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re: Housing market is stupid right now - brief rant *Update in OP*
Posted on 5/4/22 at 5:08 am to DownshiftAndFloorIt
Posted on 5/4/22 at 5:08 am to DownshiftAndFloorIt
quote:
There's no fricking way there are THAT many people around with shitloads of money laying around to pay cash for houses. No way. I refuse to believe it.
Believe it. A lot more than you can imagine.
1
Posted on 5/4/22 at 5:12 am to Panny Crickets
quote:
Believe it. A lot more than you can imagine.
My FIL told me a few years ago that there are more people with tons of money than I would ever have thought. I think he's right.
Posted on 5/4/22 at 5:20 am to LSUTigahss
You’re offering asking and complaining? I’ve offered 20k over on 3 houses and lost each bid. I gave up and am going to wait a year or 2 now
Posted on 5/4/22 at 5:24 am to LSUTigahss
I bought a house in Houston 3 months ago. Everything was going for $15k to $20k above asking price.
So if you really liked a house, you had to come in $15 to $20k over or you were going to be out-bid.
So if you really liked a house, you had to come in $15 to $20k over or you were going to be out-bid.
Posted on 5/4/22 at 5:26 am to DownshiftAndFloorIt
quote:
There's no fricking way there are THAT many people around with shitloads of money laying around to pay cash for houses. No way. I refuse to believe it. If every $400k house for sale in America can go for cash right now than im actually a broke dick mother fricker and didn't know it.
I only hav 2 data points, but here they are.
1,180 sq ft house built in the 70s with a slight renovation update in 2021 listed for 375k, sold all cash for 425k in Round Rock Texas.
2,950 sq ft cookie cutter built in 2007 next to Heritage High School in Frisco Texas listed 636k, sold for 703k all cash 7 day close, 120 leaseback free of charge.
Both of these buyers were from California.
Posted on 5/4/22 at 6:11 am to LSUTigahss
That’s because most all houses for months now have sold for lots more over asking price.
You are not gonna get a deal or negotiate on houses right now.
The truth is, you won’t get the house unless you go above asking price
You are not gonna get a deal or negotiate on houses right now.
The truth is, you won’t get the house unless you go above asking price
Posted on 5/4/22 at 6:25 am to CAD703X
Congrats 
.We are locked in for awhile with both boys in Grassland We have a house here in the Reserve under contract just under $500/ft. Rate uptick hasn’t slowed us down an ounce. I’ve got one about to start in the city paid 170k for the lot I’ll put 200k into it comps are 750k - 800k. It’s a good time to be in real estate here. But I’ve lost more properties to Amherst and BlackRock in the last 6 months than I have in the last 10 years. They just overpay and don’t blink.
.We are locked in for awhile with both boys in Grassland We have a house here in the Reserve under contract just under $500/ft. Rate uptick hasn’t slowed us down an ounce. I’ve got one about to start in the city paid 170k for the lot I’ll put 200k into it comps are 750k - 800k. It’s a good time to be in real estate here. But I’ve lost more properties to Amherst and BlackRock in the last 6 months than I have in the last 10 years. They just overpay and don’t blink. Posted on 5/4/22 at 6:27 am to LSUTigahss
I listed a house last Monday by owner.
I had an offer above listing price in 1 hour sight unseen.
I was not underpriced.
Lots of angry pissed off real estate agents. Lol.
I had an offer above listing price in 1 hour sight unseen.
I was not underpriced.
Lots of angry pissed off real estate agents. Lol.
Posted on 5/4/22 at 6:37 am to fallguy_1978
quote:Is that overall or just applications for purchases? A lot of people were refinancing in early 2021 when rates were still high 2’s and low 3’s. Not many refi’s happening now. Houses in my neighborhood are still going under contract as soon as they hit the market and prices are 25-30% higher than when I bought in late 2019
Mortgage applications were down 40% YOY in April.
Posted on 5/4/22 at 6:39 am to LSUTigahss
If at all possible, wait 6 months and watch the downward pricing trend.
None of this is sustainable
None of this is sustainable
Posted on 5/4/22 at 6:47 am to supadave3
quote:There’s a bunch of money “on the sidelines” still both domestically and from foreign sources.
Where is all this money coming from? Our economy is not boomin.
While Blackrock isn’t buying up little rural properties in BFE, institutional buyers are into single family housing to an unprecedented degree now. This impacts property values upwards even in communities that they aren’t investing in.
Glad I’m set as to housing and property.
Posted on 5/4/22 at 6:51 am to blueboxer1119
quote:
I listed a house last Monday by owner. I had an offer above listing price in 1 hour sight unseen. I was not underpriced. Lots of angry pissed off real estate agents. Lol.
Congrats, but I’d bet the farm you left money on the table. There is no way I would not go to market with a home right now and give it 72 hours for all offers. The goal is buyers competing with each other and you step back.
Two or more women telling their husbands “that bitch isn’t getting my house” is always the goal.
This post was edited on 5/4/22 at 6:53 am
Posted on 5/4/22 at 6:52 am to LSUTigahss
Just went under contract for my house in Chicago.
I put it on the market on April 29 and said that I would review offers on May 2. The offers at asking price didn’t have a chance. Neither did the financed buyers to be frank. Selling to cash buyer at well over asking price.
This is a damn weird market.
I put it on the market on April 29 and said that I would review offers on May 2. The offers at asking price didn’t have a chance. Neither did the financed buyers to be frank. Selling to cash buyer at well over asking price.
This is a damn weird market.
Posted on 5/4/22 at 6:53 am to LSUTigahss
In Austin, if you ain’t offering $100-$150k over asking...you ain’t got a chance baw.
Posted on 5/4/22 at 6:55 am to dewster
quote:
Just went under contract for my house in Chicago. I put it on the market on April 29 and said that I would review offers on May 2. The offers at asking price didn’t have a chance. Neither did the financed buyers to be frank. Selling to cash buyer at well over asking price. This is a damn weird market.
That’s how you do it. 6 million homes short for the demand. Hedge funds spending billions on housing. It’s pretty simple. There is nowhere near the supply to meet the demand
Posted on 5/4/22 at 6:56 am to DownshiftAndFloorIt
quote:
There's no fricking way there are THAT many people around with shitloads of money laying around to pay cash for houses.
There are far more cash buyers than I expected.
A lot more buyers out there in general. I think we had 50+ showings over 3 days. They were tripping over each other on the doorbell camera. And heaven forbid that a realtor was late for their 15 minute slot or has trouble with that key lock thing. A bunch seemed to be FaceTiming with clients elsewhere.
I don’t know where all this is coming from.
This post was edited on 5/4/22 at 7:19 am
Posted on 5/4/22 at 6:58 am to LSUTigahss
Get yourself a Sect 8 voucher, baw.
Posted on 5/4/22 at 7:09 am to White Bear
I live north of Dallas and I was in the sauna last week and overhead a realtor telling a story about buying a home the week prior.
It was in Prosper, the fastest growing city in the country, and a house appraised for 550, and his client is moving from California and offered 700 cash to get the deal done asap. The buyer said he had someone match the offer so his client went to 750k and offered the seller a 10 day all expenses paid trip for his family of 5 to Disneyworld(about 20k) to close the deal.
Guy accepted. 200 over asking, all cash plus 10 day trip to Disneyworld. What a world
It was in Prosper, the fastest growing city in the country, and a house appraised for 550, and his client is moving from California and offered 700 cash to get the deal done asap. The buyer said he had someone match the offer so his client went to 750k and offered the seller a 10 day all expenses paid trip for his family of 5 to Disneyworld(about 20k) to close the deal.
Guy accepted. 200 over asking, all cash plus 10 day trip to Disneyworld. What a world
Posted on 5/4/22 at 7:11 am to dallastiger55
quote:all of this for a house in suburban texas. the end really is near.
match the offer so his client went to 750k and offered the seller a 10 day all expenses paid trip for his family of 5 to Disneyworld
Posted on 5/4/22 at 7:29 am to ItNeverRains
quote:
So they priced the house competitively to get more interest, possibly creating a bidding war that may benefit them financially?
What a bunch of assholes.
Yeah it sucks for the buyers especially if they really fall in love with a place but you can't really blame the seller. They are likely going to have to turn around and buy in the same market and face the same situation.
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