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Post by catsmeow on Sept 3, 2007 17:30:43 GMT -5
I haven't paid much attention to all neighborhoods, but I've heard there are lots of houses on the market these days ... and I believe if I remember right, one reason is because banks have been "guilty" of approving loans that never should have been approved. OK
If there are any realtors who come on here, I have a question: Why are there so many houses for sale in Wolflin right now? It seems like there are several on every block, on every street.
What's up?
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Post by sj on Sept 3, 2007 18:42:56 GMT -5
Dear Cat...aka God......the word is out you have scheduled a big rain. It is known and documented Wolflin is vulnerable to extensive rain. Everyone is seeking higher ground.
An indication from you concerning the situation could have a distinctive influence on the reality market in Amarillo....... ;D
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Post by catsmeow on Sept 3, 2007 18:49:01 GMT -5
Dear Cat...aka God......the word is out you have scheduled a big rain. It is known and documented Wolflin is vulnerable to extensive rain. Everyone is seeking higher ground. An indication from you concerning the situation could have a distinctive influence on the reality market in Amarillo....... ;D I didn't ask for that name ... ask admin about that one. So, I haven't scheduled any rain, and I thought it was SW Amarillo that floods with too much rain? |
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Post by sj on Sept 3, 2007 19:25:36 GMT -5
LOL cat, Wolflin was SW Amarillo the last time I was there....
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Post by horribilis on Sept 3, 2007 21:40:03 GMT -5
What's up is there have been a few sales of existing homes in Wolflin that people have bought for the building site just to buy into the neighborhood. Once acquiring the premium priced property they raze the site to the ground and proceed to put up their own custom designed home. The word gets around pretty quickly that there are some people out there with more money than good sense who are willing to invest $450,000 in a lot on which to build a million dollar ballpark home.
I have talked to a lot of contractors who want to buy on the outer fringes of Wolflin to expand the neighborhood and the value of the adjacent land.
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Post by petiepanzer on Sept 4, 2007 16:26:18 GMT -5
Called that one a while back. There are going to be more houses on the market a year from now as well. It's not just Wolflin, either. People got in over their heads and can't afford their homes now that their arms are readjusting. They don't have enough equity to refinance yet without throwing down some money out of pocket, and most people don't have enough money saved up to do that. They have had several big lenders go belly up in the past few weeks and everybody is tightening up their underwriting practices as a result. Stay tuned because it is going to get worse before it gets better and 2008 promises to be interesting. A lot of people that bought in 2004 and 2005 are going to end up walking on their houses because they can't afford the payments, and some have already started to do so.
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habiba
Junior Member
Posts: 61
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Post by habiba on Sept 7, 2007 11:10:34 GMT -5
I am not sure what may be going on in Wolfin but the rest of Amarillo is hold steady. The inventory is still around 5 month unless something just happen in the last week I'm not aware of. We may see a slow down in the future but it has definitly not hit us yet. All numbers show housing very strong in Amarillo and surrounding areas right now. I use Tradewind as the baromter community because I predict it will be the first area to see invetory go up and sales slow should our market go south. Since it is popular for first time buyers these people will be the first to have trouble to get the credit and first time buyer neighborhood like this will slow first. They also continue to build new house like crazy so that will add to inventory if slow down occurs. Except for very large house or house in poor condition, everything is currently selling. My guess is these Wolfin people have price to high or are selling unique historical home that is tough to find buyer for.
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Post by time2fly on Sept 12, 2007 9:30:55 GMT -5
I'll tell you the Wolflin answer...since I live there. The latest PRAD values came out. The houses have gone up in value TREMENDOUSLY that a lot of them are being sold to make a quick buck. My house has more than doubled in value since I moved in 3 years ago. If I didn't love my house so much I would sell it too so I can make $100k+....not a bad profit in 3 years.
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