Real estate General topic

[WinterDeere]

All those states have one large urban/suburban area where prices are higher.

It's often said, "Pennsylvania is Philadelphia and Pittsburg, with Alabama in-between."

I didn't find easy access to the discrepancy in home prices across the state, but other numbers relating to income distribution and average mortgage are on a 2:1 scale between the eastern metro areas and the center of the state.

 

[2manyrocks]

Used to be that the saying was "real estate is local." In my rural area, there was a particular area where the home prices were lower because there was no easy way in/out. Out of town people would buy these homes because the prices looked better, but then they'd get tired of having to drive an extra 40 minutes a day just to get to the main road. This isn't something that just jumps out from a data chart.

I haven't seen a single chart that shows the increase in home prices relative to the increase in the money supply and relative to prevailing mortgage interest rates. However, If you overlay the M2 money supply chart with the median home price chart, they clearly rise together from 2020-forward. Add to that, increases in property taxes and insurance costs.

The other data chart that would be interesting would be to compare closed home sales, the home price affordability index, and the number of realtors quitting the real estate business. Some of those realtors might have made a lot of easy money when the fed created a fire sale on homes with low interest rates, but I wonder how many of them are now wishing for a return to a normal estate market.

 

[paulsharvey]

It's often said, "Pennsylvania is Philadelphia and Pittsburg, with Alabama in-between."

I didn't find easy access to the discrepancy in home prices across the state, but other numbers relating to income distribution and average mortgage are on a 2:1 scale between the eastern metro areas and the center of the state.

I've heard it as Penn is Detroit in the west, Boston in the east, and Mississippi in the middle.

Moms people come from the Pittsburgh part, Dad's people are untoward Eerie, but not that close ot the lake.

 

[WinterDeere]

Yeah, that’s fair… if only the old Detroit, before it went to hell. Pittsburg is actually a really nice, but relatively small city.

 

[fishheadbob]

That chart is relatively worthless. Here in N.Y. that chart probably factors Manhattan and Westchester along with poverty centers like Penn Yan and other rural wastelands. I would think similar things happen in many states with diverse economies.

 

[BackRoad]

Yes, yes, central PA is totally undesirable.

It offers an inbred backwoods mentality with toothless banjo playing natives with no shoes.

It is like living in a recurring nightmare from the worst Twilight Zone episode.

Snakes, scorpions, tarantulas, iguanas, boa constrictors, alligators, lions, tigers and bears, oh my...it's not safe there.

Do not even think of relocating there!

(We don't need any new neighbors! )

 

[CalG]

Well, if the libs get the say, "un realized? gains will be taxed at 25% and Capital gains at near 48%.

So much for "investment!

 

[paulsharvey]

Yes, yes, central PA is totally undesirable.

It offers an inbred backwoods mentality with toothless banjo playing natives with no shoes.

It is like living in a recurring nightmare from the worst Twilight Zone episode.

Snakes, scorpions, tarantulas, iguanas, boa constrictors, alligators, lions, tigers and bears, oh my...it's not safe there.

Do not even think of relocating there!

(We don't need any new neighbors! )

Oh, don't take that as an insult; to me, Detroit and Boston are the insult. It's way to cold, too high tax, ect for me.

Every time I see real estate adds in the Chattanooga to Huntsville line, I think; 30 acres of rolling hills/low mountains, and a site built home is the price of a 1200 sq ft manufactered on 2-5 acres in north FLa...

 

[BackRoad]

No slight taken. I was being facetious with my earlier response about PA...

Just thankful PA is not closer to California. A new neighbor from the Los Angeles area recently moved in. He remarked how much cheaper everything is here.

Unfortunately, he said he has never mowed a lawn in his life. After 2 months, I cut his lawn with my bushhog, but then he never followed up with a lawn mower. Now four months in to it, he can still say he's never mowed a lawn...

I have been to CA often for work, and I know there are some good folks in CA.

But we REALLY don't need any more new neighbors from anywhere moving in to the "wastelands" of PA!

And good luck with closing on your new house Mr. Paulsharvey.

 

[ultrarunner]

Well, if the libs get the say, "un realized? gains will be taxed at 25% and Capital gains at near 48%.

So much for "investment!

Its already happening multi-family in that only residential with some type of gov funding is being built around most of the Bay Area.

Lenders are taking another look because of rent control, eviction restrictions, etc...

Text book on how to kill rental housing...

 

[CalG]

how do we reign in government?

 

[MinnesotaEric]

I'm a licensed Real Estate Broker in Minnesota. Feel free to ask questions.

 

[paulsharvey]

Man, I miss the day of cashiers check or money; electronic wire transfers are kinda pain in the butt. I get they claim it's so much more secure, but at the same time, "if you don't follow excalty all instructions, we aren't responsible for any losose, fraud, ect". Would have rathered pick up a fat face stack and hand deliver it to closing.

 

[paulsharvey]

Anyways, been waiting on the survey, and coming down to the wire, I called, and the guys yep, complete. OK, but I don't have it. Transfer me, 10 minutes on hold, and then hung up on... Call back a respectful 20-30 minutes later yep, complete; ok, I need it. They apparently have been complete for like 9 days, but didn't bother to email it to me...

 

[ericm979]

Man, I miss the day of cashiers check or money; electronic wire transfers are kinda pain in the butt. I get they claim it's so much more secure, but at the same time, "if you don't follow excalty all instructions, we aren't responsible for any losose, fraud, ect". Would have rathered pick up a fat face stack and hand deliver it to closing.

Congrats on getting to the wiring money stage!

There's a scam going around where criminals will hack into the email of the title agency or bank, and wait until someone it about to close on a house. Then they will send them a forged email with routing instructions to an account the criminals control.

Both the title company and the bank we were dealing with recently warned us about this. We called to verify each time.

 

[djohn550]

I faced a similar situation with a 10-acre property listed at $375k, which was above our budget. We had a set maximum of $300k, and after viewing, I realized it was a stretch. I reached out to a real estate specialist for advice, and they helped clarify the market and negotiate effectively. It made a huge difference in understanding our options and making a more informed decision. Click here if u need professional help, trust me, it's the best investment.

 

[paulsharvey]

We got closed and took possession today. Gonna be a process getting moved, but it's only 20 minutes from current place.

 

[Jstpssng]

Congratulations! Compared to what you went through to get this far, moving will be a breeze!

 

[paulsharvey]

Congratulations! Compared to what you went through to get this far, moving will be a breeze!

It has been a relief. There was a moment at the final walk through, when the agent said "there is one issue" that worried me; but it was an above ground pool pump, and it has already been ordered as a warranty replacement, on back order, to be delivered direct to us.

 

[WinterDeere]

Great news, and I'm sure a load off your shoulders. Congratulations. Now the easier but sweatier part starts.