Experiences with the Housing Market?

[Black Bart]

Seems like it's slowed down but is still heavily in favor of the seller. We've listed our home solely because we could more than double what we paid for it. Any of y'all sold during the last couple of years, SOLELY as a business decision? How'd it work out for you? Holla.

[JimmyD714]

We haven't sold yet, but we're considering it. We could easily sell for about $150k more than we bought this house for... slightly less than 3 years ago. The upstate market is insane and I take it the lowcountry is the same.

A house in our 'hood that is the exact same layout but with a smaller lot just sold for $180k more than we paid for ours.

[drwilly]

puts you right back on the other side buying something that has doubled in value and probably at a higher interest rate than you had. I wouldn't move solely as a business decision. especially if you like where you live. grass isn't always greener. I'm sure the real estate "professionals" in here will tell you different. It is always easy to spend someone else's money especially when you are skimming a percentage off the top.

[b35w]

We could probably make 200k off our house right now but the problem is the equity would have to be put back into a purchase to be able to afford it.


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[wob]

We haven't sold yet, but we're considering it. We could easily sell for about $150k more than we bought this house for... slightly less than 3 years ago. The upstate market is insane and I take it the lowcountry is the same.

A house in our 'hood that is the exact same layout but with a smaller lot just sold for $180k more than we paid for ours.

take it

[MKW]

We've decided to stay in ours even though we could make loads of money and really should down-size. We thought long and hard about selling, but we like our neighborhood and would have to pay too much to have another house built. Overall, we came to the conclusion that we will stay where we are.

[WoodieSC]

If we didn't love it here, I would have sold 6-12 months ago and made a killing. I'm afraid that our decision to stay, with the strong possibility of a major development going in on the 1100 acres next door in the next few years, is going to make us regret staying.

[lowbudget]

I wouldn't sell, unless you had a cheap interim solution while you waited on the market to flip. If you had a second house you could live in, or could downsize to something more recession proof, then you may be on to something.

[Glenn]

You may actually come out to the negative on a deal like that unless you have a second home fall back plan.

I had a client literally in tears in my office one day praying their offer on a house would be accepted. They got cold called by a realtor wanting to sell their house for them with a cash offer for way more than they owed. They jumped without thinking and dove into a sellers market of inflated prices and low inventory where houses were selling before listing.

In the end they wound up with a smaller home and it cost them the money they made on the sale of their other home plus another $20 grand.

If I sell my place I better be able to replace the house and land plus retire. Nobody has showed me that money yet.

[Black Bart]

I wouldn't sell, unless you had a cheap interim solution while you waited on the market to flip. If you had a second house you could live in, or could downsize to something more recession proof, then you may be on to something.

Yes, sir, we do. Could ideally sell our NC house, pay off the SC house and be debt-free and essentially retired by the time we're fifty.

[Saltydog235]

The only way a seller is making money, not reallocating it in this market, is if the seller is a contractor/builder and can do their new home at or below cost. Values will level off and the increase will become more like 5-10% annually depending on where you are, not the 19-22% of the last two years. Pawleys fortunately for me is always going to be on the higher end of the increase, less land available, the higher the value of homes due to limited availability. The market has been so hot here, I built some clients a new home on the marsh, signed the contract in 12/20, had a few hiccups along the way on their end and they still end up moving into a new home with equity already built into it. That is not the norm but I charge the same percentage fees on a $200 job as I do on a $1M job.

[murraywader]

Yes, sir, we do. Could ideally sell our NC house, pay off the SC house and be debt-free and essentially retired by the time we're fifty.

Send it!

[Highstrung]

We entertained the idea for a few months, nothing on the market like ours, looked back into downtown at a couple very private homes. We have a lake house to fall into, the home we really wanted was snapped up by artist trying to get out of Charleston. I don't plan to look into it again for another several years. I don't like the idea of basically being hassled or having to do anymore work on a house again. I'm past the project phase in my life.

[Black Bart]

Did y'all build that house, HS?

[DRDUCK]

Yes, sir, we do. Could ideally sell our NC house, pay off the SC house and be debt-free and essentially retired by the time we're fifty.

What I would do. I learned along time ago if you have no debt it don't take much to live. Just stack it up. I would not move from my location because I could never get a place on the water this private for no kind of money.

[Highstrung]

Yep, I guess maybe 5 years ago.. pretty custom, on land. I've just about got everything the way I want it, we were, still worried a little about how a development is going to affect us. It'll be several years I believe until the phase close to us is probably done.

[2thDoc]

cant you just live on the boat, BB?

Its an interesting conundrum. Everyone here seems to be hitting on it. Sell at a higher price. BUY at a higher price.

If I was ready to downsize, I could see it working out.
good luck with this Black Bart. Let us know what you end up doing!

[SCSwitchback]

I would not buy a house right now unless I absolutely had to or it was going to be my forever home. If you can sell without having to buy another one, I’d go for it.

[huntinghagen#12]

I don't know about most markets, but the markets I do follow sellers are starting to lose the leverage they had for the last 2 years. I don't think it's a buyers market yet, but it looks like it is trending that way. If I was a seller, I'd do it ASAP or I wouldn't do it at all. If I sold I'd be in a secondary property or rental property to see if the market continues to cool off.

[JimmyD714]

I don't know about most markets, but the markets I do follow sellers are starting to lose the leverage they had for the last 2 years. I don't think it's a buyers market yet, but it looks like it is trending that way. If I was a seller, I'd do it ASAP or I wouldn't do it at all. If I sold I'd be in a secondary property or rental property to see if the market continues to cool off.

If we didn't hate the idea of moving twice in such a short period of time, we'd do that. Sell at this ridiculous number we could get for our house, rent for a while, buy when the home prices go back to normal.