Housing prices on HoCo?

The #1 community for Gun Owners of the Northeast

Member Benefits:

  • No ad networks!
  • Discuss all aspects of firearm ownership
  • Discuss anti-gun legislation
  • Buy, sell, and trade in the classified section
  • Chat with Local gun shops, ranges, trainers & other businesses
  • Discover free outdoor shooting areas
  • View up to date on firearm-related events
  • Share photos & video with other members
  • ...and so much more!
  • pleasant1911

    Ultimate Member
    Apr 12, 2012
    10,222
    What is going on with the housing prices in Howard County and other counties??? It’s great if you’re selling, but if you’re buying… it’s EX PEN SIVE!

    Are the housing prices the new norm or is it going to go down? Even if this is the new norm, houses are sold very quickly. Looks like if there are new construction (single homes), it’s over a million and lot premiums. Looking at maple lawn south. It’s 1.1 million and then a 40-60k lot premium depending on where it is. That’s crazy.

    Is it a good time to buy right now? Are the housing prices gonna continue to go up? Is there a market crash or adjustments coming soon? With comparing car prices, it’s a shortage and when supplies are more available, prices could/might drop. But with homes in HoCo and other similar counties, it’s what’s there and not too many homes will be made.

    The craziest part is same new NV homes in one neighborhood is 700k vs 1.1 million. And it is separated by a ten minute drive. I m guessing the difference is the ethnicity of the neighborhood, which pretty much reflects the rating of the schools

    If anyone has any insight or advice, greatly appreciate it.
     

    cantstop

    Pentultimate Member
    MDS Supporter
    Aug 10, 2012
    8,159
    MD
    There was an article on the front page of the Wall Street Journal a few weeks ago stating that there are more real estate agents than houses for sale in the U.S.

    shopping
     

    budman93

    Ultimate Member
    Mar 1, 2013
    5,267
    Frederick County
    What is going on with the housing prices in Howard County and other counties??? It’s great if you’re selling, but if you’re buying… it’s EX PEN SIVE!

    Are the housing prices the new norm or is it going to go down? Even if this is the new norm, houses are sold very quickly. Looks like if there are new construction (single homes), it’s over a million and lot premiums. Looking at maple lawn south. It’s 1.1 million and then a 40-60k lot premium depending on where it is. That’s crazy.

    Is it a good time to buy right now? Are the housing prices gonna continue to go up? Is there a market crash or adjustments coming soon? With comparing car prices, it’s a shortage and when supplies are more available, prices could/might drop. But with homes in HoCo and other similar counties, it’s what’s there and not too many homes will be made.

    The craziest part is same new NV homes in one neighborhood is 700k vs 1.1 million. And it is separated by a ten minute drive. I m guessing the difference is the ethnicity of the neighborhood, which pretty much reflects the rating of the schools

    If anyone has any insight or advice, greatly appreciate it.

    I don't know what to tell you. I've been house hunting since August 2019 in Frederick County. Switched to eastern WV a couple months ago but we still cant find anything. Its the perfect storm of buyers nightmares. Record high demand, record low inventory, record high building material costs, record low interest rates. Its all combining to make the worst buyers market on record. We keep saying that it has to turn around but it has only gotten worse for 2 or 3 years. If would have been better to buy back then but we weren't able to find anything that we wanted for what we wanted to pay. We have increased our budget a lot since then but still nothing is available.

    I don't know how people making the average household income in md can possibly afford these houses but they do it anyway. I know the bank was willing to give us a stupid amount of money, way more than would be wise to take out for a mortgage so I bet thats what people are doing, maxing themselves out based on two incomes and spending a huge portion of their take home income on the mortgage. Probably more than 50% in many cases. Loss of one income or other financial hardship could really mess a lot of people up. Seems like nobody learns from the past.
     

    omegared24

    Ultimate Member
    Dec 23, 2011
    4,747
    Ijamsville, MD
    It's like that in Frederick County as well. Our neighbors just sold about 6 weeks ago and had a bidding war. We've been keeping an eye on houses and it looks like things have started slowing down. Homes have been sitting for a couple of weeks and have seen some dropping prices.

    I read somewhere recently a significant percentage of home buyers have had buyers remorse. We should see prices start to drop.

    Heck, my sister is probably the worst salesperson on earth and she was selling houses the past few months. I think many of the newer real estate agents are going to have a reality check soon. Hopefully they've been saving money.
     

    axshon

    Ultimate Member
    May 23, 2010
    1,938
    Howard County
    HoCo is high because of good schools and you can live a little ways out of town but still be close to Meade, Baltimore and DC. Schools are sliding right now under C. Ball with a hard left turn. At least that's my experience so far with high school. We bought in 2016 and our house has appreciated about 50K according to various real estate sites. We're in an 60s/70s neighborhood in the <700K range. Most folks seem to be living within their means. Few cops, lots of federal employees, few tradesmen. One place around the corner with a very big lot was subdivided and a developer built a big place with a detached garage. Not a great location in terms of traffic but they got $790 for it. Sat for sale for about 2 months. Very big lot around the corner was purchased by the same developer (I think) and the old little house torn down. No buildings yet but the lots plus proposed houses are listing for $820. Other houses in the neighborhood are going for $500-650. I think the prices will stabilize once the new school year starts and parents realize the mask insanity is not over and they are at the mercy of a school system that is overall good but not keeping their eye on the ball (IMHO).
     

    Wangbadan

    Big Wang
    Jul 15, 2021
    85
    Prices are inflated by institutional investors like Blackrock scooping up real estate for 150% of what it’s worth and pricing the little guys out
     

    Sylvester The Cat

    Active Member
    Jun 18, 2021
    221
    Housing prices are artificially high. Once this wave of foreclosures and evictions rolls through that the state and federal government has been staving off we're going to see a crash that makes 07 look like a joke.

    If you buy now, you will be screwed out of any gope for equity for 10-15 years....and the down-payment you brought to the table will have evaporated.
     

    johnkn

    Ultimate Member
    Feb 27, 2012
    2,113
    My prediction is that pricing will come down somewhat over the next year as the lumber prices continue to fall closer to pre-Covid pricing. I don’t believe housing prices will drop below pre-Covid levels until interest rates rise significantly as interest rates and directly tied to housing prices. The 30 year conventional fixed rate loan on my first house in 1982 was 16.75% which forced pricing way down. As the rates dropped I refinanced 2x, then sold the house 7 years later for 266% of what I originally paid. 5/8 plywood that was $20 a sheet a year ago rose to more that $80 a few months ago and is now down to the low $40s.
     

    shootin the breeze

    Missed it by that much
    Dec 22, 2012
    3,878
    Highland
    If I only had somewhere else to live or my youngest was finishing high school instead of starting, I'd sell in a hot second. With normal HoCo pricing and what we've done to it, our place it would sell for 650-700, maybe 750. Who knows what we could get in the bubble?
     

    whistlersmother

    Peace through strength
    Jan 29, 2013
    8,948
    Fulton, MD
    My neighbor has had his house on the market for several weeks (2 months?). Lookers, but no buyers.

    The other neighbor sold in one day at asking price (over $1.6 mil). The new people moved in like 2/3 weeks after that. While the house and backyard are nice, for me its not $1.6 mil nice.
     

    Reptile

    Ultimate Member
    Sep 29, 2014
    7,282
    Columbia MD
    We’re about to put my mother-in-law’s house on the market in the AA County area of Laurel. The community was built 60 years ago with five very basic ranch style models, some with basements, ranging from 8-12 thousand dollars. Her home is the largest model. The realtor priced it at $400 thousand and expects it to go for more.
     

    Jimbob2.0

    Ultimate Member
    Feb 20, 2008
    16,600
    Hot market but cooling. Though there are variables that have never really existed, subprime isnt as much of an issue as lenders are doing exceptional diligence but borrowers are pushing affordability and accessing more generational wealth from family than ever to execute purchases. I read somewhere that about 25% of sales are going to investors which means flip or rent which could introduce some new variables in traditionally owned neighborhoods. Asking prices have caught up or exceeded, like on Gunbroker its hard to start a bidding war and attract buyers if you are way over market better to come in a little low and let a couple people duke it out once they are vested in wanting the property. The impacts of foreclosures due to the moratoriums seems less than expected other than highly distressed properties on average and those weeds don't typically hit the market hard. Another interesting variable is the increase in rents, particularly in hot markets, which likely will make high mortgages more attractive in comparison.

    At the end of last year we put two offers in, up the slope but far from the peak got one and its been a good investment. Sold our old house fairly close what was the peak. Best guess things will level out and pricing will normalize around historical year over year gains.
     

    Mightydog

    Ultimate Member
    MDS Supporter
    If I only had somewhere else to live or my youngest was finishing high school instead of starting, I'd sell in a hot second. With normal HoCo pricing and what we've done to it, our place it would sell for 650-700, maybe 750. Who knows what we could get in the bubble?

    This! We’ve lived in our house for 31 years. 1+ acre with a gun club at the end of the road and farm across the street. Houses down the street on Easterday street are selling as fast as they “coming soon” sign is up. In little old Myersville there are currently about 5 houses for sale and a new section in the development below us with $600K homes going in. If we had somewhere else to move to we’d be gone also but with a paid off house and mostly good neighbors it’s hard.
     

    tallen702

    Ultimate Member
    MDS Supporter
    Sep 3, 2012
    5,102
    In the boonies of MoCo
    I'm starting to see houses around me sit on the market for a bit. Places that would have been snapped up before even hitting MLS are now seeing price-cuts. Good example: https://www.zillow.com/homedetails/27509-Clarksburg-Rd-Damascus-MD-20872/37270812_zpid/

    Those that could afford the high prices have already bought. Those who can't, well, they can't.

    I don't think we'll see a "pop" like we did back in '07/'08 so much as a gradual deflating. There aren't nearly as many sub-prime loans out there AND a lot of the homes being sold aren't flips like they were back then.
     

    Users who are viewing this thread

    Latest posts

    Forum statistics

    Threads
    274,921
    Messages
    7,258,981
    Members
    33,349
    Latest member
    christian04

    Latest threads

    Top Bottom