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re: Housing market is stupid right now - brief rant *Update in OP*
Posted on 5/4/22 at 10:22 am to Cajun75
Posted on 5/4/22 at 10:22 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.
Did exactly that when I recently was a cash buyer. My daughter had been looking for a house in Ascension for a while. Everything she bid on was either going to a cash buyer or she was just plain outbid. I agreed to become a cash buyer for her and then to flip the house to her. She found a house she wanted. Within 2 hours of it being listed I put in a cash offer for a number in line with how much comparable houses had been going for. Stipulated they had 4 hours to accept or my offer was going down $1000 for every hour thereafter. Seller accepted offer at hour 6. Came closing time they were pissed when they saw the $2K deduction. Told them I'd walk away if they wanted. Not my fault they failed to understand a contract works both ways.
0
Posted on 5/4/22 at 2:21 pm to blueboxer1119
quote:
You are obviously a realtor. You have about 5-10 yrs left before you are phased out entirely.
You remind me of 2012. I was told that 10 years ago. But I also do flips, renovations, new construction, and just started a pool and patio company as well. I’ve done several projects for members of this community. Traditional real estate is a small % of my book of business, referral only clients, and my least favorite aspect of the industry. Bookmarked for 2032
This post was edited on 5/4/22 at 2:26 pm
Posted on 5/4/22 at 3:00 pm to LSUTigahss
Homes in my neighborhood are hitting $60k - $80k over list price, it’s stupid
Posted on 5/4/22 at 3:41 pm to pickle311
My house appraised value went up 50% in just over a year. One comp was a house around the corner that sold for $1.3 million and then was flipped for $1.7 million 3 months later with no renovation done.
Posted on 5/4/22 at 4:13 pm to LSUTigahss
I'm actually thinking of selling my home for as much as possible. I currently have about 100,000 in equity- and if the market continues at this pace it may be more. I plan to save the money, and rent until the market cools/tanks.
If it never does, I will just buy a foreclosure or a home auctioned for taxes.
Either way, It's a win-win.
If it never does, I will just buy a foreclosure or a home auctioned for taxes.
Either way, It's a win-win.
Posted on 5/4/22 at 4:54 pm to LSUTigahss
You paid closing costs and they are still showing the house? Something is off with this story.
Posted on 5/4/22 at 5:02 pm to LSUTigahss
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?
This is how it's done in Canada. How is offered at a price and then they entertain offers. Generally there is a date when all bids are final.
Posted on 5/4/22 at 5:17 pm to LSUTigahss
I might be the only one in this boat so I’ll cross my fingers and count myself lucky if it works out.
I have an offer (below asking) in on a place that’s been on the market for 3 months. It’s clearly over priced based on comps alone. We are in negotiations.
I have an offer (below asking) in on a place that’s been on the market for 3 months. It’s clearly over priced based on comps alone. We are in negotiations.
Posted on 5/4/22 at 5:22 pm to LSUTigahss
Seems like a lot more foreign investment companies buying up properties than in the past. Terrible Bc it drives up prices and places a bunch of rental properties in neighborhoods which never turn out well.
Posted on 5/4/22 at 5:26 pm to biglego
Assuming it's a lot of big investment companies buying a lot of these, who rents a 400k house? I'm sure there is some market for that but I can't imagine it's that common
This post was edited on 5/4/22 at 5:27 pm
Posted on 5/4/22 at 5:28 pm to biglego
quote:
Seems like a lot more foreign investment companies buying up properties than in the past.
Posted on 5/4/22 at 5:33 pm to fallguy_1978
quote:
who rents a 400k house?
Look at rental listings in larger metro areas. Plenty of homes that are well over 5k a month are for rent.
Posted on 5/4/22 at 5:35 pm to Paul Allen
I guess but it seems like most of those people would just buy.
In my mind most rental homes are lower end homes that are alternatives to apartments.
In my mind most rental homes are lower end homes that are alternatives to apartments.
This post was edited on 5/4/22 at 5:36 pm
Posted on 5/4/22 at 5:37 pm to latxwoman
quote:
f it never does, I will just buy a foreclosure or a home auctioned for taxes.
You will have a lot of competition, houses at auction are also bringing ridiculous money.
Posted on 5/4/22 at 5:46 pm to fallguy_1978
quote:
I guess but it seems like most of those people would just buy.
In my mind most rental homes are lower end homes that are alternatives to apartments.
If there is no inventory in the area and I'd imagine a family of 4 or 5 do not want an apartment.... not many options.
Posted on 5/5/22 at 6:34 pm to LSUTigahss
Update in OP - got the house
This post was edited on 5/5/22 at 6:34 pm
Posted on 5/5/22 at 7:02 pm to LSUTigahss
The market is definitely turning, as much as I don’t want to admit it (as someone who just bought a house at the end of the peak…on the other hand, my other option was to continue paying 22k in rent a year to a lazy arse landlord so I don’t feel all that bad as you’ll still probably have to wait six months at the very least before you start getting a better deal considering interest rates).
Posted on 5/5/22 at 7:04 pm to LSUTigahss
quote:
I got it.
That’s great
Posted on 5/5/22 at 7:05 pm to LSUTigahss
quote:
Despite everybody saying I didn’t have a chance, I got the call today that my offer was accepted. Several offered asking, several offered asking with some type of closing cost stipulation, but my straight asking price offer was the first like it, and I got it.
You definitely aren't in the Knoxville area.
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