When The Bottom Falls Out ....
Printed From: Unofficial Allis
Category: Other Topics
Forum Name: Shops, Barns, Varmints, and Trucks
Forum Description: anything you want to talk about except politics
URL: https://www.allischalmers.com/forum/forum_posts.asp?TID=188082
Printed Date: 05 Sep 2025 at 11:37pm
Software Version: Web Wiz Forums 11.10 - http://www.webwizforums.com
Topic: When The Bottom Falls Out ....
Posted By: FREEDGUY
Subject: When The Bottom Falls Out ....
Date Posted: 05 May 2022 at 6:40pm
in this current real estate market with bidding wars that take a home $30k above the asking price, how bad is it going to be when it all crashes down  ?? It might make '08 look like a cake walk at a carnival  .
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Replies:
Posted By: HudCo
Date Posted: 05 May 2022 at 7:36pm
| two years ago you could buy a half acre here for 25 thousand , now its 125 thousand |
Posted By: DiyDave
Date Posted: 05 May 2022 at 7:36pm
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in this current real estate market with bidding wars that take a home $30k above the asking price, how bad is it going to be when it all crashes down  ?? It might make '08 look like a cake walk at a carnival  .
------------- Source: Babylon Bee. Sponsored by BRAWNDO, its got what you need! |
Posted By: FREEDGUY
Date Posted: 05 May 2022 at 7:41pm
Why is this political ?? YOU brought up politics buster, I asked an honest question and AGAIN, you give a BS reply
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DiyDave wrote:Posted By: steve(ill)
Date Posted: 05 May 2022 at 7:50pm
Its a free country.. If you pay $30K MORE than what something is worth, its YOUR FAULT.. Nobody MADE you do it... YOUR CHOICE !  ------------- Like them all, but love the "B"s. |
Posted By: DanWi
Date Posted: 05 May 2022 at 10:12pm
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Interest is rising it will happen soon. |
Posted By: DMiller
Date Posted: 06 May 2022 at 5:15am
| Still politics and political, based on inflation as well Covid pandemic where people decided to move away from big metros regardless the cost to avoid Sick People. Move it to the Politics Page. |
Posted By: thendrix
Date Posted: 06 May 2022 at 5:59am
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Three years ago we bought land with 1/4 mile of road frontage for $3375/acre. Land down the road with no frontage, only easement, and terrible topography is going for over $11k/acre. People are just stupid I guess ------------- "Farming is a business that makes a Las Vegas craps table look like a regular paycheck" Ronald Reagan |
Posted By: Ray54
Date Posted: 06 May 2022 at 10:33am
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If you cannot see the political component of this the current "progressive left" can jump for joy. As their dumbing down of America is being very successful.
But you do have part of it correct. When it crashes it will be really bad.
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Posted By: DMiller
Date Posted: 07 May 2022 at 7:23am
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With fuels including LP gas at all time highs, with labor shortages and materials prices still excessively high for building repairs, with travel times to work getting worse with horrid roads conditions we are now seeing a down turn in Realty sales, not stopped but slowing. Not far from here at Union/Washington/St. Clair area are properties speculators bought as the prices started to escalate, they are now seeing stranded investments as cannot get moneys spent back and are pulling properties Off Market. Interest Rates go up again may see the eventual distressing of markets as ARM mortgages rise, along with increases in payment structures as Property taxes and Insured values also escalate causing rises of Escrow balance requirements. Have seen that here on our own Mortgage. One aspect working FOR us here, the derelict neighbor who is the son of the previous farm owner is seeing his Tax schedules rise so high may end up having to put the place up for sale. Cannot pass inspections as Floors are sloped inside structure(Structural Integrity), has NO pest control certs, has Less than the Minimum 5 acres where Septic would require being upgraded, and is a plethora of Junk laying around that would need NUMBERS of Roll off dumpsters to remove just to make it sellable. He gets to that unforgiving state of expense may end up as a short sale to us.
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Posted By: fixer1958
Date Posted: 07 May 2022 at 7:40am
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About 25 years ago I bought 20 acres in front of me as a buffer to keep any new neighbors away. 50k and I thought that was steep but I had no other choice. Now or never. Do it now it would 10k an acre. Neighbor across the road has his place up for sale with 40 acres for 850k. Ain't all that great either.
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Posted By: DMiller
Date Posted: 07 May 2022 at 7:52am
| Biggest problem of these High Dollar sales is as noted, Tax Time rolls around if cannot get in on a Homestead Act Tax limiter then can possibly force sales of lands or properties as become untenable due to just Taxes due every year. Our farm ground tax did not rise significantly YET, went up just under $50 this time, the House and none Acres went up drastically, with land sales at all time highs per acre was warned by Tax Assessor clerk may see it Double Next year. Have friends one county over that HAD a modest 1460sf home on ten acres, had paid more tax than we do on the farm and bigger house with three outbuildings but this last assessment put them now beyond Double what we paid, their fears are justified as they too are on Fixed Income so applied for Homestead Act limit and were DENIED. They since sold out and moved to NM as tax system there is quite less extreme yet are still quite UNHAPPY had to leave their home of 26 years due to Tax rises. |
Posted By: Dorix
Date Posted: 07 May 2022 at 9:06am
| I never really believed in annual property taxes always seemed an unfair system, I'd rather pay a higher sales tax or something to that affect. |
Posted By: FREEDGUY
Date Posted: 07 May 2022 at 6:55pm
Odd that you brought up property taxes
 . A friend of mine JUST this afternoon was crying about his 30 acre tillable ground with a house and machine shed that QUAUDRIPLED in land value this spring according to the my guy ?? |
Posted By: steve(ill)
Date Posted: 07 May 2022 at 7:25pm
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GOVT has to pay off the bills somehow... Normally with YOUR MONEY !!! ------------- Like them all, but love the "B"s. |
Posted By: Ray54
Date Posted: 08 May 2022 at 6:01pm
| Property taxes are one thing not a disaster yet in Calif. A open space contract to not subdivide that taxes are based on production of ag land, and the Prop 13 from back in the late 70's. Under 13 taxes can only raise 2% a year until you sell it. New owner starts at purchase price as valve of property. So those that are new owners pay more than if you lived in the house 40 years. So the young are so dumb they may vote prop 13 out just to get those old people that live next door and only pay 10% as much tax on the same tract house. So under this situation you should never be taxed so you need to sell your house because taxes went to high. |
Posted By: DMiller
Date Posted: 08 May 2022 at 6:58pm
| Not true here except on Ag ground, build a House on any part of a farm where take a loan on it the reassessments occur as annually as properties around you sell, nothing sells assessments slip until one does. Based on Home Sq ft. for House Tax value, then the land rises as to sold values around you. Cost to replace falls into Insurers lap where as Tax Assessment goes up so too insuring premiums. I am old so qualify under MO Homestead Act to Lock Tax rates after hit 65. |
Posted By: DaveKamp
Date Posted: 11 May 2022 at 7:18am
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Property investment is a hedge against inflation... regardless if you buy with cash (to isolate your value from a fluctuating currency rate) or borrow (to make a fast deal at an interest rate lower than inflation). People will continue doing it until factors that have driven inflation are stopped, which is why this is political, and should be moved there. ------------- Ten Amendments, Ten Commandments, and one Golden Rule solve most every problem. Citrus hand-cleaner with Pumice does the rest. |