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Message
North Dallas Home Market is Nuts...
Posted on 3/2/21 at 11:57 am
Posted on 3/2/21 at 11:57 am
Screw all that... lol
LINK
LINK
quote:
That was the atmosphere outside a home in Frisco recently: vehicles lined the streets while perspective buyers milled around outside, all waiting to take their tour.
The home had hit the market hours earlier. Over the next two days it was shown 91 times and the sellers received 39 offers.The winning buyer offered cash with no home inspection and a lightning-fast closing.
quote:
So how are buyers trying to stand out? “Free lease-backs, no home warranties, paying title feels, appraisal waivers,” said Meyers. The waivers mean if the home appraises for less than the offer, the buyer will pay the difference in cash. “It’s being used pretty much every time there are multiple offers,” said Meyers. “It almost has to be done if you want a chance at it.”
45
Posted on 3/2/21 at 11:57 am to Dragula
No inspection? 
Posted on 3/2/21 at 11:57 am to Dragula
This is why I moved back to Mississippi. frick all that.
Posted on 3/2/21 at 11:59 am to Dragula
I had a buddy that bought in Frisco and he went 15K over asking and guaranteed 10K over whatever the appraisal came in short.
Posted on 3/2/21 at 12:00 pm to Nado Jenkins83
quote:
No inspection?
Paying cash. Buyers must have some serious money laying around if they don't even care about the inspection. I'm guessing that they're probably planning a demolition and re-building completely?
Posted on 3/2/21 at 12:02 pm to texasmason
quote:
I had a buddy that bought in Frisco and he went 15K over asking and guaranteed 10K over whatever the appraisal came in short.
I have honestly never understood how a house gets sold over asking price. Why would a seller ever initially price their home below market value?
Posted on 3/2/21 at 12:02 pm to UGATiger26
39 offers on a rebuild?
Posted on 3/2/21 at 12:03 pm to Dragula
One of my friends is in the market right now and he is getting blown out of the water on every offer he makes.
He’s been offering $20-$50k over asking and offering those waivers and hasn’t come close.
He’s been offering $20-$50k over asking and offering those waivers and hasn’t come close.
Posted on 3/2/21 at 12:03 pm to Dragula
I'm experiencing this in Williamson County TN right now too. California and New York transplants are offering 50-100k over all asking prices and inventory is at historic lows.
Posted on 3/2/21 at 12:05 pm to McCaigBro69
quote:
He’s been offering $20-$50k over asking and offering those waivers and hasn’t come close.
I've been looking in the Grapevine, Coppell, Trophy Club area and everything that hits the market already has 15+ offers and cash is taking everything. Needing financing is automatically getting me kicked out.
Posted on 3/2/21 at 12:08 pm to frankthetank
quote:
New York transplants
Will buy all of the PFG button downs at your department stores.
Posted on 3/2/21 at 12:09 pm to frankthetank
Yup, it's the same all over.
We closed our current house April 1, 2020. The pandemic crisis hit in March and our financing became a huge debacle but we pulled through. It was incredibly stressful but now I feel like a genius.
We closed our current house April 1, 2020. The pandemic crisis hit in March and our financing became a huge debacle but we pulled through. It was incredibly stressful but now I feel like a genius.
This post was edited on 3/2/21 at 12:10 pm
Posted on 3/2/21 at 12:10 pm to PhiTiger1764
quote:
I have honestly never understood how a house gets sold over asking price. Why would a seller ever initially price their home below market value?
The seller doesn't initially price below market value. The realtor drives up the price. Here's what happens. Realtor puts house on market and has an open house on Saturday. Folks line the street to see home. Multiple offers come in over the next couple of days. The realtor sends an email to all offers stating there are multiple offers so we need everyone to "make your best max offer by 5PM Monday" and everyone goes way above what they had planned.
Happened to us four times when we were shopping homes four years ago. Total BS.
Posted on 3/2/21 at 12:10 pm to frankthetank
quote:
I'm experiencing this in Williamson County TN right now too. California and New York transplants are offering 50-100k over all asking prices and inventory is at historic lows.
we started debating moving vs. remodeling last year in Texas. Bought our 1940s house in 09 (right after the tank) at 100k and fixed a bit up. We started looking around for what $3-400k would get us and it was pretty abysmal. Everything in that price range was going to need to be updated. no new builds outside of cookie cutter neighborhoods.
we decided to just refinance and remodel. our appraisal in that process came back at $180k before remodel which is nuts. then we put about 140k into it and it's appraised for over 300k today. i'm sure if we listed it right now we'd have multiple offers.
stupid coasters.
Posted on 3/2/21 at 12:11 pm to McCaigBro69
quote:
One of my friends is in the market right now and he is getting blown out of the water on every offer he makes.
Took me 14 offers the past 2 months to get an agreement in Idaho. 6 I lost out to where for cash offers, one was $45K over asking. It was crazy.
Posted on 3/2/21 at 12:11 pm to MardiGrasCajun
In some places, the market is moving faster than the listing agent can adequately price. They are using comps but the comps are becoming outdated very quickly.
I'm curious to see where the market goes once restrictions ease. You'd think more supply would come online. Does it fall or just go sideways for a few years? Does it just power up further? Sorry if you're buying now, total cluster.
I'm curious to see where the market goes once restrictions ease. You'd think more supply would come online. Does it fall or just go sideways for a few years? Does it just power up further? Sorry if you're buying now, total cluster.
This post was edited on 3/2/21 at 12:14 pm
Posted on 3/2/21 at 12:14 pm to Teddy Ruxpin
Got extremely lucky when looking to buy in Austin and fell into a new build just inside Manor. Realtor told me I could close and immediately list again for 20% more than I paid....had me seriously thinking....but with Tesla and others coming to the area....gonna hold tight and pray for that equity!
Posted on 3/2/21 at 12:14 pm to MardiGrasCajun
Thanks for the explanation.. makes a lot more sense in that scenario. Still crazy to hear stories of homes being bought in tens of thousands above asking.
Posted on 3/2/21 at 12:15 pm to Kramerica Industries
Nice.
I somewhat feel dumb not buying rentals around here. I could never find one that cash flowed and didn't want to do appreciation. Whoops.
Don't think I wanted to deal with it anyway.
I somewhat feel dumb not buying rentals around here. I could never find one that cash flowed and didn't want to do appreciation. Whoops.
Don't think I wanted to deal with it anyway.
Posted on 3/2/21 at 12:17 pm to PhiTiger1764
quote:
I have honestly never understood how a house gets sold over asking price. Why would a seller ever initially price their home below market value?
I can easily see it if you want a particular house in a particular location.
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