Housing market....
- Thread starter lone racer
- Start date
picturethis
Forum Member
Thing I noticed lately...realtors are listing homes at comp prices (realistic) Booking a bunch of showings to promote a bidding war..... not a buyer's market
camaromann
Forum Member
I went 20k over on 2 separate homes both over 500k. Lost both of them. Even gave sellers 60 days no rent charge. Fuck me. I can’t find anything that I want. Even spending well over 500. Neighbors house went up for 180k and then sold for 200k in 2 days. We don’t owe anything in our house, so we will have a great down payment. Just can’t find anything anymore.
DetroitStyle
Club Member
For sure a seller’s market. Houses in my neighborhood are sold in a few days/weeks. My house is currently worth 2.5x’s what I paid for it ten years ago... according to Zillow/Realtor/etc
Giving serious thought to selling, banking the cash, renting for a year or two and waiting for this bubble to burst and prices to crash again
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Giving serious thought to selling, banking the cash, renting for a year or two and waiting for this bubble to burst and prices to crash again
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ultradriver10000
Forum Member
That is exactly what I am doing. I just sold my rental in TX for $5K over asking in cash, had 4 full price offers on day one. Buyer took it with no inspection and no clauses closing in 7 days.
I'd sell my house if I could find an apartment to that would be ok with my 10 cars lol.
I'm waiting for the dip and going to buy at least one ocean front condo in Florida. IF my work confirms my WFH we'd seriously consider moving. I have no family here, my wife has a little... but high taxes and stupid government policies make me want to go back to Texas or maybe towards my parents in NC.
ultradriver10000
Forum Member
That is a seriously good idea if you can. Once the market dips it'll correct hard.
WhiteHawk
Club Member
You and Sal and me both! This is a weird market, though, and I don't see a big crash on the horizon unless those Reddit Gamestop Robinhood guys cause it. We are in a sellers market because of supply, not demand, and demand might even be low right now because of Covid. So how do you get an oversupply on the market? It will be a year until this pandemic is over, so not until at least then. Demand will only go up as we come out of it too. And we need a recovered jobs market too, and Biden's team is already saying it will take until 2030 to get back to Trump's numbers. I am not sure how long I can wait - I want to be retired by 2030!
-Geoff
WhiteHawk
Club Member
Yea, and with Tesla building an assembly plant there demand is going through the roof! All those people leaving Cali and realizing how cheap houses are in Texas!
I had a family move in across the street from me about two years ago. The family came from Portland, and the wife had just got a shooter level job at Bedrock. She said she couldn't believe how cheap houses were here. They sold their house in Portland, bought the most expensive house in my neighborhood, and still had money left.
-Geoff
93 saturn sl2
Forum Member
The fiance and I are hoping to buy our first house together this year. We shall see how much of a headache it is when we actually start to look.
Luckily the house were in now is paid for besides a small home equity loan and has been completely remolded by myself over the past 1.5 years. We can live here longer but rather live in Oakland county with a little bit of property. Fucking neighbors dogs annoy the fuck out of me! Also the commute from Garden City to Rochester Hills sucks. I can't WFH every day and eventually will be going back into the office.
With having a home already, we won't be in a huge rush to find a new one and will list ours once we have an accepted offer and/or close to closing.
Luckily the house were in now is paid for besides a small home equity loan and has been completely remolded by myself over the past 1.5 years. We can live here longer but rather live in Oakland county with a little bit of property. Fucking neighbors dogs annoy the fuck out of me! Also the commute from Garden City to Rochester Hills sucks. I can't WFH every day and eventually will be going back into the office.
With having a home already, we won't be in a huge rush to find a new one and will list ours once we have an accepted offer and/or close to closing.
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ultradriver10000
Forum Member
Stupid Hippies are ruining the state. They leave Cali because its all messed up and they bring their messed up ways with them!. Wyoming is still looking good for freedom however haha.
WhiteHawk
Club Member
Been talking to the wife about about a retirement model that runs between the Rockies in the summer and somewhere on the Texas coast in the winter. Michigan-Florida is the first choice, but Texas is cheaper than Florida, and I am really getting sick of the politics in Michigan. I wish Colorado didn't get so liberal! I went there a couple summers ago with the Convertible and it was amazing.
-Geoff
DRAG-ULA
Club Member
Seller's market for sure. We moved in September, and my house sold to the first person that looked at it, and he offered more than asking and gave us a month of free occupancy. I lucked into the house we bought, it was my boss's. He wasn't quite ready to sell when I approached him in May about it, but bu August it was a done deal. If it wasn't for the situation I would have probably stayed put because we couldn't find any other houses that suited our needs.
mustangmike6996
Club Member
I am amazed at how much homes are selling for compared to 1,2 or 3 years ago. Not to mention how extremely fast they are being purchased.
It has me wondering if the buyers are first time buyers, or are they the Mr. Monopoly types snagging up anything they can.
It has me wondering if the buyers are first time buyers, or are they the Mr. Monopoly types snagging up anything they can.
WhiteHawk
Club Member
Every time I hear that there is a bidding war on a property, it makes me think that the sellers aren't asking enough. I mean wouldn't you be better off pricing the house and waiting for someone desperate to either meet your ask or make an offer higher than a bidding war might yield? I mean, if you get a bidding war, it is making an assumption that the buyer who will pay the most is looking at houses the exact week that you are selling. Am I missing something?
For example, if the most expensive comparable house on your street sold for $350k in a bidding war, would you be better to come in at $399k and wait 30-60 days for a full price or $390k offer or going for the bidding war at $350k and maybe or maybe not hitting $390k? I guess I am not seeing the upside for the seller, although it is definitely great for the realtor who gets 3% with minimal work marketing the property.
-Geoff
For example, if the most expensive comparable house on your street sold for $350k in a bidding war, would you be better to come in at $399k and wait 30-60 days for a full price or $390k offer or going for the bidding war at $350k and maybe or maybe not hitting $390k? I guess I am not seeing the upside for the seller, although it is definitely great for the realtor who gets 3% with minimal work marketing the property.
-Geoff
4Gas$
Club Member
I kinda feel the same way. A "bidding war" is basically a low quality auction!
I have always felt sorry for someone who's house sold in a day. The sellers tend
to think it was great, I tend to think, "I wonder how much money they lost out on?"