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Post by The Walk of the Penguin Mich on Apr 30, 2021 15:58:13 GMT -5
I was on our local NextDoor group last night and a renter was saying that he was outbid on a house in this city. They posted a link to the house, it was a 3BR 2. BA, 1600 sq ft house where the asking price was $549k and it sold for $752k. Others chimed in that this was their experience, and while $203k over asking was the highest they had seen, $100-150k over asking was more common. That’s nuts!
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Tiny
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Post by Tiny on Apr 30, 2021 16:22:55 GMT -5
My nephew posted this on Facebook:
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Tiny
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Post by Tiny on Apr 30, 2021 16:30:13 GMT -5
FWIW: Zillow just bumped up the 'zesstimate' of the house I bought at the end of 2019 by 40K. I paid just about top dollar (under 200K) for it at the end of 2019. The units in my Florida Townhouse subdivision have been skyrocketing as well. Units like mine were selling in the 135K - 140K range back in November 2020. I now see a unit like mine - but with a kitchen that needs to be put in (as in the unit had water damage from another unit - the kitchen was torn out and is ready for new dry wall, cabinets, appliances) being offered at 140K. I see a couple of other units like mine - in move in condition some with updated kitchens/baths and flooring some with 10 year or older ones being offered in the 150K and up range. FWIW: my unit had a 190K mortgage on it when the bottom fell out of the realestate market back in 2008. It was 100% financed. I paid 1/4th of that on short sale. So, the prices aren't at the 2008 level yet - but it's getting there. And I'm guessing the people buying can afford the mortgage prices. It's just feels weird. My income is NOT keeping up with everyone elses.
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Post by minnesotapaintlady on Apr 30, 2021 18:31:03 GMT -5
Zillow says mine went up 60K in the past year. I'm skeptical.
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nidena
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Post by nidena on Apr 30, 2021 18:32:06 GMT -5
Zillow is showing $135k for mine. Realtor is showing $123k.
ETA: I paid $110k.
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Deleted
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Post by Deleted on Apr 30, 2021 19:04:38 GMT -5
Zillow shows us at $195,000 up from $176,000 last year. Doesn't matter to me b/c any other property we could move to is up a comparable amount or more. Yes, our taxes and insurance are going up too. We can't have the one without the other.
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azucena
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Post by azucena on Apr 30, 2021 19:17:53 GMT -5
Redfin has mine up 15% for the yr. That's in line with the bidding wars I'm hearing.
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tallguy
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Post by tallguy on May 1, 2021 4:11:57 GMT -5
Zillow says mine went up 60K in the past year. I'm skeptical. Zillow says mine went up more than 60K in the last thirty days. I'm not skeptical at all.
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resolution
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Post by resolution on May 1, 2021 11:27:19 GMT -5
Our realtor told us that a lot of the people making cash offers are pulling the money from their retirement accounts, paying cash for the house, and then taking out a mortgage afterward to put money back in the accounts during the grace period.
The people that just bought our house paid cash to buy it for their son, who is in his 20s.
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mamasita99
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Post by mamasita99 on May 2, 2021 9:18:16 GMT -5
Our realtor told us that a lot of the people making cash offers are pulling the money from their retirement accounts, paying cash for the house, and then taking out a mortgage afterward to put money back in the accounts during the grace period. The people that just bought our house paid cash to buy it for their son, who is in his 20s. I guess that’s one way to have your offer accepted above the others. I live in such a high cost of living area, that I wouldn’t be able to do that even if I wanted to. And I really don’t have lots of extra cash to offer tons above asking price. The highest I can truly afford to pay is already near the lowest places listed in this area! I probably need to move.
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buystoys
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Post by buystoys on May 2, 2021 9:30:43 GMT -5
I double checked Zillow's estimate with Realtor.com's estimate yesterday. The Zillow estimate is very close to the middle Realtor one. We're not interested in selling right now despite the multiple calls we've received from interested parties.
The house on the corner was purchased by a flipper. He's re-siding the house and has cleared out a lot of weed trees. It's already looking so much better and they haven't even painted the siding! I'm curious to see what they've done to the inside. I keep watching Zillow to see pictures when they post them.
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Deleted
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Post by Deleted on May 2, 2021 14:45:02 GMT -5
DD/DSIL get calls, emails, snail mail daily wanting to buy this house. On Friday it was $305k on Zillow. Yesterday it was $311k. They have probably $200k in equity, but it doesn't do a bit of good because a $300k house would be a big step down.
I don't see the big run up in housing prices lasting a whole lot longer.
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bean29
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Post by bean29 on May 2, 2021 16:58:23 GMT -5
Wow Zillow put my house value at $525,000. My guess would be $450,000-$475,000. Doesn’t matter. We are staying at least a few more years
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emma1420
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Post by emma1420 on May 3, 2021 10:55:37 GMT -5
I put my house on the market Easter weekend. I live in a suburb of Kansas City. Within 24 hours of list, I had 14 offers, with the average offer being about 10% over list price. Almost every offer agreed to an “as-is” sale. It was insane. Especially, for what is basically a cookie cutter subdivision house. I am moving to a small town about 3 hours away. And most houses the are selling within a few days, especially if they’ve had any sort of updates. Although only a handful of homes are getting multiple offers. And, you can never have too many shut off valves 😀. If you don't mind saying, what price range are you in? Around here, anything under $250k is gone within a day or 2. $250k-$500k seem to sell in a week or 2. I don't get it. There has never been that kind of demand in my lifetime. I bought my current house 5 years ago and I'm sure I could sell it quickly for 60% more than I paid for it, but where would I go? I got a good deal when I bought this place and after refinancing it, my payment is about half what a 2 bedroom apartment would cost. In the past, my houses only appreciated about 1-2% per year. I'm not sure why there are suddenly so many people wanting to buy houses around here. I’m in the 250-500k range. My realtor told me almost everything under 500k sells within a couple days. Most new construction is being priced between 600-800k. Which is just mind boggling. It’s Kansas City, not Seattle. But, my house was definitely at the lower end of things, and is basically a 2000 sq ft 3/2. But, it’s in popular area, and it’s one of the cheaper homes in the area.
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Ryan
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Post by Ryan on May 3, 2021 14:43:19 GMT -5
I'm hoping the market compels some of my neighbors to sell. In some ways, they are the perfect neighbors, they keep to themselves and aren't difficult to deal with for the most part. They do kind of annoy me with constantly telling me how great the neighborhood used to be when everyone would talk. I finally told my neighbor across the street that 75% of the neighborhood has been here longer than 20 years, so if it's not then same then I think you guys are to blame!
I'm pretty sure they are upset with me at the moment because I wouldn't sign their petition to put a sidewalk down our street. We live down the street from a school that has no bus service, so you all these kids walking down the street with no sidewalks, sharing the road with cars zipping in/out of the school. They don't want the sidewalk because they don't want it breaking up their precious front-lawn that they don't really use in the first place.
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TheOtherMe
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Post by TheOtherMe on May 3, 2021 17:56:41 GMT -5
Sounds to me like a sidewalk is needed on your street.
I wasn't happy when the city decided we needed sidewalks because the bus stop changed. We were given the option of installing our own and it didn't cost that much. If the city had done it and assessed us, it would have cost more.
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Opti
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Post by Opti on May 3, 2021 18:34:55 GMT -5
Zillow says mine went up 60K in the past year. I'm skeptical. Zillow says mine went up more than 60K in the last thirty days. I'm not skeptical at all. Your area is very desirable.
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Opti
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Post by Opti on May 3, 2021 19:36:59 GMT -5
DD/DSIL get calls, emails, snail mail daily wanting to buy this house. On Friday it was $305k on Zillow. Yesterday it was $311k. They have probably $200k in equity, but it doesn't do a bit of good because a $300k house would be a big step down. I don't see the big run up in housing prices lasting a whole lot longer.Any quick run ups usually crash, so I am wondering how sustainable this is. The economy crashes during the start of the pandemic and now housing goes crazy?
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CCL
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Post by CCL on May 3, 2021 19:43:07 GMT -5
Zillow says mine went up more than 60K in the last thirty days. I'm not skeptical at all. Your area is very desirable. What area is that?
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tallguy
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Post by tallguy on May 3, 2021 20:40:49 GMT -5
Your area is very desirable. What area is that? Seattle. A nice area but don't want to be specific.
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formerroomate99
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Post by formerroomate99 on May 4, 2021 13:02:15 GMT -5
DD/DSIL get calls, emails, snail mail daily wanting to buy this house. On Friday it was $305k on Zillow. Yesterday it was $311k. They have probably $200k in equity, but it doesn't do a bit of good because a $300k house would be a big step down. I don't see the big run up in housing prices lasting a whole lot longer.Any quick run ups usually crash, so I am wondering how sustainable this is. The economy crashes during the start of the pandemic and now housing goes crazy? It’s been a very haves and have Nots Crash though. People depending on service industry jobs have lost everything while us office workers have mostly kept our salaries and aren’t paying for commuting and daycare. That means a lot of cash has been freed up for real estate.
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souldoubt
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Post by souldoubt on May 4, 2021 15:08:37 GMT -5
Yeah as much as I think my local market and many other markets are overpriced (or rather prices have been driven up because of low supply, low rates and people's desire for more space) this doesn't look or feel like 2008. I haven't heard about no doc, low doc or questionable loans being given out and buyers have had a hard time in many areas going against cash offers. One of the areas I watch in another state that I would strongly consider moving to has seen home prices increase 50%+ in the last 3-4 years while a lot of current sales are all cash with people from out of state relocating. Even as the dust settles and we come out of COVID I think people working for large companies where they can work remotely from another state could continue to relocate.
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formerroomate99
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Post by formerroomate99 on May 5, 2021 11:04:52 GMT -5
Houses in my neck of the woods have doubled in the last seven years, which is no surprise since the area is full of out of state license plates. One thing that has kept it from going completely crazy is the fact that every piece of empty land has been filled up with townhomes in apartment complexes, including a 700 unit complex at the end of my street. Thankfully, when my town went from farmland to suburbia in the 1970s, the city planners built the streets with twice as many lanes as they needed for suburbia. So adding in all these apartments hasn’t killed our quality of life or made traffic unmanageable.
My husbands aunt lives in a suburb of San Francisco that went from farm to suburbia about the same time my town did. The miserable cow paths they call roads ceased to be adequate the moment the area went suburban, and they’ve had to vote down any plans to add a train line and the high density housing that would follow because the roads simply can’t handle it. Since they let people build their houses 20 feet from the main drags, the roads are never going to be upgraded. They will keep their little town apartment free, and their kids will be living at home till they’re 30.
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Post by Deleted on May 5, 2021 13:51:32 GMT -5
My home is really hard to value using comps- it's on a small (3-acre) lake and the downstairs has 2 bedrooms, a full kitchen and living area and a walk-out basement facing the lake. We paid $258,000 for it 5 years ago and then paid $26K to have the top screened-in porch enclosed into a 3-season room. I also put in granite countertops in the kitchen and replaced a few windows and added plantation shutters. But- the house next door just went on the market. Same lot size, but the house may be bigger (5 BR and I have 4). They have what look like hardwood floors (I have a lot of carpeting) on the main floor. Listed at $449,900. I'd been thinking mine was worth about $310K but maybe I oughta increase that. I have no plans to go anywhere but it's good news- well, until the next tax assessed value is calculated.
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countrygirl2
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Post by countrygirl2 on May 11, 2021 21:47:13 GMT -5
Yep son didn't get that house. He said someone came in with a huge all cash offer and bought it. But he and I both agreed it wasn't even worth the $505K he offered. Now he's not sure what to do, he said he would likely have to go $600k and he doesn't really want to. I'm not sure that will help. He may have to rent. He said maybe it will get better in the future but you don't know. And with the price of supplies building has slowed down.
He doesn't want to live in town is part of it, he could buy a place there, he says I'm not living in town. Well, he may have to, he should have realized before he put in to move. He makes enough and has enough down but who wants to buy a house that may not be worth that much in a few years. I don't know what to advise him this time. He may have to buy something and remodel it, but I think he is going to have to face reality. Oh my
I knew it would be rough, but not this bad. and this time we don't have another $150k to give him.
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Tiny
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Post by Tiny on May 11, 2021 22:05:49 GMT -5
It is starting to look like 2005 when people started buying houses - not bothering to move in - waiting some months and then selling the house for a profit. I think that's what I'm starting to see locally now. That's one of the things that was happening as the bubble grew - works great in the early months/years as there's someone else willing to buy the house at the higher price. But it's basically hot potato and someone winds up with it in the end.
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countrygirl2
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Post by countrygirl2 on May 12, 2021 18:50:47 GMT -5
Says ours went up $23k in the last 30 days. Valued at $340k, with net after closing costs would be $308 and this is on zillow. We aren't even listed.
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CCL
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Post by CCL on May 12, 2021 22:14:03 GMT -5
It is starting to look like 2005 when people started buying houses - not bothering to move in - waiting some months and then selling the house for a profit. I think that's what I'm starting to see locally now. That's one of the things that was happening as the bubble grew - works great in the early months/years as there's someone else willing to buy the house at the higher price. But it's basically hot potato and someone winds up with it in the end. What general area are you in?
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Post by The Walk of the Penguin Mich on May 12, 2021 22:39:22 GMT -5
I think what has happened around here to drive prices nuts is since so many people can now work from home, many from the larger cities have sold out and bought up here. I know at last 2 houses on my street that did this, one from CA, the other from Seattle. There is little inventory, and most building that’s going on right now are high end apartments.
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Post by minnesotapaintlady on May 13, 2021 8:10:15 GMT -5
Can any of you that buy and sell real estate a lot give me some advice here? I bought my land back in 95 and did it contract for deed with the farmer I bought it off of. Because you can't build on land you don't own outright we had it surveyed into two parcels. The front parcel I paid outright with the down payment (10K) and the remaining 20K was to be paid to him at the rate of 2K/year for 10 years. It's long paid off, but of course the land is still in two parcels. When you look at Zillow or I get an appraisal on the house it's only the front 5. If I ever sold it would have to be the entire 15. I'm wondering now if that would cause a problem for a buyer because the property wouldn't appraise high enough and if I should see about having them legally combined again? I'm not sure that is even possible without having to do something with the mortgage as well and I won't consider a refinance just for that. I'm just trying to get ahead of any potential problems in the future.
As you can see, the back 10 pretty much has to go with the front 5 as it's landlocked and there isn't much space for an easement for a road to go through the front, which is a shame because the back 10 has beautiful valley views. A real nice building site in the way back...you'd just have a hell of a driveway.
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