- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Insane housing market in TN
Posted on 2/22/22 at 10:55 pm to themicah85
Posted on 2/22/22 at 10:55 pm to themicah85
Not to mention the bad ideas that come with them in terms of how to run a city.
0
Posted on 2/23/22 at 6:49 am to CAD703X
quote:
It's crazy out there.
This just isn’t sustainable…right? I am fascinated by where the money is coming from. Are these housing investment companies like Blackrock to blame? Is it west coast and east coast home owners selling out and moving? I mean those that are moving from the East / west coast must be selling to someone as well, so who is buying those properties? Foreign entities (China ?) we know the Chinese are buying extremely large chunk a of raw American land. Strange economics.
Maybe I am alone in the feeling that we are teetering on some sort precipice as a society, culturally, financially, politically and even as a country to a point where the slightest nudge in the wrong direction and this whole house of cards comes tumbling down. What does collapsed houses cards that look like…I don’t know. Conspiracy theories aside we live in some unprecedented times. Technology advancing at warp speeds doesn’t seem to be helping. Yeah I know..get off my lawn but there is something afoot out there and it just doesn’t feel right. Best advice I can offer is to stay out debt as it will make you do things you hate. Good luck to all.
Posted on 2/23/22 at 7:58 am to TygerDurden
It’s not like 2008 fortunately but some hard lessons will be learned on a lot of houses when rates finally come up.
In the opposite boat OP. Bought my house in East Nashville in April 2020. Fully renovated 1942 house, studs up, Zero offers, got it under list and closing covered.
Closing Friday after having 33 offers and selling 6 figures over list with buyer waiving all contingencies with a pass/fail. Insane.
Now we’re trying to buy in Dallas and just got kicked in the you know what. It’a not as nuts as Nashville bc inventory is a little better but we offered 20k over list on a house that has some major inspection issues last year, thought we were being smart with the seller doing a ton of work since last listing. Came back saying we were a little low, we added 25k thinking it was a strong arse offer. Needless to say it went for 100 over. Guessing a California situation as well who didn’t even look at the old inspection reports. If they did, good luck.
Onto the next one but yea, it’s super frustrating.
In the opposite boat OP. Bought my house in East Nashville in April 2020. Fully renovated 1942 house, studs up, Zero offers, got it under list and closing covered.
Closing Friday after having 33 offers and selling 6 figures over list with buyer waiving all contingencies with a pass/fail. Insane.
Now we’re trying to buy in Dallas and just got kicked in the you know what. It’a not as nuts as Nashville bc inventory is a little better but we offered 20k over list on a house that has some major inspection issues last year, thought we were being smart with the seller doing a ton of work since last listing. Came back saying we were a little low, we added 25k thinking it was a strong arse offer. Needless to say it went for 100 over. Guessing a California situation as well who didn’t even look at the old inspection reports. If they did, good luck.
Onto the next one but yea, it’s super frustrating.
Posted on 2/23/22 at 8:02 am to LSU-MNCBABY
Nashville isn’t a bubble. Inventory is too low. You wouldn’t believe how low it is.
The amount of livable houses here is absurdly low.
We’re pretty excited to move to Dallas where there are sidewalks and you’re not paying 500 sq ft to live in a sketchy arse area.
Nashville is great but it’s a hellscape house wise right now, even if you have money.
The amount of livable houses here is absurdly low.
We’re pretty excited to move to Dallas where there are sidewalks and you’re not paying 500 sq ft to live in a sketchy arse area.
Nashville is great but it’s a hellscape house wise right now, even if you have money.
Posted on 2/23/22 at 8:26 am to STLhog
OP comes in complaining about ‘Californians’ all the while throwing $100k over ask as a local, lol.
Tons of people are buying 2nd homes right now, inventories aren’t that low the 2nd home market is just booming and causing that.
Tons of people are buying 2nd homes right now, inventories aren’t that low the 2nd home market is just booming and causing that.
Posted on 2/23/22 at 8:38 am to baldona
Inventories aren’t that low?
You joking?
You joking?
Posted on 2/23/22 at 8:51 am to STLhog
quote:
We’re pretty excited to move to Dallas where there are sidewalks and you’re not paying 500 sq ft to live in a sketchy arse area.
Nashville is great but it’s a hellscape house wise right now, even if you have money.
Isn't Dallas one of the tightest housing markets in the country right now?
Posted on 2/23/22 at 8:54 am to VOLcano
How is this even sustainable? Not like the economy is booming, how can people afford these prices?
Only thing I can figure is people fleeing big cities for low cost of living areas so they have the money to do it.
Only thing I can figure is people fleeing big cities for low cost of living areas so they have the money to do it.
Posted on 2/23/22 at 9:01 am to fallguy_1978
quote:
Isn't Dallas one of the tightest housing markets in the country right now?
We had 33 offers on our house in Nashville.
The house we just lost had 8.
Just depends on your definition of tight I guess. We're also looking in Dallas proper. The suburbs are way worse so that is probably a fair statement.
This post was edited on 2/23/22 at 9:03 am
Posted on 2/23/22 at 9:04 am to deltaland
quote:
How is this even sustainable? Not like the economy is booming, how can people afford these prices?
Only thing I can figure is people fleeing big cities for low cost of living areas so they have the money to do it.
All of the above. The last 10 years has been good to people, especially on the coasts. Lot's of cash to come in and buy in markets you're talking about.
Posted on 2/23/22 at 9:27 am to STLhog
quote:
We had 33 offers on our house in Nashville.
The house we just lost had 8.
i'm in williamson county south of nashville. 250k population.
if you filter on zillow right now, there is NOTHING decent under 1m.
seriously, you can find a tiny house in a sketchy part of the county in serious need of a makeover for 500k but if you want 'normal suburban' there's nothing. one year ago you could get a NEW BUILD in a primo location like Stephens Valley or Westhaven for 700k and there were probably 20+ houses on the market just in westhaven alone at any given time. houses average 10+ offers within 4 hours of going up on MLS. most of those are sight-unseen, just trying to grab whatever is available before someone else does.
i am not trying to sound 'baller' at 100k over list (because i'm NOT
) and while my income is 'ok' if i were moving here right now and didn't have savings, i wouldn't even be able to sniff one of those 1m houses. its insane. we're in what we thought was our forever home (sf, acreage, location) but the market forced us to move. like someone else in this thread said, it could all go south at any moment and if that happens, i want to be debt-free with some cash on hand to weather the storm while still living in a nice area.
the new place is boring, but it was built in 2014, has a nice yard already fenced for our animals, backs up to a farm and the seller put in a pool 2 years ago. That's a pretty good 'downgrade' to erase our mortgage and put some funds away. we met the seller the day it went on the market and he already had 5 offers so we made a judgement call to make an aggressive offer because it was still within our price range and by the time we close in april it will probably be worth that anyway.
This post was edited on 2/23/22 at 9:40 am
Posted on 2/23/22 at 10:19 am to CAD703X
My Sister lives in Whites Creek North of Nashville. She bought a house out of foreclosure in 2008 for 220K. She had it appraised a few months ago and it came in at 600K.
Posted on 2/23/22 at 11:21 am to deltaland
quote:
Not like the economy is booming
Actually it is. 7% GDP with massive inflation is kinda the definition of a booming economy.
Sustainability is another matter. That same inflation will squash a good economy.
This post was edited on 2/23/22 at 11:22 am
Posted on 2/23/22 at 12:05 pm to lsufan1971
quote:
had it appraised a few months ago and it came in at 600K.
She can safely add another 150-200k to that today.
Posted on 2/23/22 at 12:27 pm to deltaland
quote:
How is this even sustainable? Not like the economy is booming, how can people afford these prices?
Only thing I can figure is people fleeing big cities for low cost of living areas so they have the money to do it.
Start out with a California income with "work at home" - That home can be anywhere.
Sell California house at Cali prices.
The prices of houses in Texas look cheap compared to California.
Posted on 2/23/22 at 12:42 pm to STLhog
It is not sustainable and it is exactly like 2008.
If you are only referring to the point that this is not fueled by the derivatives trading that would be correct but they just moved the "fraud". This current real estate market is being fueled by the exact same house of cards but this time the money is coming from the private equity funds.
What happens when the private equity funds are over leveraged and Real Estate values drop just a little? Zillow figured it out quick and lost a lot of money. The expenses associated with holding Real Estate are high and when the funds are sitting on a lot of properties that are not paying for themselves then that is a big problem that compounds on itself daily.
This is exactly like 2004-2006 that had neon flashing signs that something is not right and lots of people are going to get hurt. Real Estate is stable when its locally invested, and right now what is driving up the shortage and prices are outside investors. That is not sustainable for Real Estate values or the local economies. The local economy determines the local Real Estate values because that local economy has to be able to afford the housing for the workforce that drives that local economy.
The Private equity funds are using other peoples money, just as what was happening in 2004-2006. This is why "investors" are still buying at the peak of values ... because its not their personal money/wealth that they are using.
Large corporate Real Estate investment funds are consuming Real Estate as though it is a commodity and that is the big flaw that is responsible for the value spike. Commodities are a target for speculators looking for quick gains because they can influence the price and value over a short period of time.
Real Estate is an investment. Its fixed, its not moving, it has small fluctuations with slow appreciation, which is why its traditionally a safe investment.
If you are only referring to the point that this is not fueled by the derivatives trading that would be correct but they just moved the "fraud". This current real estate market is being fueled by the exact same house of cards but this time the money is coming from the private equity funds.
What happens when the private equity funds are over leveraged and Real Estate values drop just a little? Zillow figured it out quick and lost a lot of money. The expenses associated with holding Real Estate are high and when the funds are sitting on a lot of properties that are not paying for themselves then that is a big problem that compounds on itself daily.
This is exactly like 2004-2006 that had neon flashing signs that something is not right and lots of people are going to get hurt. Real Estate is stable when its locally invested, and right now what is driving up the shortage and prices are outside investors. That is not sustainable for Real Estate values or the local economies. The local economy determines the local Real Estate values because that local economy has to be able to afford the housing for the workforce that drives that local economy.
The Private equity funds are using other peoples money, just as what was happening in 2004-2006. This is why "investors" are still buying at the peak of values ... because its not their personal money/wealth that they are using.
Large corporate Real Estate investment funds are consuming Real Estate as though it is a commodity and that is the big flaw that is responsible for the value spike. Commodities are a target for speculators looking for quick gains because they can influence the price and value over a short period of time.
Real Estate is an investment. Its fixed, its not moving, it has small fluctuations with slow appreciation, which is why its traditionally a safe investment.
This post was edited on 2/23/22 at 12:59 pm
Posted on 2/23/22 at 2:59 pm to CAD703X
A year ago we looked in Nashville and Williamson County, but anything that didn't need 200k of renovations was going within hours for well over asking.
After getting outbid on a number of places we finally grabbed a plain new build in Sumner County. The new houses next to me are already under contract for 100k more than I paid...all sold to people from CA, IL, TX, and NY.
The wife and I are planning to downsize and get a more sustainable place with some land.
After getting outbid on a number of places we finally grabbed a plain new build in Sumner County. The new houses next to me are already under contract for 100k more than I paid...all sold to people from CA, IL, TX, and NY.
The wife and I are planning to downsize and get a more sustainable place with some land.
Posted on 2/23/22 at 4:49 pm to CAD703X
Inventory is a huge problem. My neighbor just listed his house at 80% more than we both paid five years ago. 22 showings in one day, 6 offers, 4 over asking, three all cash no contigencies, and the winner kicked in an extra $150k to take the furniture. So Last week, the same sized house from the same builder as my neighbor and my house, located a street over went on the market at the price he got for the house and furniture combined and went under contract for $100k over asking which was $100k more than his closed with the furniture. Most houses in our part of town and under contract in less than 3 days. If anything lasts more than a week, it needs serious repairs or is simply priced crazy. I could sell next week, pay off the mortgage and pocket $$$$ but I would have to move out of the city to buy again. I am trying to convince the wife to sell soon and rent for 2 years. It is a big gamble but I can't see it going much further. We live in 37215.
Posted on 2/23/22 at 5:32 pm to ericberryistheman
We talked to the westhaven builder rep and he said he sold the same model house twice. The first one went for 1.3m and the second one..2 months later... went for 2.1m
They won't let buyers in until drywall is up because 3-4 months is turning into 3-400k sticker shock increase and the buyers are having to ditch their hold and then there's a feeding frenzy of people making bids when a previously contracted house pops up.
He said "I have nothing to sell you in 2022. My advice is to sell and leave town."
They won't let buyers in until drywall is up because 3-4 months is turning into 3-400k sticker shock increase and the buyers are having to ditch their hold and then there's a feeding frenzy of people making bids when a previously contracted house pops up.
He said "I have nothing to sell you in 2022. My advice is to sell and leave town."
This post was edited on 2/23/22 at 5:36 pm
Posted on 2/23/22 at 6:58 pm to fwtex
What are you talking about?
Institutional funds aren’t buying houses and flipping them or renting them at a high rate. It’s like 1-2% max. Are you talking about when the actual mortgages are traded off the banks book? Bank risk and capital is pretty solid.
Zillow fricked up by using algorithms to buy houses instead of humans.
Demand in Dallas and Nashville is single families with money locking in 30 rates at 3-4%.
The only thing that tanks this market is a huge recession where everyone defaults on these new mortgages they’ve signed.
Institutional funds aren’t buying houses and flipping them or renting them at a high rate. It’s like 1-2% max. Are you talking about when the actual mortgages are traded off the banks book? Bank risk and capital is pretty solid.
Zillow fricked up by using algorithms to buy houses instead of humans.
Demand in Dallas and Nashville is single families with money locking in 30 rates at 3-4%.
The only thing that tanks this market is a huge recession where everyone defaults on these new mortgages they’ve signed.
This post was edited on 2/23/22 at 7:17 pm
Page 2 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News