Buying a House

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.

Closing on 1 tomorrow

Closing in about a month, jumped on it about 10 min after it hit the market. I know what you mean though I only live about 30-40 min from ya its been nuts

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

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.

I'd wait till the market corrects. 18 months maybe.

Houses by me are way overvalued currently. Buy now and when the market corrects, you'll be way upside down.

I've looked at houses that are double what they sold for three years ago Keith.

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.

Wish I had a house or two to sell before this thing crashes.

Houses are selling for more than their worth right now. So what happens when things get back to normal? You have a house that is over priced and if you decide to sell you loose money on?

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.

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

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!

same thing here ,buddy sold his house in 2 days got 20 thousand more than asking ,

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.

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.

Close the 21st. We got lucky found one not on the market and the sellers took our offer even though we're offered more after us, they were just wanting out as fast as they could.

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.

Acreage down the road just went up thats probably comparable to mine and i was shocked how low it was priced. Im guessing its gone by now. Buddys wife is a realtor and she is having a hard time getting houses bought for people. Theyre comin in 25-30k above asking price and getting beat. Two of her recent failed purchases were lost to people from, you guessed it, California!! Some of these houses are being bought from several states away, sight unseen. We’re being invaded.

My daughter told me just this morning about a friend of hers.

She said her friend and husband have land they're going to build a new house on, already have some work done like right of way in and well drilled. They put building the house on hold until lumber prices drop. Since, they've gotten an offer they couldn't refuse for their current home so they're selling and going to live in a camper on their land until lumber comes back down.

Nuts here too.
Daughter just bought a condo in Ottawa about 8 months ago as an investment-price has gone up by $100,000 in 6 months.

Its stupid nuts right now. Im waiting for this to collapse. My place somehow has doubled in value in the last5 years.