Active housing inventory for sale is rising on a year-over-year basis in almost every state.

[alarmguy]

Don't forget flood zones. Raising the elevation means no flood insurance required.

To the best of my knowledge this is not correct.
If the property is in a flood zone you will need flood insurance for a mortgage.
You can raise a home above that zone and apply for a certificate that will allow you to pay a lower premium but you will still need it.
I was looking for the actual FEMA statement. I ran accross it about two years back when we moved into our home near the coast.
We are in Zone X - 500 year flood zone, no flood insurance needed but advised.

I read from FEMA (wish I could find it) you can elevate the home above the zone but if the home is in the Flood Zone it will still require insurance but maybe a lower cost. IF you get a certificate.
This is a poor source, if I find the actual FEMA I will post that
https://www.thepennyhoarder.com/insurance/cost-to-elevate-your-house/

Here is a little something but still looking for the actual direct statement. Notice says saves but not eliminate.
"

• Rebuilding higher than the minimum requirement is always a wise decision and saves on flood insurance premiums.
  
  https://www.fema.gov/press-release/20250121/elevating-your-home-what-you-need-know-and-do

FOUND IT!
You can not use fill to move a property out of a flood zone. They carve out lakes and ponds and use the soil to build up the lots above flood zone, but it doesnt get rid of the need for Flood Insurance. The reason I researched previously a lot of our community (but not our block) is in a flood ZONE AE, however the builders are required to build up an additional 2 feet.

I ran across this in getting an exemption for another home we considered in Florida and ultimately here in NC

"

• Letter of Map Amendment (LOMA): A letter from FEMA stating that an existing structure or parcel of land — that is on naturally high ground and has not been elevated by fill — would not be inundated by the base flood. "
  
  Source https://www.fema.gov/flood-maps/change-your-flood-zone

You can do things to lower the cost of flood insurance but you cant not remove the property from the flood map by adding "fill" dirt.

 

[BMWTurboDzl]

I looked at some places on HHI years ago that were new construction - back when they were semi affordable. They were like this, and I seem to recall the elevator was about $30K - which I thought was reasonable? Much easier if you design for it up front.

Ya. In Atlanta my wife and I looked a buying a larger townhome just up the street and the builder had an elevator option for around $40k which I thought was reasonable. This was around 10 yrs ago.

 

[BMWTurboDzl]

No, to the best of my knowledge this is not correct.
If the property is in a flood zone you will need flood insurance for a mortgage.
You can raise a home above that zone and apply for a certificate that will allow you to pay a lower premium but you will still need it.
I was looking for the actual FEMA statement. I ran accross it about two years back when we moved into our home near the coast.
We are in Zone X - 500 year flood zone, no flood insurance needed but advised.

I read form FEMA (wish I could find it) you can elevate the home above the zone but if the home is in the Flood Zone it will still require insurance but maybe a lower cost. IF you get a certificate.
This is a poor source, if I find the actual FEMA I will post that
https://www.thepennyhoarder.com/insurance/cost-to-elevate-your-house/

Here is a little something but still looking for the actual direct statement. Notice says saves but not eliminate.
"

• Rebuilding higher than the minimum requirement is always a wise decision and saves on flood insurance premiums.
  
  https://www.fema.gov/press-release/20250121/elevating-your-home-what-you-need-know-and-do

Ya I don't know if everyone is consistent with how they treat it. I ran across this twice a few years ago and the lender did not demand flood insurance.

 

[alarmguy]

I wonder how many of those for sale listings are for people who "bought" more house than they could afford? Little things like inflation, increased property taxes, vehicle loans and CC debt may have buried some people.

Ahhh.. but isnt that being all American. Like rodents who are offered food at a cost of something, we cant resist borrowing money from other people to buy things we dont have money for, no matter the cost of the payment.

 

[GON]

And then plan to build another one, to fix the design issues that you bug you. I'm told by a few guys that the 3rd house they built was the keeper.
I think the wheel chair access thing is a bit over blown, as by the time one of you is in one, the other partner really isn't likely to be able to take care of you anyways. Also the design features to really make a place easily accessible, no one seems to want to live with for the 30 years prior, as it will kinda feel like you are entering a commercial space, and your whole lot has to be designed for the ground floor of the house being very close to ground level. My MIL in a wheelchair, did still do yard work as she was in pretty good health but lost her leg to an infection, but their house had the ground floor 3-4' above grade with a step up from the mudroom or porch, so it wasn't going to work with a slight 90 yr old to wheel her into the house even with ramps everywhere.
My in-laws went into a retirement home and its 10 times better for them than being in their house. It's sort of like going back to college dorms, but you don't share a room, have your own bathroom, and no one is up past 9pm... Food is pretty good really and you can still order in whatever you want.

IL, I am going to PM you pictures of my home, both interior and exterior. Not a single step, to include exterior front entrance or garage to interior, no thresholds in showers, wide doors, 2019 build, and modest priced.

It doesn't take much to make a modest house "right".

 

[SwampSurvivor]

To the best of my knowledge this is not correct.
If the property is in a flood zone you will need flood insurance for a mortgage.
You can raise a home above that zone and apply for a certificate that will allow you to pay a lower premium but you will still need it.
I was looking for the actual FEMA statement. I ran accross it about two years back when we moved into our home near the coast.
We are in Zone X - 500 year flood zone, no flood insurance needed but advised.

I would also recommend if looking at a house near a flood zone to take a look at a topo map. my first house wasn't in a flood zone, but the property next to mine was and a few across the street. Mine wasn't, so I wasn't too afraid to get into it. What I didn't realize is my lot was 3' below the other ones. So it was 5 years of constant flooding and then major flooding any time we had a lot of rain.

 

[alarmguy]

I would also recommend if looking at a house near a flood zone to take a look at a topo map. my first house wasn't in a flood zone, but the property next to mine was and a few across the street. Mine wasn't, so I wasn't too afraid to get into it. What I didn't realize is my lot was 3' below the other ones. So it was 5 years of constant flooding and then major flooding any time we had a lot of rain.

Good point.
We live in a huge community that was a swamp at one time, well built up by digging lakes which is so much like almost everything in Coastal Carolinas both NC and SC. We are in "X" but about 1000 feet away is "AE" With that said new construction standards have our property well above that zone and even the areas that are labeled "AE"

This is now our 2nd new home. I always made sure we were one of the highest lots in the communities that we lived in/
You are correct though I THINK something like 30% of flooding occurs outside flood zones.

 

[SC Maintenance]

More floodzone stuff from my learning experience.

Flood zone maps are interactive and easy to look all around. Don't trust Zillow or what the realtor says - go look at the maps yourself.

Flood zones change all the time, especially if there doing construction. When we bought our house behind us was a stream and a flood plain that was 100 year flood zone, our property itself was X - 500 year zone. A few years later they expanded a road, and put two huge culverts in downstream of our backyard stream. When they did the FEMA re-eval were still X, however the flooplain behind our house has shrunk on their maps - but got larger downstream - so some of those properties changed. Essentially the giant culverts hasten the flow of water away from us - only to flood someone else.

Flood insurance is available if your outside a flood zone, and not that expensive in the grand scheme of things.

 

[SwampSurvivor]

Good point.
We live in a huge community that was a swamp at one time, well built up by digging lakes which is so much like almost everything in Coastal Carolinas both NC and SC. We are in "X" but about 1000 feet away is "AE" With that said new construction standards have our property well above that zone and even the areas that are labeled "AE"

This is now our 2nd new home. I always made sure we were one of the highest lots in the communities that we lived in/
You are correct though I THINK something like 30% of flooding occurs outside flood zones.

My situation was kind of a double hit - but my suspicion is the other properties were originally lower than mine being closer to the lake, but ended up being built up. Causing them to stop the flow to the lake *AT* my property.

More floodzone stuff from my learning experience.

Flood zone maps are interactive and easy to look all around. Don't trust Zillow or what the realtor says - go look at the maps yourself.

Flood zones change all the time, especially if there doing construction. When we bought our house behind us was a stream and a flood plain that was 100 year flood zone, our property itself was X - 500 year zone. A few years later they expanded a road, and put two huge culverts in downstream of our backyard stream. When they did the FEMA re-eval were still X, however the flooplain behind our house has shrunk on their maps - but got larger downstream - so some of those properties changed. Essentially the giant culverts hasten the flow of water away from us - only to flood someone else.

Flood insurance is available if your outside a flood zone, and not that expensive in the grand scheme of things.

Tractor Supply put a store in a flood plain upstream from me. There was less area to hold the runoff and it all got sent my way quicker than normal. We had a heavy rain even in 2021 - I lost stuff in my garage but thankfully the water didn't get up to the floor in my house. Some people around the corner weren't so lucky and there was water fully in their house.

The lot was kinda swampy before and always had flooding issues, but that was what I'd consider major and I believe it was a result of the building in floodplain.

 

[SC Maintenance]

My situation was kind of a double hit - but my suspicion is the other properties were originally lower than mine being closer to the lake, but ended up being built up. Causing them to stop the flow to the lake *AT* my property.




Tractor Supply put a store in a flood plain upstream from me. There was less area to hold the runoff and it all got sent my way quicker than normal. We had a heavy rain even in 2021 - I lost stuff in my garage but thankfully the water didn't get up to the floor in my house. Some people around the corner weren't so lucky and there was water fully in their house.

The lot was kinda swampy before and always had flooding issues, but that was what I'd consider major and I believe it was a result of the building in floodplain.

Yes, its a big deal. City and county planning tend not to account for these - or willfully ignore. FEMA doesn't care other than "navigable waterways", they just amend the maps later.

They have put in place strict laws around here about what percentage of the ground of a lot you can cover. Builders dig out swampy areas to create retention ponds so they can sometimes get "exceptions" to the rule. It usually ends poorly. A normal rainstorm downtown will put a foot of water in the city streets. Over hundreds of years Charleston has figured this out and built accordingly - using the streets as storm drains. Other places don't have this tribal knowledge.

 

[dogememe]

The house next door to ours was on the market for almost half a year. Things are definitely changing. It sold for just under a million lol. Guess not everyone can afford that. Not sure if I'll ever be able to buy a home

 

[CKN]

The house next door to ours was on the market for almost half a year. Things are definitely changing. It sold for just under a million lol. Guess not everyone can afford that. Not sure if I'll ever be able to buy a home

Don't know if Napa qualifies as an average "suburb".

 

[Vil_Riker]

The last house I bought was in a flood zone... Less than a square foot of the garage were marked as a flood zone in an updated FEMA map and the bank required flood insurance. $1,000 a year out the door. When talking to the insurance agent, he ranted that FEMA does these things to boost the sales of flood insurance policies of which they get a cut.

One more way to fleece the middle class.

 

[97prizm]

Interesting chart, especially Nevada which seemed was a destination for many to migrate to.

What the chart doesn't show is a comparison to average inventories over the past 25 years. I suspect even though single family home inventories are rising year over year, overall single-family homes currently on the market are likely well below the 25-year average (speculation).

Additionally, every chart I look at shows single family home prices continuing to rise on a MACRO basis. The exception is the less desirable single-family home, the value of those homes are not rising when compared to a desirable home in the same subdivision, etc. With mortgage interest rates above six percent, growing inventory- people are no longer willing to pay full price for an undesirable home.


View attachment 271869View attachment 271870

2024 was the first year that Colorado had more people move out than in.

 

[BMWTurboDzl]

The last house I bought was in a flood zone... Less than a square foot of the garage were marked as a flood zone in an updated FEMA map and the bank required flood insurance. $1,000 a year out the door. When talking to the insurance agent, he ranted that FEMA does these things to boost the sales of flood insurance policies of which they get a cut.

One more way to fleece the middle class.

Please. Nobody forced you to buy in a flood zone.

 

[BMWTurboDzl]

More floodzone stuff from my learning experience.

Flood zone maps are interactive and easy to look all around. Don't trust Zillow or what the realtor says - go look at the maps yourself.

Flood zones change all the time, especially if there doing construction. When we bought our house behind us was a stream and a flood plain that was 100 year flood zone, our property itself was X - 500 year zone. A few years later they expanded a road, and put two huge culverts in downstream of our backyard stream. When they did the FEMA re-eval were still X, however the flooplain behind our house has shrunk on their maps - but got larger downstream - so some of those properties changed. Essentially the giant culverts hasten the flow of water away from us - only to flood someone else.

Flood insurance is available if your outside a flood zone, and not that expensive in the grand scheme of things.

Exhibit A.

https://msc.fema.gov/portal/search

 

[Vil_Riker]

Please. Nobody forced you to buy in a flood zone.

It was not a flood zone until FEMA updated the maps long after the house was purchased.

 

[BMWTurboDzl]

It was not a flood zone until FEMA updated the maps long after the house was purchased.

And it's their fault? You do know that FEMA gets blamed when they haven't updated the maps. I've seen it happen. Newly built home flooded six months later and the owner blames the USG for not having updated flood maps.

 

[PandaBear]

Here is my opinion on the housing market and whether it make sense or not: it doesn't have to make sense to me if it makes sense to other people, that's how market works.

Regarding to why people don't build things that would house someone from 20 year old all the way to 90 year old, it is like asking why don't people build a car that can push a button turning from a sport car into a minivan into a pick up truck into an RV: it is not cost effective and the compromise is just not worth it. You are better off selling one and switch to another when your need and desire changes over time.

For young buyers they need affordability and close to good jobs, being nice is a better priority than being big.

For families they need good school, close enough to good jobs, and size. They may compromise on quality and focus on school and will pay more for it, never expect to finish the mortgage, and will sell as soon as their kids go to college.

For retiree they would not need to be close to good jobs, they can put in all sorts of wish list items, they don't need a big house, and they may want affordability and easy access. If they can't get easy access in a house with "40 ft wide driveway" they can also choose condo with elevators, that's better than a single story house in some places or a 2/F house with some weird elevator setup. They probably need to be close to a hospital eventually but they don't need to live close to work.

You just can't build the same house for everyone, just don't expect to live in one forever. Nobody owes me a house I desire at a price I demand, I have to make choices and compromise if I want one.

 

[SC Maintenance]

And it's their fault? You do know that FEMA gets blamed when they haven't updated the maps. I've seen it happen. Newly built home flooded six months later and the owner blames the USG for not having updated flood maps.

FEMA maps get updated all the time. They get better data. THe model changes. Something changes upstream or downstream.

FEMA may care about your flood insurance, but the US Geologic Survey - who actually do the maps, do not care. There trying to predict river flood stages and such.