avatar! | 1,819 Posted June 20, 2021 Author Share Posted June 20, 2021 1 hour ago, Code Monkey said: I'd have to double the sale price. In this market, you still might get twice the asking price! Link to comment Share on other sites More sharing options...
Dr. Morbis | 2,089 Posted June 22, 2021 Share Posted June 22, 2021 Yeah, this is all pretty crazy. I just bought and moved into a house that is/was the most expensive house on its block on May 4, and since then, in a mere six weeks the average house sale in this neighbourhood has gone up by over 50k!!! Free equity for me, I guess... Link to comment Share on other sites More sharing options...
Tanooki | 4,934 Posted June 23, 2021 Share Posted June 23, 2021 I'd sell, but I just had to refit late last year to repair of lot of old age damage and some stupid mistakes the former owner did to this place. But even that up I could do well, problem is, then you have the stress of having to compete to overpay on another home elsewhere which kind of defeats the purpose entirely. Link to comment Share on other sites More sharing options...
Tenjikuronin | 1,732 Posted June 23, 2021 Share Posted June 23, 2021 On 6/17/2021 at 11:48 PM, 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. If I remember correctly, Vancouver BC was charging something like 20% tax on purchased property. Link to comment Share on other sites More sharing options...
RH | 4,909 Posted June 23, 2021 Share Posted June 23, 2021 34 minutes ago, Tenjikuronin said: If I remember correctly, Vancouver BC was charging something like 20% tax on purchased property. Really? I don't see how that will help, unless it's specifically outside money. I'd heard that places like LA were considering passing heavy taxation laws on in occupied homes, which still isn't perfect (it creates a new business models for property management companies to assist outside property investors) but with a 20% tax, the Uber rich Chinese investors are probably still willing to just eat the loss. Link to comment Share on other sites More sharing options...
Tenjikuronin | 1,732 Posted June 23, 2021 Share Posted June 23, 2021 9 minutes ago, RH said: Really? I don't see how that will help, unless it's specifically outside money. Yep, it was the foreign buyer tax which they increased from 15% to 20%. Anecdotally, it seems a lot of Chinese investors went south of the border and started buying in the Seattle area, where the market was already a mess. 1 Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted June 23, 2021 Share Posted June 23, 2021 I looked at some show homes 3 days ago and took some friends with us that just moved into the area about 3 months ago. They told me they looked at that show home when they were buying and it was $150,000 cheaper. Link to comment Share on other sites More sharing options...
Andy_Bogomil | 815 Posted June 23, 2021 Share Posted June 23, 2021 Insane here in Canada too. We bought our house about 3 years ago and it was on the market for 2 months. Listed at $360K and bought for $330K. A comparable house just sold a few doors down last week... on the market for maybe 2 days, listed at $525K and sold for $580K. Even with a great job I'd be hard-pressed to be able to afford a down payment on anything within an hour of the city these days. None of it does any good though as the equity would be lost with a new purchase... just paying more property taxes as my assessment goes up year after year. 1 Link to comment Share on other sites More sharing options...
Aguy | 773 Posted June 23, 2021 Share Posted June 23, 2021 We put an offer on a house a few days ago. List price was $440K, our offer was $470K, and we still weren't contenders. Our realtor found out the final round offers were $475K with free 30 day rent back. Link to comment Share on other sites More sharing options...
CodysGameRoom | 2,008 Posted June 23, 2021 Share Posted June 23, 2021 Bought my house in September 2017 for 146,000. Sold it in June 2021 for 200,000. So that was nice. Listed it Friday and was sold by Sunday night. Used the proceeds to put a down payment on another house of course. But there were so many proceeds I was also able to pay off my car, and we were able to furnish the house. In the end we barely touched our actual funds that we saved up. Finding a house wasn't TOO bad, and I honestly feel lucky. Our third offer was accepted. 320,000 house. We put an offer for only 5k over and it appraised at exactly the asking price of 320,000. Sellers asked us to pay half the difference in cash, so we did the extra 2,500 (out of our proceeds of course). I'll be sharing some photos of the new game room when it's all done, but it's the last priority, and there's a few projects that need to be completed first. But yea, wild market. To profit that much after 3 1/2 years, well, it makes me pretty happy. 3 Link to comment Share on other sites More sharing options...
avatar! | 1,819 Posted July 28, 2021 Author Share Posted July 28, 2021 Anyone else selling/buying? Home prices can't go straight up forever. But this probably isn't a bubble https://www.cnn.com/2021/07/27/economy/housing-bubble-fears-overblown/index.html "We have a housing shortage. In shortages, prices don't decline," said Lawrence Yun, chief economist at the National Association of Realtors. Home prices surged by 16.6% in May, accelerating from the 14.8% gain in April, according to data published Tuesday by S&P CoreLogic Case-Shiller Indices. The latest figures mark the biggest annual gain in home prices since the group began tracking the metric more than 30 years ago. Home prices spiked by 25.9% in Phoenix, 24.7% in San Diego and 23.4% in Seattle, according to the report. Link to comment Share on other sites More sharing options...
Aguy | 773 Posted July 28, 2021 Share Posted July 28, 2021 I'm moving in a couple weeks. My wife and I grew up in north San Diego county and we started our family here, but we can't afford to buy anything here anymore so we're going 45 minutes north into Riverside county. We spent 6 weeks hunting. We lucked out on the house we did get as they originally went with another buyer who dropped out so we got a second chance. We were prepared to give the hunt one more week before calling it quits as we didn't want to move the kids during school. Now we are moving on 8/7 and their first day at a new school in a new town is 8/11. List price was $450K, offered $465K, they countered and we accepted at $475K. Link to comment Share on other sites More sharing options...
Reed Rothchild | 9,545 Editorials Team · Posted July 28, 2021 Share Posted July 28, 2021 Here's the house we sold 12 months ago for $445,000. To think I was paranoid about being stuck with it and floating two mortgages Link to comment Share on other sites More sharing options...
WalterWhiteJr. | 1,162 Posted July 28, 2021 Share Posted July 28, 2021 3 minutes ago, Reed Rothchild said: Here's the house we sold 12 months ago for $445,000. To think I was paranoid about being stuck with it and floating two mortgages That’s a nice house. Link to comment Share on other sites More sharing options...
doner24 | 1,196 Moderator · Posted July 28, 2021 Share Posted July 28, 2021 We are looking to move. I bought my house in 2011 at the absolute bottom of the market for $207K. Similar houses are going for $400K in the neighborhood. The problem we are facing is that the area we want to move, doesn’t have the inventory of homes in the range that we want, rather they are mostly less home than we want as it’s a more rural area than the nice suburbs we would be moving from. We’ve placed one offer on a nice place, 4000 sq ft, 3 acres with a pond, heated salt water pool and nice big heated shop. We put a very competitive bid, well over the $570k asking and got beat by $55k. I think our best bet is finding a nice lot to buy and then building what we want. Still feel lucky to be in a good spot, without the need to move now and settle for something. Link to comment Share on other sites More sharing options...
TDIRunner | 2,742 Posted July 28, 2021 Share Posted July 28, 2021 Closed on my house last week. I ended up with a few concessions since the house wasn't in the best location, but I'm still happy with what I got out of it. I had an offer the first weekend of listing it, and had everything closed and complete within a month. I made considerably more than I would have if I sold it when I moved out of it 9 years ago. The work and hassle of renting it out over those 9 years was stressful, but at least I can say I got paid for my work and now that it's gone, it is a huge weight off my shoulders. We are interested in upgrading our current home to something larger, but I absolutely refuse to try and buy something with the way prices are right now. Since we have no need to move now, we will simply wait until prices become more reasonable. Link to comment Share on other sites More sharing options...
Boosted52405 | 178 Posted July 28, 2021 Share Posted July 28, 2021 On the verge of putting my house up for sale after it gets re-sided (any day now!). Deeply excited to move on from this place and hopefully come out a chunk ahead. However, terrified of buying right now with the market! 1 Link to comment Share on other sites More sharing options...
MrMark0673 | 197 Posted August 3, 2021 Share Posted August 3, 2021 (edited) Purchased multi-family #4 in October, gearing up to buy more by the spring. Everything is at least a million around here, but even with high prices and competitive market, you can get deals done if you know what you're doing. There will be some slowing down and a correction, but you won't see what happened in '08. It's a long conversation, but the lending that was happening during that time was very different than the lending you're dealing with today. Not worried about timing the market as the rent rolls cover the mortgage and then some. No vacancies or missed rent during all of Covid, and all my units are officially leased through 8/31/22 now. Not to mention the amortization, appreciation, depreciation, and other benefits. Nothing better than real estate. Edited August 3, 2021 by MrMark0673 Link to comment Share on other sites More sharing options...
Kguillemette | 1,544 Posted August 4, 2021 Share Posted August 4, 2021 Just went under contract. We just offered the asking price and the sellers accepted. The home inspection revealed some high priority work to be done, (new water heater, some shoddy plumbing in areas, among other things.) But that's how it goes considering this was a multifamily rental property that we plan to convert to a single family. I'll take a fixer upper right now considering the size of the house and area it's in.(lakes region, NH) Wish us luck on a smooth closing! 3 Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted August 4, 2021 Share Posted August 4, 2021 Bought my house in 2009 for $267,500, listed it 6 weeks ago for $280,000 and nobody will even make an offer. Does anyone have any advice for selling a 1150 square foot townhouse? Link to comment Share on other sites More sharing options...
avatar! | 1,819 Posted August 4, 2021 Author Share Posted August 4, 2021 17 minutes ago, Code Monkey said: Bought my house in 2009 for $267,500, listed it 6 weeks ago for $280,000 and nobody will even make an offer. Does anyone have any advice for selling a 1150 square foot townhouse? I have some nice video games for trade Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,013 Posted August 4, 2021 Share Posted August 4, 2021 My friend makes $55k a year with a wife and a kid and got approved for $300k mortgage. It seems high but I guess that's just how much a started house goes for these days? Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,013 Posted August 4, 2021 Share Posted August 4, 2021 15 hours ago, Code Monkey said: Bought my house in 2009 for $267,500, listed it 6 weeks ago for $280,000 and nobody will even make an offer. Does anyone have any advice for selling a 1150 square foot townhouse? Is the basement finished, or is there a loft? Those are good ways to improve living space and set it apart from the other townhomes. Link to comment Share on other sites More sharing options...
TDIRunner | 2,742 Posted August 4, 2021 Share Posted August 4, 2021 (edited) 13 minutes ago, RegularGuyGamer said: My friend makes $55k a year with a wife and a kid and got approved for $300k mortgage. It seems high but I guess that's just how much a started house goes for these days? It all depends on where you live. Starter homes are still under $100k in this part of the country. I know interest rates are really low right now, but money is going to be pretty tight for that family. Edited August 4, 2021 by TDIRunner 1 1 Link to comment Share on other sites More sharing options...
TDIRunner | 2,742 Posted August 4, 2021 Share Posted August 4, 2021 15 hours ago, Code Monkey said: Bought my house in 2009 for $267,500, listed it 6 weeks ago for $280,000 and nobody will even make an offer. Does anyone have any advice for selling a 1150 square foot townhouse? I would suggest comparing your townhouse to similar ones in the area. Even in a good housing market, if similar homes are listed near you for less money, yours won't sell. Or it could be that others are listed for the same money, but have more up to date renovations. When comparing, you really need to make sure it's an apples to apples comparison. When I sold my house last month, I checked the entire county to make sure there weren't similar homes offered for less money. I only found a few, and they were all in terrible shape and had pending offers anyway. So my house was one of the better deals in the area and it sold quick. Link to comment Share on other sites More sharing options...
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