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Author Topic: Housing market and trends  (Read 4107 times)

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Offline Gramarye

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Re: Housing market and trends
« Reply #90 on: April 05, 2018, 03:57:37 PM »
I wouldn't say Ohio is completely immune to this.  At the very least, a friend of mine put in an at-asking-price offer on a house in West Akron (not exactly Vegas) less than a week ago and was outbid.  I don't think the house was on the market long at all.  That's at least a subtle signal of some bubbliness in our housing markets here, too, though of course not like Vegas.

Offline Dougal

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Re: Housing market and trends
« Reply #91 on: April 06, 2018, 08:22:05 AM »
Yeah, it's hot if you want to buy a house in the usual suspects.  Not so hot in Middletown or Mansfield. 

There's good availability and weakness in the upper brackets around Washington DC; the thinking is the tax package has hastened plans of retired folks to move to a friendlier and maybe warmer tax climate. The RE people are hoping this is just a one-time bump in supply.
There's nothing wrong with optimism, as long as you don't get your hopes up.

Offline viscomi

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Re: Housing market and trends
« Reply #92 on: April 06, 2018, 08:40:56 AM »
I found this article interesting. The speculation made by the author seems pretty logical to me, especially the part about ex-urban eventually moving back into a more rual/agricultural role.

https://www.strongtowns.org/journal/2018/4/4/the-big-theory-on-american-urban-development

Offline aderwent

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Re: Housing market and trends
« Reply #93 on: April 06, 2018, 09:40:52 AM »
Some good conversation over in this thread at SkyscraperPage:

http://forum.skyscraperpage.com/showthread.php?t=232731

Offline KJP

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Re: Housing market and trends
« Reply #94 on: June 13, 2018, 03:41:45 PM »
Coastal unaffordablility may push people into affordable Midwest markets. Interesting tweets from @mjarboe today. Here are a few....


Homebuilding still below where it needs to be, @Redfin’s Marr says, and new houses are pricier due to labor shortages, high costs of construction materials, regulatory factors, etc. Starter market is really left out in the cold. #NAREE18

Amid affordability crunch, migration can provide opportunities for people to attain homeownership, build wealth, @Redfin’s Marr says. He’s studied online search patterns to look at where people want to move/are moving. Households increasingly leaving priciest metros. #NAREE18

We're starting to see signs that recent growth in rental demand actually is ebbing, says Chris Herbert of @Harvard_JCHS during update on the state of the nation's housing market. #NAREE18

Recent rental-market easing is largely at the high end. @Harvard_JCHS's Herbert describes current multifamily market conditions as more of a plateau, rather than a falloff. Demand slowing against backdrop of pretty big pipeline of construction, though. #NAREE18

House prices outpacing incomes by a lot. Makes bigger hurdles not only of monthly payments but also of down payments, Herbert says. In #CLE area, price-to-income ratio is two to three times (and has been for decades), versus five times or more in hot, coastal markets. #NAREE18

The homebuilding recovery has been fueled by larger, costlier homes. Not smaller, more affordable homes. And we're not building condos or manufactured housing, Herbert points out. #NAREE18

National housing inventory hasn't been this tight since 1982, Herbert says. In some markets, stats from various real estate data companies show only two months' worth of supply. #NAREE18

Nationally, nearly half of renter households and a quarter of owner householders are cost-burdened - paying too much of their income for housing, Herbert says. #NAREE18 Affordability is BOTH an income problem and a housing-cost problem, he notes.

Some local context: In #CLE, 35.2% of renter households and 10.9% of owner households are considered "severely cost-burdened," based on number-crunching of 2016 data by @EnterpriseNow. In Cuyahoga County, 29.2% of renter HHs and 7.9% of owner HHs fall into that bucket. #NAREE18
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Offline Gramarye

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Re: Housing market and trends
« Reply #95 on: June 13, 2018, 04:17:46 PM »
The homebuilding recovery has been fueled by larger, costlier homes. Not smaller, more affordable homes. And we're not building condos or manufactured housing, Herbert points out. #NAREE18

I've been wondering if this were just a local thing or nationwide.  In the greater Akron area, people are still building surprising numbers of large, exurban homes.  The side of Medina County closer to Akron (so eastern Medina County) has surprising numbers of new builds still.  I just bought some used toys for my kids from a guy in a 6500sf almost-new house with a 5-car garage out by Medina Line Road, in a development that still has a huge number of "ready-to-build" lots.  (In the city, we'd call them "vacant lots.")  Somehow, people are able to find the budgets for surprising numbers of $1M+ houses in Summit and Medina Counties.  I didn't think we had that many executive-level earners here.  I'm kind of wondering what the odds are of a bubble popping that would let me pick up one of those gorgeous places for far less than its construction cost, but of course, that would mean moving way out into the sprawlburbs where I don't actually want to live.

Online jmecklenborg

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Re: Housing market and trends
« Reply #96 on: June 13, 2018, 04:30:07 PM »
^Yeah I think what's amazing about the infill in Cincinnati is the sheer number of $500-700k homes.  These are tear downs or wedged on precarious hillside lots.  I couldn't tell you what is going on out in the corn fields but houses that just plain make you chuckle are going up all over the east side of the city.

Meanwhile, there aren't any sub-$100k 3-bedroom move-in ready homes left anywhere in the area except for C-D quality neighborhoods.  The prevailing price for a 1930s Cape Cod with a new kitchen in a B-quality neighborhood is $150k.  I'm talking about Deer Park, Silverton, etc.  The sheer volume of flipping in Norwood is moving that are from C to B and in ten years it could be the equal of Oakley.       


Offline 327

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Re: Housing market and trends
« Reply #97 on: June 13, 2018, 05:01:37 PM »
Everyone I know living in those eastern Medina developments is a retiree with a sweet pension.  So, not sustainable.  It's the last vestige of the old economy.