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How's your housing market? (3 Viewers)

The Commish said:
So weird that this thread keeps showing up when we are in a real estate decision phase.  We are moving to Florida....house has been on the market 4 days and we have 2, possibly 4 offers as of today....both full ask.  I was freakin' out that we wouldn't be able to sell in time to move.  Now I'm wondering if we'll be able to negotiate a rent back so that we don't have to go into an apartment until after school's out.
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Congrats...  He might already being doing this, but have your agent discuss the possible rent back with the agent of each offer to see if any of the parties is willing.

 
Rodrigo Duterte said:
Elderly family member just sold a home in Palm Desert, Ca.  Furnished with plenty of art included.  At full ask, in three days, with other offers on the table.  Sold to another realtor.  That's a flip for sure.  Unethical, imo, to "represent" a seller at what is more than likely a below-market price. 

At the very least, there should've been something in the contract which stated that if they flip it -- within say, 3 years -- then both parties split the profit.
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I think we are all having trouble with what I put in bold.   How is it a flip for sure?  What does that really mean?   Does it mean your family member didn't ask the agent for comps of similar property within the last three months and just took his word at what the price should be?

 
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" At full ask, in three days, with other offers on the table"

Do you understand this is happening the vast majority of time right now?

And if there are other offers on the table, that any decent agent is going to look at those recent comps I mentioned and offer right at that or above, which would make a low initial asking price a mute point?  

I know of several very good listing only agents that are doing this on purpose in our market to create what I call "Ebay" mass bidding on homes and driving up the prices even more.  One guy had a dozen last month and averaged 12% over asking price.

 
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Getzlaf15 said:
I think we are all having trouble with what I put in bold.   How is it a flip for sure?  What does that really mean?   Does it mean your family member didn't ask the agent for comps of similar property within the last three months and just took his word at what the price should be?
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So you are wont to blame it on a 85 year old who put their trust in a real estate "professional"?  Got it.  It's the client's job to ask their agent/representative "for comps of similar property within the last three months and whatnot".  Is that your stipulation?  So it's not the realtor's job, the due diligence.  Great.  Thanks realtor.  The commission was well worth it.  Ethics be damned.

 
Rodrigo Duterte said:
So you are blaming it on a 85 year old who put their trust in a real estate "professional"?  Got it.  So it's the client's job to ask their agent "for comps of similar property within the last three months and whatnot".  Is that what you're saying?  So this is not the realtor's job . . . got it.  Thanks realtor.  Commission was well worth it.  Ethics be damned.
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You said he got multiple offers. That would mean someone made a full price offer in this market.  Why didn't he take that?   If the agent did something wrong, call the RE commission on the morning.  I'm sure the least you can do for him. An agent is bound to present all offeres received. Are you saying he got multiple offers and had the 85 year old choose the lowest one?

 
Getzlaf15 said:
You said he got multiple offers. That would mean someone made a full price offer in this market.  Why didn't he take that?
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He did take it. And you know why?  Because he trusted his realtor.  Imagine that.  Is your stance that he should've known better?  Earlier, you tried to blame it on him for not doing his due diligence on comps or whatnot.  Then why pay good money for someone to represent you?  Do you really think that's fair?  

Exorbitant commissions are for what, exactly?
 
 
Rodrigo Duterte said:
He did take it. And you know why?  Because he trusted his realtor.  Imagine that.  Is your stance that he should've known better?  Earlier, you tried to blame it on him for not doing his due diligence on comps or whatnot.  Then why pay good money for someone to represent you?  Do you really think that's fair?  

Exorbitant commissions are for what, exactly?
 
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How is this a flip for sure then?  

 
Getzlaf15 said:
The Commish said:
So weird that this thread keeps showing up when we are in a real estate decision phase.  We are moving to Florida....house has been on the market 4 days and we have 2, possibly 4 offers as of today....both full ask.  I was freakin' out that we wouldn't be able to sell in time to move.  Now I'm wondering if we'll be able to negotiate a rent back so that we don't have to go into an apartment until after school's out.
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Congrats...  He might already being doing this, but have your agent discuss the possible rent back with the agent of each offer to see if any of the parties is willing.
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She's pretty good.  We've discussed this.  It seems that at least two of them are really flexible, so that's good.  They both have kids like we do and don't want to pull them out of school until the end of the year.

 
Rodrigo Duterte said:
What don't you understand?  (same goes for Getzlaf and Craig out of Miami - they "liked" your post)
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I don't understand why you think someone is entitled to free roll on anothers RE purchase.  Your stance that he should get to split the profit if sold within 3 years makes you sound like an uninformed child.  Should this apply to all property transactions, all RE transactions, or is this case special?

 
Rodrigo Duterte said:
He did take it. And you know why?  Because he trusted his realtor.  Imagine that.  Is your stance that he should've known better?  Earlier, you tried to blame it on him for not doing his due diligence on comps or whatnot.  Then why pay good money for someone to represent you?  Do you really think that's fair?  

Exorbitant commissions are for what, exactly?
 
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Your thought process is crazy given only the info you have given us.

If I listed a place I'd be thrilled it sold in 3 days with multiple offers.  That is what is happening all over the country right now.  If it sat on the market for a month you'd be in here complaining they priced it to high.  

If the house was priced way to low, like you are insinuating, it would have sold in 1 day at 10% over ask.  Things happen fast in the real estate market these days.

 
I don't understand what Rodrigo's talking about.  Am I missing something?  Were the other offers not presented or something?  If the family member got full price offer, what's the beef exactly?  That's what you want right?

I'm trying to put myself in the family member's position (actually I AM in their position) and I am ecstatic with my results. :oldunsure:  

 
I know it's not the same, but I've been kicking around the idea of buying a vacation place in a year.  While the super heatedness of this market hasn't been felt in OC Maryland (where I'll most likely be looking), I don't want to plunk down half a mill for a place only to find out in a couple of years I'm upside down in it.

Are there any reliable indicators for vacation type homes?

 
We bought a house in Plano, TX (suburb north of Dallas) 3 years ago for $132K and have been renting it since then. We're planning to sell this summer - Zillow says $185K but we haven't checked any comps to see how legit that is.

 
Rodrigo Duterte said:
So how often do you see another real estate agent buy a home at full ask in a matter of days?  What does that say?
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Pretty frequently.  They know to #### or get off the pot in this market.

If you would tell the full story in one post with precise details, many of the real estate professionals here could give you guidance.  Please include whether or not a market analysis was give to your relative at the time the agreement was signed and how/when the multiple offers were presented.  Also include any financing contingencies in the offers.  Did your relative interview more than one agent?

 
Rodrigo Duterte said:
So how often do you see another real estate agent buy a home at full ask in a matter of days?  What does that say?
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It says they wanted the house at the price you were offering it....it's not complicated :shrug:  

Hell, we have agents around here that say they guarantee the sale or they'll buy the house.

 
Random said:
I don't understand why you think someone is entitled to free roll on anothers RE purchase.  Your stance that he should get to split the profit if sold within 3 years makes you sound like an uninformed child.  Should this apply to all property transactions, all RE transactions, or is this case special?
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Yeah, entitled, funny you should say.... Hello, it's a contract / agreement.  Is the owner of the land not entitled to make a stipulation which helps put their best interest at hand?  Yes or no?  It's a simple question.  Answer that in your reply before you go on with your personal attacks, please.

 
Yeah, I think it is pretty ridiculous in Charlotte right now within most close-in neighborhoods.  The interesting thing is that some up-coming neighborhoods have reached or exceeded price per sqft of more established/better school neighborhoods.  The plus side is that my townhome is up about 50% in value since I bought it in August 2012.  The downside is that we would ideally like to upgrade to a single family home.  For now, choice is to wait and see how some of this plays out

 
The Commish said:
She's pretty good.  We've discussed this.  It seems that at least two of them are really flexible, so that's good.  They both have kids like we do and don't want to pull them out of school until the end of the year.
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I was looking for a house in Denver at this time last year after moving there a few months before for a new job. A large percentage of the houses I looked at had stipulations for rent backs, including the one we purchased. The year before, my buddy did the same thing back in Houston on the sale of his old house to have enough time to move out. It's a sellers market so it's pretty common with school not out for another few months and no guarantee that the seller can find a new place and close in time.

 
BassNBrew said:
The Realtor suggests a price, the principal signs off on it.  Maybe the Realtor underpriced it or maybe they nailed the price perfectly.  There should have been a market analysis to support the listing price.  If that wasn't done or was done with fraud intended, then their are options available.

In my market I'm seeing homes that go quick or sit for months.  It's almost like if you don't nail the pricing on the front end and get it under contract in a couple of weeks, it's going to sit until there's a significant price reduction.
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:yes:    It's funny, our neighborhood sells like hotcakes - we've seen 6-10 houses on the market in the last year, in a 40 house neighborhood, all have offers within a week.  Our neighbor put his house on the market a month ago, started off $20k over zillow (which has seemed pretty accurate here, maybe a little low), has already dropped $10k and has no offers last we chatted.  He does have a pool, as does the neighborhood, so that limits the market some, but it's noteworthy that the $10k drops the demand that much, nobody had even made a lowball offer. FWIW, our neighborhood sells for about $100-200k less than across the street or the other side of the greenway (still in the $250-350k range). 

The Commish said:
So weird that this thread keeps showing up when we are in a real estate decision phase.  We are moving to Florida....house has been on the market 4 days and we have 2, possibly 4 offers as of today....both full ask.  I was freakin' out that we wouldn't be able to sell in time to move.  Now I'm wondering if we'll be able to negotiate a rent back so that we don't have to go into an apartment until after school's out.
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that's very popular here. is it elsewhere?

 
Rodrigo Duterte said:
So how often do you see another real estate agent buy a home at full ask in a matter of days?  What does that say?
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Sunday I put in an offer within three hours of getting the listing at 102% and lost.  How is a Real Estate Agent making an offer considered a flip for sure?  I've now asked this three times with no answer.  

 
Nick Vermeil said:
It's tough out there right now but you can do it.  There are houses on my block for sale that need a lot of work.  Just 6 short blocks from me one that did not need work set a Bed Stuy record a few days ago at 3.3 million.  Just stupid.  
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Well things happened fast and now have an accepted offer on a place that needs very little work (new kitchen and pull out a second kitchen I don't need in the garden floor but neither of these are truly pressing) in park slope.  Not going to be in a rush to do the updates as I won't have the spare cash to do it after closing but hopefully can do down the road in a few years.  

Since I moved to Brooklyn 15 years ago, I have dreamed of owning a brownstone and was finally able to pull it off though I am technically getting a Limestone.  Though the price is bit scary  :unsure:  I actually think it is worth it as it will be our home for the rest of our lives and is in PS 107 so public schools for my kids.   

 
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Rodrigo Duterte said:
Yeah, entitled, funny you should say.... Hello, it's a contract / agreement.  Is the owner of the land not entitled to make a stipulation which helps put their best interest at hand?  Yes or no?  It's a simple question.  Answer that in your reply before you go on with your personal attacks, please.
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I haven't seen anybody attack you personally.

You have implied that your relative's real estate agent screwed them over, but what you have presented in evidence of that has been lacking and/or poorly explained. That is why there is some skepticism.

It is totally possible that your elderly family member got screwed. But so far, I don't think that is clear at all. 

 
RedmondLonghorn said:
I haven't seen anybody attack you personally.

You have implied that your relative's real estate agent screwed them over, but what you have presented in evidence of that has been lacking and/or poorly explained. That is why there is some skepticism.

It is totally possible that your elderly family member got screwed. But so far, I don't think that is clear at all. 
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You sound like an uninformed child.

 
RedmondLonghorn said:
It wasn't a quote from me.

Go be a dickface somewhere else.
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In your reply to me, the very first assertion you made was that you've seen no attacks.  And so I showed you one.  Now I'm the bad guy?  

Look, it's just a conversation with some questioning about ethical standards by real estate agents; sorry if that irks you.

You can go back and read what you might have missed before; that's up to you. But it doesn't get much clearer than what was written.

And now you are the one with the name-calling (dickface???).  Nice work.  The hypocrisy is off the charts.

 
Rick James said:
I'm not well versed in the arena of real estate...what's causing the lack of supply?
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1. Small builders/developers not having access to bank money.

2. Land requiring 30-40% down when purchasing.  You can spend $40k on a $100K lot and be out of money or put that $40K down on a $400K and have a kick ### place to live.

3. Large builders being more cautious and not having the huge land inventory ready to develop.

4. Regulations - environmental, zoning, etc.

 
proninja said:
Everybody knows that real estate agents don't buy houses to live in guys. Of course it was a flip. And of course that means an entirely different agent was being dishonest.
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I got an offer on a listing today and they've asked for 50% of the appreciation over the next three years.  How should I respond?  Make sure your response is ethical.

If we say no to that request, should I consider it a flip?

 
Had a buyer get a new listing at 9:44am this morning.   Tried to set up a showing for 12:30pm.

Listing agent just called and said they received an offer over asking and the sellers accepted.  On the market for 114 minutes.

I asked if if was a flip.

 
BassNBrew said:
1. Small builders/developers not having access to bank money.

2. Land requiring 30-40% down when purchasing.  You can spend $40k on a $100K lot and be out of money or put that $40K down on a $400K and have a kick ### place to live.

3. Large builders being more cautious and not having the huge land inventory ready to develop.

4. Regulations - environmental, zoning, etc.
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5.  More developers are concentrating on building rentals (apartments) rather than for-sale units.

 
proninja said:
Everybody knows that real estate agents don't buy houses to live in guys. Of course it was a flip. And of course that means an entirely different agent was being dishonest.
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I'm not in the RE industry but I'd think there are a few ways where this could have been unethical, especially if the Seller's Agent didn't get the best prices/create a bidding war that should have occurred, represented both the buyer and seller without letting both parties know, or knew that the buyer was an agent and didn't tell the sellers (prob more of a grey area).

Not enough details from the OP (of this topic) to know if any of these things happened.  Agree it will probably be a flip, which calls into question the selling agent's assessment of the true property value.   But if buyer paid the highest price, the selling process was above board, and the price makes sense versus other comps, then it sounds to me like the agent's assessment was fine.   RE agents speculate on property price appreciation all the time, so that could easily be what the buyer is doing here.  

Not sure why everyone is so angry, could have been a good discussion if people had been a bit more civil, imo.

 
hxperson said:
I'm not in the RE industry but I'd think there are a few ways where this could have been unethical, especially if the Seller's Agent didn't get the best prices/create a bidding war that should have occurred, represented both the buyer and seller without letting both parties know, or knew that the buyer was an agent and didn't tell the sellers (prob more of a grey area).

Not enough details from the OP (of this topic) to know if any of these things happened.  Agree it will probably be a flip, which calls into question the selling agent's assessment of the true property value.   But if buyer paid the highest price, the selling process was above board, and the price makes sense versus other comps, then it sounds to me like the agent's assessment was fine.   RE agents speculate on property price appreciation all the time, so that could easily be what the buyer is doing here.  

Not sure why everyone is so angry, could have been a good discussion if people had been a bit more civil, imo.
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Just as an fyi, while many agents do invest in RE, it's amazing how many don't.  Even some of the best.  Boggles my mind, especially in this market.  

 
hxperson said:
I'm not in the RE industry but I'd think there are a few ways where this could have been unethical, especially if the Seller's Agent didn't get the best prices/create a bidding war that should have occurred, represented both the buyer and seller without letting both parties know, or knew that the buyer was an agent and didn't tell the sellers (prob more of a grey area).

Not enough details from the OP (of this topic) to know if any of these things happened.  Agree it will probably be a flip, which calls into question the selling agent's assessment of the true property value.   But if buyer paid the highest price, the selling process was above board, and the price makes sense versus other comps, then it sounds to me like the agent's assessment was fine.   RE agents speculate on property price appreciation all the time, so that could easily be what the buyer is doing here.  

Not sure why everyone is so angry, could have been a good discussion if people had been a bit more civil, imo.
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Thanks for taking the time to respond sincerely, much appreciated.

As to the bolded, I have to think this somehow ended up offensive to those in the industry.  For them, the desire to fight back took precedence.  That speaks for itself.

 
Rodrigo Duterte said:
Thanks for taking the time to respond sincerely, much appreciated.

As to the bolded, I have to think this somehow ended up offensive to those in the industry.  For them, the desire to fight back took precedence.  That speaks for itself.
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The problem is that your explanation of the situation sucked.

 
BassNBrew said:
If you would tell the full story in one post with precise details, many of the real estate professionals here could give you guidance.  Please include whether or not a market analysis was give to your relative at the time the agreement was signed and how/when the multiple offers were presented.  Also include any financing contingencies in the offers.  Did your relative interview more than one agent?
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Bump

 
RedmondLonghorn said:
The problem is that your explanation of the situation sucked.
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Maybe, but it wasn't that bad, as you seem to be getting it now, don't you?  

Speaking of problems, yours is that you made a false statement.  Likely because you were too hell-bent on defending a side you conveniently chose.  Yet when I showed you proof of what you said to be wrong, you ignored it.  Instead of simply acknowledging the fact, you in turn lashed out and went down the same juvenile, name-calling road that you had just claimed never happened.  

Amusing to say the least.

 
BassNBrew said:
Bump
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That is a great post and I will get back to you later on it.  Thanks.

I will add that these were two different deals.  The one that had, in writing, stipulations on a rising market value of the property and thus shared profits therein, was one of the more creative offers I've seen.  I'm actually surprised at all the backlash it's getting.  

 
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BassNBrew said:
Pretty frequently.  They know to #### or get off the pot in this market.

If you would tell the full story in one post with precise details, many of the real estate professionals here could give you guidance.  Please include whether or not a market analysis was give to your relative at the time the agreement was signed and how/when the multiple offers were presented.  Also include any financing contingencies in the offers.  Did your relative interview more than one agent?
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Plus, maybe the realtor saw a chance to fix the ####ty kitchen and make another 20k in 6 months.  WAYYYY too many possibilities to judge from here.  For sure I don't like or trust realtors.  5% of 500,000 for listing on the MLS and hosting a few open houses?  Seems like bull####..but, you can choose other ways if you want.  You're not forced to sign a realtor, and you're sure as hell not forced to take an offer if it seems too low (or list for what the realtor says, for that matter).

I like to set my commission based on selling price.  I price it above their suggestion, if they get the full number, they get full commission.  If I'm forced to take a lower offer, it's less.  And if they're way off, they get even less.

 
Rodrigo Duterte said:
Maybe, but it wasn't that bad, as you seem to be getting it now, don't you?  

Speaking of problems, yours is that you made a false statement.  Likely because you were too hell-bent on defending a side you conveniently chose.  Yet when I showed you proof of what you said to be wrong, you ignored it.  Instead of simply acknowledging the fact, you in turn lashed out and went down the same juvenile, name-calling road that you had just claimed never happened.  

Amusing to say the least.
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Seriously man, I tried to be helpful. I missed the single comment that might have been construed as a personal attack.

Then you posted it back to me with no other comment, which was confusing.

I don't have a side. 

 
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