REWahoo
Give me a museum and I'll fill it. (Picasso) Give
I know for many of you experiencing a rapid increase in home prices is nothing new, but for some of us living in flyover country, it is a rare occurrence. In my case, it is a once in a lifetime event.
We live in one of several semi-rural “build on your own lot” subdivisions located a dozen or so miles outside the city limits of San Antonio. Lots in these subdivisions are a minimum of two acres, most are five or more. Restrictions require a septic system and, with the exception of only two subdivisions in the area that have central water systems, each lot owner has to drill their own well. A five acre lot sells for around $50k, slightly more if it has a nice view. Lots in subdivisions with central water (and underground utilities) are considerably more expensive, $120k for two acres.
Home prices have been stable for years, dropping substantially during the 2008 - 2009 market unpleasantness, then steadily recovering. I'm not sure what triggered it, but in the past few months the local housing market caught fire and values have gone up 40% (along with my tax appraisal
). Realtor.com usually had a couple of dozen houses listed for sale in our zip code, asking in the $125/sf range. Most of the houses were on the market for months, several for well over a year. Within the past few months the number of houses listed has increased and the number of sales has gone up dramatically - along with prices.
Listings for houses in the 2500 - 3000 sf range are now asking $180/sf and apparently getting it. Our closest neighbor had a contract on his house within 3 days of listing it at $183/sf. Another house just sold for a similar amount after being on the market for well over a year at what I thought was an outrageous asking price. The owner stuck to his listing price the entire time and it looks like his patience finally paid off.
Too bad we don't want to move...
We live in one of several semi-rural “build on your own lot” subdivisions located a dozen or so miles outside the city limits of San Antonio. Lots in these subdivisions are a minimum of two acres, most are five or more. Restrictions require a septic system and, with the exception of only two subdivisions in the area that have central water systems, each lot owner has to drill their own well. A five acre lot sells for around $50k, slightly more if it has a nice view. Lots in subdivisions with central water (and underground utilities) are considerably more expensive, $120k for two acres.
Home prices have been stable for years, dropping substantially during the 2008 - 2009 market unpleasantness, then steadily recovering. I'm not sure what triggered it, but in the past few months the local housing market caught fire and values have gone up 40% (along with my tax appraisal
). Realtor.com usually had a couple of dozen houses listed for sale in our zip code, asking in the $125/sf range. Most of the houses were on the market for months, several for well over a year. Within the past few months the number of houses listed has increased and the number of sales has gone up dramatically - along with prices. Listings for houses in the 2500 - 3000 sf range are now asking $180/sf and apparently getting it. Our closest neighbor had a contract on his house within 3 days of listing it at $183/sf. Another house just sold for a similar amount after being on the market for well over a year at what I thought was an outrageous asking price. The owner stuck to his listing price the entire time and it looks like his patience finally paid off.
Too bad we don't want to move...
, is flyover country to this city girl. 
