Re: Buying a House
[Re: KeithC]
#7285232
06/13/21 03:14 PM
06/13/21 03:14 PM
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Joined: Dec 2018
Posts: 5,214 Crivitz WI
Sprung & Rusty
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trapper
Joined: Dec 2018
Posts: 5,214
Crivitz WI
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I don't understand why people don't list their properties for more in a great seller's market like we have right now. It seems like realtors are screwing their customers by listing their houses far below market value to get a super quick, easy sale. If a house gets a large number of bids, the first day it is listed, it was very obviously underpriced.
Keith Houses by me are way overvalued currently. Buy now and when the market corrects, you'll be way upside down.
No Jab.
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Re: Buying a House
[Re: bwtrapper]
#7285239
06/13/21 03:22 PM
06/13/21 03:22 PM
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Joined: Dec 2010
Posts: 1,666 Wisconsin
Green Bay
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trapper
Joined: Dec 2010
Posts: 1,666
Wisconsin
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It is crazy here too. A friend is a relator and he says things are going $30,000 over asking and the asking is overpriced. People are also not having home inspections because the next potential buyer won't. I was shocked by the Zillow asking price for our house. It is up $60,000 in the last six weeks.
Author of The Lure Hunter: A Guide to Finding Fishing Lures
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Re: Buying a House
[Re: canebrake]
#7285245
06/13/21 03:26 PM
06/13/21 03:26 PM
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Joined: Nov 2012
Posts: 1,057 midland, michigan
midlander
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trapper
Joined: Nov 2012
Posts: 1,057
midland, michigan
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It's ridiculous everywhere right now. I have a feeling this bubble is fixing to pop, and pop bigly when it does. It can't keep going on like this. This isnt a bubble in the same way as in the past. The last housing bubble focused around banks lending money to unqualified people without doing their due diligence to protect themselves from defaults. this time, money is abundant but housing is not. Couple that wth the extreme cost of new construction and you have a sellers market. Eventually, lumber prices will moderate and the market will slow down, but i dont see any 'crashes' like the last time. Its not a subprime scenario.
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Re: Buying a House
[Re: Green Bay]
#7285251
06/13/21 03:29 PM
06/13/21 03:29 PM
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Joined: May 2009
Posts: 15,540 Champaign County, Ohio.
KeithC
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trapper
Joined: May 2009
Posts: 15,540
Champaign County, Ohio.
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It is crazy here too. A friend is a relator and he says things are going $30,000 over asking and the asking is overpriced. People are also not having home inspections because the next potential buyer won't. I was shocked by the Zillow asking price for our house. It is up $60,000 in the last six weeks. Most of a realtors job is to get you the most money for your most valuable possession they can. If houses are selling $30,000.00 over the realtors asking price, it seems to me they have done a terrible job pricing your house for you and that you could of very likely got more money still, if they priced your house better. Sellers have to know their market and adapt and change with it. I sell stuff for a living and raise and lower my prices when needed. Keith
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Re: Buying a House
[Re: midlander]
#7285254
06/13/21 03:31 PM
06/13/21 03:31 PM
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Joined: Feb 2015
Posts: 10,471 Iowa
trapdog1
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trapper
Joined: Feb 2015
Posts: 10,471
Iowa
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It's ridiculous everywhere right now. I have a feeling this bubble is fixing to pop, and pop bigly when it does. It can't keep going on like this. This isnt a bubble in the same way as in the past. The last housing bubble focused around banks lending money to unqualified people without doing their due diligence to protect themselves from defaults. this time, money is abundant but housing is not. Couple that wth the extreme cost of new construction and you have a sellers market. Eventually, lumber prices will moderate and the market will slow down, but i dont see any 'crashes' like the last time. Its not a subprime scenario. That is a good point. But I would imagine some are borrowing more than they can afford and are going to be in trouble. I guess there is nothing unusual about that either!
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Re: Buying a House
[Re: KeithC]
#7285268
06/13/21 03:50 PM
06/13/21 03:50 PM
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Joined: Nov 2007
Posts: 9,780 St. Cloud, MN
trapperkeck
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trapper
Joined: Nov 2007
Posts: 9,780
St. Cloud, MN
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It is crazy here too. A friend is a relator and he says things are going $30,000 over asking and the asking is overpriced. People are also not having home inspections because the next potential buyer won't. I was shocked by the Zillow asking price for our house. It is up $60,000 in the last six weeks. Most of a realtors job is to get you the most money for your most valuable possession they can. If houses are selling $30,000.00 over the realtors asking price, it seems to me they have done a terrible job pricing your house for you and that you could of very likely got more money still, if they priced your house better. Sellers have to know their market and adapt and change with it. I sell stuff for a living and raise and lower my prices when needed. Keith The fly in the ointment for a realtor is, the home has to appraise for a certain amount for loan qualification. Not many people can write a check for the difference in appraised value vs asking price, when push comes to shove. I've seen a few home sales fall through lately because the appraised value of the home wasn't high enough to justify the loan amount.
"The voice of reason!"
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Re: Buying a House
[Re: midlander]
#7285317
06/13/21 04:25 PM
06/13/21 04:25 PM
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Joined: Mar 2015
Posts: 526 GA
canebrake
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trapper
Joined: Mar 2015
Posts: 526
GA
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It's ridiculous everywhere right now. I have a feeling this bubble is fixing to pop, and pop bigly when it does. It can't keep going on like this. This isnt a bubble in the same way as in the past. The last housing bubble focused around banks lending money to unqualified people without doing their due diligence to protect themselves from defaults. this time, money is abundant but housing is not. Couple that wth the extreme cost of new construction and you have a sellers market. Eventually, lumber prices will moderate and the market will slow down, but i dont see any 'crashes' like the last time. Its not a subprime scenario. You're right, this is not the same deal as what happened in 2008. Is money really abundant, though? With the ridiculous prices of everything, I have a feeling that lots of people are borrowing more than they can afford. Maybe lots of people just make way, way more money than me. We'll see what happens.
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Re: Buying a House
[Re: bwtrapper]
#7285355
06/13/21 04:58 PM
06/13/21 04:58 PM
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Joined: Feb 2014
Posts: 25,692 nm
adam m
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trapper
Joined: Feb 2014
Posts: 25,692
nm
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Is anybody else trying to buy a house right now? It's ridiculous around here. Nothing lasts for more than a day unless there is a major issue. Been outbid three times. People are paying 20 to 30000 over asking price. It's insane. Been like that since January 2020. Took me a year numerous offers and hundreds of showings to get this house. It's a seller's market. I can't count how many times we were on our way to a or in a house and it sold. Listed around midnight sold by 1000 hrs. Or we would get there and there was already numerous offers. A few I wanted real bad offered 20k over and it wasn't good enough.
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