How's your housing market? (4 Viewers)

[-OZ-]

Alright real estate agents.  We're probably going to sell our 8 acres near a lake in Tennessee. Bought 10 years ago for around $50,000. It's a rural area, hill top with an incredible view. Only reason we're looking to sell it's it's 2.5 hours away which seems too far to travel most weekends. 

I emailed remax, they said they'd sell it but immediately asked us how much we think it's worth. Isn't that their job? 

Does anyone here sell near Nashville? (About an hour east). 

 

[Sand]

Go on....

Fort Morgan.  

And I've been laughed at on here when I stated that it's a world class beach.

 

[ffjunk]

Check out Redfin and Purple Brick -- their whole business model is offering the discounted listing percentage.   Would you not consider them because you would feel they would be unable to negotiate on your behalf?   

I offered up advice to a seller that if they did not have a listing agreement they should try to get their agent to take 1%, especially if that agent was potentially getting commission on the next purchase.   I would also argue that an agent charging you 3% could do just as good a job, if not better, than one charging you 6%.   If you want to pay 6% because you think that is going to net you more money, you can go ahead and do that, but in my opinion that is not a prudent financial decision.   

What I’m saying is if you can’t successfully negotiate your own percentage to 4-5%, which is the norm,  then how am I going to believe that you can sell my house for what I need rather than to a number that suits you? 

 

[Slapdash]

If I were going to make a modern Tulip Bubble Souffle- I'd start with the fresh ingredients from this thread. (and I bought a house in the past 6 months in one of the fastest growing cities in the US- so who am I to condemn the masses.  Ooohh...there's a pretty purple tulip over there...yummm)

It really is crazy....and it keeps on going. 

 

[-OZ-]

Fort Morgan.  

And I've been laughed at on here when I stated that it's a world class beach.

The photos look really nice.  Might need to check it out... It's only 6 hours away from us.

 

[flapgreen]

When will the market slow down? We're planning on moving up to our second home in about 3 years or so. If we were buying our first home now, we couldn't even afford the home we live in. We have a lot of equity in our current home, though. 

 

[Zegras11]

Alright real estate agents.  We're probably going to sell our 8 acres near a lake in Tennessee. Bought 10 years ago for around $50,000. It's a rural area, hill top with an incredible view. Only reason we're looking to sell it's it's 2.5 hours away which seems too far to travel most weekends. 

I emailed remax, they said they'd sell it but immediately asked us how much we think it's worth. Isn't that their job? 

Does anyone here sell near Nashville? (About an hour east). 

Yes, but they want to get a feeling of where your thinking is.  The market sets prices, not agents. Not sellers.  I'll go over all the relevant comps with them in detail and then suggest where we should start to get the most possible buyers into the home and make offers.

 

[Zegras11]

When will the market slow down? We're planning on moving up to our second home in about 3 years or so. If we were buying our first home now, we couldn't even afford the home we live in. We have a lot of equity in our current home, though. 

Inventory levels just about everywhere are at record low levels.  Until this changes, it's not going to stop.  It's 98% supply and demand right now.

 

[flapgreen]

Inventory levels just about everywhere are at record low levels.  Until this changes, it's not going to stop.  It's 98% supply and demand right now.

What affects inventory levels and what do you think would need to happen to increase inventory, outside of just build more houses? 

 

[Zegras11]

What affects inventory levels and what do you think would need to happen to increase inventory, outside of just build more houses? 

Many things are affecting it.  

When the market crashed 10 years ago, builders over built and got hammered with a ton of empty homes.  They are  are not building more than one of each model to use for showings, and even those are selling before they are done.  They didn't build much for a few years after the crash. They have not kept up.

Many investors bought existing homes ten years ago and they are not selling these homes as rents continue to rise. This might be one of the largest factors. Demand to rent a home is just as crazy as buying a home. Huge lack of inventory there also. I'm looking to buy land to build fourplexes and can flip them w/o financing on my own to 1031 exchanges looking for better returns than they get in CA. Projects are getting funded with the 1031 money. Crazy stuff here.

I've sold to many 20-25 year old couples the past few years.  You have a lot of people that have just finished recovering from ten years ago. The people that lost their homes have finally had credit scores recover. And you have a lot of baby boomers down sizing.  Those three and more are crushing the entry and next level up markets.

Retirees are crushing our market as they move from other areas like CA, SEA, Denver and paying cash for a great $300-500k home and pocketing the same or more to add for retirement.

People are just doing better overall IMO.

Interest rates have spiked up the last 3 months.  Loans at 3.5 are now at 4.25.  Lenders think it might go to 5.25 in less than a year. That could slow down the amount of potential buyers.

I also heard that the national averages were that people sold and moved on average every six years.  That number is climbing as people are choosing to just fix up there homes instead of trading up to a nicer home.

It's like the perfect storm for anyone choosing to sell right now.

 

[flapgreen]

Many things are affecting it.  

When the market crashed 10 years ago, builders over built and got hammered with a ton of empty homes.  They are  are not building more than one of each model to use for showings, and even those are selling before they are done.  They didn't build much for a few years after the crash. They have not kept up.

Many investors bought existing homes ten years ago and they are not selling these homes as rents continue to rise. This might be one of the largest factors. Demand to rent a home is just as crazy as buying a home. Huge lack of inventory there also. I'm looking to buy land to build fourplexes and can flip them w/o financing on my own to 1031 exchanges looking for better returns than they get in CA. Projects are getting funded with the 1031 money. Crazy stuff here.

I've sold to many 20-25 year old couples the past few years.  You have a lot of people that have just finished recovering from ten years ago. The people that lost their homes have finally had credit scores recover. And you have a lot of baby boomers down sizing.  Those three and more are crushing the entry and next level up markets.

Retirees are crushing our market as they move from other areas like CA, SEA, Denver and paying cash for a great $300-500k home and pocketing the same or more to add for retirement.

People are just doing better overall IMO.

Interest rates have spiked up the last 3 months.  Loans at 3.5 are now at 4.25.  Lenders think it might go to 5.25 in less than a year. That could slow down the amount of potential buyers.

I also heard that the national averages were that people sold and moved on average every six years.  That number is climbing as people are choosing to just fix up there homes instead of trading up to a nicer home.

It's like the perfect storm for anyone choosing to sell right now.

Really good breakdown. Appreciate. Looks like we're gonna be here for a good while then. 

We like our current home and it's about the average cost of a home where we live. We would likely move up in home value by another 50% if we left where we're at now.

 

[needanap]

What the market is here -- a 2100 sq. ft. 4/3 that was built in 1966 and was pretty much original, on an overgrown 6000 square foot lot, sold after the first open house for $950,000.   They could have used a turnstile at the open house due to all the traffic.   Closed in 30 days with no inspections because the buyers gutted the place.   This is in Huntington Beach a little over a mile from the beach, walking distance to a very good elementary school.    Same neighborhood, 1100 sq ft 3/2 are going for $800,000.   A small 2/1 house received 32 offers because it was "only" $700,000.

There was article stating that a balanced market occurs with about 8000 homes on the market and we are currently just over 4000+, so very much a sellers market.

 

[Zegras11]

What the market is here -- a 2100 sq. ft. 4/3 that was built in 1966 and was pretty much original, on an overgrown 6000 square foot lot, sold after the first open house for $950,000.   They could have used a turnstile at the open house due to all the traffic.   Closed in 30 days with no inspections because the buyers gutted the place.   This is in Huntington Beach a little over a mile from the beach, walking distance to a very good elementary school.    Same neighborhood, 1100 sq ft 3/2 are going for $800,000.   A small 2/1 house received 32 offers because it was "only" $700,000.

There was article stating that a balanced market occurs with about 8000 homes on the market and we are currently just over 4000+, so very much a sellers market.

I grew up in HB.   What x-streets?

 

[needanap]

I grew up in HB.   What x-streets?

Beach and Atlanta.   Pacific Sands housing area.

 

[Zegras11]

Beach and Atlanta.   Pacific Sands housing area.

nice..  My first home buy was on Delaware of Yorktown near Beach

I went to Gisler Jr High

grew up in Meridith Gardens .  Brookhurst/Adams

 

[Sand]

The photos look really nice.  Might need to check it out... It's only 6 hours away from us.

If you want condos/restaurants/amusement parks Gulf Shores and Orange Beach have a lot there.  If you wanted a more quiet place with more single family residences Fort Morgan is the place to go.  With your kids you have a choice there.

 

[Buckna]

If I were going to make a modern Tulip Bubble Souffle- I'd start with the fresh ingredients from this thread. (and I bought a house in the past 6 months in one of the fastest growing cities in the US- so who am I to condemn the masses.  Ooohh...there's a pretty purple tulip over there...yummm)

I've got a lot of concerns about this myself. When my wife decided to become an agent a few years ago, I did a pretty intensive review of our finances. I budgeted and had her work a few more months so we had enough in savings to cover all our expenses in case she made zero money for the first year just in case (everything I read ahead of her switch said most new real estate agents make nothing for at least 6 months.) I've paid down our debt enough, cut enough expenses and gotten some pretty sizable raises that we are now break even on just what I bring in with my income. So if the housing market does implode, it will suck, but we will be fine with a little extra belt tightening to cover unexpected expenses.

She's just now really starting to have a decent amt of income come in, so I am hoping this market lasts long enough that I can take care of few things that we couldn't afford the last few years (like paying off the rest of her student loans) and start saving up a sizeable amount for either some rental property or a "just in case the economy implodes" fund.

 

[NeverEnough]

Many things are affecting it.  

When the market crashed 10 years ago, builders over built and got hammered with a ton of empty homes.  They are  are not building more than one of each model to use for showings, and even those are selling before they are done.  They didn't build much for a few years after the crash. They have not kept up.

Many investors bought existing homes ten years ago and they are not selling these homes as rents continue to rise. This might be one of the largest factors. Demand to rent a home is just as crazy as buying a home. Huge lack of inventory there also. I'm looking to buy land to build fourplexes and can flip them w/o financing on my own to 1031 exchanges looking for better returns than they get in CA. Projects are getting funded with the 1031 money. Crazy stuff here.

I've sold to many 20-25 year old couples the past few years.  You have a lot of people that have just finished recovering from ten years ago. The people that lost their homes have finally had credit scores recover. And you have a lot of baby boomers down sizing.  Those three and more are crushing the entry and next level up markets.

Retirees are crushing our market as they move from other areas like CA, SEA, Denver and paying cash for a great $300-500k home and pocketing the same or more to add for retirement.

People are just doing better overall IMO.

Interest rates have spiked up the last 3 months.  Loans at 3.5 are now at 4.25.  Lenders think it might go to 5.25 in less than a year. That could slow down the amount of potential buyers.

I also heard that the national averages were that people sold and moved on average every six years.  That number is climbing as people are choosing to just fix up there homes instead of trading up to a nicer home.

It's like the perfect storm for anyone choosing to sell right now.

So many small apartments in my area rent for lots more than a mortgage on a modest home. WTF people?!

 

[NeverEnough]

Inventory levels just about everywhere are at record low levels.  Until this changes, it's not going to stop.  It's 98% supply and demand right now.

Spring is list your house for sale season so I'm hoping I can find something to buy. If not, I might just give up.

 

[siffoin]

Many things are affecting it.  

When the market crashed 10 years ago, builders over built and got hammered with a ton of empty homes.  They are  are not building more than one of each model to use for showings, and even those are selling before they are done.  They didn't build much for a few years after the crash. They have not kept up.

Many investors bought existing homes ten years ago and they are not selling these homes as rents continue to rise. This might be one of the largest factors. Demand to rent a home is just as crazy as buying a home. Huge lack of inventory there also. I'm looking to buy land to build fourplexes and can flip them w/o financing on my own to 1031 exchanges looking for better returns than they get in CA. Projects are getting funded with the 1031 money. Crazy stuff here.

I've sold to many 20-25 year old couples the past few years.  You have a lot of people that have just finished recovering from ten years ago. The people that lost their homes have finally had credit scores recover. And you have a lot of baby boomers down sizing.  Those three and more are crushing the entry and next level up markets.

Retirees are crushing our market as they move from other areas like CA, SEA, Denver and paying cash for a great $300-500k home and pocketing the same or more to add for retirement.

People are just doing better overall IMO.

Interest rates have spiked up the last 3 months.  Loans at 3.5 are now at 4.25.  Lenders think it might go to 5.25 in less than a year. That could slow down the amount of potential buyers.

I also heard that the national averages were that people sold and moved on average every six years.  That number is climbing as people are choosing to just fix up there homes instead of trading up to a nicer home.

It's like the perfect storm for anyone choosing to sell right now.

I'm greatly concerned about this for the LT sustainability of the Boise market.  Retirees are like yogurt - great and healthy at first but they have an expiration date, and the nearer it gets the more sour they become.  The more retirees move here the more our entire economy is going to be dependent on cheap service jobs and medical care (I believe St Lukes is already the largest employer in the State).  The service jobs don't pay much nor do they offer much in benefits to younger people who are needed to fill them.  While medical care is a high paying field - the retirees will need more and more of it and be a huge drain of the the entire system - squeezing out young people who can't afford it.  In addition: retirees have no loyalty to the community.  They weren't born here, they didn't get educated here, they didn't work here, they didn't raise a family here.  They are only here because it's cheaper than where they actually have loyalty to.  If and when the shiz hits the fan and taxes need to be raised to educate kids or for projects that aren't in their self-interest - they will vote that down (and that in fact happened in places like Nampa in the downturn a decade ago).  The retirees are squeezing the sustainability of the economy for young people- eventually to the point there is no juice left. One final note of the expiration date of retirees:  whose going to buy all their houses when the expiration date comes due?  The baristas and bartenders working downtown making $9.00 hour?  One final note on top of that final note:  These retirees lack a level of simple awareness and common courtesy that is what makes Boise a really nice place to live.  And while not every retiree from out of state is an #####...a larger percentage of a-holes I encounter are out of state retirees.

 

[needanap]

nice..  My first home buy was on Delaware of Yorktown near Beach

I went to Gisler Jr High

grew up in Meridith Gardens .  Brookhurst/Adams

last home to sell in Meredith Gardens --  very nicely remodeled home, 4/4, 2878 sq ft.   Listed on a Friday at $1,075,000.  Open houses on weekend, accepted offer on Monday for $1,125,000 and closed 30 days later.  (December 2017).

 

[Zegras11]

I'm greatly concerned about this for the LT sustainability of the Boise market.  Retirees are like yogurt - great and healthy at first but they have an expiration date, and the nearer it gets the more sour they become.  The more retirees move here the more our entire economy is going to be dependent on cheap service jobs and medical care (I believe St Lukes is already the largest employer in the State).  The service jobs don't pay much nor do they offer much in benefits to younger people who are needed to fill them.  While medical care is a high paying field - the retirees will need more and more of it and be a huge drain of the the entire system - squeezing out young people who can't afford it.  In addition: retirees have no loyalty to the community.  They weren't born here, they didn't get educated here, they didn't work here, they didn't raise a family here.  They are only here because it's cheaper than where they actually have loyalty to.  If and when the shiz hits the fan and taxes need to be raised to educate kids or for projects that aren't in their self-interest - they will vote that down (and that in fact happened in places like Nampa in the downturn a decade ago).  The retirees are squeezing the sustainability of the economy for young people- eventually to the point there is no juice left. One final note of the expiration date of retirees:  whose going to buy all their houses when the expiration date comes due?  The baristas and bartenders working downtown making $9.00 hour?  One final note on top of that final note:  These retirees lack a level of simple awareness and common courtesy that is what makes Boise a really nice place to live.  And while not every retiree from out of state is an #####...a larger percentage of a-holes I encounter are out of state retirees.

Don't disagree with this....  The vast majority of people I'm running into are moving here because of what Boise is and are trying to fit in, not change it.  They are doing tons of research and choosing here.   We need the inventory for when the yogurt expires!

 

[Zegras11]

last home to sell in Meredith Gardens --  very nicely remodeled home, 4/4, 2878 sq ft.   Listed on a Friday at $1,075,000.  Open houses on weekend, accepted offer on Monday for $1,125,000 and closed 30 days later.  (December 2017).

wow..... My dad bought brand new in 1969 for $39,000.

 

[Zegras11]

That awkward moment when you set up a showing three hours in advance and you arrive and seller is taking a shower and listing agent booked us to the wrong listing. Luckily, they were singing in the shower and didn't walk in on them.

 

[Chadstroma]

LOL....  So my clients that just lost Sunday to ten offers lost again against only one offer just now.  This place had $10k in work done (mold, windows, some carpet) and there were at least a dozen other things that needed repairs/updates.  The master shower was in the closet. LOL.  We offered under because it still needed 20k of work. They accepted the other offer with no inspection contingencies.  What a disaster that is going to be.

No inspection? Are the buyers planning to level the place and build new?! Who in their right mind would do that otherwise at all, let alone a clear fixer upper?

 

[Zegras11]

No inspection? Are the buyers planning to level the place and build new?! Who in their right mind would do that otherwise at all, let alone a clear fixer upper?

In the last week, I've seen it on 4 different deals.   I hear it's quite common in the much larger markets.

 

[Chadstroma]

In the last week, I've seen it on 4 different deals.   I hear it's quite common in the much larger markets.

Insane. Back in 2012 had a deal miss because seller went with offer waiving inspection on a FHA loan. Seller was a complete moron. It was our second dance... first go around they went with an offer because they were putting 30% down vs our 20%.... but they had a sell contingency while we had no contingency. Moron.

 

[the rover]

Bought a house recently in the Seattle area after losing out in 5 bidding wars.  Inspection and appraisal were waived in all 5.

 

[pollardsvision]

I've been house shopping for a few months now & have decided that I'm giving up if I find nothing by early summer. It's too much of a seller's market. Wish I could move to bum#### & get one of the really nice 2 car garage homes for less than what no garage or 1 cars sell for in this area. I am not willing to have a hour+ commute again, though.

I'm not even looking for anything fancy. The problem for me seems to be it suddenly cost a ton more just for a 2 car v 1 car garage. WTH?! I don't think I'd be happy settling for another 1 car home & I am also itching to get back into a fast car. House shopping is holding up car shopping. I have toys now, but they don't fill the straight line speed slot. Miss my C6Z...

Why would you want to hide your hot rod from the neighbors?

 

[NeverEnough]

 Inspection and appraisal were waived in all 5.

People are so stupid. Sounds like many never learned from the last bubble.

 

[⚡DEADHEAD⚡]

People are so stupid. Sounds like many never learned from the last bubble.

Bought our house in 2007 at the height of the bubble. House is worth 2x what it was now. May go down in the next bubble burst. But that's ok. 

Do whatever it takes to own property and stop renting. You'll be fine in the long run. And yes, in some places, that means having no contingencies. If that doesn't work for you, live somewhere else.

 

[The General]

No inspection? Are the buyers planning to level the place and build new?! Who in their right mind would do that otherwise at all, let alone a clear fixer upper?

In the last week, I've seen it on 4 different deals.   I hear it's quite common in the much larger markets.

We have bought 2 places in crazy markets. In both cases we paid out of pocket for inspections before we bid. Just a cost of what you have to do to get a place, any offers with a contingency just get tossed.

 

[Shutout]

Alright real estate agents.  We're probably going to sell our 8 acres near a lake in Tennessee. Bought 10 years ago for around $50,000. It's a rural area, hill top with an incredible view. Only reason we're looking to sell it's it's 2.5 hours away which seems too far to travel most weekends. 

I emailed remax, they said they'd sell it but immediately asked us how much we think it's worth. Isn't that their job? 

Does anyone here sell near Nashville? (About an hour east). 

2.5 hours away too far most weekends?  Dang, I am a glutton for punishment.  I bought a lake cabin in North Carolina and travel 4.5 hours to get there about  3 out of every 4 weeks.  But it's a great place.  

Original question that was posted: my house market is STRONG for sellers right now.  Sold a house a year ago for full asking price in a day.  Sold a house last week about twice the size for full asking price in about three days.  My real estate agent is a magician/wizard to start with but he's even coasting.  On the listing he literally posted "come and get it" .   Lol

 

[-OZ-]

2.5 hours away too far most weekends?  Dang, I am a glutton for punishment.  I bought a lake cabin in North Carolina and travel 4.5 hours to get there about  3 out of every 4 weeks.  But it's a great place.  

We go back and forth with this land. We wouldn't buy it today but we do really like it. 

4.5 hours each direction? How long have you been doing that? Just seems like you're spending more time in the car than enjoying the place. Especially once you include routine maintenance of a cabin. 

 

[PIK95]

In the last week, I've seen it on 4 different deals.   I hear it's quite common in the much larger markets.

I had at least 25% of my buyers waive inspections last year fwiw.  Construction guys never want to pay for them especially.

 

[Zegras11]

I had at least 25% of my buyers waive inspections last year fwiw.  Construction guys never want to pay for them especially.

If they can do their own, then ya....   I'm seeing at as a negotiating tool to win offers now on houses that are 40-50 years old.

 

[flapgreen]

Alright real estate agents.  We're probably going to sell our 8 acres near a lake in Tennessee. Bought 10 years ago for around $50,000. It's a rural area, hill top with an incredible view. Only reason we're looking to sell it's it's 2.5 hours away which seems too far to travel most weekends. 

I emailed remax, they said they'd sell it but immediately asked us how much we think it's worth. Isn't that their job? 

Does anyone here sell near Nashville? (About an hour east). 

Center Hill? I love it out that way! 

 

[PIK95]

If they can do their own, then ya....   I'm seeing at as a negotiating tool to win offers now on houses that are 40-50 years old.

Part of it is they don't want to pay the $600-700 either.  It's strange times for sure.

 

[Keerock]

Market sucks in Detroit Metro.  House I bought/built in 1999 still barely back to what I paid for it.   

 

[eoMMan]

For those with lots of equity and sold (or planning to sell soon), did you roll all of that equity into a newer, more expensive home?

That's probably what we'll do in 3 years or so. It's great to have your house go up in value but it sucks to have to now pay more for the new house. 

 

[Shutout]

We go back and forth with this land. We wouldn't buy it today but we do really like it. 

4.5 hours each direction? How long have you been doing that? Just seems like you're spending more time in the car than enjoying the place. Especially once you include routine maintenance of a cabin. 

About 9 months now.  We do as many three day weekend and other things as we can in order to get as much time in as we can.  I won't lie, it's not a walk in the park but like most things, once we got used to it, it was manageable. We have it down pat now as far as prepping and travelling.  About the only thing that buzzkills it is if we get caught in traffic and road construction. 

It works for us because it really has become "what we needed". To get away from the work and cell phones and business in the city and come out to a place where sometimes the phone has a signal, sometimes it doesn't, it's like living off the grid and recharging and for where we are right now, it's ideal. 

 

[PIK95]

For those with lots of equity and sold (or planning to sell soon), did you roll all of that equity into a newer, more expensive home?

That's probably what we'll do in 3 years or so. It's great to have your house go up in value but it sucks to have to now pay more for the new house. 

I have a buyer doing this right now.  I had her install electric heat in the big addition that had none.  I will try and grind her out another 20k towards her upgrade home now.  Huge sellers market around here right now.  

 

[-OZ-]

About 9 months now.  We do as many three day weekend and other things as we can in order to get as much time in as we can.  I won't lie, it's not a walk in the park but like most things, once we got used to it, it was manageable. We have it down pat now as far as prepping and travelling.  About the only thing that buzzkills it is if we get caught in traffic and road construction. 

It works for us because it really has become "what we needed". To get away from the work and cell phones and business in the city and come out to a place where sometimes the phone has a signal, sometimes it doesn't, it's like living off the grid and recharging and for where we are right now, it's ideal. 

Sounds awesome.

 

[-OZ-]

Just spit balling here, how much would you expect to pay to build a 2500' cabin on a hill top? Possibly a log cabin. 

I know it depends on many factors like quality of materials, plumbing, electric, etc. But roughly speaking would you pay the same to build a house as to buy a similar house?  We can do many of the basic things but I won't touch plumbing or most electrical. 

We'd want to keep it simple and an open floor plan, probably 4 bedrooms and a loft, walkout basement. 

 

[siffoin]

If they can do their own, then ya....   I'm seeing at as a negotiating tool to win offers now on houses that are 40-50 years old.

Adding a hefty pinch of Euphora to my Bubble Souffle Recipe. 

 

[Zegras11]

Adding a hefty pinch of Euphora to my Bubble Souffle Recipe. 

The last 11 days are by far the most wicked I've ever seen. Other agents seeing the same stuff.  4-15 offers on any home in decent shape.   It's really not a bubble though. It's just supply and demand. 

A bubble has many irrational factors, not just a minor one like a few waiving inspections.   Waiving inspections has been going on for years in hyper markets like SEA, SF, LA, DEN, CHI, etc...

I'm not seeing any crappy lending programs like 10 years ago. You have to have a solid score.

ETA:  When we did have a bubble 10 years, inventory levels were 6x higher and people were buying and selling as speculators.  It's very rare that I see a home over priced right now. The vast majority are pricing them $5k under market and it's resulting in massive EBAY-esque bidding wars that wind up netting the seller way more than expected.

 

[Boulder Toads]

There's just cash coming from everywhere, it seems.  West Coast owners cashing out, etc.  Kind of feels like it has set a floor on smaller towns with that desirable lifestyle factor.  $300-400k is literally becoming "nothing" to buyers.

Even here in Houston, we had all-cash buyers come in to purchase in our desirable near-town neighborhood immediately, plenty of pent up demand still out there from folks that got the short end of the stick in Hurricane Harvey.  Prices are strong, certainly on the high side of what a seller would want / hope for.  Prices on good houses are comfortably higher vs. 5 years ago, but still not seeing frothy / frantic behavior yet like it was in 2012-2013 (here locally, at least) before the oil price crashed.  Just seems like prices have "reset" to a higher point all around.

 

[Buckna]

Wife had two buyers this past weekend, one got their house by bidding about 5% over list (house was priced right on the money compared to comp's and was a good deal,) after the offer was accepted the other agent said they had had two cash offers for only $5K/1.3% less than what my wife's buyers bid, but the seller wanted to go with the young couple (plus the higher price and appraisal guarantee didn't hurt I am sure.) The other couple's bid was rejected, the house had four cash offers over list price according to the listing agent.

No idea where all these cash offers are coming from, these were both entry level priced homes and they didn't have a lot of recent upgrades or sprucing up, but they can't all be landlords or flippers can they? I guess they can.

 

[siffoin]

Wife had two buyers this past weekend, one got their house by bidding about 5% over list (house was priced right on the money compared to comp's and was a good deal,) after the offer was accepted the other agent said they had had two cash offers for only $5K/1.3% less than what my wife's buyers bid, but the seller wanted to go with the young couple (plus the higher price and appraisal guarantee didn't hurt I am sure.) The other couple's bid was rejected, the house had four cash offers over list price according to the listing agent.

No idea where all these cash offers are coming from, these were both entry level priced homes and they didn't have a lot of recent upgrades or sprucing up, but they can't all be landlords or flippers can they? I guess they can.

If it's not speculators, then how do entry level buyers come up with $400k+ to make cash offers when they can't pay off their student loan?

 

[PIK95]

If it's not speculators, then how do entry level buyers come up with $400k+ to make cash offers when they can't pay off their student loan?

Gift funds from rich parents.  Pretty common up here.