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Old 05-15-2022, 11:39 AM
 
133 posts, read 106,112 times
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Wow, no effort among sellers to keep the prices low for natives. What happened to Idaho-nice?
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Old 05-15-2022, 01:39 PM
 
209 posts, read 314,491 times
Reputation: 343
Quote:
Originally Posted by MaltCueOur View Post
Wow, no effort among sellers to keep the prices low for natives. What happened to Idaho-nice?
The sellers have to buy a new place in the same tough market so they likely need every penny they can get.
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Old 05-15-2022, 03:20 PM
 
14,210 posts, read 11,487,696 times
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Quote:
Originally Posted by FutureNorthender View Post
The sellers have to buy a new place in the same tough market so they likely need every penny they can get.
Not necessarily. If they were going to stay in Boise, why would they be selling? They plan to take the money and go buy in a place where prices are cheaper and/or weather is better.
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Old 05-16-2022, 07:28 AM
 
5,323 posts, read 18,210,579 times
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Quote:
Originally Posted by saibot View Post
Not necessarily. If they were going to stay in Boise, why would they be selling? They plan to take the money and go buy in a place where prices are cheaper and/or weather is better.
Or they've outgrown current house?
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Old 05-16-2022, 08:00 AM
 
14,210 posts, read 11,487,696 times
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Originally Posted by cleosmom View Post
Or they've outgrown current house?
Possibly, but so-called outgrowing the house is usually more of a "want" than a "need."
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Old 05-16-2022, 08:51 AM
 
Location: Boise, ID
1,039 posts, read 732,055 times
Reputation: 2587
The debate around moralizing of home prices is a distraction.

Let's say you own a house worth $500k and you want to do the "right" thing by selling it for less that it's worth. You list it for $300k knowing that someone will get a great deal on it. Sounds great, until you have people lined up around the block to look at it.

Suppose you end up with 100 offers. How do you decide who gets the lucky $200k giveaway? Because that's essentially what it is and as a result you've attracted all and sundry, because who doesn't like free money. How do you even know who's behind these offers. The so-called Love Letters that accompany many offers probably run afoul of fair housing laws, and they're often embellished or outright fabricated. How would you feel about using your money to reward someone who was being deceptive?

The end result is essentially random and unfair. One person gets a generous giveaway and nothing prevents them from staying in the house for a couple of years (to qualify for the capital gains exclusion) and then sell at full market value for a very generous tax-free gain. None of this helps the 99 other people that wanted the house.

Instead, the least unfair approach is to sell the house for what it's worth. Full disclosures of all issues. Let prospective buyers put forth their best offer, and seller chooses the strongest offer, which isn't always the highest price.

The only way to help with affordability is building more housing supply while also making housing affordable by design. Things like smaller and higher density units.
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Old 05-16-2022, 10:02 AM
 
1,763 posts, read 1,142,778 times
Reputation: 3454
Quote:
Originally Posted by AnythingOutdoors View Post
The debate around moralizing of home prices is a distraction.

Let's say you own a house worth $500k and you want to do the "right" thing by selling it for less that it's worth. You list it for $300k knowing that someone will get a great deal on it. Sounds great, until you have people lined up around the block to look at it.

Suppose you end up with 100 offers. How do you decide who gets the lucky $200k giveaway? Because that's essentially what it is and as a result you've attracted all and sundry, because who doesn't like free money. How do you even know who's behind these offers. The so-called Love Letters that accompany many offers probably run afoul of fair housing laws, and they're often embellished or outright fabricated. How would you feel about using your money to reward someone who was being deceptive?

The end result is essentially random and unfair. One person gets a generous giveaway and nothing prevents them from staying in the house for a couple of years (to qualify for the capital gains exclusion) and then sell at full market value for a very generous tax-free gain. None of this helps the 99 other people that wanted the house.

Instead, the least unfair approach is to sell the house for what it's worth. Full disclosures of all issues. Let prospective buyers put forth their best offer, and seller chooses the strongest offer, which isn't always the highest price.

The only way to help with affordability is building more housing supply while also making housing affordable by design. Things like smaller and higher density units.
I got a few letters in the mail during this last rent hike/crunch. They were along the line of "my family of 4 is living in a motel room because we can't find an apartment. We'd like to buy your house, and it doesn't even matter what condition it's in. We just need a place to live!" My first thought was that they were all from investors wanting to get me to sell so they can tear down my rundown bench house and build a couple skinny homes for profit.
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Old 05-16-2022, 10:31 AM
 
Location: Boise, ID
1,039 posts, read 732,055 times
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Quote:
Originally Posted by LeeHoLee View Post
I got a few letters in the mail during this last rent hike/crunch. They were along the line of "my family of 4 is living in a motel room because we can't find an apartment. We'd like to buy your house, and it doesn't even matter what condition it's in. We just need a place to live!" My first thought was that they were all from investors wanting to get me to sell so they can tear down my rundown bench house and build a couple skinny homes for profit.
Yeah, you never know. Buyers can literally write whatever they want in those letters, there's no way to verify. Maybe they are living in a motel, but maybe they just sold their home in CA for $1.5M and are sitting on a ton of cash and aren't as needy as they're letting on.

Nor is it clear that nativism is the right approach. What about the family that lost everything in a wildfire in CA and are now twice a victim due to an onerous planning and permitting process? Are they less deserving than a Boise native? What about someone from elsewhere in ID vs. someone out of state? Seems rather arbitrary to say the North Idahoan should have priority over someone in Oregon just across the state line in the Treasure Valley.

And how is "native" even defined? We moved here when my kids were 7 and 9. By the time they are forming their own households as young adults they will have spent more time in ID than CA. At that point they will be more from ID than anywhere else.

Last edited by AnythingOutdoors; 05-16-2022 at 11:04 AM..
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Old 05-16-2022, 03:52 PM
 
14,210 posts, read 11,487,696 times
Reputation: 38783
Quote:
Originally Posted by AnythingOutdoors View Post
Nor is it clear that nativism is the right approach. What about the family that lost everything in a wildfire in CA and are now twice a victim due to an onerous planning and permitting process? Are they less deserving than a Boise native? What about someone from elsewhere in ID vs. someone out of state? Seems rather arbitrary to say the North Idahoan should have priority over someone in Oregon just across the state line in the Treasure Valley.

And how is "native" even defined? We moved here when my kids were 7 and 9. By the time they are forming their own households as young adults they will have spent more time in ID than CA. At that point they will be more from ID than anywhere else.
I think most folks who object to outsiders moving into their area and supposedly messing everything up, don't actually care whether someone is a native or from elsewhere. They just want their neighbors to be "like them": same political affiliation and roughly the same income level. Noticeably wealthier is clearly undesirable, as evidenced by this thread, but noticeably poorer is not too welcome either.
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Old 05-16-2022, 04:18 PM
 
Location: Boise, ID
1,039 posts, read 732,055 times
Reputation: 2587
Quote:
Originally Posted by saibot View Post
I think most folks who object to outsiders moving into their area and supposedly messing everything up, don't actually care whether someone is a native or from elsewhere. They just want their neighbors to be "like them": same political affiliation and roughly the same income level. Noticeably wealthier is clearly undesirable, as evidenced by this thread, but noticeably poorer is not too welcome either.
Am I allowed to get richer or poorer in my current city, or does this only apply to outsiders?
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