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Insane housing market in TN
Posted on 2/21/22 at 8:17 pm
Posted on 2/21/22 at 8:17 pm
We are downsizing to give us a greater degree of financial flexibility and even offering $100k over listing price we got beat 5 minutes before the offers were closed by someone from CA who bid 150k over listing sight unseen.
Sucks because the seller was already going back and forth with us on the paperwork when the offer came in and he let our offer expire to take three last second one.
100k over was generous so I wasn't willing to pay a single penny more or get into a bidding war.
CSB I know. It's crazy out there.
Sucks because the seller was already going back and forth with us on the paperwork when the offer came in and he let our offer expire to take three last second one.
100k over was generous so I wasn't willing to pay a single penny more or get into a bidding war.
CSB I know. It's crazy out there.
12
Posted on 2/21/22 at 8:31 pm to CAD703X
Man after seeing all your threads and DIY home improvement, bathroom reno, etc I thought you were in your forever home 
This post was edited on 2/21/22 at 8:32 pm
Posted on 2/21/22 at 8:35 pm to CAD703X
My neck of the woods is the same way. People bought houses out here for 500k less that two years ago and now they are selling them for 800k or more and people are fricking buying them. I love where I live but it is tempting but its a no for me with this market.
Posted on 2/21/22 at 9:07 pm to CAD703X
Moved to Nashville in Oct 2020. Rented a house in the Nations. Looking to buy a house soon but this market is nuts. Lots of the houses are junk too. No way I’d pay 750-900k for a 2k sq ft tall and skinny with a microwave over the stove. Somethings got to give.
Posted on 2/21/22 at 10:18 pm to Bigryno7
We were planning on moving up there but most of the homes we looked at online are not very good. I'm not paying 400 to 450 for a house with 8'ceilings.
Posted on 2/21/22 at 11:02 pm to CAD703X
The cost of living here in East TN has blown up since covid, especially housing. Prices are up around 50% of what they were pre covid. All of the desirable areas are quickly becoming overcrowded and all the new homes that are being built are boring huge developer cookie cutter homes on clear cut lots selling for 400k+. Every time I go out it seems like a new subdivision is going up. It's depressing.
Posted on 2/22/22 at 6:40 am to CAD703X
So you’re paying over ask for a smaller house in a bubble market to give yourself a greater degree of financial flexibility?
Posted on 2/22/22 at 7:06 am to Eighteen
quote:
Man after seeing all your threads and DIY home improvement, bathroom reno, etc I thought you were in your forever home
I know. The windfall is simply too much to ignore. We would be debt free, no mortgage and I could retire if I wanted. Our oldest starts high school this fall and we can downsize into a nice place even with the inflated prices.
Our house is nice but it keeps me busy.
Posted on 2/22/22 at 7:07 am to LSU-MNCBABY
quote:see above
you’re paying over ask for a smaller house in a bubble market to give yourself a greater degree of financial flexibility?
Posted on 2/22/22 at 7:08 am to Cool Hand Luke
quote:consider Dickson. I would have said Fairview but that ship has sailed.
We were planning on moving up there but most of the homes we looked at online are not very good. I'm not paying 400 to 450 for a house with 8'ceilings.
Posted on 2/22/22 at 7:21 am to CAD703X
The same thing is happening in Texas, Californians are moving here and making huge cash offers. Nashville is going to be just like Dallas and Austin in a couple years as far as property tax increases go.
Posted on 2/22/22 at 7:52 am to CAD703X
Enjoy ur new Cali neighbors!
Posted on 2/22/22 at 8:01 am to CAD703X
quote:
downsizing to give us a greater degree of financial flexibility
Following your threads, I didn't think you had a huge place.
quote:
offering $100k over listing price
while being
quote:
debt free, no mortgage
quote:
retire if I wanted
You're older than I thought, you must have a nice nest egg to be able to throw (potentially away) 100k in this market right at retirement
quote:
keeps me busy
What else would you want to do during retirement?
Posted on 2/22/22 at 8:36 am to meeple
quote:i try to keep all dick measuring on the OT
Following your threads, I didn't think you had a huge place.
quote:
You're older than I thought, you must have a nice nest egg to be able to throw (potentially away) 100k in this market right at retirement
quote:
keeps me busy
What else would you want to do during retirement?
i'm 55 and with everything going on in the world i'm taking nothing for granted. i'm not saying i would retire..i'm saying the idea of having that flexibility is appealing. in particular we've talked about opening a family business and that would be something that i would be interested in being a part of. certainly more gratifying than tinkering with arcade games & all the other useless hobbies i currently waste time on.
Posted on 2/22/22 at 10:15 am to CAD703X
quote:
see above
Ah nice, that does make sense then. Hopefully you can sort it out and find what’s right.
Posted on 2/22/22 at 10:21 am to LSU-MNCBABY
we're right outside of Raleigh, NC. bought our house here the summer before covid. got lucky on that one
Posted on 2/22/22 at 10:38 am to LSU-MNCBABY
quote:
Ah nice, that does make sense then. Hopefully you can sort it out and find what’s right.
just FYI i don't want to move, i should make that clear. i absolutely love our house and would happily die in a rocking chair of old age in it.
but this is bigger than me (sounds cheesy) and i'm looking at what is best for the future, our 4 kids (2 are grown and gone), being involved in our extended family (my FiL is an amazing person), being happy with less and in general simplifying our life.
plot twist - as i was replying to this post the seller called our agent and said they would rather sell to locals.
apparently they only had a verbal agreement yesterday with the CA buyers and decided to go with us after sleeping on it. i did NOT see that coming.
Posted on 2/22/22 at 10:50 am to CAD703X
We are looking to downsize our home in 3 years. We'll be empty nesters around that time and just won't have the need for a house this size (and don't want to take care of it).
Hopefully the market will have stabilized by then which I expect to happen. It also helps that I work from home now and won't have to care about school districts etc.
We'll be looking to avoid hot real estate markets and probably go more rural for our last home. We've both had our fill of living in a city.
Hopefully the market will have stabilized by then which I expect to happen. It also helps that I work from home now and won't have to care about school districts etc.
We'll be looking to avoid hot real estate markets and probably go more rural for our last home. We've both had our fill of living in a city.
Posted on 2/22/22 at 1:32 pm to CAD703X
I wish people from California and New York would stay in California and New York.
This post was edited on 2/22/22 at 1:37 pm
Posted on 2/22/22 at 1:51 pm to CAD703X
oh snap! that’s a wild roller coaster
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