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Posted: 2/26/2017 8:39:56 PM EDT
[#1]
We refinanced our house with VA loan this fall. Took almost 2 months to get an appraisal. They're saying that the I-5 corridor in Oregon and Washington is the hottest market in the country. In actuality, our house value is finally getting back to 2006 value.
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Posted: 2/26/2017 8:42:37 PM EDT
[#2]
Depends on the location and the price range of the home. We live about 35 miles from KC in a smaller bedroom community. We listed our 3 bedroom 2 bath 60 year old house on Labor Day weekend. We got nothing for a week, then 4 offers the Monday after Labor Day.
We wound up selling for above list and had multiple offers over list. |
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Posted: 2/26/2017 8:43:12 PM EDT
[#3]
Interesting timing on this thread. Just met with a realtor today to sell Moms house in the Greenville/Simpsonville area. Same story. Sellers market, low inventory. Finally some good news in this mess of a situation. Just have to get it ready now.
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Posted: 2/26/2017 8:47:24 PM EDT
[#4]
Edited because I'm stupid.
Also, it's definitely a seller's market right now. It certainly feels like a bubble, though. |
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Posted: 2/26/2017 8:56:10 PM EDT
[#5]
Same in my city historically low inventory so it's a sellers market. Many houses don't make it more than a day.
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Posted: 2/26/2017 8:59:30 PM EDT
[#6]
On Thursday Sept 2, 2016 our daughter and son-in-law listed their house for sale. Over labor day weekend while they were on vacation there were 9 showings. 3 offers waiting for them on Tuesday Sept 6. All over the 295,000 asking price. The offer they accepted was $305,000. The family who bought it said their house sold just as fast for over asking. They had already lost out on 2 others by offering too low.
They had several people call and chew them out for selling so fast. "they were planning to make an offer" |
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Posted: 2/26/2017 9:33:03 PM EDT
[#7]
People who have been through markets before. How long do you guys think these cycles typically last? I finished college and bought my house in 2008 when no one was buying. They gave you a 8000 tax credit to buy back then.
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Posted: 2/26/2017 9:33:43 PM EDT
[#8]
Quote HistoryQuoted:
Same in Atlanta. |
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Posted: 2/26/2017 9:35:27 PM EDT
[#9]
It is in Ohio.
Homes in the $300k range are selling in a week here. Investment properties in $300-$500k range are contingent in as little as two days. |
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Posted: 2/26/2017 9:45:20 PM EDT
[#10]
Quote HistoryQuoted:
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? After that, many areas got spanked hard. A few places just kept going up and continue to do so. |
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Posted: 2/26/2017 10:03:19 PM EDT
[#11]
Well maybe I should forgo getting another investment property if they're going that fast. Higher interest rates and bidding wars don't sound appealing.
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Posted: 2/26/2017 11:43:30 PM EDT
[#12]
Quote HistoryQuoted:
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. 
I tried to Get both but was outbid 
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Posted: 2/26/2017 11:47:52 PM EDT
[#13]
Quote HistoryQuoted:
 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.Yes when they were doing the pre approval they said they qualified me up to 250k and they could check if I qualified for more. Told them hell no. Scheduled to close on 3-7 and purchased 1200 square on 1 acre for 95k. Backyard has a 30 acre soy bean field off of it. No Garage so that is coming very soon. Commission based mechanic so even a shitty week will be easy to make the mortgage payment. |
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Posted: 2/27/2017 12:13:51 AM EDT
[#14]
I have had multiple people send letters in the mail or leave on my front door asking if I'd be interested in selling my house. If we sold, we'd have no place to go. The housing market is insane around here.
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Posted: 2/27/2017 12:32:07 AM EDT
[#15]
In my A.O., the average time for a house to be on the market is less than a week, and they typically sell for higher than asking price. Basically, if you don't pony up asking + 10% on the first day it hits the market, you aren't getting it.
I'm glad I'm not in the market to buy a house. |
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Posted: 2/27/2017 12:49:02 AM EDT
[#16]
Its funny to hear people make claims about "the market" as if the real estate market is a national one and not a regional one. Definitely not a sellers market here.
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Posted: 2/27/2017 12:57:57 AM EDT
[#17]
People never learn...
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Posted: 2/27/2017 1:11:05 AM EDT
[#18]
My one bedroom condo is up $80k over four years, so about 33%.
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Posted: 2/27/2017 1:27:49 AM EDT
[#19]
Quote HistoryQuoted:
Its funny to hear people make claims about "the market" as if the real estate market is a national one and not a regional one. Definitely not a sellers market here. I don't know what the market is where I am at right now. I called about a few places back in the summer and the realtor said it was a buyers market, but that was months ago. Probably doesn't help when there is at least an hours drive one way to find anything that pays over $10 an hour. |
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Posted: 2/27/2017 1:43:52 AM EDT
[#20]
The market is flat in our town.
There have been several vacant houses getting renovated recently, but after looking up what the buyer paid for them, I think it will be about a year before they actually sell. He might get some renters in them in the mean time. |
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Posted: 2/27/2017 8:50:54 AM EDT
[#21]
I also expect an adjustment in Seattle once the tech market gets its long-overdue adjustment.
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Posted: 2/27/2017 9:19:26 AM EDT
[#22]
Below $200k, yeah, definitely. We listed our house and sold it the same day. Our agent wasn't surprised either, said it had been the normal for the starter home market for sometime. However, the place we bought had been on the market for 9 months. The difference between the two was our old house went for $125,000 and the new one went for $350,000.
My son experienced the same thing from a buyer's perspective a few months later. Every house they saw, even those needing a little work, in their price range sold in a matter of days. |
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Posted: 2/27/2017 9:24:24 AM EDT
[#23]
Quote HistoryQuoted:
I have had multiple people send letters in the mail or leave on my front door asking if I'd be interested in selling my house. If we sold, we'd have no place to go. The housing market is insane around here. Same here, 3 houses down the road went for sale last Sunday, they had 5 full price + offers by noon, sale pending by 2PM. Fucking nuts. |
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Posted: 2/27/2017 9:25:56 AM EDT
[#24]
Every house that's gone up for sale by me has sold in hours or a couple of days at the latest.
All for asking or above. When the house just up the road from us went on the market for the price it did my neighbor and I laughed and said good luck getting that much for it. They got it in 48 hours. I could make bank on my house, but would have a hard time finding anywhere to move. ETA: my wife and I offered asking or above on 4 houses before we got this one 3 years ago. We were losing to higher cash offers. Last summer a young couple stopped while we were out doing yard work and asked if we would consider selling them the house. They said they had been doing this every weekend for a month. |
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Posted: 2/27/2017 9:33:53 AM EDT
[#25]
I bought my house in 2002. Imagine standing in a house with 8 other couples that already has a dozen bids on it. THAT'S a sellers market.
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Posted: 2/27/2017 9:36:33 AM EDT
[#26]
Quote HistoryQuoted:
It is in Ohio. Homes in the $300k range are selling in a week here. Investment properties in $300-$500k range are contingent in as little as two days. Where is this exactly in Ohio? I know some people selling a home there and that's not the vibe I'm getting. |
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Posted: 2/27/2017 9:43:09 AM EDT
[#27]
It is in my area. My dad put his house up for sale last month and I was wanting to buy it for a rental property with my buddy. After checking his area we figured what he could get out of , but his realtor thought different. He ended up having a bidding war on his house and pulled in an extra $15k that I felt the area did not support. Oh well it was good for him.
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Posted: 2/27/2017 9:47:35 AM EDT
[#28]
Not really where I'm at in the bottom part of Northern Virginia. Stuff doesn't seem to move fast near me, and prices still haven't recovered to their prior insanity levels (I think they're actually realistic now).
Of course, the builders around us are building stuff like crazy. Why somebody wants a house smaller than mine that costs more that was built by Ryan is beyond me, but I haven't upgraded my kitchen yet. I'm not selling either, but the value is nice. |
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Posted: 2/27/2017 9:48:24 AM EDT
[#29]
Quote HistoryQuoted:
Where is this exactly in Ohio? I know some people selling a home there and that's not the vibe I'm getting. Quote HistoryQuoted:
Quoted:
It is in Ohio. Homes in the $300k range are selling in a week here. Investment properties in $300-$500k range are contingent in as little as two days. Where is this exactly in Ohio? I know some people selling a home there and that's not the vibe I'm getting. Well with the exception of the bigger cities ( Columbus, Cincinnati, Dayton, Toledo etc. ) the rest of it is pretty damn rural. Stuff close to basically all of the cities goes fast, the rural places take a bit longer. Cleveland is more weird since it is so split on income, classes etc. Some places things sell fast 5 blocks over it might sit for 6 months. |
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Posted: 2/27/2017 9:49:18 AM EDT
[#30]
Quote HistoryQuoted:
My house will hit the market tomorrow. I'll let you know. |
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Posted: 2/27/2017 9:58:47 AM EDT
[#31]
Quote HistoryQuoted:
Well with the exception of the bigger cities ( Columbus, Cincinnati, Dayton, Toledo etc. ) the rest of it is pretty damn rural. Stuff close to basically all of the cities goes fast, the rural places take a bit longer. Cleveland is more weird since it is so split on income, classes etc. Some places things sell fast 5 blocks over it might sit for 6 months. Their house is a very old, but updated/restored Victorian farm house with barns on 20 acres 30 minutes from Columbus. The price is $380k. I think they're ready to drop the price some to move it. They aren't using a realtor if that matters or not. That should be a huge plus to a buyer. I'm guessing many of these fast selling homes people are talking about are in the low to medium low price range for that area. |
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Posted: 2/27/2017 10:04:19 AM EDT
[#32]
Quote HistoryQuoted:
Their house is a very old, but updated/restored Victorian farm house with barns on 20 acres 30 minutes from Columbus. The price is $380k. I think they're ready to drop the price some to move it. They aren't using a realtor if that matters or not. That should be a huge plus to a buyer. I'm guessing many of these fast selling homes people are talking about are in the low to medium low price range for that area. Quote HistoryQuoted:
Quoted:
Well with the exception of the bigger cities ( Columbus, Cincinnati, Dayton, Toledo etc. ) the rest of it is pretty damn rural. Stuff close to basically all of the cities goes fast, the rural places take a bit longer. Cleveland is more weird since it is so split on income, classes etc. Some places things sell fast 5 blocks over it might sit for 6 months. Their house is a very old, but updated/restored Victorian farm house with barns on 20 acres 30 minutes from Columbus. The price is $380k. I think they're ready to drop the price some to move it. They aren't using a realtor if that matters or not. That should be a huge plus to a buyer. I'm guessing many of these fast selling homes people are talking about are in the low to medium low price range for that area. Not using a realtor could be hurting them if they don't know how to market. Can't sell a house if no one knows about it. Did they pay for a MLS# is it on all the main sites (realtor,zillow etx)? That size and price only 30 min from C Bus should have went fast. |
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Posted: 2/27/2017 10:10:32 AM EDT
[#33]
Quote HistoryQuoted:
Not using a realtor could be hurting them if they don't know how to market. Can't sell a house if no one knows about it. Did they pay for a MLS# is it on all the main sites (realtor,zillow etx)? That size and price only 30 min from C Bus should have went fast. I agree, also if the sellers are hoping to get full price and pocket the 6-8% realtor fees, how does this help the buyer ? IMO, it doesnt, so at that point buyer doesnt care if there is a realtor or not. |
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Posted: 2/27/2017 10:11:11 AM EDT
[#34]
An acquaintance in rural South Georgia sold theirs within 24hr of listing about 2 weeks ago and said they got asking price without haggle.
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Posted: 2/27/2017 10:59:28 AM EDT
[#35]
Quote HistoryQuoted:
Not using a realtor could be hurting them if they don't know how to market. Can't sell a house if no one knows about it. Did they pay for a MLS# is it on all the main sites (realtor,zillow etx)? That size and price only 30 min from C Bus should have went fast. It's on Zillow. They were using a realtor for awhile till the contract ran out. I think six months maybe. Had some open houses last summer. A few people interested, but no hard bites with anyone with money. There were some other complications initially when they signed on with a realtor with a tenant living upstairs from one of the barns in a converted apartment not wanting to leave. That's pretty much resolved now. The tenant knew she had to leave, but was trying to say she was sick and couldn't be kicked out. Refused to show the apartment when realtors scheduled visits to the farm. Told potential buyers she wasn't leaving. Shit like that. |
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Posted: 2/27/2017 12:11:56 PM EDT
[#36]
Quote HistoryQuoted:
I agree, also if the sellers are hoping to get full price and pocket the 6-8% realtor fees, how does this help the buyer ? IMO, it doesnt, so at that point buyer doesnt care if there is a realtor or not. You said it in your post. That 6-8% is around $20,000-30,000 out of pocket for the seller. Most people assume rightly that there is some bargaining room in a FSBO home. I'm not sure what marketing a realtor does besides advertise online. The only avenue not available to a home owner selling their own home is Realtor.com. The big one (Zillow) is free to everyone. That's all their realtor did. Put it online and have a couple of open houses. Arrange for a photographer to stop by and take professional photos. |
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Posted: 2/27/2017 12:16:07 PM EDT
[#37]
Quote HistoryQuoted:
If I were to sell the house I just bought four months ago, I would make a profit. It's pathetic. Full blown Housing Bubble 2.0 -- don't let anyone try to tell you otherwise. And no, it's not different this time. Honestly, I can't believe people are that stupid. But apparently they are.
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Posted: 2/27/2017 12:26:12 PM EDT
[#38]
Quote HistoryQuoted:
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. Put an offer in on a modest house, $7000 under asking price and some seller concessions on a nice home that has been vacant for almost 2 years. Seller acted like I insulted him and flat out refused. I found out later that we were the third offer since he had it listed, and our offer was almost identical to the other two. The market was speaking, he wasn't listening. Houses up here that are priced right will sell, but too many people got caught up on the "Your home is an investment" and are looking for the pre-2006 returns on those investments. |
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Posted: 2/27/2017 12:30:01 PM EDT
[#39]
My house is up 130% since I bought it about 5 years ago. I've thought about moving but it would be lateral as all of the houses in my area have also skyrocketed. To be fair, the market was extremely undervalued when I bought and we had one of the highest foreclosure rates in the country.
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Posted: 2/27/2017 12:41:32 PM EDT
[#40]
Quote HistoryQuoted:
If I were to sell the house I just bought four months ago, I would make a profit. It's pathetic. When Jeff Sessions kills legal weed, CO might come down from its high (prices). |
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Posted: 2/27/2017 12:44:41 PM EDT
[#41]
Put my first house up for sale and had a full price offer in 2 days. Closed 3 weeks ago.
Never actually lived in it...had it for almost 20 years. |
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Posted: 2/27/2017 12:52:33 PM EDT
[#42]
Quote HistoryQuoted:
Not really where I'm at in the bottom part of Northern Virginia. Stuff doesn't seem to move fast near me, and prices still haven't recovered to their prior insanity levels (I think they're actually realistic now). Of course, the builders around us are building stuff like crazy. Why somebody wants a house smaller than mine that costs more that was built by Ryan is beyond me, but I haven't upgraded my kitchen yet. I'm not selling either, but the value is nice. In Spotsylvania, I am not seeing a lot of appreciation on my house. Neighbor just got an appraisal for a re-fi and the valuation is up a little. Weakness in government contracting is a contributing factor. |
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Posted: 2/27/2017 12:59:37 PM EDT
[#43]
everything is local, there is a house down the road from me that has had a sign out front for 6 months now and they aren't asking a lot for it.
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Posted: 2/27/2017 1:04:39 PM EDT
[#44]
Quote HistoryQuoted:
My house is up 130% since I bought it about 5 years ago.. Dumb question - but how do you know its "Up", Ive seen other posters say their house is worth more now , then before. Isnt it only worth what someone will pay ? Unless you get an official appraisal, how do you know what its worth ? Comps in the area ? In my area, comps are worthless. |
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Posted: 2/27/2017 1:35:44 PM EDT
[#45]
N. Seattle market is nuts.
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Posted: 2/27/2017 1:36:20 PM EDT
[#46]
Quote HistoryQuoted:
Dumb question - but how do you know its "Up", Ive seen other posters say their house is worth more now , then before. Isnt it only worth what someone will pay ? Unless you get an official appraisal, how do you know what its worth ? Comps in the area ? In my area, comps are worthless. Zillow, Redfin, etc. |
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Posted: 2/27/2017 1:48:55 PM EDT
[#47]
here in North Texas it's crazy. we went house shopping 3 years ago when they wanted our 2 bedroom shitty apartment rent to bounce up to like 1600/month. it took 3 months of looking, with pre-approval and everything squared away. We'd have a house come up on a thursday, I'd try and schedule a showing for friday, and was told "don't both it's already gone" like every week.
the house we snagged had an open house at 9am. We were there at 845. had my realtor put an offer in (below asking because I'm dumb) while there were 3 other families in it and before we'd even seen the upstairs. It needed some work and the paint was terrible, so i think that scared people off. But we got it. Since then it's up $75k not including the upgrades we've done. I would happily sell to move on but can't find another house for sale in DFW. it's that crazy here. It's not up enough that I could just up and quit working, but at this rate it's not crazy to move to a LCOL area and cash out. |
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Posted: 2/27/2017 1:52:45 PM EDT
[#48]
Quote HistoryQuoted:
Zillow, Redfin, etc. LOL NO. ZIllow estimates are utter crap. The only way to know is to pay for an apprasial that actually pulls comps for sale and recent sold data. Anything else is just pissing into the wind. You can pull comps yourself and get an idea, but a lot of people bias their own property and pull comps that aren't really.. well valid comps thus giving them an idea of over inflated value. |
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Posted: 2/27/2017 1:55:42 PM EDT
[#49]
Quote HistoryQuoted:
LOL NO. ZIllow estimates are utter crap. The only way to know is to pay for an apprasial that actually pulls comps for sale and recent sold data. Anything else is just pissing into the wind. You can pull comps yourself and get an idea, but a lot of people bias their own property and pull comps that aren't really.. well valid comps thus giving them an idea of over inflated value. Kinda what I thought. only 2 ways I know of true value 1) Appraisal - and that is based on comps and opinion of person doing it 2) What someone will actually give you for it.. |
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Posted: 2/27/2017 2:27:18 PM EDT
[#50]
Quote HistoryQuoted:
LOL NO. Zillow estimates are utter crap. I concur. |
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