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How's your housing market? (1 Viewer)

On the table is buying half the house we can afford then holding it to rent out.  Not the worst idea.  Inventory is there in certain price ranges. 

 
Morts now casting a shadow on 5.5%. This is going to really sting.  You need a house now vs Jan and a note you are paying out the ###. 

 
A non cash offer got in first 75k over with an everything waiver and a free leaseback until mid July.  Supposed to hear from a 100 and a 100+ over by the AM tomorrow.  Still have 8 more showings.  Going to shut it down by Sunday.  

 
I wasn't expecting to get an inspection waiver on a 70 year old house with a pool with a big crack injection fill in it.  I mean it's in good shape, but still.  I have two HVAC systems and they are teetering on the edge.

 
Interest rates climbing and homes starting to be marked down in western Oregon.  

We are fixing up our home and looking for a bigger one, as my mom is likely moving in with us within a year or two.  The interest rate hike is definitely cutting into our potential buying power.  The rough numbers I've come up say we would expect around a $600 increase in mortgage payment all things equal going from a 3 and change rate to a 6 and change rate

 
Capella said:
culdeus said:
Another came in 85 over with a heartfelt letter, lols.  
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:lmao:  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
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There illegal here in Cali now.  We put in a unique number bid, last 3 digits were my daughters bday.  When the seller asked why the odd number it opened the door for our agent to talk about our daughter. It won us the home over a higher bid (sellers had lived here 15yrs and raised their family here, loved the home and wanted a family to buy it).  You never know what puts you over the top….

 
Capella said:
:lmao:  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 
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They’re generally referred to as “love letters.” People have been doing those for decades, they sometimes work but most of the time they get completely ignored. If you’re close on terms and price though they can sometimes make a difference. Especially if you’re a family competing against flippers and Investor’s.

 
dkp993 said:
There illegal here in Cali now.  We put in a unique number bid, last 3 digits were my daughters bday.  When the seller asked why the odd number it opened the door for our agent to talk about our daughter. It won us the home over a higher bid (sellers had lived here 15yrs and raised their family here, loved the home and wanted a family to buy it).  You never know what puts you over the top….
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Similar thing happened to us this last October. We put in an odd number offer. Not the highest by about 15K. Caused the seller to ask about us. Single,  Widow lady already killing it and downsizing into a son owned condo. After our realtor told her realtor a bit about us, She “liked” us and “felt good” about us. 
 

No letter from us but the odd ball offer opened the door for us. 

 
Buckna said:
They’re generally referred to as “love letters.” People have been doing those for decades, they sometimes work but most of the time they get completely ignored. If you’re close on terms and price though they can sometimes make a difference. Especially if you’re a family competing against flippers and Investor’s.
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We got one when we sold in August. Our realtor said it arrived with their offer, which was about $30k less than list. We didn’t even bother to read it (or even get it from the realtor).

People/families work hard to pay their mortgage. If you’re able to make a nice profit at sale time, you deserve it. Definitely not a time to forgo tens of thousands of dollars because of a heartfelt letter, imo. I think one of the rare exceptions could be if you are moving very close to the old home and would prefer this family/person to be a neighbor.

 
Capella said:
:lmao:  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 
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Should be illegal.  We are supposed to discuss with the seller how we would handle these in advance.

 
culdeus said:
This was discussed we said we didn't care to see them.  

Now at 117k over asking.  7 more showings and an open house.  Today.  
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What part of  Dallas are you moving from?  Last November we moved my mom out of her cottage in Ryan Place in FW.  We knew it needed work, but she wanted out and into a senior living place, so we sold as is.  We thought we did really well.  House is back on market at 190% of what we got, and all they did was the "cosmetic" fix up, nothing structural (pier and beam).  Things are crazy.

 
coopersdad said:
What part of  Dallas are you moving from?  Last November we moved my mom out of her cottage in Ryan Place in FW.  We knew it needed work, but she wanted out and into a senior living place, so we sold as is.  We thought we did really well.  House is back on market at 190% of what we got, and all they did was the "cosmetic" fix up, nothing structural (pier and beam).  Things are crazy.
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We are just north of the wall off Campbell/Custer.   Lots go for 550k here. I paid 405k for the house looks like will close just shy of 900.

 
dkp993 said:
There illegal here in Cali now.  We put in a unique number bid, last 3 digits were my daughters bday.  When the seller asked why the odd number it opened the door for our agent to talk about our daughter. It won us the home over a higher bid (sellers had lived here 15yrs and raised their family here, loved the home and wanted a family to buy it).  You never know what puts you over the top….
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Yea when we bought this house I never met the sellers and we didn’t do any letters or anything. But we brought our son over when we saw the house the first two times and met our neighbor while out front. She played with the kid for a few minutes (they don’t have any) while we looked around.

Anyways there were 3 of us with similar offers and the neighbor told the seller (they were close friends and neighbors for 25 years) to sell to us because they wanted a kid in the neighborhood. And they did. If we left the kid at home when we came over we may not have got this place. You never know I guess. Neighbors could have just as easily hated kids and said pick some more old people. 

 
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Pretty sure I've got two families from CA and an investor in the mix.  None of them cash offers but flexing their bank statements. 

Question: how can they offer such a short close on a loan?  Are non conforming loans closing faster?

 
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BassNBrew said:
Capella said:
:lmao:  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 
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Should be illegal.  We are supposed to discuss with the seller how we would handle these in advance.
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My realtor wife says it's illegal - violates fair housing act.  Discrimination on basis of family status.  If other buyers found out that's why they lost the deal, they could sue & the realtor could lose his license.

 
moleculo said:
My realtor wife says it's illegal - violates fair housing act.  Discrimination on basis of family status.  If other buyers found out that's why they lost the deal, they could sue & the realtor could lose his license.
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My read isn’t the the NC Real Estate doesn’t say it’s illegal, only if said letters are used to discriminate. Page 5 of the listing agreement has the warning.  

 
BassNBrew said:
My read isn’t the the NC Real Estate doesn’t say it’s illegal, only if said letters are used to discriminate. Page 5 of the listing agreement has the warning.  
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What's the point of a letter if it's not used to discriminate?  

It's probably not illegal from the buyer side but might be from the sellers...i think.

 
BassNBrew said:
My read isn’t the the NC Real Estate doesn’t say it’s illegal, only if said letters are used to discriminate. Page 5 of the listing agreement has the warning.  
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moleculo said:
What's the point of a letter if it's not used to discriminate?  

It's probably not illegal from the buyer side but might be from the sellers...i think.
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Here's the NAR take on it.

Whether it's illegal or not is a state by state thing.

It's strongly advised not to use them

https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters

 
moleculo said:
What's the point of a letter if it's not used to discriminate?  

It's probably not illegal from the buyer side but might be from the sellers...i think.
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Some forms of discrimination aren’t illegal. Perfectly acceptable to discriminate against Wall Street companies and Cowboy fans buying your home. That said, the otp would convey that.  

 
BassNBrew said:
Some forms of discrimination aren’t illegal. Perfectly acceptable to discriminate against Wall Street companies and Cowboy fans buying your home. That said, the otp would convey that.  
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Right but it can be tough to prove you picked a cowboys fan and not a white family.

 
Tulsa area FWIW

People are buying up homes so fast people are offering 10% or more at times above asking.   "Just move out don't fix anything just give us your home!"

Neighbors had 12 offers on their home from the initial open house.    I think it scared them that their home was going to sell so fast.  

Downside all homes are crazy expensive compared to 2 years ago.   home built in 2018 for 180k selling for 320k this year. 

 
SHIZNITTTT said:
Tulsa area FWIW

People are buying up homes so fast people are offering 10% or more at times above asking.   "Just move out don't fix anything just give us your home!"

Neighbors had 12 offers on their home from the initial open house.    I think it scared them that their home was going to sell so fast.  

Downside all homes are crazy expensive compared to 2 years ago.   home built in 2018 for 180k selling for 320k this year. 
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So, is the smart move to wait until prices go even higher?

 
BassNBrew said:
Some forms of discrimination aren’t illegal. Perfectly acceptable to discriminate against Wall Street companies and Cowboy fans buying your home. That said, the otp would convey that.  
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Yeah, my realtor said the only reason to use this is to filter out corporations buying if in fact that is your objective.

 
This is all going to end badly. Every poorly constructed junk home selling in under a week for double their actual value. It's the same people that bought Netflix at $690/share. 

 
TwinTurbo said:
This is all going to end badly. Every poorly constructed junk home selling in under a week for double their actual value. It's the same people that bought Netflix at $690/share. 
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I'm puzzled by this term actual value.  Always thought it was what a buyer was willing to pay for something.

 
Getzlaf15 said:
I'm puzzled by this term actual value.  Always thought it was what a buyer was willing to pay for something.
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Well less than 6 months ago, investors were willing to pay $690 for Netflix. Now not so much. Give the housing market another 6 months to not only cool off but outright implode.

 
TwinTurbo said:
Well less than 6 months ago, investors were willing to pay $690 for Netflix. Now not so much. Give the housing market another 6 months to not only cool off but outright implode.
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LOL..  Another Netflix is going to cause the housing market to crash post.

 
We bought our current house in 2015. Not anywhere near beach. We're in Southern Duval County so we're not even in the highly sought St John's County (we're less than 2 miles north of the line)

Nice house but we loved the large lot. Creek wraps around house so we really only have a neighbor on one side. Other neighbors are on other side of creek behind a bunch of oaks and maples. 8 months a year we can barely see the houses. 

When we bought, I was concerned about paying 118 Sq foot but we decided to "pay up".

Open house around the corner for a generic 30 yr old  3/2 on an average lot. Street is packed. Asking price is 226 Sq ft. 

 
JaxBill said:
We bought our current house in 2015. Not anywhere near beach. We're in Southern Duval County so we're not even in the highly sought St John's County (we're less than 2 miles north of the line)

Nice house but we loved the large lot. Creek wraps around house so we really only have a neighbor on one side. Other neighbors are on other side of creek behind a bunch of oaks and maples. 8 months a year we can barely see the houses. 

When we bought, I was concerned about paying 118 Sq foot but we decided to "pay up".

Open house around the corner for a generic 30 yr old  3/2 on an average lot. Street is packed. Asking price is 226 Sq ft. 
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Sounds like a great decision.  Plus, you'll be beachfront someday!

 
TwinTurbo said:
Well less than 6 months ago, investors were willing to pay $690 for Netflix. Now not so much. Give the housing market another 6 months to not only cool off but outright implode.
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What does Netflix stock have to do with the low supply and high demand of the housing market? You’re just taking two things in the news that have little to do with each other and lumping them together. 

 
New Construction Graph

Here it is.  I ran the numbers in the graph. We are 4.588,000 homes short since the economy crashed.  That doesn't even count the normal small percentage rise in population during that time just to keep up.

Culdeus story is the same almost every where.  5-20 offers. A few might be investors, but most are normal families doing exactly what he's doing. Relocating for job, family, quality of life or all of the above.

It's going to take 8-12 years for this to catch up. Until then supply and demand are going to rule the day.  There might be slight dips now and then, but most of the time it will just plateau for a few months and start up again, like last September when schools started up again and mask restrictions became less.   Interest rates are hurting the market a little fur sure, but going from 20 offers down to 15 isn't going to end the craziness

In my market, for the sixth straight year, it didn't heat up crazy like in March and April like everyone thinks it does. It starts heating up January 15. each year. People buying in January are making a killing.

 
other odd thing about the open house around corner is that they listed at 400,000 even. Not 399,999. 

Basically if you're searching < 400k, don't bother.

I'll defer to the professionals but why not list 395,000 and let them bid up or press your luck and start at 405k?

Just seems very odd to me.

 
JaxBill said:
other odd thing about the open house around corner is that they listed at 400,000 even. Not 399,999. 

Basically if you're searching < 400k, don't bother.

I'll defer to the professionals but why not list 395,000 and let them bid up or press your luck and start at 405k?

Just seems very odd to me.
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bc they don’t have to  

 
JaxBill said:
other odd thing about the open house around corner is that they listed at 400,000 even. Not 399,999. 

Basically if you're searching < 400k, don't bother.

I'll defer to the professionals but why not list 395,000 and let them bid up or press your luck and start at 405k?

Just seems very odd to me.
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People are going to have their search at $400,000.  So I don't have an issue with that. 

I have a problem with the seller that lists for $405,000 and not $400,000 that just missed a nice chunk of potential buyers.

If the comps are at $410, then all the good agents will see that and bid it up to that or more.

 
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Capella said:
What does Netflix stock have to do with the low supply and high demand of the housing market? You’re just taking two things in the news that have little to do with each other and lumping them together. 
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There is something to be said for this where if you don't have home equity to swap then stock equity is the only way to avoid getting super leveraged.  Picking one stonk may not be the best example

 
JaxBill said:
other odd thing about the open house around corner is that they listed at 400,000 even. Not 399,999. 

Basically if you're searching < 400k, don't bother.

I'll defer to the professionals but why not list 395,000 and let them bid up or press your luck and start at 405k?

Just seems very odd to me.
Click to expand...


Starting price is just a suggestion.  More or less it's what you would settle for in two weeks is the rule of thumb.  

 
stbugs said:
I watched one of those home price shows last night and it was a new episode, so hopefully pretty accurate. They showed Missoula, Montana and I was shocked at the prices. They mentioned that lots of people were moving out there, and while true the prices were higher than they are in Charlotte and about the same as where I moved from in Northern VA (outside DC). I am out in the suburbs and was in VA, not downtown prices which can be much higher.

It just shocked me to see a 4000 sq ft 5 bedroom, 3 bath house for 750k in Montana or a 1100 sq ft 1 bathroom house mentioned close to 300k. I don't know anything about Missoula, but seems like there would be enough land to not have $200-300 per sq foot pricing. That's about the area of what I sold my last house for in the fastest growing county in the United States (not sure the exact period, I think it was 2000-2005). That county also had well over 100k in population so not one of those high growth-really small counties.

All the prices were "estimates", so not sure if they are based in reality or not. Anybody know?
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i live in missoula, population ~80000

we have 13000 airbbs listed.

welcome to the new sun valley.

out of staters are buying houses just as an investment.

the gamestop of real estate.

locals are very good people and we are all worried sick.

 
grateful zed said:
i live in missoula, population ~80000

we have 13000 airbbs listed.

welcome to the new sun valley.

out of staters are buying houses just as an investment.

the gamestop of real estate.

locals are very good people and we are all worried sick.
Click to expand...
Same here, it’s all air bnb business along Lake Michigan.  Those are the buyers. 

 
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