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People don't understand our region. They live in depressed markets where everyone was keeping up with the Joneses. Meanwhile, here we sit in a market where houses never depreciated, but actually appreciated. And it's filled with houses that have 30 year old kitchens too! When they hear "putting in a new kitchen," they think we're updating a 10 year old kitchen because 30 year old kitchens don't sell in their markets if they even exist. Think of all the newcomers who come house hunting in our area and how much they complain about how outdated the houses are. They are shocked by our region's 1970s kitchens. It makes me laugh when they say, "I want a new house, I don't want a 10 year old house." To Pittsburghers, a 10 year old house IS new house! We're frugal people, that's for sure!
You can't compare our region to yours. And the small amount of money I'm spending is not an indication of the value. Since we are doing it ourselves, our costs are only materials and very little labor for the things we are chosing to be lazy about. Heck, my sister recently had a HUGE addition put on her house (5 room addition with a full bath) for well under 50k because her husband did all of the work himself except for the foundation. It has hardwood floors and everything else anyone would want. You can't associate the money spent to the end result if you don't take DIY into consideration.
Your post makes complete sense. My only question is Pittsburgh has an appreciating housing market, that did not experience depreciation over the past 5 years? Really?
Your post makes complete sense. My only question is Pittsburgh has an appreciating housing market, that did not experience depreciation over the past 5 years? Really?
Pretty much. We didn't experience a crazy appreciation before that either though. It's been steady for years, flat perhaps sometimes, maybe very minor decreases in those worst years of 08/09. But as a whole, the market here in general is a slowly appreciating one, no boom and definitely no crater.
We really wanted to sell.
We bought new carpet. Painted the interior. New flooring in the kitchen. New countertops (not quartz or anything like that).
House was on the market 3 days, in a stagnant market.
My MIL passed and there were several houses in her neighborhood that had been on the market for several months each. Her children did new carpet, new paint, new drapes, updated the bathrooms with new fixtures & mirrors, re-stained the deck, and staged with minimal furnishings. House was on the market only 3 weeks before selling.
If you are paying a mortgage on your property, then that money you spend on that mortgage every month is money that you ARE spending on that house. Why not spend it on selling quicker?
Pretty much. We didn't experience a crazy appreciation before that either though. It's been steady for years, flat perhaps sometimes, maybe very minor decreases in those worst years of 08/09. But as a whole, the market here in general is a slowly appreciating one, no boom and definitely no crater.
That's interesting. I'm on the opposite side of the state and although the Lehigh Valley's 2 largest employers are hospitals, there has been about a 20% drop in home prices since 2007. I guess it's the NYC/ NJ influence for commuters.
That's interesting. I'm on the opposite side of the state and although the Lehigh Valley's 2 largest employers are hospitals, there has been about a 20% drop in home prices since 2007. I guess it's the NYC/ NJ influence for commuters.
I would gather in the years preceding that there was some significant increase as well. Yeah, round here we've been immune from the 20% drops. Any drops were in low single digits and we're not still below 2007 prices that I know of. We've also been immune from any short-term 20% gains as well; it takes a decade or more to gain that much typically.
Your post makes complete sense. My only question is Pittsburgh has an appreciating housing market, that did not experience depreciation over the past 5 years? Really?
Yes, really. Pittsburgh has always had a stable housing market. Property appreciates slowly over time. This isn't a region where someone can buy/sell their house and make 100k in a couple of years. We don't have booms. That's a good thing because no booms means no busts.
The other advantage we have is a very low cost of living. People who lost their jobs during the recession didn't foreclose at the same rate as the other areas of the country because most people could afford to pay their mortgage while on unemployment or underemployment. Our overall economy is diversified enough that it didn't take a huge hit. After surviving the crash of the steel industry, most Pittsburghers didn't feel this recent recession was a big deal. We've seen worse. We've been through worse.
Pittsburghers have always been frugal people but the crash of the steel industry solidified that mindset. As a result, Pittsburghers are often happy with what they have (hence the 1970s kitchens!) and aren't demanding new construction. There are some townships with lots of new developments and a segment of the population that is into keeping up with the Joneses but they aren't representative of the majority of the population. When you think about it, keeping up with the Joneses contributed greatly to the recession. Too many people had more stuff (debt) then they could truly afford. That wasn't the case for Pittsburgh.
Since we didn't have as much debt, we weren't as afraid as the rest of the country. We continued as usual, buying and selling our houses, maybe at a slower pace but we didn't hunker down and stop spending entirely like other areas of the country. Perfect example of Pittsburgh: Back in the late 1970s/early 1980s, when the Steel industry collapsed, my father's corporation (a fortune 500) asked for volunteers for layoffs. They were shocked how many employees volunteered, didn't need their jobs, even during an outright depression.
I've learned from landlords, if it's not for ME, I go inexpensive.....cheapest carpet I can find that's appropriate for the need. As a matter of fact I ask my flooring guy is there anything he's looking to get rid of....I'll take it. (within reason)
I even got a good deal on a floor I liked for me that way. He had too much of some tile, or just a couple of boxes left -- that's all I needed for a powder room and laundry room...I liked it. So we had a deal!
IF you're replacing appliances so for stuff with scratches on the side. No one will see.
For faucets and other fixtures go clearance or floor model.
Paint....see what returns you can find...wrong color? Buy a few gallons of white to mix in and lighten it up...turns a dark purple or blue into a light enough lavender/pastel blue for a bathroom or nursery.....turns a dark brown into a neutral ecru/light toast color.
That's interesting. I'm on the opposite side of the state and although the Lehigh Valley's 2 largest employers are hospitals, there has been about a 20% drop in home prices since 2007. I guess it's the NYC/ NJ influence for commuters.
Yep, the eastern side of the state is the victim of becoming a suburb for NYC, NJ, Baltimore and DC suburbs. That's causing booms, which is a shame because booms bring busts.
Quote:
Originally Posted by greg42
I would gather in the years preceding that there was some significant increase as well. Yeah, round here we've been immune from the 20% drops. Any drops were in low single digits and we're not still below 2007 prices that I know of. We've also been immune from any short-term 20% gains as well; it takes a decade or more to gain that much typically.
Agreed. The only reason my house will double in value is because it's below value in its current condition. We're just taking it up to value, Pittsburgh style, not granite style. LOL
We have repainted completely, purchased new towels and linens, planted fresh flowers, bought a few decorative items, and steam-cleaned the carpets.
We also remove all photos, fridge decor, and anything not generic (we have some religious art that some might find offensive).
We keep our appliances in good working order and matching - so that's never an issue. Other than that - we clean, clean, clean (as in clean for your mother-in-law clean, not just regular clean).
My MIL passed and there were several houses in her neighborhood that had been on the market for several months each. Her children did new carpet, new paint, new drapes, updated the bathrooms with new fixtures & mirrors, re-stained the deck, and staged with minimal furnishings. House was on the market only 3 weeks before selling.
If you are paying a mortgage on your property, then that money you spend on that mortgage every month is money that you ARE spending on that house. Why not spend it on selling quicker?
We had to renovate my mom's place to sell it. Mostly sweat equity of DIY, but we did get new flooring and replaced an appliance. Our best investment was improving the street appeal - nothing pricey, ripped out the dated timbers, added some large decorative rocks and couple plants, and fixed the cracked and lifted sidewalk.
We sold her place very quickly for far more than we expected - and it was an absolutely terrible market.
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