The State of the Economy Thread - “Falling inflation, rising growth give U.S. the world’s best recovery”

[Momma There Goes That Man]

54 minutes ago, Larry said:

Redskins logo. 

he’s not trying to get his house egged 

[TheGreatBuzz]

 

9 hours ago, Larry said:

Redskins logo. 

Notice how the truck and camper are burgundy-ish?  That was not a coincidence.

Edited March 11, 2022 by The Almighty Buzz
Double post

[TradeTheBeal!]

[China]

Will we see a corresponding change in gas prices or will oil companies continue to gouge consumers?

 

Oil prices fall, continuing downward trend from last week

 

Oil prices fell on Sunday at the start of the session, extending last week's decline, as a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine.

 

Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel by 6:47 p.m. ET (2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.

 

Russia's invasion of Ukraine in late February, which Moscow calls a "special operation," has roiled energy markets globally. Brent last week was down 4.8% after hitting $139.13 on March 7. U.S. crude recorded a weekly drop of 5.7% after touching a high of $130.50 on March 7. Both contracts last touched those price peaks in 2008. [O/R]

 

Investors have been concerned about a tighter oil market following Russia's action. Prices fell last week as traders assessed potential improvements to the supply outlook that has been disrupted by the Ukraine crisis.

 

Russia is showing signs it might be willing to have substantive negotiations over Ukraine, even as Moscow is intent on "destroying" its neighbor, U.S. Deputy Secretary of State Wendy Sherman said on Sunday.

 

Click on the link for the full article

[GoCommiesGo]

I live just outside of Annapolis, near the Bay Bridge. We've started to look at single family homes in a specific school district were our current townhouse is.

 

I was talking to my realtor yesterday after looking at a house, the conversation lead to the general entry price point numbers for some of the more desirable neighborhoods we are looking at. Mainly areas with a decent lot .25+, garage and water access. 

 

2 beds & 1.5 baths - 600k

3 Beds & 2.5 baths - 700k

4 beds & 2.5 baths - 800k 

 

This kind of blew my mind, I know what are price point is but just hearing it out loud was astounding. Even a fixer upper is maybe 10% less, maybe.

 

I grew up in this area and I never would have imagined the prices would be that high unless it was water adjacent. From what we were told is this is the new standard, prices may not sky rocket like the last two years but this is the new baseline.

 

I'm wondering if anyone in other parts of MD or VA are seeing that the general price point for an area is having that same kind of reset? I'm more curious is this is specific in our area or just a general DMV thing. 

[TheDoyler23]

11 minutes ago, GoCommiesGo said:

I'm wondering if anyone in other parts of MD or VA are seeing that the general price point for an area is having that same kind of reset? I'm more curious is this is specific in our area or just a general DMV thing. 

 

Work from home has changed a lot of perspectives Lots of people have evaluated their space needs, but also the best location for them that's not tied to their office. It's a BIG shift and with low inventory, it's continuing to drive prices up and hold them there. 

[The Evil Genius]

 

 

[GoCommiesGo]

14 minutes ago, TheDoyler23 said:

 

Work from home has changed a lot of perspectives Lots of people have evaluated their space needs, but also the best location for them that's not tied to their office. It's a BIG shift and with low inventory, it's continuing to drive prices up and hold them there. 

 

That makes sense, and it's a driving factor for us as well. I was more surprised to see the entry point prices, the numbers aren't for a fully remodeled home but just the price point of a decent home. 

 

We're not in a rush just taking our time, and hopefully that helps us in the long run. 

[The Evil Genius]

46 minutes ago, GoCommiesGo said:

I live just outside of Annapolis, near the Bay Bridge. We've started to look at single family homes in a specific school district were our current townhouse is.

 

I was talking to my realtor yesterday after looking at a house, the conversation lead to the general entry price point numbers for some of the more desirable neighborhoods we are looking at. Mainly areas with a decent lot .25+, garage and water access. 

 

2 beds & 1.5 baths - 600k

3 Beds & 2.5 baths - 700k

4 beds & 2.5 baths - 800k 

 

This kind of blew my mind, I know what are price point is but just hearing it out loud was astounding. Even a fixer upper is maybe 10% less, maybe.

 

I grew up in this area and I never would have imagined the prices would be that high unless it was water adjacent. From what we were told is this is the new standard, prices may not sky rocket like the last two years but this is the new baseline.

 

I'm wondering if anyone in other parts of MD or VA are seeing that the general price point for an area is having that same kind of reset? I'm more curious is this is specific in our area or just a general DMV thing. 

 

 

You should see the prices where I live. We bought a 3/2 1650sqft in 2016 for 580k. It would list at around 1m now. 

Edited March 15, 2022 by The Evil Genius

[Long n Left]

Lucky me. I’m retiring to the beach, and getting ready to sell my 3200+ sqft home, (4/3) in the most desirable neighborhood in Charlotte. Bought the 1250 sqft Craftsman bungalow in ‘95 for $125K. Will be asking $1.295M, and I’m hoping for a bidding war!

[GoCommiesGo]

22 minutes ago, The Evil Genius said:

 

 

You should see the prices where I live. We bought a 3/2 1650sqft in 2016 for 580k. It would list at around 1m now. 

 

That's insane. You're in San Francisco correct? 

 

The house we looked at yesterday was bought in November 2021 for 580k, it was listed at 600k. Our realtor confirmed that's the correct appreciation for six months. I'm glad we are not pressed to buy. 

[The Evil Genius]

26 minutes ago, GoCommiesGo said:

 

That's insane. You're in San Francisco correct? 

 

The house we looked at yesterday was bought in November 2021 for 580k, it was listed at 600k. Our realtor confirmed that's the correct appreciation for six months. I'm glad we are not pressed to buy. 

 

East Bay, about 25 miles way from SF. The funny part is nothing seems to sell at asking here. So it's a game to price the listing so you get many many bids to drive the selling price up. 

[tshile]

1 hour ago, GoCommiesGo said:

I'm wondering if anyone in other parts of MD or VA are seeing that the general price point for an area is having that same kind of reset? I'm more curious is this is specific in our area or just a general DMV thing. 

Yeah man. Your numbers sound about the same as here. New 3k sqft homes, nothing fancy, on a (not good) .25 acre lots with a 2 car garage is like 6–800k. If you want to upgrade to the 4k sqft 3 car garage on a usable .25-.4 acre lot is about 1.2 million. 
 

 

[GoCommiesGo]

13 minutes ago, The Evil Genius said:

 

East Bay, about 25 miles way from SF. The funny part is nothing seems to sell at asking here. So it's a game to price the listing so you get many many bids to drive the selling price up. 

 

I've seen that here for certain homes. Nicer houses have been under pricing to get multiple bids. 

6 minutes ago, tshile said:

Yeah man. Your numbers sound about the same as here. New 3k sqft homes, nothing fancy, on a (not good) .25 acre lots with a 2 car garage is like 6–800k. If you want to upgrade to the 4k sqft 3 car garage on a usable .25-.4 acre lot is about 1.2 million. 
 

 

 

That sounds exactly like the new construction that has popped up here. By my sons school about seven houses have been built on what I think are small lots. The last two just went under contract about 2-3 months ago, the last home sold for 200k more than the first home built a year ago. 

 

There's a lot we have been watching, if it doesn't sell through the summer we may jump on it and just have a home built. 

Edited March 15, 2022 by GoCommiesGo

[tshile]

Yeah and I’m in northern Va, we’ll just outside. 
 

my house and property (I’ve got a few acres) and infrastructure was about 700k a year before the pandemic. We were hoping in 15ish years it’d be worth like 1.5-2 million. It’s been 3 years it’s already at a million. 
 

And taxes are going up. 
 

may wind up just selling our “forever” home because we can get so much from it and get the **** out of this crazy ass rat race that is northern Virginia. 
 

I mean. Salt taxes are capped at 10k. Our taxes on our house alone are 10k 😂 

Edited March 15, 2022 by tshile

[Hersh]

No different down here in Raleigh. Prices are going crazy. Lots of ranch style homes being torn down now and replaced with multi-million dollar homes. It's good cause I've been in the same house a long time, but it sucks cause the character of neighbors is changing that it's going to just be giant, ugly ass homes. 

[Ball Security]

1 hour ago, Long n Left said:

Lucky me. I’m retiring to the beach, and getting ready to sell my 3200+ sqft home, (4/3) in the most desirable neighborhood in Charlotte. Bought the 1250 sqft Craftsman bungalow in ‘95 for $125K. Will be asking $1.295M, and I’m hoping for a bidding war!

I lived in Charlotte for a year back in 2001-2002.  Went and visited during the Panthers game.  Saw some places where I used to live that would have been 200ish then going over a million now.  Ouch.

 

My neighborgood in NoVa, has about 30-40% appreciation over the past 4-5 years.  Don’t see how younger families do it.

[Captain Wiggles]

11 minutes ago, Hersh said:

Lots of ranch style homes being torn down now and replaced with multi-million dollar homes. 

 

Ugh that sux. I want to sell my townhouse here in Greensboro n get a one story ranch house. Not happening in this market that's for sure. Tho townhouses in my neighborhood are selling for over $180k n they still need to be updated. 

 

 

[GoCommiesGo]

30 minutes ago, tshile said:

my house and property (I’ve got a few acres) and infrastructure was about 700k a year before the pandemic. We were hoping in 15ish years it’d be worth like 1.5-2 million. It’s been 3 years it’s already at a million. 

 

We are in the process of selling our single family house in Annapolis. We bought it back 2017 for 369k, dropped about 80k for renovations and it's under contract for 500k. Took less than a week and it's a small old house 1,600 square feet with 3 beds 1 bath. The appreciation is absolutely bonkers. 

 

How did you find building your home? If that isn't thread appropriate, I'll shoot you a PM. 

Edited March 15, 2022 by GoCommiesGo

[TheGreatBuzz]

With the numbers you all are tossing around, I’m even happier with my decision to buy an RV and live in it.

 

I don’t see how this market can be sustainable for long.  I feel like another massive correction will have to happen.  And I’ll be there ready to swoop in with cash.

[Mufumonk]

2 hours ago, GoCommiesGo said:

I live just outside of Annapolis, near the Bay Bridge. We've started to look at single family homes in a specific school district were our current townhouse is.

 

I was talking to my realtor yesterday after looking at a house, the conversation lead to the general entry price point numbers for some of the more desirable neighborhoods we are looking at. Mainly areas with a decent lot .25+, garage and water access. 

 

2 beds & 1.5 baths - 600k

3 Beds & 2.5 baths - 700k

4 beds & 2.5 baths - 800k 

 

This kind of blew my mind, I know what are price point is but just hearing it out loud was astounding. Even a fixer upper is maybe 10% less, maybe.

 

I grew up in this area and I never would have imagined the prices would be that high unless it was water adjacent. From what we were told is this is the new standard, prices may not sky rocket like the last two years but this is the new baseline.

 

I'm wondering if anyone in other parts of MD or VA are seeing that the general price point for an area is having that same kind of reset? I'm more curious is this is specific in our area or just a general DMV thing. 

 

Sounds like Severna Park. I've seen new construction there on extremely small lots (.1 acre) going for 650-850k.

[GoCommiesGo]

2 minutes ago, Mufumonk said:

 

Sounds like Severna Park. I've seen new construction there on extremely small lots (.1 acre) going for 650-850k.

Close, Broadneck Peninsula. 
 

Severn river side of the area. 

[TheDoyler23]

24 minutes ago, The Almighty Buzz said:

I don’t see how this market can be sustainable for long.  I feel like another massive correction will have to happen.  And I’ll be there ready to swoop in with cash.

 

I doubt there will be a massive correction or crash like we had any time soon. Supply is simply not meeting demand.

 

Builders weren't building as much in the pandemic because of supply chain issues, labor issues and the cost of materials. I think the housing market is going to feel that for several more years. It may not continue to shoot straight up, but stay high for a long time. 

[GoCommiesGo]

1 hour ago, The Almighty Buzz said:

With the numbers you all are tossing around, I’m even happier with my decision to buy an RV and live in it.

 

I don’t see how this market can be sustainable for long.  I feel like another massive correction will have to happen.  And I’ll be there ready to swoop in with cash.

 

From what I've been told by people that seem to know what they are talking about, the huge surge in value will slow down but the price floors have been raised. Barring a massive economic collapse, the floor is the floor. 

 

Also, certain areas are fairly insulated from these things. I know where we are the single family homes had a very modest drop in value when the bottom dropped out in '08. Condos and townhouses are the homes that actually got hit.

 

Likely, you'll just see more of a renting class versus home ownership class. 

[tshile]

5 hours ago, GoCommiesGo said:

How did you find building your home? If that isn't thread appropriate, I'll shoot you a PM. 

wish I had picked someone else. 
 

wish I was better at picking people for such a large investment.m
 

it is badass having a brand new house that is, at least layout wise, exactly what you want. And finish wise is what you want within what you can afford. 
 

Pay special attention to any sort of upgrade that has a return on investment. Spray foam insulation has me with about 150-170$ total monthly energy cost (gas and electric) to keep a 5k sqft house at 72 degrees year round. Most people here are 300-350$ electric bills in a cold winter and 200+ Is average for may-Septemberish for a house about half that size
 

Also. Nothing is ever going to be cheaper than when the people are already on site and the materials are already delivered. You’re better off stretching as far as you can, putting in anything that will help with what you might want later (conduit for running cables, etc), and just making sure you plan for the unexpected expenses.  Probably had about 60k in un expexted expenses. But like if you want solar but can’t afford it while building - have them run conduit from the attic to the box to make install easier. If you know you want a hot tub one day - have them run the cable now. Etc. 

also make sure you get what you want in the final plan. They charge a markup and play games when you want to change something or add something mid construction.  

think if you really want all those windows, and what size you want. They’ll be expensive to replace one day. On that note - there’s a theory that you should put cheap windows and doors in because your house will settle and destroy some of them as it does. Wait until your house is done settling before you throw expensive windows and doors in. 

Edited March 15, 2022 by tshile