Gellar
Well-known member
It’s not just cities. SIL and BIL were looking for houses in Dubuque, Ia. Population 120k. Offered on a house over asking price and received no counter offer. The house ended up 15k above asking price.
People Fleeing cities? Not according to Zillow
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Shangobango
Well-known member
I had it in my head I would sell my 1000 sq ft house on 35 acres and use the funds to get something similar in Montana or Wyoming. Sheesh what a pipe dream. I would be staying in my ALaknak on 30 acres or in a decent house on a 1/4 acre lot up there for what my place would bring.
I was looking at rural areas not in the burbs or even very close to a decent sized town. Like I said, a real eye opener.
Summitthunting
Well-known member
My neighbor a few houses down has been trying to sell his house for over a year. It was priced way over the Zestimate. Three weeks ago Zillow purchased the house for asking price. They relisted it, 9 days later, for $10,500 over the purchase price. Now the Zestimate is $11,000 over the purchase price. Strange days.
D
Deleted member 16014
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Who is going back and forth between somewhere roughly Riverton WY and Malta MT?
Where people are migrating in, and out of, the West - High Country News
While the region continues to grow, migration patterns are in flux.www.hcn.org
Pretty cool graphic
I jest, but the first time I looked at it I was thinking wth.
SD_Prairie_Goat
Well-known member
Zillow has a lot of power, and if that is what they are doing they are abusing their power. I mean, we shouldn't be surprised that a company is taking advantage, but still...
Mrs. Fin bought 20 acres between Malta and Saco, MT and I am sure it could be acquired for the right price, whether the person is from Riverton, WY or Riverton, UT or commuting along Highway 2 from Duluth to Spokane. I'm hoping someone reaches out to buy it so I don't have to build her a fish camp juxtaposed between Fort Peck and Nelson Reservoir.
PM me if interested, as she is a hard negotiator and her dreams of a fish camp make her selling price much higher.
Bulldog0156
Well-known member
Not the best spot to put a well, both for quantity and quality of water.
As someone looking to buy a house in the Billings area (currently renting), I can share for fact that home prices went up 9% last year, and are already up 8% this YTD. Average increase annually before this year was anywhere from 2 to 3% in a high inflation year. Housing prices are stupid high right now, and a lot of them are being sold for over asking price. Roughly 40% of home sales in the area are to out-of-state buyers, and half of those are sight unseen, which is absolutely ridiculous to me. I personally believe this is a bubble, it will pop, and the vast majority of these people will be underwater on their loans when it does.
I can't blame it all on out of staters though, since I'm not born and raised in Montana. But I can blame it on morons that have no realistic idea of housing prices or finances. Part of this boom is driven by record low interest rates, and people trying to buy more home than they can realistically afford.
When I moved here two years ago, things were on the verge of affordable- there are a few houses coming to mind right now that I definitely should have bought, but it would have been a stretch then. I've been saving at least a quarter of my net pay, and the inflation seems to have been outpacing that. For now, I guess I'll just bide my time and wait for a hopeful price correction. But I will be out of this apartment by May, come hell or high water.
I can't blame it all on out of staters though, since I'm not born and raised in Montana. But I can blame it on morons that have no realistic idea of housing prices or finances. Part of this boom is driven by record low interest rates, and people trying to buy more home than they can realistically afford.
When I moved here two years ago, things were on the verge of affordable- there are a few houses coming to mind right now that I definitely should have bought, but it would have been a stretch then. I've been saving at least a quarter of my net pay, and the inflation seems to have been outpacing that. For now, I guess I'll just bide my time and wait for a hopeful price correction. But I will be out of this apartment by May, come hell or high water.
westbranch
Well-known member
It would be interesting to know what % of the home sales here are actually cash. Everyone talks about the cash offers at way over listing price but no hard numbers that I have seen. ID is also a non disclosure state for sale prices but someone with access to the MLS can get more info. I see a lot of closing statements for homes sold in CA and the cash they are coming in with to pay $500k+ for a house twice the size of their old one and 30+yrs newer. But it's a biased sample.
Median price of homes listed for sale in Coeur d alene recently was $526k. I think it was one house under $300k this past week.
Median price of homes listed for sale in Coeur d alene recently was $526k. I think it was one house under $300k this past week.
Nameless Range
Well-known member
Check the results of this study out. It doesn't speak to cities, but certain states have far more outbound than inbound. Though to be clear this is a study from 2019.
www.unitedvanlines.com
2019 National Movers Study | United Van Lines
United Van Lines’ 43rd Annual National Movers Study tracks customers' migration patterns over the past year. See the study, interactive map and press kit.
www.unitedvanlines.com
There is a guy on this forum that sold his house and moved into a rental and is waiting for a bubble bursting. If I didn’t have young kids and had a rental available I would sell also and buy in another couple years after the crash.
I bet this whole housing bubble is cheap borrowed money, but people are still buying above their means and taking 30 year notes. I heard a guy say that every bubble bursts at some point.
A good indication that this is a bubble is the price of horses. People are paying $5k - $7k on a 12 year old horse and all the feed/care. I think things will get ugly in a few years, even in trendy areas like Bozeman,CDS.
I bet this whole housing bubble is cheap borrowed money, but people are still buying above their means and taking 30 year notes. I heard a guy say that every bubble bursts at some point.
A good indication that this is a bubble is the price of horses. People are paying $5k - $7k on a 12 year old horse and all the feed/care. I think things will get ugly in a few years, even in trendy areas like Bozeman,CDS.
SD_Prairie_Goat
Well-known member
I've been saying the bubble is due to burst for a while now, seems like it just keeps going up though. I thought this year we were finally going to have a correction due to Covid, but that doesn't appear to be the case from what I've seen.
I've given up trying to understand whats going on anymore in the world..
noharleyyet
Well-known member
406dn
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I have not paid much attention to the housing market for a decade when we bought the home we now live in. Don't have a mortgage to fret over either but horses got mentioned,,, and I've got those.
A good horse in its prime of life is worth more than many are willing to pay. With horses, like most things,,you get about what you pay for. A cheap horse is no bargain. They cost as much to keep and are likely to bust you up. They won't lose any sleep over it either.
A good horse in its prime of life is worth more than many are willing to pay. With horses, like most things,,you get about what you pay for. A cheap horse is no bargain. They cost as much to keep and are likely to bust you up. They won't lose any sleep over it either.
MThuntr
Well-known member
I thought the same thing and it's only gotten worse in SW MT. Houses once condemn-able are now worth $200k and some are being bought over asking. A friend just got an offer rejected because he wanted the house inspected...no negotiations.
LousyResident
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Similar to the stock market, I think the average Joe trying to time the housing market is going to lose the vast majority of the time. I know a guy that did that many years after the crash in 2008. Finally bought a few years ago and essentially missed out on $100K worth of equity by waiting. You could sit in that rental for years waiting for a crash that basically never happens. Meanwhile, scrounging together every penny I had a borrowing from friends to buy my house in 2009 was one of the best decisions I ever made.
Don't buy more than you can afford at your current salary band, and take the time to buy what you want. If the housing market crashes, just keep making your payment until you aren't underwater anymore. Eventually, the market will return. And, based upon current experience, potentially faster than you thought.
JFish
Well-known member
Wife and I checked out a house the other weekend. Very nice move in ready but it was on a small 1/4 acre residential lot. Decided not to put an offer in. Glad we didn’t waste our time because it was sold by the end of the weekend for 21k over.
LousyResident
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I've always thought that, when I'm ready to move, I'm willing to spend a little extra to buy a place that doesn't need any work. But based on how these things are selling I'm moving more and more to something like, buy the land/plot you want and fix up whatever house happens to be there.
