Homeowner: I paid $100k for my home 2 years ago. Unfortunately, I need to relocate soon and the market is down, so I’m expecting to take a net loss on the house. I’ll probably be lucky to sell for $90k now. Fortunately, I’ve saved well and should be able to handle the difference to cover the remainder of the mortgage as long as I’m able to sell above $85k.
Sovereign Citizen: I’m buying your house now. Of course, I have the money to meet the requisite forever-set price to buy any home, i.e. 10 silver coins (approximate value of $230). I have 2 witnesses and 2 recording secretaries (gestures to 4 randos behind him, 2 of whom are scribbling on notepads). Now by the ancient, magical, twisted laws of this land that only like 11 of us understand, this house is mine. Please vacate immediately and leave the deed.
Out of curiosity, are those numbers real somewhere in the US, or just a random example? Because houses went for $1m+ in my area 2 years ago and the market has been constantly going up since then.
Yes, there are areas of the US where those numbers are potentially real. Some of those houses will have multiple bedrooms, updated interiors, and land attached to them for less than 100k. The only catch is that you will have to live in rural bumfuck Oklahoma or somewhere similarly tyrannical and backwards.
If houses are going for $1m+ then you live in a desirable area. I’m in California where housing costs are insane and so many people are threatening to leave never actually do. Maybe housing costs would go down if they actually followed through, but at the end of the day, people really want to live here.
I mean, yes, those numbers are realistic in my area. They’re not going to be stellar homes at 100k. Either old, small, or in disrepair (or a combination of those), but they do exist.
From my own experience in my general area, the further away from the metro areas, the better the housing prices. I bought my first 3 bedroom home 8 years ago at 130k, and it was less than 10 years old and a pretty decent single story home. But that was an hour or more to any big city from there.
More recently we bought our current home about 20 minutes from a big city and the prices are probably double for the same level of home in this area. Ours was almost 400k this time, but also an overall better and bigger home. 4 bedrooms, 3.5 bath, 2 story with finished basement, 2 car garage. Though in fairness, there were nicer homes in the area for the same price or even about 50k cheaper but they were in a worse school district and had HOA fees.
There are nicer homes in our neighborhood that are in the ~$1 million dollar realm, but they’re big luxury homes.
Also housing prices have dropped in the last couple years around here, but that’s only compared to stupid inflated prices they were 2 years ago. In our area in 2022, people were asking for 150% percent the price on homes they bought in 2019-2020 and getting it. Now they’re averaging about 12-25% less than that, probably.
The market over here is ridiculous. For $1m I got a 3 bedroom townhome with not much of a backyard and $470/mo HOA. It’s about an hour to the city (not during rush hour). Anything cheaper than that is either in a bad school district or about to collapse. I used to live next to a mobile home park and I just checked now - those sell for over 330k.
Prices here have been going up since 2020. There was a dip at the end of 2022, but already almost back to highest 2022 prices.
it depends on location of course like everything. I just closed on a $350k ~1 acre 4 bed 3 bath 30 mins from downtown city in the South, quiet street, good neighbors, in need of a refresh interior decor but only because its dated, inspections came back clean.
Not to be like neener-neener about it, we don’t really have a choice of city due to jobs, and if we happened to live and work in Portland or LA or NY it would be fucking terrible and we would live in a shoe box above a bowling alley and below another bowling alley. But I just wanted to say for those asking - it varies so wildly it’s mad.
I bought mine for $95k like 6 years ago. But it looked like a crack den, had nicotine tar dripping from the walls, and is entirely uninsulated in Minnesota so that might have something to do with the price.
Today it’s worth $120k on the low end and it still looks like a place where people turn into missing persons (I did fix the nicotine tar issue though). I live in a pretty damn low COL area so if my house is worth that much then I don’t imagine that you’d be able to find a house for $90k anymore anywhere unless it’s a meth factory on top of a superfund site or something.
In my area I saw a house that was selling as a fixer-upper, needed a lot of work, the bank wouldn’t even approve mortgage for it. It was listed for $800k and it eventually sold for an all-cash offer of $1.26m. They flipped it and sold for $1.87m in less than a year.
I live in St Louis, a minor/medium city in the middle of the US. 4 years ago I could throw a rock off the roof of my work and not hit a single house over $100k, I’d be lucky to hit one over $50. Now though? Nothing within miles does less than $150-200, house prices have become insane and it’s only being bought up by rental companies that charge insane rents for what was a literal crackhouse before they bought it.
A house in the scary part of Detroit is about that. But only the dangerous part. If you want anything in a remotely safe area, you’re looking at a minimum $150k
Homeowner: I paid $100k for my home 2 years ago. Unfortunately, I need to relocate soon and the market is down, so I’m expecting to take a net loss on the house. I’ll probably be lucky to sell for $90k now. Fortunately, I’ve saved well and should be able to handle the difference to cover the remainder of the mortgage as long as I’m able to sell above $85k.
Sovereign Citizen: I’m buying your house now. Of course, I have the money to meet the requisite forever-set price to buy any home, i.e. 10 silver coins (approximate value of $230). I have 2 witnesses and 2 recording secretaries (gestures to 4 randos behind him, 2 of whom are scribbling on notepads). Now by the ancient, magical, twisted laws of this land that only like 11 of us understand, this house is mine. Please vacate immediately and leave the deed.
Homeowner: I’m ruined.
Out of curiosity, are those numbers real somewhere in the US, or just a random example? Because houses went for $1m+ in my area 2 years ago and the market has been constantly going up since then.
Yes, there are areas of the US where those numbers are potentially real. Some of those houses will have multiple bedrooms, updated interiors, and land attached to them for less than 100k. The only catch is that you will have to live in rural bumfuck Oklahoma or somewhere similarly tyrannical and backwards.
If houses are going for $1m+ then you live in a desirable area. I’m in California where housing costs are insane and so many people are threatening to leave never actually do. Maybe housing costs would go down if they actually followed through, but at the end of the day, people really want to live here.
Yeah, I’m in SF Bay Area. Not many other places in the US I’d move to and the other ones I checked have similar prices.
I mean, yes, those numbers are realistic in my area. They’re not going to be stellar homes at 100k. Either old, small, or in disrepair (or a combination of those), but they do exist.
From my own experience in my general area, the further away from the metro areas, the better the housing prices. I bought my first 3 bedroom home 8 years ago at 130k, and it was less than 10 years old and a pretty decent single story home. But that was an hour or more to any big city from there.
More recently we bought our current home about 20 minutes from a big city and the prices are probably double for the same level of home in this area. Ours was almost 400k this time, but also an overall better and bigger home. 4 bedrooms, 3.5 bath, 2 story with finished basement, 2 car garage. Though in fairness, there were nicer homes in the area for the same price or even about 50k cheaper but they were in a worse school district and had HOA fees.
There are nicer homes in our neighborhood that are in the ~$1 million dollar realm, but they’re big luxury homes.
Also housing prices have dropped in the last couple years around here, but that’s only compared to stupid inflated prices they were 2 years ago. In our area in 2022, people were asking for 150% percent the price on homes they bought in 2019-2020 and getting it. Now they’re averaging about 12-25% less than that, probably.
The market over here is ridiculous. For $1m I got a 3 bedroom townhome with not much of a backyard and $470/mo HOA. It’s about an hour to the city (not during rush hour). Anything cheaper than that is either in a bad school district or about to collapse. I used to live next to a mobile home park and I just checked now - those sell for over 330k.
Prices here have been going up since 2020. There was a dip at the end of 2022, but already almost back to highest 2022 prices.
it depends on location of course like everything. I just closed on a $350k ~1 acre 4 bed 3 bath 30 mins from downtown city in the South, quiet street, good neighbors, in need of a refresh interior decor but only because its dated, inspections came back clean.
Not to be like neener-neener about it, we don’t really have a choice of city due to jobs, and if we happened to live and work in Portland or LA or NY it would be fucking terrible and we would live in a shoe box above a bowling alley and below another bowling alley. But I just wanted to say for those asking - it varies so wildly it’s mad.
I bought mine for $95k like 6 years ago. But it looked like a crack den, had nicotine tar dripping from the walls, and is entirely uninsulated in Minnesota so that might have something to do with the price.
Today it’s worth $120k on the low end and it still looks like a place where people turn into missing persons (I did fix the nicotine tar issue though). I live in a pretty damn low COL area so if my house is worth that much then I don’t imagine that you’d be able to find a house for $90k anymore anywhere unless it’s a meth factory on top of a superfund site or something.
In my area I saw a house that was selling as a fixer-upper, needed a lot of work, the bank wouldn’t even approve mortgage for it. It was listed for $800k and it eventually sold for an all-cash offer of $1.26m. They flipped it and sold for $1.87m in less than a year.
I live in St Louis, a minor/medium city in the middle of the US. 4 years ago I could throw a rock off the roof of my work and not hit a single house over $100k, I’d be lucky to hit one over $50. Now though? Nothing within miles does less than $150-200, house prices have become insane and it’s only being bought up by rental companies that charge insane rents for what was a literal crackhouse before they bought it.
A house in the scary part of Detroit is about that. But only the dangerous part. If you want anything in a remotely safe area, you’re looking at a minimum $150k