Housing market has gone absolute batchit crazy brahs.

2000-3000 sq ft homes in my area(Chesapeake, VA) in middle class neighborhoods are going for 450k-750k, with the average hovering around $550k and there seems to be no slowdown.

These same homes would go for $250k-$500k just 2 years ago.

With lending standards basically requiring 20% down, and total payments being ~$2200-3200/month, what kind of idiots are committing to these houses?

What floors me is our COL is already stupid high. We have high property taxes, 6% state income tax, car tax, many places require flood insurance, high homeowners insurance. It seriously requires an income of around $150k/year to afford a $550k house here and the median income is 37k.

And we're not talking about anything extravagant here. Basic ass homes in basic ass neighborhoods, in a basic ass metropolitan area.

goodnight sweet middle class. Tours over.

you will own nothing and like it OP

Yeah, and the prices went up so fast. It's like that where I'm looking too.

Brb 200k houses in the middle of the desert in Arizona are 400k+ pretty much overnight.

watch what happens when interest rates rise. reversion to the mean.

Brutal. Basically signing up to be in debt to the banks for the rest of your life for the average person.

All to live in a basic ass house.

Just sold my house for 100k over asking lmao. I asked for 550K and they offered 650k cash. Taxes are going to be brutal though since I lived there less then 1 year. I paid 450k for it

This trend cannot continue at this pace for much longer

Talk to a CPA. Claim you had to move for work and you can still claim the exemption srs

Or just take it, IRS is worthless with the risk imo

My home I bought a year ago is zestimating at 40k more than I bought it for. At the same time, if I had waited 5-6 months my previous house I could have sold for 40k more than I did. No big deal.

Definitely getting a CPA. Lost half of it too because of a divorce

that all depends on where you live. going to have different outcomes based on if you live somewhere people want to move to or a place people are leaving in droves.

for example, we have out of control californiavirus here in az driving home prices up like crazy. and as long as the woke people in charge of cali keep making potato laws, californiavirus here wont slow down here

Mostly family or soon to be family. For couples it equals to $1100-1600 each/month



The place I got we paid $6k more than the previous owner did in 2015. Pretty sweet

can confirm its getting stupid

new builds in my area that are nothing special 3 beds 2 baths and a 2 car garage 2 story are going for 550-625k, while resells are just under 500k.

Well 30% less people are selling in the first place due to pearl clutching over belligerent covid policies.

That's the ENTIRETY of the cause. You're welcome.

This is part of it. Our inventory isn't down that much in this area. It's military, so people are constantly moving in and out.

I'm finding real estate agents are really desperate to make sales, so they're really pushing their clients to their limits. Most homes are going for 5-10% over asking. That doesn't sound like much, but when you're talking $500k homes, that's 50k over an already grossly overpriced home.