Housing market is still solid in my neck of the woods!

geoffmt

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It’s absolutely nuts! I have a realtor begging me to list my rental. We are going to have to sell my in-laws house to help pay for memory care- nursing home. One of my best friends offered to buy it to flip, even before talking to a realtor. We have the jest of the value, he even offered a profit share of the flip. It’s just a crazy market now with everyone escaping their bad voting decisions now


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thomas91169

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Seeing a ton of reduced listings near me (San Diego).

I hope our markets peaked.
 

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Blown 89

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I walked through a house Wednesday and caught the realtor talking with another realtor waiting for his client. The listing agent said they already had offers on day 1 over asking, all waiving inspections and appraisals. They were asking somewhere between 1 and 2 million. I don't know because it's already been pulled off the market.

It wasn't nice either. It hadn't been updated drive the 80's and the roof was sagging to the point that the garage door had buckled. My guess is that the owner bought it for around 120k in the late 90s.
 

365 Saleen

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My wife works for a Real Estate firm. She basically makes sure all of the brokers (about 400 of them) do their paperwork right and on time. She also handles all of the commission payouts. Because of this she sees what the property is and what is being asked and what it sells for. People have gone nuts. It is not uncommon for the sale price to be tens of thousands of dollars over asking. What is also crazy is the number of cash sales. And we are talking sometimes over 1 million dollars. We are headed for another housing bust. This is unsustainable. It is also making it extremely hard for "average" family to afford a home.
If you are going to sell to take advantage of the crazy prices, make sure you have someplace to land first, because it may be harder than you think to find "affordable" housing.
 

Machdup1

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When the bubble bursts, all the people who paid premium prices are going to regret it.

It is likely that the economy will decline, jobs will be lost and enough of the folks who overpaid for real estate will default because they will not have the option to sell.

Housing loan crisis 2.0, here we come.
 

My94GT

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I sure hope it stays this way. In the midst of a new home build and really counting on our current home to sell for today’s current pricing so we can offset the build quote increase
 

365 Saleen

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When the foreclosures happen, look at who is buying them up. That will give you a clue as to who is behind all of this. Just like the Government is trying to get people out of their cars, they are also trying to get rid of homeowners. Thank goodness that when the housing market dose collapse and home values tank, we have enough equity in the home that it will still be worth more than what we owe.
We know a local contractor that builds homes. Last fall he gave a estimate on a build that came in at around $750K, which around here is big money. The folks decided to wait until spring to make a decision and start with the build. The estimate had to be revised because of lumber prices going through the roof. That estimate jumped from $750K to $1.4 M and the folks had to back out of the deal because they could not afford it. They should have started that build last fall. Tough deal.
 
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MG0h3

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I had my vacation rental under contract for 269k back in May. I ended up letting it expire, mainly due to complications with all the existing reservations (AirBNB).

At the time, Zillow showed it valued at 259k.

Checked it last week….332k.

Tempting but I do enjoy using it. About 15min from SpaceX spaceport and the area is really growing. Hopefully it doesn’t swing back too much but I’m rolling the dice and holding.


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thomas91169

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When the bubble bursts, all the people who paid premium prices are going to regret it.

It is likely that the economy will decline, jobs will be lost and enough of the folks who overpaid for real estate will default because they will not have the option to sell.

Housing loan crisis 2.0, here we come.

Yup, many did the same in 08', even if they had the income they chose to just default when their overpriced $450k home dropped to $150k.
 

Outlaw99

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I had my vacation rental under contract for 269k back in May. I ended up letting it expire, mainly due to complications with all the existing reservations (AirBNB).

At the time, Zillow showed it valued at 259k.

Checked it last week….332k.

Tempting but I do enjoy using it. About 15min from SpaceX spaceport and the area is really growing. Hopefully it doesn’t swing back too much but I’m rolling the dice and holding.


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I always tell my clients that the "A" in zillow stands for accuracy.

Market here is insane. If a seller over prices their home, I advise my clients to move on and explainwhy. Last 2 years have been my busiest ever.

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Mentos

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Prices are slowly coming down in parts of my market. We planned to purchase a larger home pre-pandemic, but chose to hold off. I can’t justify buying and selling right now. I’m gonna give it another 6 months to see what things look like. The government has gotta cut lose on the moratorium soon. Sad for some, but a swift kick in the ass for others that deserve it.
 

roy_1031

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My sister just sold her house within the last month. She listed it for what she thought was on the high side and she got $60k over asking price. It was a cash offer, 2 week escrow and no appraisal. The people who bought it had just sold their home for an over inflated price.


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Blkkbgt

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Yup, many did the same in 08', even if they had the income they chose to just default when their overpriced $450k home dropped to $150k.

I'll never forget when the crash started and people were loosing their shit. The ones who cut and run all had the exact same excuse/reason. I heard them all say "I was told this house would gain xxx value in xx time and now it's lost over 100k so ****em".

Before that happened I knew things were going to turn hard based on two things

1. There was a report read on a radio station I used to listen to that said the average income in my area could no longer afford the average house.

2. I was told by a coworker that I needed to hurry up and buy a home before I couldn't afford one.

These two hit me hard because at the time I made slightly more than the average income in my area at the time. I crunched the numbers and realized I'd be house poor. I passed on the idea and made out better in the end because I picked up a massive house in 09 for cheap and it still paying me today so to speak.

What's disturbing to me now is that there are a reported 1.5 million homeowners who are behind on their mortgages.

Then you have anti eviction laws in place that are preventing landlords from making payments on their rentals.

Couple this with dementia Joe freezing student loan payments until January and it's not hard to see how a financial reckoning of sorts is essentially being kicked down the line. Eventually it's all going to come to a head and I would be surprised if it's worse than 08.

Just my .02 cents.
 

me32

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I'll never forget when the crash started and people were loosing their shit. The ones who cut and run all had the exact same excuse/reason. I heard them all say "I was told this house would gain xxx value in xx time and now it's lost over 100k so ****em".

Before that happened I knew things were going to turn hard based on two things

1. There was a report read on a radio station I used to listen to that said the average income in my area could no longer afford the average house.

2. I was told by a coworker that I needed to hurry up and buy a home before I couldn't afford one.

These two hit me hard because at the time I made slightly more than the average income in my area at the time. I crunched the numbers and realized I'd be house poor. I passed on the idea and made out better in the end because I picked up a massive house in 09 for cheap and it still paying me today so to speak.

What's disturbing to me now is that there are a reported 1.5 million homeowners who are behind on their mortgages.

Then you have anti eviction laws in place that are preventing landlords from making payments on their rentals.

Couple this with dementia Joe freezing student loan payments until January and it's not hard to see how a financial reckoning of sorts is essentially being kicked down the line. Eventually it's all going to come to a head and I would be surprised if it's worse than 08.

Just my .02 cents.

The threat is real for the future.
 

Ramairgt1

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Mine isn't even on the market and I was offered 200k more than I paid for it in cash. Problem is there isn't anywhere to go and I'd end up overpaying for something else.
 

Blkkbgt

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Mine isn't even on the market and I was offered 200k more than I paid for it in cash. Problem is there isn't anywhere to go and I'd end up overpaying for something else.

I've actually had an offer on ours for full market price cash and no inspections. I actually want to move but can't find anything in the one area we want to go.
 

89 turbo Fox

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Just wait until the interest rates start to rise. There is going to be a whole lot of forclosures. Most buyers are mortgaged to the hilt. Even a slight increase in the rates.....and bye bye home.
 

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