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Posted: 2/27/2017 2:32:20 PM EDT
[#1]
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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.. #1 gives you a ballpark unless you have a cookie cutter home in a development. Then even a monkey can do comps. Otherwise, just an educated guess. # 2 gives you the true value of your home at that specific time. Assuming you cast a large enough net. It's always only worth what someone will pay. |
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Posted: 2/27/2017 2:43:43 PM EDT
[#2]
Based on what other houses are going for in my area right now, we could sell and 'make' $80-100k on our house.
If we didn't have kids, I would strongly consider selling and living in an apartment for a while until the market cools off. |
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Posted: 2/27/2017 2:45:01 PM EDT
[#3]
I am a Realtor in the middle GA market. The market here has lagged the rest of the country. It is now showing real promise to
improve. Buyers are out in force trying to beat the interest rate rise. I have worked without any time off for the last 4 weeks from early morning to late night. I am very happy to see things are improving in our area. MAGA |
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Posted: 2/27/2017 2:52:02 PM EDT
[#4]
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I am a Realtor in the middle GA market. The market here has lagged the rest of the country. It is now showing real promise to improve. Buyers are out in force trying to beat the interest rate rise. I have worked without any time off for the last 4 weeks from early morning to late night. I am very happy to see things are improving in our area. MAGA That is what I did, tried to get the best house at the time to beat rates...I looked heavy in Ga, all the nice cabins were next to Chicken Houses  , Shame too, I liked the Blue Ridge area
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Posted: 2/27/2017 2:59:13 PM EDT
[#5]
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That is what I did, tried to get the best house at the time to beat rates...I looked heavy in Ga, all the nice cabins were next to Chicken Houses , Shame too, I liked the Blue Ridge areaQuote HistoryQuoted:
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I am a Realtor in the middle GA market. The market here has lagged the rest of the country. It is now showing real promise to improve. Buyers are out in force trying to beat the interest rate rise. I have worked without any time off for the last 4 weeks from early morning to late night. I am very happy to see things are improving in our area. MAGA That is what I did, tried to get the best house at the time to beat rates...I looked heavy in Ga, all the nice cabins were next to Chicken Houses , Shame too, I liked the Blue Ridge areaI have spent some time in the area and you are right. Chicken houses everywhere but such a beautiful area to live in. |
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Posted: 2/27/2017 3:05:20 PM EDT
[#6]
Those Chicken houses do wonders for the sinuses.
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I have spent some time in the area and you are right. Chicken houses everywhere but such a beautiful area to live in. |
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Posted: 2/27/2017 3:15:12 PM EDT
[#7]
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Based on what other houses are going for in my area right now, we could sell and 'make' $80-100k on our house. If we didn't have kids, I would strongly consider selling and living in an apartment for a while until the market cools off. Sometimes that route is a wash as well. Rent has been increasing nearly as much as sales prices. The same one bedroom apartment I rented in 2010 for $650/month is now renting closer near $1000. Might as well be paying off your own mortgage rather than someone else's. |
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Posted: 2/27/2017 3:16:49 PM EDT
[#8]
In Florida they are not going to fast but prices are going up.
In Wyoming I saw house last week go in 17 days 
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Posted: 2/27/2017 3:26:24 PM EDT
[#9]
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Sometimes that route is a wash as well. Rent has been increasing nearly as much as sales prices. The same one bedroom apartment I rented in 2010 for $650/month is now renting closer near $1000. Might as well be paying off your own mortgage rather than someone else's. Was renting for about the last 4 years. Rent started at $850 for an alright 2 bedroom place, last year went to $875. A few weeks ago I get the call rents going up to $1100 next. Fuck that. She said I've been great but that's now market value and she'd rather have the money. When I first moved in she offered the next door 3 bedroom unit to me for $950. It was more than I needed so I passed. A few months ago the guy that moved in was complaining how expensive it was and he said he was paying $1400. That's insane. |
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Posted: 2/27/2017 3:46:22 PM EDT
[#10]
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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. When we were looking for our new place, they'd get snatched up/under contract in under 3 days. It was bad enough I never even got to tour the house due to the sellers getting offers within a day of listing. With that said, buyers/sellers market can be really localized. Shift a neighborhood away and it could be the opposite. However, the FED is supposed to be raising the rate soon which will make it harder for people of less means to buy a home. |
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Posted: 2/27/2017 4:24:06 PM EDT
[#11]
I bought this house (northeast of Plano) last August. It was incredibly difficult trying to do it from Ohio. Houses were literally selling (or at least under contract) within hours. It got so bad, that it was virtually impossible to "window shop" real estate listings from afar. I had to fly out here ready to put an offer on a house instantly. When I got off the plane, my realtor texted me 5 listings that met my basic criteria. I got my bags, picked up my rental car, checked into my hotel, grabbed some lunch and told the realtor "Alright, we're ready now. Let's go look at these".
Gone. All under contract in a few hours time. It was insane. I kept getting outbid by cash buyers, too. For over the asking price. I couldn't compete with that. Those buyers don't need appraisals (which are actually a bit stingy here in Texas...as I later found out), and will happily pay whatever they feel is it's real market value, appraisal be damned. Buying this house was one of the greater leaps of faith I've taken. When we looked at it, all I could really say was that it ticked my "must have" boxes. It had enough space, there was absolutely nothing wrong with the house, Google maps suggested a 30 minute commute, and I knew the school district was good. Based on that alone, I jumped on it. I didn't have time to get any pickier. Around here, the selling slows down to about 30 days on the market once your house is around the $400k mark. But for pedestrian ~$200k houses like mine? Days, if not hours. |
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Posted: 2/27/2017 4:50:27 PM EDT
[#12]
From what little I've seen in my limited search for a place in my area, there is usually a not so good reason a home is for sale.
There are either bad neighbors, or serious repairs needing done, and this is in one of the poorest states in the US. A lot are sitting on the market for years. |
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Posted: 2/27/2017 5:04:28 PM EDT
[#13]
My stepbrother just bought a house last summer. EVERY house that they put an offer on sold for more than the listing price. Took them a long time to find one without overpaying. The one they got was bank owned and took awhile to close. Instead of buying $2000 6920s, now people are overpaying for houses. Good luck trying to sell in the future and thanks for driving up real estate prices, idiots. People are stupid.
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Posted: 2/27/2017 5:05:57 PM EDT
[#14]
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? |
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Posted: 2/27/2017 5:10:58 PM EDT
[#15]
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Do you even supply and demand bro? Quote HistoryQuoted:
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. |
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Posted: 2/27/2017 5:12:28 PM EDT
[#16]
About a year ago I listed my house in central Texas. I had two people show up to look at the house within 15 minutes of my realtor listing it on MLS. 9 showings in the first 24 hours with 7 offers. All but 1 above asking price (thankfully I made my realtor list about 20k more than what he wanted it listed.) I took the highest offer and ran all the way to the bank. I already had acreage outside of town and a travel trailer to live in while our new home was built.
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Posted: 2/27/2017 5:24:21 PM EDT
[#17]
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O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. Quote HistoryQuoted:
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. |
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Posted: 2/27/2017 5:27:45 PM EDT
[#18]
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I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. Quote HistoryQuoted:
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. |
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Posted: 2/27/2017 5:30:15 PM EDT
[#19]
Quote HistoryQuoted:
I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. Quote HistoryQuoted:
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. Right now we are still close to half what I had for an interest rate in 2005 when I purchased my first home. |
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Posted: 2/27/2017 5:44:13 PM EDT
[#20]
My house was listed last Thursday at 8:00pm. It sold Friday morning for 3% over asking. Yeah, the McKinney/Plano/Frisco TX area is a sellers market. As far as I could see there was no other inventory that was in the same price range.
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Posted: 2/27/2017 5:47:22 PM EDT
[#21]
I had three people write letters and include pictures of their families with their offers.
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Posted: 2/27/2017 6:16:58 PM EDT
[#22]
Quote HistoryQuoted:
In Florida they are not going to fast but prices are going up. In Wyoming I saw house last week go in 17 days 17 days is an eternity here. I just put another offer in on a place today. There are 5 other offers and the house has been on the market 6 days. They will be under contract tomorrow. |
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Posted: 2/27/2017 6:24:26 PM EDT
[#23]
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I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. Quote HistoryQuoted:
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I don't get it why are people happy when their house sells fast... doesn't it mean you underpriced it? Do you even supply and demand bro? O_S_R has a point. Price is the great rationer of things. A higher price should cause people to pause. The trick is to find that point. I understand his point but people are acting irrationally creating another bubble. List prices are based on the appraised value. People are just morons and paying more due to low supply. So what do you suggest people do when there is no supply? Offering asking price when there are 10 other offers at ask gets you nowhere. Appraised value is pretty pointless. A house is worth what someone will pay for it. And that is typically reflected in the comparable sales. |
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Posted: 2/27/2017 6:24:28 PM EDT
[#24]
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I had three people write letters and include pictures of their families with their offers. Haha..that shit wont work on me, show me cash or ill show you the door. |
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Posted: 2/27/2017 6:32:49 PM EDT
[#25]
I've flipped three houses in the last two weeks. It's major seller's market right now here in North Florida. One went for asking and the other two went for slightly more than asking. I made 20-30% on all of them.
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Posted: 2/27/2017 6:59:26 PM EDT
[#26]
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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. MIL and 2 other family members are realtors, one is a major broker. Getting it from their knowledge of the local market corroborated by sites like zillow. Zillow and others are only inaccurate if there is little activity near you. If you live in an active market its actually pretty close. |
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Posted: 2/27/2017 8:49:19 PM EDT
[#27]
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I had three people write letters and include pictures of their families with their offers. I suppose some people were in high school, college, or whatever during the last bubble and maybe have no clue, etc. But go do a Google search and you'll find that in CA for example, the very same crap was happening in 2004 - 2007 -- i.e. people having to write essays to the sellers explaining, begging, justifying why they should be the ones to buy the house. But it's different this time. /derp Guy a few posts up is spot on about the rising interest rates. If they continue rising, it won't be long before housing is down hard. Or is that different this time, too? LOL |
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Posted: 2/27/2017 10:10:12 PM EDT
[#28]
Quote HistoryQuoted:
LOL At people trying to use the term "sellers' market" like that somehow diminishes the fact that it's full blown bubble, as evidenced by your quote. I suppose some people were in high school, college, or whatever during the last bubble and maybe have no clue, etc. But go do a Google search and you'll find that in CA for example, the very same crap was happening in 2004 - 2007 -- i.e. people having to write essays to the sellers explaining, begging, justifying why they should be the ones to buy the house. But it's different this time. /derp Guy a few posts up is spot on about the rising interest rates. If they continue rising, it won't be long before housing is down hard. Or is that different this time, too? LOL This is why I started the thread. I feel like its 04-07 all over again. But housing went up from the 40's to '07 without much of a downturn at any point. Its hard to know how long these things will last. I think the millennials are getting out of their parent's basements. The older one can't afford to wait any longer if they want to have families. They approaching mid 30's. I think that is whats driving the market. It will continue for a while. The boomers are retiring. Maybe they will begin to downsize. I don't know a lot of forces at work here. |
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Posted: 2/27/2017 10:17:07 PM EDT
[#29]
We lost a few houses by offering asking.
We finally got our dream house after offering asking +5k |
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Posted: 2/27/2017 10:19:58 PM EDT
[#30]
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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. How about using the equity to build a new 2,100 sqft shop at the new house? |
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Posted: 2/27/2017 10:28:46 PM EDT
[#31]
Every Market is different.
And there are peaks and valleys during the year. An example is that in my market this time of year buyers get really aggressive. |
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Posted: 3/4/2017 11:10:51 PM EDT
[#32]
My house hit the market this past Monday.
Had showings scheduled within a few hours. Showed the house 6 times between thurs, fri, and today. My realtor came by tonight with a full price offer plus $100. My house was listed at $350k, which is about 20% higher than neighborhood comps. While we were discussing the offer, the realtor said it's a buyers market. |
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Posted: 3/4/2017 11:15:13 PM EDT
[#33]
I couldn't even get my house on the market. I had a lot of interest just by word of mouth. Every damn one of the people I talked to wanted to turn it in to a rental. I sold it to an old friend for a very fair price. Because, fuck slum lords.
Flip side, I got raped on my new house. Yay sellers market. |
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Posted: 3/4/2017 11:21:55 PM EDT
[#34]
Out west it's crazy. The market I just bought in (close in a couple weeks) is nuts. I had to waive everything but the appraisal to get the house and that was after losing two other bidding wars. We got an accepted offer on the house we ended up with less than 24hrs after the house went on the market. I thought I overpaid, but the appraisal came in 11k more than we paid. Where we bought is a small market that everyone wants in on and most of the houses are complete shit unless you get above 400k. Not far from where we bought is a larger city that all the houses are just sitting for months on end because people want absurd prices for them. 350k buys you a completely run down piece of shit with 3 beds and 1 bath. But no one wants to take less than their ridiculous asking prices so everything sits. Very different and only 30 miles away.
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