This kind puts everything housing market in perspective. And it's a bit surreal to see the decrease in supply.

https://awealthofcommonsense.com/2022/02/why-it-could-take-years-until-we-see-a-normal-housing-market/

For all of the smart buyers out there, there are 10x idiot buyers who have no idea what they are getting into.

I'm seeing homes that were worth $140k 2-3 years ago selling for $220,000-$250,000 in Houston and still needing repairs to roof, foundation, etc.

These homes will not hold their value in any sort of recessionary environment. Buyer better hope the musical chairs go on for a long time.

We are trying to buy a home in Cypress and it's damn near impossible. We keep offering 8-10% over asking, which is almost always significantly over appraisal, and striking out because you sometimes have 50-60+ families seeing the house that same wknd it's listed and then you are competing against who knows how many offers.

We sold our home with a baby on the way back in March 2020 in order to find a place with more SF and did well like everyone else…but wife not happy that I convinced her to rent for a year as I was sure we'd see some type of correction by now. It was competitive then but we easily could have landed a nice house out there for somewhat reasonable price. I screwed the pooch on that one. It sucks trying to buy anything decent right now. The suburbs are especially nuts with WFH and flex schedules being the norm now. So most just have to commute a couple days max, and traffic not nearly as bad as it used to be.

That article pretty much sums it up. Not sure how many folks are keeping their current home for rental but otherwise I agree.

Just today we made an offer on a house north of San Antonio in a country club community. We offered $30,000 over asking. A couple of empty nesters offered $62,000 over asking. This couple is from California.

We have also looked at houses in College Station. The prices in Aggieland are not going up as rapidly as housing prices in and around the Hill Country.

I think we are going to have to adjust our perspective on what a "normal market" is now.

My wife and I bought a house last year from a builder before he put it on the market, and still ended up in a multiple offer situation. We're in Dallas and zoned to Lakewood Elementary. Anytime something comes up the sellers are bombarded with offers.

I was in scenario for a new construction Lakewood home that didn't hit the market until it was completed. Seller had 8 offers the first weekend at or above ask for a +/- $1.5MM house. There were two houses built in 2015 that came on the market last weekend listed at $1.8MM and both were under contract in less than 48 hours (one of the two was pending in less than 12 hours). I bet both sale prices end up pushing near $2MM.

It is truly wild.

My son is military stationed in the northwest and if his next orders involve a move(he is required to be globally available) they are planning on renting their current home.

Glad we moved when we did, only wish I would have followed through on the refi early last year.

I'm not sure how accurate this statement is for 5+ years of ownership given payback periods on refi expenses. "Just imagine you've owned your home for 5 years or more. By now you've certainly refinanced at least 2-3 times and likely have a borrowing rate of 3% or less."

I bought my first house in 2012 at 3.875, second at the same rate in 2015 and refi'd in 2020 at 2.875 on a 30

Don't plan on moving for the next 20 years.

The problem is international investors, large companies / funds / reits, baby boomers flooded with cash and burned in the market previously, and people trying to hedge inflation. It's the new normal - welcome to rental America. Only acquire good deals and hang onto existing real estate. It's the only hedge for future family member IMO

SnowboardAg said:

---

The problem is international investors, large companies / funds / reits, baby boomers flooded with cash and burned in the market previously, and people trying to hedge inflation. It's the new normal - welcome to rental America. Only acquire good deals and hang onto existing real estate. It's the only hedge for future family member IMO

---

You're also forgetting millennials. They've spent so much time not owning, but some have the cash and now want families and good schools. The problem is they are skipping the starter home because it's too expensive and not what they want and just wanting to get a bigger home from the start.

And then DFW specific - We live off the DNT near Celina and I've seen license plates of cars from New York, California, North Carolina, North Dakota, Minnesota driving around. Lots of people still moving here from out of state.

Bought my current place in May 2020 with 2.875 30 yr and held on to my old place. Sold old house in Oct '21. Two of the better decisions I've made.

Seriously considering putting current home on market with an absurd ask. Will wait until I hit the 2 year mark for tax purposes.

RiverAg 80 said:

---

Just today we made an offer on a house north of San Antonio in a country club community. We offered $30,000 over asking. A couple of empty nesters offered $62,000 over asking. This couple is from California.

We have also looked at houses in College Station. The prices in Aggieland are not going up as rapidly as housing prices in and around the Hill Country.

---

Even well meaning, politically similar, Californians irk me. To them, it is like us going somewhere where houses are averaging $70,000. Would you go 20% over asking for that dream home if it meant splurging and paying $84,000? Probably. It would mean nothing to us since we were used to paying $200k. We would probably feel like thieves too!

The good thing about economy chasers is that they will pick up and chase the next gold rush after they can't afford Texas anymore because they ruined it.