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Message
re: House(s) on the market
Posted on 4/25/21 at 2:32 pm to ronricks
Posted on 4/25/21 at 2:32 pm to ronricks
quote:
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
July through November are going to be very interesting
1
Posted on 4/25/21 at 4:54 pm to molsusports
quote:
July through November are going to be very interesting
Why?
Posted on 4/25/21 at 5:29 pm to Tigerholic
Forebearance ends at the end of June. People who have not been able to pay (or have chosen not to pay) their rent or mortgages will start to be forced to make up their missing payments or suffer the consequences.
The speed of the process will vary depending on state/local laws which may slow evictions. But at some point a significant number of properties are going to change from occupied but delinquent and unoccupied and available for sale or rental.
The speed of the process will vary depending on state/local laws which may slow evictions. But at some point a significant number of properties are going to change from occupied but delinquent and unoccupied and available for sale or rental.
Posted on 4/25/21 at 5:31 pm to molsusports
quote:Until it gets extended
Forebearance ends at the end of June
Posted on 4/25/21 at 5:38 pm to jimbeam
quote:
Until it gets extended
I bet they extend it until Sept or Oct.
Regardless when people have to start paying again it is going to impact the market. How much impact is just conjecture at this point.
Posted on 4/25/21 at 8:46 pm to kaaj24
quote:
This is a classic bubble
People have been saying that here in Nashville for 11 years now. I just don't see it, especially here locally. I think some places in the country will see things cool down, but I don't think we'll see a bubble pop.
We paid $260k for our house five years ago, and I thought at the time we were overpaying. It was appraised this month for $400k when we refinanced. Same as other people in this thread - homes in my neighborhood are going the same day for over asking price. It's stupid. Even if we wanted to move, we couldn't because it's like that everywhere. It used to be cheaper to move to a better school system, but shite, private school is looking better.
Some are mentioning people fleeing NY, CA, etc as being a cause, and yeah, it is art of it, but we would also expect housing markets in the places people are fleeing being more depressed because of the supposed mass exodus. That's not the case. The housing market is still red hot in CA and NY.
No one has yet mentioned the fact that millenials are starting to go from renting to buying as we age and boomers aren't dying off as quickly as previous generations. I'm an older millenial, and I was part of the first wave of millenial buyers about halfway through the 2010s. A lot of us got a delayed start on home buying because of the Great Recession, but now we are recovering and ready to buy with the help of stupid low interest rates that our parents could have never dreamed of.
This post was edited on 4/25/21 at 8:48 pm
Posted on 4/25/21 at 10:06 pm to Will Cover
We bought a condo (1072 sq ft) near campus in Auburn 3 years ago for $189,900. Exact same condo right below ours just sold for $269,900. Insane!!!
Posted on 4/26/21 at 9:59 am to Will Cover
Wife and I are in the middle of building our home at the moment and while I wasn't happy in the beginning, it sounds like we didn't make it out so bad with the $9,100 surcharge for lumber on our bid sheet. The guy earlier in the thread who mentioned his daughter paying $40k extra for lumber has me feeling a little better 
Posted on 4/26/21 at 1:56 pm to BenDover
We have had people knocking at our door in my neighborhood, offering over 50k more than what I would have listed my house for, because there is nothing on the market in our neighborhood. Houses have been listed and sold for sometimes up to 100k more then anyone was selling for in our neighborhood pre-covid
Posted on 4/26/21 at 3:56 pm to saints5021
I put in a bid for $20K over asking last week and got outbid. It is a crazy hot market right now. I saw a house list in my neighborhood yesterday for about $60k more than it would have been listed for about two to three years ago. And I bet it sells quick.
Posted on 4/26/21 at 4:51 pm to BottomlandBrew
I live in Dallas which similar to Nashville in having a net gain on people moving in vs. moving out. Buying a house in an area that is having an influx of people is a generally a good thing from a price perspective. Population growth is a key driver in home prices. (Supply and Demand). The Government and COVID are causing inefficiencies in the market place. People aren't moving at the same levels or changing jobs at pre-covid levels. Supply of homes for sale is low!
Home price appreciation at the current levels across the nation are not sustainable unless people's wages increase. That would cause inflationary pressures.
Home price appreciation at 20% to 30% annually is nuts.
People are tapping into their home equity to take trips, large purchases, etc.
I've been in my home since about 2010 and not looking to move for at least 15 years. I'm glad I don't have to worry about finding a home at this time.
I've seen this movie before.
Home price appreciation at the current levels across the nation are not sustainable unless people's wages increase. That would cause inflationary pressures.
Home price appreciation at 20% to 30% annually is nuts.
People are tapping into their home equity to take trips, large purchases, etc.
I've been in my home since about 2010 and not looking to move for at least 15 years. I'm glad I don't have to worry about finding a home at this time.
I've seen this movie before.
Posted on 4/27/21 at 11:07 am to kaaj24
Bought a house south of 30a in Seagrove a few weeks ago. Had to pay 11k over asking, no contingencies other than the 5 day inspection period and all cash offer. We had financing in place already but did a lot of earnest money up front and financed the rest within 30 day period. Offered on 3-4 places before finally getting one that we wanted. The market along 30a is insane.
Posted on 4/27/21 at 11:12 am to AUCE05
THIS..i have been a loan officer in baton rouge for 16yrs and this market is insane, its baton rouge its not like people are moving here in droves.
Posted on 4/27/21 at 4:46 pm to Serraneaux
quote:
Had to pay 11k over asking, no contingencies
How close was the appraisal? Are comp keeping up with skyrocketing prices?
Posted on 4/27/21 at 5:00 pm to ColoradoAg03
quote:
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.
Can confirm. My buddy who is an agent in Denver hasn't sold a house in months that didn't have to go 10-25% over ask. I've been painting my house for the past couple of weekends, and had 4 people approach me to see if I was preparing to sell.
Posted on 4/27/21 at 6:18 pm to Turftoe
Posted on 4/27/21 at 9:37 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.
Agree.
Posted on 4/28/21 at 7:47 am to Will Cover
quote:
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 am selling in California and have bought a house in Greenwell Springs, La. The La. house is about $100/sf cheaper than my Ca. house (and about the same SF). I waited to close on the La. house before listing to sell (I was afraid I'd have to move twice). My thought about this crazy real estate market is that it is a wash if you are selling and buying at about the same time. (of course I'm moving to a cheaper market in La. so I'm ahead there.)
Posted on 4/28/21 at 8:09 am to Sput
Appraisal came back get this...at the offer price. Mine needs work and we are renovating but the value is there because of location and square footage.
Appraisals are keeping up because there are so many people paying cash for places down there that go over asking...once they are closed that’s the new value/comps that the appraisers are now using. Places are going for $650/square foot no problem.
Appraisals are keeping up because there are so many people paying cash for places down there that go over asking...once they are closed that’s the new value/comps that the appraisers are now using. Places are going for $650/square foot no problem.
Posted on 4/28/21 at 9:05 am to RedlandsTiger
quote:
I am selling in California and have bought a house in Greenwell Springs, La.
Why?
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