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The Housing Market (2021)

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Neal

Staff member
RVF Administrator
Joined
Jul 27, 2019
Messages
11,445
Location
Midlothian, VA
RV Year
2017
RV Make
Newmar
RV Model
Ventana 4037
RV Length
40' 10"
Chassis
Freightliner XCR
Engine
Cummins 400 HP
TOW/TOAD
2017 Chevy Colorado
Fulltimer
No
I read this morning on Facebook friends in my area at home are seeing home sales with people offering 100K over asking. It makes me wonder if I should sell mine!!! I love my house but the area not so much but I have no clue where I'd want to live given a choice. This is part of the reason I have a RV, I'm out looking wondering where I would want to live someday other than where I am now. I don't know why the housing market is doing this, my hunch is one of two things: 1) The stock market has peaked and people want to take profits before an expected decline/collapse? 2) Expected interest rate rises, inflation, etc. so now is the time to capture loans? I don't know, I haven't searched for answers, I haven't googled it.

We all know the RV market has been on fire but we've attributed that to the pandemic. I face the same situation with my house in that this fall is an ideal time for me to sell my coach probably at the highest I could ever profit on this coach. I'm going to Newmar in September for the warranty reupholstering of the furniture and I'm having some other things done such as getting the carpet replaced since the furniture will be removed, saving on labor costs. After Newmar's work is done this would be an ideal time to sell the coach, it's also at that point in which most coaches sell, 4.2 years of age. But I love my coach, I've spent 3 years making it my own, the list of mods and additions is large but highlights being Summit Stainless, HWH Active Air, 1800W Solar with front A/C wired for solar, Victron web enabled system, Drainmaster gates with Sanicon all controlled from inside, LED lighting including underglow, under slides, and top side lighting both passenger and driver sides. Office setup, the list goes on. But the coach is PERFECT, perfect size, perfect running, everything is great (knock on wood). Why sell a coach that is perfect to you or do you do so simply for the financial timing of max profit opportunity?

So I'm faced with whether to capitalize on the housing market and also the RV market. Not a bad dilemma, most likely I'll sell neither but what is your opinion, what are you facing and how are you rationalizing the hot sellers market we're in now?
 
Please do not bring politics into this discussion. I realize there could be a relation to that situation but let's discuss outside of politicians names, politics, etc. Let's just discuss the housing and RV market as it is and any speculation as to why within those bounds.
 
was not trying to do that. That is just what I heard.
 
No problem Kevin, it's okay, I just think some would complain and for all of our mental health let's just avoid going there. That speculation is far off from the current situation, I don't think the future election is driving the current events, I'll leave it at that to help others understand what you and I are talking about.

Why this is happening is one thing. To act on it is another and I welcome advice.
 
Neal, as you know; we Sold the house in Rockville Va, to move to Florida. Two reasons, the tax advantages which Florida offers, and downsizing, but to an RV port home.
We caught the market at a pretty good time, mortgage rates at about the lowest I've ever seen them; so we actually took out a small mortgage to save some cash for travel, etc.
Regards selling, the market was trending upward, and we had several offers at $10K over asking price.

I would suggest looking into selling your Va. home, to take advantage of the exceptional prices, and then look at downsizing, maybe here in Florida (tax advantages) or another similar state.
Cash can be a motivator!(y)

As for the RV market; I actually had a Dealer from Texas call (no idea where he got my info); but offered right at what I paid for my coach new! Now that's great, but no way am I selling my coach for a while. I say that to point out how "Hot" the market is at this time.
Since you have done so much to your coach, and it fits your needs, not sure that I would suggest selling & buying another, unless it is a "want to update" process for you. You invested so much time and effort to make it just like you want it. My advice.....keep it & enjoy it!

Then take all the money you make from selling in Virginia, and find a place that will make you happy; or like a lot of folks, "Full Time" & invest the rest!

Hope whatever decisions you make, will add to your happiness! Good Luck!

PS: Florida living is saving about $900-$1,000 a month vs. Virginia:cool:
 
Such a broad question with a zillion possibilities. However for us it's simple. We stay put because we can be with family within six hours any direction. Neal, you travel all around this country and know there are countless wonderful places to own a home, but the intangible attraction is where "home" is for you. If we didn't have family we would build an RV-condo on some acreage in Idaho and use that as a home base. But that's not my suggestion for you (of course)...you do what works for you. Although I would have thought housing prices would have started a decline by now, it appears to be getting stronger. So maybe there is no decline. Maybe your house just keeps appreciating thus making selling now moot. You said no politics (but), we sold stock in anticipation of a decline with a new administration and that's proven to be wrong (so far). So good luck my friend with your dilemma. It's one that plagues us all ?
 
I believe, having worked for a bank as a contractor for a whooping four months, that the housing market has responded to the lower interest rates that have been available the last two years. Millennials who thought they'd never own a home, found a way with the 2.++ something rates and a 90/10 loan to equity ratio to really stretch themselves. It does vary widely within the US and the states, as we all know.

Put the home up for sale. Pocket the money. Then as you travel, you've got your wad just waiting for your next landing place. It will give you some peace and motivation.
 
Real Estate is a reasonably good hedge for inflation, especially if you can finance it on the cheap. Are there that many smart people out there hedging for inflation, doubtful.
IMO there are lots of lemmings following some smart people, and lots of folks that have been driven from their home state due to their home economic climate...
Currently I am working with family members to sell several North East Properties. Moving the investments south to FL.
The Florida Real Estate market is nuts. Property in my community are selling in hours at full asking price or above.
 
I can’t really answer why but can say that I have 2 properties in So Cal that my father left and am getting the same story, people are getting multiple offers above asking price. Hope the market stays hot while we work thru the estate matters, and can get them on the market.

We sold our house in 2017 when we decided to go full time. Original plan was to purchase a condo in Florida, then decided to travel before investing in real estate. Now I’ll wait till the market soften. We did buy a RV lot where we will spend winters and travel the other 7 months.
 
For me it’s a catch 22, if you sell then yes it’s good profit but if you have to turn around and buy something else you’re going to pay. My sister & husband finally retired and want to downsize but if they sell they’d have to turn right around and buy at the same inflated market so she’s staying put until she has a different plan.
Same goes with RV, if you sell and plan to buy again you’ll pay inflated prices for a different RV. Being you have what you want and made it your own and the size is perfect, it will be harder to replicate that for a different RV
 

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