Housing market

[brickboy240]

Idaho is NOT an option foe escaping Texas, sorry. Too cold and a quick spin on Zillow and I see the housing there is pretty damn pricey.

Most of the mountain/pretty states (CO, MT, ID, WY etc.) are too cold and the housing is pretty expensive. Some also have state income taxes and property taxes similar to TX.

I have family members that are realtors here in Houston and the stories they tell me about bidding wars by CA people on homes they have not even seen in person and other stories has me really worried. Texas will NOT remain the Texas I know and grew up in, with all of this influx of CA and northeastern people.

This problem is ONLY good for those that are in the real estate business and anyone planning on leaving TX for some reason and they have property to sell. For the rest of us, not planning on leaving TX, this is a really disturbing problem.

[chuckman]

Idaho is NOT an option foe escaping Texas, sorry. Too cold and a quick spin on Zillow and I see the housing there is pretty damn pricey.

Most of the mountain/pretty states (CO, MT, ID, WY etc.) are too cold and the housing is pretty expensive. Some also have state income taxes and property taxes similar to TX.

I have family members that are realtors here in Houston and the stories they tell me about bidding wars by CA people on homes they have not even seen in person and other stories has me really worried. Texas will NOT remain the Texas I know and grew up in, with all of this influx of CA and northeastern people.

This problem is ONLY good for those that are in the real estate business and anyone planning on leaving TX for some reason and they have property to sell. For the rest of us, not planning on leaving TX, this is a really disturbing problem.

The same for NC (well, where I am, anyway). Recent article said yeah, you can sell, but where do you go when EVERYTHING is expensive? I could go to rural NC and get more house for less $, but I could not do what I do, and if I did manage to find a job doing it, it would pay a lot less.

[chadbag]

Property taxes are used to fund schools all over the country. In my area, half the property taxes go to schools. I think you will find that nationwide, schools are the number one recipient of property taxes. Someone mentioned being exempt from property taxes after 65. As our area ages (including me) the property tax burden is shifted to the younger generations and that is unsustainable. I completely oppose special classes of citizens getting discounts on property tax.

Some states freeze the property tax at age 65 so that you continue to pay what you paid at 65 but increases in value do not cause the taxes to go up (and tax-price you out of your home). These freezes are generally specific to primary residences and not investment properties and often not for adjunct properties belonging to the residential -- ie, a hay field adjacent to the residential property, both owned and considered one proerty by the owner, wouldn't be frozen.

[Averageman]

Some states freeze the property tax at age 65 so that you continue to pay what you paid at 65 but increases in value do not cause the taxes to go up (and tax-price you out of your home). These freezes are generally specific to primary residences and not investment properties and often not for adjunct properties belonging to the residential -- ie, a hay field adjacent to the residential property, both owned and considered one proerty by the owner, wouldn't be frozen.

That's completely logical and understandable.
I get a little bit torqued because my tax dollars are funding two High Schools and a Private College.

[63Qcode]

Chuckman ..... I`m in Wilkes County and prices here have also gone crazy . I`m about 20 miles from the next closest towns and they are about 4,000 people each .
Up here in our little community ( 20 full timers ) , We`ve seen homes that went for mid $200,000 two years ago are now going for $350,000 + and there is a bidding war and they were gone in 2 to 3 days. The locals up here aren`t real happy about what they are seeing ..... lucky I`m considered a local as I was dirt track racing up here in the early `90`s .
People from mostly northern areas ( NY , DC , PA etc ) are buying land off the internet sight unseen and don`t see it until they go to meet with a builder . Most of those city folks don`t understand things like what if the land won`t perc and that wells can be almost 1400 feet deep in the mtns . Mine is almost 1100 feet .
Since this is a second home for me , I don`t worry about a job , but I do understand what you`re talking about .
I`m afraid that the new folks will spoil everything . We sit on our back deck at night and listen to coyotes , cattle , owls and other neat things .... and also the silence .... we don`t want to lose that .

[ChattanoogaPhil]

Property taxes are used to fund schools all over the country. In my area, half the property taxes go to schools. I think you will find that nationwide, schools are the number one recipient of property taxes. Someone mentioned being exempt from property taxes after 65. As our area ages (including me) the property tax burden is shifted to the younger generations and that is unsustainable. I completely oppose special classes of citizens getting discounts on property tax.

Here in Tennessee counties can choose to allow property owners ages 65 and older to freeze their taxes at current levels. That's been since 2006. No problems with sustainability, even with all the Covid nonsense. IIRC, our county budget shortfall during the midst of the pandemic was a mere $70 per capita. Peanuts. Anyway... the idea is to not burden those who are retired with limited income during their remaining years above dirt. Do ya really wanna squeeze some poor elderly guy on SS for additional property taxes? The good people of Hamilton County answered, no. Income limits are by county, they range from 30-55k. For those who wish to pay higher property taxes they're free to not apply. They can pay higher taxes on increased assessed property values if it helps them sleep better at night. We're very accommodating.

[chuckman]

Chuckman ..... I`m in Wilkes County and prices here have also gone crazy . I`m about 20 miles from the next closest towns and they are about 4,000 people each .
Up here in our little community ( 20 full timers ) , We`ve seen homes that went for mid $200,000 two years ago are now going for $350,000 + and there is a bidding war and they were gone in 2 to 3 days. The locals up here aren`t real happy about what they are seeing ..... lucky I`m considered a local as I was dirt track racing up here in the early `90`s .
People from mostly northern areas ( NY , DC , PA etc ) are buying land off the internet sight unseen and don`t see it until they go to meet with a builder . Most of those city folks don`t understand things like what if the land won`t perc and that wells can be almost 1400 feet deep in the mtns . Mine is almost 1100 feet .
Since this is a second home for me , I don`t worry about a job , but I do understand what you`re talking about .
I`m afraid that the new folks will spoil everything . We sit on our back deck at night and listen to coyotes , cattle , owls and other neat things .... and also the silence .... we don`t want to lose that .

That's a beautiful area. I just spent a few days just west of you (Blowing Rock/Boone). I hate that the crap has reached y'all, but I am not surprised.

[brickboy240]

Yes, even our beloved TX freezes taxes at age 65.

However, if you are in your 50s and saving for retirement....it is pedal to the metal on the tax raises for now, so by the time I do get to 65, they will be even scarier than they are right now.

The freezing part is of little appeal, if you have lots of time left before 65 and these county appraisal districts are hitting you for a 7-13% increase every year.

I have just began the research into which state we will need to use as our "escape state" when TX turns blue and the taxes get too high for us. Problem is...I am not finding much that is appealing.

[Arik]

It's the same everywhere. Places here where you'd think twice before dropping $80k on a house yesterday....today no problem dropping $200k

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[kwelz]

So far the highest above asking I have written this year is 426K on house listed for 359,900. We still didn't get it. Houses get a dozen offers the day they go live in the MLS and for well over asking. Appraisers are doing their best to keep things from going to crazy but they can only do so much.

It is all about inventory though. Interest rates are down to all time lows, more people are working from home and need more space, add to that the near complete halt in new construction after the 2008 bubble and you have a near perfect storm.

The interesting thing is that it is a bubble, but unlike the last one this bubble isn't from artificial causes so if things are handled right it will ease out and not explode.

Good example of Prices. I sold my parent their home in July of 2016. They paid 220K for a house with an unfinished basement. The exact same house in the same neighborhood but just with a finished basement is now selling for 380-420 depending on the exact details.

We have less than 300 houses for sale in our area when we usually have closer to 1K at this time of year. Cut out the extreme high end and the trash... Well it just gets even scarier there.