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House(s) on the market
Posted on 4/24/21 at 11:12 am
Posted on 4/24/21 at 11:12 am
I spoke with a real estate agent yesterday and this person told me that if you want to buy a house right now in our area (I don't), you have to come in at the full asking price or more.
I don't think she is exaggerating either. A house that went up for sale in our neighborhood (across the street from us) sold in less than a day, above the asking price. The seller was unprepared that it would sell so quickly and doesn't have a new place secured to rent, except for family.
My thought is that if a house sells that quickly, it was priced too low, even if market comparables say otherwise.
I think now is a bad time to build, buy, or relocate will everything being significantly more. I keep waiting for the bubble to burst, but yet here we are in 2021, and demand exceeds supply.
I don't think she is exaggerating either. A house that went up for sale in our neighborhood (across the street from us) sold in less than a day, above the asking price. The seller was unprepared that it would sell so quickly and doesn't have a new place secured to rent, except for family.
My thought is that if a house sells that quickly, it was priced too low, even if market comparables say otherwise.
I think now is a bad time to build, buy, or relocate will everything being significantly more. I keep waiting for the bubble to burst, but yet here we are in 2021, and demand exceeds supply.
28
Posted on 4/24/21 at 11:16 am to Will Cover
I just signed a contract in Indiana asking $10k over asking price, and if it doesn’t appraise for that much, I’ve agreed to pay $3k over appraisal up to our original offer. The market is a bitch right now for a buyer.
Asking price: $204,900
Offer: 215,000
If it appraises for: $208,000, we pay $211,000. Stupid dumb, but we really wanted the house.
Asking price: $204,900
Offer: 215,000
If it appraises for: $208,000, we pay $211,000. Stupid dumb, but we really wanted the house.
Posted on 4/24/21 at 11:24 am to Will Cover
I just sold my condo at full ask and buyer paying all closing with no inspection no appraisal. I am going to park my money and rent for a bit and see what happens. I don’t think this market is sustainable it has been going up ever since 2012. I don’t think we see a crash just eventually a 10% to 15% correction of course with low rates and no inventory it might last longer than I think. I just want to see what happens when people have to actually start making mortgage payments, rent payments, and car payments again. Can’t be a good result.
Posted on 4/24/21 at 11:25 am to Will Cover
I think there is a balance. It probably costs you about .5% to 1% of the home price each month. So how far off are you? It’s hard to price it when prices are shooting up. I priced mine 8% above comps and got full asking without a sellers agent. I probably could have gone 10-15% if I was more patient and hired an agent to get more exposure.
Posted on 4/24/21 at 11:35 am to Will Cover
I don’t see this market falling anytime soon. Houses are going to do what they did with autos where they started to stretch the loan lengths. 40 year mortgage amortizations going to be the new thing. When interest rates eventually rise, people with mid and sub 3% rates are going to be reluctant to sell, keeping inventory low. The wave of foreclosures we expected aren’t going to happen because most will be able to sell and capitalize on the equity or refinance to a longer amortization period. Craziness.
Posted on 4/24/21 at 11:51 am to lsualum01
quote:
40 year mortgage amortizations going to be the new thing.
Do you mean 45 or 50 year? 40 year mortgages have been around especially in California for years now. It’s not a new thing.
Posted on 4/24/21 at 12:09 pm to Will Cover
quote:
My thought is that if a house sells that quickly, it was priced too low, even if market comparables say otherwise.
Fully agree and you need to recognize the agency problems here. Agents have incentive to close the deal as fast as possible. Selling for an extra $5K means more to you than it does to the agent.
Unless a seller needs to sell immediately, I think the anchoring of a lower price to get interest is ludicrous when all offers come in over ask.
We got extremely lucky on timing purchasing our house last year. We bought during “peak COV” and I think it softened demand for a period. Houses in our neighborhood are consistently selling for $30/sqft more than what we paid...the amount of equity that has been built in a single year is shocking.
Posted on 4/24/21 at 12:13 pm to lynxcat
I want to sell my house so bad and make a fortune off the damn thing but I don’t want to turn around and buy right now when my mortgage is damn nice right now ??. The struggle is real.
Posted on 4/24/21 at 12:38 pm to Will Cover
You been living under a fookin rock?
Posted on 4/24/21 at 12:39 pm to lsualum01
I don’t think we see a wave of foreclosures but it is going to be interesting to see what happens when people have to start making mortgage, rent, and car payments again. Lots of people don’t understand what forbearance means and are going to be in for a shock.
Posted on 4/24/21 at 12:48 pm to ronricks
quote:
when people have to start making mortgage, rent, and car payments again.
People keep banking on this to facilitate a correction. I wouldn’t count on it. Inflation is upon us
Posted on 4/24/21 at 12:49 pm to Will Cover
Market here in Denver is nuts. People are offering $20-40k over list with full/partial appraisal gap and still getting beat out. Usually by cash buyers. It’s a brutal market right now for marginal buyers. Houses are UC in just a couple of days after list. Lots of off-market transactions happening too. Avg single family home in the metro area is now up to $675k. My rental house just appraised at $440k last week, well over Redfin’s $386k and Zillow’s $401k estimates, thanks to recent high comps in the area.
This post was edited on 4/24/21 at 12:53 pm
Posted on 4/24/21 at 1:14 pm to ColoradoAg03
What part of Denver are you in? My daughter lives in Montclair in a 913 sq. ft. home where houses are selling for around or over $500/sq. ft. That’s insane. 
Posted on 4/24/21 at 1:39 pm to TigerAlum1982
My rental property is in the Sherrelwood area.
Posted on 4/24/21 at 1:41 pm to ronricks
quote:
I just sold my condo at full ask and buyer paying all closing with no inspection no appraisal.
Christ was it an all cash offer?
Posted on 4/24/21 at 1:57 pm to TigerAlum1982
Damn. Mine’s right at about $200/sq ft now.
Posted on 4/24/21 at 2:16 pm to ColoradoAg03
Down here in south Florida we have people buying houses on zoom sight unseen for sometimes 5-10% over asking because the competition is so nuts
Posted on 4/24/21 at 2:27 pm to Will Cover
I dont understand where the extra buyers are coming from. It is like we created new humans in the home buying range. Maybe better access to funding?
Posted on 4/24/21 at 2:32 pm to Will Cover
Lafayette Market is hot!
Had a friend list his house in the morning, seven showings THAT afternoon.
He received 5 offers that night all over asking. Went with second highest one, which had no contingencies.
Talked to realtor friend to see if underpriced and said no. But said Crazy Hot market.
People trying to buy before interest rates hikes and higher construction costs.
Had a friend list his house in the morning, seven showings THAT afternoon.
He received 5 offers that night all over asking. Went with second highest one, which had no contingencies.
Talked to realtor friend to see if underpriced and said no. But said Crazy Hot market.
People trying to buy before interest rates hikes and higher construction costs.
Posted on 4/24/21 at 3:41 pm to ItzMe1972
Real estate agents are a waste of money. License to steal. Totally unnecessary in most cases.
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