Phil Elliott
Footballguy
I always heard open houses are just for the agent to get more clients and very few people ever make an offer cause they are just looking around. The serious buyers would schedule a showing with an agent.
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How's your housing market? (1 Viewer)
- Thread starter tommyGunZ
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culdeus
Footballguy
Yeah, this was the case for us. Was just 2 hours on a Saturday. Everything was already staged and I had locked away my love swing and sybian. We announced it like 8hrs before and still got 17 people in.
Zegras11
Footballguy
after the first weekend this happens.
Most of us will list Wed pm/Thur am. It creates that two day window before OH to maybe get a great offer in before "the crowd" gets there and not even have the OH. These great offers are usually coming from those that have lost many times before, even when way over asking on their bids.
Zegras11
Footballguy
Two hours only is the ticket. Creates a huge sense of urgency in the buyers as they don't want to miss it.
On Nextdoor where I live, the most common threads are about cats/dogs, my landlord just jacked up the rent by 50% please help me find a studio for $2,000, and the airbn next door is destroying the neighborhood with trash and late night parties. This is in nice apartment buildings and SFHs in good neighborhoods. It's a much higher source of income than yearly leasing, and has impacted sales prices. The rules seem to vary randomly, and it's hard to shut them down, municipal fines are just the price of doing business. There was a lawsuit last year involving an old 8 unit building under contract which the prospective buyer thought airbnb was legit, buts turns out it missed the zone by a block, so he's trying to back out cause the value without airbnb is about 50% less.
Where will the people in Missoula go, when the kids can't afford the houses in the neighborhoods they grew up in?
Zegras11
Footballguy
Captain Cranks
Footballguy
I wrote one for the house we just bought. Not sure if it made a difference but didn't hurt.the letter thing is definitely a trick real estate agents are doing now to try and bridge the money gap. This would 1000% work on my wife fwiw
Captain Cranks
Footballguy
Sorry. Not in Florida.Inflation hurting Floridians, nearly half struggling to pay bills, new study shows
For the potential buyers, be patient. I think we’re going to have some options within a year or two with the market starting to come back to our side.
Captain Cranks
Footballguy
Senor Schmutzig
Footballguy
Is anyone else getting unsolicited calls from real estate agents indicating that they are calling on behalf of their client and asking if you're willing to sell? I have received 3-4 of these in the past couple of months. Not sure if their client is a real buyer or an investor, but it's interesting how proactive they are being.
The last guy I spoke to mentioned that he assumed that we wouldn't be interested in selling because we had a homestead exemption on the property but he wanted to call anyway because his client specifically asked about our house.
Could be BS, but it's good to feel wanted. LOL
The last guy I spoke to mentioned that he assumed that we wouldn't be interested in selling because we had a homestead exemption on the property but he wanted to call anyway because his client specifically asked about our house.
Could be BS, but it's good to feel wanted. LOL
Zegras11
Footballguy
Many agents can do this type of lead generation. Often when they sell a listing they just sold nearby and they received a lot of offers. Especially agents on teams that make these calls 2-3 hours per day as part of their routine.
The Z Machine
Footballguy
None of those things happening in Baltimore City. I think my house has appreciated like 15% in 8 years.
Willy
Footballguy
Yeah, it's very regional. Real estate always is. My house that was purchased in 2004 was worth less than what I paid up until 2016, now it's worth maybe 50% more than what I paid in 2004. I can't relate to these high rollers on the water, in Cali or some other hot market.
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culdeus
Footballguy
Senor Schmutzig
Footballguy
I bought my house in Kennesaw*, a suburb of Atlanta, back in 2001 for $141k. Sold it 11 years later for $152k. That comes to $1000/year in appreciation. Blech.
On the opposite end of the spectrum, we decided to build our house in Miami and moved in just prior to Covid in late 2019. I have easily doubled my investment (price of land + cost of building) as equity in 2.5 years. Should have done this years ago!
*When we we moved to Kennesaw, one of the local laws required all homeowners to own a gun. I didn't. They still let us move there....
I just read a thread in Nextdoor with 181 comments. There are multiple other smaller threads over the past year. The concensus is that the airbnb host of yesterday is a dying breed as more investors buy multiple homes, often several in a region for management efficiency. And even with multiple complaints, airbnb is slow to do anything, if at all. In Florida, apparently the state took away some authority of local municipalities to provide more regulations, part of an attempt to make sure cities don't defund the police. Airbnb has contributed to higher prices for homes from Miami Beach to Missoula. Just ask @grateful zed.
I did stay in a nice airbnb in Culver City, CA, in 2021. There was a small cottage in the back and the owner let me pick figs and lemons.
It's impossible to cash out, if you wanna stay in the same region, cause there isn't much for sale. I hear realtors say there are 50 people competing for each house in Miami Beach. Its probably the same in Coconut Grove. Enjoy the ride!
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Not a lawyer, but my understanding of discrimination based on familial status in the Fair Housing Act is that you can’t discriminate against families with children under the age of 18 when selling or renting. Not that you can’t discriminate against those that don’t have children. This would also vary by state but I believe Oregon is the only state that has actually outright banned love letters so far. The National Association of Realtors position is that Agents are supposed to tell sellers to ignore love letters and not take them into account.
The problem with them is that many of them are written in a way that reveals aspects of the buyer that are protected by Fair Housing laws. For example, a lot of people include pictures, well what if the picture includes children and I don’t sell my house to them? They might can argue I discriminated against them because I knew they have kids, especially if I went with a lessor offer for some reason. Or that they are a different race… or a different creed or color, etc.
Imagine a buyer writing something like “I can see my kids running down these stairs on Christmas morning” and attaching a picture of the family. That kind of detail helps the seller identify their race, religion and familial status. Refusing to sell to someone for any of these identifiers along with sex, nationality or disability violates the Fair Housing Act.
dkp993
Footballguy
Cough, Cough, um, cough, so….Winning the series tonight, and getting out the broom tomorrow
Harry Frogfish
Footballguy
Realtor gave us a letter from a buyer a few years ago. Didn't read a word of it.
If someone really has something to say or convey that's actually meaningful, the very least they can do is meet with you and say (explain) it to your face. Make some kind of effort, beyond trying to find some heartstrings to tug at somewhere (wife, grandparents, etc.) in the deal.
That stuff is such bull####, 99% of the time.
And please don't say it works. If it did, you took advantage.
If someone really has something to say or convey that's actually meaningful, the very least they can do is meet with you and say (explain) it to your face. Make some kind of effort, beyond trying to find some heartstrings to tug at somewhere (wife, grandparents, etc.) in the deal.
That stuff is such bull####, 99% of the time.
And please don't say it works. If it did, you took advantage.
Punxsutawney Phil
Footballguy
my neighborhood is getting our bylaws changed to prevent short term rentals. They are going to word it "no rentals less than 6mo".
So far it isn't a problem, but the president received a call from a realtor asking if it was allowed. We figured better to be proactive.
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Punxsutawney Phil
Footballguy
The Silver Tsunami is coming. Cowabunga dude!!Getzlaf15 said:
Captain Cranks
Footballguy
formal request for vomit emoji.culdeus said:
The Z Machine
Footballguy
Captain Cranks
Footballguy
You really want strangers trying to meet you face to face? Hard pass for me.Harry Frogfish said:
Osaurus
Footballguy
Mrs. O and I decided a long time ago that we’re not gonna sell our house to some nameless company when the time comes (assuming it’s easy to filter them out). Obviously it may lessen our profit on the sale, but giving another family the same opportunity we have is important to us. Besides, I’m a FBG and have all the 
I’ll ever need.
I’ll ever need.
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culdeus
Footballguy
ghostguy123
Footballguy
This has to be quite a terrible time for many realtors with low inventory.
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Zegras11
Footballguy
Our forms here and a have box to check whether you intend to live in the property or not. Also ask your realtor to find out what type is making an offer.Mrs. O and I decided a long time ago that we’re not gonna sell our house to some nameless company when the time comes (assuming it’s easy to filter them out). Obviously it may lessen our profit on the sale, but giving another family the same opportunity we have is important to us. Besides, I’m a FBG and have all the
And a lot of people do what you have decided.
⚡DEADHEAD⚡
Footballguy
When we sold our house 3 years ago, our realtor asked us read each of the letters that came with each offer before presenting the offer. 6 offers total. She then asked us which letter was the most compelling. Didn't ask why or anything like that. Just which one. My wife and I quickly agreed on one letter, although each was well written, compelling. The folks who wrote that letter also provided the most compelling offer. My realtor said, paraphrasing, "you'd be surprised how often that happens." This is in a market that's been multiple offer, well-over-asking for 2 decades.
FWIW, we were on the market for a week, had about 150 people attend one open house, and the offer was ~40% over asking.
Personally, I like the letters as a buyer and a seller. But I agree that in the end, it would have come down to $ for us.
FWIW, we were on the market for a week, had about 150 people attend one open house, and the offer was ~40% over asking.
Personally, I like the letters as a buyer and a seller. But I agree that in the end, it would have come down to $ for us.
culdeus
Footballguy
Yes, hearing thru this process that overall the gross sales volume is down 10-15% this year with 20%+ price appreciation. The low end of the market is not moving at all now with mort rates tipping up. A lot of the corporate buyers act as their own agents, cutting local realtors out altogether as well, taking a lot of the commissions with them.
ghostguy123
Footballguy
When a house sells for 800k, how much goes to a realtor? I realize realtor fees are negotiable, but in general if there is a buyers agent and a sellers agent, what is each of their commissions right now?
How much can you negotiate that down when there is only one realtor involved?
Long story short, in todays market, it SEEMS like "for sale by owner" would make you more money since it's so easy to sell, but does it really? It also seems like at those higher price points you would have a lot more negotiation leverage in selling. 7%??? F that. Plus the realtor can navigate you through the dozen offers you get.
Zegras11
Footballguy
You have to be licensed to earn a commission, fyi.
The low inventory gets rid of the Part time, crappy agents, which is a good thing.
Zegras11
Footballguy
1) 2-3% each side.
2) 4-4.5%. Seller pays both sides.
3) FSBO on average sell for about 16% less than with agents. They make an incredible amount of mistakes pricing, marketing, negotiating repairs, etc. Also open themselves up to huge liability. Only recommend doing this if you are very familiar with the business.
Getting multiple offers is a process that takes skill to pull off. It just doesn't always happen. In reading all of Culdeus' recent posts, I can easily tell his agent knows this process.
⚡DEADHEAD⚡
Footballguy
in the Bay Area, 5.5% to 6%, plus a host of other costs to sell - repair, repaint, replant, staging. Sometimes realtors will wiggle with the commission, sometimes they'll take on some of the costs to get the relationship. In a market with low inventory and high-profile sales, it can be worth it for less-established realtors to bend on some parts of the agreement to get the deal, establish brand, enhance profile, etc.
In this market, you could be leaving a few hundred grand going your own way. And in my "neighborhood", the realtor game is damn near a mafia. You don't want to mess around...might get blacklisted.
Zegras11
Footballguy
There is a huge skill in helping sellers maximize the value of making/not making repairs and staging. This right here often nets the seller way more than the 6% they pay.
STEADYMOBBIN 22
Footballguy
Zegras11
Footballguy
Last August, I talked a seller of a home into painting the living room white. It was hideous dark green. Also talked him into trimming a huge tree in his front yard that overwhelmed the front of the house. Also had him put a second layer of roofing on for $4k instead of a new roof for $10k. He had no money to do all of this, so we asked each vendor to be paid by the title company at closing. Cost him $7k and he netted $35k more.
dkp993
Footballguy
That number (4-6%) when you see it deducted is a tough to see for sure and can get big real fast. But I will tell you a great real estate agent is worth their weight in gold. Mine has been fantastic and did so much to help me buy and sell my last few homes. It’s actually at the point where I’m happy that she makes what she makes. She awesome and worth every penny.
Zegras11
Footballguy
If I have someone trading up and I make 3% on the new buy, I'll list clients house for 2% so they can save the $5k. Would go 1.5% on higher end clients.
culdeus
Footballguy
The licensing process is not hard in Texas. Basically all landlords and contractors go thru it. If you hold a JD you can even skip some of those steps.
dkp993
Footballguy
She did exactly this. Also as the negotiations got tough on the house we just bought and we reached our ceiling she took the home warranty off the seller and paid for it herself out of pocket for us.
Zegras11
Footballguy
I'm pretty sure you mean all property managers have to have the license.
There is an exception to this requirement and that is that a Texas property owner may manage his own home as a rental property without a license. Also, salaried employees of property owners need not have a real estate license for managing or leasing property owned by his or her employer.
My property manager is Claremore, OK does not have to have a license per the bolded.
Harry Frogfish
Footballguy
HUH? No, I don't, that was my point, it's all BS.
In the rare situation that "choosing" a buyer due to say, a good fit, for the neighborhood or whatever it might be that could swing the pendulum, then yeah, I would want to meet that person/family/investor. However, did I not say that scenario might happen 1 out of a 100 times (or 99% of it is total BS)? Yes, I did.
So no, I don't want strangers trying to meet me face to face, as you ensued. Not sure why you jumped to that. I clearly stated otherwise actually -- that it would take a very unique scenario, and in which case, yeah, I would want to vet it out completely.
Captain Cranks
Footballguy
Harry Frogfish
Footballguy
Dude, you left out my entire point. My words: "That stuff is such bull####, 99% of the time."
I mean, are you serious? Did I not say that? Why cut / edit that part out???
Captain Cranks
Footballguy
Your whole point can be summarized down to 'writing a letter is useless. If they really have something to say they should meet you face to face.'
So you're suggesting the standard should change from buyers writing letters to trying to schedule a face to face meeting with the seller. Thus why I asked if that's really what you'd want.
We've wasted enough time here. Next.
