rate. $200k for an old home that needs major work is still the norm. $300k+ is still the going rate for a brand new basic home that was poorly constructed and still has issues.



For the guy that said you need 1600+ square feet to not be down each other’s throats, either you aren’t in a good relationship or you are spoiled. My family and I have been living for the past year in just over 300 square feet. 3 of us, plus a dog, and a cat, and a hamster! When you live in a truly tiny place, you realize what your true needs are, and what are actually just wants. We used to think we needed 2000+ square feet. Now our favorite house floor plan is just 1,300 square feet and paying substantially more for that 2000+ square feet house now just looks like a waste of money.

I’m very spoiled I grew up in a 7k square ft house and the houses I’ve bought since are all 2500 or so. I get we don’t have to have the space but I definitely want elbow room. I don’t have to keep up with any I just grew up with nice stuff so I’ll continue to work extra hard so I can continue to have those things.

[Flyway12]

Still seeing homes in our area sell decent but prices have dropped. Im in Grayson Co and with TI bringing their corporate HQ to Sherman/Denison, the population in Sherman is set to double in 5 years. Demand will still be here though prices may not be the 2020/2021 variety anymore. I went full blown Dave Ramsey for 5 years with the wife and paid off my student debt from vet school. We were living in a 1400 sq ft 112 year old victorian that I had no desire to work on anymore. Told my wife we needed to start focusing on investment. Told her we could have land or the stock market. She chose land. We bought 15 acres and a 50 year old 2800 sq ft ranch style home with a view in southern Grayson. At that time acreage around us was selling for $28K/acre. Even in the current decreasing market I'm seeing it move for $65K-$$85K per acre. So we're still up for our area, problem our realtor is having with our place is that there are no comps. Tracks of land with a home like ours just don't exist. Only question that remains is where the heck do you go lol. I bought a vacant lot in 2018 and I'm currently working to move it. Probably still double our money but it won't be the triple we were hoping for. I've got 4 acres commercial well located on a major thoroughfare (was going to build a vet clinic but not at these construction prices I won't) and I've now put it on the market. Probably won't see a great return there but we'll see something.

Markets definitely correcting but I'm starting to see information that supports a mortgage rate decrease in January so things may start to fire up again. I wouldn't mind seeing prices drop a little more, I'd like to pick up a few rentals.

Like anything else, just gotta ride the waves. I doubt we ever see anything like 2020/2021 again.

[Redlegwar]

Still seeing homes in our area sell decent but prices have dropped. Im in Grayson Co and with TI bringing their corporate HQ to Sherman/Denison, the population in Sherman is set to double in 5 years. Demand will still be here though prices may not be the 2020/2021 variety anymore. I went full blown Dave Ramsey for 5 years with the wife and paid off my student debt from vet school. We were living in a 1400 sq ft 112 year old victorian that I had no desire to work on anymore. Told my wife we needed to start focusing on investment. Told her we could have land or the stock market. She chose land. We bought 15 acres and a 50 year old 2800 sq ft ranch style home with a view in southern Grayson. At that time acreage around us was selling for $28K/acre. Even in the current decreasing market I'm seeing it move for $65K-$$85K per acre. So we're still up for our area, problem our realtor is having with our place is that there are no comps. Tracks of land with a home like ours just don't exist. Only question that remains is where the heck do you go lol. I bought a vacant lot in 2018 and I'm currently working to move it. Probably still double our money but it won't be the triple we were hoping for. I've got 4 acres commercial well located on a major thoroughfare (was going to build a vet clinic but not at these construction prices I won't) and I've now put it on the market. Probably won't see a great return there but we'll see something.

Markets definitely correcting but I'm starting to see information that supports a mortgage rate decrease in January so things may start to fire up again. I wouldn't mind seeing prices drop a little more, I'd like to pick up a few rentals.

Like anything else, just gotta ride the waves. I doubt we ever see anything like 2020/2021 again.

Do you mind sharing the info on the things you have listed? I’m interested. Thanks in advance.


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[Cookiemonster1]

Flyway what are you seeing that makes you think rates will go down in January?

[Kong]

We sold 750 acres in May in under 3 days and the buyer was planning to sub divide it down into 10-20 acres plots and they were working on it within 2 weeks of closing which I thought was insane. I noticed today they’ve stopped working on it and all the equipments gone so I’m thinking they’ve abandoned the plan with everything slowing down. Maybe I can buy it back again in a few months..

I was getting calls every day from random people asking to buy a certain piece of property and it’s down to 1 or 2 currently so it’s pretty obvious things are tightening up now which concerns me for the future. Time will tell I guess,,,

[miket]

We sold 750 acres in May in under 3 days and the buyer was planning to sub divide it down into 10-20 acres plots and they were working on it within 2 weeks of closing which I thought was insane. I noticed today they’ve stopped working on it and all the equipments gone so I’m thinking they’ve abandoned the plan with everything slowing down. Maybe I can buy it back again in a few months..

I was getting calls every day from random people asking to buy a certain piece of property and it’s down to 1 or 2 currently so it’s pretty obvious things are tightening up now which concerns me for the future. Time will tell I guess,,,

The 23ac next to me was split and sold a year or so ago, they got busy clearing it immediately, then it all stopped. Havent seen them all summer. I sent a text and told them if they decided to sell, to please contact me first. I doubt they will, but something definitely put everything on hold.