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Do you see housing sales/rent improving in your area ??

BigAl

Gone But Not Forgotten
SUPER Site Supporter
Man oh Man ,
Its hard to keep up . In the last 2 weeks I have been approached to sale one of my homes in California at my price , Rented out all my remaining Mini storage units , and now have a waiting list for the last apartments my guys will start building tomorrow ????

What the hell ????? Don't get me wrong .... I ain't complaining . Its just like someone opened the gates and the race is on .


Is housing/renting finally bouncing back a little ????

I don't rent junk . All my units are very high end scale and about double the average rent price of other rentals in the area .I also offer all my units "All inclusive" so all utilities/ Broad Band / Dish / sewer, water/ snow removal / fully furnished are paid in the rent price . My older Clients really seem to like that . Many are on a fixed income so it works well for them to know their exact living cost up front .
I kinda wish I had 10 more single bedroom units as I could rent them in a heartbeat . The older folks really seem to be attracted to 1 bedrooms units . Problem is we have run out of space to add any more .
I had my eye on another commercial building two doors down to remodel into 12 more units but the wife says its time for me to stop . She is a mean old bat .

Anyway , as I stated earlier

"Are you seeing a increase in housing sales and rents in your area "???:smile:
 

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
Not sure that "bouncing" back is the right term, but maybe very slowly clawing their way upward.

2 of my neighbors have their houses up for sale. Neither are getting much traction. One dropped his price to $599,000 and I think it may sell for closer to $399K. The other is smaller with a second (and very large) garage, lots of custom features, probably will end up, if it sells, in the same price range. Currently listed for more than $500K.

There are also 2 homes in my neighborhood that are in foreclosure (or pre-foreclosure), one is more modest, the other is large with a built in pool, extensive concrete patio and decking, etc.

Around town there are neighborhoods that were being developed where the development stopped about 4 years ago and has yet to restart again.

Oh sure there are a few random new constructions going up, but I think the market is still depressed and there are a lot of foreclosures around this region. And the foreclosures are in ALL neighborhoods. In elite neighborhoods homes are in foreclosure. In modest neighborhoods homes are in foreclosure. Everywhere in between homes are in foreclosure.
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
Not sure that "bouncing" back is the right term, but maybe very slowly clawing their way upward.

2 of my neighbors have their houses up for sale. Neither are getting much traction. One dropped his price to $599,000 and I think it may sell for closer to $399K. The other is smaller with a second (and very large) garage, lots of custom features, probably will end up, if it sells, in the same price range. Currently listed for more than $500K.

There are also 2 homes in my neighborhood that are in foreclosure (or pre-foreclosure), one is more modest, the other is large with a built in pool, extensive concrete patio and decking, etc.

Around town there are neighborhoods that were being developed where the development stopped about 4 years ago and has yet to restart again.

Oh sure there are a few random new constructions going up, but I think the market is still depressed and there are a lot of foreclosures around this region. And the foreclosures are in ALL neighborhoods. In elite neighborhoods homes are in foreclosure. In modest neighborhoods homes are in foreclosure. Everywhere in between homes are in foreclosure.

I agree . That's what makes me wonder why the sudden change around here .
I am beginning to wonder if it is because I set my prices with everything included in one monthly rent check . No surprises at the end of the month .
With the economy in the toilet , I think the renters need some peace of mind .
 

squerly

Supported Ben Carson
GOLD Site Supporter
I think you're going to see movement toward rentals more than new home purchases. In January of this year, the 'Ability to Repay" law (part of Dodd Frank) went into effect making it possible for the borrower to sue the lender if for certain reasons they can't repay the loan. Yep, you heard it right, the borrower can sue the lender because he can't pay his loan.

This was the governments way of addressing the housing catastrophe and was based on the assumption that all the failed loans were "predatory' loans.

Link

With banks having so many new hoops to jump through I believe you going to see fewer loans made and as people have to live somewhere my guess is the rental market will surge.
 

NorthernRedneck

Well-known member
GOLD Site Supporter
Real estate in the city I live in is on the rise. New houses and whole subdivisions are going up like crazy. These new houses are averaging $350-$450,000. People buying these houses are making a profit on their old houses when they sell. Basically, right now the oldest shacks in the city are selling for $120,000+ if they have four walls and a roof. Average selling time is two weeks. List it for a week, have an open house on the weekend, take in over 10 offers, then pick which one you want to take.

As for rent, two bedroom apartments are going for $1200 per month plus utilities. Any kind of house is on average $1450 plus for a two bedroom shack anywhere up to $2500 plus for a 3 bedroom with basement.
 
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