Our house has gone up 23% in the last 10 months

[Dsuupr]

I about craped bricks when we got our appraisal to redo our 2nd. We've owned our home for only 10 months, and it has gone up over 23%. Portland is one crazy place to live when it comes to housing.

Edited May 12, 2006 by Dsuupr

[regfootball]

yeah, there's good and bad with that. good that its gives you 'equity'. Bad that it makes it impossible to sell your house and buy something different if you needed to.

[trinacriabob]

I heard. My Mom lives in the Mt. Scott/Happy Valley area. I understand they have gone way up. Three years ago, they were sitting there and the prices were low. You do know that Portland and Seattle always react to the national price increases late, thus awakening from the slumber? The reason they were low is because, if I recall correctly, the job market there 3 to 5 years ago was horrendous, with unemployment hitting 8%. Now, there are jobs available, so this pushes up housing prices. Still, I have made it a point never to return to the Northwest as I don't like the climate and most of the people I have met in the workplace - they are way too uptight for my taste. However, this makes me wish I had hung onto my townhome on the eastside of Seattle a little longer.

[scharmer05]

well at least your house's value is going up...last year the school closed in the little town my parents live in and their house lost like 35% of its value. O well they aren't going anywhere any time soon.

[Dsuupr]

well at least your house's value is going up...last year the school closed in the little town my parents live in and their house lost like 35% of its value.  O well they aren't going anywhere any time soon.

Wow, I didn't think that was possible.

[Charger4U]

good news....we were able to sell our house in vegas for a whole lot of money cause real esteate was booming.

[CaddyXLR-V]

I about craped bricks when we got our appraisal to redo our 2nd.  We've owned our home for only 10 months, and it has gone up over 23%.  Portland is one crazy place to live when it comes to housing.

Same for AZ. House prices went up over 50% in the past 2 years. Houses that would have cost $130,000 2-3 years ago, are now selling for over $300,000.

[trinacriabob]

In the end, this is NOT good for a local economy because it people are "house poor" they can't pump money into other sectors of the economy.

[CaddyXLR-V]

In the end, this is NOT good for a local economy because it people are "house poor" they can't pump money into other sectors of the economy.

Our economy has not slowed at all. I also heard something about the truck market in AZ being unique, in that truck sales have not slowed at all despite the rise in gas prices.

[Flybrian]

I about craped bricks when we got our appraisal to redo our 2nd.  We've owned our home for only 10 months, and it has gone up over 23%.  Portland is one crazy place to live when it comes to housing.

If you crap enough bricks, you can build another house...and sell it for another astronomical figure.

Seriously, very few of these homes are worth near what anyone is asking for them. That goes to pretty much anywhere in the nation.

[Charger4U]

If you crap enough bricks, you can build another house...and sell it for another astronomical figure.

Seriously, very few of these homes are worth near what anyone is asking for them. That goes to pretty much anywhere in the nation.

yea like my last house! that some lawyer made a good offer on..

Edited May 12, 2006 by Charger4U

[NOS2006]

Same for AZ. House prices went up over 50% in the past 2 years. Houses that would have cost $130,000 2-3 years ago, are now selling for over $300,000.

If it's $130,000 and goes up 50%, that makes it about $195,000.

[Carguy]

Its like that here in NORTH EASTERN FLORIDA!------ -------UNREAL!

[Charger4U]

If it's $130,000 and goes up 50%, that makes it about $195,000.

smartypants

[sciguy_0504]

Many houses around me are McMansions with an unbelieveably small yard and they are going for more than $400,000, no lie. Most of the people are mortgage poor, though. You have this huge house with an old car in the driveway. One time I walked in one to pick up a friend's friend and they had lawn furniture in the living room. Amazing.

I would much rather have a normal sized house with an appropriate sized yard, nice car, the ability to wear something other than Wal-Mart and take a nice vacation once a year.

[CaddyXLR-V]

If it's $130,000 and goes up 50%, that makes it about $195,000.

Now figure that out again for another year

[Dsuupr]

I would much rather have a normal sized house with an appropriate sized yard, nice car, the ability to wear something other than Wal-Mart and take a nice vacation once a year.

That's where we are at. When we bought our home our mortgage guy told us we qualified for more. We just didn't think it was smart to push the limit if the house we wanted was less than our max.

[regfootball]

If you crap enough bricks, you can build another house...and sell it for another astronomical figure.

Seriously, very few of these homes are worth near what anyone is asking for them. That goes to pretty much anywhere in the nation.

especially considering that our typical houses aren't really any more advanced then say, African huts.

[regfootball]

That's where we are at.  When we bought our home our mortgage guy told us we qualified for more.  We just didn't think it was smart to push the limit if the house we wanted was less than our max.

one benefit to being house poor is in theory you build lots of equity quickly. We moved into our house here and got rid of our balloon mtge (which we needed because we hadn't sold our old house at the time yet) refinanced it to a 30yr fixed about 22 months later. they apraised it at 53,000 higher then when we bought it. Unreal. And the thing is built like crap.

We'll be house poor for about 3 more years I figure. Once we get over the hump where the kid(s) are off to school and were not pumping coin into so much daycare, things will get easier and by then our house might be worth another 100 grand. We're using our house as one of our main investment vehicles, so in order to make money you have to put more into it. Even if the market ever takes a dip, historically over time its done nothing but go up. I can live with a theoretical 20 grand increase in equity each year. Had we bought a 200,000 dollar house instead, our equity increase would maybe only be about 10,000 a year. And the tax break from a big mortgage means healthy rebates, not paying in.

Again, in theory. When you do sell your house the bankers and real estate agents strip away so much of your profit that it should be illegal. Real Estate agents shouldn't make 6 percent on a half a million dollar home. 2-3 percent would be acceptable. its not like they need more money to take more horrible glamour shot photos of themselves.

Edited May 13, 2006 by regfootball

[Ravenfreak13]

The lowest house price here in east meadow on Long Island is $439,000. And those are little shacks! Ours is worth about $490,000.

This is what my house consists of...for almost half a million dollars..

1,500 sq. ft. low ranch

-Entry

-Eat in kitchen(remodeled less then 10 yrs. ago)

-Formal Diningroom

-300 sq. ft living room

-4 bedrooms

-2 new bathrooms

-backyard patio with pool and deck.

Prices are crazy over here.

[NOS2006]

Now figure that out again for another year 

$292,500. You win.

[pow]

The lowest house price here in east meadow on Long Island is $439,000. And those are little shacks! Ours is worth about $490,000.

This is what my house consists of...for almost half a million dollars..

1,500 sq. ft. low ranch

-Entry

-Eat in kitchen(remodeled less then 10 yrs. ago)

-Formal Diningroom

tta-300 sq. ft living room

-4 bedrooms

-2 new bathrooms

-backyard patio with pool and deck.

Prices are crazy over here.

It's even more insane over here... I went to Realtor.com to find the cheapest single-family house within our zipcode, and it's $899,000 for 3 beds and 1.75 bath that's probably 40+ years old.

The chances I'll be able to buy a house here in 10-12 years is nil, I think.

Edited May 13, 2006 by empowah

[trinacriabob]

The lowest house price here in east meadow on Long Island is $439,000. And those are little shacks! Ours is worth about $490,000.

This is what my house consists of...for almost half a million dollars..

1,500 sq. ft. low ranch

-Entry

-Eat in kitchen(remodeled less then 10 yrs. ago)

-Formal Diningroom

-300 sq. ft living room

-4 bedrooms

-2 new bathrooms

-backyard patio with pool and deck.

Prices are crazy over here.

That's still quite a bit less than most suburbs in either LA or SF - add at least 150K to 200K for the same thing out here. Some people call it "the sunshine tax." When I go down to LA, I drive around the streets where I grew up and pull sales flyers. Good God...I doubt if there is anything under $ 700 K any more.

When there was a big uptick the last time (late 80s), my parents cashed in on their 2100 sq. ft. 1953 +/- all stucco home and bought a brand new 2400 sq. ft. 1990 siding/stone home near Portland with a "territorial view", while pocketing a good chunk of change. That's why Northwest people hate(d) Californians.

My Mom tried to sabotage the move as she never wanted to leave LA. Now, when she got to go back for Thanksgiving 2001 and see the difference in the house she owns versus her old house, I think she kisses the ground that she actually moved up north.

[Dsuupr]

That's still quite a bit less than most suburbs in either LA or SF - add at least 150K to 200K for the same thing out here.  Some people call it "the sunshine tax."  When I go down to LA, I drive around the streets where I grew up and pull sales flyers.  Good God...I doubt if there is anything under $ 700 K any more. 

When there was a big uptick the last time (late 80s), my parents cashed in on their 2100 sq. ft. 1953 +/- all stucco home and bought a brand new 2400 sq. ft. 1990 siding/stone home near Portland with a "territorial view", while pocketing a good chunk of change.  That's why Northwest people hate(d) Californians.

My Mom tried to sabotage the move as she never wanted to leave LA.  Now, when she got to go back for Thanksgiving 2001 and see the difference in the house she owns versus her old house, I think she kisses the ground that she actually moved up north.

Ah hah, so your family is one of those people. It's those da_n Californians that ruin the prices in Oregon.

There is a joke regarding Californians coming to Oregon;

There were three guys camping, 1 Californian, 1 Oregonian, and 1 Texan. After along day of hunting they settled down next to a campfire with some food and a beer. The Texan, in true Texan show off style, threw his beer can in the air and shot it. The Californian, never to be out done, said "I can do that with my eyes closed". He throws up the can, closes his eyes and hits the can. Without saying a word, the Oregonian throws his can in the air, points his gun at the Californian and shots, only to catch the can when it falls. The Texan freeks out at the Oregonian and says, "What the heck did you do that for?". The Oregonian replys, "The cans worth a nickel, Californians are a dime a dozen"