Thoughts on the current real estate market

In my town there are a total of 4 houses for sale, granted the town is 1 sq mile but 2 miles from the beach, in 2019 we saw 10-15 for sale at any given time . Homes are up 6% from December and seem to sell in less than 30 days at asking price.   Last year none sold at asking all were over 20-50K some even higher. 

I do belive like others we are in a bubble and it's gonna burst with inflation and rising mortgage rates.  However desirable areas are likely not to take a big hit  while less desirable ares will drop far more (like we saw in 08) and unless we go full commie in the next 4 years (possible) everything will readjust, it always does. 

If you are gonna stay in the new one long enough you will make out - if you plan on moving again in 3-5 years  its likely you will take a huge hit IMO

 
Its really hard to justify staying in cali right now. Especially when you are sitting on 3-400k$ in equity. My wife wants to spend a year or so in the motorhome while the covid bs works out. Its where to land after that. 

 
Sausage450r said:
Its really hard to justify staying in cali right now. Especially when you are sitting on 3-400k$ in equity. My wife wants to spend a year or so in the motorhome while the covid bs works out. Its where to land after that. 
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This is very common right now. ☝️
The RV market shows it too. 

 
We're in the process of building our dream home. About to pour the Foundation. Living in the house we have now, we were going to wait until our house was done to sell it but...........With the market so strong for the seller, we're trying to get it ready to sell NOW! Live in the motorhome until the house is completed. There's people with opinions too. "You'll hate each other / What are you gonna do with all your stuff in the meantime? You sell your house then what?" We're looking at it like ($$$$$$.$$) Sure would be nice to transfer the money from the sell to the new home. Life is good with out a Mortgage payment. Construction costs are soaring to an all time high. And so is selling your home. My question is: How long is it going to be a sellers market? (Hate to wait) The market has to crash eventually! Peace

 
ChEFF said:
We're in the process of building our dream home. About to pour the Foundation. Living in the house we have now, we were going to wait until our house was done to sell it but...........With the market so strong for the seller, we're trying to get it ready to sell NOW! Live in the motorhome until the house is completed. There's people with opinions too. "You'll hate each other / What are you gonna do with all your stuff in the meantime? You sell your house then what?" We're looking at it like ($$$$$$.$$) Sure would be nice to transfer the money from the sell to the new home. Life is good with out a Mortgage payment. Construction costs are soaring to an all time high. And so is selling your home. My question is: How long is it going to be a sellers market? (Hate to wait) The market has to crash eventually! Peace
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I think as long as home prices continue to rise, building materials will do the same. Happen to see materials start to decline, better sell fast.

 
This TOPic is a great one for all you real estate people. Peace

 
Big_Daddy_Jp said:
I just purchased a home in Alpine. Once it came to finding homeowners insurance to finalize the loan, everything stopped! We spent a few days trying to find a company that would cover Alpine because of the fire zone. We ended up getting coverage under the California fair plan act. You end up with 2 policies instead of 1 but it can be done.
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California Fair Act Plan was what I was told too but was also told it's not cheap. 

 
SYBIZ said:
California Fair Act Plan was what I was told too but was also told it's not cheap. 
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It’s not. Have a friend in Alpine and he said his insurance policy more then doubled in cost vs what he was paying. I’m pretty sure he’s having to do the two policy thing using the California State fire coverage. 

 
 Like others have said, As long as you can afford what you are buying then go for it. Just don't buy in over your head thinking this is it. Homes in my neighborhood were selling for 1.1-1.2 a few years ago. I remember feeling like it was bubbly then, now they are 1.4-1.5 with no available homes. It is very tempting to cash out but to downsize in OC/SD you are still going to pay a million for a single family home and have new higher taxes. Makes it very hard to stay in So Cal.  

 
I live in my Moho for a month when in between houses, it was harder than I thought it would be.  The bedroom and bathroom got really small after about three weeks.  Everything else was easy.  I started using the bathroom in the RV park after awhile.

Kids moved out, so I did the upgrade move 2 years ago before prices went crazy, zero regrets.  Only thing that went up after owning the old house was property taxes.  We did downsize from 3300 sq ft two level off water, to a 2500 sq ft single level to waterfront, I am saving $3-400 a month on utilities alone, no grass, no empty rooms heating and cooling, and even the Maid gave me a $40 a month break.  Our goal was two fold, create environment where our kids (and future grandkids) wanted to come see us and get to a single story house (old people issues, ha).

I wouldn't worry about selling or buying high or low, get you what you want.............

 
SYBIZ said:
Yea, my property taxes will definitely increase. On another note, I'm also hearing nightmare stories regarding homeowners insurance when you're in a firezone which the house I'm looking at is in. 
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Currently insuring through Geico in the sticks.  A lot of the trick is steering the conversation to why your house isn't a gigantic fire bomb waiting to happen.  As long as there isn't a lot of federal land that can't be cleared, point out your defensible space, the neighbors' defensible space, likely firestorm origin (Santa Ana blows from NE), etc.  There were a number that initially refused, asked why, and then defeated these objections one at a time with the agent.  

 
21 minutes ago, onanysunday said:

Solution to high prices.

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I love watching that Spade and Christina are covering there faces to not completely break character and :lmao:  

 
Definitely give Brandon a call for San Diego area.  If you need help with a pre-approval and financing let me know.  

Andrew La Rochelle

First Choice Funding

909-964-5348

 
MWB said:
The housing market is almost as crazy as the used toy and RV market though.
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The housing market and the Auto market is way crazier than RV's. We aren't selling RV's at Sticker or thousands above sticker like cars and houses. Try buying any automobile right now. $5000 over sticker on a $25K Camry!! That's just an example I got from an Auto Broker friend of mine. 

 
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