Posted on 02/24/2021 11:30:12 AM PST by qaz123
Sales of new homes soared in January to a blistering seasonally adjusted annualized rate of 923,000, the Commerce Department said Wednesday.
That puts sales 4.3 percent above the revised December rate of 885,000 and 19.3 percent above the January 2020 estimate.
(Excerpt) Read more at breitbart.com ...
I’m with you on that. The whole idea of increasing your taxes because your assessed value went up (due to other nearby sales) is just nuts.
So many states need to follow what Howard Jarvis and Paul Gann did in California in 1978. They were the most vocal and visible advocates of Proposition 13 which was put on the ballot through the California ballot initiative process. It limits property taxes to 1% of the sale price of the home and a 2% cap on annual increases. Without it, people lose their homes.
Imagine what will happen if the predicted hyperinflation happens and your home is assessed at $10 billion?
I’ll put her on my crew. Or just have her as a salesperson.
looks like people are trying to lock in the low interest rates
before biden / cameltoe drive them thru the roof
“Smaller towns are growing like crazy now and pushing prices way up real fast. Locals are hating this!”
Our safe, no crime, 100% white little town of 400 has had 7-8 new homes built in the last year. Nearly all the people are from large cities from outside our area buying 5-10 acre plots outside of town
Prices are nuts on existing homes, too. My 40 year old house increased in value by $17,000 in one week (last week), according to Zillow.
I think about what I pay. No kids. Never used the local school system which ranks toward the bottom in Georgia. But, I live on a certain side where the homes ALWAYS increase in value based on some BS assessment from the county appraiser and tax assessor.
I like that idea but I’d also tie to your homes size. Above ground, livable square feet. Everyone pays the same rate. Those with smaller homes pay less in taxes. Those is larger homes pay more. But everyone is paying the same rate. County needs more money, for some unexplained reason, everybody gets a tax hike. Not, my taxes going up $900 in one year while another guy remains untouched.
Only way to be fair is for everyone to be playing by the same math equation.
I’ve heard from many friends inquiries about housing in the burbs during this wuflu/MLS/Antifa BS. Anyone of means living in cities, whether they are moving out or not, are buying suburban/rural houses to keep their options open.
The cities are going to die.
I think I'll pass on the whole state of Idaho.
They contaminate everything, everything they touch.
Oregon. Washington. Kolorado.
It's a crying shame.
The flat 1% already accounts for home size, doesn’t it? Big homes on big lots cost a lot more so you pay a lot more tax. If you buy a small 1,200 sq foot home on a 7,000 sq ft lot, you won’t pay a lot and your tax will be a lot smaller.
There’s no progressive property tax rate to make the buyer of the big home pay even more. It’s just a linear 1% of sale price. It’s the easiest property tax plan ever conceived.
“It’s a crying shame.”
Sure is. I’m turning 70 this summer, so maybe they won’t completely ruin it before I expire.
My family roots in North Idaho go back to 1920. Mom was born there in 1927. Dad married mom there in 1947. I visited Idaho a lot growing up. My grandparents spend all of their adult lives there and retired to Hayden just north of CdA in 1966. We bought our place only a mile from where grandma and grandpa lived! So I’ve got a special affinity for the place.
I like to think that many (or most) of the Californians moving to ID are fleeing liberal lunacy. I think I’m deluded, though.
Thanks for the clarification.
Had a buddy that lived in/near San Diego. I was a little surprised by how little he paid in property taxes, as I would have thought his bill would have been much higher. I’ll assume this is why.
Seems like a plan to me.
The time to buy real estate is when interest rates are high. The reason is simple. People don’t buy a price. They buy a payment.
—
This is so right. It’s like car purchase for most people. They don’t look at the total they will pay over the life of the loan or the price of the car. All they care about is the monthly payment. High interest rates and cheaper houses are ultimately cheaper than low interest rates and expensive houses.
Every single one of those new homes were designed during the Trump Presidency.
Every single one of those new homes had the land purchased during the Trump Presidency
Every single one of those new homes had their permits pulled during the Trump Presidency
Every single one of those new homes had the foundations poured during the Trump Presidency
Every single one of those new homes was framed during the Trump Presidency
Every single one of those new homes had the lumber, shingles, windows, doors, drywall, tile, paint, wire, pipe, cabinets, appliances purchased during the Trump Presidency.
Every single one of those new homes began the purchase process during the Trump Presidency
So of course, President Biden* is doing a bang up job.
Home prices are going up here too in FL, I can pay mine off today and get 3X price I bought it for.
Surrounded by 2 AF bases and their ranges, there is no empty land for sale, all the empty lots were bought up and townhomes squeezed in.I
Nah, I can get a 2% interest loan on the rest and keep my cash.
one of my wife’s dinner group (I call them the Northside Coven) has a carpenter for husband. She once stated that his favorite comment about liberals was that “they were a bubble off plumb”.
I understand that mortgage applications are down now due to a slight increase in the interest rates.
My sense is rates will continue to creep up. Biden's recession and inflation.
As a lumber broker I follow these demographics on a weekly basis. The exodus from the big cities started with covid but exploded because of the BLM riots.
It has led to the strongest SINGLE family housing market since 2004-2005. Not only is there the major exodus from the big cities, there is also the fact that the 25-35 year olds are buying their first house. The previous ten plus years this group were all renting.
As they say though, all real estate is local. I would not want to own a condo in a high rise on the north side of Chicago right now. Those renters are moving to the suburbs.
In addition, some twenty somethings are choosing to move to the country. Not suburbs. When Elon Musk provides satelite internet to everyone, why do you need to live in the suburbs?
Lumber is the highest it has ever been right now. Some technicians are calling for a 35% increase from todays levels. OSB, plywood, I joists are all in short supply.
Steel, roofing, concrete is also going up.
So are ALL other commodities due to the weakness in the US dollar and money supply.
Now, is the time to lock in these cheap interest rates and PAY DOWN YOUR DEBT. Not take on more. My 2 cents.
All real estate is cyclical. Real estate here in southern NH has been going up now for 9 years. Generally, buying now and you are buying the top.
IF any of you are holding any timber, it most likely will not be worth more in 5 years. Cut it now.
I am in a high growth area: suburbs or Jacksonville, FL. It just feels way overheated right now. I’m hearing the same crazy stories as before the housing crisis around 2008. Things are bound to correct sooner or later.
Yes down the line until the last sentence.
The more I think about it, the fact that Twitter, et al took President Trump off their platforms, I was mad at first but now I find it hilarious. If he was still on any of them, he’d be having a field day with Harris, CornPop, and all the Cabinet picks. He’d be dropping bombs on all of them. Picks like Garland showing himself to either be a moron, extremely deceptive or a combination of both.
And he’d be doing it with all the wit and sarcasm of some guy from Queens. And it would be awesome.
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