Are house prices skyrocketing by you too?

[challada]

It just amazes me how quickly house prices are going up in our area. We live in a small town and prices have stayed pretty steady over the last ten years. Suddenly now, we're seeing a crazy increase...our house has doubled in value this year (a 2000 sq ft house on 1/2 acre was about 160K, now is over 300K).


We just got back from visiting my parents in CA where prices have always been crazy, but I've noticed are even crazier than ever. Their small town on the ocean does not have a single piece of real estate below a million (who is buying these houses????). We even looked at a lot there that was subdivided into quarter lots (you can't build on a quarter lot) and each of the quarters was going for a million (w/no house or anything on them).


Is this craziness going on everywhere?

 

[hlbtimes2]

I live in western WA so I'm not a good person to ask. LOL The good news is, I know have more then 20% equity so I'm going to refi and drop my PMI. It will save me a little bit and I'll get an FHA refund.

 

[FreshTressa]

Another one from washington state. And yup...we ordered a new construction built in Feb. for 550k which is now worth about 610 which we have not moved into yet.

 

[lulubelle]

I think it has leveled off here. The prices were going crazy as you say for a few years but not anymore. Mind you, values are not going down, just not going up anymore. It's okay with me - I feel sorry for young people trying to buy their first home these days, it is soooo expensive!

 

[challada]

Yep, part of our shooting prices is thanks to all those folks in Seattle and those 'burbs deciding to move across the mountains since it's so pretty here.

In our paper a few weeks ago it did say we were the "hottest" housing market in the country since our price increases are rising so fast, but I wonder how young families will afford ANY house.

Of course, I've said that for years about the CA market and it doesn't seem to be going anywhere but up.

 

[olena]

Actually, they have been and are right where they should be in my neighborhood. There are lots of new neighborhoods popping up around us where homes are waaaaaay overpriced.

Prices are insane in St. Cloud, FL, where my parents live. The estimated 'value' of their home has gone up 60% since they bought it two years ago.

 

[aprilgail2]

The market right now is SO saturated that the prices are coming down. You can now get a semi decent house for just under 400,000. My brother looked at a one bedroom one bathroom co-op this week that was really cheap, it was 220,000 last year and they go for 150,000 now....really nice price!!

 

[SplshMtn99]

No, they've spent the past 2-3 yrs here skyrocketing. They are now starting to come down as houses sit on the market longer than they had, but coming down SLOWLY!

 

[MAKmom]

I think it has leveled off here. The prices were going crazy as you say for a few years but not anymore. Mind you, values are not going down, just not going up anymore. It's okay with me - I feel sorry for young people trying to buy their first home these days, it is soooo expensive!

This is also the case in the tri-state area here, PA, NJ, DE. Houses that were 200,000 3 years ago are 500,000.

 

[eeyoreiscool]

They are starting to go down a little now because eveyone is trying to sell their house as an investment. Hopefully it will calm down a little now and prices will get a little more stable as a result.

 

[disneylizzy]

Things might be cooling off around Boston. Condos, especially, seem to be hanging around longer before they are sold. I think there may be a huge condo glut next year in our town because we have two big developments going in right now.

 

[Christine]

I don't think our prices have leveled off yet, but there has definitely been a slow-down in the market. Stuff just isn't moving like it was.

 

[mom2rb]

The houses have never gone sky high here. I just sold my 1700sq. starter home for $130,000 and bought my 3200sq. dream home for $245,000. You can still get small, decent, older homes for $85,000 or less in some parts of Houston. I honestly don't know how people afford their home loans in other parts of the country.

 

[NewJersey]

I think prices have reached their max around me. I hope they start to come down because I'm in the very early stages of looking for for my first house. But everything is 300,000 and more, for a townhouse (and no property).

I think the market in the Northeast is pretty saturated. They say the next market to look into is the Northwest (it used to be the southwest). I think I was watching a program on cnbc where they said that.

 

[dcgrumpy]

The market right now is SO saturated that the prices are coming down. You can now get a semi decent house for just under 400,000. My brother looked at a one bedroom one bathroom co-op this week that was really cheap, it was 220,000 last year and they go for 150,000 now....really nice price!!

Yep same here, well obviously since we're not far from each other. LOL. There was a house down the block for sale for awhile for $425K and they just lowered it to $399K.

 

[malibuconlee]

Things here peaked a month or two ago. Some are still outrageous tho. I think they peaked when the Army 1st ID guys were looking as a big wave of them come in August.

Part of me wished we had bought when we moved instead of renting, but I just didn't want to carry two mortgages at the time. Things are working out OK. It's nice not always having a project going on especially when DH is working crazy hours while finishing one project and starting another.

 

[The Mystery Machine]

The houses have never gone sky high here. I just sold my 1700sq. starter home for $130,000 and bought my 3200sq. dream home for $245,000. You can still get small, decent, older homes for $85,000 or less in some parts of Houston. I honestly don't know how people afford their home loans in other parts of the country.

That is why everyone is moving to Texas! Here in DFW it is higher than average but not outrageous.
It all depends on the school district where I am at.

 

[NewJersey]

That is why everyone is moving to Texas! Here in DFW it is higher than average but not outrageous.
It all depends on the school district where I am at.

An 880 sq. ft condo I looked at the other day was 550,000 here in NJ.

 

[Crankyshank]

Prices are still increasing slowly on older homes. New McMansions are staying on the market for a long time though

 

[Disney1fan2002]

Thank goodness it finally has slowed down here. Prices were getting OUT OF CONTROL with what people would pay.

You can't get anything around here for under $300,000. That includes a house that may only be 950 sq ft. It is DISGUSTING. But now, houses are just not selling. I see more and more "price reduced" signs, and some houses have been on the market for over a year.