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...one of my car-geek friends just put his home on the market (this week). He and his wife are "downsizing" into a smaller home that they are still/finally completing in TX for their retirement (Austin/Lake Travis area). It has been horribly delayed due to the pandemic, but will be completed by the end of next month, so they finally decided to list their home here, in preparation for the move--sometime around Labor Day-ish.
29 offers within 48 hrs?--all but one of which are substantially above listing price! It literally turned into a bidding-war in a matter of days, and most of the bidders haven't even physically visited the home--just on-line "virtual tours".
Absolutely insane!
"So I talk to the night, I head for the light, try and hold it on the road. Thank God for the man who put
the white lines on the highway"--a very dear friend for decades Michael Stanley (Gee)--RIP
Follow Ups:
View the CNN video and article at the link below.
About an hour south of my location.
Edits: 06/18/21 06/18/21
and down payments are now 5% to 10%? So why not buy, if one can afford the monthly payment?
We sold three years ago and got nearly twice what we had originally expected. We had no idea the market had just gone crazy at about the time we decided to leave town until we say a shit-box down the street from us go for over a million.
OK, that was in San Francisco and with a unique location on the water at Ocean Beach. But still, it was a SMALL place compared to what we bought in Santa Fe for barely to 1/3 the money.
I suppose home prices in places like the San Francisco Bay Area are still ridiculous? If one can even find something to buy?
We are lucky we made the move when we did as there is very little to choose from now in Santa Fe. Real estate listings in the Sunday paper are now multi-million or with nothing else on the market just lots and the folks trying to build on those lots are finding that building costs have nearly doubled in the last year or so.
As a Canadian non-resident, the banks make me come up with a whopping 35% minimum downpayment. As a citizen I don't have to pay the 20% tax on a house like a non citizen would have to pay.
Still, if I lived in Canada I would only need 10-20% down.
That 15% is pretty big on a single income. Need a wife that makes some money I guess.
Even pre-approved is a non-starter in many places.
Prices are insane. Typical track houses that are 40-60 years old have been getting remodeled and spiffed up all around our neighborhood mostly with young families moving in.
These houses could be bought for under $300K less than 10 years ago and in the last few years, they've jumped up from $450K to nearly $900K. However, location and upgrades make a huge difference. Homes that have been done with new kitchens, bathes and flooring in a nice location go quick at over asking. OTOH, two homes nearby, priced fairly reasonably, are sitting. It strikes me that many current buyers prefer to buy a home that is already done to their taste than buy a fixer. I can understand that. With the prices in California, who can afford another $150K in remodeling after paying top dollar for the house. Houses that used to sell from $200-250/ft are rapidly approaching $500/ft which is way over the building cost.
-Rod
...renovations/improvements are hit and miss, in terms of "added-value". Major mechanicals--new roof, new windows, HVAC, etc, add value, but buyers are getting picky when it comes to new kitchens, baths, flooring, and other more "cosmetic" features. As long as it is liveable and functional, they'd rather pay (perhaps a little bit later), for what they want, rather than accept what you picked out and tacked onto the selling price.
Regardless, prices are through the roof, and there's not much available to choose from. People that already own homes aren't in any hurry to sell, and people that do want to sell are having a hard time finding a new existing home or facing obstacles for new construction.
"So I talk to the night, I head for the light, try and hold it on the road. Thank God for the man who put
the white lines on the highway"--a very dear friend for decades Michael Stanley (Gee)--RIP
We watch some of the HGTV shows. I'm always amazed watching the CA flips. Three bedroom, two bath with 1400 sq. ft. going for close to a mil. Then I watch Home Town in Larel, MS, and Fixer Upper in TX. Those folks get 2500 sq. ft. Nice Reno's for $300 K. $150-175/sf is about the average here. Our old house sold for $187/sf.it was in excellent condition. They renovated it anyway before moving in.
In 2007 we sold at the peak of the then housing market insanity. Sold for 212% over my purchase price 5 years earlier. No agent, no listing, I paid $300 in legal fees for a contract review and no home owners inspection. Sold in 1 day. Of course I overpaid for the home we moved into. Looks like we may we in the black again on this one. You gott alive somewhere.
Gsquared
It sold in a few hours for more than our asking price. I think that's pretty common right now. We paid list price for the house we moved to.
Already paying a lot of money in property and school taxes, and with the house prices going up those will go up too!
It's great for those who are ready to sell and have a place already lined up to move into. But for those, like me, who are planning to stay put, we don't want our property values to increase - it just means more taxes.
Wood theft is up because material costs are up -- if builders can find wood. Building a house now jacks the price.
Neighbor next door doing a reno, and at some point had pallets of plywood and 2x4's in the front - there was a lot of money in wood sitting right in the front yard.
I'm getting my home ready for sale now and it should be set to list in late August. Houses have been selling quickly here, some bidding wars, some folks even waving inspections. Fingers crossed.Then the big decision ...as Nico said - do I stay or do I go ?
If I stay here I'll pay more for a 2 bedroom apartment than my current monthly mortgage. That sends my cost of living in the wrong direction.
Thinking of heading south, possibly Greenville, SC, where I could put 50% down on a house and end up with a monthly payment of $700 ...instead of $2,200 for an apartment in CT. I'd rent for a year first, to scout things out and make sure I'm compatible with the south.
I need the insanity to continue through the fall.
Dean.
reelsmith's axiom: Its going to be used equipment when I sell it, so it may as well be used equipment when I buy it.
Edits: 06/17/21
...I'd get moving on listing your home, sooner, rather than later, if you are serious about re-locating. The bigger challenge you may face is finding a new residence at a reasonable cost. I'd forego any major "prepping" for sale and just list it "as-is". Building material prices are through the roof right now, contractors are back-logged, and even major appliances are still in short-supply (in some areas). You might not benefit from your investments. What you view as an "improvement", may not appeal to certain buyers, and some buy based on "potential", rather than "recently renovated".
He's also correct about the annual "cycle". If you are selling a "family" home--as in the new owners are likely to have kids--you need to be closing on a deal before Labor Day. Unless necessary, or a tremendously advantageous situation, people with kids don't like to move once the school-year has started. After that, you just run straight into the "expensive season"--winter utility bills (for those of us in the northern climates), and the vulgar display of materialism that we call the "holiday season".
"So I talk to the night, I head for the light, try and hold it on the road. Thank God for the man who put
the white lines on the highway"--a very dear friend for decades Michael Stanley (Gee)--RIP
The deck is 50% complete and the wall/walk makes a terrible first impression. Anyone who saw it would think the house was a fixer-upper, which it is not.
Working hard to do what I can by end of July.
Prices here are still increasing. If I had listed in early April the asking price would have been $50K less and it looks like its heading higher.
Timing and luck ...I need them both on my side.
Thanks to all for the input.
This is a BIG step for me as my business is closing in September and I'll need to find work if I stay here, less important if I move south.
My head is absolutely spinning.
Dean.
reelsmith's axiom: Its going to be used equipment when I sell it, so it may as well be used equipment when I buy it.
With all the Yankees moving to the South, you'll fit right in. It reminds me of my SIL. They had moved from Pittsburgh to North Carolina 25 years ago and were deathly afraid that they kids would talk like hillbillies. Not a chance, in fact, none of the kids have much or any accent at all. The most common accent that I'd hear around Raleigh is from Hispanics.You're smart to do the basics. Paint is cheap and a nice curb appeal always sells. Still, luck plays a part. You might be better off to try to get the house on the market in July, as the market starts slowing as the school year starts.
Then, prices usually dip and there are fewer buyers from December through February. At least you may not get sucked into a bidding war.
-Rod
Edits: 06/17/21
"With all the Yankees moving to the South,"
Q: What's the difference between a Yankee and a damn Yankee?
A: Yankees are the ones who come down, and then leave. Damn Yankees are the ones who come down, and stay.
I'm a damn Yankee.
:)
****
We are inclusive and diverse. But dissent will not be tolerated.
Yep, it's an invasion. They move here then bitch that it's hot, bagels suck, locals can't drive, everyone talks funny, make faces at okra and grits, but for some reason they hang around.
They won't admit it, but they actually love it here.
I didn't listen to our agent. She wanted us to list it as is. I wanted to paint the living room and the garage. I also power washed and got the landscaping looking good. I wasted my time. The house sold in a few hours, and the buyers immediately set to renovating to their liking. We have been invited to see what they did with the place. We are going to take a peek next week when we are there for other things.
it's indicative of how well a homeowner has maintained more out-of-sight things. Also, few homeowners, right after moving in, want to start dealing with contractors and handymen. So, yeah, women aren't usually satisfied with another woman's taste (bathroom; kitchen), but they also hate the idea of having their home messed up for months even less. Painting, however, may be a different story...
They bought the house in February. They started renovations after the sale and just moved in this past week. They were friends with our next door neighbors who knew the house was coming on the market before we listed it because the neighbor knew that we were moving. It was an inside job, but I don't really care. It worked out for all involved. The new owner is a dentist and probably could have bought anything he wanted. I think it had to do with location and size. They told us at the act of sale that "it checked all their boxes". It checked ours as well.
Seen houses sell here that were basically gutted to be rebuilt to the new owner's desires.AGAIN!
Four VERY expensive places in the past 15 years all within one block had all been redone within
the pst 20 years to seemingly exact standards.Nothing that "needed" to be done, they just wanted them redone their way.
"Once this was all Black Plasma and Imagination"-Michael McClure
Edits: 06/17/21
Unfortunately, the deck finally got to the point where it really wasn't safe and was an eyesore. It was a POS when I bought the house 26 years ago. So, new deck ...and its not a good time to buy a lot of wood.
The front walk and the wall adjoining it have needed replacing for years. I've rebuilt the wall to the best of my ability twice. Having it done right this time.
I spent last weekend stripping the hideous wallpaper my ex chose off the kitchen walls. Awful work. It already looks better.
Anyone considering wallpapering a room should be required to first strip a room of its wallpaper. That'll change their mind !!
Then I need to paint one small room and do some touch ups here and there.
I've been throwing stuff out and selling things I don't need for about a year now. Wanted to get ahead of the curve. The attic is nearly empty, the garage is no longer stuffed and every drawer and closet has been gone through. Over 20 bags of clothing, blankets, etc. went to Goodwill.
I love getting rid of stuff !
Its almost more gratifying than buying stuff.
Dean.
reelsmith's axiom: Its going to be used equipment when I sell it, so it may as well be used equipment when I buy it.
We obviously weren't planning to more at the time. We used Trex for the decking and railings. You think lumber is expensive, price composite decking. I had rebuilt it with wood twice.
Probably nothing you do will suit the buyer.
We just did some major repairs on our trellis that we build in 2010. The wood was mostly good, but needed painting badly. Our problem was that some sort of fungus got into a bunch of the 2x3s on the top. Since, regular lumber didn't match, we had to buy 2x4s and cut them down on the table saw.
Of course, it was a bitch to find all the bad spots where the fungus had rotted the wood. Every time we thought that we'd got them all, we'd find another few bad ones where we'd cut out 2-6' and replace that section.
I'd noticed some of the fungus some time prior to really investigating. I never thought that much about it until we started poking the wood. I won't make that mistake again or wait 10 years to repaint.
-Rod
View YouTube Video
The composite stuff won't rot and bugs won't eat it. I don't know how it weathers. It was less than a year old when we sold the house.
We weren't planning on moving when we redid the deck. Both kids moved away, and we asked ourselves why are we living here?
Probably nothing you do will suit the buyer.
That's why I'm leaving the 35+ year old kitchen pretty much alone. I am painting it and the cabinets, but that's it. Just need to make it light and bright ...so the new folks can put it all in a dumpster.
Dean.
reelsmith's axiom: Its going to be used equipment when I sell it, so it may as well be used equipment when I buy it.
That could happen. We had redone our kitchen a few years back with granite counter tops and backsplash, sink, appliances etc. That may be at the dump by now. The cherry cabinets probably got painted white. Everybody wants a white kitchen. Our new kitchen is all white with white quartz and white tile backsplash. In a few years, it will be something else. It is painful to watch HGTV shows when they take a sledge hammer to granite counter tops.
Yup, buying is generally better and cheaper than renting. As an example, when we moved, back in the late 1990s, we rented a house, thinking we'd move somewhere else. It cost us $1,150 a month. After a couple of years, we decided to stay here. We bought the house from the owner, and our mortgage is about $900. Same house. Now, we could sell it for more than twice what we paid for it.I'm not complaining! Except, the government feels the need to raise our property taxes. Someday, in another world, property taxes will go DOWN instead of UP. F-ing government. They always have their hand out, and will sue you if you don't give to them.
On the other hand, forum member Jay Buridan might take issue with the fact that our "wealth" has increased and we haven't had to pay taxes on that gain. He'd be wrong.
****
We are inclusive and diverse. But dissent will not be tolerated.
Edits: 06/17/21
I think you will do just fine down here. Greenville, SC is a great area with a lot going for it. Spend some time in a steam bath to prepare for the summer, however, you will love our lack of winter!
We have hotter girls down here too and they have tans.
Both grew up here in CT (same town as I did) and moved down there as adults. Both really like it ...except for the heat.
I'll be going for a visit with one of them in the next few months so he can show me around.
Dean.
reelsmith's axiom: Its going to be used equipment when I sell it, so it may as well be used equipment when I buy it.
Our house value according to Redfin and Zillow keeps going up as well. We are getting cold calls and business cards left in our mailbox from realtors looking to buy or representing clients (probably shark investors).
Not sure if we are in a housing bubble because the house prices inflating are being driven by several factors; low interest rates, lack of housing, wood prices high (part lack of production, and speculators again). Wood prices have dropped slightly and may begin a downward price trajectory, albeit a slow one. Also, there is variability in markets depending on where you live in the country.
Compared to the bubble in 2008, there was lots of housing available, it was mostly the prime lending and mortgage refinancing laws which led to people not realizing that there refi or balloon mortgage was about to reset. Everyone was doing home additions, buying cars, RV's boats, with refi's, but not worried about the consequences of how danger close one is to financial collapse if you cannot sustain a mortgage, and the refi payment for ones toys.
BTW, our bank keeps sending us cash-out offers due to our equity value....don't do it. I plan on buying all of my toys with my own cold hard cash. There are times and a place to use "Other peoples money" for strategic purchases and investments.
In CA, it's interesting. The number one import is families making over $200K, and they don't seem upset by the high taxes.
Secondly, people from SF are moving inland, having been forced to work from home without the sky falling, they realize they can continue to work from home wherever they want.
I feel sorry for young people thought. A place I rented in '91 for $350 is now $1450 (after complete remodel).
I bought a townhouse in a complex for $405k in October 2018.
Someone put an identical unit (albeit not a corner unit like mine so not quite as nice) for $499k. It was up for 2 days and sold. They never put up a sign at all - it was on point2homes and gone.
At first, I thought hey this is great my place has gone up a lot in just under 3 years - the problem is so has everything else. The way to "win" I guess is to make the money in one area and then move to a cheaper area.
Townhouses are not quite as good an investment as a house but I need a place for my mom to live and the townhouse complex handles all the garbage recycling lawn mowing window cleaning outdoor repairs etc and it's right in the middle of the town with close access to the best bus route and the best grocery store a short walk away - and a 10-minute walk to the hospital. So I elected for a better place built in the last 3 years when I bought it, over the highest profit gain (detached home) too far from anything.
It's great to be a seller it sounds in Texas as well. In Canada, some places are getting similar offers most going above asking.
I want to buy an investment property but Canada is trying to slow down foreign investing - they have put in a foreign buyer speculation tax, a resident tax (if you are a non-resident buying a property you MUST rent the place out - you can't let it sit empty - if you do there is a 2% tax on the value of the home to be paid each year. So if the home is worth $1m and you do not rent it out for at least 6 months you pay $20,000 in tax - each year). And of course, there is capital gains taxes, property taxes and all this doesn't seem to be working. Vancouver and British Columbia in general is a massively popular destination for the wealthy and is Asia friendly so a lot of Chinese, Koreans, and Japanese love it there.
We also have a lot of Americans buying properties as vacation homes but may convert to retirement homes down the line. With a stronger US dollar, the housing is more attractive, especially on Vancouver Island. There is a direct ferry from Victoria to Seattle and an airport. It's only 2.5 hours to Las Vegas for example.
Example -- pocket change for some of the posters on these forums. Granted I prefer a place with ocean or lake views so Texas probably would not be for me.
I wasn't planning to retire in Canada initially due to the high cost but the climate in BC is nice for most of the year.
Values are the first to drop, but first to go up. The volatility is a rush if on the up side.
Do you think we're in another real estate bubble? And maybe in another stock market bubble? And inflation starting to rear its ugly head. Could be a triple whammy when it all comes crashing down.
****
We are inclusive and diverse. But dissent will not be tolerated.
People forget that prices on many items dropped precipitously early last year.
People are sitting on Trillions in unspent "beer money" world-wide, and now attempting to spend it all at once.
Aside from gasoline, I can't think of any prices that dropped precipitously early last year.
Consumer spending dipped in Q2 2020 and then went right back up again in Q3. Aside from a brief blip around the start of the pandemic, spending overall has been strong. The pandemic briefly changed spending priorities, towards home products and away from things like vacations/tourism and autos. And now priorities are flipping. So I think the pandemic is responsible for price fluctuations on certain categories of goods & services, but not for inflation overall.
Right now we have a truly unprecedented combination of fiscal stimulus plus monetary stimulus. The Fed isn't just keeping its own lending rates low, it's still buying $120 billion in securities every month.
I don't know what it's like where you live, but around here the economy is hotter than I've ever seen it. Unemployment is now 2.5%, it seems like everyone is hiring at all levels, and pay is going up. My state has a fair amount of seasonal tourism, and those businesses are desperate because they can't find workers.
I think history will show that the federal government and the federal reserve massively over-reacted to the pandemic and triggered inflationary expansion. Will they be able to taper it off to a soft landing?
Eviction and foreclosure moratorium is about to end, affecting approximately 4 million.
Severe drought across most of West.
Q-anon planning major attack in August, hopefully bluster.
Our birthrate is way below replacement. Another five years, maybe ten, there will be far fewer people buying things.
The problem is not that there is evil in the world, the problem is that there is good. Because otherwise, who would care?
...-interest rate increases. They pose it in 23 sometime but just talk of it should get the attention of markets. Nothing to prevent an earlier increase.
Last year, as unemployment jumped to 10% and businesses were closed all over the country, markets had a field day.
The problem is that we had to shut down a just-in-time economy. Now we have shortages to deal with because of supply chain disruptions.
Also, a lot of people who lost shitty jobs last year found jobs that are still shitty but maybe a little better than the old ones and they're not going back. Restaurant workers and truck drivers, for examples.
The problem is not that there is evil in the world, the problem is that there is good. Because otherwise, who would care?
My daughter kept in touch with the folks who bought their first house, which was cool, but also tiny and built on a half-lot.
It sold before they even had time to put the sign on the front lawn.
The problem is not that there is evil in the world, the problem is that there is good. Because otherwise, who would care?
Apparently the average Sydney home is getting $4,100 more expensive every week this year.
Keep Your Hands Clean,
John K
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