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insane real estate market


philpom
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Same thing here in Eugene. 

Even manufacturered homes without land are selling ridiculously. 

 

I've considered selling mine and asking for $25k after buying it for 8 just a couple years ago. I made it a lot nicer.

 

Unfortunately the rents here are absolutely out of control. A one bedroom I rented for $625 two years ago is now $850. It's insane. 

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On 4/14/2017 at 11:50 AM, philpom said:

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!

In NYC area it is common to pull a house off the market when this happens and then keep raising the price until it is at the point that the market will  bear. Offers come in and are rejected until there are only a few as the price rises. When it is too high then the offers bargain it back down.

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8 hours ago, Marty said:

In NYC area it is common to pull a house off the market when this happens and then keep raising the price until it is at the point that the market will  bear. Offers come in and are rejected until there are only a few as the price rises. When it is too high then the offers bargain it back down.

Yep, I needed a quick sale!

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I can say the opposite here. Houses fall apart due to neglect while waiting for a buyer.

 

Every once in a while, we see a house for sale and think, "That one could be a good opportunity to flip..." then remember that we'd just be stuck with it.

 

The house across the street from us has been on the market for maybe 6 months now. Small trees are growing in the gutters.

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15 hours ago, cschaaf said:

I can say the opposite here. Houses fall apart due to neglect while waiting for a buyer.

 

Every once in a while, we see a house for sale and think, "That one could be a good opportunity to flip..." then remember that we'd just be stuck with it.

 

The house across the street from us has been on the market for maybe 6 months now. Small trees are growing in the gutters.

I agree with you completely. Those are the houses that are for sale and not for sale. The kind of person selling in that instance will think that any offer means it is worth more. I am talking about someone who is not in a time crunch and when they are flooded with offers will re market the property at a higher price. When the offers slow down then they sell to the best offer as long as they qualify. If there are no offers then lower the price. Flipping is its own thing.

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2 hours ago, ske1eter said:

I wish that I was ready to retire because I'd put mine up. The house prices, thus the property taxes, are getting ridiculous.

Good point. Taxes. I am part of a cabin community. I have seen people hold property for as long as 4 years trying to get their price. The annual fee of $4,000 ran up a $16,000 cost and in the end they sold for the range that people were offering and lost money.

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  • 4 years later...
On 4/14/2017 at 4:26 PM, 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. 

My son and his wife bought a home in Issaquah Highlands this past spring. Pricing was absolutely insane and I’m still troubled by how much debt they took on. They had lost several bids on new construction and feel fortunate to have found a 3 year old home built by the same builder for $200k less than the new builds, even though they had to offer $200k over ask. I tried to convince them that they could have a gorgeous home in North Texas for 1/3 of the price and retire much earlier like I was able to, but I can relate to how much they love the area. 
 

On the flip side, we sold a 2nd home near Austin this past spring and enjoyed the 2 day bidding war of over-ask offers. It wasn’t on the scale of the Seattle market, but the same environment.

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We bought in suburbia Feb 2014. Lowest home prices in Nashville area. FF to 2021 and our house value has doubled. Sure, I could sell and move where? Apartment? Townhouse?  No way. Rural to the point of giving up all the great services/ location we have in suburbia?

 

So what happens with my unmarried, starter job 22 and 28 year olds if they eventually want to buy a house? Now I see subdivision signs that say “starting in the low 1 millons”.  Wait for us to will our house to them? Kids do not want to leave where they grew up.

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1 hour ago, mike echo said:

We bought in suburbia Feb 2014. Lowest home prices in Nashville area. FF to 2021 and our house value has doubled. Sure, I could sell and move where? Apartment? Townhouse?  No way. Rural to the point of giving up all the great services/ location we have in suburbia?

 

So what happens with my unmarried, starter job 22 and 28 year olds if they eventually want to buy a house? Now I see subdivision signs that say “starting in the low 1 millons”.  Wait for us to will our house to them? Kids do not want to leave where they grew up.

It's an unfortunate situation,  one of our adult sons and his wife have been looking for their first home for over a year.  They gave up because even if they found one within reach a cash buyer would move in and bid more than they could afford.  Houses might be on the market for a day.  

 

Our other adult son is happy living in an uptown condo but he is single with no kids.  Eventually he will be in the same boat.  

 

Would be great if I could sell a week before the bubble burst and then buy my house back at a steep discount. 

 

What was it they said at the world forum recently.....  "You'll own nothing and be happy."

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