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The problem with this is just about anything new costs 300k plus, not exactly entry level pricing for most families. When I purchased about 4 years ago, prices were in the 110k to 140k range for older homes, now it’s 170k to 190k range. While prices increased, compared to the market I moved form, it’s still considerably cheaper.
I understand what you mean. I browse the real estate transaction page in the Saturday newspaper, and recently, two homes were sold, on the street that I grew up on. I was absolutely SHOCKED to see that they sold in the $200,000 range.....
There’s so much new construction going up where I live now, people don’t bother looking at 5 - 10 year old properties because they can build new for around the same cost.
Buying new construction isn't always a good thing. While it's possible to have a custom house built that is better built, energy efficient and has all the modern bells and whistles, most new housing is tract build houses, built by companies building them quickly as possible, using cheaper materials, and lowest bidder contractors. If by some chance you get a house build decently, then you have the issue of most of them are in home owner associations that can be worst then living in behind the iron curtain in the days of the Soviet Union.
I used to date a girl that owned a unit in a condo complex that was under a homeowners association. The windows on her condo leaked air bad, some of the window seals were broke where condensation was in between the glass. She wanted to get all new windows, but was told she had to get the same crappy low quality windows that all the other units had so them would match the other units. To add insult in injury, they no longer made the windows she needed, she would have to get them special made at a premium price that would be more than the better quality windows that should have been used in the first place when they were constructing them. It was the same for the A/C unit condenser, low end units, but you couldn't buy better cause it wouldn't match what the other buildings had.
Thanks but no thanks if the new house is homeowners association.
Buying new construction isn't always a good thing. While it's possible to have a custom house built that is better built, energy efficient and has all the modern bells and whistles, most new housing is tract build houses, built by companies building them quickly as possible, using cheaper materials, and lowest bidder contractors. If by some chance you get a house build decently, then you have the issue of most of them are in home owner associations that can be worst then living in behind the iron curtain in the days of the Soviet Union.
I used to date a girl that owned a unit in a condo complex that was under a homeowners association. The windows on her condo leaked air bad, some of the window seals were broke where condensation was in between the glass. She wanted to get all new windows, but was told she had to get the same crappy low quality windows that all the other units had so them would match the other units. To add insult in injury, they no longer made the windows she needed, she would have to get them special made at a premium price that would be more than the better quality windows that should have been used in the first place when they were constructing them. It was the same for the A/C unit condenser, low end units, but you couldn't buy better cause it wouldn't match what the other buildings had.
Thanks but no thanks if the new house is homeowners association.
One of my wife's friends just bought a house, today, literally, and the house was listed at $174,900, and she won the "bidding war" at $201,500, with no contingencies. (she was actually outbid, by a fair margin, but the other potential buyer had some sort of contingency, while our friend had none....)
One of my wife's friends just bought a house, today, literally, and the house was listed at $174,900, and she won the "bidding war" at $201,500, with no contingencies. (she was actually outbid, by a fair margin, but the other potential buyer had some sort of contingency, while our friend had none....)
The fact that she could win the bidding war at that price, speaks to how affordable housing is in the area, comparatively speaking.
The fact that she could win the bidding war at that price, speaks to how affordable housing is in the area, comparatively speaking.
Sorry, but I'm not buying it. That sale was in the area that I grew up in, and I remember that not too long ago, housing in that area was going for $80,000, and even that was considered high. My parents bought our house, in that area, for $16,000. Granted, it was in 1960, but the "quantum leap" in pricing didn't occur until the last 10-12 years....
Sorry, but I'm not buying it. That sale was in the area that I grew up in, and I remember that not too long ago, housing in that area was going for $80,000, and even that was considered high. My parents bought our house, in that area, for $16,000. Granted, it was in 1960, but the "quantum leap" in pricing didn't occur until the last 10-12 years....
Also, if you check out this NAHB Housing Opportunity Index(click on the NAHB/Wells Fargo Housing Opportunity Index: Complete Listing by Affordability Rank), Rochester(and most of the other upstate areas on the list) are high on the list. meaning, more affordable when looking at median home price in relation to median family income: https://www.nahb.org/news-and-econom...ortunity-index
For instance, the median home price in your current area(Greenville SC) is a good $93,000 higher than that of the Rochester area. Even the adjacent Spartanburg SC area is about $50,000 higher in terms of median price according to that source above. So, both illustrate the point I was making, as that same house in those areas is likely going for $225k in Spartanburg and $270k in Greenville to start/before a bidding war.
Just to add another thing, that house even going over asking price was still below the metro area median home sales price.
Last edited by ckhthankgod; 08-29-2023 at 08:34 PM..
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