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Old 03-25-2021, 07:30 AM
 
Location: Florida
7,246 posts, read 7,074,940 times
Reputation: 17828

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My niece texted me that she put an offer on a house yesterday. I will be interested to see how that goes.
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Old 03-25-2021, 08:35 AM
 
982 posts, read 608,476 times
Reputation: 1387
Quote:
Originally Posted by rtloucks View Post
We gave up... Every house we made an offer on upto 615K had double digit offers . We got aggressive with price offering 25-30k over and still lost out every time. I think we offered on well I we a dozen homes in the last month. It's exhausting. we were even offering to cover. Upto 30k of appraisal gap. Then we took a step back and said F it. Let's rent. We found a nicer rental for 600 a month less then the mortgages we were looking at and don't have to make a huge down payment and costly mistake in my opinion.

Realtors are urging buyers to pay 10-15% over asking. Waive appraisals. Waive inspections etc... This is recipe for a complete meltdown... Don't do it
Glad you found a rental after all that emotional exhaustion. Probably smart to not buy yet.
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Old 03-25-2021, 10:30 AM
 
Location: Tampa, FL- For NOW
776 posts, read 1,063,381 times
Reputation: 973
Quote:
Originally Posted by Schuttzie View Post
Glad you found a rental after all that emotional exhaustion. Probably smart to not buy yet.
Yes and thanks. We used to own there, sold 2 years ago and did well. Now moving back. It's sad when we know how strong our buying power is and can't even use it. Unless it's cash they harldy look at offers using financing now because they don't have to. But oh well. There will always be homes for sale and The rates are already climbing back up so the frenzy should calm down. I wish any one their house hunting. It can truly be a struggle. Have a rental on the back burner for sure.

We are actually relieved and excited for our rental. Allows us to decompress and maybe watch the market more moving into the summer and the the slow down..
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Old 03-25-2021, 11:35 AM
 
Location: Beautiful Pinellas County
1,466 posts, read 3,079,489 times
Reputation: 1116
... the problem being with anyone selling and taking their money, unless they are leaving the area, downsizing or going into a rental, what to buy next !
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Old 03-25-2021, 11:59 AM
 
Location: Florida & Arizona
5,977 posts, read 7,377,898 times
Reputation: 7594
Quote:
Originally Posted by lavender View Post
... the problem being with anyone selling and taking their money, unless they are leaving the area, downsizing or going into a rental, what to buy next !
Exactly.

However, there aren't many places to go where your housing dollar will buy more. We recently bought a house in Indiana in November. Our situation changed and we decided we didn't want to be weighed down with a second house.

We put it on the market a week ago Sunday. The first showing got a full price offer. We're closing in a week or so.

In five months of ownership, we'll net about 10% from the sale. That's insane.

RM
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Old 03-25-2021, 05:15 PM
 
44 posts, read 80,452 times
Reputation: 100
Quote:
Originally Posted by LKJ1988 View Post
2008 is coming soon nate.
yes it is, but newcomers don't know what you're taking about lol
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Old 03-25-2021, 05:44 PM
 
30,432 posts, read 21,255,233 times
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Quote:
Originally Posted by denenholtz View Post
yes it is, but newcomers don't know what you're taking about lol
I sold off everything. With $6 a gal gas coming and another no win war i wanted out before i go thru 2006 all over again and see 600k homes not worth 150k.
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Old 03-25-2021, 06:03 PM
 
21 posts, read 26,823 times
Reputation: 75
Quote:
Originally Posted by MortonR View Post
Exactly.

However, there aren't many places to go where your housing dollar will buy more. We recently bought a house in Indiana in November. Our situation changed and we decided we didn't want to be weighed down with a second house.

We put it on the market a week ago Sunday. The first showing got a full price offer. We're closing in a week or so.

In five months of ownership, we'll net about 10% from the sale. That's insane.

RM


10% net? Are you factoring in the short term capital gain tax you booked for Uncle Sam?
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Old 03-27-2021, 10:27 AM
 
44 posts, read 80,452 times
Reputation: 100
he said "net"^, but that's his business, right? his trust might have sold it, an llc even, might have carry forwards, who knows? who really cares a net gain of 10% is still a gain, that's the point.


If the house sold for 100k over his cost basis or a bit more for instance, a few thousand dollars profit for a five month holding period is still a nice gain to consider
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Old 03-27-2021, 10:34 AM
 
Location: SW Florida
14,949 posts, read 12,143,957 times
Reputation: 24822
Quote:
Originally Posted by kab0906 View Post
My niece wants to move here. I've been trying to convince her to rent first. Prices are crazy and most good houses are under contract within a day. This is the wrong time of year to buy.
Seems to be the wrong year to buy, with all the refugees from the northern blue states tripping over each other to move to FL.
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