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Message
re: Housing market is stupid right now - brief rant *Update in OP*
Posted on 5/4/22 at 8:36 am to ItNeverRains
Posted on 5/4/22 at 8:36 am to ItNeverRains
quote:funny you should mention that...
If I were Fairview I would build a town square area like Franklin/Columbia. City needs definition. It has none currently
LINK
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Posted on 5/4/22 at 8:46 am to LSUTigahss
quote:
What’s the point of listing price, if you don’t want to sell when that’s offered?
Sounds like you didn't waive inspection and a savvy seller knows that your inspector will find a nice chunk of stuff that will then swing the power to you downstream where you can say $5k plus in concessions etc. The seller is building cushion/reserve for this inevitable concession.
Posted on 5/4/22 at 8:49 am to TejasHorn
quote:
What I don’t understand is why rents have skyrocketed along with house prices. You’d think there’s a negative relationship there. As people bail out of apartments to own, rents should decline. It’s not like our population is skyrocketing, but this phenomenon seems to be happening everywhere.
Insurance has gone up, taxes have gone up and other tenets weren't paying their rent. Jobs are no longer remote too
This pure speculation, but there were probably a health dose of recent college grads or online college students that stayed at home during the pandemic. Those people are now getting jobs and moving out.
Posted on 5/4/22 at 8:56 am to CAD703X
Well that answers that. Smart move if you want the growth. Go ahead and get more road frontage if approved.
This post was edited on 5/4/22 at 8:58 am
Posted on 5/4/22 at 8:59 am to TejasHorn
quote:
What I don’t understand is why rents have skyrocketed along with house prices. You’d think there’s a negative relationship there. As people bail out of apartments to own, rents should decline. It’s not like our population is skyrocketing, but this phenomenon seems to be happening everywhere.
It all seems a bit “bubbly” and with rates going up, we’ll find out pretty soon.
I'd think they'd go hand in hand. If there are that many more renters because of unaffordable housing to buy, then that creates more demand in housing for rent, causing that to go up as well.
Posted on 5/4/22 at 8:59 am to LSUTigahss
quote:
LSUTigahss
So let me get this straight. Would you immediately take list if you had others coming in? Probably not.
quote:
I pay closing
Buyers haven't gotten concessions in like 2 years. That's not special.
quote:
Make offer for asking price
That's usually last place.
quote:
Is this shite really that wild right now? What’s the point of listing price, if you don’t want to sell when that’s offered? Just auction everything off. Seems that’s how it’s going anyways.
Ice that butt.
Posted on 5/4/22 at 9:00 am to LSUTigahss
Yeah that sucks. I purchased January last year... Had already seen the crazy began. Found the place I liked bid 10 percent over asking. Appraisal came 10 percent under list price they still accepted and I came out on top. Had it been April that wouldn't have happened. Cash buyer would have come in and bought it at 20 percent over as is sight unseen.
Posted on 5/4/22 at 9:06 am to Abstract Queso Dip
I just bought a house in the Twin Cities in March and had my very first offer accepted at 5% over. House is in great shape for its age and inspected well. I spent about a month being scared that the market is going to lose its arse but I think I’ll actually be okay because prices here in the Midwest are definitely up but nothing like what’s happening in the South and on the coasts. Given all that’s going on I just couldn’t believe how relatively easy the process was in a top 20 most populated metro area of the US.
Are people moving to Louisiana to get more affordable housing? I just can’t believe some of the prices I’ve seen down there as someone who used to live down there before the great housing rush.
Are people moving to Louisiana to get more affordable housing? I just can’t believe some of the prices I’ve seen down there as someone who used to live down there before the great housing rush.
Posted on 5/4/22 at 9:22 am to ItNeverRains
You are obviously a realtor.
You have about 5-10 yrs left before you are phased out entirely.
You have about 5-10 yrs left before you are phased out entirely.
This post was edited on 5/4/22 at 9:31 am
Posted on 5/4/22 at 9:29 am to Billy Blanks
quote:
Buyers haven't gotten concessions in like 2 years. That's not special.
Agree but buyers have gotten sellers to fix punch list items after the inspection which can be more expensive than a flat dollar concession at closing. Especially when the seller didn't disclose big ticket items when it went under contract before the inspector came onsite.
Posted on 5/4/22 at 9:31 am to LSUTigahss
Can confirm. I just closed on a house I sold. I listed it where agent said to and would’ve been more profitable for me than I expected if it sold at that price.
Then day I listed it, I got offer for asking immediately and 5 more offers that first day. Ended up accepting highest offer which was $25k more than what I was asking.
Then appraisal comes through for what the highest offer price was. Granted I’m only 30 but I’ve been in real estate over 5 years and I was blown away. Did not expect appraisal to come anywhere near that.
Inflation stacked. Middle class fricked.
Then day I listed it, I got offer for asking immediately and 5 more offers that first day. Ended up accepting highest offer which was $25k more than what I was asking.
Then appraisal comes through for what the highest offer price was. Granted I’m only 30 but I’ve been in real estate over 5 years and I was blown away. Did not expect appraisal to come anywhere near that.
Inflation stacked. Middle class fricked.
This post was edited on 5/4/22 at 9:33 am
Posted on 5/4/22 at 9:34 am to LSUTigahss
Time to play hardball if nothing else than to piss them off. Tell them your offer goes down by $5,000 if they miss YOUR offer deadline.
Posted on 5/4/22 at 9:37 am to Cajun75
quote:
Time to play hardball if nothing else than to piss them off. Tell them your offer goes down by $5,000 if they miss YOUR offer deadline.
exactly what they'll be doing.Posted on 5/4/22 at 9:37 am to Billy Blanks
Seller wouldn’t budge or care, can guarantee that. It’s a sellers market.
This post was edited on 5/4/22 at 9:38 am
Posted on 5/4/22 at 9:40 am to Who_Dat_Tiger
quote:
Seller wouldn’t budge or care, can guarantee that. It’s a sellers market.
I know. I was laughing that horrendous advice.
Posted on 5/4/22 at 9:41 am to Billy Blanks
Op aint getting it anyway, might as well try it. You never know, you might make the wife panic or something. Bird in the hand and whatnot.
Posted on 5/4/22 at 10:10 am to DownshiftAndFloorIt
quote:
Op aint getting it anyway, might as well try it. You never know, you might make the wife panic or something. Bird in the hand and whatnot
I’ve long ago chalked this up to not happening.
So I am seriously considering rescinding the offer, dropping offer price, OR offering to waive inspection. May wait until a few hours before 5pm Thursday to offer the inspection being waived so they can’t continue to use my offer as leverage.
Posted on 5/4/22 at 10:13 am to LSUTigahss
quote:
considering rescinding the offer
Did you leave this offer open ended? Surely you didn't give them more than 24 hours to respond initially. I would think your offer is expired anyway.
Posted on 5/4/22 at 10:15 am to HouseMom
Actually told them by 8PM the day of the offer.
They responded that they were waiting until Thursday to make a decision.
So yes, my offer is technically expired, but I’m sure it is still being used to bolster other offers
They responded that they were waiting until Thursday to make a decision.
So yes, my offer is technically expired, but I’m sure it is still being used to bolster other offers
Posted on 5/4/22 at 10:19 am to TejasHorn
quote:
What I don’t understand is why rents have skyrocketed along with house prices
People own investment properties for just that reason - to invest their money and grow it. They aren't in the business for some benevolence to others.
EVERYTHING is more expensive now, and that includes maintenance on properties. If the house needs a new fence, roof, paint, floors, yard upkeep, has increased taxes, etc. the owner isn't just going to eat that.
The tenant is now living in what is has become a more expensive property, so it will now cost more to live there.
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