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Discussion in 'Forum for Polls' started by FriendofSpurgeon, Sep 14, 2006.
Has your housing market cooled off?
Last year our housing market went through the roof, with stories of top dollar sales combined with houses being on the market for only a few days. Now, the prices are staying put, but are on the market for lot longer and the condo market (very big here) is seeing a big downturn. Lastly, the rates for the ARMs are beginning to rise and this is hurting a lot of people.
What do you see where you are?
Here, it's the same way. Everyone is trying to cash in on the housing boom, so there are "for sale" signs all over the place, and hardly anything is selling. They just built 160 or so new housing units in a city of 4,000 people, so there are about 1,000 houses for sale, and the only ones being moved into are being built by the owners. It's not a good thing.
The market here is driven by the retirees market. Prices are through the roof and new homes sell before they are completed. A lot of homes are sold before they are even official put on the market. Unfortunately most of the buyers are part time residents buying second homes and the result is many homes stand empty half the year while working families cannot afford housing. It is a good market if you inherited land and want to sell but tough if you are just trying to work and live.
The housing market in Fort Worth has generally cooled, but homes are still very affordable in this region. However, in my neighborhood, the housing market is still very hot. My wife and I bought a house near TCU, and the market is driven by the parents of TCU students buying homes for their college-bound children. Apparently the dorms are very expensive and the kids are used to having quite a bit of room. :smilewinkgrin:
For the most part, the students haven't taken over the neighborhood, but they have succeeded in doubling or tripling the price of homes surrounding TCU. I'm getting eaten up by property taxes though...
Property taxes are driving forces here too. Plus, we have sky high insurance costs. Combined together, most people in a single family home are paying more than $1,000/month (not counting the mortgage).