What's new
Fantasy Football - Footballguys Forums

Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.

How's your housing market? (1 Viewer)

Had a closing Friday.

3/2 2story townhome.   Build job.

In Oct, go under contract at $264,000.    Appraisal came in at $330,000.   $65k equity when they got the keys.

My clients, in the past five years have bought five properties for a total of $914,000.  They are now worth $1,785,000.

Our goal was to have a $mil in equity in 15 years.

 
Just got a contract on a lakehouse in Tampa for $730K.  They had it listed for $650K this time last year and got no bites so decided to rent it out a year.  Nice trade for them.  

 
Just got a contract on a lakehouse in Tampa for $730K.  They had it listed for $650K this time last year and got no bites so decided to rent it out a year.  Nice trade for them.  
What are the taxes and insurance on the house? In Miami the taxes are about 2% of the appraised value (by the county).

 
What are the taxes and insurance on the house? In Miami the taxes are about 2% of the appraised value (by the county).
That's about right for Hillsborough County.  A touch more for the city of Tampa.  Move a little north to Pasco county and it's only 1.6%.

Insurance should be about $2k once I replace the roof.  

 
Last edited by a moderator:
Friend of mine moved to Nashville area for military spouse reasons.  They listed on Friday for 285k and received an all cash offer over the weekend for 310k, no appraisal, close whenever ready.  Bought in the low 200s about 3-5 years ago.

 
If prices are going up so fast, is it better to wait a little longer to sell, if possible?
That seems like it would entirely depend on where you will live afterwards.  If you need to buy, then it doesnt really matter either way 

If you are selling a rental property or something, personally I would say sell now

 
Last edited by a moderator:
I realize that loan standards have tightened and loans are being given to more qualified people, but the past year of cash out refi's and these inflated prices sure does make it seem like some sort of minor or even major housing crash could be on the way in a few years.

Who knows.

 
We're probably gonna sell (FL) within the next four months or so and then rent for a year or two. Gotta fix up a few things first (landscaping, new garage door, painting here and there, etc.).

 
We're probably gonna sell (FL) within the next four months or so and then rent for a year or two. Gotta fix up a few things first (landscaping, new garage door, painting here and there, etc.).
Do you think a correction is coming and you're trying to time that?  If not, why sell now?

 
Do you think a correction is coming and you're trying to time that?  If not, why sell now?
I don't know if I'd call it a correction but things are bound to cool off at some point within the next year or so. We're making a decent profit by selling now and I forsee some improvements/repairs that could be needed over the next few years that I'd rather not deal with (Will our AC hold up? Well system? Water system? All run great now but slowly getting to the end of their life time).

I'm cool with forgoing some potential additional profit in order to lock in our profit now.

 
I don't know if I'd call it a correction but things are bound to cool off at some point within the next year or so. We're making a decent profit by selling now and I forsee some improvements/repairs that could be needed over the next few years that I'd rather not deal with (Will our AC hold up? Well system? Water system? All run great now but slowly getting to the end of their life time).

I'm cool with forgoing some potential additional profit in order to lock in our profit now.
Gotcha.  For the rental Will you downsize?  Upsize?  Look for a different location? 

 
I live in the Raleigh Area...  just a few miles from where Apple announced they are building a new facility (~5 miles away).  Housing in my area is wild.  Neighbor sold his house in 2015 for $256K.  New owner put $4K in reno, Aug 2020 listed it for $315K on Friday, had 4 offers > $325K by Sunday.  Now they cannot find a house to buy so they are renting.  New owner bought it when a friend wnet thru on Open House on face time chat.  It is now a rental $1500/month! 

My house (been here 20+ years) bought at $150K, now valued > $370K and we are reluctant to sell.  We love the area and the convience of all the shops/food/sports nearby.   Anything nearby we like is $500K so no reason to sell unless I move away to more rural, isolated area.....  which does offer some consideration! 

 
Gotcha.  For the rental Will you downsize?  Upsize?  Look for a different location? 
Small downsize and only 5 minutes away. Going from a 3/2 house with a fenced in backyard to a 2/2 apartment. No kids so the wife and I will be fine. But we might need to get a storage unit some stuff that doesn't get donated/thrown away. 

She eventually wants a 4/3 house but I'm trying to stop that talk. Her explanation is "but when family visits..." 😟

 
Last edited by a moderator:
House in Colorado Springs near my in-laws was a flip in May 2019, sold for 289k. Listed first of April for 375k and under contract in 4 days. Roughly 30% appreciation in just under 2 years.

 
I realize that loan standards have tightened and loans are being given to more qualified people, but the past year of cash out refi's and these inflated prices sure does make it seem like some sort of minor or even major housing crash could be on the way in a few years.

Who knows.
I kind of agree. I understand the whole inventory thing but so many people just spent a ton remodeling during the pandemic and staying out so a lot of buyers off the market as they already upsized. When stuff gets crazy, it does remind me a bit of 2005/2006 when prices peaked before it ran downhill. I’m not sure if prices will come down a lot or if maybe they stagnate. I do think it will be regional. I’m hearing horror stories in NYC from all my friends who used to live there, but around here it’s been crazy. That said it was only the past couple years that prices exceeded those financial crisis highs so it had been a while to dig out of the valley.

We are thinking about 5-10 year plan to move to a retirement house on the water (likely not a beach as that’s hella expensive), but man the asking prices right now have totally shot up although some seem like a hey, if someone pays it we’re cool with that. I think as new construction gets back up and humming the froth may get trimmed off. Luckily our house has definitely jumped as well, but who knows what 5 years will bring. 

 
We’re closing on our house this week, we’re past contingencies and should be funded by the weekend.
We were out looking at houses this last weekend. Found a house we like, they did showings for one day (Sunday), had 25 showings.  We put in an offer today, our agent let us know they have 12 other offers as well. We offered 25 over and all the other offers are in the same range apparently.  So nuts. 

 
Just closed last week on a home in Eugene, OR.  We got into town early April and looked at around 25 places in about 10 days.  Wrote offers on three of them, all 10-15% over ask, all within 4 days of list - and got beat by larger, all cash offers on all three.  One of the first homes we looked at the owner is a teacher and didn't want to move out until end of June, so they weren't getting offers and ended up pulling it off the market.  We wrote an offer that day, and they accepted.  Closed Tuesday, and rent-back to them until late June.  So basically we got lucky.

The place we rented until April back in the Bay Area was just listed. Our former landlords told us in March that they would sell to us at $765K with no inspection, no realtor, etc, and when we declined they put a little work into it (paint, new kitchen appliances, resurfaced the pool) and they just listed it at $859K.  I'm sure they'll get $950K or more.  

 
Last edited by a moderator:
Just sold our home in Huntington Beach.  Not quite double what we paid for it in 2011, but close.  We started thinking about selling pre-Covid 2020, and what we ended up selling for was 25% more than that amount.  Just closed Friday and wire arrived today.  Just the wife and I moving inland into a golf course community where we put 25% down at 3.125% jumbo loan.  As was mentioned in a prior post -- it is a house the wife wanted "for when the family all comes over."  

The people who bought our house are excited and it is a good house, but no way in hell I would pay as much as they did for it.  Crazy.

 
Just sold our home in Huntington Beach.  Not quite double what we paid for it in 2011, but close.  We started thinking about selling pre-Covid 2020, and what we ended up selling for was 25% more than that amount.  Just closed Friday and wire arrived today.  Just the wife and I moving inland into a golf course community where we put 25% down at 3.125% jumbo loan.  As was mentioned in a prior post -- it is a house the wife wanted "for when the family all comes over."  

The people who bought our house are excited and it is a good house, but no way in hell I would pay as much as they did for it.  Crazy.
Enjoy the 10 degree warmer weather inland. 😉

I keep looking at houses in my parent's neck of the woods (Glendale/Burbank) and the prices are bonkers there.  Good houses at $1.3m, even not so great houses in Eagle Rock going for $900k.

 
Enjoy the 10 degree warmer weather inland. 😉

I keep looking at houses in my parent's neck of the woods (Glendale/Burbank) and the prices are bonkers there.  Good houses at $1.3m, even not so great houses in Eagle Rock going for $900k.
We came from Sacramento so we have the experience.  In the summer, I imagine it will be 20 to 30 difference, but I will be golfing, drinking, or in the pool so I will power through.  Will miss the riots of HB though.

 
https://www.businessinsider.com/housing-market-outlook-home-price-inflation-construction-supply-shortage-building-2021-5?fbclid=IwAR08J8qo1im74lqLgtp-BkUk5Mo9DFxH7NIMiEitg-VNul766JEKFx1pojI

This is in line with my thinking of what to expect on the housing market in the not too distant future. Supply and demand is driving all of this and all the data points to this not being reversed. I keep seeing people equate this to 2008 and the list of things that make this different from 2008 is extensive. Inflation will raise rates which will put a brake on things but inflation will also be a buoy to keep pricing from falling even when supply finally catches up with demand as it will devalue the valuations and debts owed. 

 
Supply and demand is driving all of this and all the data points to this not being reversed. I keep seeing people equate this to 2008 and the list of things that make this different from 2008 is extensive. Inflation will raise rates which will put a brake on things but inflation will also be a buoy to keep pricing from falling even when supply finally catches up with demand as it will devalue the valuations and debts owed. 
Quoted for truth.

 
Just sold our home in Huntington Beach.  Not quite double what we paid for it in 2011, but close.  We started thinking about selling pre-Covid 2020, and what we ended up selling for was 25% more than that amount.  Just closed Friday and wire arrived today.  Just the wife and I moving inland into a golf course community where we put 25% down at 3.125% jumbo loan.  As was mentioned in a prior post -- it is a house the wife wanted "for when the family all comes over."  

The people who bought our house are excited and it is a good house, but no way in hell I would pay as much as they did for it.  Crazy.
Drove by the house, they already have a full size construction dumpster. Replacing all the flooring and reconfiguring the upstairs. Probably on track to spend $30-40K before even getting to kitchen and bathrooms.

 
Commentary on HGTV influencing millennial house hunters. 

:lmao:    :lmao:
Pretty much this but I find my friends in their early 30s value functional space and schools above anything else. The living space is the key, not the square footage.  They would rather have a 1500-1800sq 2/2 or 3/2 that costs much less after renovation than all the 2800sf 5/3.5 that came out of the 80s. Here in the foothills of Northern California, we have a #### ton of giant homes that could use 150K renovations because they haven't been touched going on 30-40 years. If you have the reno in your budget to spruce up the time capsule, its a sweet deal, but that's tough when they are already looking for double the "starter home" going rate. 

 
https://www.businessinsider.com/housing-market-outlook-home-price-inflation-construction-supply-shortage-building-2021-5?fbclid=IwAR08J8qo1im74lqLgtp-BkUk5Mo9DFxH7NIMiEitg-VNul766JEKFx1pojI

This is in line with my thinking of what to expect on the housing market in the not too distant future. Supply and demand is driving all of this and all the data points to this not being reversed. I keep seeing people equate this to 2008 and the list of things that make this different from 2008 is extensive. Inflation will raise rates which will put a brake on things but inflation will also be a buoy to keep pricing from falling even when supply finally catches up with demand as it will devalue the valuations and debts owed. 
Yep.  Everything I’ve been reading is this is far more similar to the mid 80’s when prices rocketed then flattened then it is to 2008.  

 
Yep.  Everything I’ve been reading is this is far more similar to the mid 80’s when prices rocketed then flattened then it is to 2008.  
I am expecting inflation to hit like we haven't seen since the 80's (literally the phrase I have been using for the last few weeks).... so... yea. All data points to this and I am not seeing any good arguments in opposition. 

 
I am expecting inflation to hit like we haven't seen since the 80's (literally the phrase I have been using for the last few weeks).... so... yea. All data points to this and I am not seeing any good arguments in opposition. 
I dunno man.  The world economy and the Fed are very different now than in the early 80s.  I bet we don't see CPI inflation anywhere near those levels.  Might hit 5% YoY this year, but I bet we don't see above 5% in 2022 or 2023.

 
Last edited by a moderator:
Pretty much this but I find my friends in their early 30s value functional space and schools above anything else. The living space is the key, not the square footage.  They would rather have a 1500-1800sq 2/2 or 3/2 that costs much less after renovation than all the 2800sf 5/3.5 that came out of the 80s. Here in the foothills of Northern California, we have a #### ton of giant homes that could use 150K renovations because they haven't been touched going on 30-40 years. If you have the reno in your budget to spruce up the time capsule, its a sweet deal, but that's tough when they are already looking for double the "starter home" going rate. 
Depends where in Nor Cal I think? In parts of the East Bay, the correlation between sf and sale price is strong.

My opinion in the Bay Area is buy as much sf as you can afford and then buy a little more. I saw this work out very well for many, many people, including myself.

 
Drove by the house, they already have a full size construction dumpster. Replacing all the flooring and reconfiguring the upstairs. Probably on track to spend $30-40K before even getting to kitchen and bathrooms.
We're getting work done on our bathrooms and I was shocked by the quotes. The work involved 2 new bathtubs, shower faucets/hardware, and new tiling all around tub/shower.....2 small bathrooms....not moving any plumbing or anything crazy....all quotes were over $10k.  

These numbers thrown around on HGTV are lies, man.

 
We're getting work done on our bathrooms and I was shocked by the quotes. The work involved 2 new bathtubs, shower faucets/hardware, and new tiling all around tub/shower.....2 small bathrooms....not moving any plumbing or anything crazy....all quotes were over $10k.  

These numbers thrown around on HGTV are lies, man.
240’ of wood fence, was quoted over 11 grand. Guess I am not replacing my fence any time soon!

 
Depends where in Nor Cal I think? In parts of the East Bay, the correlation between sf and sale price is strong.

My opinion in the Bay Area is buy as much sf as you can afford and then buy a little more. I saw this work out very well for many, many people, including myself.
100% Bay Area buy as much space as possible. Here in the foothills we are starting to run into the older generations not understanding why people don't want the mini mansions that have had maintenance kicked down the road several times. Honestly, it's the price, people just aren't willing to put all their cash in on a home that needs heavy renovations. We aren't just talking cosmetics like flooring, counters etc, but septic systems, wells, termite problems, roof, and HVACs that are all past their life cycle dates. Not to mention, many of these homes have terrible internet that isn't a big deal for current owners. And by terrible I mean 1-3 Mbps that has really bad jitter and is almost unusable when it rains.

 
Last edited by a moderator:
I haven't quite pinpointed what it is about some houses that gets a bidding war started.  There seems at least a need to list below market.  I see houses list for lolzomg type prices that do in fact sit on the market, so it hasn't lost all rationality.  

 
The Z Machine said:
I dunno man.  The world economy and the Fed are very different now than in the early 80s.  I bet we don't see CPI inflation anywhere near those levels.  Might hit 5% YoY this year, but I bet we don't see above 5% in 2022 or 2023.
The world is different for sure. 
All the data points to elevated inflation and we are still pushing more monetary and fiscal policies that encourage inflation, not fight against it. 

 
I haven't quite pinpointed what it is about some houses that gets a bidding war started.  There seems at least a need to list below market.  I see houses list for lolzomg type prices that do in fact sit on the market, so it hasn't lost all rationality.  
List price has nothing to do with final sakes price.  It has everything to do with how many people will tour the home.  

List a little under and 50 groups come in over four days, and bidding war starts as soon as five offers are in

List at the top of the market, get like 10 to 15 groups come by.  Much harder to create a bidding war when only 2 or 3 offers.  I won't even work with a seller that wants to do this.  

Condition is also a big factor.   New paint inside and out, and any needed upgrades to flooring , systems and roof when all done create an extra level of frenzy.  

 
Last edited by a moderator:
For what it's worth...

When we bought in the Bay Area in 2007, we were outbid on 6 homes, all of which had multiple offers (~6 bid average) and sold for over asking price.

The house we got? I saw it on a Saturday, Stumbled into the open house by accident just running an errand. Most houses are only open Sundays. I loved it. Called my realtor and asked her what to do. She said let's put in a pre-emptive offer good for 24 hours. So by that evening, we had an offer in. Somewhere in the neighborhood of 15% over asking. Good until 5:00 in the evening on Sunday. We got the house. 

She's still my realtor. She's my family's realtor and the realtor for many friends. She knows what she's doing. She's a baller and she's killing it because of out-of-the-box decisions like the one above. In times like these, as a seller or buyer, pays to be ballsy or get creative sometimes.

 
For what it's worth...

When we bought in the Bay Area in 2007, we were outbid on 6 homes, all of which had multiple offers (~6 bid average) and sold for over asking price.

The house we got? I saw it on a Saturday, Stumbled into the open house by accident just running an errand. Most houses are only open Sundays. I loved it. Called my realtor and asked her what to do. She said let's put in a pre-emptive offer good for 24 hours. So by that evening, we had an offer in. Somewhere in the neighborhood of 15% over asking. Good until 5:00 in the evening on Sunday. We got the house. 

She's still my realtor. She's my family's realtor and the realtor for many friends. She knows what she's doing. She's a baller and she's killing it because of out-of-the-box decisions like the one above. In times like these, as a seller or buyer, pays to be ballsy or get creative sometimes.
The creativity on the offers is off the charts these days.

I just came up with this one last night.....

Got a referral last week from an old client.  They qualified up to $400k, but would rather have a payment around $325k.

So we found a 3/1/1100 sq ft house in very good shape yesterday afternoon.  Listed at $305k.

Talk to the agent and find out they have 5 offers. 2 at 305, 1 at 310, 315 and 330.  The 330 doesn't have an appraisal gap clause and she's not really liking it.   There is one comp at $300k, from two months ago.  We are up 5% since then, so I'm confident it will appraise for $315.  Buyers only have $5k that they can use to cover an appraisal gap difference.  So we write it up at $320k.  Buyers to pay cash up to $5k if appraisal $315-320.   And I offered to reduce my commission to make up any difference from $310-315, if that's where the appraisal came in.     They were a referral and If I had to dip into mine. they would refer for sure and I'd make it up.

We get an answer tonight

 
Last edited by a moderator:
The creativity on the offers is off the charts these days.

I just came up with this one last night.....

Got a referral last week from an old client.  They qualified up to $400k, but would rather have a payment around $325k.

So we found a 3/1/1100 sq ft house in very good shape yesterday afternoon.  Listed at $305k.

Talk to the agent and find out they have 5 offers. 2 at 305, 1 at 310, 315 and 330.  The 330 doesn't have an appraisal gap clause and she's not really liking it.   There is one comp at $300k, from two months ago.  We are up 5% since then, so I'm confident it will appraise for $315.  Buyers only have $5k that they can use to cover an appraisal gap difference.  So we write it up at $320k.  Buyers to pay cash up to $5k if appraisal $315-320.   And I offered to reduce my commission to make up any difference from $310-315, if that's where the appraisal came in.     They were a referral and If I had to dip into mine. they would refer for sure and I'd make it up.

We get an answer tonight
We just counter offered 10% over list and my agent reduced her end down a point and took the year warranty off the buyer, agent said she’d pay for it.  Reasons like this are why this is our 3rd house with the agent.  

 
The creativity on the offers is off the charts these days.

I just came up with this one last night.....

Got a referral last week from an old client.  They qualified up to $400k, but would rather have a payment around $325k.

So we found a 3/1/1100 sq ft house in very good shape yesterday afternoon.  Listed at $305k.

Talk to the agent and find out they have 5 offers. 2 at 305, 1 at 310, 315 and 330.  The 330 doesn't have an appraisal gap clause and she's not really liking it.   There is one comp at $300k, from two months ago.  We are up 5% since then, so I'm confident it will appraise for $315.  Buyers only have $5k that they can use to cover an appraisal gap difference.  So we write it up at $320k.  Buyers to pay cash up to $5k if appraisal $315-320.   And I offered to reduce my commission to make up any difference from $310-315, if that's where the appraisal came in.     They were a referral and If I had to dip into mine. they would refer for sure and I'd make it up.

We get an answer tonight
What area? Most offers in that range around here are cash or GTFO if trying to monkey around with stuff like this.  5k here or there on some funky offer that takes two legal pads to work out front and back isn't worth it.

 
What area? Most offers in that range around here are cash or GTFO if trying to monkey around with stuff like this.  5k here or there on some funky offer that takes two legal pads to work out front and back isn't worth it.
Same with the Vancouver and suburb area.  Seller holds all the cards.  The house next to mine listed at 1.35 and the realtor had an open house on Saturday/Sunday, and told everyone that they would be taking offers from 5:00PM-9:00PM Sunday night and a decision would be reached on Monday night.  Went for 1.505 without any subjects.

Every house that goes up sells within a week.  It's been crazy for the last 4 or 5 months.  Single detached going for around 33% higher YoY.

 
Closed on our first beach house a month or so ago.  Brigantine NJ.  Houses there going for 500k on average.  Got it for 295k due to a weird layout and some work that needs to be done.  I’m an architect so the layout stuff I have handled and I’m pretty handy so I’ll be hitting it hard this month.  Appraisal during DD period came in at 375k without any work being done yet.  We’re renting it for a chunk of the summer for weekly rentals.  Every week filled within five days of listing it.  Getting about 20% more per week than we would have pre-COVID.  Crazy times.

 
What area? Most offers in that range around here are cash or GTFO if trying to monkey around with stuff like this.  5k here or there on some funky offer that takes two legal pads to work out front and back isn't worth it.


Same with the Vancouver and suburb area.  Seller holds all the cards.  The house next to mine listed at 1.35 and the realtor had an open house on Saturday/Sunday, and told everyone that they would be taking offers from 5:00PM-9:00PM Sunday night and a decision would be reached on Monday night.  Went for 1.505 without any subjects.

Every house that goes up sells within a week.  It's been crazy for the last 4 or 5 months.  Single detached going for around 33% higher YoY.
Boise area, which is up 34% in last year.

 

Users who are viewing this thread

Top