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insane real estate market


philpom
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Wow, not sure how it is in other parts of the country but in North Texas we have an issue - not enough houses for sale.  We sold our house last year and it was gone in a few weeks, not bad but....

 

I put my mother-in-laws house on the market literally 20 hours ago.

First showing was 2 hours later.

First offer was 4 hours later.
2nd offer 6 hours later.
Another offer at 6am this morning.

Another offer 2 hours ago

2 showings this afternoon

Had to delay 2 more showings due to scheduling issues

2 cash offers, 1 conventional and 1 FHA.

 

One guy keeps texting our agent demanding an answer on his offer "now".  Thing is we still need to wrap up moving plans for my mother in law before we put the house in contract so we don't end up having no place for her to go.  I think it's essentially sold already, just a few hours it took.

Sizzle!

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Yep, we just bought a new home. Started putting in offers on resale homes and quickly came to the conclusion that we didn't have enough 'muscle' to beat the cash offers. We decided to go with new construction which ended up working out VERY well for us :)

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We sold our house back last sept. Put it up Friday and had 4 offers by Monday and in contract for over asking price Tuesday. We built a new also and closed this past Tuesday. It was stressful working with the builder and moving etc etc but well worth it in the end, and we are seeing it came out cheaper to build new than some smaller houses that are 5-10 years old due to the market. 0cdd190e63f01bc4d09bd2604bf65c21.jpgf61dc985a9c830372b76add3836e7cfa.jpg


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In Portland area we were one of three beds over asking on our house within the last couple years. So yes some are cats are pretty crazy. One of my friends used to be a general contractor was saying that high dollar per square foot you could build a brand new house like what you did.

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Yep, just helped my in-laws buy a house this week in the DFW area. They've been looking for months, with some houses going over 10% over asking. Any house worth a damn gets offers within hours and every decent house has multiple offers. They ended up overpaying but not too bad.

 

My wife and I bought a house 2 years ago and it was not as bad and home values have gone up a ton over the last few years so I would say the market is still on the rise. Great if you are a seller. Bad if you are a buyer or live here (higher taxes).

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In Seattle - the market is extremely high. Has had me tempted to sell but then I would have to buy back in high. We were fortunate to purchase this house it the bottom of the market. 

 

It is insane seeing what similar houses are selling for and how fast they are going. Higher than pre-recession. 

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In a no option contract at asking price 29 hours after putting it on the market.  Even got an open add to drop the contract without penalty.  Been this way for a few years now, I hope it is this way when we get ready to sell our new home.

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6 hours ago, rahrah12 said:

In Seattle - the market is extremely high. Has had me tempted to sell but then I would have to buy back in high. We were fortunate to purchase this house it the bottom of the market. 

 

It is insane seeing what similar houses are selling for and how fast they are going. Higher than pre-recession. 

I have a few friends that sold off the west coast and live in very nice homes here in North Texas.  One of the best job markets in North America and home prices are a fraction of the west coast.....  10 to one in some cases.

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Yep, Toronto area is going nuts.   Common practice around here now is to list it under market value to get a bidding war.   One house not far from here was listed at $1.5M, sold not long after for $800k over asking, with something like 55 bidders......and I've heard of others with more than 60 offers.   It's crazy.   Sucks for the buying too, since you end up getting your hopes up, and then dashed over and over again.

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  • 2 weeks later...

Google "Sydney Housing Market" and you'll see something similar here in Aus

2 Bedroom houses that are partially renovated (bathrooms and kitchen removed but not replaced) are selling for $1.25mil+ ($945kUS)

 

Its nuts

A lot of people are going to loose their shirts if the market out here drops

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