House Prices in your area?

[Here's Johnny!]

I was wondering if the house prices in your areas have increased dramatically since/ during Covid?

I live in a small subdivision of bungalows built in the 1950's and pre-covid they were selling for ~ $600K and a few had been torn down and big houses built...fast forward to now and they are now selling for 1.25 million and then people are tearing them down. Re-building costs are also at a premium $350.00 - $500.00 per square foot.

I honestly couldn't afford to buy a house at this point if I was starting out.

[beej]

our house appraised for twice what it did in 2016. When we watch a show like Property Brothers, my wife and I always say, our house would sell for millions in California.

[Jim at Gentex]

My daughter and son-in-law are in the process of selling their house that they bought about 10 years ago, moving to something bigger because they now have 3 kids.

Their current house just appraised at a bit more than double what they paid for it 10 years ago.
They did do some major remodeling when they bought the house, and a bit more remodeling a couple of years ago, but nowhere near doubling the value of the house.
They made extra payments on the principle every month, so their mortgage is now almost paid off after only 10 years.

The house they are buying is owned by a couple from their church who recently retired and moved to Florida, and are giving them a very good deal.   

[RobertELee]

Bought our house for $405k 2.5 years ago

[BrianP.]

We sold our house in July of 2020 for $334,000. Depending on the realty site they say it goes for anywhere from $370,000 to $430,000 now. We bought it in 1992 for $95,000 and put a ton into it before we sold to buy my parents house.

[Here's Johnny!]

I live about 30 Miles West of downtown Toronto. There are few houses on the market so each one ends up in a bidding war....The realtors love it. They tell all buyers that bids are accepted only on a certain date creating a frenzy. My next door neighbour's house listed for $949,000 for a 1000 SQFT bungalow (not updated) and it sold for 1,255,000 with 7 bidders. The new owners are planning tearing the house down with a rebuild cost of over 1.2 million.

These are starter homes.....

[mowens]

I don't see how I could afford $500,000 for a house. Houses in my neighborhood are going for $250 to $300K. I bought mine for about $140k in 1997. It's 3 bedroom upstairs and 2 downstairs,3.5 bath. 1750 Sq ft upstairs and 1500 downstairs.
Zillow estimates it at $264,400 now.

[Del.]

Bunch of 1 % here. Where you guys live?

[CNCAppsJames]

Bought for $592k in 2014.

Today, Zillow says $942k. That's not taking into account the new pool or 10kW Solar array either. 3,517ft.² house. Lot is 7,405ft.². in-law's suite has about a 950ft.².

Zip code 92880

[Del.]

My fiddy microbucks must be worth $500 now.

[RobertELee]

My fiddy microbucks must be worth $500 now.

Time to call Judge Judy!!

[mayday]

sell big
buy for the same
then loose yer ass

[JParis]

With my wife and I basically having 1 income, she's been disabled since 2017, her payment is under $1k/month, we are effectively priced out of buying at this point.

I was looking at doing it, then Covid struck, with all the uncertainty I went into waiting mode.  We've discussed it recently and with my at 56, her turning 65 in a month, taking on a mortgage again at this point simply doesn't make fiscal sense.

Kinda sux but it is what it is at this point.

[CADCAM396]

have not paid much attention time line to covid but our assessed and market value have definately sky rocketed over the last 5 or so years. the only thing this does for us is raises our taxes. cant cash in and move because all places we would consider are in same trend and job is hanging in with this old codger, work till im dead or they have no more use for meh.
think taxes could be one driving factor why government does not want to intervene?
what could they do
i feel for those that did not secure at least a decent place to live before the inflated cost of housing.

[Bruce Caulley]

It's crazy down here, which is weird beacause we have so much space, but...  A basic house in a basic suburb in Brisbane is now over $700k.  In a nice suburd $1mil will get you a shit hole you need to tear down.  Even a nice 2br flat is over $600k if you don't want to live in a ghetto