Housing market is too far gone.

Menger

OT Supporter
Nov 23, 2011
23,792
Appointment later today to see this place. It’s pretty much exactly what I need, and under budget, sooooo appraisal gap is probably the only $ issue as long as the foundation isn’t falling in.
 

GH0ST

OT Supporter
Jul 5, 2003
50,543
GA
House right up the street from me and same square footage as mine just sold for $100k more than I bought mine for last year. This is a community that just finished building last year. I can't believe people are still paying these crazy prices with interest rates having gone back up. There's tons of homes being built by me too, but clearly not fast enough. Crazy.
 
May 8, 2001
39,729
Colorado
House right up the street from me and same square footage as mine just sold for $100k more than I bought mine for last year. This is a community that just finished building last year. I can't believe people are still paying these crazy prices with interest rates having gone back up. There's tons of homes being built by me too, but clearly not fast enough. Crazy.
I'm interested to see what the numbers are going to look like for May. I know in the Denver market, we went from one week's worth of inventory in March, to three weeks worth in April. Days in the MLS remained unchanged at four days though. I have come across more price reductions than usual the past two weeks, and new listings aren't getting quite the same amount of traction as they were.
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
26,103
Loserville. Population: 1
My neighbors just popped a for sale sign in their yard. I called the agent to get the scoop because I have buyers who are desperate to find a house, and it’s in the same neighborhood as their daughter and her 2 kids.

I live in an “OK” neighborhood. It’s in a good school district, decent area. Bought my house for $185k in 2015, it’s like 1804 sqft. Best part is it’s at the back of the neighborhood, there are trees behind me, then a little path, then a little waterway in the other side. So no neighbors behind me, and not much traffic since we’re all the way in the back.

Last week a house sold for the highest price ever in the neighborhood (I think). 2900 sqft 5br 2.5ba for $340k.

My neighbor’s house is 3000 sqft with 4br/2.5ba and a game room instead of a 5th bedroom. These are the neighbors who scammed a bunch of PPP money, and left their Mercedes in the road so it would flood during the last hurricane (I’m friends with the guy I bought the house from and when I told him they did that, he laughed and said “yeah they did that for Katrina too 🤣”.

It’s going live Monday for $420k 🤣🤣
 

Menger

OT Supporter
Nov 23, 2011
23,792
Why is buying a house such a pain in the ass. I just want someone to tell me the price and I will pay it. :hs:

5% over list? Sure. 10%? Sure. 15%? Sure. 20%? Sure. 25%? Sure. Let’s make a deal, shake hands and sign papers. The end.
 

Menger

OT Supporter
Nov 23, 2011
23,792
Sending an offer tonight that starts at 118% of list and escalates to 126% lmao

(Cheap house don’t get it twisted I ain’t rich)
 
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Menger

OT Supporter
Nov 23, 2011
23,792
Realtor says my offer is more likely to get accepted without the escalation clause (obviously) but it seems like the only fair way to keep from bidding against yourself. So I dunno what to do.
 

kwhitelaw

OT Supporter
Sep 1, 2004
41,757
virginia
Realtor says my offer is more likely to get accepted without the escalation clause (obviously) but it seems like the only fair way to keep from bidding against yourself. So I dunno what to do.
If you're comfortable at your max escalated price (clearly cause you're willing to go to that amount) , just come hard out the gate

I just wrapped a transaction where we struggled with doing an escalation (most agents, myself included, don't want to deal with a dozen escalations to calculate out, just come highest and best out the gate)... listing agent and I had good rapport and wrapped it up, even tho other escalated offers they received were 20,000$ higher (and he sent me the other offer to show good faith)
 
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