avatar! | 1,807 Posted June 18, 2021 Share Posted June 18, 2021 Things are F-Up like nothing I can ever recall!! Anyone looking to sell? well, you'll likely do great! Looking to buy? you're likely shit-outta-luck https://www.cnn.com/2021/06/16/homes/us-housing-market-offers/index.html Competing against 50 other offers on the home, the buyer offered more than $100,000 above the asking price -- all cash...Altogether the buyer paid $1 million for a $500,000 home...Listed at $1.15 million, the home sold in two weeks for $2.3 million in cash, double the asking price...And paying half a million dollars over the list price, isn't even that rare. There were more than 940 sales that were more than $500,000 over the list price in March 1 Link to comment Share on other sites More sharing options...
TDIRunner | 2,721 Posted June 18, 2021 Share Posted June 18, 2021 (edited) I'm selling my rental property right now. I'm not expecting anything near your example, but I'm hoping it will go quick. I'm fortunate enough to be in a position to have a house to sell, but I don't need to buy anything any time in the near future. Edited June 18, 2021 by TDIRunner Link to comment Share on other sites More sharing options...
Code Monkey | 2,005 Posted June 18, 2021 Share Posted June 18, 2021 I just had the photographer at my house tonight to take photos for listing tomorrow. I'm expecting to sell within 2 days, no joke. Then I'll have 60 days to find and overpay for another house. It's all the same though, if I make an extra $20,000 on my home in this market, I'll just lose it on the purchase of a new one. Same if it was the other way, if I took a bath on the sale, I would just make it up on getting the new house super cheap. It doesn't really matter unless you're selling and not buying. 1 Link to comment Share on other sites More sharing options...
Link | 2,708 Posted June 18, 2021 Share Posted June 18, 2021 Is this the case everywhere? Like even in big cities? Loud cons have been talking about leaving for years, and I’ve read that trends around social distancing and work from home have been driving outmigration. Link to comment Share on other sites More sharing options...
Aguy | 771 Posted June 18, 2021 Share Posted June 18, 2021 We have been hunting for the past month. My wife and I are getting priced out of the area we grew up in so we'll be moving inland from the California coast. The market we've been looking at has been increasing $10k a month for the past year, way faster than we can save. We've seen 15 houses, seeing 5 more tomorrow and have only made one offer. It's hard to justify spending half a million dollars on some of the piles we've seen. 2 Link to comment Share on other sites More sharing options...
avatar! | 1,807 Posted June 18, 2021 Author Share Posted June 18, 2021 (edited) https://www.cnn.com/2021/06/17/homes/real-estate-listing-from-hell/index.html Edited June 18, 2021 by avatar! 1 Link to comment Share on other sites More sharing options...
Link | 2,708 Posted June 18, 2021 Share Posted June 18, 2021 10 minutes ago, avatar! said: One of those goofy property shows on H&G or Dabl has the motto “buy the worst house in the best neighborhood”, notion being that can maximize your ROI. This certainly seems to fit. Link to comment Share on other sites More sharing options...
RH | 4,895 Posted June 18, 2021 Share Posted June 18, 2021 I know that first CNN article was about "crazy" things Americans were doing to buy homes, but at large, is this still due to Chinese speculators moving their money out of China? It was the cause of the last boom, so much so that some cities and states considered heavy taxes on unoccupied houses to curb the outside investing. Link to comment Share on other sites More sharing options...
LeatherRebel5150 | 1,055 Posted June 18, 2021 Share Posted June 18, 2021 This market is really depressing for me. Me and my girlfriend have been saving for our first house which we wanted to be in our home town. But we’ll never be able to keep up with the market at this rate. We have absolutely no interest in living anywhere else so we are stuck. Family plans get put on hold as we dont want to raise a kid in an apartment. This all sucks big time 2 Link to comment Share on other sites More sharing options...
BortLicensePlate | 652 Graphics Team · Posted June 18, 2021 Share Posted June 18, 2021 My wife and I are looking to buy our first house soon might have the money saved up in about 15 years or so Link to comment Share on other sites More sharing options...
Hammerfestus | 3,820 Posted June 18, 2021 Share Posted June 18, 2021 A house near us sold recently for a (relatively) bonkers price in like a matter of days. Basement wasn’t even finished. It sure is tempting other than the not having a place to live. If we were more adventurous we could totally sell and live in an apartment or something until the housing market crashes. We’d actually talked not that long ago about how maybe we should have bought a more expensive house but where we are at seemed right and much bigger than we needed a decade ago. Link to comment Share on other sites More sharing options...
a3quit4s | 4,091 Posted June 18, 2021 Share Posted June 18, 2021 (edited) Houses near mine have been listed and sold in under a week for what I think are redicilous numbers. Was tempted to sell but then I'd just have to go right out and pay top dollar for my next house unless we wanted to move out of metro DC. Moved into a 15 year mortgage instead to take advantage of rates, couple hundred more a month and knocked over 10 years of payments off. Mortgage lender basically paid us to do it, no money out of pocket. Easy choice. Edited June 18, 2021 by a3quit4s 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,820 Posted June 18, 2021 Share Posted June 18, 2021 30 minutes ago, a3quit4s said: Houses near mine have been listed and sold in under a week for what I think are redicilous numbers. Was tempted to sell but then I'd just have to go right out and pay top dollar for my next house unless we wanted to move out of metro DC. Moved into a 15 year mortgage instead to take advantage of rates, couple hundred more a month and knocked over 10 years of payments off. Mortgage lender basically paid us to do it, no money out of pocket. Easy choice. My best bud currently lives in Arlington and is constantly opining about how he’ll never be able to afford to buy. Struggles to accept he’ll just have to move further out or whatever. But damn those prices are crazy. 1 Link to comment Share on other sites More sharing options...
a3quit4s | 4,091 Posted June 18, 2021 Share Posted June 18, 2021 16 minutes ago, Hammerfestus said: My best bud currently lives in Arlington and is constantly opining about how he’ll never be able to afford to buy. Struggles to accept he’ll just have to move further out or whatever. But damn those prices are crazy. They keep on building townhouses around me that start out at $600k in Gaithersburg and they aren't even near the metro and people keep on buying them even with working from home becoming a real thing for most people. I was 100% work from home regardless of the pandemic so I've always toyed with bouncing to the country but my wife is a high school teacher and I don't want her to have to give up her career. I'm just lucky I got to pay $380k for my house 5 years ago instead of the over $500k it would command now. I really feel for people trying to be first time homebuyers and coming up with the down payment or facing a huge PMI bill every month. 1 Link to comment Share on other sites More sharing options...
MrWunderful | 2,926 Posted June 18, 2021 Share Posted June 18, 2021 6 hours ago, RH said: I know that first CNN article was about "crazy" things Americans were doing to buy homes, but at large, is this still due to Chinese speculators moving their money out of China? It was the cause of the last boom, so much so that some cities and states considered heavy taxes on unoccupied houses to curb the outside investing. Some of the listings and for sale signs around here aren’t even in English, just all Chinese. If you go into one of the open houses and you are not Chinese they look at you weird and will not even speak English to you. It’s not many, but it’s enough to notice. Link to comment Share on other sites More sharing options...
A_Feisty_Pickle | 244 Posted June 18, 2021 Share Posted June 18, 2021 Went through the house buying process late last year. It was a pain then but I'm sure it's gotten even worse since. Also the fact I live in a small/mid sized town probably helps too, although there were plenty of houses we were interested in that sold within a day. Link to comment Share on other sites More sharing options...
ThePhleo | 2,184 Posted June 18, 2021 Share Posted June 18, 2021 (edited) What goes up will come down. I’m just gonna be renting another year, I was supposed to buy a house this summer but I’m just gonna wait for all those people paying 30-50% over asking price on their homes to foreclose on their mortgages. A financial crash is inevitable, we only put a bandaid on it in 2008 and COVID made us trip on a landmine. Edited June 18, 2021 by ThePhleo 1 Link to comment Share on other sites More sharing options...
MrWunderful | 2,926 Posted June 18, 2021 Share Posted June 18, 2021 1 minute ago, ThePhleo said: What goes up will come down. I’m just gonna be renting another year, I was supposed to buy a house this summer but I’m just gonna wait for all those people paying 30-50% over asking price on their homes to foreclose on their mortgages. A financial crash is inevitable, we only put a bandaid on it in 2008 and the true effects of COVID made us trip on a landmine. A lot Houses here are being bought cash with 3 day close. No mortgages, inspections, anything. Some sight unseen. If the houses are over 20-30 years old they get gutted and remodeled too, so it doesnt even really matter what the condition is like. Link to comment Share on other sites More sharing options...
ThePhleo | 2,184 Posted June 18, 2021 Share Posted June 18, 2021 Just now, MrWunderful said: A lot Houses here are being bought cash with 3 day close. No mortgages, inspections, anything. Some sight unseen. If the houses are over 20-30 years old they get gutted and remodeled too, so it doesnt even really matter what the condition is like. Where’s all this free spendable cash coming from and why isn’t it in the stock market. Warren buffet famously claims it’s idiocy to not take a 30 year mortgage. There’s blood in the water somewhere. Link to comment Share on other sites More sharing options...
RH | 4,895 Posted June 18, 2021 Share Posted June 18, 2021 31 minutes ago, MrWunderful said: Some of the listings and for sale signs around here aren’t even in English, just all Chinese. If you go into one of the open houses and you are not Chinese they look at you weird and will not even speak English to you. It’s not many, but it’s enough to notice. Which area/market is this? Any chance LA or around NYC or Chicago. I knew those were hot beds for Chinese investors 5-6 years ago and why small suburban homes were going for millions of dollars. I'm curious if this is spreading to the next larger metropolises in the US. We live in very rural town of about 3,500 people and it's about an hour and a half outside of Charlotte, and a good 30 minutes drive to the closest "Charlotte sprawl" neighborhood. We took a hit in home prices during early COVID, but even now they are shooting up by a few percentage points every month. A large portion of that is flight from the big cities. So, I think there are multiple factors at work here. Link to comment Share on other sites More sharing options...
RpgCollector | 900 Posted June 18, 2021 Share Posted June 18, 2021 I own a few rental houses in a very bad neighborhood in So Cal. Bought them for an average of 85k each. They are 1,300 sqft 3bd 2bath homes. I have several people of Chinese decent call almost everyday offering over 300k cash for each of them. I just laugh and say call back when the offer is 1mill each! 1 1 Link to comment Share on other sites More sharing options...
RH | 4,895 Posted June 18, 2021 Share Posted June 18, 2021 1 minute ago, RpgCollector said: I own a few rental houses in a very bad neighborhood in So Cal. Bought them for an average of 85k each. They are 1,300 sqft 3bd 2bath homes. I have several people of Chinese decent call almost everyday offering over 300k cash for each of them. I just laugh and say call back when the offer is 1mill each! AS someone who once owned about 350BTC, I highly recommend that if the market is still red-hot and they start offering $1,000,000 do what everyone else does and list them for $1,000,000 and instead of closing in 3 days, float all the offers you get for two weeks. If this craziness keeps up for another year or so and considering your location, it's not impossible. I do believe that what goes up must come down, even with the massive influx of useless investor money. Whether it's political or they wake up to the stupidity of their constant buying and selling of American property and inflating our homes, at some point there will be some form of property crash. 1 Link to comment Share on other sites More sharing options...
MrWunderful | 2,926 Posted June 18, 2021 Share Posted June 18, 2021 1 hour ago, RH said: Which area/market is this? Any chance LA or around NYC or Chicago. I knew those were hot beds for Chinese investors 5-6 years ago and why small suburban homes were going for millions of dollars. I'm curious if this is spreading to the next larger metropolises in the US. We live in very rural town of about 3,500 people and it's about an hour and a half outside of Charlotte, and a good 30 minutes drive to the closest "Charlotte sprawl" neighborhood. We took a hit in home prices during early COVID, but even now they are shooting up by a few percentage points every month. A large portion of that is flight from the big cities. So, I think there are multiple factors at work here. Sf bay area, 20 mins south of SF proper. 1 hour ago, ThePhleo said: Where’s all this free spendable cash coming from and why isn’t it in the stock market. Warren buffet famously claims it’s idiocy to not take a 30 year mortgage. There’s blood in the water somewhere. great question! Link to comment Share on other sites More sharing options...
Reed Rothchild | 9,509 Editorials Team · Posted June 18, 2021 Share Posted June 18, 2021 We bought our house a year ago. There is an equivalent house one block behind us that just sold for $300,000 more than we paid. https://www.nytimes.com/2021/05/12/opinion/bozeman-montana-housing.html 1 Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted June 18, 2021 Share Posted June 18, 2021 7 hours ago, a3quit4s said: ...so I've always toyed with bouncing to the country but my wife is a high school teacher and I don't want her to have to give up her career. Last time I checked, there are lots of high schools in lower cost of living areas than DC-metro Link to comment Share on other sites More sharing options...
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