Moving after 16 years..

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dkersten:
Moving day is tomorrow...

The upside is I may not be moving twice in a year. My new house may not be ready until after Christmas.

Wait. Did I say upside? :badmood:

dkersten:

--- Quote from: fallacy on May 02, 2017, 04:51:17 pm ---what possible good comes from it?

--- End quote ---
The price on my new house was set before home prices started to climb this year, and I got nearly $30k more than any house in my neighborhood has ever sold for. I would say that is doing me a lot of good. :cheers:

And I know in some areas they assess taxes more often, but here they recently had a new assessment done and it was the first in a long time. The assessment was reasonable and did not follow the current market but rather long term value trends. In my search for new homes I paid attention to the taxes paid in recent years, and while the last adjustment was big, it still didn't come close to market prices. (The tax basis on my home was $165k, I sold for $250k, and that assessment was in 2016).

The only things bad about a surge in home prices are when you are a first time buyer, want to upgrade significantly, or want to buy a second property. But sometimes the markets have to favor the seller. It is the natural way of things. If it always favors the buyer then people will stop selling. The upside is you can wait it out. Any time you buy or sell anything in a market that is not set, you are gambling. I took a gamble and sold in the early spring even though I knew I wouldn't have a house to move into until the end of the year. If prices in my area go up in the Fall, I will have lost that gamble. So far it is looking like I made the right choice.

If it is just a spike, it will settle down. If it is a trend, it will stick around. 2008 isn't going to happen again, the new regulations on larger loans mean anyone who bought a home in the $400k price range will have had to put down a significant down payment. There are no more $750k loans with $20k down any more, nor are there $750k mortgage holders that never had an income to warrant that kind of mortgage. Yes, the market could drop, but it won't leave hundreds of thousands of homeowners with homes they never could afford with no equity at all and an ARM that is about to balloon. There is always risk in short term real estate deals, and right now is simply not the time to get into one.

ChadTower:

You couldn't do that in the 80/90s, either. The laws were gradually loosened up allowing those loans. I could see that happening again once a new generation of property owners and elected officials comes of age that don't remember 2008.

dkersten:

--- Quote from: ChadTower on May 03, 2017, 11:07:38 am ---You couldn't do that in the 80/90s, either. The laws were gradually loosened up allowing those loans. I could see that happening again once a new generation of property owners and elected officials comes of age that don't remember 2008.

--- End quote ---
This particular "Millennial" generation is more inclined to invent their own history rather than learning from real history, so I would bet that in another 20 years this sort of thing will happen again, as will pretty much every mistake made in the last 2 centuries. And they will all be surprised at the outcome. Human nature doesn't change, the thing that changes is the way culture handles human nature.

ChadTower:

--- Quote from: dkersten on May 03, 2017, 01:01:39 pm ---This particular "Millennial" generation is more inclined to invent their own history rather than learning from real history, so I would bet that in another 20 years this sort of thing will happen again, as will pretty much every mistake made in the last 2 centuries. And they will all be surprised at the outcome. Human nature doesn't change, the thing that changes is the way culture handles human nature.

--- End quote ---

Didn't anyone tell you? There is no such thing as history to them. There is ourstory. Yes, I was told that by someone with a straight face.

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