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Old 11-28-2017, 01:22 PM
 
Location: Johnson City, TN
17,165 posts, read 12,034,856 times
Reputation: 18642

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This is all dependent on your local area.

I live in northeast TN. Prices here over the past ten years have, on average, lost ground to inflation.
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Old 11-28-2017, 02:20 PM
 
7,010 posts, read 4,491,106 times
Reputation: 6373
Quote:
Originally Posted by in_newengland View Post
It's been like that in the Boston area for years now. It's getting so bad that it seems that the only people who can afford to buy in the Boston area are people coming from California or NYC where prices are even higher.

Here's a record setter at $37.5 million. Before that, the record back in 2015 was a mere $15.4 million.

Millennium Tower condo, listed at $37.5 million, has a buyer - Buying, Luxury, New Developments - Boston.com Real Estate

The Boston economy has been going great, wasn't even that much affected by the last recession, and who knows when it will finally slow down? I think the bubble has to burst some time.
Depends on what is considered the Boston "area". People in NE think 30/40 miles is a long distance so prices drop considerably in the outer areas, but still quite accessible to Boston. Boston is no NYC, I don't really get the insane prices to be in or very close to it vs the outer areas which still contain some nice historic smaller cities.
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Old 11-28-2017, 02:57 PM
 
4,106 posts, read 10,878,303 times
Reputation: 2288
Quote:
Originally Posted by NOLA2SGF View Post
We have been having a housing price bubble in my neighborhood here in suburban New Orleans for the last 2-3 years, although the prices are far lower than in Seattle.

I bought my "dream home" here in the early summer of 2015, and I love my house and neighborhood. I never want to move again. So news like this is more amusing than distressing to me. I think the price increases are beginning to slow down this fall in my neighborhood, but prices are still so high and not dropping.

This must be a very difficult situation for buyers, especially for young people looking for their first home. I can sure sympathize, and wish the best for them.
housing prices increasing does not necessarily equate to a "price bubble".
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Old 11-28-2017, 03:37 PM
 
7,034 posts, read 4,424,811 times
Reputation: 7408
I think in most of the country they are just increasing to what they were before the crash in 2008. In many areas the last of the cheap houses are gone. I know I was lucky to get one of the last cheaper homes in my area in March of 2016, and the prices have shot up a lot and now my home is worth about 30% more in just a year and a half.
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Old 11-29-2017, 04:24 PM
 
24 posts, read 6,950 times
Reputation: 38
I believe that.

My fiance and I just bought a house in September. We couldn't afford to buy a house in the city we both work in (a small city with a population of about 130,000), so we bought a house in the small town (population 25,000) right next door to it (about a 2-3 minute drive across the state border).

What you get for the price in the city is ridiculous. And this is no big city as stated by the population above. We were both shocked.

Our house wound up being $130,000 for a 3 bedroom, 2 level, SFH on a half acre lot.
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Old 11-29-2017, 11:57 PM
 
1,252 posts, read 787,126 times
Reputation: 2536
It's not just larger metro areas.

This area of Florida has proved to be a boon for folks with a large amount of capital who were willing to purchase homes at roughly 50% of their peak pre-recession value, rent them for five or more years while quick-flippers created an environment of artificial gains, and then oust the tenants, perform a cheap reno, and resell at double the purchase price in 2017.
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Old 11-30-2017, 06:40 AM
 
731 posts, read 541,594 times
Reputation: 1405
We are near the he top again and sadly have learned little from 2008.
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Old 12-01-2017, 07:39 PM
 
Location: New Orleans, LA
1,537 posts, read 2,729,915 times
Reputation: 2332
Quote:
Originally Posted by TimtheGuy View Post
housing prices increasing does not necessarily equate to a "price bubble".
Yes, you are 100% right! We are having a housing price bubble in my neighborhood.

YMMV for your neighborhood, and my guess is that it does.
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Old 12-01-2017, 08:06 PM
 
207 posts, read 63,409 times
Reputation: 352
My fiance and I just bought a house in September. We couldn't afford to buy a house in the city we both work in (a small city with a population of about 130,000), so we bought a house in the small town (population 25,000) right next door to it (about a 2-3 minute drive across the state border).

What you get for the price in the city is ridiculous. And this is no big city as stated by the population above. We were both shocked.

Our house wound up being $130,000 for a 3 bedroom, 2 level, SFH on a half acre lot.




Wow ,you got a fantastic deal. I just bought a 3 story colonial on a third acre for 215k.
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Old 12-01-2017, 08:09 PM
 
Location: MID ATLANTIC
7,172 posts, read 16,218,428 times
Reputation: 7176
Quote:
Originally Posted by jackalope48 View Post

So pretty simple explanation. Nearly everyone finances their house. Because of that the cost of money affects house prices and how many are built. Notice sudden spikes or dips in the interest rate affecting starts. In regards to the current market interest rates have been very low for a very long time while starts have been low comparatively. That means inflation in existing inventory.
Thank you, best concise explanation I have seen.

It's been fascinating hearing the pending tax bill and its effect on the Fed and rates. I'm sure the talking heads will be making their predictions known this weekend on the talk shows.
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