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Old 05-21-2018, 02:47 PM
 
10,265 posts, read 6,491,094 times
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nevermind, edited.

But let me add, no we are not on a cusp of a crash, many places have not even fully recovered from the last one yet to previous prices.
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Old 05-21-2018, 06:06 PM
 
126 posts, read 41,208 times
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Quote:
Originally Posted by Nanny Goat View Post
Esp. some of the younger buyers. They're inexperienced. They don't understand how it may play out as they years go by.
Exactly! I see it in my own area and I almost feel sorry for them.
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Old 05-21-2018, 08:50 PM
 
Location: Raleigh NC
7,747 posts, read 6,110,007 times
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Quote:
Originally Posted by Greeniejeans View Post
Itís insanity! Paying over asking and bidding wars- ridiculous people desperate to get the house will regret it in a few years.
if I asked $100K for a house that you were sure, as a Buyer, was worth $130K ... you wouldn't offer $101K?

you're either uninformed or unsophisticated.
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Old 05-21-2018, 08:59 PM
 
Location: Raleigh NC
7,747 posts, read 6,110,007 times
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Quote:
Originally Posted by ohio_peasant View Post
The question then becomes, not "when will be have a crash", but rather, "when will we actually start seeing price appreciation".
when you have an in-migration of folks that earn more than the current median income.
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Old 05-22-2018, 04:01 AM
 
126 posts, read 41,208 times
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Quote:
Originally Posted by BoBromhal View Post
if I asked $100K for a house that you were sure, as a Buyer, was worth $130K ... you wouldn't offer $101K?

you're either uninformed or unsophisticated.
With all due respect, that is typical realtor speak. There is no way to know what anything is truly worth. Itís worth what someone closes if for, and thatís it.
My son-in-law is a realtor, so I truly am not trying to be snarky, but even he is amazed at what housing is doing.
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Old 05-22-2018, 04:32 AM
 
1,510 posts, read 1,728,218 times
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Quote:
Originally Posted by Greeniejeans View Post
Itís insanity! Paying over asking and bidding wars- ridiculous people desperate to get the house will regret it in a few years.
Kind of a silly statement. I see homes sell above asking because the list price was below market value based on comparables. Some homes sell above asking because of certain improvements that makes them more valuable that competing homes. Some homes sell above asking because of overinflated prices. I saw people go above asking 2-3 years ago and now they are sitting on $10,000-$30,000 in equity. You think they regret doing that right now? Nope.

Many areas in the country are appreciating at unhealthy rates and it will come back to bite the people in the butt. It's not a matter of if our economy and real estate market will go down, it's a matter of when. It could be next year, or it could be 10 years from now. We are overdue for it but the indicators are not showing something happening in the near future. Our country has a severe debt crisis and this next generation is not any different. Student loans and schools not teaching this generation any basic life skills is adding fuel to the fire. I saw the market circling the toilet back in 2006-2007 and made adjustments so I was protected. I'm not seeing that right now but I don't have a crystal ball and could be wrong.
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Old 05-22-2018, 04:59 AM
 
Location: Cary, NC
31,591 posts, read 55,295,005 times
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Quote:
Originally Posted by Greeniejeans View Post
With all due respect, that is typical realtor speak. There is no way to know what anything is truly worth. Itís worth what someone closes if for, and thatís it.
My son-in-law is a realtor, so I truly am not trying to be snarky, but even he is amazed at what housing is doing.
If a house is listed at $100,000, and I think it is worth $130,000, and I am looking in that market, I would be willing to pay over list price every time.

An MLS listing is merely a solicitation for an offer, and list price must be assumed as a placeholder while awaiting that offer, not the fixed market value.
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Old 05-22-2018, 08:17 AM
 
Location: Raleigh NC
7,747 posts, read 6,110,007 times
Reputation: 6867
Quote:
Originally Posted by Greeniejeans View Post
With all due respect, that is typical realtor speak. There is no way to know what anything is truly worth. Itís worth what someone closes if for, and thatís it.
My son-in-law is a realtor, so I truly am not trying to be snarky, but even he is amazed at what housing is doing.
I am amazed at what housing is doing.

Doesn't change the fact that a broad declaration of "never pay above asking price" is ignorance.
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Old 05-22-2018, 08:27 AM
 
9,290 posts, read 11,138,237 times
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I have seen 2 houses go for over ask this year (both were over 2mm asking price).

One needed 100K+ in repairs (roof leaking badly), the other sold for 2.9 (2.8 was ask) and was recently relisted for 3.4 after owning it 60 days. Buyer wants to take a small profit and move on.

Both deals tell me market is too hot! I get that 100K over is peanuts if you consider what it will be in a 30 yr mtg in contrast to everything but I don't think either house was an "over market" value deal.
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Old 05-22-2018, 08:43 AM
 
608 posts, read 280,904 times
Reputation: 1932
The same story has played out since the 1920s and the current RE bubble will burst when liquidity is reduced. What will cause liquidity to dry up this time around? Who knows, but it will happen because the central banks are not omniscient, home builders are too optimistic, and buyers are greedy.
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