Housing shortage.

chevy_man

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    FYI - VERY BLEEDING EDGE technology. I watched a video today of building a 1750 sq ft home with a 3D printer. I was very skeptical when I heard about it, but when I watched the video it was amazing. Imagine a 3D printer that lays down a 2" ribbon of concrete mud. It draws the outline of the wall, then comes back with a 'Z' like cross piece between the wall sides. The it starts the next layer doing the same thing. No lumber, no laborers (except for those running the machine), no nothing, just mud. They had homes where they left the walls with the texture of the layers of a 3D printer, sort of like the 70's look of exposed slump block, and they had homes where someone came back after the layer was laid down and hit it with a trowel so you had a smooth wall.

    Granted this is really the cutting edge of new technology, but imagine 10 years out.

    They 'printed' this house in less than 24 hours. All the exterior walls, all the interior walls, all the doorways, all the window openings, just freaking amazing.

    I have no idea what we're going to do with all those people streaming across our borders. There isn't going to be the laborer jobs at some point like there used to be.

    Did they print the wiring in the walls, the windows, doors, and cabinets?


    There is a hell of a lot more time spent putting the hvac, electrical, plumbing, and trim in a house than just framing it.
     

    Snipe260

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    Cause 578k+ people in WY need a home "right now?!? Show me where the WY statewide influx of people don't have a home.

    FYI: Wikidata

    Wyoming (/waɪˈoʊmɪŋ/ ( About this sound listen)) is a state in the Mountain West region of the United States. The 10th largest state by area, it is also the least populous and least densely populated state in the contiguous United States.[a] It is bordered by Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho to the west, Utah to the southwest, and Colorado to the south. The state population was estimated at 578,759 in 2019. The state capital and the most populous city is Cheyenne, which had an estimated population of 63,957 in 2018.[6]


    BTW the WY 578K population is pretty close to the reported number of ......wait for it....553k homeless people across the U.S.A. circa 2017.

    Bender has two acres next to his home. He’s willing to put 12 double wides on it and rent
     

    chevy_man

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    probably all eternal/exposed wiring
    So... plumbing, hvac?

    Code says no exposed romex. 5x the cost to go from romex to EMT. And now you get to see all the pipe.

    I'd be ok with it, as I enjoy pipe work. My last customer that got a quote for pipe vs romex about had a heart attack. $15k romex job turned into $108k pipe job.
     
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    Snuby642

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    Anyway, every empty lott in this town is being built on and they're running out.

    Now thier buying up old houses like mine just for the lott.

    250,000 dollar houses in what was a 40,000 dollar hood.

    I don't much like the idea of house payments.
     
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    DevilDocAZ

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    This.....
    Here in komifornia you also have absolutely insane standards that drive the cost to build through the roof. Almost unobtainable energy calcs, fire sprinkler systems and the green dream.
    Trying to build a house right now and the bullshit added nearly 100,000 to the cost. For nothing of value to me. People cry there's no affordable housing....well duh... no wonder. Fuck Newsom and his liberal bullshit 🤬🤬

    I feel you there. Prior to Trump we were looking at $10,000 just to do environmental studies before we were allowed to build on OUR OWN PROPERTY. It’s not like we were in an area that had never been built. Our house was already there. So $10,000 went to $500 when Trump came along. Luckily we got it built before the Rona impacted material cost.

    If the CA didn’t have the beach I’d never be in that state again.

    One day I’ll sell out. When I can’t afford the property taxes. So maybe soon. 😂
     

    DevilDocAZ

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    There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in.
    The old wont die and these millennials got ultra comfortable with crippling debt in college. Now they need a place to live and were told “buy a house, it’s the greatest wealth building tool” sadly no one told them you make your money when you buy.

    There is certainly a housing shortage. That much is real.
     
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    DevilDocAZ

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    I'm a Realtor in L.A. The market here is insane! We are routinely getting 100K over ask in 1-4 days! It is difficult to get a clients offer accepted with the fierce competition. I just put a 2 Bed home into escrow for $1,275,000 in 2 days. Agents are calling me totally pissed that we accepted an offer so fast. I tell them "early bird gets the worm"

    Hey @MJF how are VA Loans looking right now? I’ve always heard they are “difficult” because they require things that other buyers don’t require of the sellers.

    Are VA loans seen as a problem because they need more attention and slow the process?

    Just curious.
     
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    HeavyAssault

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    The old wont die and these millennials got ultra comfortable with crippling debt in college. Now they need a place to live and were told “buy a house, it’s the greatest wealth building tool” sadly no one told them you make your money when you buy.

    There is certainly a housing shortage. That much is real.

    That's not the case in my area. Plenty of homes for sale. No shortages.
     

    Suk-it-Trebeck-is-back

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    I need to move and just bought a house, if there was any way I could delay it I would

    Houses are selling same day, if not in 5 minutes, site unseen and no inspection
    I overpaid by about $20k to get a house I want and I got an inspection
    My logic is someone is going to overpay me to get my current house that is going on the market in about 2 weeks

    I will be the only house for sale in my stupidly LARGE neighborhood, so I am sure it will get bid up and sell quick

    Yes it is crazy stupid insane to be buying a house right now. My fear is that if something goes wrong that I can't fix or control, I am without a house.
    If houses are selling in a day.........they weren't asking enough money for it. they underestimated the market.

    I thought about putting mine up for sale by owner for about 100k more than I think it's worth just to sit back and see what traffic I get.
     
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    8pointer

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    I think you have a lot of people leaving higher density apartments and condos and moving to a townhouse or a house
    I bet rent in apartments is down, that is where the vacuum is
    In the states re-opening rents are not only going through the roof, but difficult to find from competition. Apartment REITs in states not still in shutdown mode are off to the races. Rents and inflation go hand in hand so investors preparing for it by owning in states with governors who actually want people to work....been on a tear since last summer and only set to go higher.
     

    BullGear

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  • Nov 29, 2017
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    Anyway, every empty lott in this town is being built on and they're running out.

    Now thier buying up old houses like mine just for the lott.

    250,000 dollar houses in what was a 40,000 dollar hood.

    I don't much like the idea of house payments.

    They're doing what DC did a dozen years ago. Go into depressed neighborhoods and revamping the entire neighborhood so that the people can no longer afford housing in their own neighborhood. What was once Section 8 housing (DC is famous for) into $500,000 homes.
     

    hookedonbrass

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    Watch out for depreciation recapture. If it was only rented for 2 years it won't be bad, but ever year I have clients that are shocked at their tax balance due from selling a rental.

    Sometimes it's worth keeping just to avoid the tax man running away with your gains.

    I lived in it for 3 years. won't have to pay capital gains tax
     

    Bigfatcock

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    I wonder how the year of eviction moratorium is going to impact rentals in the future? Is
     

    MJF

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    Hey @MJF how are VA Loans looking right now? I’ve always heard they are “difficult” because they require things that other buyers don’t require of the sellers.

    Are VA loans seen as a problem because they need more attention and slow the process?

    Just curious.
    There are some great VA loans available right now! The problem is getting your offer accepted. The VA loans usually need escrow to be 30+ days. If it is a condo or townhouse, the property needs to already have been FHA / VA approved. HOA fuckery can cause a VA loan to cancel. They are stricter on the appraisals, so the property may not appraise. They need the standard appraisal and loan contingency periods, so you can't shorten them to make your offer more appealing. We just accepted an offer with a VA loan because the buyer was a Vet. The house did not appraise, so my clients dropped the price to match the appraisal for the Vet. That is rare though.
     

    DevilDocAZ

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    There are some great VA loans available right now! The problem is getting your offer accepted. The VA loans usually need escrow to be 30+ days. If it is a condo or townhouse, the property needs to already have been FHA / VA approved. HOA fuckery can cause a VA loan to cancel. They are stricter on the appraisals, so the property may not appraise. They need the standard appraisal and loan contingency periods, so you can't shorten them to make your offer more appealing. We just accepted an offer with a VA loan because the buyer was a Vet. The house did not appraise, so my clients dropped the price to match the appraisal for the Vet. That is rare though.

    That was really sincere of them. I’m concerned the sellers want their money now and won’t want to wait for a VA loan. Did one before. Took as much time as it takes. Seller wasn’t happy and prob wish he had taken a cash offer. It eventually worked out.
     
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    Alpine 338

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    I'm in NW Colorado, small Mountain community, 20+ miles from a small resort town. Since the pandemic started, we first saw an increase in people looking for homes/land, that transitioned to an increase of buying frenzy, to include undesirable homes/land that was sitting on the market for as long as 5-years selling for asking price. Now a year later, we have a shortage of homes under the $1M mark. Last two homes listed in my area under $1M were under contract within a few days. The last one was a 2200-sqft modular, placed on a full concrete basement/garage on 1/2-acre of land down in a hole. It was listed for $675.

    I get cards in the mail from realtor's often saying they have buyers ready to buy. So far had two realtors come by to look at the house, and I tell them no listing, no MLS, no lookie loos trampling mud into the house. Bing me a buyer like you said you have. So far crickets.

    I'm thinking of doing the FSBO, and putting a full page ad in the newspaper with my house for sale. 3-bd/3-bath 2400-sqft finished, another 1400-sqft partially finished walkout basement, with additional plumbed bath and room to build a fourth bedroom on 8-acres in a private subdivision.

    If I can sell it, I'll buy some bare land in Wyoming, put up a yurt, and live in it until things return to semi-normal.
     
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    earthquake

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    I'm just going to live in a van down by the river.

    Here in Ohio, they're building houses everywhere. Every farm field seems to be getting sold for the next round of urban sprawl. It's unreal. Houses are selling fast etc.

    What's really terrible for me anyway, is that I left Colorado in 2014 which was a few years early. I bought my first house up in the hills west of Golden in 2005 for $234,000 and sold it in 2013 for $245,000. Then it sold again in 2017 for $385,000 and today the "Zestimate" is $478,000! WTF?!?!? o_O:rolleyes::cry:
     
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    Bigfatcock

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    I remember when Huntsville, Al was surrounded by farmland. Now it’s all $250,000 and up homes.
     

    Bigfatcock

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    I'm in NW Colorado, small Mountain community, 20+ miles from a small resort town. Since the pandemic started, we first saw an increase in people looking for homes/land, that transitioned to an increase of buying frenzy, to include undesirable homes/land that was sitting on the market for as long as 5-years selling for asking price. Now a year later, we have a shortage of homes under the $1M mark. Last two homes listed in my area under $1M were under contract within a few days. The last one was a 2200-sqft modular, placed on a full concrete basement/garage on 1/2-acre of land down in a hole. It was listed for $675.

    I get cards in the mail from realtor's often saying they have buyers ready to buy. So far had two realtors come by to look at the house, and I tell them no listing, no MLS, no lookie loos trampling mud into the house. Bing me a buyer like you said you have. So far crickets.

    I'm thinking of doing the FSBO, and putting a full page ad in the newspaper with my house for sale. 3-bd/3-bath 2400-sqft finished, another 1400-sqft partially finished walkout basement, with additional plumbed bath and room to build a fourth bedroom on 8-acres in a private subdivision.

    If I can sell it, I'll buy some bare land in Wyoming, put up a yurt, and live in it until things return to semi-normal.
    I’ve gotten calls from realtors to buy my properties. I tell the $450,000 cash, each. No inspection, no closing costs out of my pocket, and no allowances to fix anything.

    Nobody has jumped yet, lol.
     

    Alpine 338

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    This is just crazy, I just got a call from one of those realtors, and she has buyers (another broker), who wants my house sight unseen for $839K, and willing to do a 8 to 9-month leaseback for me. She's emailing me the contract to sign in a few here.

    And here I am on this thread talking about it when the realtor calls me. Talk about coincidence?
     
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    LawnMM

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    Wife and I bought a house in the Denver burbs in '17 it's worth almost 100k more than we paid 4 years later 😳
     
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    Bigfatcock

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    This is just crazy, I just got a call from one of those realtors, and she has buyers (another broker), who wants my house sight unseen for $839K, and willing to do a 8 to 9-month leaseback for me. She's emailing me the contract to sign in a few here.

    And here I am on this thread talking about it when the realtor calls me. Talk about coincidence?
    Make the buyer pay all closing costs, and any realtor fees.
     
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    GrumpyOleFart

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    Less than 1% rental properties available in Perth.
    House prices expected to rise by an average of 17% in next 3 months.
    We had our place revalued this week, extra 95k ..... but that's a bank appraisal, so pretty average.
    We've always thought about buying some land in US.
    Somewhere to stretch out the AI and just shoot Prairie Dogs.
    Does Wyoming have those furry little fuckers?
     

    Hobo Hilton

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    There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in.
    I understand what you are saying. I have read all of the comments on your original post. I agree with you. From a "structural" perspective there are thousands of good dwellings that the majority of the shoppers could afford and inhabit. A person working two part time jobs (Starbucs and Walmart) could pool their funds with one other person and buy a house in Compton, 9th Ward of New Orleans, Detroit or any of the number of major cities where "Racial Flight" has occurred. Many, many inner city housing tracts have been rehabbed, parks built, mass transit and retailer's have returned... However, there are many American's who have not even paid their rent with the funds Uncle Sam dolled out.... few went out and got a job. If a person is satisfied to live on a Ghetto Income.... Then move them to the ghetto....

    "They Only Want to put in a Nickle but they Want a Dollar Song".....
     
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    Sniperwannabee

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    This is just crazy, I just got a call from one of those realtors, and she has buyers (another broker), who wants my house sight unseen for $839K, and willing to do a 8 to 9-month leaseback for me. She's emailing me the contract to sign in a few here.

    And here I am on this thread talking about it when the realtor calls me. Talk about coincidence?
    Ask them if they are from the USA
     

    JMGlasgow

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  • Apr 13, 2012
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    Less than 1% rental properties available in Perth.
    House prices expected to rise by an average of 17% in next 3 months.
    We had our place revalued this week, extra 95k ..... but that's a bank appraisal, so pretty average.
    We've always thought about buying some land in US.
    Somewhere to stretch out the AI and just shoot Prairie Dogs.
    Does Wyoming have those furry little fuckers?
    Stay the fuck out of WY. NYC or SF might be a better fit for you.
     
    Last edited:

    Sniperwannabee

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  • Feb 14, 2017
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    Less than 1% rental properties available in Perth.
    House prices expected to rise by an average of 17% in next 3 months.
    We had our place revalued this week, extra 95k ..... but that's a bank appraisal, so pretty average.
    We've always thought about buying some land in US.
    Somewhere to stretch out the AI and just shoot Prairie Dogs.
    Does Wyoming have those furry little fuckers?
    Canada is where all the prairie dogs roam
     
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    GrumpyOleFart

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    This is America, we don't have kings or worship a stupid crown here.
    No, just fat fucks with fake orange tans, and Kardashians.
    Actually, that's unfair, the Americans I am proud to call friends, are decent people.
    Strangely enough, none of them are from San Francisco, or New York City.
    Just hard working blokes that served their country.
    Settle down Turbo, down want you popping a blood vessel, or having a heart issue.😉U3sA41kG5afuSRd543.gif
     

    Major Wader

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    I bought a foreclosure in 2011 for $132K.

    Sold just after Christmas for $252K. Finished building at the farm before all the material increases.
     

    KZP

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    Prices have not yet gone insane in my area outside Raleigh, NC. But a home down the street from mine sold in 1 day. Another sold sight unseen to out of state buyers.