Wow, housing prices are really dropping in Sheridan (Casper, Veteran: real estate, foreclosures)

[snowman0u812]

well things are going the same way here in minnesota. i mean i'm an electrician and it would just blow my mind how people in my salary range were affording these $300-$400 thousand dollar homes. i almost got sucked into that a.r.m. and all that but decided to buy a mobile instead. best decision i ever made as i now watch these fools scramble like roaches when the lights come on. seen a few people i know just walk away and leave the keys on the counter. what will be the backlash in wyoming? probably going to go to school there in casper in a couple months.

[Kristynwy]

I am hoping Sheridan's housing prices go back down to a more reasonable "realistic" price/value.

I too have been watching the market and noticing prices are dropping and inventory is more stagnant at the moment, if that is the right word.

The economy all over this country is not getting any cheaper... and housing shouldn't cost %50 percent of you income or more. which is so common these days everywhere.

I do think the housing will bust here eventually, whether it will continue to be gradual or overnight I am not sure though....

[wyoman]

Originally Posted by Dangerous Dave

Has anyone seen the houses on what, Montana, I think... the York Place twin homes that are going up? It's been weeks if not months since I've seen anyone doing any work there. The tar paper on the roofs are ruined, looks like they were laid then abandoned. Almost wonder if the workers got deported... they were brought up from Nebraska. Anyways, I did some research, and those houses in NE bring in $130k and I think they're on sale here for over $200k.

Actually saw a lone worker thier todayThink their trying to cover up the roof damage What was supposed to be a wonderfull addition to beautify sheridan is a total bust-with a for sale sign in front-guess some contractor or his contractories couldn"t make payroll Shucks Bet the neighbors are real happy

[msdmckee]

I don't remember which bank was sponsoring York place........YOU WIN Realty is the agent. YouWin does not list a whole lot of useful information on the MLS pages.

Currently 329 houses (not including ranches or building lots in that figure) for sale

80 of those are half a million and up
77 are 200 grand and down
28 sit between 399 and 495
The rest are between 210 and 385

[Dea13]

Originally Posted by Kristynwy

I am hoping Sheridan's housing prices go back down to a more reasonable "realistic" price/value.

I too have been watching the market and noticing prices are dropping and inventory is more stagnant at the moment, if that is the right word.

The economy all over this country is not getting any cheaper... and housing shouldn't cost %50 percent of you income or more. which is so common these days everywhere.

I do think the housing will bust here eventually, whether it will continue to be gradual or overnight I am not sure though....

Kristynwy, I'm with you! I pray nightly for prices to come down to normal. Then maybe we'd finally be able to move. For now, I bide my time getting my mortgage paid down and building up more of a down payment. I'd like to have little to no mortgage when we do finally move. I think much differently about mortgages now than when we bought our first house.

Even with 5% int, when you look at the final cost of an already inflated house with 15-30 yrs of interest tacked on it's almost enough to give you a heart attack!

We know quite a few people who did the ARMs and are bad off now that the interest rates have gone up. They laughed that I didn't refinance to a 1,3 or 5 yr lower int ARM from my 5% 15 yr rate but I'm laughing now. They put themselves in over their heads by failing to to realize the rates weren't going to stay low forever and that by spending way more than they could afford, it was bound to bite them.

I may not be a genius but at least I know that money in should be more than money out and the more you use credit to buy things, the more trouble you're asking for.

Dea

[Kristynwy]

Originally Posted by Dea13

Kristynwy, I'm with you! I pray nightly for prices to come down to normal. Then maybe we'd finally be able to move. For now, I bide my time getting my mortgage paid down and building up more of a down payment. I'd like to have little to no mortgage when we do finally move. I think much differently about mortgages now than when we bought our first house.

Even with 5% int, when you look at the final cost of an already inflated house with 15-30 yrs of interest tacked on it's almost enough to give you a heart attack!

We know quite a few people who did the ARMs and are bad off now that the interest rates have gone up. They laughed that I didn't refinance to a 1,3 or 5 yr lower int ARM from my 5% 15 yr rate but I'm laughing now. They put themselves in over their heads by failing to to realize the rates weren't going to stay low forever and that by spending way more than they could afford, it was bound to bite them.

I may not be a genius but at least I know that money in should be more than money out and the more you use credit to buy things, the more trouble you're asking for.

Dea

Sounds like you have a great plan. I totally agree with you about over extending yourself. That is the one thing my husband and I don't want to do. We will and always have tried to live with in our means. It is hard some days, but the sacrifice is way worth it in the end. I don't understand how people could fall for ARM loans, I understand some of the practices were deceptive from a few of the mortgage companies, but it is just really sad how dependable on credit our society is.

Until the market settles we just have to keep living with in our means and in the end, that will put us ahead of the game.

Thanks for your reply

[Heit]

Originally Posted by Kristynwy

Sounds like you have a great plan. I totally agree with you about over extending yourself. That is the one thing my husband and I don't want to do. We will and always have tried to live with in our means. It is hard some days, but the sacrifice is way worth it in the end. I don't understand how people could fall for ARM loans, I understand some of the practices were deceptive from a few of the mortgage companies, but it is just really sad how dependable on credit our society is.

Until the market settles we just have to keep living with in our means and in the end, that will put us ahead of the game.

Thanks for your reply

The word is GREED. That one word alone is the reason MOST people are in that situation.

[hanneh]

Hi - My husband and I and our two teenage boys (living in Sheridan) just found out this weekend that our landlady has sold our house and we have 30 days to be out! We had a good deal that we didn't expect to last forever, but weren't expecting this! Anyway, if anyone comes across a reasonably priced (we're REALLY hoping to find a 3 bedroom for $1000 or less [hopefully LESS]) house for us, I'd greatly appreciate an email. We were in our current home for just under 10 years, so I promise a good reference. After just a couple of days of looking, I'm already extremely discouraged about prices and availability! Feel free to email about anything or with questions!!

[ElkHunter]

Originally Posted by hanneh

Hi - My husband and I and our two teenage boys (living in Sheridan) just found out this weekend that our landlady has sold our house and we have 30 days to be out! We had a good deal that we didn't expect to last forever, but weren't expecting this! Anyway, if anyone comes across a reasonably priced (we're REALLY hoping to find a 3 bedroom for $1000 or less [hopefully LESS]) house for us, I'd greatly appreciate an email. We were in our current home for just under 10 years, so I promise a good reference. After just a couple of days of looking, I'm already extremely discouraged about prices and availability! Feel free to email about anything or with questions!!

Wow. I'm so sorry to hear this. I just sold my place about 10 days ago. 1800 sq ft, 3 bd, 2 ba, central air. Would have loved to rent it out. But got tired of getting somebody good into it so just gave up and sold it.

I wish you luck. The market is on the decline so there should be something available, but maybe not soon enough.

Have you inquired as to what the new owners are going to do with it? Are they planning on moving in, or are they buying it for investment purposes? Might want to call them or talk to them, you might be able to stay.

[Kristynwy]

I am sorry Hanneh about your rental situation.
We are afraid of being kicked out of our current rental also, so we are going to try to buy a mobile. I will let you know if I hear or come across anything...

Did anyone see the article on the front page of the Sheridan Press about Housing in Sheridan? I think it was a big fat lie and full of bologna. I think the Realtors in Sheridan are scrambling to get people to not lose hope and quit buying...

I know this, a fellow co-worker of my husband's he is an older guy and bought before the boom and was wanting to sell him home. He has had a handful of Realtors tell him the market is getting harder to sell homes in right now and they weren't sure if they could help him, a lot of homes are just sitting there.. . So there is a for sure slow down in Sheridan and maybe Buffalo, not sure how much it will affect prices.

Even the "candy coated" article in the Sheridan Press said that less homes are being sold and there will be a 0% appreciation rate this year, values won't go down supposedly or up. We will see though I guess...

I hope it knocks things back down into reality so the residents of the community can actually afford a home again.