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Message
re: House(s) on the market
Posted on 4/28/21 at 9:14 pm to Serraneaux
Posted on 4/28/21 at 9:14 pm to Serraneaux
quote:
Appraisal came back get this...at the offer price.
Yup appraisal on mine just came back today. Spot on at purchase price. Been worried for weeks now. What a relief.
Although mine was a new construction that the buyers ended up busting last minute.
This post was edited on 4/28/21 at 9:15 pm
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Posted on 4/28/21 at 9:27 pm to Will Cover
I bought and renovated my current house 3 years ago. I’m speaking with a realtor tomorrow about putting it on the market for $600k and she doesn’t think it’s asking too much. I’ve only got $330k in it from only 3 years ago. This market is crazy. Hope my wife is cool with living in an apartment for a year!
This post was edited on 4/28/21 at 9:29 pm
Posted on 4/28/21 at 9:38 pm to Drizzt
quote:
I bought and renovated my current house 3 years ago. I’m speaking with a realtor tomorrow about putting it on the market for $600k and she doesn’t think it’s asking too much. I’ve only got $330k in it from only 3 years ago. This market is crazy. Hope my wife is cool with living in an apartment for a year!
What happens in a year when the same house or similar is even more?
Posted on 4/28/21 at 10:14 pm to Will Cover
We just sold our home and turned nearly a 30% profit in just 19 months of ownership without making any upgrades to the home. It was on the market for 6 days and we got 20k over asking price (which was already much higher than what we paid for it).
Posted on 4/28/21 at 10:42 pm to Dawgfanman
quote:
I’m speaking with a realtor tomorrow about putting it on the market for $600k and she doesn’t think it’s asking too much. I’ve only got $330k in it from only 3 years ago. This market is crazy. Hope my wife is cool with living in an apartment for a year!
What happens in a year when the same house or similar is even more?
With more than 200k in your pocket there are options. If you are willing to rent or move to a more affordable area then you can be closer to retirement.
Posted on 4/28/21 at 10:47 pm to Dawgfanman
The current market is not sustainable. Construction material will come down later this year as supply chains balance out. At that point builders will come in and the market will go back to where it was 2 years ago. I’ll make $250k and build or buy a better house with cash.
Plus I have another home I rent now that I could move into if needed. I lived there 7 years. I could do it again while I wait for a deal.
Plus I have another home I rent now that I could move into if needed. I lived there 7 years. I could do it again while I wait for a deal.
This post was edited on 4/28/21 at 10:54 pm
Posted on 4/28/21 at 10:57 pm to ColoradoAg03
Denver is crazy, especially the neighborhoods along University. In the neighborhood I rent in, I’d say what was $1m last year is closer to $1.3m now. Something with 3 beds above grade and looks nice from the street is closer to $2m. Lot values are $600k+. New construction is $1.7m+.
Posted on 4/28/21 at 11:55 pm to pjab
I just bought a house for 2k over asking and felt like I got a good deal. (plus my company will pay for a loss up to a large amount if we sell and take a hit)
I don’t see the market falling anytime soon. I’m not sure this is a bubble in the traditional sense or if this is the new new.
We bought outside of Chicago and the market there is just as insane.
(plus my company will pay for a loss up to a large amount if we sell and take a hit) I don’t see the market falling anytime soon. I’m not sure this is a bubble in the traditional sense or if this is the new new.
We bought outside of Chicago and the market there is just as insane.
This post was edited on 4/28/21 at 11:56 pm
Posted on 4/29/21 at 5:09 am to AUCE05
They are coming from all the liberal states/suburban areas. California, NY, S. Florida, Illinois, etc.
I work for a large home builder in the southeast. We build 1000-1200 homes a year. About 15% of the buyers are customers moving in from those areas with cash, willing to pay whatever, and fleeing the covid rules and cashing out.
Our people are telling us it’s going to top out mid to early summer. We’ll see.
I work for a large home builder in the southeast. We build 1000-1200 homes a year. About 15% of the buyers are customers moving in from those areas with cash, willing to pay whatever, and fleeing the covid rules and cashing out.
Our people are telling us it’s going to top out mid to early summer. We’ll see.
Posted on 4/29/21 at 8:02 am to baobabtiger
quote:
Our people are telling us it’s going to top out mid to early summer. We’ll see.
Lumber speculators seem to be having the same line of thinking. Most of them think things start back down in August.
Posted on 4/29/21 at 8:30 am to Will Cover
Lots of threads about real estate and home building these days.
Lots of conversations about it at parties and gatherings.
Could be a sign of a top.
Not sure really but the situation is real. It’s a bit different than 2006 though. Then we saw people buying pre built condo’s to flip and it even became double flips. Totally stupid stuff. Also Loans were given without scrutiny.
Today, loans are more stringent.
Rates are low though. I see a lot of cash buyers today too.
Covid created a stir in the way people live and work and that is part of what we’re seeing. I know a lot of the stuff being sold around me is sold to people getting out of New Orleans because they now work at home.
Lots of conversations about it at parties and gatherings.
Could be a sign of a top.
Not sure really but the situation is real. It’s a bit different than 2006 though. Then we saw people buying pre built condo’s to flip and it even became double flips. Totally stupid stuff. Also Loans were given without scrutiny.
Today, loans are more stringent.
Rates are low though. I see a lot of cash buyers today too.
Covid created a stir in the way people live and work and that is part of what we’re seeing. I know a lot of the stuff being sold around me is sold to people getting out of New Orleans because they now work at home.
This post was edited on 4/29/21 at 9:12 am
Posted on 4/29/21 at 8:36 am to AUCE05
quote:
dont understand where the extra buyers are coming from
Me either. Seems there were hoards of cash flush people dying to buy and decided that since prices are totally insane its the Best time ever.
Posted on 4/29/21 at 8:38 am to Drizzt
quote:
Hope my wife is cool with living in an apartment for a year!
Make sure you have a plan B for living. In my area, the rental market is just as bad as the purchase market.
Posted on 4/29/21 at 8:46 am to Drizzt
quote:
I bought and renovated my current house 3 years ago. I’m speaking with a realtor tomorrow about putting it on the market for $600k and she doesn’t think it’s asking too much. I’ve only got $330k in it from only 3 years ago. This market is crazy. Hope my wife is cool with living in an apartment for a year!
I did the same thing. Bought and renovated 2.5 years ago and listed it earlier this month and it sold immediately at inflated asking price. Sale closes on Monday and I will have a nice windfall in the bank. Moved into an apartment this week for a year and am going to see what happens. I have no issues living in an apartment and sitting on the sidelines to let others participate in this insanity. I am not predicting anything I just think this market isn't sustainable for too much longer. If I am wrong it won't bother me one iota I will be able to find something to buy eventually.
Posted on 4/29/21 at 4:11 pm to ronricks
What happens when the homes appraiseS less than sell price? Are these buyers coming out of pocket for the difference?
Posted on 4/29/21 at 4:16 pm to PotatoChip
Correct.
Posted on 4/29/21 at 4:23 pm to PotatoChip
quote:
What happens when the homes appraiseS less than sell price? Are these buyers coming out of pocket for the difference?
they make an offer to pay X-amount above appraisal price.
the house i'm closing on in june appraised for $206k. the offer was $215k with an agreement to pay $3k over appraisal price up to $215k. so, we'll be closing at $209k. it's just an extra incentive for the buyer to pick your offer over everyone elses.
Posted on 4/29/21 at 6:38 pm to finchmeister08
quote:
quote:
What happens when the homes appraiseS less than sell price? Are these buyers coming out of pocket for the difference?
they make an offer to pay X-amount above appraisal price.
Except many are having to waive the appraisal contingency in order to be competitive with their offer. We just bought in the Dallas suburbs. Our agent has seen offers up to 100k over appraisal that were on the hook for the difference, or 1% of the offer price to back out.
This post was edited on 4/29/21 at 6:40 pm
Posted on 4/29/21 at 7:06 pm to LSUTOM07
quote:
Our agent has seen offers up to 100k over appraisal that were on the hook for the difference
Posted on 4/29/21 at 7:08 pm to LSUTOM07
quote:
Our agent has seen offers up to 100k over appraisal that were on the hook for the difference, or 1% of the offer price to back out.
I would call them idiots but I guess if you have $100k just laying around you have done something right or memaw just died.
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