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Old 03-29-2009, 08:37 PM
 
Location: Steilacoom, WA by way of East Tennessee
1,049 posts, read 3,828,327 times
Reputation: 701

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Hi all,

I went to a few open houses on Sunday, I limited them to homes that were somewhat in my mind's price range.

Home 1: 3 bed, 2 bath supposedly 1500 sqft and 1.5 acres, neither the home nor the lot looked anywhere near that big. It was a foreclosure listed at $129,900, I'd say it was worth maybe $90,000

Home 2: Realtor said 2800 sqft, I believe her, though it may be a bit smaller, who knows w/o measuring. It had 3 levels and an inground pool, not bad. Value? I'd say it's fairly priced.

Home 3: New construction, the realtor was there and so was the builder, a long haired guy with jeans on (including holes in pants). The home had several small details not finished, it was just under 1700 sqft (felt smaller) and was listed at $190,000. I'd say it was easily $50,000 over priced, but that's just me looking at comparable homes for less money.

I've been looking at homes again as my current one is just too small, but in general it seems prices are too high. What is the consensus with everyone else? In talking with my realtor, low end homes are moving, but the higher end are setting. I just think that homes (newer and larger) are just overpriced for the average joe and jane.

It's bad when JC home prices are starting to compare to FL, CA, NV and WA home prices (still talking newer, larger homes).

Who's got the lucky lotto numbers, I'll need to win the lottery or sell my raw land (similar luck on both these days) in order to afford to buy a house.

Tony

p.s. Am I imagining things or are homes priced last year at $150,000 selling for $190,000 this year? Good appreciation for folks, but I'll be priced out of the market pretty soon.
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Old 03-29-2009, 09:02 PM
 
730 posts, read 1,800,125 times
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Quote:
Originally Posted by Tony1790 View Post
p.s. Am I imagining things or are homes priced last year at $150,000 selling for $190,000 this year? Good appreciation for folks, but I'll be priced out of the market pretty soon.
Get "comps" for comparable homes. I bet you see $150,000.00 homes listed at $190,000.00 to allow for bargaining. I also suspect they sell for a lot less than the listing price.
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Old 03-30-2009, 03:38 AM
 
Location: Jonesborough, TN
708 posts, read 1,371,381 times
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Well there are alot of ways to measure that, I just pulled up a very quick report from the MLS. From the start of the year until now, and just in Johnson City, the homes that have sold have sold for 95.3% of list price. If I take the date out from June 08 until now, it is an average of 95.2% of list price. Land is averaging about 91% of list price, but this is based on only 44 pieces of land that have sold in all of Johnson City from June 08 until now.

If I do the same June of 08 until now with homes in Kingsport, its an average of 96% of list price.

Some sellers like to play the game, others (the ones that are selling most often) are asking roughly what they need out of it.

Which leaves the homes that are the most overpriced sitting there forever.
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Old 03-31-2009, 08:02 AM
 
Location: Gray, TN
2,172 posts, read 4,253,843 times
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Home 1: There's not enough info to know for sure, but it sounds reasonable if it were in really good condition and a solid location.

Home 3: The new construction sounds par for the course, which is why I didn't even look a NCs when I when through this not too long ago. If I'm paying that premium, I'm building it myself and getting exactly what I want. There has to be hoards of NC out there right now.
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Old 03-31-2009, 11:08 AM
 
Location: Johnson City, Tennessee
189 posts, read 536,667 times
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I will agree with JCHOMETEAM. It appears that our housing market is pretty stable. Most agents who are taking listings aren't wasting their time with overpricing sellers.

That's why you see the prices staying very close to listing price. I think condo market between 125-175 is where you will find your best deals. There are alot of condo's on the market out there right now in the Johnson City area.
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Old 03-31-2009, 11:45 AM
 
Location: Beautiful East TN!!
7,279 posts, read 20,242,220 times
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Quote:
Originally Posted by Josh Woods View Post
I will agree with JCHOMETEAM. It appears that our housing market is pretty stable. Most agents who are taking listings aren't wasting their time with overpricing sellers.

That's why you see the prices staying very close to listing price. I think condo market between 125-175 is where you will find your best deals. There are alot of condo's on the market out there right now in the Johnson City area.
There is also another reason all those condo's are "best deals" right now. Lenders/banks, well at least most of them, will not touch a condo to lend on right now. They are the only properties in TN that is considered a "declining market" (meaning they had been sold for over their value previously) so banks don't see the appraised value as a solid basis of collateral value.
So basically, unless you have a local bank that you have a good relationship with that can portfolio a condo for you, it is unlikely you can get a mortgage for them now. I believe a lot of these condo builders are banking on cash buyers.
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Old 04-01-2009, 05:26 AM
 
Location: Daytona Beach, FL
19 posts, read 65,261 times
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Default Retirement relo pros & cons -- housing prices etc

Quote:
Originally Posted by Tony1790 View Post
Am I imagining things or are homes priced last year at $150,000 selling for $190,000 this year? Good appreciation for folks, but I'll be priced out of the market pretty soon.
Hi Tony & All -- I'm a Floridian (Daytona area) also following TriCities prices closely. Have been interested in relocating to your area for 2-3 plus years, but now that Florida housing prices have collapsed, that looks less likely. Our Fl. pool home would have easily sold in the 250-300K range in 2005 but now Zillow prices it at 170K. When you take that big a hit on home equity, plus big erosion on investments, it cools your enthusiasm for relocating. Game plan now is to put up with high taxes, utility and insurance costs for 1-2 more years (other than those factors, we love Fl) and try doing seasonal rentals in TriCities to get better acquainted. I realize the psychology of it is probably a bigger factor than the affordability -- when a final straw breaks our backs in Daytona (such as State Farm getting ready to tell us they no longer want our insurance business after 20 years with no claims), we may sacrifice and go ahead with relo. One big factor giving us pause, aside from real estate prices, is the rumor that doctors are hard to find in NE Tenn, esp. for people with pre-existing conditions and not yet qualified for Medicare. If we do move, we might have to make quarterly or semi-annual return trips back to Fl. for medical care. Any retirees care to comment on that issue?
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Old 04-01-2009, 03:24 PM
 
Location: Steilacoom, WA by way of East Tennessee
1,049 posts, read 3,828,327 times
Reputation: 701
Quote:
Originally Posted by beachcomberT View Post
Hi Tony & All -- I'm a Floridian (Daytona area) also following TriCities prices closely. Have been interested in relocating to your area for 2-3 plus years, but now that Florida housing prices have collapsed, that looks less likely. Our Fl. pool home would have easily sold in the 250-300K range in 2005 but now Zillow prices it at 170K. When you take that big a hit on home equity, plus big erosion on investments, it cools your enthusiasm for relocating. Game plan now is to put up with high taxes, utility and insurance costs for 1-2 more years (other than those factors, we love Fl) and try doing seasonal rentals in TriCities to get better acquainted. I realize the psychology of it is probably a bigger factor than the affordability -- when a final straw breaks our backs in Daytona (such as State Farm getting ready to tell us they no longer want our insurance business after 20 years with no claims), we may sacrifice and go ahead with relo. One big factor giving us pause, aside from real estate prices, is the rumor that doctors are hard to find in NE Tenn, esp. for people with pre-existing conditions and not yet qualified for Medicare. If we do move, we might have to make quarterly or semi-annual return trips back to Fl. for medical care. Any retirees care to comment on that issue?
That's what's driving me crazy, people are still pricing their properties like the Floridians are still coming and paying cash for stuff. Well that's how I got here anyway, I sold my 2 acres of NC land to a FL couple for $150,000 cash. I used that money to buy 26 acres of TN land to build a house on, since I can no longer afford to build, I've been trying to sell the 26 acres, first for a profit, now for what I paid for it, no takers not even at a loss! Oh well, i can still hunt on it and camp, not much else until I can find a decent job!

Good luck

Tony

p.s. I haven't had any problems finding a doctor, I'm just having a doctor, I'm having a hard time finding a good dentist.
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Old 06-02-2009, 07:54 PM
 
Location: Steilacoom, WA by way of East Tennessee
1,049 posts, read 3,828,327 times
Reputation: 701
Default Another weekend gone by, another open house report

OK,

First off, I'm still dreaming about buying a house Moderator cut: deleted . But since I get bored easily, I go to a few open houses and this is my report from this past weekend.

Seems like price per sqft is $100-$130 give or take for anything under 2000 sqft, but the more you go over that there seem to be some good deals. In the $220,000 range, I've seen several nice looking homes at 3200 sqft in the $68-$70 per sqft.

Land has softened quite a bit as people seem to be building less. So building a nice home is an option, but with quality building costing $85-125 per sqft, it may be cheaper to buy existing homes instead.

My advice is if you are going to buy, buy soon mortgage rates seem to be going up.

Take care all,

Tony (soon to graduate LPN school in August )

Last edited by Beretta; 06-04-2009 at 07:01 PM.. Reason: per the TOS advertising is not allowed
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