We Are Doomes

[Yankeemama]

[quote=jjpop;44177521]According to Zillow (so take this with a grain of salt), my house has increased in value by almost 50% since the market bottomed out in March of 2012. I live in a neighborhood of '70s ranches. I guess if I was selling tomorrow I would make out pretty well, but my family and I are not going anywhere anytime soon.

My plan is to not believe that these prices are sustainable over the long term. I believe they will go down again, and some of that inflated equity will disappear just as easily as it appeared--probably during the next recession or when the Fed really starts notching up those interest rates, or when our weather gets back to normal and all of those people that moved here saying "this weather isn't so bad" get their comeuppance.[/QUOTE

Our house in Portland sold for 25% over the price we bought in 2010 and our new house in Beaverton has gained about 12% equity but we expect things to calm down soon. I do think the Portland Metro is going to keep growing and people will keep flocking here. The quality of life here is too good.

[freemkt]

[quote=Yankeemama;44177991]

Originally Posted by jjpop

According to Zillow (so take this with a grain of salt), my house has increased in value by almost 50% since the market bottomed out in March of 2012. I live in a neighborhood of '70s ranches. I guess if I was selling tomorrow I would make out pretty well, but my family and I are not going anywhere anytime soon.

My plan is to not believe that these prices are sustainable over the long term. I believe they will go down again, and some of that inflated equity will disappear just as easily as it appeared--probably during the next recession or when the Fed really starts notching up those interest rates, or when our weather gets back to normal and all of those people that moved here saying "this weather isn't so bad" get their comeuppance.[/QUOTE

Our house in Portland sold for 25% over the price we bought in 2010 and our new house in Beaverton has gained about 12% equity but we expect things to calm down soon. I do think the Portland Metro is going to keep growing and people will keep flocking here. The quality of life here is too good.

Even if priced do fall in future, I believe people who have not bought yet are going to have a hard hard time getting into the game, what with interest rates expected to go nowhere but up.

[Yankeemama]

[quote=freemkt;44178552]

Originally Posted by Yankeemama

Even if priced do fall in future, I believe people who have not bought yet are going to have a hard hard time getting into the game, what with interest rates expected to go nowhere but up.

Right now new homes are being built in Tigard with townhouses starting in low 200k. WA County is actually building for its workforce but the nimbys out here are complaining about that. And so many people think they are too good to live in a townhouse. I know dozens of born and bred NYers who would be thrilled to own a townhouse in a great school district. It's all perspective.

[jjpop]

I'm looking forward to a townhouse in my retirement years. That's a ways off though (at least 15 years). I like the townhouse concept, especially after years of home ownership and having to take care of a large yard!

[Yankeemama]

Originally Posted by jjpop

I'm looking forward to a townhouse in my retirement years. That's a ways off though (at least 15 years). I like the townhouse concept, especially after years of home ownership and having to take care of a large yard!

I grew up in SF in the 70's. Most SF homes were under 1500 sq feet not including a basement. Most homes in the 70's were that size with bigger families than today. People survived and thrived. Now people say they can't afford to buy but that's not true. Maybe you can't afford 2000 sq feet+ but it's not necessary to build your life. Sure this is my opinion but after living in apartments in NYC for over 15 years... buying a "place" to call home is still my American Dream. People in this area are spoiled to have so much space but cities all over the country have small homes without big yards and they are grateful for property ownership. That's what is important. Just my two cents.

[freemkt]

Originally Posted by Yankeemama

I grew up in SF in the 70's. Most SF homes were under 1500 sq feet not including a basement. Most homes in the 70's were that size with bigger families than today. People survived and thrived. Now people say they can't afford to buy but that's not true. Maybe you can't afford 2000 sq feet+ but it's not necessary to build your life. Sure this is my opinion but after living in apartments in NYC for over 15 years... buying a "place" to call home is still my American Dream. People in this area are spoiled to have so much space but cities all over the country have small homes without big yards and they are grateful for property ownership. That's what is important. Just my two cents.

I would expect SF homes to be futuristic and all.

There's a humorous cartoon about that:

https://en.wikipedia.org/wiki/The_Ho...Tomorrow_(film)