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Have any of you noticed in your area that housing prices are being forced back to 2007 bubble prices? Searching around on zillow/realtor I see things like Sale 1995 150k, Sale 2005 695k, Sale 2008 450k, Listed 700k. Not just listings either but closings as well. My neighbors house just sold for 265k, I bought my comparable house in 2013 for 233k.
Flipping homes are back to 2007 levels. Another RE bubble forming ?
Home Flipping Increases in 75 Percent of U.S. Markets in 2015
Number of Active Home Flippers in 2015 Highest Since 2007; Share of Homes Flipped Rises Above 2005 Levels in 11 Percent of Markets; Average Gross Profit of $55,000 on Homes Flipped in 2015, a 10-Year High
Depends on the market. My father's neighborhood in NJ has not gone up. The foreclosed home to the right of his was bought fixed up and rented and the home on the other side was told down and they built a 2 family home with a studio and garage on the ground floor, so things should improve I hope, but prices are still low, and taxes are ridiculously high.
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.
It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by mkarch
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.
It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.
The property I am in contract to sell now, went up almost 100% from what I purchased in 2011. This is in NYC.
The majority of this gain was over the past 9 months, it was crazy. Cashing out as I don't think I will see that rate of return moving forward for awhile.
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.
It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.
Prices are insanely high and it currently looks like it is not going to slow down for a while.
Seattle's eastside is well beyond the last bubble.
consumers and flippers are bidding up homes to insane levels. Meanwhile developers are buying up any and all land they think they can squeeze out a profit from.
It is painful to see it all happening again, and it is so hard resist jumping in and trying to make a quick 50-100k on a 3 month flip.
And then some. (California.) It's pretty dizzying.
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