Home prices doubled locally

T

Teacher

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North Alabama
My wife is a realtor here in North Alabama. The report and the pricing is true. I bought some land over in Lawrence County, TN less than twenty years ago and every realtor in TN sends me an offer every week. The offers are three times what I paid for it.
 
R

redblood

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Lewisburg
My wife is a realtor here in North Alabama. The report and the pricing is true. I bought some land over in Lawrence County, TN less than twenty years ago and every realtor in TN sends me an offer every week. The offers are three times what I paid for it.
Sounds like a good deal until to you have to replace it. My farm and house cost a little over a half million in 2015. Its paid for. I lt would easily bring 3x what i paid for it. Problem is- the only way to walk away rich is to move to a little 10 acre tract we own 20 miles away and then build at the highest prices in history. I hear people bragging on how they sold their house on the 1st day on the market at asking price….thats great. But what did u gain when you just turn around and pay it back on the next purchase.
 
rem270

rem270

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Sounds like a good deal until to you have to replace it. My farm and house cost a little over a half million in 2015. Its paid for. I lt would easily bring 3x what i paid for it. Problem is- the only way to walk away rich is to move to a little 10 acre tract we own 20 miles away and then build at the highest prices in history. I hear people bragging on how they sold their house on the 1st day on the market at asking price….thats great. But what did u gain when you just turn around and pay it back on the next purchase.
I was in that situation last October. I had no choice as I was moving back for my job regardless of the inflated market. Lucky for me I sold high and was able to buy low. And went from 3 acres to 25 acres with good hunting out my back door.
 
B

BlackBelt

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I am no expert, but what I am seeing looks like the housing market price bubble may be coming into correction territory very soon.
When (and if) that happens the folks that bought over-valued property in the past couple of years are going to take a pretty big hit. That home they paid 550k for last year may become a 390k home very quickly, but they are obligated to that 550k buying price.
That is going to be ugly. Very ugly.
But, hey, maybe I'm wrong about the timing of a correction. That is not my field of expertise.
I know a lot more about mouth-breathing and window licking...
 
H

Hduke86

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Soddy Daisy, yes it's a real place
I was in that situation last October. I had no choice as I was moving back for my job regardless of the inflated market. Lucky for me I sold high and was able to buy low. And went from 3 acres to 25 acres with good hunting out my back door.
I’ll be the judge of “good hunting” when I’m up there this fall. Lol
 
WTM

WTM

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Oct 16, 2008
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benton co.
I am no expert, but what I am seeing looks like the housing market price bubble may be coming into correction territory very soon.
When (and if) that happens the folks that bought over-valued property in the past couple of years are going to take a pretty big hit. That home they paid 550k for last year may become a 390k home very quickly, but they are obligated to that 550k buying price.
That is going to be ugly. Very ugly.
But, hey, maybe I'm wrong about the timing of a correction. That is not my field of expertise.
I know a lot more about mouth-breathing and window licking...
it already is in some areas, just not tennessee. california has already seen some cooling.
 
PossumSlayer

PossumSlayer

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Oct 4, 2020
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7,160
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Down Town Skinem
FEMA just shoved it up Pascagoulas ass. If you renovate and spend 50% of home value you have to put your home on pilings.
Wanna flip a house or renovate a rental for extra income? Ain’t happening.
Katrina wiped out every house on the beach here. Our house had 6 inches of water but is now considered flood zone.
 

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