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re: Housing market is stupid right now - brief rant *Update in OP*
Posted on 5/3/22 at 11:21 pm to The Goon
Posted on 5/3/22 at 11:21 pm to The Goon
quote:
It’s been 90 days and nothing but overpriced shite DR Horton or DSLD homes in neighborhoods going to trash. I might end up in a condo or townhome just to wait til things crash.
In your position I’d seriously think about buying a vacant lot and start thinking about building.
0
Posted on 5/3/22 at 11:22 pm to LasVegasTiger
quote:
Zillow and Redfin are already showing the value up $110
Strange how they get their info. The photos for the home we bought on 3-31 are already gone from all websites, and it says the acreage is like half of what it is. Strange when it was all accurate while on the market.
Posted on 5/3/22 at 11:32 pm to LSUTigahss
quote:
Would rather not draw anymore attention than it’s already getting
???
What a dumb arse post then
Posted on 5/3/22 at 11:37 pm to LSUTigahss
Bro if you're offering asking price you're not even making the top 5. Everything worth a shite is going WAY over asking
Posted on 5/3/22 at 11:39 pm to Doctor Strangelove
quote:
Rescind your offer
Why? Genuinely curious
Posted on 5/3/22 at 11:43 pm to LSUTigahss
quote:
Make offer for asking price, I pay closing
Of course you pay closing. Why are you including this as though it’s some sort of sweetener?
Posted on 5/3/22 at 11:48 pm to DownshiftAndFloorIt
I’m not in this category so I can’t speak to specifics, but supposedly a lot of buyers here in CA will borrow against their investment or retirement accounts to be the most competitive offer and close with “all cash” and then get a mortgage after the transaction records.
Posted on 5/3/22 at 11:50 pm to LSUTigahss
quote:
Obviously. But what’s the point of even listing the shite with a price then? Just take bids.
You obviously don’t know how any of this works.
I can see why you’re mad now.
Posted on 5/3/22 at 11:54 pm to ChickennBiscuits
quote:
I’m not in this category so I can’t speak to specifics, but supposedly a lot of buyers here in CA will borrow against their investment or retirement accounts to be the most competitive offer and close with “all cash” and then get a mortgage after the transaction records.
You can do this, yes. Security loan essentially.
Posted on 5/4/22 at 12:46 am to Gifman
quote:
Yes. They’re continuing to show because "THEY 100% WILL" get above asking.
FIFY
It's a great gig if you are selling houses and not so good if you are buying.
Posted on 5/4/22 at 12:52 am to Yeahright
Latest report for our neighborhood is everything sold in the last month was 8-10% over asking. They showed around 30 comps so it’s pretty representative. That’s with super aggressive listing to start versus what things were even two years ago.
Posted on 5/4/22 at 1:34 am to The Goon
quote:
People are offering bids on houses without even looking at the house.
We did this 6 months ago. We lived 12 hours away, didn’t have much choice. My son met our realtor at the house & we face-timed. The first time we entered the house was the walk-through. Couldn’t have asked for more, we love this house..
Posted on 5/4/22 at 1:42 am to LSUTigahss
Try keeping up with property taxes and insurance these days - I don't see it getting any better. My house is paid off and I still have basically 3 house payments a year for those two things. Compared to 10 years ago - it's ridiculous. I just want to live in the fricking thing - I'm not trying to get rich off it.
Posted on 5/4/22 at 2:01 am to Paul Allen
quote:
Everyone is mentioning this bubble bursting but no one seems to think that prices won’t go down or market crash, they’re more than likely going to stabilize.
Aren’t we at least 5 or so years away from adequate inventory to catch up to the demand?
I have no idea what my house is really worth. County appraisal says it's gone up quite a bit and they're usually pretty conservative. I know my home owner's insurance has gone up - Zillow says my home has doubled in price - rent around where I live is going up rapidly. I'm not sure the problem here a real estate bubble.
Posted on 5/4/22 at 2:15 am to cable
If we are all waiting for houses to drop 15% to 20%, won’t we all be in a frenzy to buy again at the same time when that happens?
I think the whole mortgage forbearance (because of Covid) went on way too long and the natural cycle of people making dumb financial decisions that frees up inventory each month was artificially stopped.
I think the whole mortgage forbearance (because of Covid) went on way too long and the natural cycle of people making dumb financial decisions that frees up inventory each month was artificially stopped.
Posted on 5/4/22 at 2:24 am to LSUTigahss
I just had an offer accepted on a home yesterday. This was the fourth offer I've made on a property in the last month, and this is the first one that bit.
One house I lost to a cash offer, another I lost to a supposedly crazy offer over list price. It's nuts right now, so I understand the frustration.
Fortunately, the place I finally landed had a potential buyer back out 2 days before closing, and I was able to swoop in and get a decent deal because the owners needed out. And I still went slightly over list.
Honestly, try to pounce on reactivated listings, like I did. If the asking price isn't decreased significantly from the original price, the property is likely fine, and the sellers will be more willing to work with you. They'll be looking for a quick close.
One house I lost to a cash offer, another I lost to a supposedly crazy offer over list price. It's nuts right now, so I understand the frustration.
Fortunately, the place I finally landed had a potential buyer back out 2 days before closing, and I was able to swoop in and get a decent deal because the owners needed out. And I still went slightly over list.
Honestly, try to pounce on reactivated listings, like I did. If the asking price isn't decreased significantly from the original price, the property is likely fine, and the sellers will be more willing to work with you. They'll be looking for a quick close.
This post was edited on 5/4/22 at 2:26 am
Posted on 5/4/22 at 2:48 am to UncleLester
IDK - I own a house so I have a place to live. I'm not trying to make a profit on it 
Posted on 5/4/22 at 3:34 am to LSUTigahss
quote:
Just take bids.
They are.
Posted on 5/4/22 at 4:55 am to LSUTigahss
You have people offering 10% or more over asking. People sitting on a ton of cash are scooping up any property they can get because of inflation. Property is the best hedge against inflation there is, so it is not hard to figure out. Also having large hedge funds scooping up property is not helping either. It really sucks if you are just getting started and trying to buy a home right now.
Posted on 5/4/22 at 5:03 am to LSUTigahss
Bad time to be buying for sure.
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