For Real Estate is this "A Sellers Market"

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[ARCHIVED THREAD] - For Real Estate is this "A Sellers Market" (Page 1 of 3)

Posted: 2/26/2017 4:27:58 PM EDT

I've read a few articles lately saying giving advice for buying houses in a "seller's market." Things like make your best offer up front etc. I

can't tell if this is serious or not or just some propaganda put out by real estate agents.

My wife wants to buy a different house. We currently have one that is ok. Not the best school district. But we will not have kids in school for a few years yet. Wondering if I should just wait.

Posted: 2/26/2017 4:29:10 PM EDT

[#1]

It's very real.

In Seattle homes are selling within a couple days, for millions of dollars, paid in cash.

Posted: 2/26/2017 4:29:48 PM EDT

[#2]

Yes, it is a sellers market.

Prices are going up along with interest rates and buyers are leery about waiting until they find that ''perfect'' home at the ''right'' price.

Posted: 2/26/2017 4:30:29 PM EDT

[#3]

It sure is in North Texas away from the urban areas. Can't build houses fast enough. We could sell ours and clear $100k. But then we would need to find something small and I would lose by garage/workshop. Not being able to reload and work on various stuff is a deal killer for me.

Posted: 2/26/2017 4:31:51 PM EDT

[#4]

Yup. Bought my current house and sold my old house (south Texas) the same day they hit the market.

Posted: 2/26/2017 4:32:26 PM EDT

[#5]

Colorado is a big sellers market

Posted: 2/26/2017 4:32:26 PM EDT

[#6]

We are looking to sell our "first home" in the next 12 months or so and buy something much bigger. It may be a "sellers market" right now but whatever we replace it with will probably cost twice as much as this one so it'll hurt me more than it helps.

Posted: 2/26/2017 4:33:30 PM EDT

[#7]

My house will hit the market tomorrow.

I'll let you know.

Posted: 2/26/2017 4:34:55 PM EDT

[#8]

Look for local market "inventory" stats through the last five years. Low inventory is an easy to spot symptom of a seller's market.

Posted: 2/26/2017 4:37:26 PM EDT

[#9]

In markets, where houses only last a few days you are best to put your offer up front if you want to have a shot. Nickle and dime me and I get more than 1 offer and you just loss the house to a higher bid.

Houses in my neighborhood don't last 3 days on the market.

Posted: 2/26/2017 4:39:07 PM EDT

[#10]

Yep, my house is up nearly 20% over 4 years ago. The wife would like to move, the problem is everything else is up as well and I ain't paying for it.

I bet the interest rates will go up a point or so by the end of the year.

The place across the street from me went on the market a few weeks ago for way more than I thought it would and was under contract in two days.

Posted: 2/26/2017 4:40:20 PM EDT

[#11]

Quote History

Quoted:
We are looking to sell our "first home" in the next 12 months or so and buy something much bigger. It may be a "sellers market" right now but whatever we replace it with will probably cost twice as much as this one so it'll hurt me more than it helps.

View Quote

It really depends on the price points in your market. If you current house is in the median price point for buyers you will it sell it for top dollar. If your new home is well out of median price it might help you.

Posted: 2/26/2017 4:40:26 PM EDT

[#12]

In northern New Jersey same thing... got outbid 4 times then just paid asking price on my place same day it came on the market.

Posted: 2/26/2017 4:42:08 PM EDT

[#13]

I have friends that lost multiple houses due to slow/low balling bids.

We almost lost the one I live in now. Luckily we were fast on responding and saved the deal.

Posted: 2/26/2017 4:54:22 PM EDT

[#14]

my buddy on the next block is in month 2.

Posted: 2/26/2017 4:59:13 PM EDT

[#15]

Kinda depends on where you live

ETA have a blind offer for 50% or so more than we bought our house for in 2011. We countered with 75% in a letter back today's. Already bought some land to build a new house, might as well start now if a deal is struck.

Posted: 2/26/2017 5:34:10 PM EDT

[#16]

The housing market gets hot, real estate starts to sit for long periods of time, the price corrects and the cycle starts over again. Real estate normally ebbs and flows on something like a 10-12+ year cycle. We had a glitch in the system last time with government/fed interference so the prices went up too high and then fell abnormally low over a longer time frame. We might be getting close to the top again. 2008-10 was the bottom here in LA.

In certain high price areas like the city, suburbs and coastal parts of SoCal, there wasn't that big of a dip. I went house shopping 2008-9 but the deals were very hard to find in decent areas and housing prices were back to "normal" in the LA area by ~2013. Fricken house flippers were buying most of the decent fixer uppers driving up the value and prices even further. The value of my house is crazy high right now, it's worth about 75%+ more than what I paid for it at the bottom.

Other areas that benefited from the housing bubble but aren't in desirable areas to live like the desert outskirts of SoCal still haven't come back to their mid 2000's highs and might never get that high again for a long time. Median price in San Bernardino during 2006-7 was about $320K. Today it's still under $245K.

Posted: 2/26/2017 5:48:36 PM EDT

[#17]

Here in North Georgia houses are selling in a day or 2. Selling for 20% more than asking. I'm done. Bought this place 16 years ago. Hopefully never move again. Love it here.

Posted: 2/26/2017 6:00:37 PM EDT

[#18]

It's a sellers market when there are more people that want to buy than more people selling.

The market here in Seattle is similar to the .22 market 5 years ago. As an RE investor, it has done very well for me.

Posted: 2/26/2017 6:02:34 PM EDT

[#19]

Quote History

Quoted:
Colorado is a big sellers market

View Quote

very much so

Posted: 2/26/2017 6:10:34 PM EDT

[#20]

I'm a Realtor in the Sacramento area and right now there is NO inventory in our market. Sucks ass for first time buyers. Unless they bring a strong solid offer they usually struggle.

Posted: 2/26/2017 6:11:41 PM EDT

[#21]

We will be listing a home in SW MO in the next week. Our agent has told us it's a "very strong" time to sell right now, but then again, he would say that, wouldn't he? However, I've heard the same thing from several non-involved parties. Lots of stories of 1-5 day sales after hitting the market, from both the buyer and seller side.

Posted: 2/26/2017 6:12:40 PM EDT

[#22]

If I were to sell the house I just bought four months ago, I would make a profit. It's pathetic.

Posted: 2/26/2017 6:14:26 PM EDT

[#23]

I'm in the suburbs of Dallas. Liberal neighbor in front of me has had his model home house on the market for over a month for a half million. Couple blocks down a house sold for 414k in a week and it's a crappy builder too.

You never know til you try.

But from what I've read inventory of used homes are at all time lows which is good for sellers as long as you don't price stupid.

Posted: 2/26/2017 6:20:30 PM EDT

[#24]

Here in southern Oregon any house on the market over 250k sits for a while. I would have no problem selling my current house, but the rental market here is insane; my mortgage is 800 and I will be renting it for 1500.

That said, my wife found the house we wanted on zillow in a neighborhood we liked and put an offer in the first day it was listed, but apparently that's abnormal in the market here.

Posted: 2/26/2017 6:33:12 PM EDT

[#25]

I just sold my house in 24 hours.

I wanted to price it at $225K. Which is about 35K more than "comp" homes but mine has more than most "comp" homes in the area.

Priced it at $215K.

Had two real offers at full asking price in 24 hours and two others wanting to put in offers if those fell through.

So, 4 offers from 5 different showings.

It's getting pretty crazy as there is just not enough nice homes to meet the demand for the booming population.

Posted: 2/26/2017 6:38:00 PM EDT

[#26]

Quoted:
I've read a few articles lately saying giving advice for buying houses in a "seller's market." Things like make your best offer up front etc. I

can't tell if this is serious or not or just some propaganda put out by real estate agents.

My wife wants to buy a different house. We currently have one that is ok. Not the best school district. But we will not have kids in school for a few years yet. Wondering if I should just wait.

View Quote

Yes it is. We lost 2 houses on bids to house flippers. When I finally found a house that I really liked and was not a house for a flipper we made the offer at full asking price. We were told they were expecting the a bid to come in.

We get notice from the Lister that there were 3 offers put in and 2 were at asking price. We had to submit our best offer. Went 2500 over asking, we ended up under contract 5k above the asking price.

Same thing with some property for my dad. It changed really quick. We were looking for a cheap house on decent property in the country that needed some work. That makes it hard because of the house flippers making cash offers on repops.

Got less house and property but the location kicked ass and the house is ready to move in.

Posted: 2/26/2017 6:41:13 PM EDT

[#27]

Quote History

Quoted:
It sure is in North Texas away from the urban areas. Can't build houses fast enough. We could sell ours and clear $100k. But then we would need to find something small and I would lose by garage/workshop. Not being able to reload and work on various stuff is a deal killer for me.

View Quote

I would love to sell my house
But then I would be trying to buy in a sellers market

Posted: 2/26/2017 7:00:18 PM EDT

[#28]

Maybe if we deport enough illegals then there will be more houses on the market (and prices go down).

Posted: 2/26/2017 7:04:22 PM EDT

[#29]

it really depends on the particular area and what part of the market in that area.

example: 2 years ago my wife and I decided to move to a different part of town, and found a house we wanted. the market in that area was beginning to slow down/soften so we felt like we got a decent deal on it at the time (market has softened further with the oil industry non-recovery) and the house had sat on the market for over 60 days. we closed on the new house in december, moved in and did some fixing up/cleaning up on the old place before putting it on the market. we figured we would be lucky to sell the old place and walk away without having to write a check. as it turned out, the old house's part of town had a huge shortage of homes in the price range that ours fell. we were shocked when our realtor suggested we put the house on the market for 15k more than i had paid for it. the listing went live at 11pm on a thursday and we had 5 showings scheduled by friday morning. by the end of the day friday there were something like 15 showings scheduled for saturday and sunday. we had multiple full-price offers and a few above-ask offers by sunday evening, went back to everyone who had viewed the property with a best and final by xxx date 5pm and ended up taking a full cash offer over asking and closed exactly 2 weeks from the first full day it was on the market.

so, same town, two different price ranges in two different areas of town with a wide variation in the market being a "buyer's" or "seller's" market.

Posted: 2/26/2017 7:10:17 PM EDT

[#30]

I do think the price point of the house is also dictating the results. Our budget was set way below what we could actually afford. We want to be able to bank some money, and still be able to double up some payments to get an early payoff. Ours was 67% below the median house price in the area.

Posted: 2/26/2017 7:16:04 PM EDT

[#31]

I suppose this thread is in my interest. Selling a house in Arizona and looking to rent one for now in Orlando. Orlando is hot....like white hot. I'm finding myself it's hard to get anyone to show you a property to rent...and the house I looked at today I may have to outbid someone

Thinking about just renting my paid for house in the Phoenix area

Posted: 2/26/2017 7:16:31 PM EDT

[#32]

Quote History

Quoted:
It's very real.

In Seattle homes are selling within a couple days, for millions of dollars, paid in cash.

View Quote

Same in Atlanta.

Posted: 2/26/2017 7:26:21 PM EDT

[#33]

Quote History

Quoted:
Maybe if we deport enough illegals then there will be more houses on the market (and prices go down).

View Quote

I seriously doubt there are many illegal alien home buyers.

Posted: 2/26/2017 7:32:19 PM EDT

[#34]

I close tomorrow on my sale in Plano. 3 days on MKT.

Txl

Posted: 2/26/2017 7:37:55 PM EDT

[#35]

In N Scottsdale there is nothing good to move up to if I were to sell. Sellers want too much for their land and the cost to build is 150 + per square foot. It would cost over 800k to replace what I have with land, pool & landscape.

Posted: 2/26/2017 7:45:03 PM EDT

[#36]

I seem to remember a "hot" property market before 2008 as well, and a lot of house flippers were getting into the market then too and credit was flowing freely. Anyone remember what happened after that?

Posted: 2/26/2017 7:45:21 PM EDT

[#37]

We just put one on the market friday and the first showing had an offer. Just got a text we have another offer. Crazy. My mother just sold here house in 10 days, and another guy i know sold in 3. I have another that will hit the market in 30 days. Hopefully it stays hot.

Posted: 2/26/2017 7:48:13 PM EDT

[#38]

If you're buying another house, it doesn't matter whether the market is up or down. Your existing house will sell for more which will offset the increased price of the house you buy. Just don't do something stupid like use the equity from your old house to buy a fancy car.

Posted: 2/26/2017 7:49:15 PM EDT

[#39]

Sure is. Wife's team can't keep ANY inventory. They are killing it.

Posted: 2/26/2017 7:51:40 PM EDT

[#40]

Quote History

Quoted:
I close tomorrow on my sale in Plano. 3 days on MKT.

Txl

View Quote

Hey man, I was just in Plano. Hung out with PlanoVet..had no idea you were in Plano.

Posted: 2/26/2017 8:02:04 PM EDT

[#41]

I was told the housing market is a sellers market across the country EXCEPT here in the Northeast. The market is coming back but no where near like the rest of the country has. I think we are still in a buyers market but will be in a sellers market within a year.

Posted: 2/26/2017 8:04:53 PM EDT

[#42]

Quote History

Quoted:

Hey man, I was just in Plano. Hung out with PlanoVet..had no idea you were in Plano.

View Quote

Quite a few of us here and dang close.

You make it back, I'll grab a beef tenderloin and make some awesome filets.

Txl

Posted: 2/26/2017 8:07:00 PM EDT

[#43]

I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it?

Posted: 2/26/2017 8:10:48 PM EDT

[#44]

Quote History

Quoted:
I do think the price point of the house is also dictating the results. Our budget was set way below what we could actually afford. We want to be able to bank some money, and still be able to double up some payments to get an early payoff. Ours was 67% below the median house price in the area.

View Quote

You sir, are never going to make it on arfcom! That is a perfectly reasonable, thoughtful and intelligent plan. No bragging earns you a -7 internet rating.

Posted: 2/26/2017 8:16:12 PM EDT

[#45]

The house I purchased last week was only on the market for 4-5 days.

They had multiple offers and did the whole "submit your best" thing.

Price ended up in the middle of what I ideally would have liked and what they were asking.

Posted: 2/26/2017 8:21:04 PM EDT

[#46]

Quote History

Quoted:

You sir, are never going to make it on arfcom! That is a perfectly reasonable, thoughtful and intelligent plan. No bragging earns you a -7 internet rating.

View Quote

I also went like $100,000 under what the bank would have done. That's what fucked a ton of people over. People completely maxed out what the bank said they could afford. That doesn't mean you can actually afford it. Especially if you hit a rough patch.

Posted: 2/26/2017 8:24:31 PM EDT

[#47]

I'm extremely glad I bought last year. Prices have jumped around me and selling faster than I'd expect. I got my house for 30k under appraisal and 20k under asking price.

Sometimes it pays to be in the right place with money in hand!

Posted: 2/26/2017 8:25:05 PM EDT

[#48]

AZ market where I'm at is slow according to my realtors.

Posted: 2/26/2017 8:26:33 PM EDT

[#49]

Quote History

Quoted:
Colorado is a big sellers market

View Quote

Yep.

I'm a R/E appraiser with the VA and HUD, and I can tell you its crazy.

There is NO inventory. I sold my house old house 7/15 in 2 days.
Homes selling well over list prices.

There has been more new housing permits/starts in the last 6 months
than in the last 6 years.

Posted: 2/26/2017 8:28:28 PM EDT

[#50]

You know that scene in "The big short" where they're driving around in Florida and every other house is for sale? It's like that in Florida right now and they're building high rise condos like crazy here that are empty. I expect the market to tank within the next couple of years.

[ARCHIVED THREAD] - For Real Estate is this "A Sellers Market" (Page 1 of 3)

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